March 23, 2020 - Issue: Vol. 166, No. 57 — Daily Edition116th Congress (2019 - 2020) - 2nd Session
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TEXT OF AMENDMENTS; Congressional Record Vol. 166, No. 57
(Senate - March 23, 2020)
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[Pages S1970-S1972] From the Congressional Record Online through the Government Publishing Office [www.gpo.gov] TEXT OF AMENDMENTS SA 1569. Mr. SASSE submitted an amendment intended to be proposed by him to the bill H.R. 748, to amend the Internal Revenue Code of 1986 to repeal the excise tax on high cost employer-sponsored health coverage; which was ordered to lie on the table; as follows: At the appropriate place, insert the following: SEC. ___. CONDITIONS ON LOAN OR PURCHASE AUTHORITY FOR WARRANTS AND DEBT INSTRUMENTS. (1) In general.--The Secretary may not make any loan, or make any commitment to loan, any funds authorized, appropriated, or otherwise dedicated under this Act or purchase, or make any commitment to purchase, any asset under the authority of this Act, unless the Secretary receives from the institution to which such loans are to be made or from which such assets are to be purchased-- (A) in the case of an institution, the securities of which are traded on a national securities exchange, a warrant giving the right to the Secretary to receive nonvoting common stock or preferred stock in such institution, or voting stock with respect to which, the Secretary agrees not to exercise voting power, as the Secretary determines appropriate; or (B) in the case of any institution other than one described in subparagraph (A), a warrant for common or preferred stock, or a senior debt instrument from such institution, as described in paragraph (2)(C). (2) Terms and conditions.--The terms and conditions of any warrant or senior debt instrument required under paragraph (1) shall meet the following requirements: (A) Purposes.--Such terms and conditions shall, at a minimum, be designed-- (i) to provide for reasonable participation by the Secretary, for the benefit of taxpayers, in equity appreciation in the case of a warrant or other equity security, or a reasonable interest rate premium, in the case of a debt instrument; and (ii) to provide additional protection for the taxpayer against losses from sale of assets by the Secretary under this Act. [[Page S1971]] (B) Authority to sell, exercise, or surrender.--The Secretary may sell, exercise, or surrender a warrant or any senior debt instrument received under this subsection, based on the conditions established under subparagraph (A). (C) Conversion.--The warrant shall provide that if, after the warrant is received by the Secretary under this subsection, the institution that issued the warrant is no longer listed or traded on a national securities exchange or securities association, as described in paragraph (1)(A), such warrants shall convert to senior debt, or contain appropriate protections for the Secretary to ensure that the Treasury is appropriately compensated for the value of the warrant, in an amount determined by the Secretary. (D) Protections.--Any warrant representing securities to be received by the Secretary under this subsection shall contain anti-dilution provisions of the type employed in capital market transactions, as determined by the Secretary. Such provisions shall protect the value of the securities from market transactions such as stock splits, stock distributions, dividends, and other distributions, mergers, and other forms of reorganization or recapitalization. (E) Exercise price.--The exercise price for any warrant issued pursuant to this subsection shall be set by the Secretary to make a profit for the taxpayers. (F) Sufficiency.--The institution shall guarantee to the Secretary that it has authorized shares of nonvoting stock available to fulfill its obligations under this subsection. Should the institution not have sufficient authorized shares, including preferred shares that may carry dividend rights equal to a multiple number of common shares, the Secretary may, to the extent necessary, accept a senior debt note in an amount, and on such terms as will compensate the Secretary with equivalent value, in the event that a sufficient shareholder vote to authorize the necessary additional shares cannot be obtained. (3) Exceptions.-- (A) De minimis.--The Secretary shall establish de minimis exceptions to the requirements of this subsection, based on the size of the cumulative loans to and transactions of assets purchased from any one institution for the duration of the program, at not more than $100,000,000. (B) Other exceptions.--The Secretary shall establish an exception to the requirements of this subsection and appropriate alternative requirements for any participating institution that is legally prohibited from issuing securities and debt instruments, so as not to allow circumvention of the requirements of this section. ______ SA 1570. Mr. SASSE submitted an amendment intended to be proposed by him to the bill H.R. 748, to amend the Internal Revenue Code of 1986 to repeal the excise tax on high cost employer-sponsored health coverage; which was ordered to lie on the table; as follows: At the appropriate place, insert the following: SEC. 1114. PAYMENTS TO STATES IN LIEU OF LOANS. (a) Payments.