S 1716 — Strong Families Act

(a) Allowance of credit There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the sum of— (1) the business credit carryforwards carried to such taxable year, (2) the amount of the current year business credit, plus (3) the business credit carrybacks carried to such taxable year. (b) Current year business credit For purposes of this subpart, the amount of the current year business credit is the sum of the following credits determined for the taxable year: (1) the investment credit determined under section 46, (2) the work opportunity credit determined under section 51(a), (3) the alcohol fuels credit determined under section 40(a), (4) the research credit determined under section 41(a), (5) the low-income housing credit determined under section 42(a), (6) the enhanced oil recovery credit under section 43(a), (7) in the case of an eligible small business (as defined in section 44(b)), the disabled access credit determined under section 44(a), (8) the renewable electricity production credit under section 45(a), (9) the empowerment zone employment credit determined under section 1396(a), (10) the Indian employment credit as determined under section 45A(a), (11) the employer social security credit determined under section 45B(a), (12) the orphan drug credit determined under section 45C(a), (13) the new markets tax credit determined under section 45D(a), (14) in the case of an eligible employer (as defined in section 45E(c)), the small employer pension plan startup cost credit determined under section 45E(a), (15) the employer-provided child care credit determined under section 45F(a), (16) the railroad track maintenance credit determined under section 45G(a), (17) the biodiesel fuels credit determined under section 40A(a), (18) the low sulfur diesel fuel production credit determined under section 45H(a), (19) the marginal oil and gas well production credit determined under section 45I(a), (20) the distilled spirits credit determined under section 5011(a), (21) the advanced nuclear power facility production credit determined under section 45J(a), (22) the nonconventional source production credit determined under section 45K(a), (23) the new energy efficient home credit determined under section 45L(a), (24) the portion of the alternative motor vehicle credit to which section 30B(g)(1) applies, (25) the portion of the alternative fuel vehicle refueling property credit to which section 30C(d)(1) applies, (26) the mine rescue team training credit determined under section 45N(a), (27) in the case of an eligible agricultural business (as defined in section 45O(e)), the agricultural chemicals security credit determined under section 45O(a), (28) the differential wage payment credit determined under section 45P(a), (29) the carbon dioxide sequestration credit determined under section 45Q(a), (30) the portion of the new clean vehicle credit to which section 30D(c)(1) applies, (31) the small employer health insurance credit determined under section 45R, (32) in the case of an eligible employer (as defined in section 45S(c)), the paid family and medical leave credit determined under section 45S(a), (33) in the case of an eligible employer (as defined in section 45T(c)), the retirement auto-enrollment credit determined under section 45T(a), plus (34) the zero-emission nuclear power production credit determined under section 45U(a). (35) the sustainable aviation fuel credit determined under section 40B, (36) the clean hydrogen production credit determined under section 45V(a), (37) the qualified commercial clean vehicle credit determined under section 45W, (38) the advanced manufacturing production credit determined under section 45X(a), (39) the clean electricity production credit determined under section 45Y(a), (40) the clean fuel production credit determined under section 45Z(a), plus (41) in the case of an eligible small employer (as defined in section 45AA(c)), the military sp...

