H.R. 4320 - Help Our Businesses Recover Act of 2021
H.R. 4320; Help Our Businesses Recover Act of 2021
- AuthorsKim, Rep. Andy
- Institutional AuthorsU.S. House of Representatives
- Code Sections
- Subject Area/Tax Topics
- Jurisdictions
- Tax Analysts Document Number2021-26250
- Tax Analysts Electronic Citation2021 TNTF 127-172021 TNTI 127-432021 TNTG 127-47
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.
- AuthorsKim, Rep. Andy
- Institutional AuthorsU.S. House of Representatives
- Code Sections
- Subject Area/Tax Topics
- Jurisdictions
- Tax Analysts Document Number2021-26250
- Tax Analysts Electronic Citation2021 TNTF 127-172021 TNTI 127-432021 TNTG 127-47