[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 2936 Introduced in Senate (IS)]

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117th CONGRESS
  1st Session
                                S. 2936

To amend the CARES Act and the Internal Revenue Code of 1986 to modify 
 the treatment of related individuals under the employee retention tax 
                                credit.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            October 5, 2021

  Mr. Cassidy introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the CARES Act and the Internal Revenue Code of 1986 to modify 
 the treatment of related individuals under the employee retention tax 
                                credit.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. TREATMENT OF RELATED INDIVIDUALS UNDER EMPLOYEE RETENTION 
              TAX CREDIT.

    (a) Amendments to CARES Act.--
            (1) In general.--Section 2301(e) of the Coronavirus Aid, 
        Relief, and Economic Security Act is amended by inserting 
        ``(applied without regard to the phrase `(determined with the 
        application of section 267(c))' in subparagraph (A) thereof)'' 
        after ``51(i)(1)''.
            (2) Effective date.--The amendment made by this subsection 
        shall apply to wages paid after March 12, 2020.
    (b) Amendment to Internal Revenue Code of 1986.--
            (1) In general.--Section 3134(e) of the Internal Revenue 
        Code of 1986 is amended by inserting ``(applied without regard 
        to the phrase `(determined with the application of section 
        267(c))' in subparagraph (A) thereof)'' after ``51(i)(1)''.
            (2) Effective date.--The amendment made by this subsection 
        shall apply to wages paid after June 30, 2021.
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