,,ii  #aai? ,,congress  #a/ ,session    
,s4 #fhd  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,febru>y #bd1          
#bjbe,mrs4 ,blackburn 7= h]self & ,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
 ext5d ! p]iod ( "t = mak+ ,s           
corporation elections1 & = o!r purposes4
  #a4 ,%ort title ,?is ,act may be cit$ 
z ! ,tax ,adm9i/ration ,simplification  
,act4  #b4 ,ext5sion ( "t = mak+ ,s     
corporation elections  7a7 ,9 g5]al     
7#a7 ,:5 election made ,section         
#acfb7;b77#a7 ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$ to read z foll[s3     
7#a7 ,9 g5]al ,an election "u subsection
 7a7 may be made by a small bus9ess     
corporation = any taxable ye> n lat] ?an
 ! due date = fil+ ! return ( ! ,s      
corporation = su* taxable ye> 7includ+  
ext5sions74  4  7#b7 ,con=m+ am5dm5ts   
7,a7 ,section #acfb7;b77#b7 ( su* ,code 
is am5d$-- 7i7 by /rik+ dur+ su* ye> &  

on or be=e ! #ae? day ( ! #c;d mon? (   
su* ye> 9 subp>agraph 7,a7 & ins]t+ )9 !
 p]iod describ$ 9 p>agraph 7#a71 &  7ii7
 by /rik+ made dur+ ! fir/ #b  mon?s 9 !
 head+ !re(4  7,b7 ,section #acfb7;b7 ( 
su* ,code is am5d$ by /rik+ p>agraphs   
7#c7 & 7#d7 & by r$esignat+ p>agraph    
7#e7 z p>agraph 7#c74  7,c7 ,section    
#acfb7;b77#c7 ( su* ,code1 z r$esignat$ 
by subp>agraph 7,b71 is am5d$-- 7i7 by  
/rik+ 7det]m9$ )\t reg>d to p>agraph    
7#c77 9 subp>agraph 7,a71 &  7ii7 by    
/rik+ 7& p>agraph 7#c7 %all n apply74   
7,d7 ,section #acfb7;b7 ( su* ,code1 z  
am5d$ by ! prec$+ provisions ( ?is      
subsection1 is am5d$ by add+ at ! end ! 
foll[+ new p>agraphs3  7#d7 ,election on
 timely fil$ returns ,except z o!rwise  
provid$ by ! ,secret>y1 an election "u  
subsection 7a7 = any taxable ye> may be 
made on a timely fil$ return ( ! ,s     
corporation = su* taxable ye>4  7#e7    
,secret>ial au?ority ,! ,secret>y may   
prescribe su* regulations1 rules1 or o!r
 guidance necess>y to implem5t ?is      

subsection1 includ+ =ms or o!r guidance 
= mak+ ! election 9 ! mann] describ$ by 
?is subsection4  4  7b7 ,coord9ation )  
c]ta9 o!r provisions  7#a7 ,qualifi$    
sub*apt] ,s subsidi>ies ,section        
#acfa7;b77#c77;,b7 ( ! ,int]nal ,rev5ue 
,code ( #aihf is am5d$ by add+ at ! end 
! foll[+ flu% s5t5ce3 ,rules simil> to !
 rules ( section #acfb7;b7 %all apply ) 
respect to any election "u clause 7ii74 
4  7#b7 ,qualifi$ sub*apt] ,s tru/s     
,section #acfa7;d77#b7 ( su* ,code is   
am5d$ by /rik+ subp>agraph 7,d74  7c7   
,revocations ,section #acfb7;d77#a7 ( ! 
,int]nal ,rev5ue ,code ( #aihf is       
am5d$-- 7#a7 by /rik+ subp>agraph 7,d7 9
 subp>agraph 7,c7 & ins]t+ subp>agraphs 
7,d7 & 7,e71 &  7#b7 by add+ at ! end ! 
foll[+ new subp>agraph3  7,e7 ,au?ority 
to treat late revocations z timely ,if--
 7i7 a revocation "u subp>agraph 7,a7 is
 made = any taxable ye> aft] ! date     
prescrib$ by ?is p>agraph = mak+ su*    
revocation = su* taxable ye> or no su*  
revocation is made = any taxable ye>1 & 

