,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #cgic  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #ba1 #bjbj ,mr4   
,w>n] 7= himself1 ,mr4 ,s&]s1 ,mr4      
,jones1 ,mr4 ,blum5?al1 ,ms4 ,klobu*>1  
,ms4 ,w>r51 ,mrs4 ,fe9/e91 ,mr4 ,re$1 & 
,mr4 ,m]kley7 introduc$ ! foll[+ bill2  
:i* 0 read twice & ref]r$ to !          
,committee on ,f9ance  ,a ,,bill  ,to   
am5d ! ,,c>es ,act to modify ! employee 
ret5tion tax cr$it to secure ! pay*ecks 
& b5efits ( work]s1 to provide a        
refundable cr$it aga9/ payroll taxes = !
 op]at+ co/s ( employ]s1 to am5d !      
,int]nal ,rev5ue ,code ( #aihf to       
provide a small bus9ess rebate1 & = o!r 
purposes4  #a4 ,%ort title1 etc  7a7    
,%ort title ,?is ,act may be cit$ z !   
,pay*eck ,security ,act4  7b7 ,table (  
cont5ts ,! table ( cont5ts ( ?is ,act is
 z foll[s3  ,sec4 #a4 ,%ort title1 etc4 
,title ,i--,employ] ,cr$its ,sec4 #aja4 
,pay*eck security cr$it4 ,sec4 #ajb4    
,cr$it = employ] op]at+ exp5ses4 ,sec4  
#ajc4 ,advance paym5ts ( cr$its4 ,sec4  

#ajd4 ,adm9i/ration4 ,sec4 #aje4 ,public
 disclosure4 ,sec4 #ajf4 ,employee      
notification4 ,title ,,ii--,small       
,bus9ess ,rebate ,sec4 #bja4 ,small     
bus9ess rebate4 ,title ,,iii--,o!r      
,provisions ,sec4 #cja4 ,additional     
appropriations = ,dep>tm5t ( ,treasury4 
,sec4 #cjb4 ,,gao report4  ,i ,employ]  
,cr$its  #aja4 ,pay*eck security cr$it  
7a7 ,am\nt ( cr$it ,section #bcja7;a7 ( 
! ,,c>es ,act is am5d$-- 7#a7 by /rik+  
,9 ! case ( & ins]t+ ! foll[+3  7#a7    
,all[ance ( cr$it ,9 ! case (  1  7#b7  
by /rik+ an am\nt equal to #ej p]c5t &  
ins]t+  an am\nt equal to ! sum (-- 7,a7
 #ajj p]c5t  1  7#c7 by /rik+ ! p]iod at
 ! end & ins]t+ 1 plus  7,b7 9 ! case ( 
an eligible employ] = :i* ! av]age numb]
 ( full-"t employees 7)9 ! mean+ (      
section #dihj;,h ( ! ,int]nal ,rev5ue   
,code ( #aihf7 employ$ by su* eligible  
employ] dur+ #bjai 0 n great] ?an #ajj1 
#ej p]c5t ( all o!r wages ) respect to  
ea* employee ( su* employ] = ! cal5d>   
qu>t]4  1 &  7#d7 by add+ at ! end !    

foll[+ new p>agraph3  7#b7 ,phase\t ,9 !
 case ( an eligible employ] = :i* !     
gross receipts = ! cal5d> qu>t] exce$   
#hj p]c5t ( gross receipts = ! same     
cal5d> qu>t] 9 ! prior ye>1 ! am\nt (   
cr$it all[$ "u p>agraph 7#a7 7det]m9$   
)\t reg>d to ?is p>agraph7 %all be r$uc$
 7b n bel[ z]o7 by an am\nt t be>s !    
same ratio to su* am\nt ( cr$it z-- 7,a7
 ! excess (--  7i7 #he p]c5t1 ov]  7ii7 
! p]c5tage by :i* ! taxpay]'s gross     
receipts = ! cal5d> qu>t] exce$ !       
taxpay]'s gross receipts = ! same cal5d>
 qu>t] 9 ! prior ye>1 be>s to  7,b7 #e  
p]c5t4  4  7b7 ,modification (          
limitation ,section #bcja7;b77#a7 ( !   
,,c>es ,act is am5d$ by /rik+ = all     
cal5d> qu>t]s %all n exce$ #aj1jjj &    
ins]t+  %all n exce$-- 7,a7 #bb1ejj =   
any cal5d> qu>t]1 or  7,b7 #ij1jjj = all
 cal5d> qu>t]s4  4  7c7 ,def9ition (    
eligible employ] ,section #bcja7;c77#b7 
( ! ,,c>es ,act is am5d$ to read z      
foll[s3  7#b7 ,eligible employ]  7,a7 ,9
 g5]al ,! t]m eligible employ] means any

