15 U.S.C. 9042 (U.S. Code, current edition)
Summary
The U.S. Code text of 15 U.S.C. § 9042, Emergency relief and taxpayer protections, in Title 15—Commerce and Trade, with notes. Subsection (a) authorizes the Secretary to make loans, loan guarantees, and other investments to provide liquidity to eligible businesses, States, and municipalities related to losses incurred as a result of coronavirus, in amounts that do not, in the aggregate, exceed $0. Subsection (b) makes not more than $0 available for loans and loan guarantees for passenger air carriers, certain repair businesses and ticket agents. The definitions name the Secretary as the Secretary of the Treasury and describe businesses critical to maintaining national security as those that manufacture or produce aerospace-related products.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
Cite this document
“15 U.S.C. 9042 (U.S. Code, current edition).”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/15-u-s-c-9042-u-s-code-current-edition-4c4a0c4606/
, SHA-256 fad7d68b35006004bf4ee30409866505ea2450986621be17348dc1848f394da7.Full text
Page 2519 TITLE 15—COMMERCE AND TRADE § 9042
(7) Municipality § 9042. Emergency relief and taxpayer protec-
The term ‘‘municipality’’ includes— tions
(A) a political subdivision of a State, and (a) In general
(B) an instrumentality of a municipality, a
Notwithstanding any other provision of law,
State, or a political subdivision of a State.
to provide liquidity to eligible businesses,
(8) National securities exchange States, and municipalities related to losses in-
The term ‘‘national securities exchange’’ curred as a result of coronavirus, the Secretary
means an exchange registered as a national se- is authorized to make loans, loan guarantees,
curities exchange under section 78f of this and other investments in support of eligible
title. businesses, States, and municipalities that do
(9) Secretary not, in the aggregate, exceed $0 and provide the
subsidy amounts necessary for such loans, loan
The term ‘‘Secretary’’ means the Secretary
guarantees, and other investments in accord-
of the Treasury, or the designee of the Sec-
ance with the provisions of the Federal Credit
retary of the Treasury.
Reform Act of 1990 (2 U.S.C. 661 et seq.).
(10) State
(b) Loans, loan guarantees, and other invest-
The term ‘‘State’’ means— ments
(A) any of the several States;
(B) the District of Columbia; Loans, loan guarantees, and other investments
(C) any of the territories and possessions made pursuant to subsection (a) shall be made
of the United States; available as follows:
(D) any bi-State or multi-State entity; and (1) Not more than $0 shall be available to
(E) any Indian Tribe. make loans and loan guarantees for passenger
air carriers, eligible businesses that are cer-
(11) Aerospace-related businesses critical to
tified under part 145 of title 14, Code of Federal
maintaining national security
Regulations, and approved to perform inspec-
The term ‘‘businesses critical to maintain- tion, repair, replace, or overhaul services, and
ing national security’’ means those businesses ticket agents (as defined in section 40102 of
that manufacture or produce aerospace-re- title 49).
lated products, civil or defense, including (2) Not more than 0 1 shall be available to
those that design, integrate, assemble, supply, make loans and loan guarantees for cargo air
maintain, and repair such products, and other carriers.
businesses involved in aerospace-related man- (3) Not more than 0 1 shall be available to
ufacturing or production as further defined by make loans and loan guarantees for businesses
the Secretary, in consultation with the Sec- critical to maintaining national security.
retary of Defense and the Secretary of Trans- (4) Not more than the sum of $0 and any
portation. For purposes of the preceding sen- amounts available under paragraphs (1), (2),
tence, aerospace-related products include, but and (3) that are not used as provided under
are not limited to, components, parts, or sys- those paragraphs shall be available to make
tems of aircraft, aircraft engines, or appli- loans and loan guarantees to, and other in-
ances for inclusion in an aircraft, aircraft en- vestments in, programs or facilities estab-
gine, or appliance. lished by the Board of Governors of the Fed-
(Pub. L. 116–136, div. A, title IV, § 4002, Mar. 27, eral Reserve System for the purpose of pro-
2020, 134 Stat. 469; Pub. L. 116–260, div. N, title viding liquidity to the financial system that
IV, § 412(c), Dec. 27, 2020, 134 Stat. 2061.) supports lending to eligible businesses, States,
or municipalities by—
Editorial Notes (A) purchasing obligations or other inter-
REFERENCES IN TEXT
ests directly from issuers of such obligations
or other interests;
This part, referred to in text, was in the original (B) purchasing obligations or other inter-
‘‘this subtitle’’, meaning subtitle A (§§ 4001–4029) of title ests in secondary markets or otherwise; or
IV of div. A of Pub. L. 116–136, known as the
Coronavirus Economic Stabilization Act of 2020, which
(C) making loans, including loans or other
is classified principally to this part. For complete clas- advances secured by collateral.
sification of subtitle A to the Code, see section 4001 of (c) Terms and conditions
Pub. L. 116–136, set out as a Short Title note under sec-
(1) In general
tion 9001 of this title, and Tables.
