Us Congress 2023-2024 Regular Session

Us Congress House Bill HB313 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	I
2	2	118THCONGRESS
3	3	1
4	4	STSESSION H. R. 313
5	5	To amend the Internal Revenue Code of 1986 to provide emergency savings
6	6	accounts for small businesses.
7	7	IN THE HOUSE OF REPRESENTATIVES
8	8	JANUARY12, 2023
9	9	Mr. C
10	10	LOUDintroduced the following bill; which was referred to the Committee
11	11	on Ways and Means
12	12	A BILL
13	13	To amend the Internal Revenue Code of 1986 to provide
14	14	emergency savings accounts for small businesses.
15	15	Be it enacted by the Senate and House of Representa-1
16	16	tives of the United States of America in Congress assembled, 2
17	17	SECTION 1. SHORT TITLE. 3
18	18	This Act may be cited as the ‘‘Small Business Emer-4
19	19	gency Savings Accounts Act of 2023’’. 5
20	20	SEC. 2. DEDUCTION FOR CONTRIBUTIONS TO SMALL BUSI-6
21	21	NESS EMERGENCY SAVINGS ACCOUNTS. 7
22	22	(a) I
23	23	NGENERAL.—Part VI of subchapter B of chap-8
24	24	ter 1 of the Internal Revenue Code of 1986 (relating to 9
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27	27	•HR 313 IH
28	28	itemized deductions for individuals and corporations) is 1
29	29	amended by adding at the end the following new section: 2
30	30	‘‘SEC. 200. SMALL BUSINESS EMERGENCY SAVINGS AC-3
31	31	COUNTS. 4
32	32	‘‘(a) D
33	33	EDUCTIONALLOWED.—In the case of a eligi-5
34	34	ble business, there shall be allowed as a deduction for the 6
35	35	taxable year an amount equal to the aggregate amount 7
36	36	paid during such taxable year by such business to a small 8
37	37	business emergency savings account of such business. 9
38	38	‘‘(b) L
39	39	IMITATION.—The amount allowed as a deduc-10
40	40	tion under subsection (a) to any business for any taxable 11
41	41	year shall not exceed the lesser of— 12
42	42	‘‘(1) 25 percent of the wages (as defined in sec-13
43	43	tion 3121(a)) paid by the eligible business during 14
44	44	such taxable year, or 15
45	45	‘‘(2) the greater of— 16
46	46	‘‘(A) zero, or 17
47	47	‘‘(B) the maximum amount which when 18
48	48	added to the balance of such account (as deter-19
49	49	mined at the end of such taxable year but with-20
50	50	out regard to contributions made during such 21
51	51	taxable year) would not result in such balance 22
52	52	(as so determined) to exceed 150 percent of 23
53	53	wages (as defined in section 3121(a)) paid by 24
54	54	the eligible business during such taxable year. 25
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57	57	•HR 313 IH
58	58	‘‘(c) ELIGIBLEBUSINESS.—For purposes of this sec-1
59	59	tion, the term ‘eligible business’ means any person if— 2
60	60	‘‘(1) such person carries on any trade or busi-3
61	61	ness in the United States (other than the trade or 4
62	62	business of being an employee), and 5
63	63	‘‘(2) the average number of full-time employees 6
64	64	(as determined for purposes of determining whether 7
65	65	an employer is an applicable large employer for pur-8
66	66	poses of section 4980H(c)(2)) employed by such em-9
67	67	ployer during the taxable year does not exceed 500. 10
68	68	‘‘(d) S
69	69	MALLBUSINESSEMERGENCYSAVINGSAC-11
70	70	COUNT.—For purposes of this section— 12
71	71	‘‘(1) I
72	72	N GENERAL.—The term ‘small business 13
73	73	emergency savings account’ means a trust created or 14
74	74	organized in the United States as a small business 15
75	75	emergency savings account exclusively for the pur-16
76	76	pose of paying the qualified disaster and public 17
77	77	health emergency expenses of the account bene-18
78	78	ficiary, but only if the written governing instrument 19
79	79	creating the trust meets the following requirements: 20
80	80	‘‘(A) Except in the case of a rollover con-21
81	81	tribution described in subsection (f)(5), no con-22
82	82	tribution will be accepted unless it is in cash. 23
83	83	‘‘(B) The trustee is a bank (as defined in 24
84	84	section 408(n)), an insurance company (as de-25
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87	87	•HR 313 IH
