,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #dbij  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #bc1 #bjbj,mr4   
,cornyn introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to provide mu* ne$$
 liquidity to ,am]ica's job creators4   
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,build+ ,bus9esses ,back ,act ( #bjbj4
  #b4 ,monetization ( g5]al bus9ess     
cr$its  7a7 ,9 g5]al ,section #ch ( !   
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by ins]t+ aft] subsection 7d7 ! foll[+3 
7e7 ,special rules = eligible ye>s  7#a7
 ,9 g5]al ,if a taxpay] elects !        
application ( ?is subsection = any      
eligible taxable ye>-- 7,a7 ! limitation
 "u subsection 7c7 %all be increas$ by  
an am\nt equal to ! excess 7if any7 (-- 
7i7 ! cr$it all[$ "u subsection 7a7 = ! 
taxable ye> 7det]m9$ )\t reg>d to       
subsection 7c771 ov]  7ii7 ! cr$it all[$
 "u subsection 7a7 = su* taxable ye>    
7det]m9$ aft] ! application ( subsection
 7c771 &  7,b7 ! am\nt ( ! cr$it det]m9$

 "u section #da7;a7 = su* taxable ye>   
%all be det]m9$ )\t reg>d to !          
limitation 9 ! fir/ s5t5ce ( section    
#da7;g74  7#b7 ,treatm5t ( cr$it ,=     
purposes ( ?is title 7o!r ?an ?is       
section & section #ci71 ! excess (--    
7,a7 am\nt ( ! cr$it all[$ solely by    
reason ( ?is subsection1 ov]  7,b7 net  
income tax 7z def9$ 9 subsection        
7c77#a77 r$uc$ by cr$its all[able "u    
subp>ts ,d 7)\t reg>d to ?is subsection7
 & ,g1  %all be treat$ z an ov]paym5t ( 
tax = ! taxable ye>4  7#c7 ,eligible    
taxable ye> ,= purposes ( ?is           
subsection1 ! t]m eligible taxable ye>  
means any taxable ye> end+ 9 #bjai or   
#bjbj4  7#d7 ,election ,an election "u  
p>agraph 7#a7 %all be made at su* "t & 9
 su* mann] z ! ,secret>y may prescribe4 
7#e7 ,guidance & regulations ,!         
,secret>y %all prescribe su* regulations
 & guidance z may be necess>y to c>ry   
out ?is subsection1 includ+ regulations 
or guidance to prev5t any d\ble c\nt+ ( 
cr$its all[able "u ?is section4  4  7b7 

,all[ance ( refunds ,section            
#acbd7;b77#b7 ( title #ca1 ,unit$ ,/ates
 ,code1 is am5d$ by ins]t+ #ch7;e7 aft] 
#cf;,b4  7c7 ,con=m+ am5dm5t ,section   
#fbaa7;b77#d77;,a7 ( ! ,int]nal ,rev5ue 
,code ( #aihf is am5d$ by ins]t+        
#ch7;e71 aft] #cf;,b14  7d7 ,cr$its n   
subject to seque/ration ,section        
#bee7;d7 ( ! ,balanc$ ,budget & ,em]g5cy
 ,deficit ,control ,act ( #aihe 7#b     
,u4,s4,c4 #ije7;d77 is am5d$-- 7#a7 by  
/rik+ ,paym5ts & ins]t+ ! foll[+3  7#a7 
,9 g5]al ,paym5ts  2 &  7#b7 by add+ at 
! end ! foll[+3  7#b7 ,g5]al bus9ess    
cr$its ,paym5ts made "u subsection 7e7 (
 section #ch ( ! ,int]nal ,rev5ue ,code 
( #aihf %all be exempt f r$uction "u any
 ord] issu$ "u ?is "p4  4  7e7 ,special 
rule = refunds  7#a7 ,9 g5]al ,=        
purposes ( ! ,int]nal ,rev5ue ,code (   
#aihf1 a cr$it or refund = :i* an       
application describ$ 9 p>agraph         
7#b77;,a7 is fil$ %all be treat$ z made 
"u section #fdaa ( su* ,code4  7#b7     
,t5tative refund  7,a7 ,application ,a  

taxpay] may file an application = a     
t5tative cr$it or refund ( any am\nt =  
:i* a cr$it or refund = any taxable ye> 
is due by reason ( section #ch7;e7 ( !  
,int]nal ,rev5ue ,code ( #aihf4 ,su*    
application %all be 9 su* mann] & =m z !
 ,secret>y ( ! ,treasury 7or !          
,secret>y's delegate7 may prescribe &   
%all-- 7i7 be v]ifi$ 9 ! same mann] z an
 application "u section #fdaa7;a7 ( su* 
,code2  7ii7 be fil$ n lat] ?an ! date t
 is #abj days aft] ! date ( ! enactm5t (
 ?is ,act2 &  7iii7 set =?-- 7,i7 !     
am\nt ( ! cr$it claim$ "u section       
#ch7;e7 ( su* ,code = su* taxable ye>2 &
  7,,ii7 ! am\nt ( ! refund claim$4     
7,b7 ,all[ance ( adju/m5ts ,)9 a p]iod (
 #ij days f ! date on :i* an application
 is fil$ "u subp>agraph 7,a71 !         
,secret>y ( ! ,treasury 7or !           
,secret>y's delegate7 %all-- 7i7 review 
! application2  7ii7 det]m9e ! am\nt ( !
 ov]paym5t2 &  7iii7 apply1 cr$it1 or   
refund su* ov]paym5t1  9 a mann] simil> 
to ! mann] provid$ 9 section #fdaa7;b7 (

 ! ,int]nal ,rev5ue ,code ( #aihf4  7,c7
 ,consolidat$ returns ,! provisions (   
section #fdaa7;c7 ( ! ,int]nal ,rev5ue  
,code ( #aihf %all apply to an adju/m5t 
"u ?is p>agraph to ! same ext5t & mann] 
z ! ,secret>y ( ! ,treasury 7or !       
,secret>y's delegate7 may provide4  7#c7
 ,application = adju/m5t ( ov]paym5t (  
e/imat$ income tax ,an application =    
adju/m5t ( ov]paym5t ( e/imat$ income   
tax "u section #fdbe ( ! ,int]nal       
,rev5ue ,code ( #aihf by reason (       
section #ch7;e7 ( su* ,code %all n fail 
to be treat$ z timely fil$ if fil$ n    
lat] ?an ! date :i* is #abj days aft] ! 
date ( ! enactm5t ( ?is ,act4  7f7      
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s end+ 
aft] ,decemb] #ca1 #bjah4