| 1 | 1 | | II |
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| 2 | 2 | | 118THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION S. 28 |
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| 5 | 5 | | To amend the Internal Revenue Code of 1986 to provide a partially refundable |
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| 6 | 6 | | credit against payroll taxes for certain restaurants affected by the |
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| 7 | 7 | | COVID–19 pandemic. |
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| 8 | 8 | | IN THE SENATE OF THE UNITED STATES |
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| 9 | 9 | | JANUARY24 (legislative day, JANUARY3), 2023 |
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| 10 | 10 | | Mr. C |
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| 11 | 11 | | ARDIN(for himself, Mr. BROWN, Mrs. MURRAY, and Mr. MARKEY) in- |
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| 12 | 12 | | troduced the following bill; which was read twice and referred to the Com- |
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| 13 | 13 | | mittee on Finance |
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| 14 | 14 | | A BILL |
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| 15 | 15 | | To amend the Internal Revenue Code of 1986 to provide |
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| 16 | 16 | | a partially refundable credit against payroll taxes for |
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| 17 | 17 | | certain restaurants affected by the COVID–19 pandemic. |
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| 18 | 18 | | Be it enacted by the Senate and House of Representa-1 |
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| 19 | 19 | | tives of the United States of America in Congress assembled, 2 |
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| 20 | 20 | | SECTION 1. SHORT TITLE. 3 |
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| 21 | 21 | | This Act may be cited as the ‘‘Restaurant Revitaliza-4 |
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| 22 | 22 | | tion Tax Credit Act’’. 5 |
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| 23 | 23 | | SEC. 2. RESTAURANT REVITALIZATION CREDIT. 6 |
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| 24 | 24 | | (a) I |
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| 25 | 25 | | NGENERAL.—Subchapter D of chapter 21 of 7 |
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| 26 | 26 | | subtitle C of the Internal Revenue Code of 1986 is amend-8 |
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| 27 | 27 | | ed by adding at the end the following new section: 9 |
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| 29 | 29 | | kjohnson on DSK79L0C42PROD with BILLS 2 |
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| 30 | 30 | | •S 28 IS |
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| 31 | 31 | | ‘‘SEC. 3135. RESTAURANT REVITALIZATION CREDIT. 1 |
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| 32 | 32 | | ‘‘(a) I |
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| 33 | 33 | | NGENERAL.—In the case of an eligible em-2 |
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| 34 | 34 | | ployer, there shall be allowed as a credit against applicable 3 |
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| 35 | 35 | | employment taxes for each calendar quarter an amount 4 |
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| 36 | 36 | | equal to 100 percent of the wages with respect to each 5 |
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| 37 | 37 | | employee of such employer for such calendar quarter. 6 |
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| 38 | 38 | | ‘‘(b) L |
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| 39 | 39 | | IMITATIONS ANDREFUNDABILITY.— 7 |
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| 40 | 40 | | ‘‘(1) I |
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| 41 | 41 | | N GENERAL.—The aggregate amount of 8 |
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| 42 | 42 | | wages which may be taken into account under sub-9 |
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| 43 | 43 | | section (a) by the eligible employer for any calendar 10 |
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| 44 | 44 | | quarter shall not exceed $25,000. 11 |
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| 45 | 45 | | ‘‘(2) C |
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| 46 | 46 | | REDIT LIMITED TO EMPLOYMENT 12 |
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| 47 | 47 | | TAXES.—The credit allowed by subsection (a) with 13 |
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| 48 | 48 | | respect to any calendar quarter shall not exceed the 14 |
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| 49 | 49 | | applicable employment taxes (reduced by any credits 15 |
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| 50 | 50 | | allowed under subsections (e) and (f) of section 16 |
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| 51 | 51 | | 3111) on the wages paid with respect to the employ-17 |
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| 52 | 52 | | ment of all the employees of the eligible employer for 18 |
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| 53 | 53 | | such calendar quarter. For purposes of the pre-19 |
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| 54 | 54 | | ceding sentence, the credit allowed under subsection 20 |
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| 55 | 55 | | (a) shall be applied first against applicable employ-21 |
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| 56 | 56 | | ment taxes described in subsection (c)(1)(A). 22 |
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| 57 | 57 | | ‘‘(3) P |
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| 58 | 58 | | ARTIAL REFUNDABILITY OF EXCESS 23 |
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| 59 | 59 | | CREDIT.— 24 |
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| 60 | 60 | | ‘‘(A) I |
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| 61 | 61 | | N GENERAL.—If the amount of the 25 |
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| 62 | 62 | | credit under subsection (a) exceeds the limita-26 |
