Recovery checks of up to $1,200 for most tax-payers; Tax-filing deadline extended to 07/15; individual, business tax-deferral, and charitable giving incentives; other financial flexibility tools for individuals, businesses

WASHINGTON DC (March 19, 2020) — Senate Finance Committee Chairman Charles "Chuck" Grassley (R-IA), along with Senate Majority Whip John Thune (R-SD) and Sens Tim Scott (R-SC), Rob Portman (R-OH), Tom Cotton (R-AR), and Mitt Romney (R-UT), today released tax-policy recommendations for the “Phase 3” congressional response to the economic impact of the coronavirus.

“Preventing the spread of the coronavirus will take a financial toll on individuals, families, and businesses,” Sen Grassley said. “These recommendations would blunt the impact for most Americans and limit the damage to the US economy. We can contain this deadly virus without destroying livelihoods or the nation’s economy. These recommendations take bold steps to curb the economic fallout as we work as a country to contain this pandemic. These recommendations won’t be the end of the congressional response to the coronavirus.”

“The American people are focused on doing whatever they can to protect themselves and their families throughout this outbreak,” Sen Thune said. “They also want to see the federal government demonstrate that it can take swift and bold action to help blunt the effects the coronavirus is having on workers and our economy. Every day in this fight is critical, which is why I support this effort that would provide additional relief to American families and small businesses upended by this collective and unseen enemy. While this won’t solve all of the problems our nation is facing overnight, cash payments to middle- and low-income families will provide direct support as quickly as possible. The time to act is now.”

A section-by-section summary of the proposals can be found HERE and below. Legislative text can be found HERE.

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