PRO–WORK Act

H Denial of credits for corporations engaged in lock-Out of employees

54. Denial of credits for corporations engaged in lock-out of employees

(a) In general. In the case of a corporation with respect to which a lock-out period occurs during any taxable year— The preceding sentence shall not apply with respect to any credit directly attributable to a payment of tax by the corporation.

(1) if no preceding lock-out period has occurred with respect to such corporation during such taxable year, no credit shall be allowed under this title with respect to such corporation for such taxable year to the extent of the amount of such credit that is properly allocable to such lock-out period, and

(2) in any other case, no credit shall be allowed under this title with respect to such corporation for such taxable year.

(b) Lock-Out period. For purposes of this section, the term lock-out period means, with respect to any corporation for any taxable year, any period of time during which such corporation is engaged in a lock-out of employees (within the meaning of the National Labor Relations Act).

(c) Aggregation rule. All persons which are treated as a single employer under subsections (a) and (b) of section 52 shall be treated as a single corporation.

(d) Regulations. The Secretary, in consultation with the Secretary of Labor, shall prescribe such regulations or other guidance as may be necessary or appropriate to carry out the purposes of this section.

Subpart H. Denial of credits for corporations engaged in lock-out of employees.