,,ii  #aag? ,,congress  #a/ ,session    
,s4 #aagh  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,april #ae1 #bjba,ms4  
,duckwor? 7= h]self1 ,mr4 ,moran1 ,mr4  
,durb91 ,ms4 ,baldw91 ,mr4 ,blum5?al1   
,mrs4 ,fe9/e91 & ,ms4 ,ros57 introduc$ !
 foll[+ bill2 :i* 0 read twice & ref]r$ 
to ! ,committee on ,f9ance  ,a ,,bill   
,to am5d ! ,int]nal ,rev5ue ,code (     
#aihf to all[ = a cr$it aga9/ tax =     
employ]s ( res]vi/s4  #a4 ,%ort title   
,?is ,act may be cit$ z ! ,res]ve       
,employ]s ,compreh5sive ,relief & ,uni=m
 ,inc5tives on ,taxes ,act ( #bjba or z 
! ,,recruit ,act ( #bjba4  #b4 ,res]vi/ 
employm5t cr$it  7a7 ,all[ance ( cr$it  
,subp>t ,d ( "p ,,iv ( sub*apt] ,a (    
*apt] #a ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by add+ at ! end ! foll[+
 new section3  #de,u4 ,res]vi/ employm5t
 cr$it  7a7 ,e/abli%m5t ( cr$it ,=      
purposes ( section #ch1 9 ! case ( an   
eligible employ]1 ! res]vi/ employm5t   
cr$it = any taxable ye> is an am\nt     
equal to #dj p]c5t ( ! wages paid or    

incurr$ to qualifi$ res]vi/s by su*     
employ] dur+ su* taxable ye>4  7b7      
,limitation  7#a7 ,9 g5]al ,! res]vi/   
employm5t cr$it det]m9$ "u subsection   
7a71 ) respect to any qualifi$ res]vi/ =
 any taxable ye>1 %all n exce$ ! res]vi/
 cr$it am\nt4  7#b7 ,res]vi/ cr$it am\nt
 ,= purposes ( ?is section1 ! t]m       
res]vi/ cr$it am\nt means1 ) respect to 
a qualifi$ res]vi/ = a taxable ye>1 an  
am\nt equal to ! sum (-- 7,a7 #a1jjj1   
plus  7,b7 9 ! case ( a qualifi$        
res]vi/-- 7i7 ) #cj or m days1 & few]   
?an #ij days1 ( s]vice 9 ! uni=m$       
s]vices dur+ su* ye>1 #c1jjj1  7ii7 )   
#ij or m days1 & few] ?an #ahj days1 (  
s]vice 9 ! uni=m$ s]vices dur+ su* ye>1 
#e1jjj1 &  7iii7 ) #ahj or m days (     
s]vice 9 ! uni=m$ s]vices dur+ su* ye>1 
#aj1jjj4  7#c7 ,days ( s]vice ,=        
purposes ( p>agraph 7#b71 any day (     
s]vice-- 7,a7 %all n be tak5 into acc\nt
 if su* day con/itutes regul>ly s*$ul$  
unit tra9+ or annual tra9+1 &  7,b7 %all
 only be tak5 into acc\nt ) respect to a

 qualifi$ res]vi/ employ$ by an eligible
 employ] to ! ext5t su* days are dur+ a 
p]iod ( employm5t ( su* res]vi/ by su*  
employ]4  7#d7 ,qualifi$ res]vi/ ,! t]m 
qualifi$ res]vi/ means1 ) respect to a  
taxable ye>1 an individual :o is1 at any
 "t dur+ su* taxable ye>1 a memb] ( !   
,national ,gu>d or a res]ve compon5t ( !
 ,arm$ ,=ces1 z nam$ 9 section #ajaja ( 
title #aj1 ,unit$ ,/ates ,code 7except =
 a memb] ( ! ,individual ,ready         
,res]ve74  7#e7 ,o!r def9itions ,! t]m  
res]ve compon5t has ! mean+s giv5 su*   
t]m 9 section #aja ( title #aj1 ,unit$  
,/ates ,code4 ,! t]m ,national ,gu>d has
 ! mean+ giv5 su* t]m 9 section #aja7c7 
( title #cb1 ,unit$ ,/ates ,code4 ,! t]m
 s]vice 9 ! uni=m$ s]vices has ! mean+  
giv5 su* t]m 9 section #dcjc ( title    
#ch1 ,unit$ ,/ates ,code4  7c7 ,eligible
 employ] ,= purposes ( ?is section1 !   
t]m eligible employ] means any employ]  
:i* has an av]age ( less ?an #ejj       
employees employ$ on bus9ess days dur+ !
 taxable ye>4  7d7 ,aggregation rule    

