; regulations The Secretary shall— (1) provide guidance regarding such information reporting concerning covered transactions as the Secretary deems appropriate, and (2) prescribe such regulations as are necessary or appropriate to prevent avoidance of the purposes of this section, including the use of non-United States persons in such transactions. . (b) Credit with respect to certain tax-Favored accounts To offset transaction tax Subpart C of part IV of subchapter A of chapter 1 of such Code is amended by inserting after section 36B the following new section: 36C. Offset for transaction tax on contributions to certain tax-favored accounts (a) In general There shall be allowed as a credit against the tax imposed by this subtitle for the taxable year an amount equal to 0.03 percent of the qualified tax-favored account contributions of the taxpayer for the taxable year. (b) Qualified tax-Favored account contributions For purposes of this section, the term qualified tax-favored account contributions means, with respect to any taxable year, the sum of— (1) with respect to qualified retirement plans (as defined in section 4974(c)) of the taxpayer, the amount contributed to such plans for such taxable year to the extent that such contributions are allowable as a deduction or are excludable from gross income (or, in the case of a Roth IRA (as defined in section 408A(b)), the amount contributed), (2) with respect to Archer MSAs of the taxpayer, the amount allowed as a deduction under section 220 for such taxable year, (3) with respect to health savings accounts of the taxpayer, the amount allowed as a deduction under section 223 for such taxable year, plus (4) with respect to qualified tuition programs (as defined in section 529), qualified ABLE programs (as defined in section 529A), and Coverdell education savings accounts (as defined in section 530), with respect to which the taxpayer is the designated beneficiary (or, in the case of a designated beneficiary with respect to whom another taxpayer is allowed a deduction