arrow_back Back to App

Tax Relief for Businesses: Reduced Rate for 2020.

This act introduces a temporary change in tax regulations, lowering the base erosion minimum tax rate for businesses. This means that some companies may pay lower taxes for the year 2020, aiming to support their recovery after a challenging period. This change applies to the taxable year ending in 2020 and is effective for taxable years beginning after December 31, 2019.
Key points
Reduces the base erosion minimum tax (BEAT) rate from 10% to 0% for the taxable year ending in 2020.
Aims to provide financial support to businesses by reducing their tax burden for the specified period.
The provisions are effective for taxable years beginning after December 31, 2019.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_4320
Sponsor: Rep. Kim, Andy [D-NJ-3]
Process start date: 2021-07-01
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Help Our Businesses Recover Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_4320.

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 2021-07-01.

What are the main provisions?

Key points include:

  • Reduces the base erosion minimum tax (BEAT) rate from 10% to 0% for the taxable year ending in 2020.
  • Aims to provide financial support to businesses by reducing their tax burden for the specified period.
  • The provisions are effective for taxable years beginning after December 31, 2019.
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. Kim, Andy [D-NJ-3].

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 2025-12-28.

CATEGORIES

Taxes Economy