HR 1450
117th Congress
House
Taxation
Bank accounts, deposits, capital
Business expenses
Disaster relief and insurance
Emergency medical services and trauma care
Employee benefits and pensions
Health care costs and insurance
Income tax deductions
Income tax exclusion
Infectious and parasitic diseases
Inflation and prices
Property tax
Public utilities and utility rates
Small business
Unemployment
Wages and earnings
Small Business Emergency Savings Accounts Act of 2021
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 1, 2021
Referred to the House Committee on Ways and Means.
Mar 1, 2021
Introduced in House
Plain-English summary
Small Business Emergency Savings Accounts Act of 2021
This bill allows a new tax deduction from gross income for amounts paid into a small business emergency savings account. Such savings accounts are established exclusively to pay the qualified disaster and public health emergency expenses of the account beneficiary.
The bill defines qualified disaster and public health emergency expenses as disaster loss replacement expenses, disaster recovery operations expenses, and public health emergency expenses.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1