,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #fggf  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,may #h1 #bjbj,mrs4   
,murphy ( ,florida 7= h]self1 ,mr4      
,katko1 ,ms4 ,del,bene1 ,mr4            
,fitzpatrick1 & ,mr4 ,pappas7 introduc$ 
! foll[+ bill2 :i* 0 ref]r$ to !        
,committee on ,ways & ,means1 & 9       
addition to ! ,committee on ,small      
,bus9ess1 = a p]iod to be subsequ5tly   
det]m9$ by ! ,speak]1 9 ea* case =      
consid]ation ( su* provisions z fall )9 
! jurisdiction ( ! committee conc]n$  ,a
 ,,bill  ,to provide = improvem5ts      
relat$ to ! employee ret5tion tax cr$it4
  #a4 ,%ort title ,?is ,act may be cit$ 
z ! ,jump/>t+ ,our ,bus9esses' ,success 
,cr$it ,act ( #bjbj or z ! ,,jobs ,cr$it
 ,act ( #bjbj4  #b4 ,improvem5ts to     
employee ret5tion cr$it  7a7 ,increase 9
 cr$it p]c5tage ,section #bcja7;a7 ( !  
,,c>es ,act is am5d$ by /rik+ #ej p]c5t 
& ins]t+ #hj p]c5t4  7b7 ,increase 9 p] 
employee limitation ,section            
#bcja7;b77#a7 ( ! ,,c>es ,act is am5d$  

by /rik+ = all cal5d> qu>t]s %all n     
exce$ #aj1jjj4 & ins]t+ %all n exce$--  
7,a7 #ae1jjj 9 any cal5d> qu>t]1 &  7,b7
 #de1jjj 9 ! aggregate = all cal5d>     
qu>t]s4  4  7c7 ,modification ( ?re%old 
= treatm5t z a l>ge employ]  7#a7 ,9    
g5]al ,section #bcja7;c77#c77;,a7 ( !   
,,c>es ,act is am5d$-- 7,a7 by /rik+ =  
:i* ! av]age numb] ( full-"t employees  
7)9 ! mean+ ( section #dihj;,h ( !      
,int]nal ,rev5ue ,code ( #aihf7 employ$ 
by su* eligible employ] dur+ #bjai 0    
great] ?an #ajj 9 clause 7i7 & ins]t+   
:i* is a l>ge employ]1 &  7,b7 by /rik+ 
= :i* ! av]age numb] ( full-"t employees
 7)9 ! mean+ ( section #dihj;,h ( !     
,int]nal ,rev5ue ,code ( #aihf7 employ$ 
by su* eligible employ] dur+ #bjai 0 n  
great] ?an #ajj 9 clause 7ii7 & ins]t+  
:i* is n a l>ge employ]4  7#b7 ,l>ge    
employ] def9$ ,section #bcja7;c7 ( !    
,,c>es ,act is am5d$ by r$esignat+      
p>agraph 7#f7 z p>agraph 7#g7 & by      
ins]t+ aft] p>agraph 7#e7 ! foll[+ new  
p>agraph3  7#f7 ,l>ge employ] ,! t]m    

l>ge employ] means any eligible employ] 
if-- 7,a7 ! av]age numb] ( full-"t      
employees 7z det]m9$ = purposes (       
det]m9+ :e!r an employ] is an applicable
 l>ge employ] = purposes ( section      
#dihj;,h7c77#b7 ( ! ,int]nal ,rev5ue    
,code ( #aihf7 employ$ by su* eligible  
employ] dur+ cal5d> ye> #bjai 0 great]  
?an #a1ejj1 &  7,b7 ! gross receipts 7)9
 ! mean+ ( section #ddh7;c7 ( ! ,int]nal
 ,rev5ue ,code ( #aihf7 ( su* eligible  
employ] dur+ cal5d> ye> #bjai 0 great]  
?an #da1ejj1jjj4  4  7d7 ,phase-,9 (    
eligibility bas$ on r$uction 9 gross    
receipts  7#a7 ,decrease ( r$uction 9   
gross receipts necess>y to qualify =    
cr$it ,section #bcja7;c77#b77;,b77i7 ( !
 ,,c>es ,act is am5d$ by /rik+ #ej p]c5t
 & ins]t+ #hj p]c5t4  7#b7 ,phase-9 (   
cr$it if r$uction 9 gross receipts is   
less ?an #ej p]c5t ,section             
#bcja7;c77#b7 ( ! ,,c>es ,act is am5d$  
by add+ at ! end ! foll[+ new           
subp>agraph3  7,d7 ,phase-9 ( cr$it :]e 
bus9ess n susp5d$ & r$uction 9 gross    

