,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #hjhc  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,augu/ #ba1 #bjbj ,mr4
 ,s*neid] 7= himself & ,mr4 ,kelly (    
,p5nsylvania7 introduc$ ! foll[+ bill2  
:i* 0 ref]r$ to ! ,committee on ,ways & 
,means  ,a ,,bill  ,to e/abli% a        
tempor>y tax cr$it = ma9ta9+ retirem5t  
b5efits dur+ ! ,,covid-#ai p&emic4  #a4 
,%ort title ,?is ,act may be cit$ z !   
,pres]v+ ,employee ,retirem5t ,sav+s    
,act ( #bjbj4  #b4 ,tempor>y cr$it =    
ma9ta9+ retirem5t b5efits dur+ p&emic   
7a7 ,9 g5]al ,9 ! case ( an eligible    
employ]1 !re %all be all[$ z a cr$it    
aga9/ ! tax impos$ by *apt] #a ( !      
,int]nal ,rev5ue ,code ( #aihf an am\nt 
equal to #bj p]c5t ( ! qualifi$         
retirem5t contributions by ! employ] = !
 taxable ye>4  7b7 ,limitation ,! am\nt 
( cr$it all[$ to ! taxpay] "u subsection
 7a7 = any taxable ye> %all n exce$     
#ajj1jjj4  7c7 ,qualifi$ retirem5t      
contributions ,= purposes ( ?is         
section--  7#a7 ,9 g5]al ,! t]m qualifi$

 retirem5t contribution means1 ) respect
 to any taxable ye>1 any employ]        
contribution 7o!r ?an an elective       
def]ral 7z def9$ 9 section #djb7;g77#c7 
( su* ,code7 to an applicable retirem5t 
plan on behalf ( an employee o!r ?an a  
highly comp5sat$ employee 7z def9$ 9    
section #dad7q7 ( su* ,code774  7#b7    
,det]m9+ contribution to def9$ b5efit   
plan ,9 ! case ( a def9$ b5efit plan 7z 
def9$ 9 section #dad7;j7 ( su* ,code71 !
 am\nt treat$ z an employ] contribution 
"u p>agraph 7#a7 %all be ! am\nt        
describ$ ) respect to ! plan 9 section  
#dcj7;b77#a77;,a77i71 #dca7;b77#b77;,a71
 or #dcc7;b77#b77;,a7 ( su* ,code1 z !  
case may be1 or 9 ! case ( a ,,csec plan
 t uses a spread ga9 fund+ me?od 7z     
def9$ 9 section #dcc7;j77#e77;,d77 ( su*
 ,code71 ! am\nt describ$ 9             
#dcc7;j77#a77;,b7 ( su* ,code4  7#c7    
,coord9ation ) o!r assi/ance ,su* t]m   
%all n include any am\nt tak5 into      
acc\nt 9 det]m9+ any loan am\nt =giv5 "u
 section #aajf or #aaji7;d77#a77;,d7 ( !

 ,coronavirus ,aid1 ,relief1 & ,economic
 ,security ,act4  7#d7 ,applicable      
retirem5t plan  7,a7 ,9 g5]al ,=        
purposes ( ?is section1 ! t]m applicable
 retirem5t plan means any plan1 annuity 
contract1 p5sion1 or acc\nt describ$ 9  
clause 7i71 7ii71 7iv71 7v71 or 7vi7 (  
section #bai7;g77#e77;,a7 ( su* ,code   
7o!r ?an a gov]nm5tal plan 7)9 ! mean+ (
 section #dad7;d7774  7,b7 ,plans )     
contribution level r$uction n eligible  
,su* t]m %all n include any plan1       
annuity contract1 p5sion1 or acc\nt :i* 
= any plan ye> :i* includes ! taxable   
ye>-- 7i7 is am5d$ aft] ,decemb] #ca1   
#bjai1 to r$uce allocations or b5efit   
accruals2 or  7ii7 9 any case 9 :i* !   
employ] has discretion ov] allocations1 
has a rate ( contribution = any class ( 
employees t includes an employee :o is n
 a highly comp5sat$ employee :i* is less
 ?an ! great] (-- 7,i7 ! rate (         
contribution = su* class = ! la/ plan   
ye> end+ be=e ,janu>y #a1 #bjai2 or     
7,,ii7 ! rate ( contribution = su* class

