HEROES Act Tax Relief Would Cost $883.1 Billion, JCT Estimates

HEROES Act Tax Relief Would Cost $883.1 Billion, JCT Estimates

U.S. Joint Committee on Taxation

H.R. 6800, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, which would provide COVID-19 tax relief to individuals and businesses, would cost $883.1 billion from 2020 to 2030, according to a May 15 estimate (JCX-15-20) from the Joint Committee on Taxation.

On May 28, 2020, the JCT updated its estimates of the HEROES Act in <a href="/lr/resolve//2ckq9">JCX-16-20</a>.

H.R. 6800, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, which would provide COVID-19 tax relief to individuals and businesses, would cost $883.1 billion from 2020 to 2030, according to a May 15 estimate (JCX-15-20) from the Joint Committee on Taxation.

<a data-mce-href="2cj5d" href="/lr/resolve//2cj5d">H.R. 6800</a>, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, which would provide COVID-19 tax relief to individuals and businesses, would cost $883.1 billion from 2020 to 2030, according to a May 15 estimate (JCX-15-20) from the Joint Committee on Taxation.Division B of the bill, which contains the major tax relief provisions, would decrease revenue by $762.4 billion over 10 years, the report said. Among the costliest of these provisions is an additional round of recovery rebates for individuals, with dependents included this time, which would cost $412.5 billion over the same period.Additionally, improvements to the employee retention credit would cost $163.6 billion, while the limitations on net operating losses would cost $254.1 billion, the report estimated.The private health insurance provisions of Division C, which would allow furloughed employees to remain covered, would cost $106 billion over the next 10 years.

H.R. 6800, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, which would provide COVID-19 tax relief to individuals and businesses, would cost $883.1 billion from 2020 to 2030, according to a May 15 estimate (JCX-15-20) from the Joint Committee on Taxation.Division B of the bill, which contains the major tax relief provisions, would decrease revenue by $762.4 billion over 10 years, the report said. Among the costliest of these provisions is an additional round of recovery rebates for individuals, with dependents included this time, which would cost $412.5 billion over the same period.Additionally, improvements to the employee retention credit would cost $163.6 billion, while the limitations on net operating losses would cost $254.1 billion, the report estimated.The private health insurance provisions of Division C, which would allow furloughed employees to remain covered, would cost $106 billion over the next 10 years.