Building Businesses Back Act of 2020
This bill allows taxpayers an election to increase the amount of their general business tax credit for taxable years ending in 2019 or 2020.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7734 Introduced in House (IH)]
<DOC>
116th CONGRESS
2d Session
H. R. 7734
To provide much needed liquidity to America's job creators.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 23, 2020
Mr. Arrington (for himself, Mr. Reed, Mr. Wenstrup, Mr. LaHood, and Mr.
Smith of Nebraska) introduced the following bill; which was referred to
the Committee on Ways and Means, and in addition to the Committee on
the Budget, for a period to be subsequently determined by the Speaker,
in each case for consideration of such provisions as fall within the
jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To provide much needed liquidity to America's job creators.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Building Businesses Back Act of
2020''.
SEC. 2. MONETIZATION OF GENERAL BUSINESS CREDITS.
(a) In General.--Section 38 of the Internal Revenue Code of 1986 is
amended by inserting after subsection (d) the following:
``(e) Special Rules for Eligible Years.--
``(1) In general.--If a taxpayer elects the application of
this subsection for any eligible taxable year--
``(A) the limitation under subsection (c) shall be
increased by an amount equal to the excess (if any)
of--
``(i) the credit allowed under subsection
(a) for the taxable year (determined without
regard to subsection (c)), over
``(ii) the credit allowed under subsection
(a) for such taxable year (determined after the
application of subsection (c)), and
``(B) the amount of the credit determined under
section 41(a) for such taxable year shall be determined
without regard to the limitation in the first sentence
of section 41(g).
``(2) Treatment of credit.--For purposes of this title
(other than this section and section 39), the excess of--
``(A) amount of the credit allowed solely by reason
of this subsection, over
``(B) net income tax (as defined in subsection
(c)(1)) reduced by credits allowable under subparts D
(without regard to this subsection) and G,
shall be treated as an overpayment of tax for the taxable year.
``(3) Eligible taxable year.--For purposes of this
subsection, the term `eligible taxable year' means any taxable
year ending in 2019 or 2020.
``(4) Election.--An election under paragraph (1) shall be
made at such time and in such manner as the Secretary may
prescribe.
``(5) Guidance and regulations.--The Secretary shall
prescribe such regulations and guidance as may be necessary to
carry out this subsection, including regulations or guidance to
prevent any double counting of credits allowable under this
section.''.
(b) Allowance of Refunds.--Section 1324(b)(2) of title 31, United
States Code, is amended by inserting ``38(e)'' after ``36B''.
(c) Conforming Amendment.--Section 6211(b)(4)(A) of the Internal
Revenue Code of 1986 is amended by inserting ``38(e),'' after ``36B,''.
(d) Credits Not Subject to Sequestration.--Section 255(d) of the
Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C.
905(d)) is amended--
(1) by striking ``Payments'' and inserting the following:
``(1) In general.--Payments'', and
(2) by adding at the end the following:
``(2) General business credits.--Payments made under
subsection (e) of section 38 of the Internal Revenue Code of
1986 shall be exempt from reduction under any order issued
under this part.''.
(e) Special Rule for Refunds.--
(1) In general.--For purposes of the Internal Revenue Code
of 1986, a credit or refund for which an application described
in paragraph (2)(A) is filed shall be treated as made under
section 6411 of such Code.
(2) Tentative refund.--
(A) Application.--A taxpayer may file an
application for a tentative credit or refund of any
amount for which a credit or refund for any taxable
year is due by reason of section 38(e) of the Internal
Revenue Code of 1986. Such application shall be in such
manner and form as the Secretary of the Treasury (or
the Secretary's delegate) may prescribe and shall--
(i) be verified in the same manner as an
application under section 6411(a) of such Code,
(ii) be filed not later than the date that
is 120 days after the date of the enactment of
this Act, and
(iii) set forth--
(I) the amount of the credit
claimed under section 38(e) of such
Code for such taxable year, and
(II) the amount of the refund
claimed.
(B) Allowance of adjustments.--Within a period of
90 days from the date on which an application is filed
under subparagraph (A), the Secretary of the Treasury
(or the Secretary's delegate) shall--
(i) review the application,
(ii) determine the amount of the
overpayment, and
(iii) apply, credit, or refund such
overpayment,
in a manner similar to the manner provided in section
6411(b) of the Internal Revenue Code of 1986.
(C) Consolidated returns.--The provisions of
section 6411(c) of the Internal Revenue Code of 1986
shall apply to an adjustment under this paragraph to
the same extent and manner as the Secretary of the
Treasury (or the Secretary's delegate) may provide.
(3) Application for adjustment of overpayment of estimated
income tax.--An application for adjustment of overpayment of
estimated income tax under section 6425 of the Internal Revenue
Code of 1986 by reason of section 38(e) of such Code shall not
fail to be treated as timely filed if filed not later than the
date which is 120 days after the date of the enactment of this
Act.
(f) Effective Date.--The amendments made by this section shall
apply to taxable years ending after December 31, 2018.
<all>
Introduced in House
Introduced in House
Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Subcommittee on Select Revenue Measures.
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