1. Short title This Act may be cited as the Economic Modernization Act . 2. Economic Transition Credit (a) In general Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986, as amended by section 13403(a) of Public Law 115–97 , is amended by adding at the end the following new section: 45T. Economic Transition Credit (a) In general For purposes of section 38, the amount of the economic transition credit determined under this section for the taxable year shall be equal to the sum of any applicable payroll taxes paid by an employer during the taxable year with respect to employment of any qualified employee. (b) Definitions For purposes of this section: (1) Applicable payroll taxes (A) In general The term applicable payroll taxes means, with respect to any employer for any taxable year, the amount of the taxes imposed by— (i) section 3111 on wages paid by an employer with respect to employment of qualified employee during the applicable period, and (ii) section 3221(a) on compensation paid by an employer with respect to services rendered by a qualified employee during the applicable period. (B) Applicable period For purposes of subparagraph (A), the term applicable period means the 3-year period beginning with the day the qualified employee begins work for the employer. (2) Declining field (A) In general The term declining field means any occupation or field of work which has been determined by the Secretary, in consultation with the Bureau of Labor Statistics of the Department of Labor, to have experienced a decline in the level of average employment in such occupation or field in the United States of not less than 8 percent over the most recent 3-year period for which such information is available. (B) Determination and publication The Secretary, in consultation with the Bureau of Labor Statistics of the Department of Labor, shall annually— (i) determine which occupations or fields of work satisfy the requirements described in subparagraph (A), and (ii) publish and make available