To amend the Internal Revenue Code of 1986 to provide emergency savings accounts for small businesses.
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.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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