,i #aac? ,,congress #a/ ,session ,h4 ,r4 #aech ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,april #ab1 #bjac ,ms4 ,eddie ,b]nice ,johnson ( ,texas 7= h]self1 ,ms4 ,br[n ( ,florida1 ,mr4 ,c>son ( ,indiana1 ,mr4 ,h9ojosa1 & ,mr4 ,pet]s ( ,mi*igan7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means1 & 9 addition to ! ,committee on ,f9ancial ,s]vices1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to provide inc5tives to enc\rage f9ancial in/itutions & small bus9esses to provide cont9u+ f9ancial education to cu/om]s1 borr[]s1 & employees1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,national ,f9ancial ,lit]acy ,act ( #bjac4 #b4 ,f9ancial lit]acy programs ,section #hjd ( ! ,community ,re9ve/m5t ,act ( #aigg 7#ab ,u4,s4,c4 #bijc7 is am5d$ by add+ at ! end ! foll[+ new subsection3 7e7 ,direct support = f9ancial lit]acy programs tak5 into acc\nt 7#a7 ,/&>ds e/abli%$ = eligible programs ,! appropriate ,f$]al f9ancial sup]visory ag5cies %all jo9tly prescribe regulations e/abli%+-- 7,a7 ! m9imum /&>ds requir$ to be met by a community-bas$ f9ancial lit]acy program 9 ord] to be eligible = consid]ation "u p>agraph 7#c7 z a qualifi$ community-bas$ f9ancial lit]acy program2 7,b7 ! proc$ures = f9ancial in/itutions to apply to ! appropriate ,f$]al f9ancial sup]visory ag5cy = approval ( a f9ancial lit]acy program z a qualifi$ community-bas$ f9ancial lit]acy program2 & 7,c7 a requirem5t t f9ancial in/itutions submit a regul> report on h[ ! in/itution support$ & promot$ f9ancial lit]acy 9 its entire community1 includ+ l[- & mod]ate-income neighborhoods4 7#b7 ,factors ,! regulations requir$ "u p>agraph 7#a7 %all require at a m9imum t a qualifi$ community-bas$ f9ancial lit]acy program-- 7,a7 be (f]$ by a nonpr(it budget & c\nsel+ ag5cy :i* is exempt f taxation "u section #eja7;c77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf2 & 7,b7 include adequate education to promote consum] und]/&+ ( consum]1 economic1 & p]sonal f9ance issues & concepts1 includ+ sav+ = retirem5t1 manag+ cr$it1 long-t]m c>e1 e/ate plann+ & education on pr$atory l5d+1 id5tity !ft1 & f9ancial abuse s*emes4 7#c7 ,programs tak5 into acc\nt ,! direct support by a f9ancial in/itution ( a qualifi$ community-bas$ f9ancial lit]acy program may be tak5 into acc\nt by ! appropriate ,f$]al f9ancial sup]visory ag5cy "u subsection 7a7 9 assess+ ! in/itution's record ( meet+ ! cr$it ne$s ( its entire community1 includ+ l[- & mod]ate-income neighborhoods1 9 su* am\nt & to su* ext5t z may be provid$ 9 ! jo9t regulations prescrib$ "u p>agraph 7#a74 4 #c4 ,cr$it aga9/ income tax = small bus9esses :i* provide cont9u+ f9ancial education to employees 7a7 ,9 g5]al ,subp>t ,d ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new section3 #de,s4 ,small bus9esses provid+ cont9u+ f9ancial education to employees 7a7 ,9 g5]al ,9 ! case ( an eligible small bus9ess1 ! cont9u+ f9ancial education cr$it det]m9$ "u ?is section is an am\nt equal to #ce p]c5t ( ! cont9u+ f9ancial education exp5ses paid or incurr$ by ! taxpay] dur+ ! taxable ye>4 7b7 ,eligible small bus9ess ,= purposes ( ?is section1 ! t]m eligible small bus9ess