CRS Report: CARES Act Tax Relief for Individuals and Businesses

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed unanimously by the Senate on March 25, 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 said in a report updated March 26. Provisions are summarized in a table. The rebate would be in the form of a credit ($1,200 individual, $2,400 couple) against 2020 income taxes, subject to certain ...