U.S. Senate Unanimously Passes the “CARES Act” - Summary of Business Tax Provisions
Client memorandum | March 26, 2020
The “Coronavirus Aid, Relief, and Economic Security Act” or the “CARES Act” unanimously approved by the Senate on March 25, 2020 includes several key tax-related changes relevant to businesses that are or may become distressed as a result of the coronavirus pandemic, as well as various technical corrections to the 2017 tax reform legislation (known as the “TCJA”). This summary highlights some of these tax proposals, including changes to net operating loss rules, limitations on business interest deductions, depreciation of qualified improvement property, corporate alternative minimum tax credit refunds, excess business loss deductions for individuals and new payroll tax credits.
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