,all p]sons treat$ z a s+le employ] "u  
subsection 7b71 7c71 7m71 or 7o7 (      
section #dad %all be treat$ z #a employ]
 = purposes ( ?is section4  7e7         
,election ,to h cr$it n apply  7#a7 ,9  
g5]al ,a taxpay] may elect to h ?is     
section n apply = any taxable ye>4  7#b7
 ,o!r rules ,rules simil> to ! rules (  
p>agraphs 7#b7 & 7#c7 ( section #ea7;j7 
%all apply = purposes ( ?is subsection4 
7f7 ,election ,to treat cr$it z payroll 
tax cr$it  7#a7 ,9 g5]al ,at ! election 
( an eligible employ] = any taxable ye>1
 section #caaa7;g7 %all apply to !      
payroll tax cr$it portion ( ! cr$it     
o!rwise det]m9$ "u subsection 7a7 = !   
taxable ye> & su* portion %all n be     
treat$ 7o!r ?an = purposes ( section    
#bhj;,c7 z a cr$it det]m9$ "u subsection
 7a74  7#b7 ,payroll tax cr$it portion  
,= purposes ( ?is subsection1 ! t]m     
payroll tax cr$it portion means ! less] 
(-- 7,a7 ! am\nt specifi$ 9 ! election  
made "u ?is subsection1 or  7,b7 ! am\nt
 ( ! cr$it o!rwise det]m9$ "u subsection

 7a7 = ! taxable ye>4  7#c7 ,election   
,any election "u ?is subsection = any   
taxable ye>-- 7,a7 %all specify ! am\nt 
( ! cr$it to :i* su* election applies1  
7,b7 %all be made on or be=e ! due date 
7includ+ ext5sions7 (-- 7i7 9 ! case (  
an eligible employ] :i* is a p>tn]%ip1 !
 return requir$ to be fil$ "u section   
#fjca1  7ii7 9 ! case ( an eligible     
employ] :i* is an ,s corporation1 !     
return requir$ to be fil$ "u section    
#fjcg1 &  7iii7 9 ! case ( any o!r      
eligible employ]1 ! return ( tax = !    
taxable ye>1 &  7,c7 may be revok$ only 
) ! cons5t ( ! ,secret>y4  4  7b7 ,cr$it
 "p ( g5]al bus9ess cr$it ,section      
#ch7;b7 ( ! ,int]nal ,rev5ue ,code (    
#aihf is am5d$ by /rik+ plus at ! end ( 
p>agraph 7#cb71 by /rik+ ! p]iod at !   
end ( p>agraph 7#cc7 & ins]t+ 1 plus1 & 
by add+ at ! end ! foll[+ new p>agraph3 
7#cd7 9 ! case ( an eligible employ] 7z 
def9$ 9 section #de,u7c771 ! res]vi/    
employm5t cr$it det]m9$ "u section      
#de,u7a74  4  7c7 ,cr$it all[$ aga9/    

