Section 1 Short title
This Act may be cited as the “Eliminating the Provider Relief Fund Tax Penalties Act of 2021”.
Eliminating the Provider Relief Fund Tax Penalties Act of 2021
A BILL
To provide that CARES Act Provider Relief Fund payments are not includible in gross income, and for other purposes.
Sec. 2 CARES Act Provider Relief Fund payments excluded from gross income
In general— For purposes of the Internal Revenue Code of 1986, any CARES Act Provider Relief Fund payment shall not be included in the gross income of the recipient of such payment.
Clarification of treatment of certain expenses— For purposes of the Internal Revenue Code of 1986 and notwithstanding any other provision of law, any deduction and the basis of any property shall be determined without regard to whether any amount is excluded from gross income under subsection (a).
CARES Act Provider Relief Fund payment— For purposes of this section, the term “CARES Act Provider Relief Fund payment” means any grant or similar assistance provided by the Secretary of Health and Human Services under the CARES Act Provider Relief Fund program (including any amounts made available to carry out such program by the Paycheck Protection Program and Health Care Enhancement Act, the Consolidated Appropriations Act, 2021, or any other provision of law enacted after the date of the enactment of such Acts).
Effective date— The provisions of this section shall apply to taxable years ending after the date of the enactment of the CARES Act.