,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #cebf  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #ah1 #bjbj,mr4    
,re$ introduc$ ! foll[+ bill2 :i* 0 read
 twice & ref]r$ to ! ,committee on      
,f9ance  ,a ,,bill  ,to re/rict !       
au?ority ( ! ,secret>y ( ! ,treasury to 
pur*ase or gu>antee assets 9 response to
 ! coronavirus disease 7,,covid-#ai7    
outbreak4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,protect+ ,taxpay]'s       
,return on ,inve/m5t ,act ( #bjbj4  #b4 
,au?ority = w>rants & debt in/rum5ts    
7a7 ,def9itions ,9 ?is section3 7#a7    
,asset ,! t]m asset means any f9ancial  
in/rum5t t ! ,secret>y1 aft]            
consultation ) ! ,*airman ( ! ,bo>d (   
,gov]nors ( ! ,f$]al ,res]ve ,sy/em1    
det]m9es ! pur*ase ( :i* or ! gu>antee (
 :i* is necess>y to promote economic    
/ability4  7#b7 ,company ,! t]m company 
means any entity t is n subject to !    
prohibitions 9 subsection 7e74  7#c7    
,secret>y ,! t]m ,secret>y means !      
,secret>y ( ! ,treasury4  7b7 ,w>rant or

 s5ior debt in/rum5t ,! ,secret>y may n 
pur*ase1 or make any commitm5t to       
pur*ase1 or gu>antee1 or make any       
commitm5t to gu>antee1 any asset 9      
response to ! coronavirus disease       
7,,covid-#ai7 outbreak1 unless !        
,secret>y receives f ! company f :i* su*
 assets are to be pur*as$ or are to be  
gu>ante$-- 7#a7 9 ! case ( a company1 ! 
securities ( :i* are trad$ on a national
 securities ex*ange1 a w>rant giv+ ! "r 
to ! ,secret>y to receive nonvot+ common
 /ock or pref]r$ /ock 9 su* company1 or 
vot+ /ock ) respect to :i*1 ! ,secret>y 
agrees n to ex]cise vot+ p[]1 z !       
,secret>y det]m9es appropriate2 or  7#b7
 9 ! case ( any company o!r ?an "o      
describ$ 9 p>agraph 7#a71 a w>rant =    
common or pref]r$ /ock1 or a s5ior debt 
in/rum5t f su* company1 z describ$ 9    
subsection 7c77#c74  7c7 ,t]ms &        
conditions ,! t]ms & conditions ( any   
w>rant or s5ior debt in/rum5t requir$ "u
 subsection 7b7 %all meet ! foll[+      
requirem5ts3 7#a7 ,purposes ,su* t]ms & 

conditions %all1 at a m9imum1 be        
design$-- 7,a7 to provide = reasonable  
p>ticipation by ! ,secret>y1 = ! b5efit 
( taxpay]s1 9 equity appreciation 9 !   
case ( a w>rant or o!r equity security1 
or a reasonable int]e/ rate premium1 9 !
 case ( a debt in/rum5t2 &  7,b7 to     
provide additional protection = !       
taxpay] aga9/ losses f sale ( assets by 
! ,secret>y & any associat$ adm9i/rative
 exp5ses4  7#b7 ,au?ority to sell1      
ex]cise1 or surr5d]  7,a7 ,9 g5]al ,= ! 
prim>y b5efit ( taxpay]s1 ! ,secret>y   
may sell1 ex]cise1 or surr5d] a w>rant  
or any s5ior debt in/rum5t receiv$ "u   
?is section1 bas$ on ! conditions       
e/abli%$ "u p>agraph 7#a74  7,b7        
,proce$s ,( any proce$s receiv$ ?r\gh ! 
sale1 ex]cise1 or surr5d] ( any w>rant  
or any s5ior debt in/rum5t-- 7i7 #fe    
p]c5t %all be transf]r$ or cr$it$ to !  
,h\s+ ,tru/ ,fund e/abli%$ "u section   
#acch ( ! ,f$]al ,h\s+ ,ent]prises      
,f9ancial ,safety & ,s\ndness ,act (    
#aiib 7#ab ,u4,s4,c4 #defh72 &  7ii7 #ce

