OREANDA-NEWS. US government has announced a tax deferral for millions of Americans, taking an unprecedented step to support citizens amid the crisis connected with coronavirus spread.

Usually, the deadline for paying taxes in the United States is April 15, but this year authorities will give Americans a 90-day grace period without penalties, US Treasury Secretary Steven Mnuchin said on March 17. Tax breaks will affect income of individuals in the amount of up to 1 million dollars and companies’ income in the sum of up to 10 million, the politician explained.

According to Mnuchin, this decision will provide citizens with hundreds of billions of dollars of temporary liquidity. “We will every available tool at our disposal to get through these difficult times with all our economic possibilities and to make sure we come out of this situation in good shape,” Mnuchin said, speaking in the White House. At the same time, he urged people to file tax returns before April 15 if they still have such an opportunity.