 employ]-- 7i7 :i* 0 c>ry+ on a trade or
 bus9ess dur+ cal5d> ye> #bjbj1  7ii7   
:i* meets ! requirem5ts ( subp>agraph   
7,b71  7iii7 ) respect to any cal5d>    
qu>t]1 = :i* ! gross receipts 7)9 !     
mean+ ( section #ddh7;c7 ( ! ,int]nal   
,rev5ue ,code ( #aihf7 = ! cal5d> qu>t] 
are less ?an #he p]c5t ( gross receipts 
= ! same cal5d> qu>t] 9 ! prior ye>4    
7,b7 ,requirem5ts ,an employ] meets !   
requirem5ts ( ?is subp>agraph if su*    
employ]-- 7i7 did n h gross receipts = !
 la/ taxable ye> end+ 9 #bjai ( m ?an   
#a1jjj1jjj1jjj1 &  7ii7 did n h on h& on
 ,m>* #a1 #bjbj1 ca% & ca% equival5ts ( 
m ?an an am\nt equal to #aej p]c5t ( !  
wages paid by ! employ] dur+ cal5d> ye> 
#bjai4  7,c7 ,tax-exempt organizations  
,9 ! case ( an organization :i* is      
describ$ 9 section #eja7;c7 ( ! ,int]nal
 ,rev5ue ,code ( #aihf & exempt f tax "u
 section #eja7;a7 ( su* ,code--  7i7    
subp>agraph 7,a77i7 %all apply to all   
op]ations ( su* organization1 &  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  7,d7 ,exceptions ,! 
t]m eligible employ] %all n include--   
7i7 any employ] t is a debtor 9 a case  
"u *apt] #g ( title #aa1 ,unit$ ,/ates  
,code1 dur+ ! cal5d> qu>t]1 or  7ii7 any
 cov]$ entity 7z def9$ 9 section #djai74
  4  7d7 ,det]m9ation ( qualifi$ wages  
7#a7 ,9 g5]al ,section #bcja7;c77#c7 ( !
 ,,c>es ,act is am5d$ to read z foll[s3 
7#c7 ,qualifi$ wages  7,a7 ,9 g5]al ,!  
t]m qualifi$ wages means wages paid )   
respect to any p]iod dur+ ! cal5d> qu>t]
 9 :i* an employee is n provid+ s]vices4
 ,su* t]m %all n include any wages tak5 
into acc\nt "u section #gjja or section 
#gjjc ( ! ,families ,fir/ ,coronavirus  
,response ,act4  7,b7 ,limitation       
,qualifi$ wages paid or incurr$ by an   
eligible employ] ) respect to an        
employee = any p]iod describ$ 9         
subp>agraph 7,a7 may n exce$ ! great]   
(--  7i7 #fjj p] week1 or  7ii7 ! am\nt 
su* employee w\ld h be5 paid 7includ+   

tips :i* w\ld h be5 deem$ to be paid by 
! employ] "u section #caba7q77 = work+  
an equival5t duration dur+ ! #cj days   
imm$iately prec$+ su* p]iod4  4  7#b7   
,heal? plan exp5ses ,section            
#bcja7;c77#e7 ( su* ,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  7e7 ,c]ta9 gov]nm5tal employees      
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 ( subsection 7c77#b77;,a7   
%all apply to all op]ations ( su*       
entity1 &  7,b7 clauses 7ii7 & 7iii7 (  

subsection 7c77#b77;,a7 %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 
7f7 ,coord9ation ) pay*eck protection   
program  7#a7 ,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  7#b7
 ,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+ am5dm5t ,section #bcja ( ! 
,,c>es ,act is am5d$ by /rik+ subsection
 7j74  7g7 ,d5ial ( d\ble b5efit        
,section #bcja7;h7 ( ! ,,c>es ,act is   
am5d$--  7#a7 by /rik+ p>agraphs 7#a7 & 
7#b7 & ins]t+ ! foll[+3  7#a7 ,d5ial (  
d\ble b5efit ,any wages tak5 into acc\nt
 9 det]m9+ ! cr$it all[$ "u ?is section 
%all n be tak5 into acc\nt z wages =    
purposes ( sections #de;,a1 #de;,b1     
#de,p1 #de,s1 #ea1 & #acif ( ! ,int]nal 
,rev5ue ,code ( #aihf4  1 &  7#b7 by    
r$esignat+ p>agraph 7#c7 z p>agraph     
7#b74  7h7 ,recapture & advancem5t (    
cr$it ,section #bcja ( ! ,,c>es ,act is 
am5d$ by r$esignat+ subsections 7l7 &   
7m7 z subsections 7o7 & 7p71            
respectively1 & by ins]t+ aft]          
subsection 7k7 ! foll[+3  7l7 ,recapture
  7#a7 ,9 g5]al ,9 any case 9 :i* an    
eligible employ] :i* has be5 all[$ a    
cr$it "u ?is section = any cal5d> qu>t] 
takes any action describ$ 9 p>agraph    
7#b7 dur+ ! #a-ye> p]iod beg9n+ on ! day

 aft] ! end ( su* cal5d> qu>t]1 ! tax   
impos$ by *apt] #ba or #bb ( ! ,int]nal 
,rev5ue ,code ( #aihf 7:i*ev] is        
applicable7 = ! cal5d> qu>t] 9 :i* su*  
action occurs %all be increas$ by !     
am\nt ( ! cr$it s all[$4  7#b7 ,actions 
describ$ ,! foll[+ actions are describ$ 
9 ?is p>agraph3  7,a7 ,returns ( capital
 ,! eligible employ] pur*ases its own   
/ock or o!rwise di/ributes capital      
7includ+ ?r\gh a divid5d74  7,b7 ,labor 
negotiations ,! eligible employ]--  7i7 
abrogates a collective b>ga9+ agreem5t1 
or  7ii7 does n rema9 neutral 9 any     
union organiz+ ef=t4  7,c7 ,payroll ,!  
eligible employ] pays any (fic] or      
employee a sal>y 9 an am\nt t is great] 
?an #ej times ! m$ian sal>y ( employees 
dur+ ! p]iod la/+ "o ye> aft] ! end ( ! 
cal5d> qu>t] 9 :i* cr$it is claim$4     
7#c7 ,limitation ,! am\nt ( tax impos$  
"u p>agraph 7#a7 ) respect to any cal5d>
 qu>t] = all actions describ$ 9 p>agraph
 7#b7 %all n exce$ ! am\nt all[$ z a    
cr$it "u ?is section ) respect to su*   

cal5d> qu>t]4  7m7 ,coord9ation )       
advance refunds ( cr$it  7#a7 ,9 g5]al  
,! am\nt ( cr$it :i* w\ld 7b = ?is      
subsection7 be all[$ "u ?is section %all
 be r$uc$ 7b n bel[ z]o7 by ! aggregate 
refunds & cr$its made or all[$ to !     
taxpay] "u section #ajc ( ! ,pay*eck    
,security ,act by reason ( ?is section4 
,any failure to s r$uce ! cr$it %all be 
treat$ z aris+ out ( a ma!matical or    
cl]ical error & assess$ accord+ to      
section #fbac7;b77#a7 ( ! ,int]nal      
,rev5ue ,code ( #aihf4  7#b7 ,excess    
advance paym5ts ,if ! advance paym5ts to
 a taxpay] "u section #ajc ( ! ,pay*eck 
,security ,act by reason ( ?is section =
 a cal5d> qu>t] exce$ ! cr$it all[$ by  
?is section 7det]m9$ )\t reg>d to       
p>agraph 7#a771 ! tax impos$ by *apt]   
#ba or #bb ( ! ,int]nal ,rev5ue ,code ( 
#aihf 7:i*ev] is applicable7 = ! cal5d> 
qu>t] %all be increas$ by ! am\nt ( su* 
excess4  4  7i7 ,regulations & guidance 
,section #bcja7o7 ( ! ,,c>es ,act1 z    
r$esignat$ by subsection 7h71 is am5d$--