This Act, referred to in par. (4)(B), probably means (A) Forms; terms and conditions
subtitle A (§§ 4001–4029) of title IV of div. A of Pub. L. A loan, loan guarantee, or other invest-
116–136, known as the Coronavirus Economic Stabiliza-
ment by the Secretary shall be made under
tion Act of 2020, which is classified principally to this
part. For complete classification of this Act to the this section in such form and on such terms
Code, see section 4001 of Pub. L. 116–136, set out as a and conditions and contain such covenants,
Short Title note under section 9001 of this title, and Ta- representations, warranties, and require-
bles. ments (including requirements for audits) as
The Railway Labor Act, referred to in par. (5)(B), is the Secretary determines appropriate. Any
act May 20, 1926, ch. 347, 44 Stat. 577, which is classified loans made by the Secretary under this sec-
principally to chapter 8 (§ 151 et seq.) of Title 45, Rail- tion shall be at a rate determined by the
roads. For complete classification of this Act to the
Secretary based on the risk and the current
Code, see section 151 of Title 45 and Tables.
average yield on outstanding marketable ob-
AMENDMENTS
2020—Par. (11). Pub. L. 116–260 added par. (11). 1 So in original. Probably should be preceded by a dollar sign.
§ 9042 TITLE 15—COMMERCE AND TRADE Page 2520
ligations of the United States of comparable the business are jeopardized, as determined
maturity. by the Secretary.
(B) Procedures (3) Federal reserve programs or facilities
As soon as practicable, but in no case later (A) Terms and conditions
than 10 days after March 27, 2020, the Sec- (i) Definition
retary shall publish procedures for applica-
tion and minimum requirements, which may In this paragraph, the term ‘‘direct
be supplemented by the Secretary in the loan’’ means a loan under a bilateral loan
Secretary’s discretion, for making loans, agreement that is —
loan guarantees, or other investments under (I) entered into directly with an eligi-
paragraphs (1), (2) and (3) of subsection (b) . ble business as borrower; and
(II) not part of a syndicated loan, a
(2) Loans and loan guarantees loan originated by a financial institution
The Secretary may enter into agreements to in the ordinary course of business, or a
make loans or loan guarantees to 1 or more el- securities or capital markets trans-
igible businesses under paragraphs (1), (2) and action.
(3) of subsection (b) if the Secretary deter- (ii) Restrictions
mines that, in the Secretary’s discretion—
(A) the applicant is an eligible business for The Secretary may make a loan, loan
which credit is not reasonably available at guarantee, or other investment under sub-
the time of the transaction; section (b)(4) as part of a program or facil-
(B) the intended obligation by the appli- ity that provides direct loans only if the
cant is prudently incurred; applicable eligible businesses agree—
(C) the loan or loan guarantee is suffi- (I) until the date 12 months after the
ciently secured or is made at a rate that— date on which the direct loan is no
(i) reflects the risk of the loan or loan longer outstanding, not to repurchase an
guarantee; and equity security that is listed on a na-
(ii) is to the extent practicable, not less tional securities exchange of the eligible
than an interest rate based on market con- business or any parent company of the
ditions for comparable obligations preva- eligible business while the direct loan is
lent prior to the outbreak of the outstanding, except to the extent re-
coronavirus disease 2019 (COVID–19); quired under a contractual obligation
that is in effect as of March 27, 2020;
(D) the duration of the loan or loan guar- (II) until the date 12 months after the
antee is as short as practicable and in any date on which the direct loan is no
case not longer than 5 years; longer outstanding, not to pay dividends
(E) the agreement provides that, until the or make other capital distributions with
date 12 months after the date the loan or respect to the common stock of the eligi-
loan guarantee is no longer outstanding, nei- ble business; and
ther the eligible business nor any affiliate of (III) to comply with the limitations on
the eligible business may purchase an equity compensation set forth in section 9043 of
security that is listed on a national securi- this title.
