Senate Democrats agree to lower unemployment benefit and extend it through September

[Donkees]

From CNN's Lauren Fox and the Hill team

In a last-minute change, the Senate Democrats have reached an agreement to extend unemployment benefits through September, but change the benefits to $300 a week instead of $400 a week.

The amendment will be introduced by Sen. Tom Carper, a Democrat from Delaware.

The agreement also creates new tax benefits for people who received Unemployment Insurance by making the first $10,200 in those benefits not taxable. The intent is to make sure people who received UI are not hit with taxes on the benefit, which could come as a surprise.

The amendment will also include an extension of tax rules regarding excess business loss limitations for one more year.

These provisions are new and different than the House bill, which includes $400 a week of UI benefits through August.

https://www.cnn.com/politics/live-news/stimulus-update-us-relief-bill-03-05-21/index.html

[Sibelius Fan]

1. Stupid idea, caving in when it's not needed.

[LizBeth]

4. They had it to the end of July I believe and wanted it until the end of Sept. So there was a reason

for the change.

[Blaukraut]

2. Looks like a tradeoff. Less money/week but longer, and not taxable.

I'm not sure why they couldn't extend it, make it tax free, AND keep it at $400. All this nickeling and diming. For what?

[durablend]

3. Do we know

Is the tax reduction/writeoff just for 2021 benefits or retroactive to 2020?

[LizBeth]

6. I think they are saying this will apply to 2020. I go in to do taxes next week. This is good info

to have. Surely bookkeeper will have the info and know what to do. I have been wary of this tax season.

[WHITT]

5. Hopefully

this bill will go to conference before going back to the House and Senate. The Speaker can put some of this stuff back in.

[LizBeth]

7. 400 would have been good, better. But I like they are able to extend thru Sept.

[WhiskeyGrinder]

8. If job growth continues the way it did in Feb, it will take two years to get to pre-pandemic levels.

[CentralMass]

9. Its going to be a tough 4 year trying to pass anything that hasn't been republicanized.