7ii7 ! ,secret>y det]m9es t !re 0       
reasonable cause = ! failure to timely  
make su* revocation1  ! ,secret>y may   
treat su* a revocation z timely made =  
su* taxable ye>4  4  7d7 ,effective date
  7#a7 ,9 g5]al ,except z o!rwise       
provid$ 9 ?is subsection1 ! am5dm5ts    
made by ?is section %all apply to       
elections = taxable ye>s beg9n+ aft] !  
la/ day ( ! cal5d> ye> :i* includes !   
date ( ! enactm5t ( ?is ,act4  7#b7     
,revocations ,! am5dm5ts made by        
subsection 7c7 %all apply to revocations
 made aft] ! date ( ! enactm5t ( ?is    
,act4  #c4 ,qu>t]ly in/allm5ts = e/imat$
 income tax paym5ts by individuals  7a7 
,9 g5]al ,! table conta9$ 9 section     
#ffed7;c77#b7 ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$-- 7#a7 by /rik+ ,june 
#ae & ins]t+ ,july #ae1 &  7#b7 by /rik+
 ,septemb] #ae & ins]t+ ,octob] #ae4    
7b7 ,effective date ,! am5dm5ts made by 
?is section %all apply to in/allm5ts due
 9 taxable ye>s beg9n+ aft] ! date ( !  
enactm5t ( ?is ,act4  #d4 ,ext5sion (   

mailbox rule to electronic submissions &
 paym5ts  7a7 ,9 g5]al ,section         
#gejb7;c7 ( ! ,int]nal ,rev5ue ,code (  
#aihf is am5d$-- 7#a7 9 ! head+1 by     
ins]t+ & paym5t aft] fil+1  7#b7 9      
p>agraph 7#b7-- 7,a7 9 ! head+1 by /rik+
 2 electronic fil+1 &  7,b7 by /rik+ &  
electronic fil+1 &  7#c7 by add+ at !   
end ! foll[+3  7#c7 ,electronic fil+ &  
paym5t  7,a7 ,9 g5]al ,9 ! case ( any   
docum5t :i* ! ,secret>y has p]mitt$ to  
be fil$ by electronic means 7or1 9 !    
case ( any paym5t1 :i* ! ,secret>y has  
p]mitt$ to be made by electronic means71
 if su* docum5t or paym5t is-- 7i7      
transmitt$ by ! p]mitt$ electronic means
 to ! ag5cy1 (fic]1 or (fice to :i* !   
docum5t 0 requir$ to be fil$ 7or paym5t 
0 requir$ to be made7 on or be=e !      
prescrib$ date 7or )9 ! p]iod requir$7 )
 respect to su* docum5t or paym5t1 &    
7ii7 receiv$ 7or1 9 ! case ( a paym5t1  
receiv$ & acc\nt$ =7 aft] ! prescrib$   
date or p]iod requir$ ) respect to su*  
docum5t or paym5t1  ! date t su* docum5t

 or paym5t 0 transmitt$ 7z describ$ 9   
clause 7i77 %all be deem$ to be ! date t
 su* docum5t 0 fil$ or su* paym5t 0     
made4  7,b7 ,regulations ,n lat] ?an !  
date :i* is #a ye> aft] ! date (        
enactm5t ( ! ,tax ,adm9i/ration         
,simplification ,act1 ! ,secret>y %all  
issue su* regulations or o!r guidance z 
! ,secret>y det]m9es necess>y to c>ry   
out ! purposes ( ?is p>agraph4  4  7b7  
,effective date ,! am5dm5ts made by     
subsection 7a7 %all apply to any docum5t
 or paym5t s5t on or aft] ! date :i* is 
#a ye> aft] ! date ( enactm5t ( ?is     
,act4