Sec. 301. Payroll credit for required paid public health emergency sick leave
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In the case of an employer, there shall be allowed as a credit against the tax imposed by section 3111(a) of the Internal Revenue Code of 1986 for each calendar quarter an amount equal to 100 percent of the qualified public health emergency sick leave wages paid by such employer with respect to such calendar quarter. The preceding sentence shall not apply to any employer for any calendar quarter unless such employer employs an average of fewer than 500 employees on days during such quarter. The amount of qualified public health emergency sick leave wages taken into account under subsection
(a)with respect to any individual shall not exceed $511 for any day (or portion thereof) for which the individual is paid qualified sick leave wages. The credit allowed by subsection
(a)with respect to any calendar quarter shall not exceed the tax imposed by section 3111(a) of such Code for such calendar quarter (reduced by any credits allowed under subsections
(e)and
(f)of section 3111 of such Code for such quarter) on the wages paid with respect to the employment of all employees of the employer. If the amount of the credit under subsection
(a)exceeds the limitation of paragraph
(3)for any calendar quarter, such excess shall be treated as an overpayment that shall be refunded under sections 6402(a) and 6413(b) of such Code. In anticipation of the credit, including the refundable portion under clause (i), the credit may be advanced, according to forms and instructions provided by the Secretary, up to an amount calculated under subsection (a), subject to the limits under subsection (b), both calculated through the end of the most recent payroll period in the quarter. For purposes of section 1324 of title 31, United States Code, any amounts due to an employer under this paragraph shall be treated in the same manner as a refund due from a credit provision referred to in subsection (b)(2) of such section. For purposes of this section, the term qualified public health emergency sick leave wages means wages (as defined in section 3121(a) of the Internal Revenue Code of 1986) paid by an employer which are required to be paid by reason of the Public Health Emergency Paid Sick Leave Act . For purposes of chapter 1 of such Code, the gross income of the employer, for the taxable year which includes the last day of any calendar quarter with respect to which a credit is allowed under this section, shall be increased by the amount of such credit. No credit shall be allowed under this section with respect to wages for which a credit is allowed under section 45S of such Code. This section shall not apply with respect to any employer for any calendar quarter if such employer elects (at such time and in such manner as the Secretary of the Treasury (or the Secretary’s delegate) may prescribe) not to have this section apply. Any term used in this section which is also used in chapter 21 of such Code shall have the same meaning as when used in such chapter. This credit shall not apply to the Government of the United States, the government of any State or political subdivision thereof, or any agency or instrumentality of any of the foregoing. The Secretary of the Treasury (or the Secretary’s delegate) shall prescribe such regulations or other guidance as may be necessary to carry out the purposes of this section, including— regulations or other guidance to prevent the avoidance of the purposes of the limitations and aggregation rules under this section through the use of successor companies or other means, regulations or other guidance to minimize compliance and record-keeping burdens under this section, regulations or other guidance providing for waiver of penalties for failure to deposit amounts in anticipation of the allowance of the credit allowed under this section, and regulations or other guidance for recapturing the benefit of credits determined under this section in cases where there is a subsequent adjustment to the credit determined under subsection (a). This section shall apply only to wages paid with respect to days after the date of the enactment of this Act. There are hereby appropriated to the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund established under section 201 of the Social Security Act ( 42 U.S.C. 401 ) amounts equal to the reduction in revenues to the Treasury by reason of this section (without regard to this subsection). Amounts appropriated by the preceding sentence shall be transferred from the general fund at such times and in such manner as to replicate to the extent possible the transfers which would have occurred to such Trust Fund had this section not been enacted.
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Sec. 301
Payroll credit for required paid public health emergency sick leave
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