1. Short title This Act may be cited as the Save America's Main Street Act . 2. Small Business Rebate (a) In general Subchapter B of chapter 65 of subtitle F of the Internal Revenue Code of 1986 is amended by inserting after section 6427 the following new section: 6428. Small Business Rebate (a) Allowance of credit (1) In general In the case of a qualifying business, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2020 an amount equal to the lesser of— (A) 30 percent of qualified gross receipts of such qualifying business for the first taxable year beginning in 2019, or (B) $75,000. (2) Special rule In the case of— (A) a qualifying business which did not file a tax return for the taxable year described in paragraph (1)(A), or (B) a sole proprietorship for which gross receipts were not reported on a return of tax for such taxable year, such paragraph shall be applied by substituting 2018 for 2019 . (3) Qualified gross receipts For purposes of paragraph (1)(A), the term qualified gross receipts means gross receipts of the qualifying business which are effectively connected with the conduct of a trade or business within the United States (within the meaning of section 864(c), determined by substituting qualifying business for nonresident alien individual or a foreign corporation or for foreign corporation each place it appears) for the applicable taxable year under paragraph (1)(A), as reported by the taxpayer on— (A) in the case of a qualifying business which is a partnership, the return required to be filed under section 6031, (B) in the case of a qualifying business which is an S corporation, the return required to be filed under section 6037, and (C) in the case of any other qualifying business, the return of tax for the taxable year. (b) Qualifying business (1) In general For purposes of this section, the term qualifying business means any person which— (A) meets the gross receipts test of subsection (c) of section 448 for the applicable taxable