Save Jobs During the Pandemic Act of 2020

I 116TH CONGRESS 2D SESSION H. R. 8988 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 DECEMBER 16, 2020 Mr. KIM (for himself, Mr. SUOZZI, and Mr. KING of New York) introduced the following bill; which was referred to the Committee on Ways and Means 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 Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Save Jobs During the 4 Pandemic Act of 2020’’. 5 SEC. 2. BASE EROSION MINIMUM TAX RELIEF FOR 2020. 6 (a) IN GENERAL.—Section 59A(b) of the Internal 7 Revenue Code of 1986 is amended— 8 (1) in paragraph (1), by striking ‘‘and (3)’’ and 9 inserting ‘‘, (3), and (5)’’, and 10 VerDate Sep 11 2014 16:29 Dec 31, 2020 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H8988.IH H8988 pamtmann on DSKBC07HB2PROD with BILLS 2 •HR 8988 IH (2) by adding at the end the following new 1 paragraph: 2 ‘‘(5) MODIFICATION FOR TAXABLE YEARS END- 3 ING IN 2020.— 4 ‘‘(A) IN GENERAL.—In the case of any 5 taxable year ending in 2020, paragraph (1) 6 shall be applied by substituting ‘0 percent’ for 7 ‘10 percent’ in subparagraph (A) of such para- 8 graph. 9 ‘‘(B) COORDINATION WITH SECTION 15.— 10 Section 15 shall not apply to any of the changes 11 in rates of tax by reason of subparagraph (A).’’. 12 (b) EFFECTIVE DATE.—The amendments made by 13 this section shall apply to taxable years beginning after 14 December 31, 2019. 15 Æ VerDate Sep 11 2014 16:29 Dec 31, 2020 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H8988.IH H8988 pamtmann on DSKBC07HB2PROD with BILLS