Promoting Financial Literacy and Economic Opportunity Act of 2015

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Promoting Financial Literacy and 
Economic Opportunity Act of 2015''.

SEC. 2. TAX CREDIT FOR PROVIDING PROGRAMS FOR STUDENTS THAT PROMOTE 
              ECONOMIC AND FINANCIAL LITERACY.

    (a) In General.--Subpart D of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to business-related 
credits) is amended by adding at the end the following new section:

``SEC. 45S. EXCELLENCE IN ECONOMIC EDUCATION.

    ``(a) General Rule.--In the case of an eligible for profit 
organization, for purposes of section 38, the excellence in economic 
education credit determined under this section for a taxable year is 50 
percent of the amount paid or incurred during the taxable year to carry 
out the purposes specified in section 5533(b) of the Elementary and 
Secondary Education Act of 1965 (20 U.S.C. 7267b(b)) pursuant to a 
qualified program.
    ``(b) Limitation on Number of Credit Recipients.--
            ``(1) In general.--The excellence in economic education 
        credit determined under this section for a taxable year may be 
        allowed to not more than 20 for profit organizations in 
        accordance with paragraph (2).
            ``(2) Credit award by secretary.--
                    ``(A) In general.--The Secretary (in consultation 
                with the Secretary of Education) shall determine which 
                for profit organizations are allowed the credit under 
                this section for a taxable year in such manner as the 
                Secretary determines appropriate.
                    ``(B) Majority of recipients must be mwosbs, owned 
                by veterans, or meet asset test.--In carrying out 
                subparagraph (A), the majority of the taxpayers allowed 
                a credit under paragraph (1) for a taxable year shall 
                be entities that are--
                            ``(i) either--
                                    ``(I) a socially and economically 
                                disadvantaged small business concern 
                                (as defined in section 8(a)(4)(A) of 
                                the Small Business Act (15 U.S.C. 
                                637(a)(4)(A))),
                                    ``(II) a small business concern 
                                owned and controlled by women (as 
                                defined under section 3(n) of such Act 
                                (15 U.S.C. 632(n))), or
                                    ``(III) a small business concern 
                                (as so defined) that is at least 51 
                                percent owned by veterans (as defined 
                                in section 101(2), United States Code), 
                                or
                            ``(ii) on the first day of the taxable year 
                        do not have more than $60,000,000,000 in 
                        assets.
                    ``(C) Priority.--In making determinations under 
                this paragraph, the Secretary shall give priority to 
                taxpayers that have qualified programs which serve 
                either urban or rural underserved areas (determined on 
                the basis of the most recent United States census data 
                available).
    ``(c) Limitations Relating to Expenditures.--
            ``(1) Direct activity.--25 percent of the amount allowed as 
        a credit under subsection (a) shall be for amounts paid or 
        incurred for direct activities (as defined in section 
        5533(b)(1) of the Elementary and Secondary Education Act of 
        1965 (20 U.S.C. 7267b(b)(1))).
            ``(2) Subgrants.--75 percent of the amount allowed as a 
        credit under subsection (a) shall be for amounts paid or 
        incurred for subgrants (as defined in section 5533(b)(2) of the 
        Elementary and Secondary Education Act of 1965 (20 U.S.C. 
        7267b(b)(1))), determined by treating amounts so paid or 
        incurred as funds made available through a grant.
    ``(d) Definitions and Special Rules.--For purposes of this 
section--
            ``(1) Qualified program.--The term `qualified program' 
        means a program in writing under which an eligible for profit 
        organization awards one or more grants for the purpose of 
        carrying out the objectives of promoting economic and financial 
        literacy, as specified in section 5532 of the Elementary and 
        Secondary Education Act of 1965 (20 U.S.C. 7267a), that meet 
        the requirements of section 5533b of the Elementary and 
        Secondary Education Act of 1965 (20 U.S.C. 7267b).
            ``(2) Eligible for profit organization.--The term `eligible 
        for profit organization' means with respect to a taxable year, 
        an organization that--
                    ``(A) has a qualified program in effect for the 
                taxable year, and
                    ``(B) has been determined by the Secretary under 
                subsection (b)(2) to be an organization to whom the 
                credit is allowed for the taxable year.
            ``(3) Determination of assets.--For purposes of paragraph 
        (2)(B), in determining assets, the Secretary shall use the same 
        method used by the Board of Governors of the Federal Reserve 
        System to determine a bank holding company's consolidated 
        assets under section 165 of the Financial Stability Act of 2010 
        (12 U.S.C. 5365).
            ``(4) Election not to claim credit.--This section shall not 
        apply to a taxpayer for any taxable year if such taxpayer 
        elects to have this section not apply for such taxable year.
            ``(5) Coordination with other deductions or credits.--The 
        amount of any deduction or credit otherwise allowable under 
        this chapter for any amount taken into account for purposes of 
        subsection (a) shall be reduced by the credit allowed by this 
        section.
    ``(e) Regulations.--The Secretary shall issue such regulations or 
other guidance as may be necessary or appropriate to carry out this 
section.''.
    (b) Credit Made Part of General Business Credit.--Subsection (b) of 
section 38 of the Internal Revenue Code of 1986 is amended by striking 
``plus'' at the end of paragraph (35), by striking the period at the 
end of paragraph (36) and inserting ``, plus'', and by adding at the 
end the following new paragraph:
            ``(37) the excellence in economic education credit 
        determined under section 45S(a).''.
    (c) Clerical Amendment.--The table of sections for 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 item:

``Sec. 45S. Excellence in economic education.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.

Summary: Promoting Financial Literacy and Economic Opportunity Act of 2015 This bill amends the Internal Revenue Code to allow up to 20 for-profit organizations in any taxable year a business-related tax credit for 50% of the amount paid or incurred to carry out activities to improve the quality of student understanding of personal finance and economics. The Department of the Treasury shall determine which for-profit organizations are eligible for the credit, ensuring that a majority of credit recipients are: (1) either a socially and economically disadvantaged small business concern, a small business concern owned and controlled by women, or a small business concern that is at least 51% owned by veterans, or (2) do not have more than $60 billion in assets. In determining the eligibility of a for-profit organization, Treasury shall give priority to organizations that have programs serving either urban or rural underserved areas.