[Congressional Record Volume 166, Number 57 (Monday, March 23, 2020)]
[Senate]
[Pages S1970-S1972]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 1569. Mr. SASSE submitted an amendment intended to be proposed by 
him to the bill H.R. 748, to amend the Internal Revenue Code of 1986 to 
repeal the excise tax on high cost employer-sponsored health coverage; 
which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. CONDITIONS ON LOAN OR PURCHASE AUTHORITY FOR 
                   WARRANTS AND DEBT INSTRUMENTS.

       (1) In general.--The Secretary may not make any loan, or 
     make any commitment to loan, any funds authorized, 
     appropriated, or otherwise dedicated under this Act or 
     purchase, or make any commitment to purchase, any asset under 
     the authority of this Act, unless the Secretary receives from 
     the institution to which such loans are to be made or from 
     which such assets are to be purchased--
       (A) in the case of an institution, the securities of which 
     are traded on a national securities exchange, a warrant 
     giving the right to the Secretary to receive nonvoting common 
     stock or preferred stock in such institution, or voting stock 
     with respect to which, the Secretary agrees not to exercise 
     voting power, as the Secretary determines appropriate; or
       (B) in the case of any institution other than one described 
     in subparagraph (A), a warrant for common or preferred stock, 
     or a senior debt instrument from such institution, as 
     described in paragraph (2)(C).
       (2) Terms and conditions.--The terms and conditions of any 
     warrant or senior debt instrument required under paragraph 
     (1) shall meet the following requirements:
       (A) Purposes.--Such terms and conditions shall, at a 
     minimum, be designed--
       (i) to provide for reasonable participation by the 
     Secretary, for the benefit of taxpayers, in equity 
     appreciation in the case of a warrant or other equity 
     security, or a reasonable interest rate premium, in the case 
     of a debt instrument; and
       (ii) to provide additional protection for the taxpayer 
     against losses from sale of assets by the Secretary under 
     this Act.

[[Page S1971]]

       (B) Authority to sell, exercise, or surrender.--The 
     Secretary may sell, exercise, or surrender a warrant or any 
     senior debt instrument received under this subsection, based 
     on the conditions established under subparagraph (A).
       (C) Conversion.--The warrant shall provide that if, after 
     the warrant is received by the Secretary under this 
     subsection, the institution that issued the warrant is no 
     longer listed or traded on a national securities exchange or 
     securities association, as described in paragraph (1)(A), 
     such warrants shall convert to senior debt, or contain 
     appropriate protections for the Secretary to ensure that the 
     Treasury is appropriately compensated for the value of the 
     warrant, in an amount determined by the Secretary.
       (D) Protections.--Any warrant representing securities to be 
     received by the Secretary under this subsection shall contain 
     anti-dilution provisions of the type employed in capital 
     market transactions, as determined by the Secretary. Such 
     provisions shall protect the value of the securities from 
     market transactions such as stock splits, stock 
     distributions, dividends, and other distributions, mergers, 
     and other forms of reorganization or recapitalization.
       (E) Exercise price.--The exercise price for any warrant 
     issued pursuant to this subsection shall be set by the 
     Secretary to make a profit for the taxpayers.
       (F) Sufficiency.--The institution shall guarantee to the 
     Secretary that it has authorized shares of nonvoting stock 
     available to fulfill its obligations under this subsection. 
     Should the institution not have sufficient authorized shares, 
     including preferred shares that may carry dividend rights 
     equal to a multiple number of common shares, the Secretary 
     may, to the extent necessary, accept a senior debt note in an 
     amount, and on such terms as will compensate the Secretary 
     with equivalent value, in the event that a sufficient 
     shareholder vote to authorize the necessary additional shares 
     cannot be obtained.
       (3) Exceptions.--
       (A) De minimis.--The Secretary shall establish de minimis 
     exceptions to the requirements of this subsection, based on 
     the size of the cumulative loans to and transactions of 
     assets purchased from any one institution for the duration of 
     the program, at not more than $100,000,000.
       (B) Other exceptions.--The Secretary shall establish an 
     exception to the requirements of this subsection and 
     appropriate alternative requirements for any participating 
     institution that is legally prohibited from issuing 
     securities and debt instruments, so as not to allow 
     circumvention of the requirements of this section.
                                 ______
                                 
