,i #aacth ,,congress #ast ,session ,h4 ,r4 #aech ,,in ,,the ,,house ,,of ,,representatives ,april #ab1 #bjac ,ms4 ,eddie ,bernice ,johnson of ,texas 7for herself1 ,ms4 ,brown of ,florida1 ,mr4 ,carson of ,indiana1 ,mr4 ,hinojosa1 and ,mr4 ,peters of ,michigan7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means1 and in addition to the ,committee on ,financial ,services1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to provide incentives to encourage financial institutions and small businesses to provide continuing financial education to customers1 borrowers1 and employees1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,national ,financial ,literacy ,act of #bjac4 #b4 ,financial literacy programs ,section #hjd of the ,community ,reinvestment ,act of #aigg 7#ab ,u4,s4,c4 #bijc7 is amended by adding at the end the following new subsection3 7e7 ,direct support for financial literacy programs taken into account 7#a7 ,standards established for eligible programs ,the appropriate ,federal financial supervisory agencies shall jointly prescribe regulations establishing-- 7,a7 the minimum standards required to be met by a community-based financial literacy program in order to be eligible for consideration under paragraph 7#c7 as a qualified community-based financial literacy program2 7,b7 the procedures for financial institutions to apply to the appropriate ,federal financial supervisory agency for approval of a financial literacy program as a qualified community-based financial literacy program2 and 7,c7 a requirement that financial institutions submit a regular report on how the institution supported and promoted financial literacy in its entire community1 including low- and moderate-income neighborhoods4 7#b7 ,factors ,the regulations required under paragraph 7#a7 shall require at a minimum that a qualified community-based financial literacy program-- 7,a7 be offered by a nonprofit budget and counseling agency which is exempt from taxation under section #eja7;c77#c7 of the ,internal ,revenue ,code of #aihf2 and 7,b7 include adequate education to promote consumer understanding of consumer1 economic1 and personal finance issues and concepts1 including saving for retirement1 managing credit1 long-term care1 estate planning and education on predatory lending1 identity theft1 and financial abuse schemes4 7#c7 ,programs taken into account ,the direct support by a financial institution of a qualified community-based financial literacy program may be taken into account by the appropriate ,federal financial supervisory agency under subsection 7a7 in assessing the institution's record of meeting the credit needs of its entire community1 including low- and moderate-income neighborhoods1 in such amount and to such extent as may be provided in the joint regulations prescribed under paragraph 7#a74 4 #c4 ,credit against income tax for small businesses which provide continuing financial education to employees 7a7 ,in general ,subpart ,d of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new section3 #de,s4 ,small businesses providing continuing financial education to employees 7a7 ,in general ,in the case of an eligible small business1 the continuing financial education credit determined under this section is an amount equal to #ce percent of the continuing financial education expenses paid or incurred by the taxpayer during the taxable year4 7b7 ,eligible small business ,for purposes of this section1 the term eligible small business means any small business which provides without charge a qualified continuing financial education program to its employees throughout the taxable year4 7c7 ,qualified continuing financial education program ,for purposes of this section-- 7#a7 ,in general ,the term qualified continuing financial education program means any educational program or services-- 7,a7 which is provided by a community-based budget and counseling agency which is described in section #eja7;c77#c7 and exempt from tax under section #eja7;a71 7,b7 which promotes consumer understanding of consumer1 economic1 and personal finance issues and concepts1 including saving for retirement1 managing credit1 long-term care1 estate planning and education on predatory lending1 identity theft1 and financial abuse schemes1 7,c7 which is offered to all employees of the taxpayer who have at least #b weeks of service with the employer1 and 7,d7 which is offered during-- 7i7 at least #bd hours of each month if the taxpayer is a corporation1 or 7ii7 at least #af hours of each month in any other case4 7d7 ,small business ,for purposes of this section-- 7#a7 ,in general ,the term small business means1 with respect to any taxable year1 any employer if-- 7,a7 such employer employed an average of at least #b but not more than #ej employees on business days during the most recent calendar year ending before such taxable year1 and 7,b7 such employer employed at least #b employees on the first day of the taxable year4 7#b7 ,employers not in existence in preceding year ,in the case of an employer which was not in existence throughout the calendar year referred to in paragraph 7#a71 the determination under paragraph 7#a7 shall be based on the average number of employees that it is reasonably expected such employer will employ on business days in the taxable year4 7#c7 ,special rules 7,a7 ,controlled groups ,for purposes of this subsection1 all persons treated as a single employer under subsection 7b71 7c71 7m71 or 7o7 of section #dad shall be treated as #a employer4 7,b7 ,predecessors ,any reference in this subsection to an employer shall include a reference to any predecessor of such employer4 4 7b7 ,denial of double benefit ,section #bhj;,c of such ,code is amended-- 7#a7 by redesignating the second subsection 7g7 7related to the qualifying therapeutic discovery project credit7 as subsection 7i72 and 7#b7 by adding at the end the following new subsection3 7j7 ,credit for small businesses providing continuing financial education to employees ,no deduction shall be allowed for that portion of the expenses paid or incurred during the taxable year which is equal to the credit determined for the taxable year under sections #de,s7a74 ,in the case of persons treated as a single employer under section #de,s7d77#c77;,a71 this subsection shall be applied under rules prescribed by the ,secretary similar to the rules applicable under subsections 7a7 and 7b7 of section #eb4 4 7c7 ,credit ,to be part of general business credit ,section #ch7;b7 of such ,code is amended by striking plus at the end of paragraph 7#ce71 by striking the period at the end of paragraph 7#cf7 and inserting 1 plus1 and by adding at the end the following new paragraph3 7#cg7 the continuing financial education credit under section #de,s7a74 4 7d7 ,clerical amendment ,the table of sections for subpart ,d of part ,,iv of subchapter ,a of chapter #a of such ,code is amended by adding at the end the following new item3 ,sec4 #de,s4 ,small businesses providing continuing financial education to employees44 7e7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after ,december #ca1 #bjab4