; and (B) covered entities and transactions by covered entities are subject to the national security exceptions under article XXI of the GATT 1994 (as defined in section 2 of the Uruguay Round Agreements Act ( 19 U.S.C. 3501 )). (g) Definitions In this section: (1) Covered entity The term covered entity means an entity that has submitted notice of the intent of the entity to re-shore or near-shore under subsection (c)(1) and has been approved for re-shoring or near-shoring under subsection (c)(2). (2) Secretary The term Secretary means the Secretary of the Treasury. (3) Trade Representative The term Trade Representative means the United States Trade Representative. 213. Tax credit for qualifying re-shoring and near-shoring expenses (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 new section: 45BB. Qualifying re-shoring and near-shoring expenses (a) In general For purposes of section 38, the qualifying re-shoring and near-shoring expense credit for any taxable year is an amount equal to the sum of— (1) 50 percent of the qualified re-shoring project expenses of the taxpayer, and (2) 35 percent of the qualified near-shoring project expenses of the taxpayer. (b) Definitions For purposes of this section— (1) Qualifying re-shoring project expenses (A) In general The term qualifying re-shoring project expenses means any eligible expenses which are— (i) made pursuant to a qualified re-shoring project, and (ii) certified by the Secretary under subsection (c) as eligible for the credit under this section. (B) Qualifying re-shoring project The term qualifying re-shoring project means a project under which 2/3 or more of the operations of a trade or business of the taxpayer is moved from the People's Republic of China to the United States. (2) Qualifying near-shoring project expenses (A) In general The term qualifying near-shoring project expenses means any eligible expenses which are— (i) made pursuant to a qualified