Payroll credit for cooling centers

(a) In general Section 3111 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: (g) Credit for cooling centers (1) In general In the case of an eligible employer, there shall be allowed as a credit against the tax imposed by subsection (a) for each calendar quarter an amount equal to the sum of the amounts determined under subparagraphs (A) and (B) of paragraph (2). (2) Amount of credit (A) Extended hours The amount determined under this subparagraph is— (i) the hourly cost of labor of the taxpayer, multiplied by (ii) the number of hours such taxpayer remained open to the public outside of normal operating hours during a heat emergency during the calendar quarter. (B) Free admission days The amount determined under this subparagraph is— (i) the average daily admission revenue of the taxpayer, multiplied by (ii) the number of days during the calendar quarter that such taxpayer waived admission fees during a heat emergency. (C) Heat emergency For the purposes of this subsection, the term heat emergency means an extreme heat warning, extreme heat watch, or heat advisory issued by the National Weather Service. (3) Limitation The credit allowed by paragraph (1) shall not exceed the tax imposed by subsection (a) for any calendar quarter on the wages paid with respect to the employment of all individuals in the employ of the employer. (4) Carryover of unused credit If the amount of the credit allowed under paragraph (1) exceeds the limitation of paragraph (3) for any calendar quarter, such excess shall be carried to the succeeding calendar quarter and allowed as a credit under paragraph (1) for such quarter. (5) Eligible employer For the purposes of this section, the term eligible employer means a community center, library, or museum that is described in section 501(c)(3) and exempt from taxation under section 501(a). (6) Aggregation rule All persons treated as a single employer under subsection (a) or (b) of section 52, or subsection (m) or (o) of section 414, shall be treated as one employer for purposes of this section. (7) Election not to have section apply This section shall not apply with respect to any employer for any calendar quarter if such employer elects (at such time and in such manner as the Secretary may prescribe) not to have this section apply. (8) Regulations The Secretary shall issue such regulations or other guidance as may be necessary or appropriate to carry out the purposes of this section.. (b) Effective date The amendment made by this section shall apply to amounts paid or incurred after the date of the enactment of this Act. (c) Transfers to Federal Old-Age and Survivors Insurance Trust Fund There are hereby appropriated to the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund established under section 201 of the Social Security Act (42 U.S.C. 401) amounts equal to the reduction in revenues to the Treasury by reason of the enactment of section 3111(g) of the Internal Revenue Code of 1986, as added by this section (without regard to this subsection). Amounts appropriated by the preceding sentence shall be transferred from the general fund at such times and in such manner as to replicate to the extent possible the transfers which would have occurred to such Trust Fund or Account had this section not been enacted.