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H.R. 4323 (111th): To amend the Internal Revenue Code of 1986 to allow a credit against tax for certain costs relating to compliance with financial regulations.

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The text of the bill below is as of Dec 15, 2009 (Introduced).

I

111th CONGRESS

1st Session

H. R. 4323

IN THE HOUSE OF REPRESENTATIVES

December 15, 2009

introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to allow a credit against tax for certain costs relating to compliance with financial regulations.

1.

Short title

This Act may be cited as the TBD Act of 2009.

2.

Credit for financial regulation compliance

(a)

In general

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:

45R.

Credit for compliance costs relating to financial regulation

(a)

In general

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.

(b)

Financial regulation compliance expenditure

For purposes of this section, the term financial regulation compliance expenditure means—

(1)

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

(2)

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.

(c)

Definitions and special rules

For purposes of this section—

(1)

Eligible banking institution

The term eligible banking institution means, with respect to a taxable year, an entity—

(A)

which is an insured depository institution, and

(B)

the average adjusted bases of all assets of which do not exceed $10,000,000,000.

(2)

Insured Depository institution

The term insured depository 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)).

(3)

Controlled group

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.

(4)

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.

.

(b)

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:

(36)

the financial regulation compliance credit determined under section 45R(a).

.

(c)

Clerical amendment

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.

.

(d)

Effective date

The amendments made by this section shall apply to amounts paid or incurred after the date of the enactment of this Act.