,,ii  #aafth ,,congress  #b;d ,session  
,s4 #dcdd  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,july #bh1     
#bjbj,mr4 ,tester 7for himself and ,mr4 
,carper7 introduced the following bill2 
which was read twice and referred to the
 ,committee on ,finance  ,a ,,bill  ,to 
provide a tax credit to live event      
venues that provided refunds on tickets 
for events that were cancelled due to   
the coronavirus pandemic4  #a4 ,short   
title ,this ,act may be cited as the    
,entertainments ,new ,credit            
,opportunity for ,relief and ,economic  
,sustainability ,act or the ,,encores   
,act4  #b4 ,establishment of tax credit 
for ticket refunds issued by live event 
venues  7a7 ,in general ,subject to     
subsections 7b7 and 7c71 for purposes of
 section #ch of the ,internal ,revenue  
,code of #aihf1 in the case of an       
eligible entity1 the live event refund  
credit shall be treated as a credit     
listed at the end of subsection 7b7 of  
such section4 ,for purposes of this     

subsection1 the live event refund credit
 shall be an amount equal to #ej percent
 of any qualified ticket refund made by 
the eligible entity during the period-- 
7#a7 beginning on ,january #ca1 #bjbj1  
and  7#b7 ending on the date of         
enactment of this ,act4  7b7 ,limited   
carryback of credit ,in the case of the 
live event refund credit allowed under  
subsection 7a7-- 7#a7 at the election of
 the eligible entity-- 7,a7 such credit 
shall not be applied to the taxable year
 in which the qualified ticket refunds  
were made by such taxpayer and the      
amount of the credit with respect to    
such refunds shall be reduced to zero   
for such taxable year1 and  7,b7 the    
amount of such credit shall be a live   
event refund credit carryback to either 
of the #b taxable years preceding such  
taxable year1 and  7#b7 section #ci of  
the ,internal ,revenue ,code of #aihf   
shall not apply with respect to such    
credit4  7c7 ,credit made available to  
tax exempt entities  7#a7 ,in general   

,in the case of an eligible entity which
 is an organization described in section
 #eja7;c7 of the ,internal ,revenue     
,code of #aihf which is exempt from     
taxation under section #eja7;a7 of such 
,code1 there shall be treated as a      
credit allowable under subpart ,c of    
part ,,iv of subchapter ,a of chapter #a
 of such ,code 7and not allowable under 
subpart ,d of such part7 the lesser of--
 7,a7 the amount of the credit          
determined under subsection 7a7 with    
respect to such entity1 or  7,b7 the    
amount of the payroll taxes 7as defined 
in section #de,r7f77#c7 of such ,code7  
of such entity during the calendar year 
in which the taxable year begins1 as    
determined without regard to any credit 
against such taxes4  7#b7 ,limited      
carryback ,rules similar to subsection  
7b77#a7 shall apply for purposes of this
 subsection4  7d7 ,definitions ,for     
purposes of this section-- 7#a7         
,eligible entity  7,a7 ,in general ,the 
term eligible entity means a person     

engaged in a trade or business which--  
7i7 includes-- 7,i7 organizing1         
promoting1 producing1 or managing live  
events1 and  7,,ii7 the sale to members 
of the general public 7directly or      
through a third party7 of tickets to    
attend such events1 and  7ii7 for the   
preceding taxable year1 had an average  
number of full-time equivalent employees
 7as defined in section #de,r7d77#b7 of 
the ,internal ,revenue ,code of #aihf7  
which is equal to or less than #ejj4    
7,b7 ,aggregation rule ,all persons     
treated as a single employer under      
subsection 7b71 7c71 7m71 or 7o7 of     
section #dad of the ,internal ,revenue  
,code of #aihf shall be treated as a    
single taxpayer for purposes of         
subparagraph 7,a74  7,c7 ,exclusion ,the
 term eligible entity shall not include 
any person engaged in professional      
football1 basketball1 baseball1 or other
 professional sport4  7#b7 ,live event  
,the term live event means any live     
concert1 comedy show1 sporting event1 or

 theatrical production for which tickets
 were made available to members of the  
general public by the eligible entity   
not less than #f weeks prior to such    
concert1 show1 event1 or production4    
7#c7 ,qualified ticket refund ,the term 
qualified ticket refund means any refund
 paid by the eligible entity to an      
individual who purchased a ticket which 
entitled such individual to attend a    
live event which was cancelled or       
postponed due to the virus              
,,sars-,co,v-#b or coronavirus disease  
#bjai 7,,covid-#ai71 provided that--    
7,a7 the eligible entity made a good    
faith effort to offer such individual   
the option to receive a voucher or      
discount for any live event at a later  
date in an amount which was equal to or 
greater than the price paid by such     
individual for such ticket1 and  7,b7   
such individual elected to receive a    
refund4  7#d7 ,other terms ,except as   
otherwise provided under this           
subsection1 any term used in this       

section which is also used in chapter #a
 of the ,internal ,revenue ,code of     
#aihf shall have the meaning given such 
term under such chapter4  7e7 ,denial of
 double benefit ,no deduction shall be  
allowed under any provision of chapter  
#a of the ,internal ,revenue ,code of   
#aihf with respect to any amount taken  
in account in determining the credit    
allowed to a taxpayer under this        
section4  7f7 ,regulations and guidance 
,the ,secretary of the ,treasury 7or the
 ,secretary's delegate7 may prescribe   
such regulations and other guidance as  
may be appropriate or necessary to carry
 out the purposes of this section4