 7#a7 by /rik+ p>agraphs 7#a71 7#b71 &  
7#c71 & ins]t+ ! foll[+3  7#a7 to       
require employ]s all[$ a cr$it "u ?is   
section to report in=mation relevant to 
actions describ$ 9 subsection 7l77#b71  
4  7#b7 by r$esignat+ p>agraphs 7#d7 &  
7#e7 z p>agraphs 7#b7 & 7#c71           
respectively1 &  7#c7 9 p>agraph 7#c71 z
 s r$esignat$1 by /rik+ subp>agraphs    
7,a77ii7 & 7,b7 ( subsection 7c77#b7 &  
ins]t+ subsections 7a77#b7 &            
7c77#b77;,a77iv74  7j7 ,effective date  
,! am5dm5ts made by ?is section %all    
apply to wages paid 9 cal5d> qu>t]s     
beg9n+ aft] ! date ( ! enactm5t ( ?is   
,act4  #ajb4 ,cr$it = employ] op]at+    
exp5ses  7a7 ,9 g5]al  7#a7 ,all[ance ( 
cr$it ,9 ! case ( an eligible employ]1  
!re %all be all[$ z a cr$it aga9/       
applicable employm5t taxes = ea* cal5d> 
qu>t] an am\nt equal to ! less] (-- 7,a7
 #e p]c5t ( ! qualify+ gross receipts ( 
! eligible employ]1 or  7,b7 #ejj1jjj4  
7#b7 ,phase\t ,9 ! case ( an eligible   
employ] = :i* ! gross receipts = !      

cal5d> qu>t] exce$ #hj p]c5t ( gross    
receipts = ! same cal5d> qu>t] 9 ! prior
 ye>1 ! am\nt ( det]m9$ "u p>agraph     
7#a77;,a7 7det]m9$ )\t reg>d to ?is     
p>agraph7 %all be r$uc$ 7b n bel[ z]o7  
by an am\nt t be>s ! same ratio to su*  
am\nt z--  7,a7 ! excess (-- 7i7 #he    
p]c5t1 ov]  7ii7 ! p]c5tage by :i* !    
taxpay]'s gross receipts = ! cal5d>     
qu>t] exce$ ! taxpay]'s gross receipts =
 ! same cal5d> qu>t] 9 ! prior ye>1 be>s
 to  7,b7 #e p]c5t4  7b7 ,limitations & 
refundability  7#a7 ,cr$it limit$ to    
employm5t taxes ,! cr$it all[$ "u       
subsection 7a7 ) respect to any cal5d>  
qu>t] %all n exce$ ! applicable         
employm5t taxes 7r$uc$ by any cr$its    
all[$ "u subsections 7e7 & 7f7 ( section
 #caaa ( ! ,int]nal ,rev5ue ,code (     
#aihf1 sections #gjja & #gjjc ( !       
,families ,fir/ ,coronavirus ,response  
,act1 & section #bcja ( ! ,,c>es ,act7  
on ! wages paid ) respect to ! employm5t
 ( all ! employees ( ! eligible employ] 
= su* cal5d> qu>t]4  7#b7 ,refundability

 ( excess cr$it  7,a7 ,9 g5]al ,if !    
am\nt ( ! cr$it "u subsection 7a7       
7det]m9$ )\t reg>d to p>agraph 7#a77    
exce$s ! limitation ( p>agraph 7#a7 =   
any cal5d> qu>t]1 su* excess %all be    
treat$ z an ov]paym5t t %all be refund$ 
"u sections #fdjb7;a7 & #fdac7;b7 ( !   
,int]nal ,rev5ue ,code ( #aihf4  7,b7   
,treatm5t ( paym5ts ,= purposes (       
section #acbd ( title #ca1 ,unit$ ,/ates
 ,code1 any am\nts due to ! employ] "u  
?is p>agraph %all be treat$ 9 ! same    
mann] z a refund due f a cr$it provision
 ref]r$ to 9 subsection 7b77#b7 ( su*   
section4  7c7 ,def9itions ,= purposes ( 
?is section--  7#a7 ,applicable         
employm5t taxes ,! t]m applicable       
employm5t taxes means ! foll[+3 7,a7 ,! 
taxes impos$ "u section #caaa7;a7 ( !   
,int]nal ,rev5ue ,code ( #aihf4  7,b7 ,s
 mu* ( ! taxes impos$ "u section        
#cbba7;a7 ( su* ,code z are attributable
 to ! rate 9 effect "u section #caaa7;a7
 ( su* ,code4  7#b7 ,eligible employ] ,!
 t]m eligible employ] means an employ]  

