President Donald Trump today signed the Coronavirus Aid, Relief and Economic Security (CARES) Act (Senate Amendment to H.R. 748), a $2 trillion bill that includes financial aid to individuals, businesses, nonprofits and state and local governments.

The House of Representatives will take up discussion of the Coronavirus Aid, Relief and Economic Security (CARES) Act (Senate Amendment to H.R. 748), after the Senate passed the COVID-19 relief legislation by a 96-0 vote last night. The House is expected to vote by Friday and President Donald Trump has said he would sign the legislation.

President Donald Trump signed legislation late Wednesday that includes free testing for COVID-19, paid leave benefits for many workers and a boost in unemployment and food assistance. The Families First Coronavirus Response Act (H.R. 6201) was passed by both chambers of Congress and signed into law in seven days.

The Internal Revenue Service today issued Notice 2020-17, extending the April 15 tax payment deadline to July 15, up to specific thresholds. Tax returns are still due April 15, but individual taxpayers can postpone up to $1 million in federal income tax payments while corporate taxpayers can postpone up to $10 million in federal income tax payments.

The House of Representatives today passed sweeping coronavirus relief legislation, which was endorsed by President Donald Trump and goes to the Senate on Monday. H.R. 6201 would expand testing for COVID-19, include paid sick leave for employees at companies with 500 or fewer employees, provide a tax credit against self-employment tax and provide approximately $1 billion for food security programs. The bill passed by a 363-40 vote.

A bill introduced in the Vermont state Legislature would provide additional down payment assistance to qualifying homebuyers who purchase a home in a Vermont opportunity zone (OZ) and who participate in the state down payment assistance program. S.B.

Wisconsin Gov. Tony Evers signed legislation this week to allow state taxpayers to double the state income and franchise tax exclusion treatments for capital gains invested in Wisconsin-centered qualified opportunity funds (QOFs), defined as QOFs that hold at least 90 percent of assets in Wisconsin opportunity zones projects.

A bill to conform Wisconsin’s tax code to the federal Internal Revenue Code concerning opportunity zones (OZs) and to double the exclusion for capital gains invested in Wisconsin-based OZs passed the state Senate and is on the desk of Gov. Tony Evers.

Illinois legislation would create a 10 percent state tax credit for investments in qualified opportunity funds that invest in the state’s opportunity zones. H.B. 4761 would create the credit for tax years beginning on or after Dec. 31, 2020, with a cap of $50 million for each two-year fiscal period. There would be a taxpayer cap of $1 million and the credit could be carried forward five years.