  SA 1570. Mr. SASSE submitted an amendment intended to be proposed by 
him to the bill H.R. 748, to amend the Internal Revenue Code of 1986 to 
repeal the excise tax on high cost employer-sponsored health coverage; 
which was ordered to lie on the table; as follows:

        At the appropriate place, insert the following:

     SEC. 1114. PAYMENTS TO STATES IN LIEU OF LOANS.

       (a) Payments.--
       (1) In general.--Out of the amount appropriated under 
     section 1106(a)(1), the Administrator shall pay each State 
     the amount determined under paragraph (2).
       (2) State payment amount.--
       (A) State share of 51 percent of funding.--With respect to 
     each State, the amount determined for the State under this 
     paragraph is the sum of the State shares determined under 
     subparagraphs (A) and (B), respectively.
       (B) State share of lending amount.--The State share 
     determined under this subparagraph for a State is an amount 
     equal to the product obtained by multiplying--
       (i) the State allocation percentage; by
       (ii) the product obtained by multiplying--

       (I) 0.51; by
       (II) the amount appropriated under section 1106(a)(1).

       (C) State share of salaries and expenses.--The State share 
     determined under this subparagraph for a State is an amount 
     equal to the product obtained by multiplying--
       (i) the State allocation percentage; by
       (ii) the product obtained by multiplying--

       (I) 0.51; by
       (II) the amount appropriated under section 1106(a)(2).

       (3) State allocation percentage.--For purposes of this 
     subsection, the State allocation percentage for any State is 
     an amount (expressed as a percentage) equal to the quotient 
     of--
       (A) the number of citizens of the United States in such 
     State; and
       (B) the total number of citizens of the United States in 
     all States.
       (b) Use of Funds.--
       (1) In general.--The Governor of a State may use amounts 
     paid to the State under this section to--
       (A) minimize small business bankruptcies as a result of the 
     coronavirus crisis; or
       (B) minimize small business job losses as a result of the 
     coronavirus crisis.
       (2) State loans and loan guarantees.--
       (A) In general.--The Governor of a State may make loans or 
     loan guarantees to carry out the purposes of paragraph (1).
       (B) Loan forgiveness.--The Governor of a State that 
     receives amounts under this section may forgive loans made in 
     the same manner as provided for loans forgiven under section 
     1105.
       (c) Period to Claim.--Not less than 24 hours after the date 
     of enactment of this Act, the Governor of a State shall 
     notify the Administration of its intent to claim the State 
     payment amount determined under subsection (a)(2). Any 
     unclaimed amounts shall be otherwise available to the 
     Administration as provided in this title.
       At the appropriate place in title II of division A, add the 
     following:

     SEC. __. PAYMENTS TO STATES IN LIEU OF TAX BENEFITS.

