Tax Credit Restoration Act of 2021
This bill requires the calculation of the base erosion minimum tax amount without regard to any offsetting credits. The base erosion and anti-abuse tax is levied on certain large corporations with deductions for amounts paid or accrued to foreign-related parties that are greater than 3% of their total deductions (2% in the case of certain banks or registered securities dealers).
To amend the Internal Revenue Code of 1986 to better coordinate the 
         base erosion and anti-abuse tax with certain credits.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Tax Credit Restoration Act of 
2021''.

SEC. 2. COORDINATION OF BASE EROSION AND ANTI-ABUSE TAX WITH CERTAIN 
              CREDITS.

    (a) Base Erosion Minimum Tax Amount Determined Without Regard to 
Credits.--
            (1) In general.--Section 59A(b)(1)(B) of the Internal 
        Revenue Code of 1986 is amended to read as follows:
                    ``(B) an amount equal to the regular tax liability 
                (as defined in section 26(b)) of the taxpayer for the 
                taxable year.''.
            (2) Conforming amendments.--
                    (A) Section 59A(b)(2) of such Code is amended by 
                striking ``shall be applied'' and all that follows and 
                inserting ``shall be applied by substituting `12.5 
                percent' for `10 percent' in subparagraph (A) 
                thereof.''.
                    (B) Section 59A(b)(3)(A) of such Code is amended by 
                striking ``(2)(A)'' and inserting ``(2)''.
                    (C) Section 59A(b) of such Code is amended by 
                striking paragraph (4).
    (b) Allowance of General Business Credit Against Base Erosion and 
Anti-Abuse Tax.--Section 38(c)(1) of such Code is amended by striking 
``the tax imposed by section 55'' and inserting ``the taxes imposed by 
sections 55 and 59A''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years ending after the date of the enactment of this 
Act.
                                 <all>
Tax Credit Restoration Act of 2021
To amend the Internal Revenue Code of 1986 to better coordinate the base erosion and anti-abuse tax with certain credits.
Tax Credit Restoration Act of 2021
Rep. DelBene, Suzan K.