MODIFICATION OF CREDIT FOR PRIOR YEAR MINIMUM TAX LIABILITY OF CORPORATIONS.

SEC. 2305. MODIFICATION OF CREDIT FOR PRIOR YEAR MINIMUM TAX LIABILITY OF CORPORATIONS. (a) [26 U.S.C. 53] In General.—Section 53(e) of the Internal Revenue Code of 1986is amended— (1) by striking “2018, 2019, 2020, or 2021” in paragraph (1) and inserting “2018 or 2019”, and (2) by striking “2021” in paragraph (2) and inserting “2019”. (b) Election to Take Entire Refundable Credit Amount in 2018.— (1) In general.—Section 53(e) of such Code is amended by adding at the end the following new paragraph: “(5) Special rule.—In the case of a corporation making an election under this paragraph— “(A) paragraph (1) shall not apply, and “(B) subsection (c) shall not apply to the first taxable year of such corporation beginning in 2018.” . (c) [26 U.S.C. 53 note] Effective Date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2017. (d) [26 U.S.C. 53 note] Special Rule.— (1) In general.—For purposes of the Internal Revenue Code of 1986, a credit or refund for which an application described in paragraph (2)(A) is filed shall be treated as made under section 6411 of such Code. (2) Tentative refund.— (A) Application.—A taxpayer may file an application for a tentative refund of any amount for which a refund is due by reason of an election under section 53(e)(5) of the Internal Revenue Code of 1986. Such application shall be in such manner and form as the Secretary of the Treasury (or the Secretary’s delegate) may prescribe and shall— (i) be verified in the same manner as an application under section 6411(a) of such Code, (ii) be filed prior to December 31, 2020, and (iii) set forth— (I) the amount of the refundable credit claimed under section 53(e) of such Code for such taxable year, (II) the amount of the refundable credit claimed under such section for any previously filed return for such taxable year, and (III) the amount of the refund claimed. (B) Allowance of adjustments.—Within a period of 90 days from the date on which an application is filed under subparagraph (A), the Secretary of the Treasury (or the Secretary’s delegate) shall— (i) review the application, (ii) determine the amount of the overpayment, and (iii) apply, credit, or refund such overpayment, in a manner similar to the manner provided in section 6411(b) of the Internal Revenue Code of 1986. (C) Consolidated returns.—The provisions of section 6411(c) of the Internal Revenue Code of 1986 Code shall apply to an adjustment under this paragraph to the same extent and manner as the Secretary of the Treasury (or the Secretary’s delegate) may provide.