Daily Tax Report ®

HILL TAX BRIEFING: Senate Passes Virus Bill With Tax Changes

March 26, 2020, 10:00 AM

The Senate late last night passed its sweeping relief package, fixing the most high-profile error in the 2017 tax law and easing a restriction on companies hoping to use losses from prior years to shield income from tax.

The Senate unanimously passed the package 96-0 (H.R. 748) last night. The House is set to vote on it tomorrow, and President Donald Trump has vowed to swiftly sign it.

Plans to vote on the package earlier in the day yesterday stalled as negotiations continued on provisions including unemployment benefits. The Senate ultimately blocked an amendment offered by Nebraska...

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