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To amend the Internal Revenue Code of 1986 to protect small businesses from unemployment insurance premium increases by reason of unrepaid State advances.
To amend the Internal Revenue Code of 1986 to protect small businesses from unemployment insurance premium increases by reason of unrepaid State advances.
Summary
This bill amends the Internal Revenue Code to shield small businesses from increases in unemployment insurance premiums that would result from unpaid state advances to unemployment trust funds. It defines eligible small businesses as those with fewer than 500 employees. Specifically, the bill prevents the federal unemployment tax credit for small businesses from being reduced due to unrepaid state unemployment insurance advances. The relief applies to tax years beginning after the bill's enactment date.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
1 cosponsor
Actions (2)
- Mar 6, 2025 Referred to the House Committee on Ways and Means. · house
- Mar 6, 2025 Introduced in House
Similar bills (6)
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Text versions (1)
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Full text
IN THE HOUSE OF REPRESENTATIVES
March 6, 2025
Ms. Tenney (for herself and Mr. Smucker) 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.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 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. <all>
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