-- (1) In general.--Out of the amount appropriated under section 1106(a)(1), the Administrator shall pay each State the amount determined under paragraph (2). (2) State payment amount.-- (A) State share of 51 percent of funding.--With respect to each State, the amount determined for the State under this paragraph is the sum of the State shares determined under subparagraphs (A) and (B), respectively. (B) State share of lending amount.--The State share determined under this subparagraph for a State is an amount equal to the product obtained by multiplying-- (i) the State allocation percentage; by (ii) the product obtained by multiplying-- (I) 0.51; by (II) the amount appropriated under section 1106(a)(1). (C) State share of salaries and expenses.--The State share determined under this subparagraph for a State is an amount equal to the product obtained by multiplying-- (i) the State allocation percentage; by (ii) the product obtained by multiplying-- (I) 0.51; by (II) the amount appropriated under section 1106(a)(2). (3) State allocation percentage.--For purposes of this subsection, the State allocation percentage for any State is an amount (expressed as a percentage) equal to the quotient of-- (A) the number of citizens of the United States in such State; and (B) the total number of citizens of the United States in all States. (b) Use of Funds.-- (1) In general.--The Governor of a State may use amounts paid to the State under this section to-- (A) minimize small business bankruptcies as a result of the coronavirus crisis; or (B) minimize small business job losses as a result of the coronavirus crisis. (2) State loans and loan guarantees.-- (A) In general.--The Governor of a State may make loans or loan guarantees to carry out the purposes of paragraph (1). (B) Loan forgiveness.--The Governor of a State that receives amounts under this section may forgive loans made in the same manner as provided for loans forgiven under section 1105. (c) Period to Claim.--Not less than 24 hours after the date of enactment of this Act, the Governor of a State shall notify the Administration of its intent to claim the State payment amount determined under subsection (a)(2). Any unclaimed amounts shall be otherwise available to the Administration as provided in this title. At the appropriate place in title II of division A, add the following: SEC. __. PAYMENTS TO STATES IN LIEU OF TAX BENEFITS. (a) Payments.-- (1) In general.--The Secretary of the Treasury shall pay to each State an amount equal to the product of-- (A) the applicable amount; and (B) the State allocation percentage. (2) Applicable amount.--For purposes of paragraph (1), the applicable amount is the amount equal to the sum of-- (A) the aggregate amount of reductions in credits allowed under section 6428 of the Internal Revenue Code of 1986 by reason of subsection (j)(1) thereof (as added by subsection (b)); and (B) the reduction in the estimated loss of revenue resulting from the provisions of, or amendments made by, each section of [subtitle C of this title] (determined before the application of subsection (c)) by reason of the application of such subsection. (3) State allocation percentage.--For purposes of paragraph (1), the State allocation percentage for any State is an amount (expressed as a percentage) equal to the quotient of-- (A) the number of citizens of the United States in such State; and (B) the total number of citizens of the United States in all States. (4) Amounts received from states excluded from income.--For purposes of the Internal Revenue Code of 1986, if a taxpayer receives any amount or benefit from a State under a program established after the date of the enactment of this Act that was funded with amounts paid to the State under this subsection, such amount or benefit shall not be taken into account in determining gross income. (5) Use of funds.--The Governor of a State may use amounts paid to the State under this subsection to-- (A) minimize small business bankruptcies as a result of the coronavirus crisis; or (B) minimize small business job losses as a result of the coronavirus crisis. (b) 51 Percent Reduction in Tax Rebates.--Section 6428 of the Internal Revenue Code of 1986, as added by this Act, is amended by adding at the end the following new subsection: ``([-]) Reduction in Credit.--The amount of the credit allowed under this section (determined without regard to this subsection and after the application of subsection ([limitation])) shall be reduced by 51 percent of such amount.''. (c) 51 Percent Reduction in Business Tax Provisions.-- (1) In general.--The provisions of, and amendments made by, each section of [subtitle C of this title] of this Act shall be applied, under regulations established by the Secretary of the Treasury, in a manner such that the estimated loss of revenue resulting from the provisions of, or amendments made by, each such section (determined after the application of this subsection) is not more than 51 percent of the estimated loss of revenue resulting from the provisions of, or amendments made by, each such section (determined before the application of this section). (2) Regulations.