S. 3526 · 116th Congress
Protecting Taxpayer's Return on Investment Act of 2020
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
ReedSponsorNo cosponsors.
This bill sets forth requirements for the purchase or guarantee of a company's assets by the Department of the Treasury in response to the COVID-19 (i.e., coronavirus disease 2019) pandemic.
What it does: CRS summary · Introduced in Senate · Mar 18, 2020
Protecting Taxpayer's Return on Investment Act of 2020
This bill sets forth requirements for the purchase or guarantee of a company's assets by the Department of the Treasury in response to the COVID-19 (i.e., coronavirus disease 2019) pandemic. Specifically, as a condition of such a transaction, companies must provide a warrant (i.e., the right to purchase company stock in the future at a specified exercise price) or a senior debt instrument to Treasury. The exercise price for a warrant must be set by Treasury for the primary benefit of taxpayers.
Treasury is generally prohibited from purchasing or guaranteeing assets from an inverted domestic corporation (i.e., a domestic corporation that has been restructured to incorporate in a foreign jurisdiction for tax purposes) in response to COVID-19.
An entity receiving specified assistance in response to COVID-19 may not claim the trade or business expenses tax deduction for the amount an individual employee is compensated above $500,000.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Protecting Taxpayer's Return on Investment Act of 2020
Latest action (Mar 18, 2020): Read twice and referred to the Committee on Finance.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Mar 18, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.