legislative updates

Legislation for a new round of economic relief for victims of the COVID-19 pandemic and extend funding for federal government agencies remains in pending status.

Agreement reached on a new round of economic relief for victims of the COVID-19 pandemic.

Proposed legislation would permit tax-free retirement savings distributions of up to $2,500 per year—indexed for inflation—that are used to purchase long-term care insurance.

Richard Neal (D-MA) and Kevin Brady (R-TX) have introduced the Securing a Strong Retirement Act of 2020, described as building on major retirement legislation enacted in December 2019.

The IRS has updated deadline relief for completing certain time-sensitive, tax-related acts for victims of California wildfires that began on August 14, 2020.

The House of Representatives has released text of a revised COVID-19 pandemic relief bill, expected to be voted on this week before the House recesses for pre-election campaigning.

H.R. 7370, the Protecting Employees and Retirees in Business Bankruptcies Act of 2020, has been introduced by Rep. Jerrold Nadler (D-NY).

S. 4539 has been introduced with COVID-19 liability protection for businesses and healthcare providers, a tax credit for employer COVID-19 testing, and several retirement provisions.

The Delivering Immediate Relief to America’s Families, Schools and Small Businesses Act (S.178), did not receive the votes needed to proceed to a final vote on the package.

Senate GOP leadership expected to vote on the Delivering Immediate Relief to America’s Families, Schools and Small Businesses Act (S. 178).