Financial Services Customer Support Onshoring Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 10842 Introduced in House (IH)]

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119th CONGRESS 2d Session H. R. 10842

To amend the Internal Revenue Code of 1986 to establish the financial services customer support onshoring credit.

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IN THE HOUSE OF REPRESENTATIVES

October 19, 2026

Mr. Burchett introduced the following bill; which was referred to the Committee on Ways and Means

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A BILL

To amend the Internal Revenue Code of 1986 to establish the financial services customer support onshoring credit.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Financial Services Customer Support Onshoring Act''.

SEC. 2. FINANCIAL SERVICES CUSTOMER SUPPORT ONSHORING CREDIT.

(a) In General.--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:

``SEC. 45BB. FINANCIAL SERVICES CUSTOMER SUPPORT ONSHORING CREDIT.

``(a) In General.--For purposes of section 38, in the case of any eligible taxpayer, the financial services customer support onshoring credit determined under this section with respect to such taxpayer for any taxable year is the sum of-- ``(1) 25 percent of the qualified onshoring wages paid or incurred by such taxpayer during such taxable year, and ``(2) 20 percent of the qualified onshoring facility expenditures paid or incurred by such taxpayer during such taxable year. ``(b) Dollar Limitations.-- ``(1) Credit for qualified onshoring wages.--The amount of the credit determined under subsection (a)(1) with respect to any taxpayer for any taxable year shall not exceed the excess (if any) of-- ``(A) $5,000,000, over ``(B) the aggregate amount of credits determined under subsection (a)(1) with respect to such taxpayer for all prior taxable years. ``(2) Credit for qualified onshoring facility expenditures.--The amount of the credit determined under subsection (a)(2) with respect to any taxpayer for any taxable year shall not exceed the excess (if any) of-- ``(A) $2,500,000, over ``(B) the aggregate amount of credits determined under subsection (a)(2) with respect to such taxpayer for all prior taxable years. ``(3) Aggregation rule.--All eligible taxpayers treated as a single employer under subsection (b), (c), (m), or (o) of section 414 shall be treated as one taxpayer for purposes of paragraphs (1) and (2) as a single taxpayer and the amounts of credit permitted under such paragraphs shall be allocated among such eligible taxpayers in such manner as the Secretary may provide. ``(c) Qualified Onshoring Wages.--For purposes of this section, the term `qualified onshoring wages' means wages paid to an employee of the taxpayer for the provision of banking-related services by such employee directly to customers if such services are performed while such employee is located in the United States and pursuant to a qualified onshoring plan. ``(d) Qualified Onshoring Facility Expenditures.--For purposes of this section, the term `qualified onshoring facility expenditures' means amounts paid or incurred for the construction, improvement, or acquisition of real property or tangible personal property that-- ``(1) is used predominantly for the provision of banking- related services directly to customers, ``(2) is located in the United States, and ``(3) is so constructed, improved, or acquired pursuant to a qualified onshoring plan. ``(e) Qualified Onshoring Plan.--For purposes of this section, the term `qualified onshoring plan' means a written plan of the taxpayer to relocate a location at which banking-related services are provided directly to customers from outside the United States to in the United States. ``(f) Eligible Taxpayer.--For purposes of this section, the term `eligible taxpayer' means a bank (as defined in section 581).''. (b) Credit To Be Part of General Business Credit.--Section 38(b) of such Code is amended by-- (1) striking ``plus'' at the end of paragraph (40), (2) striking the period at the end of paragraph (41) and inserting ``, plus'', and (3) inserting after paragraph (41) the following new paragraph: ``(42) in the case of any eligible taxpayer (as defined in section 45BB(f)), the financial services customer support onshoring credit determined under section 45BB.''. (c) Clerical Amendment.--The table of sections for subpart D of part IV of subchapter A of chapter 1 of such Code is amended by adding at the end the following item:

``Sec. 45BB. Financial services customer support onshoring credit.''. (d) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2026. <all>