The U.S. House has passed the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act. The bill would provide more than $1 trillion of aid to state, local, territorial and tribal governments to pay first responders and health care workers. It would also provide an additional recovery rebate, similar to the CARES Act economic impact payment. The recovery rebate would be $1,200 per eligible taxpayer plus $1,200 for each dependent (to a maximum of three dependents). The bill would also eliminate the $10,000 cap on state and local tax (SALT) deductions. Senate leaders say there’s little chance the bill will pass there, and the President says if it does, he will veto it. Call or visit our website for more information! www.mjscpa.com/
