May 19

HEROES ACT 2020 – What you Need To Know Now

Financial and Tax

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House passes H.R. 6800 HEROES Act

By a voice vote, on May 15, the House passed H.R. 6800, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act.

Besides providing over $1 trillion of aid to state, local, territorial and tribal governments to pay workers such as first responders, health workers and teachers, the bill would also provide an additional recovery rebate, similar to the Coronavirus Aid, Relief, and Economic Security (CARES) Act economic impact payment. The recovery rebate would be $1,200 per eligible taxpayer ($2,400 per joint return) plus $1,200 for each dependent (to a maximum of three dependents). The income limits would be the same as the CARES Act: $75,000 for single filers; $150,000 for joint filers; and $112,500 for all other (including head of household filers).

The bill would also eliminate the $10,000 cap on State and Local Taxes (SALT) deductions.

Unfortunately, the bill will not become law. President Trump has already said he will veto the Heroes Act, and Mitch McConnell has declared HEROES dead on arrival in the Senate, saying that “I don’t think we have felt yet the urgency of acting immediately.”

You can download download the complete text of the bill directly from the House of Representatives Website:
H.R. 6800 HEROES Act (pdf)

Find more information on COVID-19 relieve efforts in our COVID-19 Disaster Relief section of our website.

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