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| 64 | 64 | | kjohnson on DSK79L0C42PROD with BILLS 3 |
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| 65 | 65 | | •S 28 IS |
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| 66 | 66 | | tion of paragraph (2), so much of such excess 1 |
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| 67 | 67 | | as does not exceed the applicable employer re-2 |
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| 68 | 68 | | fund limitation shall be treated as an overpay-3 |
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| 69 | 69 | | ment that shall be refunded under sections 4 |
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| 70 | 70 | | 6402(a) and 6413(b). 5 |
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| 71 | 71 | | ‘‘(B) A |
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| 72 | 72 | | PPLICABLE EMPLOYER REFUND 6 |
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| 73 | 73 | | LIMITATION.—For purposes of subparagraph 7 |
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| 74 | 74 | | (A), the applicable employer refund limitation is 8 |
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| 75 | 75 | | the excess of— 9 |
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| 76 | 76 | | ‘‘(i) $25,000, over 10 |
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| 77 | 77 | | ‘‘(ii) the amount of credit treated as 11 |
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| 78 | 78 | | an overpayment of the eligible employer by 12 |
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| 79 | 79 | | reason of this paragraph for all preceding 13 |
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| 80 | 80 | | calendar quarters. 14 |
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| 81 | 81 | | ‘‘(C) R |
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| 82 | 82 | | EDUCTION BASED ON NUMBER OF 15 |
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| 83 | 83 | | EMPLOYEES.—In the case of any eligible em-16 |
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| 84 | 84 | | ployer for which the average number of full- 17 |
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| 85 | 85 | | time employees (within the meaning of section 18 |
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| 86 | 86 | | 4980H) employed by such eligible employer 19 |
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| 87 | 87 | | during the last calendar quarter of 2022 20 |
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| 88 | 88 | | (rounded to the nearest multiple of 1) exceeds 21 |
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| 89 | 89 | | 10, the $25,000 dollar amount under subpara-22 |
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| 90 | 90 | | graph (A)(ii)(I) shall be reduced (but not below 23 |
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| 91 | 91 | | zero) by the product of such excess and $2,500. 24 |
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| 92 | 92 | | ‘‘(c) D |
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| 93 | 93 | | EFINITIONS.—For purposes of this section— 25 |
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| 95 | 95 | | kjohnson on DSK79L0C42PROD with BILLS 4 |
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| 96 | 96 | | •S 28 IS |
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| 97 | 97 | | ‘‘(1) APPLICABLE EMPLOYMENT TAXES .—The 1 |
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| 98 | 98 | | term ‘applicable employment taxes’ means the fol-2 |
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| 99 | 99 | | lowing: 3 |
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| 100 | 100 | | ‘‘(A) The taxes imposed under section 4 |
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| 101 | 101 | | 3111(a). 5 |
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| 102 | 102 | | ‘‘(B) The taxes imposed under section 6 |
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| 103 | 103 | | 3111(b). 7 |
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| 104 | 104 | | ‘‘(2) E |
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| 105 | 105 | | LIGIBLE EMPLOYER.— 8 |
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| 106 | 106 | | ‘‘(A) I |
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| 107 | 107 | | N GENERAL.—The term ‘eligible em-9 |
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| 108 | 108 | | ployer’ means any employer— 10 |
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| 109 | 109 | | ‘‘(i) which is an eligible entity (as de-11 |
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| 110 | 110 | | fined in section 5003(a) of the American 12 |
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| 111 | 111 | | Rescue Plan Act of 2021) which— 13 |
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| 112 | 112 | | ‘‘(I) was established before 14 |
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| 113 | 113 | | March 14, 2020, 15 |
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| 114 | 114 | | ‘‘(II) submitted an application 16 |
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| 115 | 115 | | for a grant under section 5003(c) of 17 |
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| 116 | 116 | | such Act in accordance with the pro-18 |
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| 117 | 117 | | cedures established by the Adminis-19 |
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| 118 | 118 | | trator of the Small Business Adminis-20 |
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| 119 | 119 | | tration under such section, 21 |
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| 120 | 120 | | ‘‘(III) certifies to the Secretary 22 |
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| 121 | 121 | | (in such form and manner as the Sec-23 |
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| 122 | 122 | | retary requires) that such employer 24 |
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| 124 | 124 | | kjohnson on DSK79L0C42PROD with BILLS 5 |
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| 125 | 125 | | •S 28 IS |
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| 126 | 126 | | was eligible for a grant under such 1 |
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| 127 | 127 | | section, and 2 |
