Protecting Taxpayer's Return on Investment Act of 2020

Summary

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.

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Timeline

1. 18 March 2020

   Introduced

   Introduced in Senate

   Source: IntroReferral

2. 18 March 2020

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 18 March 2020 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 18 March 2020

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 18 March 2020

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 18 March 2020

  Open at official source

Sponsors

• John Reed · D · Sponsor
• · ssfi00 · Standing

Related records

• related to ← Workforce Emergency Response Act of 2020