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ARTICLE · 23 JULY 2020

CARES Act Summary – Tax

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On March 25, 2020, the U.S. Senate released final text of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (H.R. 748) to provide emergency economic assistance to those affected by the novel coronavirus (COVID-19).

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On March 25, 2020, the U.S. Senate released final text of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (H.R. 748) to provide emergency economic assistance to those affected by the novel coronavirus (COVID-19). Upon passage in the Senate, it is expected that the U.S. House of Representatives will shortly follow suit, and that the bill will be signed into law by President Trump. Below is a summary of the major tax provisions in the bill, many of which will benefit businesses large and small:

Net Operating Loss (NOL) Rule Relaxation
(CARES Act Section 2303; Tax Code Section 172)

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