will promptly distribute such payments to its residents. (3) Mirror code tax system For purposes of this section, the term mirror code tax system means, with respect to any possession of the United States, the income tax system of such possession if the income tax liability of the residents of such possession under such system is determined by reference to the income tax laws of the United States as if such possession were the United States. (4) Treatment of payments For purposes of section 1324 of title 31, United States Code, the payments under this section shall be treated in the same manner as a refund due from a credit provision referred to in subsection (b)(2) of such section. (g) Regulations The Secretary of the Treasury (or the Secretary’s delegate) shall prescribe such regulations or other guidance as may be necessary to carry out the purposes of this section, including— (1) regulations or other guidance to effectuate the purposes of this Act, and (2) regulations or other guidance to minimize compliance and record-keeping burdens under this section. 7003. Payroll Credit for Required Paid Family Leave (a) In general In the case of an employer, there shall be allowed as a credit against the tax imposed by section 3111(a) or 3221(a) of the Internal Revenue Code of 1986 for each calendar quarter an amount equal to 100 percent of the qualified family leave wages paid by such employer with respect to such calendar quarter. (b) Limitations and refundability (1) Wages taken into account The amount of qualified family leave wages taken into account under subsection (a) with respect to any individual shall not exceed— (A) for any day (or portion thereof) for which the individual is paid qualified family leave wages, $200, and (B) in the aggregate with respect to all calendar quarters, $10,000. (2) Credit limited to certain employment taxes The credit allowed by subsection (a) with respect to any calendar quarter shall not exceed the tax imposed by section 3111(a) or 3221(a) of such Code for such calendar quarter