H. R. 4323
IN THE HOUSE OF REPRESENTATIVES
December 15, 2009
Mr. Souder introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to allow a credit against tax for certain costs relating to compliance with financial regulations.
This Act may be cited as the
TBD Act of
Credit for financial regulation compliance
Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section:
Credit for compliance costs relating to financial regulation
For purposes of section 38, in the case of an eligible banking institution, the financial regulation compliance credit determined under this section for the taxable year is an amount equal to the financial regulation compliance expenditures of the taxpayer for the taxable year.
Financial regulation compliance expenditure
For purposes of this section,
financial regulation compliance expenditure
any State or Federal fees or assessments paid or incurred which are imposed by reason of the taxpayer’s status as an insured depository institution, and
any amounts paid or incurred by the taxpayer in connection with complying with supervision or examination by a State or Federal authority having supervision over insured depository institutions.
Definitions and special rules
For purposes of this section—
Eligible banking institution
eligible banking institution means, with respect to a taxable
year, an entity—
which is an insured depository institution, and
the average adjusted bases of all assets of which do not exceed $10,000,000,000.
Insured Depository institution
institution shall have the meaning given such term by section 3(c)(2)
of the Federal Deposit Insurance Act (12 U.S.C. 1813(c)(2)).
All members of a controlled group of corporations (within the meaning of section 1563(a)(1)) shall be treated as 1 person. In determining the average adjusted bases of assets held by such group, interests held by one member of such group in another member of such group shall be disregarded.
Denial of double benefit
No deduction or other credit shall be allowed under this chapter for any amount taken into account in determining the credit under this section.
Credit made part of general business credit
Subsection (b) of section 38 of such
Code is amended by striking
and at the end of paragraph (34), by
striking the period at the end of paragraph (35) and inserting
and, and by adding at the end the following new paragraph:
the financial regulation compliance credit determined under section 45R(a).
The table of sections for subpart D of part IV of subchapter A of chapter 1 of such Code is amended by adding at the end the following new item:
Sec. 45R. Credit for compliance costs relating to financial regulation.
The amendments made by this section shall apply to amounts paid or incurred after the date of the enactment of this Act.