Senators Braun, Roberts, Sinema Introduce Tax Payment Clarification Act

Senator Mike Braun (R-IN), Senator Pat Roberts (R-KS), and Senator Kyrsten Sinema (D-AZ) introduced the Tax Payment Clarification Act (S. XXX) to fix the tax code to ensure the Internal Revenue Service (IRS) follows congressional intent regarding structured payments of corporate tax liabilities.

“Through an unintended loophole, Indiana’s Zimmer Biomet and other companies are being denied access to money that they overpaid to the IRS and this legislation fixes that problem,” said U.S. Senator Mike Braun. “As an former Main Street entrepreneur, I know firsthand that this legislation will help small businesses create more jobs and grow our economy.”

“Taxpayers should not be punished for attempting to follow the law,” said Senator Pat Roberts. “This legislation would allow the provision of the tax code to function as Congress intended, would return to businesses much-needed cash flow and would likely spur economic growth.”

“Arizona businesses deserve a tax code that is straightforward, fair, and supports job growth. Our bipartisan legislation ensures Arizona businesses can plan for the future and create more jobs for hard-working Arizonans,” said Sinema.

This legislation would help over 100 U.S. companies, including Zimmer BioMet, Intel, Walgreens, Honeywell, Fiat-Chrylser and many others.  Additionally, this legislation serves as a companion to bipartisan legislation in the House of Representatives.