S.Amdt. 1570

SA 1570. Mr. SASSE submitted an amendment intended to be proposed by
him to the bill H.R. 748, to amend the Internal Revenue Code of 1986 to
repeal the excise tax on high cost employer-sponsored health coverage;
which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. 1114. PAYMENTS TO STATES IN LIEU OF LOANS.

(a) Payments.--
(1) In general.--Out of the amount appropriated under
section 1106(a)(1), the Administrator shall pay each State
the amount determined under paragraph (2).
(2) State payment amount.--
(A) State share of 51 percent of funding.--With respect to
each State, the amount determined for the State under this
paragraph is the sum of the State shares determined under
subparagraphs (A) and (B), respectively.
(B) State share of lending amount.--The State share
determined under this subparagraph for a State is an amount
equal to the product obtained by multiplying--
(i) the State allocation percentage; by
(ii) the product obtained by multiplying--

(I) 0.51; by
(II) the amount appropriated under section 1106(a)(1).

(C) State share of salaries and expenses.--The State share
determined under this subparagraph for a State is an amount
equal to the product obtained by multiplying--
(i) the State allocation percentage; by
(ii) the product obtained by multiplying--

(I) 0.51; by
(II) the amount appropriated under section 1106(a)(2).

(3) State allocation percentage.--For purposes of this
subsection, the State allocation percentage for any State is
an amount (expressed as a percentage) equal to the quotient
of--
(A) the number of citizens of the United States in such
State; and
(B) the total number of citizens of the United States in
all States.
(b) Use of Funds.--
(1) In general.--The Governor of a State may use amounts
paid to the State under this section to--
(A) minimize small business bankruptcies as a result of the
coronavirus crisis; or
(B) minimize small business job losses as a result of the
coronavirus crisis.
(2) State loans and loan guarantees.--
(A) In general.--The Governor of a State may make loans or
loan guarantees to carry out the purposes of paragraph (1).
(B) Loan forgiveness.--The Governor of a State that
receives amounts under this section may forgive loans made in
the same manner as provided for loans forgiven under section
1105.
(c) Period to Claim.--Not less than 24 hours after the date
of enactment of this Act, the Governor of a State shall
notify the Administration of its intent to claim the State
payment amount determined under subsection (a)(2). Any
unclaimed amounts shall be otherwise available to the
Administration as provided in this title.
At the appropriate place in title II of division A, add the
following:

SEC. __. PAYMENTS TO STATES IN LIEU OF TAX BENEFITS.

(a) Payments.--
(1) In general.--The Secretary of the Treasury shall pay to
each State an amount equal to the product of--
(A) the applicable amount; and
(B) the State allocation percentage.
(2) Applicable amount.--For purposes of paragraph (1), the
applicable amount is the amount equal to the sum of--
(A) the aggregate amount of reductions in credits allowed
under section 6428 of the Internal Revenue Code of 1986 by
reason of subsection (j)(1) thereof (as added by subsection
(b)); and
(B) the reduction in the estimated loss of revenue
resulting from the provisions of, or amendments made by, each
section of [subtitle C of this title] (determined before the
application of subsection (c)) by reason of the application
of such subsection.
(3) State allocation percentage.--For purposes of paragraph
(1), the State allocation percentage for any State is an
amount (expressed as a percentage) equal to the quotient of--
(A) the number of citizens of the United States in such
State; and
(B) the total number of citizens of the United States in
all States.
(4) Amounts received from states excluded from income.--For
purposes of the Internal Revenue Code of 1986, if a taxpayer
receives any amount or benefit from a State under a program
established after the date of the enactment of this Act that
was funded with amounts paid to the State under this
subsection, such amount or benefit shall not be taken into
account in determining gross income.
(5) Use of funds.--The Governor of a State may use amounts
paid to the State under this subsection to--
(A) minimize small business bankruptcies as a result of the
coronavirus crisis; or
(B) minimize small business job losses as a result of the
coronavirus crisis.
(b) 51 Percent Reduction in Tax Rebates.--Section 6428 of
the Internal Revenue Code of 1986, as added by this Act, is
amended by adding at the end the following new subsection:
``([-]) Reduction in Credit.--The amount of the credit
allowed under this section (determined without regard to this
subsection and after the application of subsection
([limitation])) shall be reduced by 51 percent of such
amount.''.
(c) 51 Percent Reduction in Business Tax Provisions.--
(1) In general.--The provisions of, and amendments made by,
each section of [subtitle C of this title] of this Act shall
be applied, under regulations established by the Secretary of
the Treasury, in a manner such that the estimated loss of
revenue resulting from the provisions of, or amendments made
by, each such section (determined after the application of
this subsection) is not more than 51 percent of the estimated
loss of revenue resulting from the provisions of, or
amendments made by, each such section (determined before the
application of this section).
(2) Regulations.--The regulations described in paragraph
(1) shall be issued not later than the date that is 10 days
after the date of the enactment of this Act.
At the end of title IV of division A, add the following:

SEC. 4022. PAYMENTS TO STATES IN LIEU OF FEDERAL LOANS, LOAN
GUARANTEES, OR OTHER INVESTMENTS.