:i*--  7,a7 is an eligible employ] 7z   
def9$ 9 section #bcja7;c77#b7 ( ! ,,c>es
 ,act1 det]m9$ )\t reg>d to subp>agraph 
7,a77ii7 !re(71 &  7,b7 ) respect to any
 cal5d> qu>t]1 meets ! gross receipts   
te/ ( section #ddh7;c7 7det]m9$ by      
sub/itut+ #da1ejj1jjj = #be1jjj1jjj 9   
p>agraph 7#a7 !re(7 = ! taxable ye> t   
includes ! fir/ day ( ! cal5d> qu>t]4   
,= purposes ( subp>agraph 7,b71 9 ! case
 ( any taxpay] :i* is n a corporation or
 a p>tn]%ip1 ! gross receipts te/ (     
section #ddh7;c7 %all be appli$ 9 ! same
 mann] z if su* taxpay] 7 a corporation 
or p>tn]%ip4  7#c7 ,qualify+ gross      
receipts ,! t]m qualify+ gross receipts 
means ! aggregate gross receipts ( !    
eligible employ] = ! la/ taxable ye>    
end+ be=e ! date ( ! enactm5t ( ?is     
,act4  7#d7 ,gross receipts  7,a7 ,9    
g5]al ,! t]m gross receipts has ! mean+ 
giv5 su* t]m "u section #ddh7;c7 ( !    
,int]nal ,rev5ue ,code ( #aihf4  7,b7   
,tax-exempt organizations ,9 ! case ( an
 organization :i* is describ$ 9 section 

#eja7;c7 ( ! ,int]nal ,rev5ue ,code (   
#aihf & exempt f tax "u section #eja7;a7
 ( su* ,code1 any ref]5ce 9 ?is section 
to gross receipts %all be treat$ z a    
ref]5ce to gross receipts )9 ! mean+ (  
section #fjcc ( ! ,int]nal ,rev5ue ,code
 ( #aihf4  7#e7 ,secret>y ,! t]m        
,secret>y means ! ,secret>y ( !         
,treasury or ! ,secret>y's delegate4    
7d7 ,o!r rules ,= purposes ( ?is        
section-- 7#a7 ,aggregation rule ,all   
p]sons treat$ z a s+le employ] "u       
subsection 7a7 or 7b7 ( section #eb ( ! 
,int]nal ,rev5ue ,code ( #aihf1 or      
subsection 7m7 or 7o7 ( section #dad (  
su* ,code1 %all be treat$ z "o employ]4 
7#b7 ,c]ta9 gov]nm5tal employ]s ,?is    
cr$it %all n apply to ! ,gov]nm5t ( !   
,unit$ ,/ates1 ! gov]nm5t ( any ,/ate or
 political subdivision !re(1 or any     
ag5cy or in/rum5tality ( any ( ! =ego+4 
7#c7 ,election n to h section apply ,?is
 section %all n apply ) respect to any  
eligible employ] = any cal5d> qu>t] if  
su* employ] elects 7at su* "t & 9 su*   

mann] z ! ,secret>y may prescribe7 n to 
h ?is section apply4  7#d7 ,?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 
,transf]s to ,f$]al ,old-,age &         
,survivors ,insurance ,tru/ ,fund ,!re  
are h]eby appropriat$ to ! ,f$]al       
,old-,age & ,survivors ,insurance ,tru/ 
,fund & ! ,f$]al ,disability ,insurance 
,tru/ ,fund e/abli%$ "u section #bja ( !
 ,social ,security ,act 7#db ,u4,s4,c4  
#dja7 & ! ,social ,security ,equival5t  
,b5efit ,acc\nt e/abli%$ "u section     
#ae;,a7a7 ( ! ,railroad ,retirem5t ,act 
( #aigd 7#de ,u4,s4,c4 #ad #bcan-#a7;a77
 am\nts equal to ! r$uction 9 rev5ues to
 ! ,treasury by reason ( ?is section    
7)\t reg>d to ?is subsection74 ,am\nts  
appropriat$ by ! prec$+ s5t5ce %all be  
transf]r$ f ! g5]al fund at su* times & 
9 su* mann] z to replicate to ! ext5t   
possible ! transf]s :i* w\ld h occurr$  
to su* ,tru/ ,fund or ,acc\nt _h ?is    
section n be5 enact$4  7f7 ,treatm5t (  

deposits ,! ,secret>y %all waive any    
p5alty "u section #ffef ( ! ,int]nal    
,rev5ue ,code ( #aihf = any failure to  
make a deposit ( any applicable         
employm5t taxes if ! ,secret>y det]m9es 
t su* failure 0 due to ! reasonable     
anticipation ( ! cr$it all[$ "u ?is     
section4  7g7 ,recapture  7#a7 ,9 g5]al 
,9 any case 9 :i* an eligible employ]   
:i* has be5 all[$ a cr$it "u ?is section
 = any cal5d> qu>t] takes any action    
describ$ 9 section #bcja7l77#b7 ( !     
,,c>es ,act dur+ ! #a-ye> p]iod beg9n+  
on ! day aft] ! end ( su* cal5d> qu>t]1 
! tax impos$ by *apt] #ba or #bb ( !    
,int]nal ,rev5ue ,code ( #aihf 7:i*ev]  
is applicable7 = ! cal5d> qu>t] 9 :i*   
su* action occurs %all be increas$ by ! 
am\nt ( ! cr$it s all[$4  7#b7          
,limitation ,! am\nt ( tax impos$ "u    
p>agraph 7#a7 ) respect to any cal5d>   
qu>t] = all actions describ$ 9 section  
#bcja7l77#b7 ( ! ,,c>es ,act %all n     
exce$ ! am\nt all[$ z a cr$it "u ?is    
section ) respect to su* cal5d> qu>t]4  

