1. Short title This Act may be cited as the Building Businesses Back Act of 2020 . 2. Monetization of general business credits (a) In general Section 38 of the Internal Revenue Code of 1986 is amended by inserting after subsection (d) the following: (e) Special rules for eligible years (1) In general If a taxpayer elects the application of this subsection for any eligible taxable year— (A) the limitation under subsection (c) shall be increased by an amount equal to the excess (if any) of— (i) the credit allowed under subsection (a) for the taxable year (determined without regard to subsection (c)), over (ii) the credit allowed under subsection (a) for such taxable year (determined after the application of subsection (c)), and (B) the amount of the credit determined under section 41(a) for such taxable year shall be determined without regard to the limitation in the first sentence of section 41(g). (2) Treatment of credit For purposes of this title (other than this section and section 39), the excess of— (A) amount of the credit allowed solely by reason of this subsection, over (B) net income tax (as defined in subsection (c)(1)) reduced by credits allowable under subparts D (without regard to this subsection) and G, shall be treated as an overpayment of tax for the taxable year. (3) Eligible taxable year For purposes of this subsection, the term eligible taxable year means any taxable year ending in 2019 or 2020. (4) Election An election under paragraph (1) shall be made at such time and in such manner as the Secretary may prescribe. (5) Guidance and regulations The Secretary shall prescribe such regulations and guidance as may be necessary to carry out this subsection, including regulations or guidance to prevent any double counting of credits allowable under this section. . (b) Allowance of refunds Section 1324(b)(2) of title 31, United States Code, is amended by inserting 38(e) after 36B . (c) Conforming amendment Section 6211(b)(4)(A) of the Internal Revenue Code of 1986 is amended by inserting 38(e), after