[Congressional Record Volume 166, Number 140 (Thursday, August 6, 2020)]
[Senate]
[Pages S5302-S5303]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 2604. Mr. CORNYN submitted an amendment intended to be proposed to
amendment SA 2499 proposed by Mr. McConnell to the bill S. 178, to
condemn gross human rights violations of ethnic Turkic Muslims in
Xinjiang, and calling for an end to arbitrary detention, torture, and
harassment of these communities inside and outside China; which was
ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. ___. 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
[[Page S5303]]
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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