Tax Credit Restoration Act of 2021

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4639 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 4639

  To amend the Internal Revenue Code of 1986 to better coordinate the 
         base erosion and anti-abuse tax with certain credits.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 22, 2021

 Ms. DelBene introduced the following bill; which was referred to the 
                      Committee on Ways and Means

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                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to better coordinate the 
         base erosion and anti-abuse tax with certain credits.

    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 ``Tax Credit Restoration Act of 
2021''.

SEC. 2. COORDINATION OF BASE EROSION AND ANTI-ABUSE TAX WITH CERTAIN 
              CREDITS.

    (a) Base Erosion Minimum Tax Amount Determined Without Regard to 
Credits.--
            (1) In general.--Section 59A(b)(1)(B) of the Internal 
        Revenue Code of 1986 is amended to read as follows:
                    ``(B) an amount equal to the regular tax liability 
                (as defined in section 26(b)) of the taxpayer for the 
                taxable year.''.
            (2) Conforming amendments.--
                    (A) Section 59A(b)(2) of such Code is amended by 
                striking ``shall be applied'' and all that follows and 
                inserting ``shall be applied by substituting `12.5 
                percent' for `10 percent' in subparagraph (A) 
                thereof.''.
                    (B) Section 59A(b)(3)(A) of such Code is amended by 
                striking ``(2)(A)'' and inserting ``(2)''.
                    (C) Section 59A(b) of such Code is amended by 
                striking paragraph (4).
    (b) Allowance of General Business Credit Against Base Erosion and 
Anti-Abuse Tax.--Section 38(c)(1) of such Code is amended by striking 
``the tax imposed by section 55'' and inserting ``the taxes imposed by 
sections 55 and 59A''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years ending after the date of the enactment of this 
Act.
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