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| 128 | 128 | | ‘‘(IV) did not receive any grant 3 |
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| 129 | 129 | | funds under such section due to a lack 4 |
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| 130 | 130 | | of funding, 5 |
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| 131 | 131 | | ‘‘(ii) which paid applicable employ-6 |
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| 132 | 132 | | ment taxes with respect to pay periods oc-7 |
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| 133 | 133 | | curring in at least 2 calendar quarters of 8 |
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| 134 | 134 | | calendar year 2021, and 9 |
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| 135 | 135 | | ‘‘(iii) which meets the gross receipts 10 |
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| 136 | 136 | | test of subparagraph (B). 11 |
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| 137 | 137 | | ‘‘(B) G |
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| 138 | 138 | | ROSS RECEIPTS TEST .—An em-12 |
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| 139 | 139 | | ployer meets the gross receipts test of this sub-13 |
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| 140 | 140 | | paragraph if— 14 |
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| 141 | 141 | | ‘‘(i) the gross receipts of such em-15 |
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| 142 | 142 | | ployer for any applicable calendar year 16 |
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| 143 | 143 | | were less than 50 percent the gross re-17 |
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| 144 | 144 | | ceipts of such employer for calendar year 18 |
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| 145 | 145 | | 2019, or 19 |
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| 146 | 146 | | ‘‘(ii) the average gross receipts of 20 |
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| 147 | 147 | | such employer for all applicable calendar 21 |
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| 148 | 148 | | years were less than 70 percent the gross 22 |
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| 149 | 149 | | receipts of such employer for the calendar 23 |
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| 150 | 150 | | year 2019. 24 |
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| 152 | 152 | | kjohnson on DSK79L0C42PROD with BILLS 6 |
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| 153 | 153 | | •S 28 IS |
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| 154 | 154 | | ‘‘(C) APPLICABLE CALENDAR YEAR .—For 1 |
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| 155 | 155 | | purposes of this paragraph, the term ‘applicable 2 |
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| 156 | 156 | | calendar year’ means any of the following: 3 |
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| 157 | 157 | | ‘‘(i) Calendar year 2020. 4 |
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| 158 | 158 | | ‘‘(ii) Calendar year 2021. 5 |
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| 159 | 159 | | ‘‘(D) S |
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| 160 | 160 | | PECIAL RULE FOR EMPLOYERS NOT 6 |
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| 161 | 161 | | IN EXISTENCE FOR ENTIRETY OF 2019 .—In the 7 |
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| 162 | 162 | | case of any employer that was in existence be-8 |
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| 163 | 163 | | fore January 1, 2020, but not in existence on 9 |
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| 164 | 164 | | January 1, 2019, the amount of gross receipts 10 |
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| 165 | 165 | | taken into account for any applicable calendar 11 |
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| 166 | 166 | | year shall be the amount of such gross receipts 12 |
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| 167 | 167 | | (determined without regard to this clause) mul-13 |
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| 168 | 168 | | tiplied by the ratio of— 14 |
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| 169 | 169 | | ‘‘(i) the number of days during 2019 15 |
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| 170 | 170 | | during which such employer was in exist-16 |
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| 171 | 171 | | ence, to 17 |
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| 172 | 172 | | ‘‘(ii) 365. 18 |
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| 173 | 173 | | ‘‘(E) S |
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| 174 | 174 | | PECIAL RULE FOR EMPLOYERS NOT 19 |
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| 175 | 175 | | IN EXISTENCE BEFORE 2020 .—In the case of 20 |
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| 176 | 176 | | any employer that was not in existence before 21 |
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| 177 | 177 | | January 1, 2020, in applying this paragraph— 22 |
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| 178 | 178 | | ‘‘(i) the amount of gross receipts for 23 |
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| 179 | 179 | | calendar year 2019 shall be equal to the 24 |
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| 180 | 180 | | product of— 25 |
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| 182 | 182 | | kjohnson on DSK79L0C42PROD with BILLS 7 |
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| 183 | 183 | | •S 28 IS |
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| 184 | 184 | | ‘‘(I) the amount of gross receipts 1 |
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| 185 | 185 | | for the period beginning on the date 2 |
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| 186 | 186 | | the employer was established and end-3 |
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| 187 | 187 | | ing before March 14, 2020, and 4 |
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| 188 | 188 | | ‘‘(II) the ratio of 366 to the 5 |
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| 189 | 189 | | number of days in the period de-6 |