7h7 ,coord9ation ) advance refunds (    
cr$it ,! am\nt ( cr$it :i* w\ld 7b = ?is
 subsection7 be all[$ "u ?is section    
%all be r$uc$ 7b n bel[ z]o7 by !       
aggregate refunds & cr$its made or all[$
 to ! taxpay] "u section #ajc by reason 
( ?is section4 ,any failure to s r$uce !
 cr$it %all be treat$ z aris+ out ( a   
ma!matical or cl]ical error & assess$   
accord+ to section #fbac7;b77#a7 ( !    
,int]nal ,rev5ue ,code ( #aihf4  7i7    
,cr$it treat$ z income ,= purposes ( !  
,int]nal ,rev5ue ,code ( #aihf1 ! am\nt 
all[$ z a cr$it "u ?is section = any    
cal5d> qu>t] %all be includ$ 9 income ( 
! employ] = ! taxable ye> t includes !  
la/ day ( ! cal5d> qu>t]4  7j7          
,regulations & guidance ,! ,secret>y    
%all issue su* =ms1 in/ructions1        
regulations1 & guidance z are necess>y--
  7#a7 to require employ]s all[$ a cr$it
 "u ?is section to report in=mation     
relevant to actions describ$ 9          
subsection 7g77#a71  7#b7 ) respect to !
 application ( ! cr$it "u subsection 7a7

 to ?ird p>ty payors 7includ+           
pr(essional employ] organizations1      
c]tifi$ pr(essional employ]             
organizations1 or ag5ts "u section #cejd
 ( ! ,int]nal ,rev5ue ,code ( #aihf71   
includ+ regulations or guidance all[+   
su* payors to submit docum5tation       
necess>y to sub/antiate ! eligible      
employ] /atus ( employ]s t use su*      
payors1 &  7#c7 = application (         
subsections 7a77#b7 9 ! case ( any      
employ] :i* 0 n c>ry+ on a trade or     
bus9ess = all or "p ( ! same cal5d>     
qu>t] 9 ! prior ye>4  7k7 ,application  
,?is section %all only apply to cal5d>  
qu>t]s beg9n+ aft] ! date ( ! enactm5t (
 ?is ,act & be=e ,janu>y #a1 #bjbj4     
#ajc4 ,advance paym5ts ( cr$its  7a7 ,9 
g5]al ,! ,secret>y ( ! ,treasury 7or !  
,secret>y's delegate7 %all e/abli% a    
program "u :i* an employ] may elect to  
receive an advance paym5t (-- 7#a7 !    
cr$it all[able "u section #bcja ( !     
,,c>es ,act1 &  7#b7 ! cr$it all[able "u
 section #ajb4  ,! employ] %all         

designate ! am\nt ( any advance paym5t  
made "u ?is section :i* is made by      
reason ( ea* cr$it describ$ 9 ! prec$+  
s5t5ce4  7b7 ,limitations  7#a7         
,limitation on am\nt ( paym5t ,!        
aggregate am\nt ( advance paym5ts "u ?is
 section ) respect to any cal5d> qu>t]  
%all n exce$ ! deem$ cr$it am\nt4  7#b7 
,limitation on numb] ( advances ,an     
employ] may n make an election "u !     
program e/abli%$ "u subsection 7a7 )    
respect to m ?an #b cal5d> qu>t]s 9 any 
cal5d> ye>4  7c7 ,deem$ cr$it am\nt ,=  
purposes ( ?is section--  7#a7 ,9 g5]al 
,! t]m deem$ cr$it am\nt means ! sum (--
 7,a7 ! av]age qu>t]ly wages 7z def9$ 9 
section #bcja ( ! ,,c>es ,act7 paid by !
 taxpay] 9 cal5d> ye> #bjai1 plus  7,b7 
#e p]c5t ( ! qualify+ gross receipts 7z 
def9$ 9 section #ajb7;c77#c77 ( !       
taxpay]4  7#b7 ,special rule = seasonal 
employ]s ,9 ! case ( any employ] :o     
employs seasonal work]s 7z def9$ 9      
section #de,r7d77#e77;,b7 ( ! ,int]nal  
,rev5ue ,code ( #aihf71 ! employ] may   

elect to use ! wages 7z def9$ 9 section 
#bcja ( ! ,,c>es ,act7 = ! cal5d> qu>t] 
9 #bjai :i* corresponds to ! cal5d>     
qu>t] to :i* ! election relates 9 lieu (
 ! am\nt descri$ 9 p>agraph 7#a77;,a74  
#ajd4 ,adm9i/ration  7a7 ,priority ,9   
c>ry+ out ! provisions ( section #bcja (
 ! ,,c>es ,act & sections #c & #d1 !    
,secret>y ( ! ,treasury 7or !           
,secret>y's delegate7 %all prioritize   
bus9esses ) #ajj or few] employees4  7b7
 ,audits ,9 en=c+ ! requirem5ts section 
#bcja ( ! ,,c>es ,act & sections #c &   
#d1 ! ,secret>y ( ! ,treasury 7or !     
,secret>y's delegate7 %all prioritize   
employ]s ) gross receipts = ! la/       
taxable ye> end+ 9 #bjai (              
#a1jjj1jjj1jjj or m4  #aje4 ,public     
disclosure  7a7 ,qu>t]ly reports ,n lat]
 ?an #fj days aft] ! date ( ! enactm5t (
 ?is ,act1 & once e cal5d> qu>t]        
!reaft]1 ! ,treasury ,inspector ,g5]al =
 ,tax ,adm9i/ration %all make publicly  
available a report on ! provisions ( ?is
 ,act1 includ+-- 7#a7 ,a li/+ ( ea*     

eligible employ] t 0 all[$ ! cr$it "u   
section #bcja ( ! ,,c>es ,act & ! numb] 
( employees tak5 into acc\nt 9 det]m9+ !
 am\nt ( su* cr$it4  7#b7 ,a li/+ ( ea* 
eligible employ] t 0 all[$ ! cr$it "u   
section #ajb4  7#c7 ,! aggregate am\nt (
 advance paym5ts provid$ to ea* eligible
 employ] "u section #ajc4  7#d7 ,!      
aggregate am\nt ( cr$its recaptur$ f ea*
 eligible employ] "u ea* ( ! foll[+     
provisions-- 7,a7 ,section #bcja7l7 ( ! 
,,c>es ,act & section #ajb7;g74  7,b7   
,section #bcja7m77#b7 ( ! ,,c>es ,act4  
7b7 ,con=m+ am5dm5t ,section #fajc7l7 ( 
! ,int]nal ,rev5ue ,code ( #aihf is     
am5d$ by add+ at ! end ! foll[+ new     
p>agraph3  7#bc7 ,disclosure ( return   
in=mation relat+ to pay*eck security    
cr$its ,! ,treasury ,inspector ,g5]al = 
,tax ,adm9i/ration %all disclose to !   
public taxpay] in=mation requir$ "u     
section #aje ( ! ,pay*eck ,security     
,act4  4  #ajf4 ,employee notification  
7a7 ,9 g5]al ,ea* employ] %all po/ &    
keep po/$ on its website 7if any7 & 9   

