COVID-19 Information for Nonprofits: Call with Senator Ben Cardin and Senator Chris Van Hollen
Join Maryland Nonprofits for a phone call with Maryland Senators, Ben Cardin and Chris Van Hollen. The Senators will speak about the CARES Act and aspects of the legislation nonprofits would like to hear about.
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Congress is considering a number of proposals that seek to mitigate the economic effects of the COVID-19 pandemic. One such proposal, the Coronavirus Aid, Relief, and Economic Security (CARES) Act (S. 3548), was introduced in the Senate on March 19, 2020. On March 22, 2020, an updated version of the CARES Act was circulated, as a proposed amendment to H.R. 748. A cloture vote on a motion to proceed, which was designed to allow consideration of the CARES Act, was rejected on March 22. A third version of the CARES Act was released on March 25, 2020. On March 25, the Senate voted 96-0 to pass H.R. 748, having previously amended it with the CARES Act.
Tax relief for individuals and businesses in the CARES Act includes:
- a one-time rebate to taxpayers;
- modification of the tax treatment of certain retirement fund withdrawals and charitable contributions;
- a delay of employer payroll taxes and taxes paid by certain corporations; and
- other changes to the tax treatment of business income and net operating losses
The Congressional Research Service compiled a report that briefly summarizes the major individual and business tax provisions of the CARES Act, as passed in the Senate on March 25, 2020 (Table 1). The report also summarizes tax provisions in earlier versions of the CARES Act—the version released March 22, 2020 (Table 2), as well as Division B of the first version of the CARES Act (S. 3548) (Table 3). Links to CRS resources that offer additional information are provided.
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