,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #dcdd  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #bh1 #bjbj,mr4   
,te/] 7= himself & ,mr4 ,c>p]7 introduc$
 ! foll[+ bill2 :i* 0 read twice &      
ref]r$ to ! ,committee on ,f9ance  ,a   
,,bill  ,to provide a tax cr$it to live 
ev5t v5ues t provid$ refunds on tickets 
= ev5ts t 7 cancell$ due to !           
coronavirus p&emic4  #a4 ,%ort title    
,?is ,act may be cit$ z ! ,ent]ta9m5ts  
,new ,cr$it ,opportunity = ,relief &    
,economic ,su/a9ability ,act or !       
,,encores ,act4  #b4 ,e/abli%m5t ( tax  
cr$it = ticket refunds issu$ by live    
ev5t v5ues  7a7 ,9 g5]al ,subject to    
subsections 7b7 & 7c71 = purposes (     
section #ch ( ! ,int]nal ,rev5ue ,code (
 #aihf1 9 ! case ( an eligible entity1 !
 live ev5t refund cr$it %all be treat$ z
 a cr$it li/$ at ! end ( subsection 7b7 
( su* section4 ,= purposes ( ?is        
subsection1 ! live ev5t refund cr$it    
%all be an am\nt equal to #ej p]c5t (   
any qualifi$ ticket refund made by !    

eligible entity dur+ ! p]iod-- 7#a7     
beg9n+ on ,janu>y #ca1 #bjbj1 &  7#b7   
end+ on ! date ( enactm5t ( ?is ,act4   
7b7 ,limit$ c>ryback ( cr$it ,9 ! case (
 ! live ev5t refund cr$it all[$ "u      
subsection 7a7-- 7#a7 at ! election ( ! 
eligible entity-- 7,a7 su* cr$it %all n 
be appli$ to ! taxable ye> 9 :i* !      
qualifi$ ticket refunds 7 made by su*   
taxpay] & ! am\nt ( ! cr$it ) respect to
 su* refunds %all be r$uc$ to z]o = su* 
taxable ye>1 &  7,b7 ! am\nt ( su* cr$it
 %all be a live ev5t refund cr$it       
c>ryback to ei!r ( ! #b taxable ye>s    
prec$+ su* taxable ye>1 &  7#b7 section 
#ci ( ! ,int]nal ,rev5ue ,code ( #aihf  
%all n apply ) respect to su* cr$it4    
7c7 ,cr$it made available to tax exempt 
entities  7#a7 ,9 g5]al ,9 ! case ( an  
eligible entity :i* is an organization  
describ$ 9 section #eja7;c7 ( ! ,int]nal
 ,rev5ue ,code ( #aihf :i* is exempt f  
taxation "u section #eja7;a7 ( su*      
,code1 !re %all be treat$ z a cr$it     
all[able "u subp>t ,c ( "p ,,iv (       

sub*apt] ,a ( *apt] #a ( su* ,code 7& n 
all[able "u subp>t ,d ( su* "p7 ! less] 
(-- 7,a7 ! am\nt ( ! cr$it det]m9$ "u   
subsection 7a7 ) respect to su* entity1 
or  7,b7 ! am\nt ( ! payroll taxes 7z   
def9$ 9 section #de,r7f77#c7 ( su*      
,code7 ( su* entity dur+ ! cal5d> ye> 9 
:i* ! taxable ye> beg9s1 z det]m9$ )\t  
reg>d to any cr$it aga9/ su* taxes4     
7#b7 ,limit$ c>ryback ,rules simil> to  
subsection 7b77#a7 %all apply = purposes
 ( ?is subsection4  7d7 ,def9itions ,=  
purposes ( ?is section-- 7#a7 ,eligible 
entity  7,a7 ,9 g5]al ,! t]m eligible   
entity means a p]son engag$ 9 a trade or
 bus9ess :i*-- 7i7 includes-- 7,i7      
organiz+1 promot+1 produc+1 or manag+   
live ev5ts1 &  7,,ii7 ! sale to memb]s (
 ! g5]al public 7directly or ?r\gh a    
?ird p>ty7 ( tickets to att5d su* ev5ts1
 &  7ii7 = ! prec$+ taxable ye>1 _h an  
av]age numb] ( full-"t equival5t        
employees 7z def9$ 9 section            
#de,r7d77#b7 ( ! ,int]nal ,rev5ue ,code 
( #aihf7 :i* is equal to or less ?an    

#ejj4  7,b7 ,aggregation rule ,all      
p]sons treat$ z a s+le employ] "u       
subsection 7b71 7c71 7m71 or 7o7 (      
section #dad ( ! ,int]nal ,rev5ue ,code 
( #aihf %all be treat$ z a s+le taxpay] 
= purposes ( subp>agraph 7,a74  7,c7    
,exclusion ,! t]m eligible entity %all n
 include any p]son engag$ 9 pr(essional 
football1 basketball1 baseball1 or o!r  
pr(essional sport4  7#b7 ,live ev5t ,!  
t]m live ev5t means any live conc]t1    
com$y %[1 sport+ ev5t1 or !atrical      
production = :i* tickets 7 made         
available to memb]s ( ! g5]al public by 
! eligible entity n less ?an #f weeks   
prior to su* conc]t1 %[1 ev5t1 or       
production4  7#c7 ,qualifi$ ticket      
refund ,! t]m qualifi$ ticket refund    
means any refund paid by ! eligible     
entity to an individual :o pur*as$ a    
ticket :i* entitl$ su* individual to    
att5d a live ev5t :i* 0 cancell$ or     
po/pon$ due to ! virus ,,s>s-,co,v-#b or
 coronavirus disease #bjai              
7,,covid-#ai71 provid$ t-- 7,a7 !       

eligible entity made a good fai? ef=t to
 (f] su* individual ! option to receive 
a v\*] or disc\nt = any live ev5t at a  
lat] date 9 an am\nt :i* 0 equal to or  
great] ?an ! price paid by su*          
individual = su* ticket1 &  7,b7 su*    
individual elect$ to receive a refund4  
7#d7 ,o!r t]ms ,except z o!rwise provid$
 "u ?is subsection1 any t]m us$ 9 ?is   
section :i* is also us$ 9 *apt] #a ( !  
,int]nal ,rev5ue ,code ( #aihf %all h ! 
mean+ giv5 su* t]m "u su* *apt]4  7e7   
,d5ial ( d\ble b5efit ,no d$uction %all 
be all[$ "u any provision ( *apt] #a ( !
 ,int]nal ,rev5ue ,code ( #aihf )       
respect to any am\nt tak5 9 acc\nt 9    
det]m9+ ! cr$it all[$ to a taxpay] "u   
?is section4  7f7 ,regulations &        
guidance ,! ,secret>y ( ! ,treasury 7or 
! ,secret>y's delegate7 may prescribe   
su* regulations & o!r guidance z may be 
appropriate or necess>y to c>ry out !   
purposes ( ?is section4