means any small bus9ess :i* provides )\t *>ge a qualifi$ cont9u+ f9ancial education program to its employees ?r\gh\t ! taxable ye>4 7c7 ,qualifi$ cont9u+ f9ancial education program ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m qualifi$ cont9u+ f9ancial education program means any educational program or s]vices-- 7,a7 :i* is provid$ by a community-bas$ budget & c\nsel+ ag5cy :i* is describ$ 9 section #eja7;c77#c7 & exempt f tax "u section #eja7;a71 7,b7 :i* promotes consum] und]/&+ ( consum]1 economic1 & p]sonal f9ance issues & concepts1 includ+ sav+ = retirem5t1 manag+ cr$it1 long-t]m c>e1 e/ate plann+ & education on pr$atory l5d+1 id5tity !ft1 & f9ancial abuse s*emes1 7,c7 :i* is (f]$ to all employees ( ! taxpay] :o h at lea/ #b weeks ( s]vice ) ! employ]1 & 7,d7 :i* is (f]$ dur+-- 7i7 at lea/ #bd h\rs ( ea* mon? if ! taxpay] is a corporation1 or 7ii7 at lea/ #af h\rs ( ea* mon? 9 any o!r case4 7d7 ,small bus9ess ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m small bus9ess means1 ) respect to any taxable ye>1 any employ] if-- 7,a7 su* employ] employ$ an av]age ( at lea/ #b b n m ?an #ej employees on bus9ess days dur+ ! mo/ rec5t cal5d> ye> end+ be=e su* taxable ye>1 & 7,b7 su* employ] employ$ at lea/ #b employees on ! fir/ day ( ! taxable ye>4 7#b7 ,employ]s n 9 exi/5ce 9 prec$+ ye> ,9 ! case ( an employ] :i* 0 n 9 exi/5ce ?r\gh\t ! cal5d> ye> ref]r$ to 9 p>agraph 7#a71 ! det]m9ation "u p>agraph 7#a7 %all be bas$ on ! av]age numb] ( employees t x is reasonably expect$ su* employ] w employ on bus9ess days 9 ! taxable ye>4 7#c7 ,special rules 7,a7 ,controll$ gr\ps ,= purposes ( ?is subsection1 all p]sons treat$ z a s+le employ] "u subsection 7b71 7c71 7m71 or 7o7 ( section #dad %all be treat$ z #a employ]4 7,b7 ,pr$ecessors ,any ref]5ce 9 ?is subsection to an employ] %all include a ref]5ce to any pr$ecessor ( su* employ]4 4 7b7 ,d5ial ( d\ble b5efit ,section #bhj;,c ( su* ,code is am5d$-- 7#a7 by r$esignat+ ! second subsection 7g7 7relat$ to ! qualify+ !rapeutic discov]y project cr$it7 z subsection 7i72 & 7#b7 by add+ at ! end ! foll[+ new subsection3 7j7 ,cr$it = small bus9esses provid+ cont9u+ f9ancial education to employees ,no d$uction %all be all[$ = t portion ( ! exp5ses paid or incurr$ dur+ ! taxable ye> :i* is equal to ! cr$it det]m9$ = ! taxable ye> "u sections #de,s7a74 ,9 ! case ( p]sons treat$ z a s+le employ] "u section #de,s7d77#c77;,a71 ?is subsection %all be appli$ "u rules prescrib$ by ! ,secret>y simil> to ! rules applicable "u subsections 7a7 & 7b7 ( section #eb4 4 7c7 ,cr$it ,to be "p ( g5]al bus9ess cr$it ,section #ch7;b7 ( su* ,code is am5d$ by /rik+ plus at ! end ( p>agraph 7#ce71 by /rik+ ! p]iod at ! end ( p>agraph 7#cf7 & ins]t+ 1 plus1 & by add+ at ! end ! foll[+ new p>agraph3 7#cg7 ! cont9u+ f9ancial education cr$it "u section #de,s7a74 4 7d7 ,cl]ical am5dm5t ,! table ( sections = subp>t ,d ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( su* ,code is am5d$ by add+ at ! end ! foll[+ new item3 ,sec4 #de,s4 ,small bus9esses provid+ cont9u+ f9ancial education to employees44 7e7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjab4