Today, U.S. Senator Ben Sasse, a member of the Senate Finance Committee, issued the following statement after Treasury Secretary Steve Mnuchin announced that the IRS will allow individuals to defer payment of up to $1 million and corporations up to $10 million, without interest or penalties for 90 days.

“This breathing room is great news for a lot of families and small businesses,” said Sasse. “The President made the right call. Nebraskans can ask for an extension – and they will automatically receive it – and, if they owe the IRS, now they’re not going to be charged interest or penalties for 90 days. I’ve been pushing the Treasury Secretary to give Nebraskans tax relief and, while I would have preferred that they had done this with a straightforward delay of tax day itself, I’m glad they’re not going to be charging interest and penalties. A lot of moms and dads are hunkering down as the coronavirus pandemic hits. They have enough stress – they shouldn’t have to worry about paying the taxman on April 15.”

Today, the Secretary of the Treasury Steve Mnuchin said: “We encourage those Americans who can file their taxes to continue to file their taxes on April 15th because for many Americans, you will get tax refunds. And we don't want you to lose out on those tax refunds, we want you to make sure you get them… If you owe a payment to the IRS, you can defer up to a million dollars as an individual. And the reason why we're doing a million dollars is that covers lots of pass-throughs and small businesses, and $10 million to corporations, interest-free and penalty-free for 90 days. All you have to do is file your taxes, you'll automatically not get charged interest and penalties. Now, of course, any American has the right to extend their taxes, we're not taking that right.”

Senator Sasse’s weekend letter to Treasury Secretary Steve Mnuchin is available here.