,,ii  #aah? ,,congress  #b;d ,session   
,s4 #dife  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,augu/ #a1 #bjbd,mr4   
,lank=d 7= himself & ,ms4 ,cortez ,ma/o7
 introduc$ ! foll[+ bill2 :i* 0 read    
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to make ! cr$it = 
small employ] p5sion plan />tup co/s & !
 retirem5t auto-enrollm5t cr$it         
available to tax-exempt eligible small  
employ]s4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,small ,nonpr(it ,retirem5t
 ,security ,act ( #bjbd4  #b4 ,retirem5t
 cr$its made available to tax-exempt    
small employ]s  7a7 ,cr$it = small      
employ] p5sion plan />tup co/s ,section 
#de;,e ( ! ,int]nal ,rev5ue ,code (     
#aihf is am5d$ by add+ at ! end ! foll[+
 new subsection3  7g7 ,cr$it made       
available to tax-,exempt eligible       
employ]s  7#a7 ,9 g5]al ,9 ! case ( a   
tax-exempt eligible employ]1 !re %all be
 treat$ z a cr$it all[$ "u section      
#caaa7;g71 & n z a cr$it det]m9$ "u     

subsection 7a71 an am\nt equal to !     
less] (-- 7,a7 ! am\nt ( ! cr$it det]m9$
 "u ?is section 7)\t reg>d to ?is       
subsection7 ) respect to su* employ]1 or
  7,b7 ! am\nt ( payroll tax paid by !  
employ] dur+ ! cal5d> ye> 9 :i* !       
taxable ye> beg9s4  7#b7 ,def9itions ,= 
purposes ( ?is subsection-- 7,a7        
,tax-exempt eligible employ] ,! t]m     
tax-exempt eligible employ] means an    
eligible employ] :i* is describ$ 9      
section #eja7;c7 & exempt f taxation "u 
section #eja7;a74  7,b7 ,payroll tax    
7i7 ,9 g5]al ,! t]m payroll tax means ! 
tax impos$ by section #caaa7;a74  7ii7  
,special rule ,a rule simil> to ! rule (
 section #bd7;d77#b77;,c7 %all apply =  
purposes ( det]m9+ ! payroll tax paid by
 an employ]4  4  7b7 ,retirem5t         
auto-,enrollm5t cr$it ,section #de,t ( !
 ,int]nal ,rev5ue ,code ( #aihf is am5d$
 by add+ at ! end ! foll[+ new          
subsection3  7d7 ,cr$it made available  
to tax-,exempt eligible employ]s  7#a7  
,9 g5]al ,9 ! case ( a tax-exempt       

eligible employ]1 !re %all be treat$ z a
 cr$it all[$ "u section #caaa7;g71 & n z
 a cr$it det]m9$ "u subsection 7a71 an  
am\nt equal to ! less] ( -- 7,a7 ! am\nt
 ( ! cr$it det]m9$ "u ?is section 7)\t  
reg>d to ?is subsection7 ) respect to   
su* employ]1 or  7,b7 ! am\nt ( payroll 
tax paid by ! employ] dur+ ! cal5d> ye> 
9 :i* ! taxable ye> beg9s4  7#b7        
,def9itions ,= purposes ( ?is           
subsection-- 7,a7 ,tax-exempt eligible  
employ] ,! t]m tax-exempt eligible      
employ] means an eligible employ] :i* is
 describ$ 9 section #eja7;c7 & exempt f 
taxation "u section #eja7;a74  7,b7     
,payroll tax  7i7 ,9 g5]al ,! t]m       
payroll tax means ! tax impos$ by       
section #caaa7;a74  7ii7 ,special rule  
,a rule simil> to ! rule ( section      
#bd7;d77#b77;,c7 %all apply = purposes (
 det]m9+ ! payroll tax paid by an       
employ]4  4  7c7 ,payroll cr$it ,section
 #caaa ( ! ,int]nal ,rev5ue ,code (     
#aihf is am5d$ by add+ at ! end ! foll[+
 new subsection3  7g7 ,cr$it = c]ta9    

plans ( tax-,exempt employ]s  7#a7 ,9   
g5]al ,9 ! case ( a tax-exempt eligible 
employ] to :i* section #de;,e7g7 or     
section #de,t7d7 applies1 !re %all be   
all[$ z a cr$it aga9/ ! tax impos$ by   
subsection 7a7 = cal5d> qu>t]s 9 an     
applicable ye> an am\nt equal to ! am\nt
 det]m9$ "u section #de;,e7g77#a7 or    
section #de,t7d77#a71 :i*ev] is         
applicable4  7#b7 ,limitation ,!        
aggregate am\nt all[$ z a cr$it "u ?is  
subsection = ! cal5d> qu>t]s 9 any ye>  
%all n exce$ ! am\nt ( ! tax impos$ by  
subsection 7a7 on wages paid ) respect  
to ! employm5t ( all employees ( !      
employ] dur+ su* ye>1 det]m9$ by apply+ 
a rule simil> to ! rule ( section       
#bd7;d77#b77;,c74  7#c7 ,def9itions ,=  
purposes ( ?is subsection-- 7,a7        
,tax-exempt eligible employ] ,! t]m     
tax-exempt eligible employ] means an    
eligible employ] :i* is describ$ 9      
section #eja7;c7 & exempt f taxation "u 
section #eja7;a74  7,b7 ,applicable ye> 
,! t]m applicable ye> means ! cal5d> ye>

 ref]r$ to 9 section #de;,e7g77#a77;,b7 
or section #de,t7d77#a77;,b71 :i*ev] is 
applicable4  4  7d7 ,effective date ,!  
am5dm5ts made by ?is section %all apply 
to taxable ye>s beg9n+ aft] ,decemb]    
#ca1 #bjbd4  7e7 ,transf]s ( ,funds to  
,old-,age1 ,survivors1 & ,disability    
,tru/ ,fund ,!re are h]eby appropriat$  
to ! ,f$]al ,old-,age & ,survivors ,tru/
 ,fund & ! ,f$]al ,disability ,insurance
 ,tru/ ,fund e/abli%$ "u section #bja ( 
! ,social ,security ,act 7#db ,u4,s4,c4 
#dja7 am\nts equal to ! r$uction 9      
rev5ues to ! ,treasury by reason ( !    
am5dm5ts made by subsections 7a71 7b71 &
 7c74 ,am\nts appropriat$ by ! prec$+   
s5t5ce %all be transf]r$ f ! g5]al fund 
at su* times & 9 su* mann] z to         
replicate to ! ext5t possible ! transf]s
 :i* w\ld h occurr$ to su* ,tru/ ,fund  
_h su* am5dm5ts n be5 enact$4