[Congressional Record Volume 166, Number 55 (Saturday, March 21, 2020)]
[Senate]
[Page S1891]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1563. Mr. PERDUE (for himself and Mr. Tillis) submitted an 
amendment intended to be proposed by him to the bill S. 3548, to 
provide emergency assistance and health care response for individuals, 
families, and businesses affected by the 2020 coronavirus pandemic; 
which was referred to the Committee on Finance; as follows:

        Strike section 2202 and insert the following:

     SEC. 2202. TEMPORARY SUSPENSION OF PAYROLL TAXES.

       (a) In General.--Notwithstanding any other provision of 
     law--
       (1) with respect to any taxable year which begins in the 
     payroll tax suspension period, the rate of tax under section 
     1401(a) of the Internal Revenue Code of 1986 shall be 0 
     percent,
       (2) with respect to remuneration received for pay periods 
     ending during the payroll tax suspension period, the rate of 
     tax under 3101(a) of such Code shall be 0 percent (including 
     for purposes of determining the applicable percentage under 
     sections 3201(a) and 3211(a)(1) of such Code), and
       (3) with respect to remuneration paid for pay periods 
     ending during the payroll tax suspension period, the rate of 
     tax under section 3111(a) of such Code shall be 0 percent 
     (including for purposes of determining the applicable 
     percentage under section 3221(a) of such Code).
       (b) Payroll Tax Suspension Period.--The term ``payroll tax 
     suspension period'' means so much of calendar year 2020 as 
     follows the date of the enactment of this Act.
       (c) Employer Notification.--The Secretary of the Treasury 
     shall notify employers of the payroll tax suspension period 
     in any manner the Secretary deems appropriate.
       (d) Transfers of Funds.--
       (1) Transfers to federal old-age and survivors insurance 
     trust fund.--There are hereby appropriated to the Federal 
     Old-Age and Survivors Trust Fund and the Federal Disability 
     Insurance Trust Fund established under section 201 of the 
     Social Security Act (42 U.S.C. 401) amounts equal to the 
     reduction in revenues to the Treasury by reason of the 
     application of subsection (a). Amounts appropriated by the 
     preceding sentence shall be transferred from the general fund 
     at such times and in such manner as to replicate to the 
     extent possible the transfers which would have occurred to 
     such Trust Fund had such amendments not been enacted.
       (2) Transfers to social security equivalent benefit 
     account.--There are hereby appropriated to the Social 
     Security Equivalent Benefit Account established under section 
     15A(a) of the Railroad Retirement Act of 1974 (45 U.S.C. 
     231n-1(a)) amounts equal to the reduction in revenues to the 
     Treasury by reason of the application of subsection (a). 
     Amounts appropriated by the preceding sentence shall be 
     transferred from the general fund at such times and in such 
     manner as to replicate to the extent possible the transfers 
     which would have occurred to such Account had such amendments 
     not been enacted.
       (3) Coordination with other federal laws.--For purposes of 
     applying any provision of Federal law other than the 
     provisions of the Internal Revenue Code of 1986, the rate of 
     tax in effect under section 3101(a) of such Code shall be 
     determined without regard to the reduction in such rate under 
     this section.

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