Save Jobs During the Pandemic Act of 2020

116TH CONGRESS
2D SESSION

H.R. ___

To amend the Internal Revenue Code of 1986 to reduce
the base erosion minimum tax rate for taxable years ending in 2020.

IN THE HOUSE OF REPRESENTATIVES

Mr. KIM introduced the following bill; which was referred to the Committee on _____

A BILL

To amend the Internal Revenue Code of 1986 to reduce the base erosion minimum tax rate for taxable years ending in 2020.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the "Save Jobs During the 5. Pandemic Act of 2020".

SEC. 2. BASE EROSION MINIMUM TAX RELIEF FOR 2020.

(a) IN GENERAL. — Section 59A(b) of the Internal Revenue Code of 1986 is amended — 

(1) in paragraph (1), by striking "and (3)" and inserting ", (3), and (5)", and (2) by adding at the end the following new paragraph:

"(5) MODIFICATION FOR TAXABLE YEARS ENDING IN 2020. — 

"(A) IN GENERAL. — In the case of any taxable year ending in 2020, paragraph (1) shall be applied by substituting '0 percent' for '10 percent' in subparagraph (A) of such paragraph.

"(B) COORDINATION WITH SECTION 15. — Section 15 shall not apply to any of the changes in rates of tax by reason of subparagraph (A).".

(b) EFFECTIVE DATE. — The amendments made by this section shall apply to taxable years beginning after December 31, 2019.