88	88	fined in section 816), or another person who 1
89	89	demonstrates to the satisfaction of the Sec-2
90	90	retary that the manner in which such person 3
91	91	will administer the trust will be consistent with 4
92	92	the requirements of this section. 5
93	93	‘‘(C) No part of the trust assets will be in-6
94	94	vested in life insurance contracts. 7
95	95	‘‘(D) The assets of the trust will not be 8
96	96	commingled with other property except in a 9
97	97	common trust fund or common investment 10
98	98	fund. 11
99	99	‘‘(E) The interest of account beneficiary in 12
100	100	the balance in the account is nonforfeitable. 13
101	101	‘‘(2) Q
102	102	UALIFIED DISASTER AND PUBLIC 14
103	103	HEALTH EMERGENCY EXPENSES .—The term ‘quali-15
104	104	fied disaster and public health emergency expenses’ 16
105	105	means— 17
106	106	‘‘(A) disaster loss replacement expenses, 18
107	107	‘‘(B) disaster recovery operations expenses, 19
108	108	and 20
109	109	‘‘(C) public health emergency expenses. 21
110	110	‘‘(3) D
111	111	ISASTER LOSS REPLACEMENT EX -22
112	112	PENSES.—The term ‘disaster loss replacement ex-23
113	113	penses’ means any expense paid or incurred in the 24
114	114	ordinary course of a trade or business of the eligible 25
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117	117	•HR 313 IH
118	118	business to replace or repair casualty losses totaling 1
119	119	$3,000 or more resulting from a federally declared 2
120	120	disaster. 3
121	121	‘‘(4) D
122	122	ISASTER RECOVERY OPERATIONS EX -4
123	123	PENSES.—The term ‘disaster recovery operations ex-5
124	124	penses’ means the following amounts if paid or in-6
125	125	curred in the ordinary course of a trade or business 7
126	126	of the eligible business while the declaration with re-8
127	127	spect to a federally declared disaster is in effect: 9
128	128	‘‘(A) Wages (as defined in section 3121(a)) 10
129	129	and taxes imposed under section 3111. 11
130	130	‘‘(B) Unemployment insurance contribu-12
131	131	tions. 13
132	132	‘‘(C) Health care costs. 14
133	133	‘‘(D) Rent, lease, or mortgage costs, in-15
134	134	cluding property taxes. 16
135	135	‘‘(E) Utilities. 17
136	136	‘‘(5) P
137	137	UBLIC HEALTH EMERGENCY EX -18
138	138	PENSES.—The term ‘public health emergency ex-19
139	139	penses’ means amounts described in subparagraphs 20
140	140	(A) through (E) of paragraph (4) if paid or incurred 21
141	141	in the ordinary course of a trade or business of the 22
142	142	eligible business while a public health emergency 23
143	143	declaration is in effect. 24
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146	146	•HR 313 IH
147	147	‘‘(6) FEDERALLY DECLARED DISASTER .—The 1
148	148	term ‘federally declared disaster’ has the meaning 2
149	149	given such term by section 165(i)(5). 3
150	150	‘‘(7) P
151	151	UBLIC HEALTH EMERGENCY DECLARA -4
152	152	TION.—The term ‘public health emergency declara-5
153	153	tion’ means any declaration of a public health emer-6
154	154	gency by the Secretary of Health and Human Serv-7
155	155	ices under section 319 of the Public Health Service 8
156	156	Act (42 U.S.C. 247d). 9
157	157	‘‘(8) A
158	158	CCOUNT BENEFICIARY .—The term ‘ac-10
159	159	count beneficiary’ means the eligible business on 11
160	160	whose behalf the small business emergency savings 12
161	161	account was established. 13
162	162	‘‘(e) T
163	163	REATMENT OFACCOUNT.— 14
164	164	‘‘(1) I
165	165	N GENERAL.—A small business emer-15
166	166	gency savings account is exempt from taxation under 16
167	167	this subtitle unless such account has ceased to be a 17
168	168	small business emergency savings account. Notwith-18
169	169	standing the preceding sentence, any such account is 19
170	170	subject to the taxes imposed by section 511 (relating 20
171	171	to imposition of tax on unrelated business income of 21
172	172	charitable, etc. organizations). 22
173	173	‘‘(2) A
174	174	CCOUNT TERMINATIONS .—Rules similar 23
175	175	to the rules of paragraphs (2) and (4) of section 24
