Refundable Business Tax Credits Gain Traction In Virus Talks
June 23, 2020
Published by: Alan K. Ota
Business setbacks are fueling a drive by Republicans on Capitol Hill to reshape traditional business tax credits so they can be used to trigger cash payments from the Internal Revenue Service during the COVID-19 pandemic.
GOP lawmakers in both chambers say the novel coronavirus has eroded earnings and made it harder for businesses to immediately use traditional tax credits, so they are looking for ways to make them refundable and more flexible. Democrats have signaled a willingness to discuss such measures, but also have made the case for similar incentives for families, including the expanded refundable child tax credit contained in the $3 trillion House-passed Health and Economic Recovery Omnibus Emergency Solutions Act.
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