,,ii #aafth ,,congress #b;d ,session ,s4 #cedi ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #bj1 #bjbj,mr4 ,wyden 7for himself and ,mr4 ,cardin7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,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 ,save ,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 #fdbg the following new section3 #fdbh4 ,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 #ge1jjj4 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 #a1jjj1jjj 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 #fdbh4 7#b7 ,paragraph 7#b7 of section #acbd7;b7 of title #ca1 ,united ,states ,code1 is amended by inserting 8#fdbh10 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 #fdbg the following3 ,sec4 #fdbh4 ,small ,business ,rebate4 4 #c4 ,modification of estimated tax payments for small businesses 7a7 ,timing and amount of required installments 7#a7 ,in general ,in the case of any taxable year beginning in #bjbj1 with respect to a qualified individual1 notwithstanding section #ffed7;c7 and section #ffed7;d77#a77;,a7 of the ,internal ,revenue ,code of #aihf-- 7,a7 there shall be #b required installments 7within the meaning of section #ffed of such ,code7 for the taxable year2 7,b7 the due date for the #ast installment is ,september #ae1 #bjbj2 7,c7 the due date for the #bnd installment is ,january #ae1 #bjba2 7,d7 the amount of each such required installment shall be #ej percent of the required annual payment 7as defined in section #ffed7;d77#a77;,b7 of such ,code1 after the application of subparagraph 7,e772 7,e7 in determining such required annual payment1 section #ffed7;d77#a77;,c7 of such ,code shall not apply and section #ffed7;d77#a77;,b77ii7 of such ,code shall be applied by substituting #ge percent for #ajj percent2 7,f7 if 7after the application of this paragraph7 section #ffed7;d77#b7 of such ,code applies to the qualified individual1 the table contained in subparagraph 7,c77ii7 thereof shall be applied by substituting #j for #bb4e and for #de1 and by substituting #de for #fg4e2 and 7,g7 section #ffed7;h7 of such ,code shall be applied by treating the #bnd required installment as the #dth required installment4 7#b7 ,qualified individual ,for purposes of this subsection1 the term qualified individual means any individual for a taxable year if-- 7,a7 the adjusted gross income shown on the return of tax of such individual for the preceding taxable year is less than #bej1jjj 7#ejj1jjj in the case of a joint return72 and 7,b7 such individual certifies1 in such form or manner as is required by the ,secretary of the ,treasury 7or the ,secretary's delegate71 that more than #ej percent of the gross income shown on the return of tax of such individual for such preceding taxable year was income from a qualified small business4 7#c7 ,income from qualified small business ,for purposes of this section1 the term income from a qualified small business means1 with respect to any taxable year1 income from a trade or business-- 7,a7 which is located in the ,united ,states2 and 7,b7 the average number of employees of which was less than #ejj full-time equivalent employees 7within the meaning of section #dihj;,h of the ,internal ,revenue ,code of #aihf7 for the calendar year ending with or within the preceding taxable year4 7b7 ,coordination with section #gejh;,a ,in the case of any postponement or extension by the ,secretary of the ,treasury 7or the ,secretary's delegate7 under section #gejh;,a of the ,internal ,revenue ,code of #aihf affecting the due date of the required installments under section #ffed of such ,code1 subsection 7a7 shall apply only if the due date for the #ast installment under paragraph 7#a77;,b7 thereof is later than the due date prescribed for the #ast installment under such postponement or extension4 #d4 ,employee retention credit for employers of employees affected by ,,covid-#ai 7a7 ,in general ,in the case of an eligible employer1 there shall be allowed as a credit against the tax imposed by section #caaa7;a7 of the ,internal ,revenue ,code of #aihf or section #cbba7;a7 of such ,code for each calendar quarter an amount equal to #ej percent of the qualified wages with respect to each eligible employee of such employer for such taxable year4 ,the amount of qualified wages with respect to any eligible employee which may be taken into account under this subsection by the eligible employer for all calendar quarters during any designated period shall not exceed #g1ejj4 7b7 ,eligible employer 7#a7 ,in general ,the term eligible employer means any employer which-- 7,a7 which has less than #ejj full-time employees on the first day of the designated period with respect to the employer2 and 7,b7 which-- 7i7 conducted an active trade or business in a qualified coronavirus disaster zone and meets the requirements of paragraph 7#b77;,a72 or 7ii7 meets the requirement of paragraph 7#b77;,b74 7#b7 ,requirements 7,a7 ,in general ,an employer meets the requirements of this subparagraph if-- 7i7 the employer is required to close as a result of a