A bill to restrict the authority of the Secretary of the Treasury to purchase or guarantee assets in response to the coronavirus disease (COVID-19) outbreak.
About This Bill
Committee
Latest Action · March 18, 2020
Read twice and referred to the Committee on Finance.
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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