,i #aafth ,,congress #b;d ,session ,h4 ,r4 #hjhc ,,in ,,the ,,house ,,of ,,representatives ,august #ba1 #bjbj ,mr4 ,schneider 7for himself and ,mr4 ,kelly of ,pennsylvania7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to establish a temporary tax credit for maintaining retirement benefits during the ,,covid-#ai pandemic4 #a4 ,short title ,this ,act may be cited as the ,preserving ,employee ,retirement ,savings ,act of #bjbj4 #b4 ,temporary credit for maintaining retirement benefits during pandemic 7a7 ,in general ,in the case of an eligible employer1 there shall be allowed as a credit against the tax imposed by chapter #a of the ,internal ,revenue ,code of #aihf an amount equal to #bj percent of the qualified retirement contributions by the employer for the taxable year4 7b7 ,limitation ,the amount of credit allowed to the taxpayer under subsection 7a7 for any taxable year shall not exceed #ajj1jjj4 7c7 ,qualified retirement contributions ,for purposes of this section-- 7#a7 ,in general ,the term qualified retirement contribution means1 with respect to any taxable year1 any employer contribution 7other than an elective deferral 7as defined in section #djb7;g77#c7 of such ,code7 to an applicable retirement plan on behalf of an employee other than a highly compensated employee 7as defined in section #dad7q7 of such ,code774 7#b7 ,determining contribution to defined benefit plan ,in the case of a defined benefit plan 7as defined in section #dad7;j7 of such ,code71 the amount treated as an employer contribution under paragraph 7#a7 shall be the amount described with respect to the plan in section #dcj7;b77#a77;,a77i71 #dca7;b77#b77;,a71 or #dcc7;b77#b77;,a7 of such ,code1 as the case may be1 or in the case of a ,,csec plan that uses a spread gain funding method 7as defined in section #dcc7;j77#e77;,d77 of such ,code71 the amount described in #dcc7;j77#a77;,b7 of such ,code4 7#c7 ,coordination with other assistance ,such term shall not include any amount taken into account in determining any loan amount forgiven under section #aajf or #aaji7;d77#a77;,d7 of the ,coronavirus ,aid1 ,relief1 and ,economic ,security ,act4 7#d7 ,applicable retirement plan 7,a7 ,in general ,for purposes of this section1 the term applicable retirement plan means any plan1 annuity contract1 pension1 or account described in clause 7i71 7ii71 7iv71 7v71 or 7vi7 of section #bai7;g77#e77;,a7 of such ,code 7other than a governmental plan 7within the meaning of section #dad7;d7774 7,b7 ,plans with contribution level reduction not eligible ,such term shall not include any plan1 annuity contract1 pension1 or account which for any plan year which includes the taxable year-- 7i7 is amended after ,december #ca1 #bjai1 to reduce allocations or benefit accruals2 or 7ii7 in any case in which the employer has discretion over allocations1 has a rate of contribution for any class of employees that includes an employee who is not a highly compensated employee which is less than the greater of-- 7,i7 the rate of contribution for such class for the last plan year ending before ,january #a1 #bjai2 or 7,,ii7 the rate of contribution for such class for the last plan year ending before ,january #a1 #bjbj4 ,for purposes of the preceding sentence1 the rate of contribution shall be expressed as a percentage of compensation 7as defined for the plan year for which such rate is being determined74 7d7 ,other definitions and special rules ,for purposes of this section-- 7#a7 ,eligible employer 7,a7 ,in general ,the term eligible employer means any employer-- 7i7 that has a temporary substantial business hardship 7within the meaning of section #dab7;c77#b7 of such ,code7 for the taxable year2 and 7ii7 in the case of employer that is not a tax-exempt or cooperative organization1 the gross receipts 7within the meaning of section #ddh7;c7 of the ,internal ,revenue ,code of #aihf7 of which during the preceding taxable year were not more than #da1ejj1jjj4 7,b7 ,pre-guidance determination of hardship ,in the case of any determination of the credit under subsection 7a7 prior to the issuance of guidance by the ,secretary of the ,treasury as to what constitutes a temporary substantial business hardship under subparagraph 7,a71 the taxpayer may rely on a reasonable good faith determination of whether such a hardship exists4 7#b7 ,tax-exempt or cooperative organization ,the term tax exempt or cooperative organization means-- 7,a7 any organization exempt from tax under chapter #a of the ,internal ,revenue ,code of #aihf2 7,b7 any organization to which subchapter ,t of chapter #a of such ,code applies2 or 7,c7 any organization described in section #acha7;a77#b77;,c7 of such ,code4 7#c7 ,recapture ,in the case of an employer allowed a credit under this section for a taxable year with respect to an applicable retirement plan1 if such plan fails to meet the requirements of subsection 7c77#d77;,b7 for the following taxable year1 then the tax of the taxpayer under chapter #a of such ,code for such following taxable year shall be increased by an amount equal to the amount of the credit so allowed4 7#d7 ,aggregation rules ,all employees who are treated as employed by a single employer under subsections 7b71 7c71 7m71 and 7o7 of section #dad of such ,code shall be treated as employed by a single employer for purposes of this section4 ,in the case of a plan maintained by more than one employer1 each such employer shall be treated separately for purposes of this section4 7#e7 ,third-party payors ,any credit allowed under this section shall be treated as a credit described in section #ceaa7;d77#b7 of such ,code4 7e7 ,credit refundable for tax-,exempt and cooperative employers ,in the case of an employer that is a tax exempt or cooperative organization1 the credit allowed under this section shall be treated as a credit allowed under subpart ,c of part ,,iv of subchapter ,a of chapter #a of such ,code4 ,section #eab7;c77#ab77;,a7 of such ,code shall be applied without taking into account any such credit as income4 7f7 ,application of section ,this section shall apply to the taxable year of any taxpayer that includes ,june #cj1 #bjbj1 and such taxpayer's first succeeding taxable year4