receipts less ?an #ej p]c5t  7i7 ,9     
g5]al ,9 ! case ( any cal5d> qu>t] )    
respect to :i* an eligible employ] w\ld 
n be an eligible employ] if subp>agraph 
7,b77i7 7 appli$ by sub/itut+ #ej p]c5t 
= #hj p]c5t1 ! am\nt ( ! cr$it all[$ "u 
subsection 7a7 %all be r$uc$ by ! am\nt 
:i* be>s ! same ratio to ! am\nt ( su*  
cr$it 7det]m9$ )\t reg>d to ?is         
subp>agraph7 z-- 7,i7 ! excess gross    
receipts p]c5tage po9t am\nt1 be>s to   
7,,ii7 #cj p]c5tage po9ts4  7ii7 ,excess
 gross receipts p]c5tage po9t am\nt ,=  
purposes ( ?is subp>agraph1 ! t]m excess
 gross receipts p]c5tage po9t am\nt     
means1 ) respect to any cal5d> qu>t]1 ! 
excess (-- 7,i7 ! l[e/ ( ! gross        
receipts p]c5tage po9t am\nts det]m9$ ) 
respect to any cal5d> qu>t] dur+ ! p]iod
 end+ ) su* cal5d> qu>t] & beg9n+ ) !   
fir/ cal5d> qu>t] dur+ ! p]iod describ$ 
9 subp>agraph 7,b71 ov]  7,,ii7 #ej     
p]c5tage po9ts4  7iii7 ,gross receipts  
p]c5tage po9t am\nts ,= purposes ( ?is  
subp>agraph1 ! t]m gross receipts       

p]c5tage po9t am\nt means1 ) respect to 
any cal5d> qu>t]1 ! p]c5tage 7express$ z
 a numb] ( p]c5tage po9ts7 obta9$ by    
divid+-- 7,i7 ! gross receipts 7)9 !    
mean+ ( subp>agraph 7,b77 = su* cal5d>  
qu>t]1 by  7,,ii7 ! gross receipts = !  
same cal5d> qu>t] 9 cal5d> ye> #bjai4  4
  7#c7 ,gross receipts ( tax-exempt     
organizations ,section                  
#bcja7;c77#b77;,c7 ( ! ,,c>es ,act is   
am5d$-- 7,a7 by /rik+ ( su* ,code1      
clauses 7i7 & 7ii77,i7 & ins]t+ ( su*   
,code-- 7i7 clauses 7i7 & 7ii77,i7  1   
7,b7 by /rik+ ! p]iod at ! end & ins]t+ 
1 &1 &  7,c7 by add+ at ! end ! foll[+  
new clause3  7ii7 any ref]5ce 9 ?is     
section to gross receipts %all be treat$
 z a ref]5ce to gross receipts )9 !     
mean+ ( section #fjcc ( su* ,code4  4   
7e7 ,modification ( treatm5t ( heal?    
plan exp5ses  7#a7 ,9 g5]al ,section    
#bcja7;c77#e7 ( ! ,,c>es ,act is am5d$  
to read z foll[s3  7#e7 ,wages  7,a7 ,9 
g5]al ,! t]m wages means wages 7z def9$ 
9 section #caba7;a7 ( ! ,int]nal ,rev5ue

 ,code ( #aihf7 & comp5sation 7z def9$ 9
 section #cbca7;e7 ( su* ,code74  7,b7  
,all[ance = c]ta9 heal? plan exp5ses    
7i7 ,9 g5]al ,su* t]m %all include      
am\nts paid or incurr$ by ! eligible    
employ] to provide & ma9ta9 a gr\p heal?
 plan 7z def9$ 9 section #ejjj7;b77#a7 (
 ! ,int]nal ,rev5ue ,code ( #aihf71 b   
only to ! ext5t t su* am\nts are exclud$
 f ! gross income ( employees by reason 
( section #ajf7;a7 ( su* ,code4  7ii7   
,allocation rules ,= purposes ( ?is     
section1 am\nts treat$ z wages "u clause
 7i7 %all be treat$ z paid ) respect to 
any employee 7& ) respect to any p]iod7 
to ! ext5t t su* am\nts are prop]ly     
allocable to su* employee 7& to su*     
p]iod7 9 su* mann] z ! ,secret>y may    
prescribe4 ,except z o!rwise provid$ by 
! ,secret>y1 su* allocation %all be     
treat$ z prop]ly made if made on ! basis
 ( be+ pro rata among p]iods ( cov]age4 
4  7#b7 ,con=m+ am5dm5t ,section        
#bcja7;c77#c7 ( ! ,,c>es ,act is am5d$  
by /rik+ subp>agraph 7,c74  7f7         