,,amt ,subp>agraph 7,b7 ( section       
#ch7;c77#d7 ( ! ,int]nal ,rev5ue ,code (
 #aihf is am5d$ by r$esignat+ clauses   
7x7 ?r\gh 7xii7 z clauses 7xi7 ?r\gh    
7xiii71 respectively1 & by ins]t+ aft]  
clause 7ix7 ! foll[+ new clause3  7x7 ! 
cr$it det]m9$ "u section #de,u1  4  7d7 
,payroll tax cr$it ,section #caaa ( !   
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new           
subsection3  7g7 ,res]vi/ employm5t     
cr$it  7#a7 ,9 g5]al ,9 ! case ( a      
taxpay] :i* has made an election "u     
section #de,u7f7 = a taxable ye>1 !re   
%all be all[$ z a cr$it aga9/ ! tax     
impos$ by subsection 7a7 = ! fir/ cal5d>
 qu>t] :i* beg9s aft] ! date on :i* !   
taxpay] files ! return specifi$ 9       
section #de,u7f77#c77;,b7 an am\nt equal
 to ! payroll tax cr$it portion det]m9$ 
"u section #de,u7f77#b74  7#b7          
,limitation  7,a7 ,9 g5]al ,! cr$it     
all[$ by p>agraph 7#a7 %all n exce$ !   
tax impos$ by subsection 7a7 = any      
cal5d> qu>t] on ! wages paid ) respect  

to ! employm5t ( all individuals 9 !    
employ ( ! employ]4 ,! limitation impos$
 by ! prec$+ s5t5ce %all be appli$ to   
appropriately take into acc\nt any o!r  
cr$its all[$ aga9/ su* tax 9 su* mann] z
 ! ,secret>y may provide4  7,b7         
,tempor>y refundability ,9 ! case ( any 
cr$it all[$ by p>agraph 7#a7 ) respect  
to a payroll tax cr$it portion det]m9$ =
 a taxable ye> beg9n+ 9 #bjba or #bjbb1 
if ! am\nt ( su* cr$it exce$s !         
limitation ( subp>agraph 7,a7 = ! cal5d>
 qu>t]1 su* excess %all be treat$ z an  
ov]paym5t t %all be refund$ "u sections 
#fdjb7;a7 & #fdac7;b7 ( su* ,code4 ,=   
purposes ( section #acbd ( title #ca1   
,unit$ ,/ates ,code1 any am\nts due to  
an employ] "u ?is subp>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  7,c7 ,c>ryov] ,9
 ! case ( any cr$it all[$ by p>agraph   
7#a7 ) respect to a payroll tax cr$it   
portion det]m9$ = a taxable ye> beg9n+  
aft] #bjbb1 if ! am\nt ( su* cr$it      

exce$s ! limitation ( subp>agraph 7,a7 =
 any cal5d> qu>t]1 su* excess %all be   
c>ri$ to ! succe$+ cal5d> qu>t] & all[$ 
z a cr$it "u p>agraph 7#a7 = su* qu>t]4 
7#c7 ,d$uction all[$ = cr$it$ am\nts ,! 
cr$it all[$ "u p>agraph 7#a7 %all n be  
tak5 into acc\nt = purposes ( det]m9+ ! 
am\nt ( any d$uction all[$ "u *apt] #a =
 taxes impos$ "u subsection 7a74  4  7e7
 ,con=m+ am5dm5ts  7#a7 ,d5ial ( d\ble  
b5efit ,section #bhj;,c7a7 ( ! ,int]nal 
,rev5ue ,code ( #aihf is am5d$ by ins]t+
 #de,u7a71 aft] #de,s7a714  7#b7        
,election ,to h cr$it n apply ,section  
#feja7m7 ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by ins]t+ #de,u7d71 aft] 
#de;,h7g714  7#c7 ,cl]ical am5dm5t ,!   
table ( sections = subp>t ,d ( "p ,,iv (
 sub*apt] ,a ( *apt] #a ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new item3  ,sec4      
#de,u4 ,res]vi/ employm5t cr$it4  4  7f7
 ,effective date ,! am5dm5ts made by ?is
 section %all apply to wages paid 9     
taxable ye>s beg9n+ aft] ,decemb] #ca1  

#bjbj4