176	176	408(e) shall apply to small business emergency sav-25
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179	179	•HR 313 IH
180	180	ings accounts, and any amount treated as distrib-1
181	181	uted under such rules shall be treated as not used 2
182	182	to pay qualified disaster and public health emer-3
183	183	gency expenses. 4
184	184	‘‘(f) T
185	185	AXTREATMENT OFDISTRIBUTIONS.— 5
186	186	‘‘(1) A
187	187	MOUNTS USED FOR QUALIFIED DISASTER 6
188	188	AND PUBLIC HEALTH EMERGENCY EXPENSES .—Any 7
189	189	amount paid or distributed out of a small business 8
190	190	emergency savings account which is used exclusively 9
191	191	to pay qualified disaster and public health emer-10
192	192	gency expenses of any account beneficiary shall not 11
193	193	be includible in gross income. 12
194	194	‘‘(2) I
195	195	NCLUSION OF AMOUNTS NOT USED FOR 13
196	196	QUALIFIED DISASTER AND PUBLIC HEALTH EMER -14
197	197	GENCY EXPENSES.—Any amount paid or distributed 15
198	198	out of a small business emergency savings account 16
199	199	which is not used exclusively to pay the qualified dis-17
200	200	aster and public health emergency expenses of the 18
201	201	account beneficiary shall be included in the gross in-19
202	202	come of such beneficiary. 20
203	203	‘‘(3) E
204	204	XCESS CONTRIBUTIONS RETURNED BE -21
205	205	FORE DUE DATE OF RETURN .— 22
206	206	‘‘(A) I
207	207	N GENERAL.—If any excess con-23
208	208	tribution is contributed for a taxable year to 24
209	209	any small business emergency savings account 25
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212	212	•HR 313 IH
213	213	of an eligible business, paragraph (2) shall not 1
214	214	apply to distributions from the small business 2
215	215	emergency savings accounts of such eligible 3
216	216	business (to the extent such distributions do not 4
217	217	exceed the aggregate excess contributions to all 5
218	218	such accounts of such eligible business for such 6
219	219	year) if— 7
220	220	‘‘(i) such distribution is received by 8
221	221	the eligible business on or before the last 9
222	222	day prescribed by law (including extensions 10
223	223	of time) for filing such eligible business’s 11
224	224	return for such taxable year, and 12
225	225	‘‘(ii) such distribution is accompanied 13
226	226	by the amount of net income attributable 14
227	227	to such excess contribution. 15
228	228	Any net income described in clause (ii) shall be 16
229	229	included in the gross income of the eligible busi-17
230	230	ness for the taxable year in which it is received. 18
231	231	‘‘(B) E
232	232	XCESS CONTRIBUTION .—For pur-19
233	233	poses of subparagraph (A), the term ‘excess 20
234	234	contribution’ means any contribution (other 21
235	235	than a rollover contribution described in para-22
236	236	graph (5)) which is not deductible under this 23
237	237	section. 24
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240	240	•HR 313 IH
241	241	‘‘(4) ADDITIONAL TAX ON DISTRIBUTIONS NOT 1
242	242	USED FOR QUALIFIED DISASTER AND PUBLIC 2
243	243	HEALTH EMERGENCY EXPENSES .— 3
244	244	‘‘(A) I
245	245	N GENERAL.—The tax imposed by 4
246	246	this chapter on the account beneficiary for any 5
247	247	taxable year in which there is a payment or dis-6
248	248	tribution from a small business emergency sav-7
249	249	ings account of such beneficiary which is includ-8
250	250	ible in gross income under paragraph (2) shall 9
251	251	be increased by 20 percent of the amount which 10
252	252	is so includible. 11
253	253	‘‘(B) E
254	254	XCEPTION FOR DISABILITY OR 12
255	255	DEATH.—If the eligible business is an indi-13
256	256	vidual, subparagraph (A) shall not apply if the 14
257	257	payment or distribution is made after the ac-15
258	258	count beneficiary becomes disabled within the 16
259	259	meaning of section 72(m)(7) or dies. 17
260	260	‘‘(5) R
261	261	OLLOVER CONTRIBUTION .—An amount is 18
262	262	described in this paragraph as a rollover contribu-19
263	263	tion if it meets the requirements of subparagraphs 20
264	264	(A) and (B). 21
