,i #aafth ,,congress #b;d ,session ,h4 ,r4 #ffai ,,in ,,the ,,house ,,of ,,representatives ,april #bd1 #bjbj,ms4 ,dean 7for herself and ,mr4 ,kilmer7 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 provide advance tax refunds to small businesses1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,restore ,america's ,main ,street ,act4 #b4 ,small business rebate 7a7 ,in general ,subchapter ,b of chapter #fe of subtitle ,f of the ,internal ,revenue ,code of #aihf is amended by inserting after section #fdbh the following new section3 #fdbh;,a4 ,small ,business ,rebate 7a7 ,allowance of credit 7#a7 ,in general ,in the case of a qualifying business1 there shall be allowed as a credit against the tax imposed by subtitle ,a for the first taxable year beginning in #bjbj an amount equal to the lesser of-- 7,a7 #cj percent of qualified gross receipts of such qualifying business for the first taxable year beginning in #bjai1 or 7,b7 #abj1jjj4 7#b7 ,special rule ,in the case of-- 7,a7 a qualifying business which did not file a tax return for the taxable year described in paragraph 7#a77;,a71 or 7,b7 a sole proprietorship for which gross receipts were not reported on a return of tax for such taxable year1 such paragraph shall be applied by substituting #bjah for #bjai4 7#c7 ,qualified gross receipts ,for purposes of paragraph 7#a77;,a71 the term qualified gross receipts means gross receipts of the qualifying business which are effectively connected with the conduct of a trade or business within the ,united ,states 7within the meaning of section #hfd7;c71 determined by substituting qualifying business for nonresident alien individual or a foreign corporation or for foreign corporation each place it appears7 for the applicable taxable year under paragraph 7#a77;,a71 as reported by the taxpayer on-- 7,a7 in the case of a qualifying business which is a partnership1 the return required to be filed under section #fjca1 7,b7 in the case of a qualifying business which is an ,s corporation1 the return required to be filed under section #fjcg1 and 7,c7 in the case of any other qualifying business1 the return of tax for the taxable year4 7b7 ,qualifying business 7#a7 ,in general ,for purposes of this section1 the term qualifying business means any person which-- 7,a7 meets the gross receipts test of subsection 7c7 of section #ddh for the applicable taxable year under subsection 7a77#a77;,a71 except that subsection 7c7 of section #ddh shall be applied-- 7i7 without regard to paragraph 7#d7 of such subsection1 and 7ii7 by substituting #a1ejj1jjj for #be1jjj1jjj1 and 7,b7 with respect to the preceding calendar year1 employed an average of not greater than #ej full-time employees 7as such term is defined in paragraph 7#d7 of section #dihj;,h7c77 on business days during such calendar year4 7#b7 ,special rule ,for purposes of paragraph 7#a77;,a71 in the case of any taxpayer which is not a corporation or a partnership1 the gross receipts test of section #ddh7;c7 shall be applied in the same manner as if such taxpayer were a corporation or partnership4 7#c7 ,full-time equivalents ,for purposes of paragraph 7#a77;,b71 the number of full-time employees shall be determined pursuant to rules similar to the rules described in paragraph 7#b77;,e7 of section #dihj;,h7c74 7#d7 ,aggregation rules ,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 a single person for purposes of paragraph 7#a77;,b74 7#e7 ,qualified organizations 7,a7 ,inclusion as qualifying business 7i7 ,in general ,for purposes of this section1 the term qualifying business shall include any qualified organization4 7ii7 ,definition ,for purposes of this paragraph1 the term qualified organization means an organization which-- 7,i7 is described in section #eja7;c77#c7 and exempt from tax under section #eja7;a71 7,,ii7 is described in section #agj7;b77#a77;,a71 7,,iii7 is not described in section #eji7;a77#c71 and 7,,iv7 satisfies the requirements under subparagraphs 7,a7 and 7,b7 of paragraph 7#a74 7,b7 ,qualified gross receipts 7i7 ,in general ,for purposes of subsection 7a77#a77;,a71 in the case of a qualified organization1 the term qualified gross receipts means gross receipts of the organization for the taxable year described in such subsection4 7ii7 ,special rule ,in the case of a qualified organization which did not file a tax return for the taxable year described in subsection 7a77#a77;,a71 such subsection shall be applied by substituting #bjah for #bjai4 7iii7 ,organization exempt from filing 7,i7 ,in general ,in the case of an organization which is exempt from filing a return pursuant to section #fjcc7;a7 or which is not required to include in such return the information necessary to determine the amount of the credit allowed under this section1 such organization may submit to the ,secretary 7in such form and manner as is deemed appropriate by the ,secretary7 any information required for purposes of determining-- 7aa7 whether such organization satisfies the requirements under subparagraphs 7,a7 and 7,b7 of paragraph 7#a71 and 7bb7 the amount of the credit allowed under subsection 7a77#a74 7,,ii7 ,publicity of information ,for purposes of section #fajd1 any information submitted by an organization under subclause 7,i7 shall be deemed to be information required to be furnished by such organization pursuant to section #fjcc4 7c7 ,treatment of credit ,the credit allowed by subsection 7a7 shall be treated as allowed by subpart ,c of part ,,iv of subchapter ,a of chapter #a4 7d7 ,coordination with advance refunds of credit ,the amount of credit which would 7but for this subsection7 be allowable under this section shall be reduced 7but not below zero7 by the aggregate refunds and credits made or allowed to the taxpayer under subsection 7e74 ,any failure to so reduce the credit shall be treated as arising out of a mathematical or clerical error and assessed according to section #fbac7;b77#a74 7e7 ,advance refunds and credits 7#a7 ,in general ,any person which was a qualifying business for such person's last taxable year ending before ,january #a1 #bjbj1 shall be treated as having made a payment against the tax imposed by chapter #a for such taxable year in an amount equal to the advance refund amount for such taxable year1 regardless of whether such tax would have been imposed on such person4 7#b7 ,advance refund amount ,for purposes of paragraph 7#a71 the advance refund amount is the amount that would have been allowed as a credit under this section for such taxable year if this section 7other than subsection 7d7 and this subsection7 had applied to such taxable year4 7#c7 ,timing of payments ,the ,secretary shall1 subject to the provisions of this title1 refund or credit any overpayment attributable to this section as rapidly as possible4 ,no refund or credit shall be made or allowed under this subsection after ,december #ca1 #bjbj4 7#d7 ,no interest ,no interest shall be allowed on any overpayment attributable to this section4 4 7b7 ,conforming amendments 7#a7 ,definition of deficiency ,section #fbaa7;b77#d77;,a7 of the ,internal ,revenue ,code of #aihf is amended by striking and #cf;,b1 #afh7k77#d7 and inserting #cf;,b1 and #fdbh;,a4 7#b7 ,paragraph 7#b7 of section #acbd7;b7 of title #ca1 ,united ,states ,code1 is amended by inserting 8#fdbh;,a10 after 8#ed;,b7h7104 7#c7 ,the table of sections for subchapter ,b of chapter #fe of subtitle ,f of the ,internal ,revenue ,code of #aihf is amended by inserting after the item relating to section #fdbh the following3 ,sec4 #fdbh;,a4 ,small business rebate4 4