ties exchange of the eligible business or any
(iii) Waiver
parent company of the eligible business, ex-
cept to the extent required under a contrac- The Secretary may waive the require-
tual obligation in effect as of March 27, 2020; ment under clause (ii) with respect to any
(F) the agreement provides that, until the program or facility upon a determination
date 12 months after the date the loan or that such waiver is necessary to protect
loan guarantee is no longer outstanding, the the interests of the Federal Government.
eligible business shall not pay dividends or If the Secretary exercises a waiver under
make other capital distributions with re- this clause, the Secretary shall make him-
spect to the common stock of the eligible self available to testify before the Com-
business; mittee on Banking, Housing, and Urban
(G) the agreement provides that, until Affairs of the Senate and the Committee
September 30, 2020, the eligible business on Financial Services of the House of Rep-
shall maintain its employment levels as of resentatives regarding the reasons for the
March 24, 2020, to the extent practicable, and waiver.
in any case shall not reduce its employment (B) Federal Reserve Act taxpayer protections
levels by more than 10 percent from the lev- and other requirements apply
els on such date; For the avoidance of doubt, any applicable
(H) the agreement includes a certification requirements under section 13(3) of the Fed-
by the eligible business that it is created or eral Reserve Act (12 U.S.C. 343(3)), including
organized in the United States or under the requirements relating to loan
laws of the United States and has significant collateralization, taxpayer protection, and
operations in and a majority of its employ- borrower solvency, shall apply with respect
ees based in the United States; and to any program or facility described in sub-
(I) for purposes of a loan or loan guarantee section (b)(4).
under paragraphs (1), (2), and (3) of sub-
section (b), the eligible business must have (C) United States businesses
incurred or is expected to incur covered A program or facility in which the Sec-
losses such that the continued operations of retary makes a loan, loan guarantee, or
Page 2521 TITLE 15—COMMERCE AND TRADE § 9042
other investment under subsection (b)(4) tional securities exchange of the recipi-
shall only purchase obligations or other in- ent or any parent company of the recipi-
terests (other than securities that are based ent while the direct loan is outstanding,
on an index or that are based on a diversified except to the extent required under a
pool of securities) from, or make loans or contractual obligation that is in effect
other advances to, businesses that are cre- as of March 27, 2020;
ated or organized in the United States or (VIII) the recipient will not outsource
under the laws of the United States and that or offshore jobs for the term of the loan
have significant operations in and a major- and 2 years after completing repayment
ity of its employees based in the United of the loan;
States. (IX) the recipient will not abrogate ex-
(D) Assistance for mid-sized businesses isting collective bargaining agreements
(i) In general for the term of the loan and 2 years after
completing repayment of the loan; and
Without limiting the terms and condi- (X) that the recipient will remain neu-
tions of the programs and facilities that tral in any union organizing effort for
the Secretary may otherwise provide fi- the term of the loan.
nancial assistance to under subsection
(b)(4), the Secretary shall endeavor to seek (ii) Main street lending program
the implementation of a program or facil- Nothing in this subparagraph shall limit
ity described in subsection (b)(4) that pro- the discretion of the Board of Governors of
vides financing to banks and other lenders the Federal Reserve System to establish a
that make direct loans to eligible busi- Main Street Lending Program or other
nesses including, to the extent practicable, similar program or facility that supports
nonprofit organizations, with between 500 lending to small and mid-sized businesses
and 10,000 employees, with such direct on such terms and conditions as the Board
loans being subject to an annualized inter- may set consistent with section 13(3) of the
est rate that is not higher than 2 percent Federal Reserve Act (12 U.S.C. 343(3)), in-
per annum. For the first 6 months after cluding any such program in which the
any such direct loan is made, or for such Secretary makes a loan, loan guarantee,
longer period as the Secretary may deter- or other investment under subsection
mine in his discretion, no principal or in- (b)(4).
terest shall be due and payable. Any eligi- (E) Government participants
ble borrower applying for a direct loan
under this program shall make a good- The Secretary shall endeavor to seek the
faith certification that— implementation of a program or facility in
(I) the uncertainty of economic condi- accordance with subsection (b)(4) that pro-
tions as of the date of the application vides liquidity to the financial system that
makes necessary the loan request to sup- supports lending to States and municipali-
port the ongoing operations of the re- ties.