       (a) Payments.--
       (1) In general.--The Secretary of the Treasury shall pay to 
     each State an amount equal to the product of--
       (A) the applicable amount; and
       (B) the State allocation percentage.
       (2) Applicable amount.--For purposes of paragraph (1), the 
     applicable amount is the amount equal to the sum of--
       (A) the aggregate amount of reductions in credits allowed 
     under section 6428 of the Internal Revenue Code of 1986 by 
     reason of subsection (j)(1) thereof (as added by subsection 
     (b)); and
       (B) the reduction in the estimated loss of revenue 
     resulting from the provisions of, or amendments made by, each 
     section of [subtitle C of this title] (determined before the 
     application of subsection (c)) by reason of the application 
     of such subsection.
       (3) State allocation percentage.--For purposes of paragraph 
     (1), the State allocation percentage for any State is an 
     amount (expressed as a percentage) equal to the quotient of--
       (A) the number of citizens of the United States in such 
     State; and
       (B) the total number of citizens of the United States in 
     all States.
       (4) Amounts received from states excluded from income.--For 
     purposes of the Internal Revenue Code of 1986, if a taxpayer 
     receives any amount or benefit from a State under a program 
     established after the date of the enactment of this Act that 
     was funded with amounts paid to the State under this 
     subsection, such amount or benefit shall not be taken into 
     account in determining gross income.
       (5) Use of funds.--The Governor of a State may use amounts 
     paid to the State under this subsection to--
       (A) minimize small business bankruptcies as a result of the 
     coronavirus crisis; or
       (B) minimize small business job losses as a result of the 
     coronavirus crisis.
       (b) 51 Percent Reduction in Tax Rebates.--Section 6428 of 
     the Internal Revenue Code of 1986, as added by this Act, is 
     amended by adding at the end the following new subsection:
       ``([-]) Reduction in Credit.--The amount of the credit 
     allowed under this section (determined without regard to this 
     subsection and after the application of subsection 
     ([limitation])) shall be reduced by 51 percent of such 
     amount.''.
       (c) 51 Percent Reduction in Business Tax Provisions.--
       (1) In general.--The provisions of, and amendments made by, 
     each section of [subtitle C of this title] of this Act shall 
     be applied, under regulations established by the Secretary of 
     the Treasury, in a manner such that the estimated loss of 
     revenue resulting from the provisions of, or amendments made 
     by, each such section (determined after the application of 
     this subsection) is not more than 51 percent of the estimated 
     loss of revenue resulting from the provisions of, or 
     amendments made by, each such section (determined before the 
     application of this section).
       (2) Regulations.--The regulations described in paragraph 
     (1) shall be issued not later than the date that is 10 days 
     after the date of the enactment of this Act.
       At the end of title IV of division A, add the following:

     SEC. 4022. PAYMENTS TO STATES IN LIEU OF FEDERAL LOANS, LOAN 
                   GUARANTEES, OR OTHER INVESTMENTS.

       (a) Nonapplication of Certain Provisions.--Notwithstanding 
     any other provision of this Act, any provisions of this title 
     that are directly contrary to the authority under this 
     section shall have no force or effect.
       (b) Payments to States.--From the amount appropriated under 
     section 4019(a) to the fund established under section 
     5302(a)(1) of title 31, United States Code, to carry out this 
     title, the Secretary shall, not later than 30 days after the 
     date of enactment of this Act, pay each State the amount 
     determined for the State under subsection (c).
       (c) State Payment Amount.--
       (1) State share of 51 percent of federal program funding.--
     With respect to each State, the amount determined for the 
     State under this subsection is the sum of the State shares 
     determined under paragraphs (2) and (3), respectively.
       (2) State share of 51 percent of general federal program 
     funding.--The State share determined under this paragraph for 
     a State is the amount equal to--
       (A) the State allocation percentage; multiplied by--
       (B) the product of--
       (i) 0.51; and
       (ii) the amount appropriated under section 4019(a), reduced 
     by $100,000,000.
       (3) State share of federal funding for administrative 
     expenses.--The State share determined under this paragraph 
     for a State is the amount equal to the product of--
       (A) the State allocation percentage; and

[[Page S1972]]

