,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #ieb  ,,in ,,the ,,house ,,of   
,,representatives  ,march #e1 #bjac ,mr4
 ,swalwell of ,california introduced the
 following bill2 which was referred to  
the ,committee on ,ways and ,means  ,a  
,,bill  ,to amend the ,internal ,revenue
 ,code of #aihf to allow small          
businesses to defer the payment of      
certain employment taxes4  #a4 ,short   
title ,this ,act may be cited as the    
,main ,street ,revival ,act4  #b4       
,deferral of certain employment taxes by
 small businesses  7a7 ,in general      
,section #caaa of the ,internal ,revenue
 ,code of #aihf is amended by adding at 
the end the following new subsection3   
7f7 ,election by small businesses ,to   
defer payment  7#a7 ,in general ,a      
specified small business may elect to   
pay the specified first-year employment 
taxes of such business in installments  
as provided in paragraph 7#b74  7#b7    
,payment in installments  7,a7 ,in      
general ,if an election is made under   

paragraph 7#a71 the specified first-year
 employment taxes shall be paid in #d   
equal installments4 ,the first          
installment shall be paid on the date   
which is one year after the end of the  
specified first year and each succeeding
 installment shall be paid on the date  
which is one year after the due date of 
the previous installment4  7,b7         
,acceleration of payment under certain  
circumstances ,if there is an addition  
to tax for failure to pay timely        
assessed with respect to any installment
 required under this subsection1 a      
liquidation or sale of substantially all
 the assets of the taxpayer 7including  
in a title #aa or similar case71 a      
cessation of business by the taxpayer1  
or any similar circumstance1 then the   
unpaid portion of all remaining         
installments shall be due on the date of
 such event 7or in the case of a title  
#aa or similar case1 the day before the 
petition is filed74  7,c7 ,proration of 
any deficiency to installments ,if an   

election is made under paragraph 7#a7 to
 pay the specified first-year employment
 taxes in installments and a deficiency 
has been assessed1 the deficiency shall 
be prorated to such installments4 ,the  
part of the deficiency so prorated to   
any installment the date for payment of 
which has not arrived shall be collected
 at the same time as1 and as a part of1 
such installment4 ,the part of the      
deficiency so prorated to any           
installment the date for payment of     
which has arrived shall be paid upon    
notice and demand from the ,secretary4  
,this subsection shall not apply if the 
deficiency is due to negligence1 to     
intentional disregard of rules and      
regulations1 or to fraud with intent to 
evade tax4  7#c7 ,specified small       
business ,for purposes of this section--
  7,a7 ,in general ,the term specified  
small business means any ,h,u,b,zone    
business if there is a reasonable       
expectation as of the first day of the  
specified first-year that such business 

will not employ more than #be full-time 
employees 7determined under section     
#de,r7d7 by treating the specified first
 year as the taxable year7 for such     
year4 ,such term shall not include any  
business unless the specified first-year
 of such business begins after the date 
of the enactment of this subsection4    
7,b7 ,h,u,b,zone business ,the term     
,h,u,b,zone business means any employer 
if--  7i7 every trade or business of    
such employer is actively conducted     
within a ,h,u,b,zone1 and  7ii7 a       
substantial portion of the services     
performed for such employer by its      
employees are performed in a            
,h,u,b,zone4  7,c7 ,h,u,b,zone ,the term
 ,h,u,b,zone means any area which would 
be a historically underutilized business
 zone 7as defined in section #c7p77#a7  
of the ,small ,business ,act7 if such   
section were applied without regard to  
subparagraphs 7,c71 7,d71 and 7,e7      
thereof4  7#d7 ,specified first-year    
employment taxes ,for purposes of this  

section--  7,a7 ,in general ,the term   
specified first-year employment taxes   
means1 with respect to any specified    
small business1 the taxes imposed under 
subsections 7a7 and 7b7 with respect to 
wages paid during the specified         
first-year of such business4  7,b7      
,specified first-year ,the term         
specified first-year means1 with respect
 to any specified small business1 the   
#a-year period beginning on the first   
date that any employee of such business 
performs any service for such business4 
7#e7 ,aggregation rules1 etc ,all       
persons treated as a single employer    
under subsection 7a7 or 7b7 of section  
#eb or subsection 7m7 or 7o7 of section 
#dad shall be treated as one person for 
purposes of this subsection4 ,any       
reference in this subsection to any     
person shall include a reference to any 
predecessor of such person4  7#f7 ,trust
 funds held harmless ,the amounts       
appropriated1 deposited1 or transferred 
to any trust fund shall be determined   

without regard to this subsection4  4   
7b7 ,effective date ,the amendment made 
by this section shall apply to any      
specified small business 7as defined in 
section #caaa7;f7 of the ,internal      
,revenue ,code of #aihf1 as added by    
this section7 the specified first-year  
of which 7within the meaning of such    
section7 begins after the date of the   
enactment of this ,act4