265	265	‘‘(A) I
266	266	N GENERAL.—Paragraph (2) shall 22
267	267	not apply to any amount paid or distributed 23
268	268	from a small business emergency savings ac-24
269	269	count to the account beneficiary to the extent 25
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272	272	•HR 313 IH
273	273	the amount received is paid into a small busi-1
274	274	ness emergency savings account for the benefit 2
275	275	of such beneficiary not later than the 60th day 3
276	276	after the day on which the beneficiary receives 4
277	277	the payment or distribution. 5
278	278	‘‘(B) L
279	279	IMITATION.—This paragraph shall 6
280	280	not apply to any amount described in subpara-7
281	281	graph (A) received by an eligible business from 8
282	282	a small business emergency savings account if, 9
283	283	at any time during the 1-year period ending on 10
284	284	the day of such receipt, such eligible business 11
285	285	received any other amount described in sub-12
286	286	paragraph (A) from a small business emergency 13
287	287	savings account which was not includible in the 14
288	288	small business’s gross income because of the 15
289	289	application of this paragraph. 16
290	290	‘‘(g) C
291	291	OST-OF-LIVINGADJUSTMENT.— 17
292	292	‘‘(1) I
293	293	N GENERAL.—In the case of any taxable 18
294	294	year beginning in a calendar year after 2023, the 19
295	295	$3,000 amount in subsection (d)(3) shall be in-20
296	296	creased by an amount equal to— 21
297	297	‘‘(A) such dollar amount, multiplied by 22
298	298	‘‘(B) the cost-of-living adjustment deter-23
299	299	mined under section 1(f)(3) for the calendar 24
300	300	year in which such taxable year begins deter-25
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303	303	•HR 313 IH
304	304	mined by substituting ‘calendar year 2022’ for 1
305	305	‘calendar year 2016’ in subparagraph (A)(ii) 2
306	306	thereof. 3
307	307	‘‘(2) R
308	308	OUNDING.—If any increase under para-4
309	309	graph (1) is not a multiple of $50, such increase 5
310	310	shall be rounded to the nearest multiple of $50. 6
311	311	‘‘(h) S
312	312	PECIALRULES.— 7
313	313	‘‘(1) D
314	314	ENIAL OF DEDUCTION TO DEPEND -8
315	315	ENTS.—No deduction shall be allowed under this 9
316	316	section to any individual with respect to whom a de-10
317	317	duction under section 151 is allowable to another 11
318	318	taxpayer for a taxable year beginning in the cal-12
319	319	endar year in which such individual’s taxable year 13
320	320	begins. 14
321	321	‘‘(2) T
322	322	AXABLE YEAR MUST BE FULL TAXABLE 15
323	323	YEAR.—Except in the case of a taxable year closed 16
324	324	by reason of the death of an individual who is an eli-17
325	325	gible business, no deduction shall be allowed under 18
326	326	this section in the case of a taxable year covering a 19
327	327	period of less than 12 months. 20
328	328	‘‘(3) C
329	329	ERTAIN RULES TO APPLY .—Rules similar 21
330	330	to the following rules shall apply for purposes of this 22
331	331	section: 23
332	332	‘‘(A) Section 219(d)(2) (relating to no de-24
333	333	duction for rollovers). 25
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336	336	•HR 313 IH
337	337	‘‘(B) Section 219(f)(3) (relating to time 1
338	338	when contributions deemed made). 2
339	339	‘‘(C) Section 219(f)(5) (relating to em-3
340	340	ployer payments). 4
341	341	‘‘(D) Section 408(g) (relating to commu-5
342	342	nity property laws). 6
343	343	‘‘(E) Section 408(h) (relating to custodial 7
344	344	accounts). 8
345	345	‘‘(F) Section 223(f)(7) (relating to transfer 9
346	346	of account incident to divorce). 10
347	347	‘‘(G) Section 223(f)(8) (relating to treat-11
348	348	ment after death of account beneficiary). 12
349	349	‘‘(4) D
350	350	ENIAL OF DOUBLE BENEFIT .—No deduc-13
351	351	tion shall be allowed under this chapter for any 14
352	352	qualified disaster and public health emergency ex-15
353	353	penses with respect to which any payment or dis-16
354	354	tribution is excluded from gross income under sub-17
355	355	section (f)(1). 18