       (B) $100,000,000.
       (d) State Allocation Percentage.--For purposes of this 
     section, the State allocation percentage for any State is an 
     amount (expressed as a percentage) equal to the quotient of--
       (1) the number of citizens of the United States in such 
     State; and
       (2) the total number of citizens of the United States in 
     all States.
       (e) Use of Funds.--
       (1) In general.--The Governor of a State may use the amount 
     paid to the State under this section to--
       (A) minimize small business bankruptcies as a result of the 
     coronavirus crisis; or
       (B) minimize small business job losses as a result of the 
     coronavirus crisis.
       (2) State loans and loan guarantees.--
       (A) In general.--The Governor of the State may make loans 
     or loan guarantees to carry out the purposes of paragraph 
     (1).
       (B) Limitation.--The total amount of loans and loan 
     guarantees made by the Governor of a State using the amount 
     paid to the State under this section shall not exceed the 
     State share of such amount determined under subsection 
     (c)(2).
       (f) Application of Certain Requirements for Federal Loans, 
     Loan Guarantees, or Other Investments.--The following 
     requirements shall apply to loans and loan guarantees made by 
     the Governor of a State using the amount paid to the State 
     under this section in the same manner as such requirements 
     apply to loans, loan guarantees, or other investments made by 
     the Secretary (and, withe respect to a State, by substituting 
     ``Governor'' for ``Secretary)'':
       (1) Subsection (c)(2) of section 4003 (relating to 
     determinations for making loans and loan guarantees).
       (2) Subsection (d) of section 4003 (relating to financial 
     protection of Government).
       (3) Subsection (f) of section 4003 (relating to 
     administrative provisions, except that the State share 
     determined for the State under subsection (c)(3) shall be 
     substituted for ``$100,000,000'').
       (4) Section 4004 (relating to limitation on certain 
     employee compensation).
       (g) Deposit of Proceeds.--Amounts collected by the Governor 
     of a State with respect to loans and loan guarantees made 
     under this section, including the repayment of principal, 
     proceeds of investments, earnings, and interest collected, 
     shall be paid to the Secretary and deposited in the Treasury 
     as miscellaneous receipts.

       At the appropriate place in division B, insert the 
     following:
       Sec. __. (a) Of amounts appropriated under this division, 
     each State shall receive the payment amount determined under 
     subsection (b).
       (b)(1) The State payment amount determined under this 
     subsection for a State is an amount equal to the product 
     obtained by multiplying--
       (A) the State allocation percentage; by
       (B) the product obtained by multiplying--
       (i) 0.51; by
       (ii) the sum of all amounts appropriated under this 
     division.
       (2) For purposes of paragraph (1), the State allocation 
     percentage for any State is an amount (expressed as a 
     percentage) equal to the quotient of--
       (A) the number of citizens of the United States in such 
     State; and
       (B) the total number of citizens of the United States in 
     all States.
       (3) The Governor of a State may use the amount paid to the 
     State under this section to--
       (A) minimize small business bankruptcies as a result of the 
     coronavirus crisis; or
       (B) minimize small business job losses as a result of the 
     coronavirus crisis.
                                 ______
                                 
  SA 1571. Mr. SASSE submitted an amendment intended to be proposed by 
him to the bill H.R. 748, to amend the Internal Revenue Code of 1986 to 
repeal the excise tax on high cost employer-sponsored health coverage; 
which was ordered to lie on the table; as follows:

        At the end of subtitle D of title III of division A, 
     insert the following:

     SEC. 3717. MEDICARE SKILLED NURSING FACILITY PROSPECTIVE 
                   PAYMENT SYSTEM ADJUSTMENT FOR COVID-19 
                   RESIDENTS DURING EMERGENCY PERIOD.

       (a) In General.--Section 1888(e) of the Social Security Act 
     (42 U.S.C. 1395yy(e)) is amended--
       (1) in paragraph (1), by striking `` and (12)'' and 
     inserting ``(12), and (13)''; and
       (2) by inserting after paragraph (12) the following new 
     paragraph:
       ``(13) Adjustment for residents with covid-19.--During the 
     emergency period described in section 1135(g)(1)(B), in the 
     case of a resident who has a principal or secondary diagnosis 
     of COVID-19, the per diem amount of payment otherwise 
     applicable shall be increased by 15 percent to reflect 
     increased costs associated with such residents.''.
       (b) Implementation.--Notwithstanding any other provision of 
     law, the Secretary may implement the amendments made by 
     subsection (a) by program instruction or otherwise.
                                 ______
                                 
  SA 1572. Mr. SASSE submitted an amendment intended to be proposed by 
him to the bill H.R. 748, to amend the Internal Revenue Code of 1986 to 
repeal the excise tax on high cost employer-sponsored health coverage; 
which was ordered to lie on the table; as follows:

        At the appropriate place in subtitle E of title III of 
     division A, insert the following:

     SEC. ___. PAUSING ELIGIBILITY DETERMINATIONS UNDER THE 340B 
                   DRUG PRICING PROGRAM.

