Tax News Update    Email this document    Print this document  

December 21, 2020
2020-2913

Year-end 2020 COVID and omnibus legislation

The House on December 21 approved the Consolidated Appropriations Act 2021, which would provide roughly $900b in coronavirus relief, including many tax and health components, as well as a $1.4t omnibus appropriations package to fund the government through September 2021 that also extends expiring tax provisions and health extenders. A Washington Council Ernst & Young Alert summarizing key parts of the bill is attached below.

The House split the massive combined bill into two separate votes on the House floor, with one package carrying a group of security-related appropriations bills (approved 327-85) and the other carrying the pandemic relief, the rest of the fiscal 2021 spending bills, tax provisions, etc. (approved 359-53). The package moves to the Senate, which could vote late tonight or overnight. (Senator McConnell expects to keep the Senate in late to pass the legislation.)

Text of the bill is available here.

———————————————

Contact Information
For additional information concerning this Alert, please contact:
 
Washington Council Ernst & Young
   •  Any member of the group at (202) 293-7474.

———————————————
ATTACHMENT

Year-end 2020 COVID & omnibus legislation

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

Copyright © 1996 – 2024, Ernst & Young LLP

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

EY US Tax News Update Master Agreement | EY Privacy Statement