Via LC – The Coronavirus Aid, Relief, and Economic Security (CARES) Act—Tax Relief for Individuals and Businesses Updated April 28, 2020: “The Coronavirus Aid, Relief, and Economic Security (CARES) Act—Tax Relief Congressional Research Service 1ongress has considered a number of proposals that seek to mitigate the economic effects of the Coronavirus disease 2019, or COVID-19, pandemic. One such proposal, the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136), was signed into law on March 27, 2020…This report briefly summarizes the major individual and business tax provisions of the CARES Act, as enacted. Links to CRS resources that offer additional information are provided. The Joint Committee on Taxation (JCT) estimated that the individual and business tax provisions in the CARES Act would reduce federal tax revenue by $543.4 billion over the 10-year FY2020 through FY2030 budget window. The JCT also prepared a technical explanation of the provisions…”