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| 190 | 190 | | scribed in subclause (I), and 7 |
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| 191 | 191 | | ‘‘(ii) the amount of gross receipts for 8 |
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| 192 | 192 | | calendar year 2020 shall be equal to the 9 |
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| 193 | 193 | | product of— 10 |
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| 194 | 194 | | ‘‘(I) the amount of gross receipts 11 |
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| 195 | 195 | | for the period beginning after March 12 |
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| 196 | 196 | | 13, 2020, and ending on December 13 |
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| 197 | 197 | | 31, 2020, and 14 |
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| 198 | 198 | | ‘‘(II) the ratio of 366 to the 15 |
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| 199 | 199 | | number of days in the period de-16 |
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| 200 | 200 | | scribed in subclause (I). 17 |
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| 201 | 201 | | ‘‘(3) W |
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| 202 | 202 | | AGES.— 18 |
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| 203 | 203 | | ‘‘(A) I |
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| 204 | 204 | | N GENERAL.—The term ‘wages’ has 19 |
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| 205 | 205 | | the meaning given such term under section 20 |
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| 206 | 206 | | 3121(a), determined without regard to para-21 |
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| 207 | 207 | | graph (1) thereof. 22 |
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| 208 | 208 | | ‘‘(B) E |
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| 209 | 209 | | XCEPTION.—Such term shall not in-23 |
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| 210 | 210 | | clude any wages taken into account under sec-24 |
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| 211 | 211 | | tions 41, 45A, 45P, 45S, 51, and 1396. 25 |
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| 213 | 213 | | kjohnson on DSK79L0C42PROD with BILLS 8 |
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| 214 | 214 | | •S 28 IS |
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| 215 | 215 | | ‘‘(4) OTHER TERMS.—Any term used in this 1 |
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| 216 | 216 | | section which is also used in this chapter shall have 2 |
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| 217 | 217 | | the same meaning as when used in this chapter. 3 |
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| 218 | 218 | | ‘‘(d) A |
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| 219 | 219 | | GGREGATIONRULE.—All persons treated as a 4 |
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| 220 | 220 | | single employer under subsection (a) or (b) of section 52, 5 |
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| 221 | 221 | | or subsection (m) or (o) of section 414, shall be treated 6 |
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| 222 | 222 | | as one employer for purposes of this section. 7 |
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| 223 | 223 | | ‘‘(e) E |
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| 224 | 224 | | LECTIONTONOTTAKECERTAINWAGES 8 |
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| 225 | 225 | | I |
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| 226 | 226 | | NTOACCOUNT.—This section shall not apply to so much 9 |
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| 227 | 227 | | of the wages paid by an eligible employer as such employer 10 |
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| 228 | 228 | | elects (at such time and in such manner as the Secretary 11 |
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| 229 | 229 | | may prescribe) to not take into account for purposes of 12 |
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| 230 | 230 | | this section. 13 |
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| 231 | 231 | | ‘‘(f) T |
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| 232 | 232 | | HIRDPARTYPAYORS.—Any credit allowed 14 |
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| 233 | 233 | | under this section shall be treated as a credit described 15 |
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| 234 | 234 | | in section 3511(d)(2). 16 |
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| 235 | 235 | | ‘‘(g) T |
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| 236 | 236 | | REATMENT OF DEPOSITS.—The Secretary 17 |
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| 237 | 237 | | shall waive any penalty under section 6656 for any failure 18 |
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| 238 | 238 | | to make a deposit of any applicable employment taxes if 19 |
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| 239 | 239 | | the Secretary determines that such failure was due to the 20 |
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| 240 | 240 | | reasonable anticipation of the credit allowed under this 21 |
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| 241 | 241 | | section. 22 |
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| 242 | 242 | | ‘‘(h) E |
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| 243 | 243 | | XTENSION OFLIMITATION ONASSESSMENT.— 23 |
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| 244 | 244 | | Notwithstanding section 6501, the limitation on the time 24 |
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| 245 | 245 | | period for the assessment of any amount attributable to 25 |
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| 247 | 247 | | kjohnson on DSK79L0C42PROD with BILLS 9 |
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| 248 | 248 | | •S 28 IS |
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| 249 | 249 | | a credit claimed under this section shall not expire before 1 |
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| 250 | 250 | | the date that is 5 years after the later of— 2 |
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| 251 | 251 | | ‘‘(1) the date on which the original return 3 |
