S. 2717 — Introduced in Senate

II 113th CONGRESS 2d Session S. 2717 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. 1. Short title This Act may be cited as the Cyber Information Sharing Tax Credit Act. 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: 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.