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Tax Deductions for Small Business Emergency Savings Accounts

This act allows small businesses to deduct contributions made to special emergency savings accounts from their taxes. These funds are intended to cover expenses related to federally declared disasters or public health emergencies. The goal is to help small businesses maintain financial stability during difficult times.
Key points
Small businesses (up to 500 employees) can establish special emergency savings accounts.
Contributions to these accounts are tax-deductible, reducing the financial burden on businesses.
Funds from the account can be used for disaster-related expenses (e.g., repairs, wages) and public health emergency costs.
Withdrawals for purposes other than those specified in the act will be taxed and may incur an additional penalty.
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Expired
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Additional Information
Print number: 117_HR_1450
Sponsor: Rep. Cloud, Michael [R-TX-27]
Process start date: 2021-03-01
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Small Business Emergency Savings Accounts Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_1450.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-03-01.

What are the main provisions?

Key points include:

  • Small businesses (up to 500 employees) can establish special emergency savings accounts.
  • Contributions to these accounts are tax-deductible, reducing the financial burden on businesses.
  • Funds from the account can be used for disaster-related expenses (e.g., repairs, wages) and public health emergency costs.
  • Withdrawals for purposes other than those specified in the act will be taxed and may incur an additional penalty.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Cloud, Michael [R-TX-27].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Taxes Economy