December 31, 2017, shall and inserting December 31, 2020, shall , and (4) by adding at the end the following: For purposes of this section, in the case of State or local taxes with respect to any real or personal property paid during a taxable year beginning in 2020, the Secretary shall prescribe rules which treat all or a portion of such taxes as paid in a taxable year or years other than the taxable year in which actually paid as necessary or appropriate to prevent the avoidance of the limitations of this subsection. . (c) Effective date The amendments made by this section shall apply to taxes paid or accrued in taxable years beginning after December 31, 2019. II Provisions to Prevent Business Interruption 201. Improvements to employee retention and rehiring credit (a) Employee retention credit renamed Section 2301 of the CARES Act is amended in the heading by striking employee retention credit and inserting employee retention and rehiring credit . (b) Increase in credit percentage Section 2301(a) of the CARES Act is amended by striking 50 percent and inserting 80 percent . (c) Increase in per employee limitation Section 2301(b)(1) of the CARES Act is amended by striking for all calendar quarters shall not exceed $10,000. and inserting shall not exceed— (A) $15,000 in any calendar quarter, and (B) $45,000 in the aggregate for all calendar quarters. . (d) Modification of threshold for treatment as a large employer (1) In general Section 2301(c)(3)(A) of the CARES Act is amended— (A) by striking for which the average number of full-time employees (within the meaning of section 4980H of the Internal Revenue Code of 1986) employed by such eligible employer during 2019 was greater than 100 in clause (i) and inserting which is a large employer , and (B) by striking for which the average number of full-time employees (within the meaning of section 4980H of the Internal Revenue Code of 1986) employed by such eligible employer during 2019 was not greater than 100 in clause (ii) and inserting which is not a large