conspicu\s places on ! premises ( !     
employ] :]e notices to employees are    
cu/om>ily po/$1 a notice1 to be prep>$  
or approv$ by ! ,secret>y ( ,labor1 ( ! 
cr$its all[$ to employ]s "u section     
#bcja ( ! ,,c>es ,act & section #ajb4   
7b7 ,model notice ,n lat] ?an #g days   
aft] ! date ( enactm5t ( ?is ,act1 !    
,secret>y ( ,labor %all make publicly   
available a model ( notice t meets !    
requirem5ts ( subsection 7a74  ,,ii     
,small ,bus9ess ,rebate  #bja4 ,small   
bus9ess rebate  7a7 ,9 g5]al ,sub*apt]  
,b ( *apt] #fe ( subtitle ,f ( !        
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by ins]t+ aft] section #fdbh ! foll[+   
new section3  #fdbi4 ,small bus9ess     
rebate  7a7 ,all[ance ( cr$it  7#a7 ,9  
g5]al ,9 ! case ( a qualify+ taxpay]1   
!re %all be all[$ z a cr$it aga9/ ! tax 
impos$ by subtitle ,a = ! fir/ taxable  
ye> beg9n+ 9 #bjbj an am\nt equal to !  
less] (-- 7,a7 #cj p]c5t ( qualifi$     
gross pr(its ( su* qualify+ taxpay] = ! 
applicable taxable ye>1 or  7,b7        

#ge1jjj4  7#b7 ,phase-out = individuals 
,9 ! case ( a qualify+ taxpay] t is a   
qualifi$ individual1 ! am\nt ( ! cr$it  
det]m9$ "u p>agraph 7#a7 7det]m9$ )\t   
reg>d to ?is p>agraph7 %all be r$uc$ 7b 
n bel[ z]o7 by ! am\nt :i* be>s ! same  
ratio to su* cr$it 7z s det]m9$7 z--    
7,a7 ! excess (-- 7i7 ! taxpay]'s adju/$
 gross income = ! applicable taxable    
ye>1 ov]  7ii7 #ajj1jjj 7#bjj1jjj 9 !   
case ( a jo9t return71 be>s to  7,b7    
#ej1jjj 7#ajj1jjj 9 ! case ( a jo9t     
return74  7#c7 ,r$uction = qualifi$     
organizations  7,a7 ,9 g5]al ,9 ! case (
 a qualify+ taxpay] t is a qualifi$     
organization1 ! am\nt ( ! cr$it det]m9$ 
"u p>agraph 7#a7 7det]m9$ )\t reg>d to  
?is p>agraph7 %all be r$uc$ by ! total  
exp5ditures ( ! organization describ$ 9 
section #afb7;e77#a7 7o!r ?an           
exp5ditures describ$ 9 section          
#fjcc7;e77#a77;,b77ii774  7,b7          
,exception ,?is p>agraph %all n apply to
 any organization describ$ 9 section    
#eja7;c77#c74  7b7 ,qualify+ taxpay] ,= 

purposes ( ?is section-- 7#a7 ,9 g5]al  
,! t]m qualify+ taxpay] means any       
taxpay] t is a dome/ic ,c corporation1 a
 qualifi$ organization1 or a qualifi$   
individual t meets ! gross pr(its te/ "u
 p>agraph 7#d7 = ! applicable taxable   
ye>4  7#b7 ,qualifi$ organization ,! t]m
 qualifi$ organization means any        
organization :i* is describ$ 9 section  
#eja7;c7 & exempt f tax "u section      
#eja7;a74  7#c7 ,qualifi$ individual ,! 
t]m qualifi$ individual means any       
individual :o--  7,a7 is a ,unit$ ,/ates
 citiz5 or resid5t1 &  7,b7 mat]ially   
p>ticipates 7)9 ! mean+ ( section       
#dfi7;h77 9 "o or m trades or bus9esses 
7o!r ?an any trade or bus9ess consi/+ ( 
! p]=mance ( s]vices by ! taxpay] z an  
employee 7)9 ! mean+ ( section          
#fb7;a77#a7774  7#d7 ,gross pr(its te/  
7,a7 ,9 g5]al ,a taxpay] meets ! gross  
pr(its te/ "u ?is section if ! qualifi$ 
gross pr(its ( ! taxpay] = ! applicable 
taxable ye> are n m ?an #a1jjj1jjj4     
7,b7 ,aggregation rules  7i7 ,9 g5]al   

,all qualify+ taxpay]s t are dome/ic ,c 
corporations or qualifi$ organizations &
 t are treat$ z a s+le employ] "u       
subsection 7a7 or 7b7 ( section #eb or  
subsection 7m7 or 7o7 ( section #dad    
%all be treat$ z a s+le p]son = purposes
 ( subp>agraph 7,a74  7ii7 ,qualify+    
individuals ,all trades or bus9esses 9  
:i* a qualifi$ individual mat]ially     
p>ticipates 7)9 ! mean+ ( section       
#dfi7;h77 %all be treat$ z a s+le trade 
or bus9ess = purposes ( subp>agraph     
7,a74  7c7 ,qualifi$ gross pr(its ,=    
purposes ( ?is section--  7#a7 ,9 g5]al 
,except z o!rwise provid$ 9 ?is         
subsection1 ! t]m qualifi$ gross pr(its 
means ! excess (-- 7,a7 ! gross receipts
 ( ! taxpay] z report$ on ! return ( tax
 = ! applicable taxable ye>1 r$uc$ by   
7,b7 returns & all[ances & co/ ( goods  
sold z report$ on ! return ( tax = !    
applicable taxable ye>4  7#b7           
,application to qualifi$ organizations  
,9 ! case ( a qualifi$ organization--   
7,a7 p>agraph 7#a7 %all be appli$-- 7i7 