--The regulations described in paragraph (1) shall be issued not later than the date that is 10 days after the date of the enactment of this Act. At the end of title IV of division A, add the following: SEC. 4022. PAYMENTS TO STATES IN LIEU OF FEDERAL LOANS, LOAN GUARANTEES, OR OTHER INVESTMENTS. (a) Nonapplication of Certain Provisions.--Notwithstanding any other provision of this Act, any provisions of this title that are directly contrary to the authority under this section shall have no force or effect. (b) Payments to States.--From the amount appropriated under section 4019(a) to the fund established under section 5302(a)(1) of title 31, United States Code, to carry out this title, the Secretary shall, not later than 30 days after the date of enactment of this Act, pay each State the amount determined for the State under subsection (c). (c) State Payment Amount.-- (1) State share of 51 percent of federal program funding.-- With respect to each State, the amount determined for the State under this subsection is the sum of the State shares determined under paragraphs (2) and (3), respectively. (2) State share of 51 percent of general federal program funding.--The State share determined under this paragraph for a State is the amount equal to-- (A) the State allocation percentage; multiplied by-- (B) the product of-- (i) 0.51; and (ii) the amount appropriated under section 4019(a), reduced by $100,000,000. (3) State share of federal funding for administrative expenses.--The State share determined under this paragraph for a State is the amount equal to the product of-- (A) the State allocation percentage; and [[Page S1972]] (B) $100,000,000. (d) State Allocation Percentage.--For purposes of this section, the State allocation percentage for any State is an amount (expressed as a percentage) equal to the quotient of-- (1) the number of citizens of the United States in such State; and (2) the total number of citizens of the United States in all States. (e) Use of Funds.-- (1) In general.--The Governor of a State may use the amount paid to the State under this section to-- (A) minimize small business bankruptcies as a result of the coronavirus crisis; or (B) minimize small business job losses as a result of the coronavirus crisis. (2) State loans and loan guarantees.-- (A) In general.--The Governor of the State may make loans or loan guarantees to carry out the purposes of paragraph (1). (B) Limitation.--The total amount of loans and loan guarantees made by the Governor of a State using the amount paid to the State under this section shall not exceed the State share of such amount determined under subsection (c)(2). (f) Application of Certain Requirements for Federal Loans, Loan Guarantees, or Other Investments.--The following requirements shall apply to loans and loan guarantees made by the Governor of a State using the amount paid to the State under this section in the same manner as such requirements apply to loans, loan guarantees, or other investments made by the Secretary (and, withe respect to a State, by substituting ``Governor'' for ``Secretary)'': (1) Subsection (c)(2) of section 4003 (relating to determinations for making loans and loan guarantees). (2) Subsection (d) of section 4003 (relating to financial protection of Government). (3) Subsection (f) of section 4003 (relating to administrative provisions, except that the State share determined for the State under subsection (c)(3) shall be substituted for ``$100,000,000''). (4) Section 4004 (relating to limitation on certain employee compensation). (g) Deposit of Proceeds.--Amounts collected by the Governor of a State with respect to loans and loan guarantees made under this section, including the repayment of principal, proceeds of investments, earnings, and interest collected, shall be paid to the Secretary and deposited in the Treasury as miscellaneous receipts. At the appropriate place in division B, insert the following: Sec. __. (a) Of amounts appropriated under this division, each State shall receive the payment amount determined under subsection (b). (b)(1) The State payment amount determined under this subsection for a State is an amount equal to the product obtained by multiplying-- (A) the State allocation percentage; by (B) the product obtained by multiplying-- (i) 0.51; by (ii) the sum of all amounts appropriated under this division. (2) For purposes of paragraph (1), the State allocation percentage for any State is an amount (expressed as a percentage) equal to the quotient of-- (A) the number of citizens of the United States in such State; and (B) the total number of citizens of the United States in all States. (3) The Governor of a State may use the amount paid to the State under this section to-- (A) minimize small business bankruptcies as a result of the coronavirus crisis; or (B) minimize small business job losses as a result of the coronavirus crisis. ______ SA 1571. Mr. SASSE submitted an amendment intended to be proposed by him to the bill H.R. 748, to amend the Internal Revenue Code of 1986 to repeal the excise tax on high cost employer-sponsored health coverage; which was ordered to lie on the table; as follows: At the end of subtitle D of title III of division A, insert the following: SEC. 3717. MEDICARE SKILLED NURSING FACILITY PROSPECTIVE PAYMENT SYSTEM ADJUSTMENT FOR COVID-19 RESIDENTS DURING EMERGENCY PERIOD. (a) In General.