directive by a ,federal1 ,state1 or local authority2 or 7ii7 the employer is required to close due to lack of available employees due to qualifying needs related to a public health emergency 7as defined in section #aaj of the ,family and ,medical ,leave ,act of #aiic1 as added by section #cajb of the ,emergency ,family and ,medical ,leave ,expansion ,act74 7,b7 ,alternative requirements ,an employer meets the requirements of this subparagraph if the employer's gross receipts for any #cj-;day period during the calendar year are more than #be percent less than such gross receipts for the corresponding #cj-;day period for the preceding calendar year4 7c7 ,other definitions ,for purposes of this section-- 7#a7 ,eligible employee ,the term eligible employee means any employee whose principle place of employment was with an eligible employer4 7#b7 ,qualified wages ,the term qualified wages means wages 7as defined in section #caba7;a7 of the ,internal ,revenue ,code of #aihf7 and compensation 7as defined in section #cbca7;e7 of the ,internal ,revenue ,code7 paid by an employer1 except that such term shall not include any wages taken into account under section #gjja or section #gjjc of the ,families ,first ,coronavirus ,response ,act4 7#c7 ,designated period ,the term designated period means1 with respect to any eligible employer1 the period-- 7,a7 beginning on the date the employer first meets the requirements of subparagraph 7,a7 or 7,b7 of subsection 7b77#b72 and 7,b7 ending on the earlier of-- 7i7 7,i7 in the case of an employer who is an eligible employer by reason of meeting the requirements of subsection 7b77#b77;,a77i71 the date the directive requiring the closure is no longer in effect2 7,,ii7 in the case of an employer who is an eligible employer by reason of meeting the requirements of subsection 7b77#b77;,a77ii71 the date the public health emergency lapses2 and 7,,iii7 in the case of an employer who is an eligible employer by reason of meeting the requirements of subsection 7b77#b77;,b71 the date on which the employer's gross receipts for any #cj-;day period beginning after the date described in subparagraph 7,a7 are more than #ij percent of such gross receipts for the corresponding #cj-;day period in the preceding calendar year2 or 7ii7 the date which is #abj days after the date described in subparagraph 7,a74 7#d7 ,qualified coronavirus disaster zone ,the term qualified coronavirus disaster zone means any ,state or geographic area for which an emergency with respect to ,,covid-#ai has been declared by a ,federal1 ,state1 or local authority4 7d7 ,other rules 7#a7 ,refundability of excess credit 7,a7 ,in general ,if the amount of the credit under subsection 7a7 exceeds the tax imposed by section #caaa7;a7 of the ,internal ,revenue ,code of #aihf or section #cbba7;a7 of such ,code for any calendar quarter1 such excess shall be treated as an overpayment that shall be refunded under sections #fdjb7;a7 and #fdac7;b7 of such ,code4 7,b7 ,treatment of payments ,for purposes of section #acbd of title #ca1 ,united ,states ,code1 any amounts due to an employer under this subsection shall be treated in the same manner as a refund due from a credit provision referred to in subsection 7b77#b7 of such section4 7#b7 ,treatment of deposits ,the ,secretary of the ,treasury 7or the ,secretary's delegate7 shall waive any penalty under section #ffef of the ,internal ,revenue ,code of #aihf for any failure to make a deposit of the tax imposed by section #caaa7;a7 of such ,code or section #cbba7;a7 of such ,code if the ,secretary determines that such failure was due to the anticipation of the credit allowed under this section4 7#c7 ,application of other rules ,for purposes of this section1 rules similar to the rules of sections #ea7;i77#a71 #eb1 and #bhj;,c7a71 of the ,internal ,revenue ,code of #aihf1 shall apply4 7#d7 ,employee not taken into account more than once ,an employee shall not be treated as an eligible employee for purposes of this section for any period with respect to any employer if such employer is allowed a credit under section #ea of the ,internal ,revenue ,code of #aihf with respect to such employee for such period4 7e7 ,trust funds held harmless ,there are hereby appropriated 7out of any money in the ,treasury not otherwise appropriated7 for each fiscal year to the ,federal ,old-,age and ,survivors ,insurance ,trust ,fund and the ,federal ,disability ,insurance ,trust ,fund established under section #bja of the ,social ,security ,act 7#db ,u4,s4,c4 #dja7 and the ,social ,security ,equivalent ,benefit ,account established under section #ae;,a7a7 of the ,railroad ,retirement ,act of #aigd 7#de ,u4,s4,c4 #bcan-#a7;a77 an amount equal to the reduction in the transfers to such fund for such fiscal year by reason of this section4 ,amounts appropriated by the preceding sentence shall be transferred from the general fund at such times and in such manner as to replicate to the extent possible the transfers which would have occurred to such ,trust ,fund had such amendments not been enacted4