Coronavirus Unemployment Benefits Tax Relief Act

Bill: 117-s-175
Sponsor: full_name: Sen. Durbin, Richard J. [D-IL]
Introduced: 2021-02-02
Policy area: Taxation
Subjects: Income tax exclusion

Unemployment
Latest action: action_date: 2021-02-02
text: Read twice and referred to the Committee on Finance. (text: CR S251)

Summaries:
action_date: 2021-02-02
action_desc: Introduced in Senate
text: <p><b>Coronavirus Unemployment Benefits Tax Relief Act</b></p> <p>This bill excludes from gross income, for income tax purposes, up to $10,200 of unemployment compensation received by an individual in a taxable year beginning in 2020.</p>

tv_txt: II 117th CONGRESS 1st Session S. 175 IN THE SENATE OF THE UNITED STATES February 2, 2021 Mr. Durbin (for himself, Ms. Baldwin , Mr. Sanders , Ms. Hirono , Mr. Menendez , Mr. Reed , Ms. Duckworth , Ms. Cortez Masto , and Ms. Warren ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to exempt a portion of unemployment compensation received during 2020 from income taxes.

1. Short title This Act may be cited as the Coronavirus Unemployment Benefits Tax Relief Act . 2. Suspension of tax on portion of unemployment compensation (a) In general Section 85 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: (c) Special rule for 2020 In the case of any taxable year beginning in 2020, gross income shall not include so much of the unemployment compensation received by an individual as does not exceed $10,200. . (b) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2019.