,qualifi$ wages p]mitt$ ,to include     
am\nts = tip replacem5t  7#a7 ,9 g5]al  
,section #bcja7;c77#c77;,b7 ( ! ,,c>es  
,act is am5d$ by ins]t+ 7includ+ tips   
:i* w\ld h be5 deem$ to be paid by !    
employ] "u section #caba7q77 aft] w\ld h
 be5 paid4  7#b7 ,con=m+ am5dm5t        
,section #bcja7;h77#b7 ( ! ,,c>es ,act  
is am5d$ by ins]t+ #de;,b or be=e #de,s4
  7g7 ,c]ta9 gov]nm5tal employ]s        
eligible = cr$it  7#a7 ,9 g5]al ,section
 #bcja7;f7 ( ! ,,c>es ,act is am5d$ to  
read z foll[s3  7f7 ,c]ta9 gov]nm5tal   
employ]s  7#a7 ,9 g5]al ,! cr$it "u ?is 
section %all n be all[$ to ! ,f$]al     
,gov]nm5t or any ag5cy or in/rum5tality 
!re(4  7#b7 ,exception ,p>agraph 7#a7   
%all n apply to any organization        
describ$ 9 section #eja7;c77#a7 ( !     
,int]nal ,rev5ue ,code ( #aihf & exempt 
f tax "u section #eja7;a7 ( su* ,code4  
7#c7 ,special rules ,9 ! case ( any     
,/ate gov]nm5t1 ,indian tribal gov]nm5t1
 or any ag5cy1 in/rum5tality1 or        
political subdivision ( ! =ego+-- 7,a7  

clauses 7i7 & 7ii77,i7 ( subsection     
7c77#b77;,a7 %all apply to all op]ations
 ( su* entity1 &  7,b7 subclause 7,,ii7 
( subsection 7c77#b77;,a77ii7 %all n    
apply4  4  7#b7 ,coord9ation )          
application ( c]ta9 def9itions  7,a7 ,9 
g5]al ,section #bcja7;c77#e77;,a7 ( !   
,,c>es ,act1 z am5d$ by ! prec$+        
provisions ( ?is ,act1 is am5d$ by add+ 
at ! end ! foll[+3 ,= purposes ( !      
prec$+ s5t5ce 7o!r ?an = purposes (     
subsection 7b77#b771 wages z def9$ 9    
section #caba7;a7 ( ! ,int]nal ,rev5ue  
,code ( #aihf %all be det]m9$ )\t reg>d 
to p>agraphs 7#a71 7#e71 7#f71 7#g71    
7#h71 7#aj71 7#ac71 7#ah71 7#ai71 &     
7#bb7 ( section #cbab7;b7 ( su* ,code   
7except ) respect to s]vices p]=m$ 9 a  
p5al in/itution by an inmate !re(744    
7,b7 ,con=m+ am5dm5ts ,sections         
#bcja7;c77#f7 ( ! ,,c>es ,act is am5d$  
by /rik+ ,any t]m & ins]t+ ,except z    
o!rwise provid$ 9 ?is section1 any t]m4 
7h7 ,effective date ,! am5dm5ts made by 
?is section %all take effect z if       

includ$ 9 section #bcja ( ! ,,c>es ,act4
  #c4 ,improv$ coord9ation betwe5       
pay*eck protection program & employee   
ret5tion tax cr$it  7a7 ,am5dm5t to     
pay*eck protection program ,section     
#aajf7;a77#h7 ( ! ,,c>es ,act is am5d$  
by ins]t+ 1 except t su* co/s %all n    
include qualifi$ wages tak5 into acc\nt 
9 det]m9+ ! cr$it all[$ "u section #bcja
 ( ?is ,act be=e ! p]iod at ! end4  7b7 
,am5dm5ts to employee ret5tion tax cr$it
  7#a7 ,9 g5]al ,section #bcja7;g7 ( !  
,,c>es ,act is am5d$ to read z foll[s3  
7g7 ,election ,to n take c]ta9 wages    
into acc\nt  7#a7 ,9 g5]al ,?is section 
%all n apply to qualifi$ wages paid by  
an eligible employ] ) respect to :i* su*
 employ] makes an election 7at su* "t & 
9 su* mann] z ! ,secret>y may prescribe7
 to h ?is section n apply to su* wages4 
7#b7 ,coord9ation ) pay*eck protection  
program ,! ,secret>y1 9 consultation ) !
 ,adm9i/rator ( ! ,small ,bus9ess       
,adm9i/ration1 %all issue guidance      
provid+ t payroll co/s paid or incurr$  

dur+ ! cov]$ p]iod %all n fail to be    
treat$ z qualifi$ wages "u ?is section  
by reason ( an election "u p>agraph 7#a7
 to ! ext5t t a cov]$ loan ( ! eligible 
employ] is n =giv5 by reason ( a        
decision "u section #aajf7;g74 ,t]ms us$
 9 ! prec$+ s5t5ce :i* are also us$ 9   
section #aajf %all h ! same mean+ z :5  
us$ 9 su* section4  4  7#b7 ,con=m+     
am5dm5ts  7,a7 ,section #bcja ( ! ,,c>es
 ,act is am5d$ by /rik+ subsection 7j74 
7,b7 ,section #bcja7l7 ( ! ,,c>es ,act  
is am5d$ by /rik+ p>agraph 7#c7 & by    
r$esignat+ p>agraphs 7#d7 & 7#e7 z      
p>agraphs 7#c7 & 7#d71 respectively4    
7c7 ,effective date ,! am5dm5ts made by 
?is section %all take effect z if       
includ$ 9 ! provisions ( ! ,,c>es ,act  
to :i* !y relate4