 p]c5t %all be transf]r$ or cr$it$ to ! 
,capital ,magnet ,fund "u section #acci 
( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial  
,safety & ,s\ndness ,act ( #aiib 7#ab   
,u4,s4,c4 #defi74  7#c7 ,conv]sion ,!   
w>rant %all provide t if1 aft] ! w>rant 
is receiv$ by ! ,secret>y "u ?is        
section1 ! company t issu$ ! w>rant is  
no long] li/$ or trad$ on a national    
securities ex*ange or securities        
association1 z describ$ 9 subsection    
7b77#a71 su* w>rants %all conv]t to     
s5ior debt1 or conta9 appropriate       
protections = ! ,secret>y to ensure t ! 
,treasury is appropriately comp5sat$ = !
 value ( ! w>rant1 9 an am\nt det]m9$ by
 ! ,secret>y = ! prim>y b5efit (        
taxpay]s4  7#d7 ,protections ,any w>rant
 repres5t+ securities to be receiv$ by !
 ,secret>y "u ?is section %all conta9   
anti-dilution provisions ( ! type       
employ$ 9 capital m>ket transactions1 z 
det]m9$ by ! ,secret>y = ! prim>y b5efit
 ( taxpay]s4 ,su* provisions %all       
protect ! value ( ! securities f m>ket  

transactions su* z /ock splits1 /ock    
di/ributions1 divid5ds1 & o!r           
di/ributions1 m]g]s1 & o!r =ms (        
reorganization or recapitalization4     
7#e7 ,ex]cise price ,! ex]cise price =  
any w>rant issu$ pursuant to ?is section
 %all be set by ! ,secret>y1 = ! prim>y 
b5efit ( taxpay]s4  7#f7 ,suffici5cy ,! 
company %all gu>antee to ! ,secret>y t x
 has au?oriz$ %>es ( nonvot+ /ock       
available to fulfill its obligations "u 
?is section4 ,%\ld ! company n h        
suffici5t au?oriz$ %>es1 includ+ pref]r$
 %>es t may c>ry divid5d rights equal to
 a multiple numb] ( common %>es1 !      
,secret>y may1 to ! ext5t necess>y = !  
prim>y b5efit ( taxpay]s1 accept a s5ior
 debt note 9 an am\nt1 & on su* t]ms z w
 comp5sate ! ,secret>y ) equival5t      
value1 9 ! ev5t t a suffici5t %>ehold]  
vote to au?orize ! necess>y additional  
%>es _c be obta9$4  7d7 ,exceptions ,!  
,secret>y may e/abli% an exception to ! 
requirem5ts ( ?is section & appropriate 
alt]native requirem5ts = any p>ticipat+ 

company t is legally prohibit$ f issu+  
securities & debt in/rum5ts1 s z n to   
all[ circumv5tion ( ! requirem5ts ( ?is 
section4  7e7 ,prohibitions ( =eign     
companies  7#a7 ,9 g5]al ,! ,secret>y   
may n pur*ase1 or make any commitm5t to 
pur*ase1 or gu>antee1 or make any       
commitm5t to gu>antee1 any asset 9      
response to ! coronavirus disease       
7,,covid-#ai7 outbreak f-- 7,a7 any     
=eign incorporat$ entity t ! ,secret>y  
has det]m9$ is an inv]t$ dome/ic        
corporation or any subsidi>y ( su*      
entity2 or  7,b7 any jo9t v5ture if m   
?an #aj p]c5t ( ! jo9t v5ture 7by vote  
or value7 is held by a =eign incorporat$
 entity t ! ,secret>y has det]m9$ is an 
inv]t$ dome/ic corporation or any       
subsidi>y ( su* entity4  7#b7 ,inv]t$   
dome/ic corporation  7,a7 ,9 g5]al ,=   
purposes ( ?is subsection1 a =eign      
incorporat$ entity %all be treat$ z an  
inv]t$ dome/ic corporation if1 pursuant 
to a plan 7or a s]ies ( relat$          
transactions7-- 7i7 ! entity completes  

