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

Bill: 114-s-1023
Sponsor: full_name: Sen. Moran, Jerry [R-KS]
Introduced: 2015-04-21
Policy area: Taxation
Subjects: Business expenses

Computer security and identity theft

Income tax credits
Latest action: action_date: 2015-04-21
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2015-04-21
action_desc: Introduced in Senate
text: <p>Amends the Internal Revenue Code to allow a refundable tax credit for qualified cybersecurity information sharing organization costs (defined as the sum of dues for membership in the organization, personnel participation costs, product and service costs directly related to the sharing of information with the oganization, and other amounts [not including amounts for travel] relating to participation in activities of the organization).</p>

tv_txt: II 114th CONGRESS 1st Session S. 1023 IN THE SENATE OF THE UNITED STATES April 21, 2015 Mr. Moran (for himself and 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. Cybersecurity information sharing 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. Cybersecurity information sharing 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 cybersecurity information sharing organization costs paid or incurred by the taxpayer during such taxable year. (b) Qualified cybersecurity information sharing organization costs For purposes of this section— (1) In general The term qualified cybersecurity information sharing organization costs means the sum of— (A) dues for membership in a designated cybersecurity information sharing organization, (B) personnel participation costs, (C) product and service costs directly related to the sharing of information with a designated cybersecurity information sharing organization, and (D) other amounts (not including amounts for travel) relating to participation in activities of the designated cybersecurity information sharing 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 a designated cybersecurity information sharing organization on behalf of the taxpayer, determined on the basis of the regular hourly compensation paid to each such employee. (3) Designated cybersecurity information sharing organization The term designated cybersecurity information sharing organization means— (A) an Information Sharing and Analysis Organization (as defined in section 212(5) of the Homeland Security Act of 2002 ( 6 U.S.C. 131(5) )), (B) a local, regional, or State fusion center (as defined in section 210A(j)(1) of such Act ( 6 U.S.C. 124h(j)(1) )), or (C) an organization that has been identified by the Secretary as such in consultation with the Secretary of Homeland Security, that shares cyber-threat information in a structured format and standardized language designated by the Secretary of Homeland Security through a set of services and message exchanges to enable automated and near-instantaneous sharing of actionable cyber-threat information across organizations and systems. . (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.