Reps. Kim, King and Suozzi Introduce Bipartisan Bill to Save Jobs During COVID-19 Pandemic
Today, Congressman Andy Kim (NJ-03), Congressman Peter King (NY-02) and Congressman Thomas Suozzi (NY-03) introduced the Save Jobs During the Pandemic Act, a bipartisan bill that would provide temporary relief to taxpayers who face a BEAT (base erosion and anti-abuse tax) liability for taxable year 2020 due to the pandemic's economic impact, without undermining the base erosion effectiveness of the provision in the long-term.
The economic crisis has caused many companies to incur outsized BEAT liabilities due to receiving less income while still leasing essential equipment for their business. These additional costs could put jobs at risk for already stressed businesses.
"We need to explore every avenue possible to protect our businesses and save jobs during this pandemic," said Congressman Kim. "I'm proud to work with my colleagues from both sides of the aisle to bring this bill forward and hope to see it advanced quickly through the House."
The full text of the bill can be found here.
"Canon USA is grateful for the tireless efforts of Rep. Kim and his colleagues in the New York Congressional Delegation to try to correct this issue," said Yoshinori Shimono, Senior Vice President at Canon USA and President of Canon Financial Services, a company impacted by BEAT tax issues. "Their work is critical to helping Canon USA preserve and grow jobs in New Jersey and New York."
Congressman Kim is a member of the bipartisan House Select Committee on the Coronavirus Crisis, where he serves as one of twelve members of the House tasked with conducting oversight over programs aimed at ending the Coronavirus pandemic and helping address the economic impact it's having on the American people. Congressman Kim is also a member of the House Armed Services Committee and the House Committee on Small Business.