[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4323 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 4323

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           December 15, 2009

  Mr. Souder 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``[TBD] Act of 2009''.

SEC. 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:

``SEC. 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.
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