(a) Rule for employment credits No deduction shall be allowed for that portion of the wages or salaries paid or incurred for the taxable year which is equal to the sum of the credits determined for the taxable year under sections 45A(a), 45P(a), 45S(a)(1)(A), 51(a), and 1396(a). No deduction shall be allowed for that portion of the premiums paid or incurred for the taxable year which is equal to that portion of the paid family and medical leave credit which is determined for the taxable year under section 45S(a)(1)(B). In the case of a corporation which is a member of a controlled group of corporations (within the meaning of section 52(a)) or a trade or business which is treated as being under common control with other trades or businesses (within the meaning of section 52(b)), this subsection shall be applied under rules prescribed by the Secretary similar to the rules applicable under subsections (a) and (b) of section 52. (b) Credit for qualified clinical testing expenses for certain drugs (1) In general No deduction shall be allowed for that portion of the qualified clinical testing expenses (as defined in section 45C(b)) otherwise allowable as a deduction for the taxable year which is equal to the amount of the credit allowable for the taxable year under section 45C (determined without regard to section 38(c)). (2) Similar rule where taxpayer capitalizes rather than deducts expenses If— (A) the amount of the credit allowable for the taxable year under section 45C (determined without regard to section 38(c)), exceeds (B) the amount allowable as a deduction for the taxable year for qualified clinical testing expenses (determined without regard to paragraph (1)), the amount chargeable to capital account for the taxable year for such expenses shall be reduced by the amount of such excess. (3) Election of reduced credit (A) In general In the case of any taxable year for which an election is made under this paragraph— (i) paragraphs (1) and (2) shall not apply, and (ii) the amount of the credit under section 45C(a) shall be the amount determined under subparagraph (B). (B) Amount of reduced credit The amount of credit determined under this subparagraph for any taxable year shall be the amount equal to the excess of— (i) the amount of credit determined under section 45C(a) without regard to this paragraph, over (ii) the product of— (I) the amount described in clause (i), and (II) the maximum rate of tax under section 11(b). (C) Election An election under this paragraph for any taxable year shall be made not later than the time for filing the return of tax for such year (including extensions), shall be made on such return, and shall be made in such manner as the Secretary shall prescribe. Such an election, once made, shall be irrevocable. (4) Controlled groups In the case of a corporation which is a member of a controlled group of corporations (within the meaning of section 41(f)(5)) or a trade or business which is treated as being under common control with other trades or business (within the meaning of section 41(f)(1)(B)), this subsection shall be applied under rules prescribed by the Secretary similar to the rules applicable under subparagraphs (A) and (B) of section 41(f)(1). (c) Credit for increasing research activities (1) In general The domestic research or experimental expenditures (as defined in section 174A(b)) otherwise taken into account as a deduction or charged to capital account under this chapter shall be reduced by the amount of the credit allowed under section 41(a). (2) Election of reduced credit (A) In general In the case of any taxable year for which an election is made under this paragraph— (i) paragraph (1) shall not apply, and (ii) the amount of the credit under section 41(a) shall be the amount determined under subparagraph (B). (B) Amount of reduced credit The amount of credit determined under this subparagraph for any taxable year shall be the amount equal to the excess of— (i) the amount of credit ...

(a) General rule Except as otherwise provided in this section, the amount of any tax imposed by this title shall be assessed within 3 years after the return was filed (whether or not such return was filed on or after the date prescribed) or, if the tax is payable by stamp, at any time after such tax became due and before the expiration of 3 years after the date on which any part of such tax was paid, and no proceeding in court without assessment for the collection of such tax shall be begun after the expiration of such period. For purposes of this chapter, the term “return” means the return required to be filed by the taxpayer (and does not include a return of any person from whom the taxpayer has received an item of income, gain, loss, deduction, or credit). (b) Time return deemed filed (1) Early return For purposes of this section, a return of tax imposed by this title, except tax imposed by chapter 3, 4, 21, or 24, filed before the last day prescribed by law or by regulations promulgated pursuant to law for the filing thereof, shall be considered as filed on such last day. (2) Return of certain employment and withholding taxes For purposes of this section, if a return of tax imposed by chapter 3, 4, 21, or 24 for any period ending with or within a calendar year is filed before April 15 of the succeeding calendar year, such return shall be considered filed on April 15 of such calendar year. (3) Return executed by Secretary Notwithstanding the provisions of paragraph (2) of section 6020(b), the execution of a return by the Secretary pursuant to the authority conferred by such section shall not start the running of the period of limitations on assessment and collection. (4) Return of excise taxes For purposes of this section, the filing of a return for a specified period on which an entry has been made with respect to a tax imposed under a provision of subtitle D (including a return on which an entry has been made showing no liability for such tax for such period) shall constitute the filing of a return of all amounts of such tax which, if properly paid, would be required to be reported on such return for such period. (c) Exceptions (1) False return In the case of a false or fraudulent return with the intent to evade tax, the tax may be assessed, or a proceeding in court for collection of such tax may be begun without assessment, at any time. (2) Willful attempt to evade tax In case of a willful attempt in any manner to defeat or evade tax imposed by this title (other than tax imposed by subtitle A or B), the tax may be assessed, or a proceeding in court for the collection of such tax may be begun without assessment, at any time. (3) No return In the case of failure to file a return, the tax may be assessed, or a proceeding in court for the collection of such tax may be begun without assessment, at any time. (4) Extension by agreement (A) In general Where, before the expiration of the time prescribed for the assessment of any tax imposed by this title, except the estate tax provided in chapter 11, both the Secretary and the taxpayer have consented in writing to its assessment after such time, the tax may be assessed at any time prior to the expiration of the period agreed upon. The period so agreed upon may be extended by subsequent agreements in writing made before the expiration of the period previously agreed upon. (B) Notice to taxpayer of right to refuse or limit extension The Secretary shall notify the taxpayer of the taxpayer’s right to refuse to extend the period of limitations, or to limit such extension to particular issues or to a particular period of time, on each occasion when the taxpayer is requested to provide such consent. (5) Tax resulting from changes in certain income tax or estate tax credits For special rules applicable in cases where the adjustment of certain taxes allowed as a credit against income taxes or estate taxes results in additional tax, see section 905(c) (relating to the foreign tax credit...