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| 252 | 252 | | which includes the calendar quarter with respect to 4 |
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| 253 | 253 | | which such credit is determined is filed, or 5 |
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| 254 | 254 | | ‘‘(2) the date on which such return is treated 6 |
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| 255 | 255 | | as filed under section 6501(b)(2). 7 |
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| 256 | 256 | | ‘‘(i) R |
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| 257 | 257 | | EGULATIONS AND GUIDANCE.—The Secretary 8 |
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| 258 | 258 | | shall issue such forms, instructions, regulations, and other 9 |
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| 259 | 259 | | guidance as are necessary— 10 |
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| 260 | 260 | | ‘‘(1) with respect to the application of the cred-11 |
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| 261 | 261 | | it under subsection (a) to third party payors (includ-12 |
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| 262 | 262 | | ing professional employer organizations, certified 13 |
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| 263 | 263 | | professional employer organizations, or agents under 14 |
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| 264 | 264 | | section 3504), including regulations or guidance al-15 |
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| 265 | 265 | | lowing such payors to submit documentation nec-16 |
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| 266 | 266 | | essary to substantiate the eligible employer status of 17 |
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| 267 | 267 | | employers that use such payors, and 18 |
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| 268 | 268 | | ‘‘(2) to prevent the avoidance of the purposes of 19 |
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| 269 | 269 | | the limitations under this section, including through 20 |
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| 270 | 270 | | the leaseback of employees. 21 |
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| 271 | 271 | | Any forms, instructions, regulations, or other guidance de-22 |
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| 272 | 272 | | scribed in paragraph (1) shall require the customer to be 23 |
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| 273 | 273 | | responsible for the accounting of the credit and for any 24 |
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| 274 | 274 | | liability for improperly claimed credits and shall require 25 |
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| 276 | 276 | | kjohnson on DSK79L0C42PROD with BILLS 10 |
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| 277 | 277 | | •S 28 IS |
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| 278 | 278 | | the certified professional employer organization or other 1 |
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| 279 | 279 | | third party payor to accurately report such tax credits 2 |
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| 280 | 280 | | based on the information provided by the customer. 3 |
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| 281 | 281 | | ‘‘(j) A |
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| 282 | 282 | | PPLICATION.—This section shall only apply to 4 |
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| 283 | 283 | | wages paid after December 31, 2022, and before January 5 |
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| 284 | 284 | | 1, 2024.’’. 6 |
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| 285 | 285 | | (b) R |
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| 286 | 286 | | EFUNDS.—Paragraph (2) of section 1324(b) of 7 |
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| 287 | 287 | | title 31, United States Code, is amended by inserting 8 |
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| 288 | 288 | | ‘‘3135,’’ after ‘‘3134,’’. 9 |
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| 289 | 289 | | (c) C |
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| 290 | 290 | | LERICALAMENDMENT.—The table of sections 10 |
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| 291 | 291 | | for subchapter D of chapter 21 of subtitle C of the Inter-11 |
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| 292 | 292 | | nal Revenue Code of 1986 is amended by adding at the 12 |
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| 293 | 293 | | end the following: 13 |
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| 294 | 294 | | ‘‘Sec. 3135. Restaurant revitalization credit.’’. |
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| 295 | 295 | | (d) COORDINATIONWITHSMALLBUSINESSADMIN-14 |
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| 296 | 296 | | ISTRATION.—The Administrator of the Small Business 15 |
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| 297 | 297 | | Administration shall coordinate with and provide informa-16 |
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| 298 | 298 | | tion to the Secretary of the Treasury (or the Secretary’s 17 |
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| 299 | 299 | | delegate) to assist in identifying employers that are eligi-18 |
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| 300 | 300 | | ble for the credit allowed by section 3135 of the Internal 19 |
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| 301 | 301 | | Revenue Code of 1986, as added by this section. 20 |
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| 302 | 302 | | (e) E |
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| 303 | 303 | | FFECTIVEDATE.—The amendments made by 21 |
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| 304 | 304 | | this section shall apply to calendar quarters beginning 22 |
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| 305 | 305 | | after December 31, 2022. 23 |
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| 306 | 306 | | Æ |
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| 308 | 308 | | kjohnson on DSK79L0C42PROD with BILLS |
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