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Legislation: CARES Act Signed Into Law

March 27, 2020, 5:00 AM

The president March 27 signed into law H.R.. 748, Coronavirus Aid, Relief, and Economic Security (CARES) Act, to provide economic and tax relief during the coronavirus emergency. The staple of the bill provides taxpayers with adjusted gross incomes not exceeding $75,000 a check for $1,200 and $500 per child as a recovery rebate against taxes. Tax benefits in the bill include: tax favored withdrawals from qualified retirement plans; waiver of minimum required distributions, above-the-line charitable contribution allowance, carryback of business losses, and fixing the depreciation retail glitch from the 2017 TCJA. [H.R.. 748 (Enacted Mar. 27, 2020)]

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