 = ! la/ plan ye> end+ be=e ,janu>y #a1 
#bjbj4  ,= purposes ( ! prec$+ s5t5ce1 !
 rate ( contribution %all be express$ z 
a p]c5tage ( comp5sation 7z def9$ = !   
plan ye> = :i* su* rate is be+ det]m9$74
  7d7 ,o!r def9itions & special rules ,=
 purposes ( ?is section--  7#a7         
,eligible employ]  7,a7 ,9 g5]al ,! t]m 
eligible employ] means any employ]-- 7i7
 t has a tempor>y sub/antial bus9ess    
h>d%ip 7)9 ! mean+ ( section            
#dab7;c77#b7 ( su* ,code7 = ! taxable   
ye>2 &  7ii7 9 ! case ( employ] t is n a
 tax-exempt or coop]ative organization1 
! gross receipts 7)9 ! mean+ ( section  
#ddh7;c7 ( ! ,int]nal ,rev5ue ,code (   
#aihf7 ( :i* dur+ ! prec$+ taxable ye> 7
 n m ?an #da1ejj1jjj4  7,b7             
,pre-guidance det]m9ation ( h>d%ip ,9 ! 
case ( any det]m9ation ( ! cr$it "u     
subsection 7a7 prior to ! issuance (    
guidance by ! ,secret>y ( ! ,treasury z 
to :at con/itutes a tempor>y sub/antial 
bus9ess h>d%ip "u subp>agraph 7,a71 !   
taxpay] may rely on a reasonable good   

fai? det]m9ation ( :e!r su* a h>d%ip    
exi/s4  7#b7 ,tax-exempt or coop]ative  
organization ,! t]m tax exempt or       
coop]ative organization means-- 7,a7 any
 organization exempt f tax "u *apt] #a (
 ! ,int]nal ,rev5ue ,code ( #aihf2  7,b7
 any organization to :i* sub*apt] ,t (  
*apt] #a ( su* ,code applies2 or  7,c7  
any organization describ$ 9 section     
#acha7;a77#b77;,c7 ( su* ,code4  7#c7   
,recapture ,9 ! case ( an employ] all[$ 
a cr$it "u ?is section = a taxable ye> )
 respect to an applicable retirem5t     
plan1 if su* plan fails to meet !       
requirem5ts ( subsection 7c77#d77;,b7 = 
! foll[+ taxable ye>1 !n ! tax ( !      
taxpay] "u *apt] #a ( su* ,code = su*   
foll[+ taxable ye> %all be increas$ by  
an am\nt equal to ! am\nt ( ! cr$it s   
all[$4  7#d7 ,aggregation rules ,all    
employees :o are treat$ z employ$ by a  
s+le employ] "u subsections 7b71 7c71   
7m71 & 7o7 ( section #dad ( su* ,code   
%all be treat$ z employ$ by a s+le      
employ] = purposes ( ?is section4 ,9 !  

case ( a plan ma9ta9$ by m ?an "o       
employ]1 ea* su* employ] %all be treat$ 
sep>ately = purposes ( ?is section4     
7#e7 ,?ird-p>ty payors ,any cr$it all[$ 
"u ?is section %all be treat$ z a cr$it 
describ$ 9 section #ceaa7;d77#b7 ( su*  
,code4  7e7 ,cr$it refundable =         
tax-,exempt & coop]ative employ]s ,9 !  
case ( an employ] t is a tax exempt or  
coop]ative organization1 ! cr$it all[$  
"u ?is section %all be treat$ z a cr$it 
all[$ "u subp>t ,c ( "p ,,iv ( sub*apt] 
,a ( *apt] #a ( su* ,code4 ,section     
#eab7;c77#ab77;,a7 ( su* ,code %all be  
appli$ )\t tak+ into acc\nt any su*     
cr$it z income4  7f7 ,application (     
section ,?is section %all apply to !    
taxable ye> ( any taxpay] t includes    
,june #cj1 #bjbj1 & su* taxpay]'s fir/  
succe$+ taxable ye>4