(a) Nonapplication of Certain Provisions.--Notwithstanding
any other provision of this Act, any provisions of this title
that are directly contrary to the authority under this
section shall have no force or effect.
(b) Payments to States.--From the amount appropriated under
section 4019(a) to the fund established under section
5302(a)(1) of title 31, United States Code, to carry out this
title, the Secretary shall, not later than 30 days after the
date of enactment of this Act, pay each State the amount
determined for the State under subsection (c).
(c) State Payment Amount.--
(1) State share of 51 percent of federal program funding.--
With respect to each State, the amount determined for the
State under this subsection is the sum of the State shares
determined under paragraphs (2) and (3), respectively.
(2) State share of 51 percent of general federal program
funding.--The State share determined under this paragraph for
a State is the amount equal to--
(A) the State allocation percentage; multiplied by--
(B) the product of--
(i) 0.51; and
(ii) the amount appropriated under section 4019(a), reduced
by $100,000,000.
(3) State share of federal funding for administrative
expenses.--The State share determined under this paragraph
for a State is the amount equal to the product of--
(A) the State allocation percentage; and

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(B) $100,000,000.
(d) State Allocation Percentage.--For purposes of this
section, the State allocation percentage for any State is an
amount (expressed as a percentage) equal to the quotient of--
(1) the number of citizens of the United States in such
State; and
(2) the total number of citizens of the United States in
all States.
(e) Use of Funds.--
(1) In general.--The Governor of a State may use the amount
paid to the State under this section to--
(A) minimize small business bankruptcies as a result of the
coronavirus crisis; or
(B) minimize small business job losses as a result of the
coronavirus crisis.
(2) State loans and loan guarantees.--
(A) In general.--The Governor of the State may make loans
or loan guarantees to carry out the purposes of paragraph
(1).
(B) Limitation.--The total amount of loans and loan
guarantees made by the Governor of a State using the amount
paid to the State under this section shall not exceed the
State share of such amount determined under subsection
(c)(2).
(f) Application of Certain Requirements for Federal Loans,
Loan Guarantees, or Other Investments.--The following
requirements shall apply to loans and loan guarantees made by
the Governor of a State using the amount paid to the State
under this section in the same manner as such requirements
apply to loans, loan guarantees, or other investments made by
the Secretary (and, withe respect to a State, by substituting
``Governor'' for ``Secretary)'':
(1) Subsection (c)(2) of section 4003 (relating to
determinations for making loans and loan guarantees).
(2) Subsection (d) of section 4003 (relating to financial
protection of Government).
(3) Subsection (f) of section 4003 (relating to
administrative provisions, except that the State share
determined for the State under subsection (c)(3) shall be
substituted for ``$100,000,000'').
(4) Section 4004 (relating to limitation on certain
employee compensation).
(g) Deposit of Proceeds.--Amounts collected by the Governor
of a State with respect to loans and loan guarantees made
under this section, including the repayment of principal,
proceeds of investments, earnings, and interest collected,
shall be paid to the Secretary and deposited in the Treasury
as miscellaneous receipts.

At the appropriate place in division B, insert the
following:
Sec. __. (a) Of amounts appropriated under this division,
each State shall receive the payment amount determined under
subsection (b).
(b)(1) The State payment amount determined under this
subsection for a State is an amount equal to the product
obtained by multiplying--
(A) the State allocation percentage; by
(B) the product obtained by multiplying--
(i) 0.51; by
(ii) the sum of all amounts appropriated under this
division.
(2) For purposes of paragraph (1), the State allocation
percentage for any State is an amount (expressed as a
percentage) equal to the quotient of--
(A) the number of citizens of the United States in such
State; and
(B) the total number of citizens of the United States in
all States.
(3) The Governor of a State may use the amount paid to the
State under this section to--
(A) minimize small business bankruptcies as a result of the
coronavirus crisis; or
(B) minimize small business job losses as a result of the
coronavirus crisis.
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