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

  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.

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