Help Our Businesses Recover Act of 2021

Bill: 117-hr-4320
Sponsor: full_name: Rep. Kim, Andy [D-NJ-3]
Introduced: 2021-07-01
Policy area: Taxation
Subjects: Income tax rates
Latest action: action_date: 2021-07-01
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2021-07-01
action_desc: Introduced in House
text: <p><strong>Help Our Businesses Recover Act of 2021</strong></p> <p>This bill eliminates, for taxable years ending in 2020, the base erosion minimum tax rate applicable to certain large corporations that have deductions with respect to amounts paid or accrued to foreign-related parties exceeding 3% of their total deductions.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 4320 IN THE HOUSE OF REPRESENTATIVES July 1, 2021 Mr. Kim of New Jersey (for himself, Mr. Suozzi , and Mr. Garbarino ) 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.

1. Short title This Act may be cited as the Help Our Businesses Recover Act of 2021 . 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.