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Code · BILL · 116th Congress · H.R. 748 (Enrolled) — To amend the Internal Revenue Code of 1986 to repeal the excise tax on high cost employer-sponsored health coverage. · Sec. 2305

Sec. 2305. Modification of credit for prior year minimum tax liability of corporations

365 words·~2 min read·/bill/116/hr/748/enr/section-2305·

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Section 53(e) of the Internal Revenue Code of 1986 is amended— by striking 2018, 2019, 2020, or 2021 in paragraph
(1)and inserting 2018 or 2019 , and by striking 2021 in paragraph
(2)and inserting 2019 . Section 53(e) of such Code is amended by adding at the end the following new paragraph: In the case of a corporation making an election under this paragraph— paragraph
(1)shall not apply, and subsection
(c)shall not apply to the first taxable year of such corporation beginning in 2018. . The amendments made by this section shall apply to taxable years beginning after December 31, 2017. For purposes of the Internal Revenue Code of 1986, a credit or refund for which an application described in paragraph (2)(A) is filed shall be treated as made under section 6411 of such Code. A taxpayer may file an application for a tentative refund of any amount for which a refund is due by reason of an election under section 53(e)(5) of the Internal Revenue Code of 1986. Such application shall be in such manner and form as the Secretary of the Treasury (or the Secretary's delegate) may prescribe and shall— be verified in the same manner as an application under section 6411(a) of such Code, be filed prior to December 31, 2020, and set forth— the amount of the refundable credit claimed under section 53(e) of such Code for such taxable year, the amount of the refundable credit claimed under such section for any previously filed return for such taxable year, and the amount of the refund claimed. Within a period of 90 days from the date on which an application is filed under subparagraph (A), the Secretary of the Treasury (or the Secretary's delegate) shall— review the application, determine the amount of the overpayment, and apply, credit, or refund such overpayment, in a manner similar to the manner provided in section 6411(b) of the Internal Revenue Code of 1986. The provisions of section 6411(c) of the Internal Revenue Code of 1986 Code shall apply to an adjustment under this paragraph to the same extent and manner as the Secretary of the Treasury (or the Secretary's delegate) may provide.
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