[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 4290 Introduced in Senate (IS)]

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116th CONGRESS
  2d Session
                                S. 4290

      To provide much needed liquidity to America's job creators.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 23, 2020

  Mr. Cornyn introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 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.
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