1. Short title This Act may be cited as the American Assistance for American Companies Act . 2. Prohibition on application of certain assistance to inverted domestic corporations (a) Prohibition on use of certain tax incentives (1) Net operating loss carrybacks (A) In general Section 172(b)(1)(D) of the Internal Revenue Code of 1986 is amended by adding at the end the following new clause: (vi) Special rule for inverted domestic corporations Clause (i) shall not apply to any foreign corporation for any taxable year in which such corporation is an inverted domestic corporation (as defined in section 7701(p)(2)), or to any member of the expanded affiliated group (as defined in section 7874(c)(1)) of such a foreign corporation, unless such foreign corporation has made an election under section 7701(p)(1). . (B) Effective date The amendment made by this section shall take effect as if included in section 2303(b) of the CARES Act. (2) Increased limitation on business interest (A) In general Section 163(j)(10) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph: (C) Special rule for inverted domestic corporations Subparagraphs (A) and (B) shall not apply to any foreign corporation for any taxable year in which such corporation is an inverted domestic corporation (as defined in section 7701(p)(2)), or to any member of the expanded affiliated group (as defined in section 7874(c)(1)) of such a foreign corporation, unless such foreign corporation has made an election under section 7701(p)(1). . (B) Effective date The amendment made by this section shall take effect as if included in section 2306 of the CARES Act. (3) Federal reserve emergency lending facilities (A) In general No inverted domestic corporation, as defined in section 7701(p)(2) of the Internal Revenue Code of 1986, or any member of the expanded affiliated group (as defined in section 7874(c)(1) of such Code) of such inverted domestic corporation, may participate in any program or facility established by the