***This legal development is still in progress. We will update this Alert as the Act makes its way through the legislative process.***
On Friday evening (May 15, 2020), the House passed, in a 208-199 vote (mostly along party lines, though 14 Democrats and one Independent voted “No” and one Republican voted “Yes,” with 23 Members abstaining), the Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES Act). The HEROES Act is commonly referred to as Phase 4 of the federal government’s response to the COVID-19 outbreak.
- Complete language for the HEROES Act can be found here.
The Senate Republicans have declared this act “dead on arrival” (DOA), and the White House has threatened to veto the act.
Nonetheless, further below are highlights of 17 notable tax-related provisions: (i) provisions that may be negotiated further (based in part on current Congressional comments in the press, contrary to the DOA comment above); as well as (ii) provisions that are simply notable because they would change tax law in the CARES Act that one may not expect.
Continue Reading House Passes Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES Act)