Main Street Revival Act

To amend the Internal Revenue Code of 1986 to allow small businesses to defer the payment of certain employment taxes. 1. Short title This Act may be cited as the Main Street Revival Act 2. Deferral of certain employment taxes by small businesses (a) In general Section 3111 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: (f) Election by small businesses To defer payment (1) In general A specified small business may elect to pay the specified first-year employment taxes of such business in installments as provided in paragraph (2). (2) Payment in installments (A) In general If an election is made under paragraph (1), the specified first-year employment taxes shall be paid in 4 equal installments. The first installment shall be paid on the date which is one year after the end of the specified first year and each succeeding installment shall be paid on the date which is one year after the due date of the previous installment. (B) Acceleration of payment under certain circumstances If there is an addition to tax for failure to pay timely assessed with respect to any installment required under this subsection, a liquidation or sale of substantially all the assets of the taxpayer (including in a title 11 or similar case), a cessation of business by the taxpayer, or any similar circumstance, then the unpaid portion of all remaining installments shall be due on the date of such event (or in the case of a title 11 or similar case, the day before the petition is filed). (C) Proration of any deficiency to installments If an election is made under paragraph (1) to pay the specified first-year employment taxes in installments and a deficiency has been assessed, the deficiency shall be prorated to such installments. The part of the deficiency so prorated to any installment the date for payment of which has not arrived shall be collected at the same time as, and as a part of, such installment. The part of the deficiency so prorated to any installment the date for payment of which has arrived shall be paid upon notice and demand from the Secretary. This subsection shall not apply if the deficiency is due to negligence, to intentional disregard of rules and regulations, or to fraud with intent to evade tax. (3) Specified small business For purposes of this section— (A) In general The term specified small business (B) HUBZone business The term HUBZone business (i) every trade or business of such employer is actively conducted within a HUBZone, and (ii) a substantial portion of the services performed for such employer by its employees are performed in a HUBZone. (C) HUBZone The term HUBZone (4) Specified first-year employment taxes For purposes of this section— (A) In general The term specified first-year employment taxes (B) Specified first-year The term specified first-year (5) Aggregation rules, etc All persons treated as a single employer under subsection (a) or (b) of section 52 or subsection (m) or (o) of section 414 shall be treated as one person for purposes of this subsection. Any reference in this subsection to any person shall include a reference to any predecessor of such person. (6) Trust funds held harmless The amounts appropriated, deposited, or transferred to any trust fund shall be determined without regard to this subsection. . (b) Effective date The amendment made by this section shall apply to any specified small business (as defined in section 3111(f) of the Internal Revenue Code of 1986, as added by this section) the specified first-year of which (within the meaning of such section) begins after the date of the enactment of this Act.

Summary: Main Street Revival Act - Amends the Internal Revenue Code to allow a specified small business to pay its first-year employment taxes in four annual installments. Defines "specified small business" as any HUBZone business (a business operating in a historically underutilized business zone as defined by the Small Business Act) that is not reasonably expected to employ more than 25 full-time employees in its first year of operation.