cipient; (d) Financial protection of government
(II) the funds it receives will be used to (1) Warrant or senior debt instrument
retain at least 90 percent of the recipi-
ent’s workforce, at full compensation The Secretary may not issue a loan to, or a
and benefits, until September 30, 2020; loan guarantee for, an eligible business under
(III) the recipient intends to restore paragraph (1), (2), or (3) of subsection (b) un-
not less than 90 percent of the workforce less—
of the recipient that existed as of Feb- (A)(i) the eligible business has issued secu-
ruary 1, 2020, and to restore all com- rities that are traded on a national securi-
pensation and benefits to the workers of ties exchange; and
the recipient no later than 4 months (ii) the Secretary receives a warrant or eq-
after the termination date of the public uity interest in the eligible business; or
health emergency declared by the Sec- (B) in the case of any eligible business
retary of Health and Human Services on other than an eligible business described in
January 31, 2020, under section 247d of subparagraph (A), the Secretary receives, in
title 42 in response to COVID–19; the discretion of the Secretary—
(IV) the recipient is an entity or busi- (i) a warrant or equity interest in the el-
ness that is domiciled in the United igible business; or
States with significant operations and (ii) a senior debt instrument issued by
employees located in the United States; the eligible business.
(V) the recipient is not a debtor in a (2) Terms and conditions
bankruptcy proceeding; The terms and conditions of any warrant,
(VI) the recipient is created or orga- equity interest, or senior debt instrument re-
nized in the United States or under the ceived under paragraph (1) shall be set by the
laws of the United States and has signifi- Secretary and shall meet the following re-
cant operations in and a majority of its quirements:
employees based in the United States;
(VII) the recipient will not pay divi- (A) Purposes
dends with respect to the common stock Such terms and conditions shall be de-
of the eligible business, or repurchase an signed to provide for a reasonable participa-
equity security that is listed on a na- tion by the Secretary, for the benefit of tax-
§ 9042 TITLE 15—COMMERCE AND TRADE Page 2522
payers, in equity appreciation in the case of (g) Financial agents
a warrant or other equity interest, or a rea- The Secretary is authorized to designate fi-
sonable interest rate premium, in the case of nancial institutions, including but not limited
a debt instrument. to, depositories, brokers, dealers, and other in-
(B) Authority to sell, exercise, or surrender stitutions, as financial agents of the United
For the primary benefit of taxpayers, the States. Such institutions shall—
Secretary may sell, exercise, or surrender a (1) perform all reasonable duties the Sec-
warrant or any senior debt instrument re- retary determines necessary to respond to the
ceived under this subsection. The Secretary coronavirus; and
shall not exercise voting power with respect (2) be paid for such duties using appropria-
to any shares of common stock acquired tions available to the Secretary to reimburse
under this section. financial institutions in their capacity as fi-
(C) Sufficiency nancial agents of the United States.
If the Secretary determines that the eligi- (h) Loans made by or guaranteed by the Depart-
ble business cannot feasibly issue warrants ment of the Treasury treated as indebtedness
or other equity interests as required by this for tax purposes
subsection, the Secretary may accept a sen- (1) In general
ior debt instrument in an amount and on Any loan made by or guaranteed by the De-
such terms as the Secretary deems appro- partment of the Treasury under this section
priate. shall be treated as indebtedness for purposes
(3) Prohibition on loan forgiveness of the Internal Revenue Code of 1986, shall be
The principal amount of any obligation treated as issued for its stated principal
issued by an eligible business, State, or mu- amount, and stated interest on such loans
nicipality under a program described in sub- shall be treated as qualified stated interest.
section (b) shall not be reduced through loan (2) Regulations or guidance
forgiveness.
The Secretary of the Treasury (or the Sec-
(e) Deposit of proceeds retary’s delegate) shall prescribe such regula-
Notwithstanding any other provision of law, tions or guidance as may be necessary or ap-
amounts collected under subsection (b) shall be propriate to carry out the purposes of this sec-
deposited in the following order of priority: tion, including guidance providing that the ac-
(1) Into the financing accounts established quisition of warrants, stock options, common
under section 505 of the Federal Credit Reform or preferred stock or other equity under this
Act of 1990 (2 U.S.C. 661d) to implement this section does not result in an ownership change
part, up to an amount equal to the sum of— for purposes of section 382 of the Internal Rev-
(A) the amount transferred from the ap- enue Code of 1986 [26 U.S.C. 382].
propriation made under section 9061 of this
title to the financing accounts; and (Pub. L. 116–136, div. A, title IV, § 4003, Mar. 27,
(B) the amount necessary to repay any 2020, 134 Stat. 470; Pub. L. 116–260, div. N, title X,
amount lent from the Treasury to such fi- §§ 1003(b)(1), 1004, Dec. 27, 2020, 134 Stat. 2146;
nancing accounts. Pub. L. 117–328, div. LL, § 102(d)(1)(A), Dec. 29,
2022, 136 Stat. 6103.)
