increased by the aggregate decrease in the credits allowed under section 38 for all prior taxable years which would have resulted solely from reducing to zero any credit determined under subsection (a). (2) Exception Paragraph (1) shall not apply if the applicable taxpayer demonstrates to the satisfaction of the Secretary that the applicable transaction has been ceased or abandoned within 45 days of a determination and notice by the Secretary. (3) Applicable transaction The term applicable transaction means, any significant transaction (as determined by the Secretary, in coordination with the Secretary of Commerce and the Secretary of Defense) involving the material expansion in the People's Republic of China of the operations of the same or similar a trade or business with respect to which the qualifying re-shoring project or qualifying near-shoring project relates. (4) Regulations and Guidance The Secretary shall issue such regulations or other guidance as the Secretary determines necessary or appropriate to carry out the purposes of this paragraph, including regulations or other guidance which provide for requirements for recordkeeping or information reporting for purposes of administering the requirements of this paragraph. (e) Denial of double benefit (1) In general In the case of the amount of the credit determined under this section, no deduction or credit shall be allowed for such amount under any other provision of this chapter. (2) Basis adjustment For purposes of this subtitle, if a credit is allowed under this section with respect to any property, the basis of such property shall be reduced by the amount of the credit so allowed. (f) Regulations The Secretary shall prescribe regulations necessary to carry out the purposes of this section. . (b) Credit To be 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 (40), by striking the period at the end of paragraph (41) and inserting , plus , and by adding at