--Section 1888(e) of the Social Security Act (42 U.S.C. 1395yy(e)) is amended-- (1) in paragraph (1), by striking `` and (12)'' and inserting ``(12), and (13)''; and (2) by inserting after paragraph (12) the following new paragraph: ``(13) Adjustment for residents with covid-19.--During the emergency period described in section 1135(g)(1)(B), in the case of a resident who has a principal or secondary diagnosis of COVID-19, the per diem amount of payment otherwise applicable shall be increased by 15 percent to reflect increased costs associated with such residents.''. (b) Implementation.--Notwithstanding any other provision of law, the Secretary may implement the amendments made by subsection (a) by program instruction or otherwise. ______ SA 1572. Mr. SASSE submitted an amendment intended to be proposed by him to the bill H.R. 748, to amend the Internal Revenue Code of 1986 to repeal the excise tax on high cost employer-sponsored health coverage; which was ordered to lie on the table; as follows: At the appropriate place in subtitle E of title III of division A, insert the following: SEC. ___. PAUSING ELIGIBILITY DETERMINATIONS UNDER THE 340B DRUG PRICING PROGRAM. Section 340B(a) of the Public Health Service Act (42 U.S.C. 256B(a)) is amended by adding at the end the following: ``(11) Pausing eligibility determinations.--The Secretary shall, for each of fiscal years 2020 and 2021, pause the process of determining whether an entity is a covered entity, as defined in paragraph (4), in response to the COVID-19 public health emergency to ensure that no entity that was previously determined to be such a covered entity would lose eligibility status for the program under this section during such emergency.''. ______ SA 1573. Mr. SCOTT of South Carolina (for himself, Ms. Klobuchar, Mr. Sasse, and Mr. Booker) submitted an amendment intended to be proposed by him to the bill H.R. 748, to amend the Internal Revenue Code of 1986 to repeal the excise tax on high cost employer-sponsored health coverage; which was ordered to lie on the table; as follows: At the appropriate place, insert the following: SEC. ___. TAX CREDIT TO SMALL BUSINESSES TO COVER RENT AND MORTGAGE PAYMENTS. (a) Allowance of Credit.-- (1) In general.--In the case of an eligible small business, there shall be allowed as a credit against the tax imposed by chapter 1 of the Internal Revenue Code of 1986 for the first taxable year beginning on or after January 1, 2019, an amount equal to the sum of any qualified rent or mortgage expenditures which-- (A) relate to any real property which is primarily used in a trade or business of such eligible small business which is a qualified trade or business (as defined in section 199A(d)), and (B) are paid or incurred by such eligible small business during the first 4 months of 2020. (2) Limitation.--The amount of the credit allowable to a taxpayer under paragraph (1) for any taxable year shall not exceed $50,000. (b) Eligible Small Business.--For purposes of this section-- (1) In general.--The term ``eligible small business'' means, with respect to calendar year 2019, an employer who is employed an average of not greater than 500 full-time employees on business days during such calendar year. (2) Application of aggregation rule for employers.--All persons treated as a single employer under subsection (b), (c), (m), or (o) of section 414 of the Internal Revenue Code of 1986 shall be treated as 1 employer. (c) Qualified Rent or Mortgage Expenditures.--For purposes of this section, the term ``qualified rent or mortgage expenditures'' means and expenditure for rent or mortgage payments (not including any amounts attributable to utilities) that are paid pursuant to a contract entered into before the date of the enactment of this Act. (d) Expedited Amended Return Process.--In the case of any eligible small business which has timely filed an amendment to the tax return for such business for the taxable year described in subsection (a) for the sole purpose of claiming the credit allowed under this section, the Secretary of the Treasury (or the Secretary's delegate) shall establish a separate and expedited process for reviewing and processing such amended returns. (e) Regulations.--The Secretary of the Treasury (or the Secretary's delegate) shall prescribe such regulations or guidance as may be necessary to carry out the provisions of this section, including regulations and guidance to prevent and identify fraud through the use of relevant information submitted by third parties which relates to the rent or mortgage expenditures claimed by a taxpayer for purposes of the credit allowed under this section. (f) Effective Date.--This section shall take effect on the date of enactment of this Act. ____________________
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