,,ii #aafth ,,congress #b;d ,session ,s4 #dbij ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,july #bc1 #bjbj,mr4 ,cornyn introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to provide much needed liquidity to ,america's job creators4 #a4 ,short title ,this ,act may be cited as the ,building ,businesses ,back ,act of #bjbj4 #b4 ,monetization of general business credits 7a7 ,in general ,section #ch of the ,internal ,revenue ,code of #aihf is amended by inserting after subsection 7d7 the following3 7e7 ,special rules for eligible years 7#a7 ,in general ,if a taxpayer elects the application of this subsection for any eligible taxable year-- 7,a7 the limitation under subsection 7c7 shall be increased by an amount equal to the excess 7if any7 of-- 7i7 the credit allowed under subsection 7a7 for the taxable year 7determined without regard to subsection 7c771 over 7ii7 the credit allowed under subsection 7a7 for such taxable year 7determined after the application of subsection 7c771 and 7,b7 the amount of the credit determined under section #da7;a7 for such taxable year shall be determined without regard to the limitation in the first sentence of section #da7;g74 7#b7 ,treatment of credit ,for purposes of this title 7other than this section and section #ci71 the excess of-- 7,a7 amount of the credit allowed solely by reason of this subsection1 over 7,b7 net income tax 7as defined in subsection 7c77#a77 reduced by credits allowable under subparts ,d 7without regard to this subsection7 and ,g1 shall be treated as an overpayment of tax for the taxable year4 7#c7 ,eligible taxable year ,for purposes of this subsection1 the term eligible taxable year means any taxable year ending in #bjai or #bjbj4 7#d7 ,election ,an election under paragraph 7#a7 shall be made at such time and in such manner as the ,secretary may prescribe4 7#e7 ,guidance and regulations ,the ,secretary shall prescribe such regulations and guidance as may be necessary to carry out this subsection1 including regulations or guidance to prevent any double counting of credits allowable under this section4 4 7b7 ,allowance of refunds ,section #acbd7;b77#b7 of title #ca1 ,united ,states ,code1 is amended by inserting #ch7;e7 after #cf;,b4 7c7 ,conforming amendment ,section #fbaa7;b77#d77;,a7 of the ,internal ,revenue ,code of #aihf is amended by inserting #ch7;e71 after #cf;,b14 7d7 ,credits not subject to sequestration ,section #bee7;d7 of the ,balanced ,budget and ,emergency ,deficit ,control ,act of #aihe 7#b ,u4,s4,c4 #ije7;d77 is amended-- 7#a7 by striking ,payments and inserting the following3 7#a7 ,in general ,payments 2 and 7#b7 by adding at the end the following3 7#b7 ,general business credits ,payments made under subsection 7e7 of section #ch of the ,internal ,revenue ,code of #aihf shall be exempt from reduction under any order issued under this part4 4 7e7 ,special rule for refunds 7#a7 ,in general ,for purposes of the ,internal ,revenue ,code of #aihf1 a credit or refund for which an application described in paragraph 7#b77;,a7 is filed shall be treated as made under section #fdaa of such ,code4 7#b7 ,tentative refund 7,a7 ,application ,a taxpayer may file an application for a tentative credit or refund of any amount for which a credit or refund for any taxable year is due by reason of section #ch7;e7 of the ,internal ,revenue ,code of #aihf4 ,such application shall be in such manner and form as the ,secretary of the ,treasury 7or the ,secretary's delegate7 may prescribe and shall-- 7i7 be verified in the same manner as an application under section #fdaa7;a7 of such ,code2 7ii7 be filed not later than the date that is #abj days after the date of the enactment of this ,act2 and 7iii7 set forth-- 7,i7 the amount of the credit claimed under section #ch7;e7 of such ,code for such taxable year2 and 7,,ii7 the amount of the refund claimed4 7,b7 ,allowance of adjustments ,within a period of #ij days from the date on which an application is filed under subparagraph 7,a71 the ,secretary of the ,treasury 7or the ,secretary's delegate7 shall-- 7i7 review the application2 7ii7 determine the amount of the overpayment2 and 7iii7 apply1 credit1 or refund such overpayment1 in a manner similar to the manner provided in section #fdaa7;b7 of the ,internal ,revenue ,code of #aihf4 7,c7 ,consolidated returns ,the provisions of section #fdaa7;c7 of the ,internal ,revenue ,code of #aihf shall apply to an adjustment under this paragraph to the same extent and manner as the ,secretary of the ,treasury 7or the ,secretary's delegate7 may provide4 7#c7 ,application for adjustment of overpayment of estimated income tax ,an application for adjustment of overpayment of estimated income tax under section #fdbe of the ,internal ,revenue ,code of #aihf by reason of section #ch7;e7 of such ,code shall not fail to be treated as timely filed if filed not later than the date which is #abj days after the date of the enactment of this ,act4 7f7 ,effective date ,the amendments made by this section shall apply to taxable years ending after ,december #ca1 #bjah4