by treat+ ! ref]5ce to gross receipts z 
a ref]5ce to gross receipts )9 ! mean+ (
 section #fjcc1 &  7ii7 )\t reg>d to    
subp>agraph 7,b7 !re(1 &  7,b7 9 ! case 
( an organization :i*1 = all applicable 
taxable ye>s1 is exempt f fil+ a return 
pursuant to section #fjcc7;a7 or :i* is 
n requir$ to include 9 su* return !     
in=mation necess>y to det]m9e ! am\nt   
qualifi$ gross receipts1 su*            
organization may submit to ! ,secret>y  
79 su* =m & mann] z is deem$ appropriate
 by ! ,secret>y7 any in=mation requir$ =
 purposes ( det]m9+ ! am\nt ( su* gross 
receipts4  ,= purposes ( section #fajd1 
any in=mation submitt$ by an            
organization "u subp>agraph 7,b7 %all be
 deem$ to be in=mation requir$ to be    
furni%$ by su* organization pursuant to 
section #fjcc4  7#c7 ,application to    
qualifi$ individuals  7,a7 ,9 g5]al ,9 !
 case ( a qualifi$ individual-- 7i7     
gross receipts1 returns & all[ances1 &  
co/ ( goods sold tak5 into acc\nt "u    
p>agraph 7#a7 %all only include gross   

receipts f trades or bus9esses describ$ 
9 subsection 7b77#c7 9 :i* ! qualifi$   
individual mat]ially p>ticipat$1 &  7ii7
 wages receiv$ f any su* trade or       
bus9ess by ! qualifi$ individual %all n 
be tak5 into acc\nt "u p>agraph         
7#a77;,a74  7,b7 ,treatm5t ( am\nts f   
p>tn]%ips & ,s corporations ,9 ! case ( 
any qualifi$ individual :o mat]ially    
p>ticipates 7)9 ! mean+ ( section       
#dfi7;h77 9 a trade or bus9ess ( a      
p>tn]%ip or ,s corporation 9 :i* su*    
individual is a p>tn] or %>ehold]1 !    
am\nt det]m9$ "u p>agraph 7#a7 ) respect
 to su* trade or bus9ess %all be det]m9$
 us+--  7i7 9 ! case ( a p>tn]%ip1 !    
p>tn]'s di/ributive %>e ( non-sep>ately 
/at$ income1 z report$ on ! return ( tax
 = ! applicable taxable ye>1 &  7ii7 9 !
 case ( an ,s corporation1 ! %>ehold]'s 
pro rata %>e ( non-sep>ately /at$       
income1 z report$ on ! return ( tax = ! 
applicable taxable ye>4  7,c7 ,treatm5t 
( am\nts f f>m+ bus9esses ,9 ! case ( a 
qualifi$ individual :o mat]ially        

p>ticipates 7)9 ! mean+ ( section       
#dfi7;h77 9 a f>m+ bus9ess 7z def9$ 9   
section #bfc;,a7e77#d771 ! am\nt (      
det]m9$ "u p>agraph 7#a7 %all be ! gross
 income d]iv$ f su* bus9ess1 z report$  
on ! return ( tax = ! applicable taxable
 ye>4  7d7 ,applicable taxable ye> ,=   
purposes ( ?is section1 ! t]m applicable
 taxable ye> means--  7#a7 ! fir/       
taxable ye> beg9n+ 9 #bjai1 or  7#b7 9  
any case 9 :i* ! qualify+ taxpay] did n 
file a tax return = ! taxable ye>       
describ$ 9 p>agraph 7#a71 ! fir/ taxable
 ye> beg9n+ 9 #bjah4  7e7 ,treatm5t (   
cr$it  7#a7 ,9 g5]al ,! cr$it all[$ by  
subsection 7a7 %all be treat$ z all[$ by
 subp>t ,c ( "p ,,iv ( sub*apt] ,a (    
*apt] #a4  7#b7 ,cr$it includ$ 9 gross  
income  7,a7 ,9 g5]al ,except z provid$ 
9 subp>agraph 7,b71 = purposes (        
subtitle ,a1 ! am\nt ( any cr$it all[$  
"u ?is section %all be includ$ 9 gross  
income4  7,b7 ,am\nts n tak5 into acc\nt
 = purposes ( premium tax cr$it  7i7 ,9 
g5]al ,= purposes ( det]m9+ modifi$     

adju/$ gross income "u section          
#cf;,b7d77#b77;,b71 adju/$ gross income 
%all n include any am\nt treat$ z income
 by reason ( subp>agraph 7,a74  7ii7    
,exception ,p>agraph 7#a7 %all n apply  
to ! ext5t su* r$uction results 9 an    
am\nt ( h\sehold income 7z def9$ 9      
section #cf;,b7d77#b77;,a77 ( a taxpay] 
t is less ?an #ajj p]c5t ( ! pov]ty l9e 
7z def9$ 9 section #cf;,b7d77#c77 = a   
family ( ! size involv$ 7z det]m9$ "u ! 
rules ( section #cf;,b7d77#a774  7f7    
,coord9ation ) advance refunds & cr$it =
 employ] op]at+ exp5ses  7#a7           
,coord9ation ) advance refunds ( cr$it  
,! am\nt ( cr$it :i* w\ld 7b = ?is      
subsection7 be all[able "u ?is section  
%all be r$uc$ 7b n bel[ z]o7 by !       
aggregate refunds & cr$its made or all[$
 to ! taxpay] "u subsection 7g74 ,any   
failure to s r$uce ! cr$it %all be      
treat$ z aris+ out ( a ma!matical or    
cl]ical error & assess$ accord+ to      
section #fbac7;b77#a74  7#b7            
,coord9ation ) cr$it = employ] op]at+   

