United States

The expansion of COVID-19 has led to the imposition of new fiscal measures in the United States

The fight against Coronavirus has already been launched in many countries around the world. The goal of all of them is to face the economic impact of this virus and maintain productive and distribution activity in their territories. The United States has joined this process, one of the last countries to be affected by the pandemic.

On March 6, USA. The US carried out its first measure before COVID-19, with the distribution of USD 8.3 billion to finance vaccines, therapies or tests that diagnose the virus. This measure was followed by the amount of USD 105 billion for companies with less than 500 employees in the form of an employer tax credit. The objective of this measure, adopted on March 18, 2020, was to cover medical losses throughout the year.

The most recent measure was published on March 27, when Trump signed the Coronavirus Aid and Economic Security Act. This law, better known as the CARES law, has become the largest economic aid package in the country with an amount of US $ 2.2 trillion. Some of the measures included in this regulation are the compensation of the negative tax bases generated in 2018, 2019 and 2020 in the previous 5 years or the acceleration of the return of credits for alternative minimum tax.

In addition, this law modifies the rule of deductibility of financial interests with an increase of 30% of the tax base adjusted to 50% for the years of 2019 and 2020. With this new regulation, the calculation of the year 2020 with the tax base will be allowed. corresponding to 2019. However, these modifications could generate negative tax bases that would result in an excess federal income tax refund.

As for the payment of tax on workers' payrolls, these may be deferred from the entry into force of the law until December 31, 2020. Although this tax will not apply to those companies that are subject by regulation to the suspension temporary business for COVID-19 and whose income has decreased significantly. Accordingly, the law will provide them with a reimbursable temporary job maintenance credit of a total of $ 10,000 per employee. Finally, this regulation includes the temporary suspension of the aviation tax and the temporary suspension of the alcohol consumption tax throughout 2020.

On the other hand, the USA It has also included measures very similar to those of other countries, such as the postponement of the 2019 federal income tax declaration and the first payment of 2020 until July 15. Finally, it is expected that with these fiscal modifications the crisis generated by the Coronavirus in the various countries of the world can be alleviated.


B Law & Tax
International Tax & Legal Advisors.


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