Sec. 105. Income exclusion for certain amounts received in 2020
180 words·~1 min read·
/bill/116/s/4537/is/section-105·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For purposes of chapter 1 of the Internal Revenue Code of 1986, in the case of an individual, gross income shall not include any amount of earned income (as defined in section 32(c)(2) of such Code, determined without regard to section 32(d)) received after August 31, 2020, and before January 1, 2021. The aggregate amount excluded from gross income under subsection
(a)shall not exceed $10,000. Subsection
(a)shall not apply to any amount received as unemployment compensation under State or Federal law, including under the Federal-State Extended Unemployment Compensation Act, the pandemic unemployment assistance program under section 2102 of the Relief for Workers Affected by Coronavirus Act (contained in subtitle A of title II of division A of the CARES Act ( Public Law 116–136 )), or the pandemic emergency unemployment compensation program under section 2107 of such title II. For purposes of applying sections 24 and 32 of the Internal Revenue Code of 1986 for any taxable year ending in 2020, a taxpayer may elect to treat amounts excluded from gross income under subsection
(a)as earned income.
Connectionstraces to 1
Traces to 1 document
public-private-law
Citation graph
cites case law
Sec. 105
Income exclusion for certain amounts received in 2020
Cites 1Cited by 0 across 0 sources