on or aft] ,may #h1 #bjad1 ! direct or  
indirect acquisition (-- 7,i7           
sub/antially all ( ! prop]ties held     
directly or indirectly by a dome/ic     
corporation2 or  7,,ii7 sub/antially all
 ( ! assets (1 or sub/antially all ( !  
prop]ties con/itut+ a trade or bus9ess  
(1 a dome/ic p>tn]%ip2 &  7ii7 aft] !   
acquisition1 ei!r-- 7,i7 m ?an #ej p]c5t
 ( ! /ock 7by vote or value7 ( ! entity 
is held-- 7aa7 9 ! case ( an acquisition
 ) respect to a dome/ic corporation1 by 
=m] %>ehold]s ( ! dome/ic corporation by
 reason ( hold+ /ock 9 ! dome/ic        
corporation2 or  7bb7 9 ! case ( an     
acquisition ) respect to a dome/ic      
p>tn]%ip1 by =m] p>tn]s ( ! dome/ic     
p>tn]%ip by reason ( hold+ a capital or 
pr(its int]e/ 9 ! dome/ic p>tn]%ip2 or  
7,,ii7 ! managem5t & control ( ! exp&$  
affiliat$ gr\p :i* includes ! entity    
occurs1 directly or indirectly1 prim>ily
 )9 ! ,unit$ ,/ates1 z det]m9$ pursuant 
to regulations prescrib$ by ! ,secret>y1
 & su* exp&$ affiliat$ gr\p has         

significant dome/ic bus9ess activities4 
7,b7 ,exception = corporations )        
sub/antial bus9ess activities 9 =eign   
c\ntry ( organization  7i7 ,9 g5]al ,a  
=eign incorporat$ entity describ$ 9     
subp>agraph 7,a7 %all n be treat$ z an  
inv]t$ dome/ic corporation if aft] !    
acquisition ! exp&$ affiliat$ gr\p :i*  
includes ! entity has sub/antial bus9ess
 activities 9 ! =eign c\ntry 9 :i* or "u
 ! law ( :i* ! entity is creat$ or      
organiz$ :5 comp>$ to ! total bus9ess   
activities ( su* exp&$ affiliat$ gr\p4  
7ii7 ,sub/antial bus9ess activities ,!  
,secret>y %all e/abli% regulations =    
det]m9+ :e!r an affiliat$ gr\p has      
sub/antial bus9ess activities = purposes
 ( clause 7i71 except t su* regulations 
may n treat any gr\p z hav+ sub/antial  
bus9ess activities if su* gr\p w\ld n be
 consid]$ to h sub/antial bus9ess       
activities "u ! regulations prescrib$ "u
 section #ghgd ( ! ,int]nal ,rev5ue     
,code ( #aihf1 z 9 effect on ,janu>y    
#ah1 #bjag4  7,c7 ,significant dome/ic  

bus9ess activities  7i7 ,9 g5]al ,=     
purposes ( subp>agraph 7,a77ii77,,ii71  
an exp&$ affiliat$ gr\p has significant 
dome/ic bus9ess activities if at lea/   
#be p]c5t (-- 7,i7 ! employees ( ! gr\p 
are bas$ 9 ! ,unit$ ,/ates2  7,,ii7 !   
employee comp5sation incurr$ by ! gr\p  
is incurr$ ) respect to employees bas$ 9
 ! ,unit$ ,/ates2  7,,iii7 ! assets ( ! 
gr\p are locat$ 9 ! ,unit$ ,/ates2 or   
7,,iv7 ! income ( ! gr\p is d]iv$ 9 !   
,unit$ ,/ates4  7ii7 ,det]m9ation       
,det]m9ations pursuant to clause 7i7    
%all be made 9 ! same mann] z su*       
det]m9ations are made = purposes (      
det]m9+ sub/antial bus9ess activities "u
 regulations ref]r$ to 9 subp>agraph    
7,b7 z 9 effect on ,janu>y #ah1 #bjag1 b
 appli$ by treat+ all ref]5ces 9 su*    
regulations to =eign c\ntry & relevant  
=eign c\ntry z ref]5ces to ! ,unit$     
,/ates4 ,! ,secret>y may issue          
regulations decreas+ ! ?re%old p]c5t 9  
any ( ! te/s "u su* regulations =       
det]m9+ if bus9ess activities con/itute 

