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Protecting Taxpayer's Return on Investment Act of 2020

Introduced: March 18, 2020 Introduced by: Reed, Jack Democratic · Rhode Island See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 18, 2020
Read twice and referred to the Committee on Finance.
Mar 18, 2020
Introduced in Senate
 Plain-English summary Congressional Research Service

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.

What's happening now March 18, 2020

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1