S.Amdt. 1573

SA 1573. Mr. SCOTT of South Carolina (for himself, Ms. Klobuchar, Mr.
Sasse, and Mr. Booker) 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. ___. TAX CREDIT TO SMALL BUSINESSES TO COVER RENT AND
MORTGAGE PAYMENTS.

(a) Allowance of Credit.--
(1) In general.--In the case of an eligible small business,
there shall be allowed as a credit against the tax imposed by
chapter 1 of the Internal Revenue Code of 1986 for the first
taxable year beginning on or after January 1, 2019, an amount
equal to the sum of any qualified rent or mortgage
expenditures which--
(A) relate to any real property which is primarily used in
a trade or business of such eligible small business which is
a qualified trade or business (as defined in section
199A(d)), and
(B) are paid or incurred by such eligible small business
during the first 4 months of 2020.
(2) Limitation.--The amount of the credit allowable to a
taxpayer under paragraph (1) for any taxable year shall not
exceed $50,000.
(b) Eligible Small Business.--For purposes of this
section--
(1) In general.--The term ``eligible small business''
means, with respect to calendar year 2019, an employer who is
employed an average of not greater than 500 full-time
employees on business days during such calendar year.
(2) Application of aggregation rule for employers.--All
persons treated as a single employer under subsection (b),
(c), (m), or (o) of section 414 of the Internal Revenue Code
of 1986 shall be treated as 1 employer.
(c) Qualified Rent or Mortgage Expenditures.--For purposes
of this section, the term ``qualified rent or mortgage
expenditures'' means and expenditure for rent or mortgage
payments (not including any amounts attributable to
utilities) that are paid pursuant to a contract entered into
before the date of the enactment of this Act.
(d) Expedited Amended Return Process.--In the case of any
eligible small business which has timely filed an amendment
to the tax return for such business for the taxable year
described in subsection (a) for the sole purpose of claiming
the credit allowed under this section, the Secretary of the
Treasury (or the Secretary's delegate) shall establish a
separate and expedited process for reviewing and processing
such amended returns.
(e) Regulations.--The Secretary of the Treasury (or the
Secretary's delegate) shall prescribe such regulations or
guidance as may be necessary to carry out the provisions of
this section, including regulations and guidance to prevent
and identify fraud through the use of relevant information
submitted by third parties which relates to the rent or
mortgage expenditures claimed by a taxpayer for purposes of
the credit allowed under this section.
(f) Effective Date.--This section shall take effect on the
date of enactment of this Act.

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