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Legislature | Biggs Realty Blog

Friday, March 27, 2020   /   by Katya Sousa

9 Important Tax Provisions In The CARES Act, As Passed By The Senate On March 25, 2020

On Wednesday, March 25, 2020, the Senate passed by a 96-0 vote its version of the “Third Phase” of COVID-19 relief entitled “Coronavirus Aid, Relief, and Economic Security Act” (“CARES Act”). The approximately $2 trillion spending bill is intended to combat the devastating effects of COVID-19. House of Representative leaders have indicated that the House will take up the bill on Friday, March 27, 2020. While nothing is certain, it is expected that the House will pass the bill quickly.

The bill is almost 900 pages long. In this paper, we review nine tax provisions in the CARES Act that may be important to our clients and that may invite or require immediate attention upon enactment. In the near future, we will discuss additional provisions of the CARES Act.

The references to “Section” in the discussion below are to the section of the Senate version of the CARES Act where the provision can be found.

1. Special rules for use of reti ...

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