356	356	‘‘(i) R
357	357	EPORTS.—The Secretary may require the trust-19
358	358	ee of a small business emergency savings account to make 20
359	359	such reports regarding such account to the Secretary and 21
360	360	to the account beneficiary with respect to contributions, 22
361	361	distributions, the return of excess contributions, and such 23
362	362	other matters as the Secretary determines appropriate.’’. 24
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365	365	•HR 313 IH
366	366	(b) DEDUCTIONALLOWEDWHETHER ORNOTINDI-1
367	367	VIDUALITEMIZESOTHERDEDUCTIONS.—Section 62(a) 2
368	368	of such Code is amended by inserting after paragraph (21) 3
369	369	the following new paragraph: 4
370	370	‘‘(22) S
371	371	MALL BUSINESS EMERGENCY SAVINGS 5
372	372	ACCOUNTS.—In the case of an individual who is an 6
373	373	eligible business, the deduction allowed by section 7
374	374	200.’’. 8
375	375	(c) T
376	376	AX ONEXCESSCONTRIBUTIONS.—Section 4973 9
377	377	of such Code (relating to tax on excess contributions to 10
378	378	certain tax-favored accounts and annuities) is amended— 11
379	379	(1) by striking ‘‘or’’ at the end of subsection 12
380	380	(a)(5), by inserting ‘‘or’’ at the end of subsection 13
381	381	(a)(6), and by inserting after subsection (a)(6) the 14
382	382	following new paragraph: 15
383	383	‘‘(7) a small business emergency savings ac-16
384	384	count (within the meaning of section 220(d)),’’; and 17
385	385	(2) by adding at the end the following new sub-18
386	386	section: 19
387	387	‘‘(i) E
388	388	XCESSCONTRIBUTIONS TO SMALLBUSINESS 20
389	389	E
390	390	MERGENCYSAVINGSACCOUNTS.—For purposes of this 21
391	391	section, in the case of small business emergency savings 22
392	392	accounts (within the meaning of section 220(d)), the term 23
393	393	‘excess contributions’ means the sum of— 24
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396	396	•HR 313 IH
397	397	‘‘(1) the aggregate amount contributed for the 1
398	398	taxable year to the accounts (other than a rollover 2
399	399	contribution described in section 220(f)(5)) which is 3
400	400	not allowable as a deduction under section 220 for 4
401	401	such year, and 5
402	402	‘‘(2) the amount determined under this sub-6
403	403	section for the preceding taxable year, reduced by 7
404	404	the sum of— 8
405	405	‘‘(A) the distributions out of the accounts 9
406	406	which were included in gross income under sec-10
407	407	tion 220(f)(2), and 11
408	408	‘‘(B) the excess (if any) of— 12
409	409	‘‘(i) the maximum amount allowable 13
410	410	as a deduction under section 220(b) for 14
411	411	the taxable year, over 15
412	412	‘‘(ii) the amount contributed to the 16
413	413	accounts for the taxable year. 17
414	414	For purposes of this subsection, any contribu-18
415	415	tion which is distributed out of the small busi-19
416	416	ness emergency savings account in a distribu-20
417	417	tion to which section 220(f)(3) applies shall be 21
418	418	treated as an amount not contributed.’’. 22
419	419	(d) F
420	420	AILURETOPROVIDEREPORTS ON SMALL 23
421	421	B
422	422	USINESSEMERGENCY SAVINGSACCOUNTS.—Section 24
423	423	6693(a)(2) of such Code is amended by redesignating sub-25
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426	426	•HR 313 IH
427	427	paragraphs (D), (E), and (F) as subparagraphs (E), (F), 1
428	428	and (G), respectively, and by inserting after subparagraph 2
429	429	(C) the following new subparagraph: 3
430	430	‘‘(D) section 220(i) (relating to small busi-4
431	431	ness emergency savings accounts),’’. 5
432	432	(e) C
433	433	LERICALAMENDMENT.—The table of sections 6
434	434	for part VI of subchapter B of chapter 1 of such Code 7
435	435	is amended by adding at the end the following: 8
436	436	‘‘Sec. 200. Small business emergency savings accounts.’’.
437	437	(f) EFFECTIVEDATE.—The amendments made by 9
438	438	this section shall apply to taxable years beginning after 10
439	439	December 31, 2022. 11
440	440	Æ
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