(2) After the deposits specified in paragraph
(1) of this subsection have been made, into the Editorial Notes
Federal Old-Age and Survivors Insurance
Trust Fund established under section 401(a) of REFERENCES IN TEXT
title 42. The Federal Credit Reform Act of 1990, referred to in
(f) Administrative provisions subsec. (a), is title V of Pub. L. 93–344, as added by Pub.
L. 101–508, title XIII, § 13201(a), Nov. 5, 1990, 104 Stat.
Notwithstanding any other provision of law, 1388–609, which is classified generally to subchapter III
the Secretary may use not greater than (§ 661 et seq.) of chapter 17A of Title 2, The Congress.
61,000,000 1 of the funds made available under sec- For complete classification of this Act to the Code, see
tion 9061 of this title to pay costs and adminis- Short Title note set out under section 621 of Title 2 and
trative expenses associated with the loans, loan Tables.
guarantees, and other investments authorized This part, referred to in subsecs. (e)(1) and (f), was in
the original ‘‘this subtitle’’, meaning subtitle A
under this section. The Secretary is authorized
(§§ 4001–4029) of title IV of div. A of Pub. L. 116–136,
to take such actions as the Secretary deems which is classified principally to this part. For com-
necessary to carry out the authorities in this plete classification of subtitle A to the Code, see sec-
part, including, without limitation— tion 4001 of Pub. L. 116–136, set out as a Short Title note
(1) using direct hiring authority to hire em- under section 9001 of this title, and Tables.
ployees to administer this part; The Internal Revenue Code of 1986, referred to in sub-
(2) entering into contracts, including con- sec. (h)(1), is classified generally to Title 26, Internal
tracts for services authorized by this part; Revenue Code.
(3) establishing vehicles that are authorized, AMENDMENTS
subject to supervision by the Secretary, to
purchase, hold, and sell assets and issue obli- 2022—Subsec. (f). Pub. L. 117–328 substituted
‘‘61,000,000’’ for ‘‘$100,000,000’’ in introductory provi-
gations; and sions.
(4) issuing such regulations and other guid- 2020—Subsec. (a). Pub. L. 116–260, § 1003(b)(1)(A), sub-
ance as may be necessary or appropriate to stituted ‘‘$0’’ for ‘‘$500,000,000,000’’.
carry out the authorities or purposes of this Subsec. (b)(1). Pub. L. 116–260, § 1003(b)(1)(B)(i), sub-
part. stituted ‘‘0’’ for ‘‘25,000,000,000’’.
Page 2523 TITLE 15—COMMERCE AND TRADE § 9046
Subsec. (b)(2). Pub. L. 116–260, § 1003(b)(1)(B)(ii), sub- ficer or employee from the eligible business
stituted ‘‘0’’ for ‘‘$4,000,000,000’’. in calendar year 2019.
Subsec. (b)(3). Pub. L. 116–260, § 1003(b)(1)(B)(iii), sub-
stituted ‘‘0’’ for ‘‘$17,000,000,000’’. (b) Total compensation defined
Subsec. (b)(4). Pub. L. 116–260, § 1003(b)(1)(B)(iv), sub- In this section, the term ‘‘total compensation’’
stituted ‘‘$0’’ for ‘‘$454,000,000,000’’ in introductory pro- includes salary, bonuses, awards of stock, and
visions. other financial benefits provided by an eligible
Subsec. (e). Pub. L. 116–260, § 1004, substituted ‘‘Not-
withstanding any other provision of law, amounts’’ for business to an officer or employee of the eligible
‘‘Amounts’’ in introductory provisions. business.
(Pub. L. 116–136, div. A, title IV, § 4004, Mar. 27,
Statutory Notes and Related Subsidiaries 2020, 134 Stat. 476.)
