I 
116TH CONGRESS 
2D SESSION 
H. R. 7734 
To provide much needed liquidity to America’s job creators. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 23, 2020 
Mr. ARRINGTON (for himself, Mr. REED, Mr. WENSTRUP, Mr. LAHOOD, and 
Mr. SMITH of Nebraska) introduced the following bill; which was referred 
to the Committee on Ways and Means, and in addition to the Committee 
on the Budget, for a period to be subsequently determined by the Speak-
er, in each case for consideration of such provisions as fall within the ju-
risdiction of the committee concerned 
A BILL 
To provide much needed liquidity to America’s job creators. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Building Businesses 
Back Act of 2020’’. 
SEC. 2. MONETIZATION OF GENERAL BUSINESS CREDITS. 
(a) IN GENERAL.—Section 38 of the Internal Rev-
enue Code of 1986 is amended by inserting after sub-
section (d) the following: 
‘‘(e) SPECIAL RULES FOR ELIGIBLE YEARS.— 
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‘‘(1) IN GENERAL.—If a taxpayer elects the ap-
plication of this subsection for any eligible taxable 
year— 
‘‘(A) the limitation under subsection (c) 
shall be increased by an amount equal to the 
excess (if any) of— 
‘‘(i) the credit allowed under sub-
section (a) for the taxable year (deter-
mined without regard to subsection (c)), 
over 
‘‘(ii) the credit allowed under sub-
section (a) for such taxable year (deter-
mined after the application of subsection 
(c)), and 
‘‘(B) the amount of the credit determined 
under section 41(a) for such taxable year shall 
be determined without regard to the limitation 
in the first sentence of section 41(g). 
‘‘(2) TREATMENT OF CREDIT.—For purposes of 
this title (other than this section and section 39), 
the excess of— 
‘‘(A) amount of the credit allowed solely by 
reason of this subsection, over 
‘‘(B) net income tax (as defined in sub-
section (c)(1)) reduced by credits allowable 
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under subparts D (without regard to this sub-
section) and G, 
shall be treated as an overpayment of tax for the 
taxable year. 
‘‘(3) ELIGIBLE TAXABLE YEAR.—For purposes 
of this subsection, the term ‘eligible taxable year’ 
means any taxable year ending in 2019 or 2020. 
‘‘(4) ELECTION.—An election under paragraph 
(1) shall be made at such time and in such manner 
as the Secretary may prescribe. 
‘‘(5) GUIDANCE AND REGULATIONS.—The Sec-
retary shall prescribe such regulations and guidance 
as may be necessary to carry out this subsection, in-
cluding regulations or guidance to prevent any dou-
ble counting of credits allowable under this section.’’. 
(b) ALLOWANCE OF REFUNDS.—Section 1324(b)(2) 
of title 31, United States Code, is amended by inserting 
‘‘38(e)’’ after ‘‘36B’’. 
(c) 
CONFORMING
AMENDMENT.—Section 
6211(b)(4)(A) of the Internal Revenue Code of 1986 is 
amended by inserting ‘‘38(e),’’ after ‘‘36B,’’. 
(d) CREDITS NOT SUBJECT TO SEQUESTRATION.— 
Section 255(d) of the Balanced Budget and Emergency 
Deficit Control Act of 1985 (2 U.S.C. 905(d)) is amend-
ed— 
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(1) by striking ‘‘Payments’’ and inserting the 
following: 
‘‘(1) IN GENERAL.—Payments’’, and 
(2) by adding at the end the following: 
‘‘(2) GENERAL BUSINESS CREDITS.—Payments 
made under subsection (e) of section 38 of the Inter-
nal Revenue Code of 1986 shall be exempt from re-
duction under any order issued under this part.’’. 
(e) SPECIAL RULE FOR REFUNDS.— 
(1) IN GENERAL.—For purposes of the Internal 
Revenue Code of 1986, a credit or refund for which 
an application described in paragraph (2)(A) is filed 
shall be treated as made under section 6411 of such 
Code. 
(2) TENTATIVE REFUND.— 
(A) APPLICATION.—A taxpayer may file an 
application for a tentative credit or refund of 
any amount for which a credit or refund for 
any taxable year is due by reason of section 
38(e) of the Internal Revenue Code of 1986. 
Such application shall be in such manner and 
form as the Secretary of the Treasury (or the 
Secretary’s delegate) may prescribe and shall— 
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(i) be verified in the same manner as 
an application under section 6411(a) of 
such Code, 
(ii) be filed not later than the date 
that is 120 days after the date of the en-
actment of this Act, and 
(iii) set forth— 
(I) the amount of the credit 
claimed under section 38(e) of such 
Code for such taxable year, and 
(II) the amount of the refund 
claimed. 
(B) ALLOWANCE
OF
ADJUSTMENTS.— 
Within a period of 90 days from the date on 
which an application is filed under subpara-
graph (A), the Secretary of the Treasury (or 
the Secretary’s delegate) shall— 
(i) review the application, 
(ii) determine the amount of the over-
payment, and 
(iii) apply, credit, or refund such over-
payment, 
in a manner similar to the manner provided in 
section 6411(b) of the Internal Revenue Code 
of 1986. 
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(C) CONSOLIDATED RETURNS.—The provi-
sions of section 6411(c) of the Internal Revenue 
Code of 1986 shall apply to an adjustment 
under this paragraph to the same extent and 
manner as the Secretary of the Treasury (or 
the Secretary’s delegate) may provide. 
(3) APPLICATION FOR ADJUSTMENT OF OVER-
PAYMENT OF ESTIMATED INCOME TAX.—An applica-
tion for adjustment of overpayment of estimated in-
come tax under section 6425 of the Internal Rev-
enue Code of 1986 by reason of section 38(e) of 
such Code shall not fail to be treated as timely filed 
if filed not later than the date which is 120 days 
after the date of the enactment of this Act. 
(f) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years ending after De-
cember 31, 2018. 
Æ 
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