. (c) Advance refund of certain net operating losses, research credit, and orphan drug credit (1) In general Subchapter B of chapter 65 of such Code is amended by inserting after section 6428 the following new section: 6429. Advance refund of certain net operating losses, research credit, and orphan drug credit (a) In general In the case of a C corporation, the advance refund sum may be claimed by the taxpayer as follows: (1) Payroll taxes First, by reducing deposits or payments of— (A) the applicable employment taxes imposed under sections 3101(a), 3101(b), 3111(a), and 3111(b) (reduced by any credits allowed under subsections (e) and (f) of section 3111, sections 7001 and 7003 of the Families First Coronavirus Response Act and section 2301 of the Coronavirus, Aid, Relief, and Economic Security Act) on the wages paid with respect to the employment of all the employees of the taxpayer for a calendar quarter, and (B) the withholding taxes required to be paid by an employer pursuant to section 3403, with the balance of the advance refund payable to the taxpayer. (2) Advance refundability of excess losses Second, any remaining amount to be refunded to the taxpayer after the application of paragraph (1) shall be treated as an overpayment and shall be refunded in a manner similar to that prescribed in subsection 2301(b)(3) of the Coronavirus, Aid, Relief, and Economic Security Act. (b) Advance refund sum For purposes of subsection (a), the term advance refund sum means the sum of— (1) the amount elected by the taxpayer as an advance refund of net operating loss carryovers under section 172(g), and (2) the amount of any unused business credit carryforward elected under section 39(e) that is attributable to the research credit determined under section 41 or the orphan drug credit determined under section 45C. (c) Recapture (1) In general The Secretary shall, by regulations, provide for recapturing the benefit of any advance refund allowable under this section if there is a sale or full or partial liquidation of the