EFFECTIVE DATE OF 2022 AMENDMENT
§ 9044. Continuation of certain air service
Amendment by Pub. L. 117–328 effective upon
issuance of guidance or the promulgation of a rule by The Secretary of Transportation is authorized
the Secretary of the Treasury, in consultation with the to require, to the extent reasonable and prac-
Secretary of Transportation, see section 102(c) of Pub. ticable, an air carrier receiving loans and loan
L. 117–328, set out as a note under secton 802 of Title 42, guarantees under section 9042 of this title to
The Public Health and Welfare.
maintain scheduled air transportation service as
EFFECTIVE DATE OF 2020 AMENDMENT the Secretary of Transportation deems nec-
Pub. L. 116–260, div. N, title X, § 1003(b)(1), Dec. 27, essary to ensure services to any point served by
2020, 134 Stat. 2146, provided in part that the amend- that carrier before March 1, 2020. When consid-
ment made by section 1003(b)(1) is effective Jan. 9, 2021. ering whether to exercise the authority granted
CONSTRUCTION OF 2020 AMENDMENT
by this section, the Secretary of Transportation
shall take into consideration the air transpor-
Pub. L. 116–260, div. N, title X, § 1003(b)(2), Dec. 27, tation needs of small and remote communities
2020, 134 Stat. 2146, provided that: ‘‘The amendments
made under paragraph (1) [amending this section] shall
and the need to maintain well-functioning
not be construed to affect obligations incurred by the health care and pharmaceutical supply chains,
Department of the Treasury before January 1, 2021.’’ including for medical devices and supplies. The
authority under this section, including any re-
§ 9043. Limitation on certain employee com- quirement issued by the Secretary under this
pensation section, shall terminate on March 1, 2022.
(a) In general (Pub. L. 116–136, div. A, title IV, § 4005, Mar. 27,
The Secretary may only enter into an agree- 2020, 134 Stat. 477.)
ment with an eligible business to make a loan or
loan guarantee under paragraph (1), (2) or (3) of § 9045. Coordination with Secretary of Transpor-
section 9042(b) of this title if such agreement tation
provides that, during the period beginning on In implementing this part with respect to air
the date on which the agreement is executed and carriers, the Secretary shall coordinate with the
ending on the date that is 1 year after the date Secretary of Transportation.
on which the loan or loan guarantee is no longer
(Pub. L. 116–136, div. A, title IV, § 4006, Mar. 27,
outstanding—
(1) no officer or employee of the eligible 2020, 134 Stat. 477.)
business whose total compensation exceeded Editorial Notes
$425,000 in calendar year 2019 (other than an
employee whose compensation is determined REFERENCES IN TEXT
through an existing collective bargaining This part, referred to in text, was in the original
agreement entered into prior to March 1, ‘‘this subtitle’’, meaning subtitle A (§§ 4001–4029) of title
2020)— IV of div. A of Pub. L. 116–136, which is classified prin-
(A) will receive from the eligible business cipally to this part. For complete classification of sub-
total compensation which exceeds, during title A to the Code, see section 4001 of Pub. L. 116–136,
set out as a Short Title note under section 9001 of this
any 12 consecutive months of such period,
title, and Tables.
the total compensation received by the offi-
cer or employee from the eligible business in § 9046. Suspension of certain aviation excise
calendar year 2019; or taxes
(B) will receive from the eligible business
(a) Transportation by air
severance pay or other benefits upon termi-
nation of employment with the eligible busi- In the case of any amount paid for transpor-
ness which exceeds twice the maximum total tation by air (including any amount treated as
compensation received by the officer or em- paid for transportation by air by reason of sec-
ployee from the eligible business in calendar tion 4261(e)(3) of title 26) during the excise tax
year 2019; and holiday period, no tax shall be imposed under
section 4261 or 4271 of title 26. The preceding sen-
(2) no officer or employee of the eligible tence shall not apply to amounts paid on or be-
business whose total compensation exceeded fore March 27, 2020.
$3,000,000 in calendar year 2019 may receive
during any 12 consecutive months of such pe- (b) Use of Kerosene in commercial aviation
riod total compensation in excess of the sum In the case of kerosene used in commercial
of— aviation (as defined in section 4083 of title 26)
(A) $3,000,000; and during the excise tax holiday period—
(B) 50 percent of the excess over $3,000,000 (1) no tax shall be imposed on such kerosene
of the total compensation received by the of- under—
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