To amend the Internal Revenue Code of 1986 to protect small businesses from unemployment insurance premium increases by reason of unrepaid State advances.

Bill: 118-hr-8559
Sponsor: full_name: Rep. Steel, Michelle [R-CA-45]
Introduced: 2024-05-23
Policy area: Taxation
Latest action: action_date: 2024-12-17
text: Referred to the Subcommittee on Work and Welfare.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 8559 IN THE HOUSE OF REPRESENTATIVES May 23, 2024 Mrs. Steel (for herself and Ms. Tenney ) 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 protect small businesses from unemployment insurance premium increases by reason of unrepaid State advances.

1. Protection of small business from unemployment insurance premium increases by reason of unrepaid State advances (a) In general Section 3302(c) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (4) Credits of small businesses not reduced by reason of unrepaid advances (A) In general Paragraph (2) shall not apply with respect to any specified small business. (B) Specified small business For purposes of this paragraph, the term specified small business means any taxpayer if such taxpayer employs fewer than 500 employees as of the close of the third quarter of the calendar year immediately preceding the second consecutive January 1 referred to in paragraph (2)(A)(i). . (b) Effective date The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.