1. Short title This Act may be cited as the Main Street Revival Act of 2017 . 2. Deferral of certain employment taxes by small businesses (a) In general Section 3111 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: (f) Election by small businesses To defer payment (1) In general A specified small business may elect to pay the specified first-year employment taxes of such business in installments as provided in paragraph (2). (2) Payment in installments (A) In general If an election is made under paragraph (1), the specified first-year employment taxes shall be paid in 4 equal installments. The first installment shall be paid on the date which is one year after the end of the specified first year and each succeeding installment shall be paid on the date which is one year after the due date of the previous installment. (B) Acceleration of payment under certain circumstances If there is an addition to tax for failure to pay timely assessed with respect to any installment required under this subsection, a liquidation or sale of substantially all the assets of the taxpayer (including in a title 11 or similar case), a cessation of business by the taxpayer, or any similar circumstance, then the unpaid portion of all remaining installments shall be due on the date of such event (or in the case of a title 11 or similar case, the day before the petition is filed). (C) Proration of any deficiency to installments If an election is made under paragraph (1) to pay the specified first-year employment taxes in installments and a deficiency has been assessed, the deficiency shall be prorated to such installments. The part of the deficiency so prorated to any installment the date for payment of which has not arrived shall be collected at the same time as, and as a part of, such installment. The part of the deficiency so prorated to any installment the date for payment of which has arrived shall be paid upon notice and demand from the Secretary. This subsection shall not apply if