Sec. 3606. ADVANCE REFUNDING OF CREDITS
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## SEC. 3606 ADVANCE REFUNDING OF CREDITS ###
(a)Payroll Credit for Required Paid Sick Leave Section 7001 of division G of the Families First Coronavirus Response Act is amended— ####
(1)in subsection (b)(4)(A)— #####
(A)by striking “(A) In general.—If the amount” and inserting “(A)(i) Credit is refundable.—If the amount”; and #####
(B)by adding at the end the following: > > ### “(ii) Advancing credit > > 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.” > ; ####
(2)in subsection (f)— #####
(A)in paragraph (4), by striking “, and” and inserting a comma; #####
(B)in paragraph (5), by striking the period at the end and inserting “, and”; and #####
(C)by adding at the end the following: > > #### “(6) > > regulations or other guidance to permit the advancement of the credit determined under subsection (a).” > ; and ####
(3)by inserting after subsection
(h)the following new subsection: > > ### “(i) Treatment of Deposits > > The Secretary of the Treasury (or the Secretary’s delegate) shall waive any penalty under section 6656 of the Internal Revenue Code of 1986 for any failure to make a deposit of the tax imposed by section 3111(a) or 3221(a) of such Code if the Secretary determines that such failure was due to the anticipation of the credit allowed under this section.” > . ###
(b)Payroll Credit for Required Paid Family Leave Section 7003 of division G of the Families First Coronavirus Response Act is amended— ####
(1)in subsection (b)(3)— #####
(A)by striking “If the amount” and inserting “(A) Credit is refundable.—If the amount”; and #####
(B)by adding at the end the following: > > ##### “(B) Advancing credit > > In anticipation of the credit, including the refundable portion under subparagraph (A), 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.” > ; ####
(2)in subsection (f)— #####
(A)in paragraph (4), by striking “, and” and inserting a comma; #####
(B)in paragraph (5), by striking the period at the end and inserting “, and”; and #####
(C)by adding at the end the following: > > #### “(6) > > regulations or other guidance to permit the advancement of the credit determined under subsection (a).” > ; and ###
(c)by inserting after subsection
(h)the following new subsection: > > ### “(i) Treatment of Deposits > > The Secretary of the Treasury (or the Secretary’s delegate) shall waive any penalty under section 6656 of the Internal Revenue Code of 1986 for any failure to make a deposit of the tax imposed by section 3111(a) or 3221(a) of such Code if the Secretary determines that such failure was due to the anticipation of the credit allowed under this section.” > .