Menu
Tax Notes logo

H.R. 4320 - Help Our Businesses Recover Act of 2021

JUN. 29, 2021

H.R. 4320; Help Our Businesses Recover Act of 2021

DATED JUN. 29, 2021
DOCUMENT ATTRIBUTES
Citations: H.R. 4320; Help Our Businesses Recover Act of 2021

117TH CONGRESS
1ST SESSION

H.R. 4320

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

JULY 1, 2021

Mr. KIM of New Jersey 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 "Help Our Businesses Recover Act of 2021".

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.

DOCUMENT ATTRIBUTES
Copy RID