,,ii #aagth ,,congress #ast ,session ,s4 #eea ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #b 7legislative day1 ,march #a71 #bjba,ms4 ,hassan 7for herself and ,mr4 ,braun7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to expand the ,employee ,retention ,tax ,credit to include certain startup businesses4 #a4 ,short title ,this ,act may be cited as the ,recovery ,startup ,assistance ,act4 #b4 ,expansion of ,employee ,retention ,tax ,credit to include certain startup businesses 7a7 ,in general ,section #bcja of the ,,cares ,act1 as amended by sections #bjf and #bjg of the ,taxpayer ,certainty and ,disaster ,tax ,relief ,act of #bjbj 7,public ,law #aaf-bfj71 is amended-- 7#a7 in subsection 7c7-- 7,a7 in paragraph 7#b77;,a77ii7-- 7i7 in subclause 7,i71 by striking or at the end1 7ii7 in subclause 7,,ii71 by striking the period at the end and inserting 1 or1 and 7iii7 by inserting after subclause 7,,ii7 the following3 7,,iii7 the employer is a recovery startup business 7as defined in paragraph 7#f774 1 7,b7 by redesignating paragraph 7#f7 as paragraph 7#g71 and 7,c7 by inserting after paragraph 7#e7 the following3 7#f7 ,recovery startup business 7,a7 ,in general ,the term recovery startup business means any employer which-- 7i7 began carrying on a trade or business after ,february #ae1 #bjbj1 7ii7 had less than #ej full-time employees 7as defined in section #dihj;,h7c77#d7 of the ,internal ,revenue ,code of #aihf1 except that subparagraph 7,a7 of such section shall be applied by substituting quarter for month7 during the calendar quarter for which the credit is determined under subsection 7a71 7iii7 did not have gross receipts 7as determined under the rules of section #ddh7;c77#c7 of such ,code1 without regard to subparagraph 7,a7 thereof7 in excess of #be1jjj for any taxable year preceding the #e-taxable-year period ending with the taxable year preceding such quarter1 and 7iv7 elected to have this paragraph apply for such quarter4 7,b7 ,phaseout of credit ,in the case of any recovery startup business1 the amount of the credit allowed under subsection 7a7 for any calendar quarter 7as determined without regard to this subparagraph7 shall be reduced 7but not below zero7 by an amount equal to #a percent of the amount of such credit for each #dj1jjj 7or fraction thereof7 by which the gross receipts 7as determined under the rules of section #ddh7;c77#c7 of the ,internal ,revenue ,code of #aihf1 without regard to subparagraph 7,a7 thereof7 of such business for the last taxable year ending before such quarter exceeds #a1jjj1jjj4 7,c7 ,extensions and modifications 7i7 ,limitation on number of employees ,in the case of a recovery startup business1 the amount of qualified wages which may be taken into account under subsection 7a7 by such employer for any calendar quarter shall not exceed #ej1jjj4 7ii7 ,limitation on number of quarters 7,i7 ,in general ,subject to subclause 7,,ii71 in the case of a recovery startup business1 the credit allowed under subsection 7a7 shall only apply to wages paid during any period of #b consecutive calendar quarters 7as elected by such business71 as reduced by the total number of calendar quarters in which the recovery startup business-- 7aa7 claimed the credit under this section1 and 7bb7 did not make an election described in subparagraph 7,a77iv74 7,,ii7 ,exclusion ,the period described in subclause 7,i7 shall not include any calendar quarter which ends before the later of-- 7aa7 the date of enactment of the ,recovery ,startup ,assistance ,act1 or 7bb7 the date on which such business began operations4 7iii7 ,extension ,in the case of a recovery startup business1 subsection 7m7 shall be applied by substituting ,january #a1 #bjbb for ,july #a1 #bjba4 1 7#b7 in subsection 7j77#b71 by adding at the end the following3 7,d7 ,recovery startup business ,without regard to subparagraphs 7,a7 through 7,c71 under rules provided by the ,secretary1 a recovery startup business may elect for any calendar quarter to receive an advance payment of the credit under subsection 7a7 7after application of subsection 7c77#f77 for such quarter4 1 and 7#c7 in subsection 7l7-- 7,a7 in paragraph 7#b71 by striking and at the end1 7,b7 in paragraph 7#c71 by striking the period at the end and inserting 1 and1 and 7,c7 by inserting after paragraph 7#c7 the following3 7#d7 to prevent fraudulent and abusive claims of the credit allowed under subsection 7a7 by recovery startup businesses4 4 7b7 ,effective date ,the amendments made by this section shall apply to calendar quarters beginning after ,december #ca1 #bjbj4