H.R. 6201, or the Families First Coronavirus Response Act, would cost nearly $105 billion in 2020 and 2021, the only years the provision would have a revenue effect, the committee said in its analysis, released Monday. The legislation, as passed by the House early Saturday morning, would provide two weeks of emergency paid sick leave to workers and 90 days of paid family and medical leave, as well as enhanced unemployment benefits.
The majority of the bill's costs for the federal government would accrue in 2020, with a price tag over $89 billion expected for that first year, according to the estimate. While the legislation would sunset at the end of 2020, it would reduce federal revenues by over $15.7 billion in 2021, the JCT found.
The bill contains some tax breaks for employers providing paid sick leave to employees, according to a description released Tuesday by the JCT. It includes a payroll tax credit for employers providing paid sick leave and paid family leave, and tax credits for sick leave and paid leave for some self-employed individuals, according to the publication.
Wages paid to employees under the legislation wouldn't be subject to some federal employment taxes, according to the publication.
--Additional reporting by Stephen Cooper. Editing by Vincent Sherry.
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