significant dome/ic bus9ess activities =
 purposes ( ?is subp>agraph4  7#c7      
,waiv]  7,a7 ,9 g5]al ,! ,secret>y may  
waive p>agraph 7#a7 if ! ,secret>y      
det]m9es t ! waiv] is-- 7i7 requir$ 9 ! 
int]e/ ( national security2 or  7ii7    
necess>y = ! effici5t or effective      
adm9i/ration ( ,f$]al or f$]ally fund$--
 7,i7 programs t provide heal? b5efits  
to individuals2 or  7,,ii7 public heal? 
programs4  7,b7 ,report to ,congress ,! 
,secret>y %all1 n lat] ?an #ad days aft]
 issu+ su* waiv]1 submit a writt5       
notification ( ! waiv] to ! relevant    
au?oriz+ committees ( ,congress & !     
,committees on ,appropriations ( !      
,s5ate & ! ,h\se ( ,repres5tatives4     
7#d7 ,def9itions & special rules  7,a7  
,def9itions ,9 ?is subsection1 ! t]ms   
exp&$ affiliat$ gr\p1 =eign incorporat$ 
entity1 dome/ic1 & =eign h ! mean+ giv5 
^? t]ms 9 section #hce7;c7 ( ! ,homel&  
,security ,act ( #bjjb 7#f ,u4,s4,c4    
#cie7;c774  7,b7 ,special rules ,9      
apply+ p>agraph 7#b7 ( ?is subsection = 

purposes ( p>agraph 7#a7 ( ?is          
subsection1 ! rules describ$ "u         
#hce7;c77#a7 ( ! ,homel& ,security ,act 
( #bjjb 7#f ,u4,s4,c4 #cie7;c77#a77 %all
 apply4  7#e7 ,regulations reg>d+       
managem5t & control  7,a7 ,9 g5]al ,!   
,secret>y %all1 = purposes ( ?is        
subsection1 prescribe regulations =     
purposes ( det]m9+ cases 9 :i* !        
managem5t & control ( an exp&$ affiliat$
 gr\p is to be treat$ z occurr+1        
directly or indirectly1 prim>ily )9 !   
,unit$ ,/ates4 ,! regulations prescrib$ 
"u ! prec$+ s5t5ce %all apply to p]iods 
aft] ,may #h1 #bjad4  7,b7 ,executive   
(fic]s & s5ior managem5t ,! regulations 
prescrib$ "u subp>agraph 7,a7 %all      
provide t ! managem5t & control ( an    
exp&$ affiliat$ gr\p %all be treat$ z   
occurr+1 directly or indirectly1        
prim>ily )9 ! ,unit$ ,/ates if          
sub/antially all ( ! executive (fic]s & 
s5ior managem5t ( ! exp&$ affiliat$ gr\p
 :o ex]cise day-to-day responsibility = 
mak+ decisions involv+ /rategic1        

f9ancial1 & op]ational policies ( !     
exp&$ affiliat$ gr\p are bas$ or        
prim>ily locat$ )9 ! ,unit$ ,/ates4     
,individuals :o 9 fact ex]cise su*      
day-to-day responsibilities %all be     
treat$ z executive (fic]s & s5ior       
managem5t reg>dless ( _! title4  #c4    
,special rules = tax treatm5t (         
executive comp5sation = employ]s        
p>ticipat+ 9 c]ta9 coronavirus relief   
programs  7a7 ,9 g5]al ,section #afb7m7 
( ! ,int]nal ,rev5ue ,code ( #aihf is   
am5d$ by add+ at ! end ! foll[+ new     
p>agraph3  7#g7 ,special rule =         
application to employ]s p>ticipat+ 9    
c]ta9 coronavirus relief programs  7,a7 
,9 g5]al ,9 ! case ( an applicable      
employ]1 no d$uction %all be all[$ "u   
?is *apt]-- 7i7 9 ! case ( applicable   
remun]ation = any applicable taxable ye>
 :i* is attributable to s]vices p]=m$ by
 a cov]$ individual dur+ su* applicable 
taxable ye>1 to ! ext5t t ! am\nt ( su* 
remun]ation exce$s #ejj1jjj1 or  7ii7 9 
! case ( def]r$ d$uction remun]ation =  

