[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 2717 Introduced in Senate (IS)]

113th CONGRESS
  2d Session
                                S. 2717

 To amend the Internal Revenue Code to provide a refundable credit for 
 costs associated with Information Sharing and Analysis Organizations.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 31, 2014

Mrs. Gillibrand introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code to provide a refundable credit for 
 costs associated with Information Sharing and Analysis Organizations.

    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 ``Cyber Information Sharing Tax Credit 
Act''.

SEC. 2. INFORMATION SHARING AND ANALYSIS ORGANIZATION CREDIT.

    (a) In General.--Subpart C of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 is amended by inserting after 
section 36B the following new section:

``SEC. 36C. INFORMATION SHARING AND ANALYSIS ORGANIZATION CREDIT.

    ``(a) In General.--There shall be allowed as a credit against the 
tax imposed by this subtitle for any taxable year an amount equal to 
the qualified Information Sharing and Analysis Organization costs paid 
or incurred by the taxpayer during such taxable year.
    ``(b) Qualified Information Sharing and Analysis Organization 
Costs.--For purposes of this section--
            ``(1) In general.--The term `qualified Information Sharing 
        and Analysis Organization costs' means the sum of--
                    ``(A) dues for membership in an Information Sharing 
                and Analysis Organization,
                    ``(B) personnel participation costs,
                    ``(C) product and service costs directly related to 
                the sharing of information with the Information Sharing 
                and Analysis Organization, and
                    ``(D) other amounts (not including amounts for 
                travel) relating to participation in activities of the 
                Information Sharing and Analysis Organization.
            ``(2) Personnel participation costs.--The term `personnel 
        participation costs' means the cost associated with the time 
        that employees of the taxpayer spend participating in 
        activities of an Information Sharing and Analysis Organization 
        on behalf of the taxpayer, determined on the basis of the 
        regular hourly compensation paid to each such employee.
            ``(3) Information sharing and analysis organization.--The 
        term `Information Sharing and Analysis Organization' has the 
        meaning given such term by section 212(5) of the Homeland 
        Security Act of 2002 (6 U.S.C. 131(5)), or such other meaning 
        as identified by the Secretary in consultation with the 
        Secretary of Homeland Security.''.
    (b) Conforming Amendment.--Paragraph (2) of section 1324(b) of 
title 31, United States Code, is amended by inserting ``, 36C'' after 
``36B''.
    (c) Clerical Amendment.--The table of sections for subpart C of 
part IV of subchapter A of chapter 1 of the Internal Revenue Code of 
1986 is amended by inserting after the item relating to section 36B the 
following new item:

``Sec. 36C. Information sharing and analysis organization credit.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to amounts paid or incurred after December 31, 2014.
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