       Section 340B(a) of the Public Health Service Act (42 U.S.C. 
     256B(a)) is amended by adding at the end the following:
       ``(11) Pausing eligibility determinations.--The Secretary 
     shall, for each of fiscal years 2020 and 2021, pause the 
     process of determining whether an entity is a covered entity, 
     as defined in paragraph (4), in response to the COVID-19 
     public health emergency to ensure that no entity that was 
     previously determined to be such a covered entity would lose 
     eligibility status for the program under this section during 
     such emergency.''.
                                 ______
                                 
  SA 1573. Mr. SCOTT of South Carolina (for himself, Ms. Klobuchar, Mr. 
Sasse, and Mr. Booker) submitted an amendment intended to be proposed 
by him to the bill H.R. 748, to amend the Internal Revenue Code of 1986 
to repeal the excise tax on high cost employer-sponsored health 
coverage; which was ordered to lie on the table; as follows:

        At the appropriate place, insert the following:

     SEC. ___. TAX CREDIT TO SMALL BUSINESSES TO COVER RENT AND 
                   MORTGAGE PAYMENTS.

       (a) Allowance of Credit.--
       (1) In general.--In the case of an eligible small business, 
     there shall be allowed as a credit against the tax imposed by 
     chapter 1 of the Internal Revenue Code of 1986 for the first 
     taxable year beginning on or after January 1, 2019, an amount 
     equal to the sum of any qualified rent or mortgage 
     expenditures which--
       (A) relate to any real property which is primarily used in 
     a trade or business of such eligible small business which is 
     a qualified trade or business (as defined in section 
     199A(d)), and
       (B) are paid or incurred by such eligible small business 
     during the first 4 months of 2020.
       (2) Limitation.--The amount of the credit allowable to a 
     taxpayer under paragraph (1) for any taxable year shall not 
     exceed $50,000.
       (b) Eligible Small Business.--For purposes of this 
     section--
       (1) In general.--The term ``eligible small business'' 
     means, with respect to calendar year 2019, an employer who is 
     employed an average of not greater than 500 full-time 
     employees on business days during such calendar year.
       (2) Application of aggregation rule for employers.--All 
     persons treated as a single employer under subsection (b), 
     (c), (m), or (o) of section 414 of the Internal Revenue Code 
     of 1986 shall be treated as 1 employer.
       (c) Qualified Rent or Mortgage Expenditures.--For purposes 
     of this section, the term ``qualified rent or mortgage 
     expenditures'' means and expenditure for rent or mortgage 
     payments (not including any amounts attributable to 
     utilities) that are paid pursuant to a contract entered into 
     before the date of the enactment of this Act.
       (d) Expedited Amended Return Process.--In the case of any 
     eligible small business which has timely filed an amendment 
     to the tax return for such business for the taxable year 
     described in subsection (a) for the sole purpose of claiming 
     the credit allowed under this section, the Secretary of the 
     Treasury (or the Secretary's delegate) shall establish a 
     separate and expedited process for reviewing and processing 
     such amended returns.
       (e) Regulations.--The Secretary of the Treasury (or the 
     Secretary's delegate) shall prescribe such regulations or 
     guidance as may be necessary to carry out the provisions of 
     this section, including regulations and guidance to prevent 
     and identify fraud through the use of relevant information 
     submitted by third parties which relates to the rent or 
     mortgage expenditures claimed by a taxpayer for purposes of 
     the credit allowed under this section.
       (f) Effective Date.--This section shall take effect on the 
     date of enactment of this Act.

                          ____________________