any taxable ye> = s]vices p]=m$ dur+ any
 applicable taxable ye> by a cov]$      
individual1 to ! ext5t t ! am\nt ( su*  
remun]ation exce$s #ejj1jjj r$uc$ 7b n  
bel[ z]o7 by ! sum (-- 7,i7 ! applicable
 remun]ation = su* applicable taxable   
ye>1 plus  7,,ii7 ! portion ( ! def]r$  
d$uction remun]ation = su* s]vices :i* 0
 tak5 into acc\nt "u ?is clause 9 a     
prec$+ taxable ye>4  7,b7 ,applicable   
employ] ,= purposes ( ?is p>agraph-- 7i7
 ,9 g5]al ,! t]m applicable employ]     
means any employ] f :om "o or m assets  
are pur*as$ or gu>ante$ 9 accordance )  
section #b ( ! ,protect+ ,taxpay]'s     
,return on ,inve/m5t ,act ( #bjbj4  7ii7
 ,aggregation rules ,two or m p]sons :o 
are treat$ z a s+le employ] "u          
subsection 7b7 or 7c7 ( section #dad    
%all be treat$ z a s+le employ]1 except 
t 9 apply+ section #aefc7;a7 = purposes 
( ei!r su* subsection1 p>agraphs 7#b7 & 
7#c7 !re( %all be disreg>d$4  7,c7      
,applicable taxable ye> ,= purposes (   
?is p>agraph1 ! t]m applicable taxable  

ye> means1 ) respect to any employ]--   
7i7 ! fir/ taxable ye> ( ! employ] 9 :i*
 ! ,secret>y has pur*as$ or gu>ante$ an 
asset ( ! employ] 9 accordance ) section
 #b ( ! ,protect+ ,taxpay]'s ,return on 
,inve/m5t ,act ( #bjbj1 &  7ii7 any     
subsequ5t taxable ye> end+ be=e ! date  
on :i* ! ,secret>y sells ! assets       
associat$ ) ! employ] or no long]       
gu>antees ! assets associat$ ) !        
employ]1 z ! case may be4  7,d7 ,cov]$  
individual ,= purposes ( ?is p>agraph1 !
 t]m cov]$ individual means any         
individual :o has p]=m$ s]vices         
7directly or indirectly7 = ! applicable 
employ] 7or any pr$ecessor74  7,e7      
,applicable remun]ation ,= purposes (   
?is p>agraph1 ! t]m applicable          
remun]ation means ! applicable employee 
remun]ation ( ! cov]$ individual1 z     
det]m9$ "u p>agraph 7#d7 )\t reg>d to   
subp>agraph 7,b7 !re(4 ,su* t]m %all n  
include any def]r$ d$uction remun]ation 
) respect to s]vices p]=m$ 9 a prior    
applicable taxable ye>4  7,f7 ,def]r$   

d$uction remun]ation ,= purposes ( ?is  
p>agraph1 ! t]m def]r$ d$uction         
remun]ation means remun]ation :i* w\ld  
be applicable remun]ation = s]vices     
p]=m$ 9 an applicable taxable ye> b = ! 
fact t ! d$uction "u ?is *apt] 7det]m9$ 
)\t reg>d to ?is p>agraph7 = su*        
remun]ation is all[able 9 a subsequ5t   
taxable ye>4  7,g7 ,coord9ation ,rules  
simil> to ! rules ( subp>agraphs 7,d71  
7,e71 & 7,f7 ( p>agraph 7#d7 %all apply 
= purposes ( ?is p>agraph4  7,h7        
,regulatory au?ority ,! ,secret>y may   
prescribe su* guidance1 rules1 or       
regulations z are necess>y to c>ry out !
 purposes ( ?is p>agraph1 includ+ !     
ext5t to :i* ?is p>agraph applies 9 !   
case ( any acquisition1 m]g]1 or        
reorganization ( an applicable employ]4 
4  7b7 ,effective date ,! am5dm5t made  
by ?is section %all apply to taxable    
ye>s beg9n+ aft] ,decemb] #ca1 #bjai4