exp5ses ,! am\nt ( ! cr$it all[$ "u ?is 
section 7det]m9$ )\t reg>d to ?is       
subsection7 %all be r$uc$ 7b n bel[ z]o7
 by ! am\nt ( any cr$it all[$ "u section
 #ajb ( ! ,pay*eck ,security ,act dur+ !
 taxable ye>4  7#c7 ,special rule =     
recapture ( advanc$ refunds & cr$its    
7,a7 ,9 g5]al ,9 ! case ( any qualify+  
taxpay] :o receiv$ a refund or cr$it by 
reason ( subsection 7g7 & :o 0 all[$ a  
cr$it "u section #ajb ( ! ,pay*eck      
,security ,act = any qu>t] end+ on or   
be=e ! la/ day ( ! taxpay]'s fir/       
taxable ye> beg9n+ 9 #bjbj1 ! tax impos$
 by *apt] #a on ! taxpay] to :om su*    
refund or cr$it 0 made or all[$ %all be 
increas$ = ! taxable ye> by ! lessor (--
 7i7 ! refund or cr$it made or all[$ to 
su* taxpay] by reason ( subsection 7g71 
or  7ii7 ! am\nt ( ! cr$it all[$ "u     
section #ajb ( ! ,pay*eck ,security     
,act4  7,b7 ,application to p>tn]%ips & 
,s corporations ,= purposes ( apply+    
subp>agraph 7,a71 9 ! case ( any        
p>tn]%ip or ,s corporation :i* 0 all[$ a

 cr$it "u section #ajb ( ! ,pay*eck     
,security ,act1 ea* p>tn] ( su* p>tn]%ip
 %all be treat$ z hav+ be5 all[$ a cr$it
 "u su* section equal to su* p>tn]'s    
di/ributive %>e ( su* cr$it & ea*       
%>ehold] ( su* ,s corporation %all be   
treat$ z hav+ be5 all[$ a cr$it equal to
 su* %>ehold]'s pro rata %>e ( su*      
cr$it4  7,c7 ,return requirem5t ,if !   
tax impos$ by *apt] #a = ! taxable ye>  
is increas$ "u ?is p>agraph1 ! taxpay]  
%all1 not)/&+ section #fjab1 be requir$ 
to file a return ) respect to ! taxes   
impos$ "u subtitle ,a4  7g7 ,advance    
refunds & cr$its  7#a7 ,9 g5]al ,any    
p]son :i* 0 a qualify+ taxpay] = su*    
p]son's la/ taxable ye> end+ be=e       
,janu>y #a1 #bjbj1 %all be treat$ z hav+
 made a paym5t aga9/ ! tax impos$ by    
*apt] #a = su* taxable ye> 9 an am\nt   
equal to ! advance refund am\nt = su*   
taxable ye>1 reg>dless ( :e!r su* tax   
w\ld h be5 impos$ on su* p]son4  7#b7   
,advance refund am\nt ,= purposes (     
p>agraph 7#a71 ! advance refund am\nt is

 ! am\nt t w\ld h be5 all[$ z a cr$it "u
 ?is section = su* taxable ye> if ?is   
section 7o!r ?an subsection 7f7 & ?is   
subsection7 _h appli$ to su* taxable    
ye>4  7#c7 ,tim+ ( paym5ts ,! ,secret>y 
%all1 subject to ! provisions ( ?is     
title1 refund or cr$it any ov]paym5t    
attributable to ?is section z rapidly z 
possible4 ,no refund or cr$it %all be   
made or all[$ "u ?is subsection aft]    
,decemb] #ca1 #bjbj4  7#d7 ,no int]e/   
,no int]e/ %all be all[$ on any         
ov]paym5t attributable to ?is section4  
7h7 ,regulations & guidance ,! ,secret>y
 %all issue su* =ms1 in/ructions1       
regulations1 & guidance z are necess>y1 
includ+ guidance ) respect to !         
application ( subsection 7f77#c77;,b7 to
 p>tn]s & p>tn]%ips ) diff]+ taxable    
ye>s4  4  7b7 ,con=m+ am5dm5ts  7#a7    
,section #fbaa7;b77#d77;,a7 ( ! ,int]nal
 ,rev5ue ,code ( #aihf is am5d$ by /rik+
 & #fdbh & ins]t+ #fdbh1 & #fdbi4  7#b7 
,p>agraph 7#b7 ( section #acbd7;b7 (    
title #ca1 ,unit$ ,/ates ,code1 is am5d$

 by ins]t+ 8#fdbi10 aft] 8#fdbh104  7#c7
 ,! table ( sections = sub*apt] ,b (    
*apt] #fe ( subtitle ,f ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$ by ins]t+
 aft] ! item relat+ to section #fdbh !  
foll[+3  ,sec4 #fdbi4 ,small bus9ess    
rebate4  4  ,,iii ,o!r ,provisions      
#cja4 ,additional appropriations =      
,dep>tm5t ( ,treasury  7a7 ,int]nal     
,rev5ue ,s]vice ,!re is au?oriz$ to be  
appropriat$1 & !re is appropriat$1 to ! 
,int]nal ,rev5ue ,s]vice #a1jjj1jjj1jjj1
 to rema9 available until exp5d$1 to    
c>ry out ! provisions (1 & am5dm5ts made
 by1 ?is ,act4  7b7 ,treasury inspector 
g5]al = tax adm9i/ration ,!re is        
au?oriz$ to be appropriat$1 & !re is    
appropriat$1 to ! ,treasury ,inspector  
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 to rema9 available until exp5d$1 to    
c>ry out inve/igations1 audits & o!r    
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cr$its all[$ "u section #bcja ( ! ,,c>es
 ,act1 & sections #ajb & #bja ( ?is     
,act1 & ! provisions ( section #ajc &   

#aje ( ?is ,act1 z au?oriz$ "u !        
,inspector ,g5]al ,act ( #aigh 7#e      
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