; and (2) by adding at the end the following new subsection: (i) Excess contributions to small business emergency savings accounts For purposes of this section, in the case of small business emergency savings accounts (within the meaning of section 220(d)), the term excess contributions means the sum of— (1) the aggregate amount contributed for the taxable year to the accounts (other than a rollover contribution described in section 220(f)(5)) which is not allowable as a deduction under section 220 for such year, and (2) the amount determined under this subsection for the preceding taxable year, reduced by the sum of— (A) the distributions out of the accounts which were included in gross income under section 220(f)(2), and (B) the excess (if any) of— (i) the maximum amount allowable as a deduction under section 220(b) for the taxable year, over (ii) the amount contributed to the accounts for the taxable year. For purposes of this subsection, any contribution which is distributed out of the small business emergency savings account in a distribution to which section 220(f)(3) applies shall be treated as an amount not contributed. . (d) Failure To provide reports on small business emergency savings accounts Section 6693(a)(2) of such Code is amended by redesignating subparagraphs (D), (E), and (F) as subparagraphs (E), (F), and (G), respectively, and by inserting after subparagraph (C) the following new subparagraph: (D) section 220(i) (relating to small business emergency savings accounts), . (e) Clerical amendment The table of sections for part VI of subchapter B of chapter 1 of such Code is amended by adding at the end the following: Sec. 200. Small business emergency savings accounts. . (f) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2022.