,i #aacth ,,congress #b;d ,session ,h4 ,r4 #cici ,,in ,,the ,,house ,,of ,,representatives ,january #bh1 #bjad,mr4 ,neal introduced the following bill2 which was referred to the ,committee on ,ways and ,means1 and in addition to the ,committees on ,transportation and ,infrastructure and ,education and the ,workforce1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to jumpstart the sluggish economy1 finance critical infrastructure investments1 fight income inequality and create jobs1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,invest in ,united ,states ,act of #bjad4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4,title ,i--,american ,infrastructure ,financing ,authority,sec4 #aja4 ,findings and purpose4,sec4 #ajb4 ,definitions4,subtitle ,a--,american ,infrastructure ,financing ,authority,sec4 #aaa4 ,establishment and general authority of ,,aifa4,sec4 #aab4 ,voting members of the ,board of ,directors4,sec4 #aac4 ,chief ,executive ,officer of ,,aifa4,sec4 #aad4 ,powers and duties of the ,board of ,directors4,sec4 #aae4 ,senior management4,sec4 #aaf4 ,special ,inspector ,general for ,,aifa4,sec4 #aag4 ,other personnel4,sec4 #aah4 ,compliance4,subtitle ,b--,terms and limitations on direct loans and loan guarantees,sec4 #aba4 ,eligibility criteria for assistance from ,,aifa and terms and limitations of loans4,sec4 #abb4 ,loan terms and repayment4,sec4 #abc4 ,compliance and enforcement4,sec4 #abd4 ,audits2 reports to the ,president and ,congress4,subtitle ,c--,funding of ,a,i,f,a,sec4 #aca4 ,fees4,sec4 #acb4 ,self-sufficiency of ,,aifa4,sec4 #acc4 ,funding4,sec4 #acd4 ,contract authority4,title ,,ii--,tax credit extensions,sec4 #bja4 ,permanent extension of new markets tax credit4,sec4 #bjb4 ,build ,america ,bonds made permanent4,sec4 #bjc4 ,permanent extension of research credit2 increase in alternative simplified research credit4,sec4 #bjd4 ,exempt-facility bonds for sewage and water supply facilities4,sec4 #bje4 ,repeal of alternative minimum tax on private activity bonds4,title ,,iii--,skills ,training,sec4 #cja4 ,job training tax credit4,sec4 #cjb4 ,qualified ,job ,training ,partnerships credit4,title ,,iv--,trade provisions,sec4 #dja4 ,findings2 sense of ,congress on applicability of trade authorities procedures to a bill implementing a trade and investment agreement with the ,european ,union4,sec4 #djb4 ,extension of trade adjustment assistance program4,title ,v--,minimum ,wage ,increase and ,business ,tax ,relief,sec4 #eja4 ,minimum wage increases4,sec4 #ejb4 ,work ,opportunity ,credit made permanent4,sec4 #ejc4 ,increased expensing limitations and treatment of certain real property as section #agi property made permanent4,sec4 #ejd4 ,permanent extension of treatment of qualified leasehold improvement property1 qualified restaurant property1 and qualified retail improvement property as #ae-year property for purposes of depreciation deduction4 ,i ,american ,infrastructure ,financing ,authority #aja4 ,findings and purpose 7a7 ,findings ,congress finds that-- 7#a7 infrastructure has always been a vital element of the economic strength of the ,united ,states and a key indicator of the international leadership of the ,united ,states2 7#b7 the ,erie ,canal1 the ,hoover ,dam1 the railroads1 and the interstate highway system are all testaments to ,american ingenuity and have helped propel and maintain the ,united ,states as the world's largest economy2 7#c7 according to the ,world ,economic ,forum's ,global ,competitiveness ,report1 the ,united ,states fell to second place in #bjji1 and dropped to fourth place overall in #bjaj1 however1 in the ,quality of overall infrastructure category of the same report1 the ,united ,states ranked twenty-third in the world2 7#d7 according to the ,world ,bank's #bjaj ,logistic ,performance ,index1 the capacity of countries to efficiently move goods and connect manufacturers and consumers with international markets is improving around the world1 and the ,united ,states now ranks seventh in the world in logistics-related infrastructure behind countries from both ,europe and ,asia2 7#e7 according to a ,january #bjji report from the ,university of ,massachusetts_/,alliance for ,american ,manufacturing entitled ,employment1 ,productivity and ,growth1 infrastructure investment is a highly effective engine of job creation such that #a1jjj1jjj1jjj in new investment in infrastructure results in #ah1jjj total jobs2 7#f7 according to the ,american ,society of ,civil ,engineers1 the current condition of the infrastructure in the ,united ,states earns a grade point average of ,d1 and an estimated #b1bjj1jjj1jjj1jjj investment is needed over the next #e years to bring ,american infrastructure up to adequate condition2 7#g7 according to the ,national ,surface ,transportation ,policy and ,revenue ,study ,commission1 #bbe1jjj1jjj1jjj is needed annually from all sources for the next #ej years to upgrade the ,united ,states surface transportation system to a state of good repair and create a more advanced system2 7#h7 the current infrastructure financing mechanisms of the ,united ,states1 both on the ,federal and ,state level1 will fail to meet current and foreseeable demands and will create large funding gaps2 7#i7 traditional municipal bonds issued by ,state and local governments are proven to work and have been a part of the tax code for over #ajj years1 and additional infrastructure financing options can be created at the ,federal level to complement the current system to best meet infrastructure needs2 7#aj7 new1 additional financing mechanisms should be targeted and quickly implemented to-- 7,a7 serve large in-,state or cross jurisdiction infrastructure projects1 projects of regional or national significance1 or projects that cross sector silos2 7,b7 sufficiently catalyze private sector investment2 or 7,c7 ensure the optimal return on public resources2 7#aa7 although grant programs of the ,united ,states ,government must continue to play a central role in financing the transportation1 environment1 and energy infrastructure needs of the ,united ,states1 current and foreseeable demands on existing ,federal1 ,state1 and local funding for infrastructure expansion clearly exceed the resources to support these programs by margins wide enough to prompt serious concerns about the ,united ,states ability to sustain long-term economic development1 productivity1 and international competitiveness2 7#ab7 the capital markets1 including pension funds1 private equity funds1 mutual funds1 sovereign wealth funds1 and other investors1 have a growing interest in infrastructure investment and represent hundreds of billions of dollars of potential investment2 and 7#ac7 the establishment of a ,united ,states ,government-owned1 independent1 professionally managed institution that could provide credit support to qualified infrastructure projects of regional and national significance1 making transparent merit-based investment decisions based on the commercial viability of infrastructure projects1 would catalyze the participation of significant private investment capital4 7b7 ,purpose ,the purpose of this title is to facilitate investment in1 and long-term financing of1 economically viable infrastructure projects of regional or national significance in a manner that both complements existing ,federal1 ,state1 local1 and private funding sources for these projects and introduces a merit-based system for financing such projects1 in order to mobilize significant private sector investment1 create jobs1 and ensure ,united ,states competitiveness through a self-sustaining institution that limits the need for ongoing ,federal funding4 #ajb4 ,definitions ,for purposes of this title1 the following definitions shall apply3 7#a7 ,,aifa ,the term ,,aifa means the ,american ,infrastructure ,financing ,authority established under this title4 7#b7 ,blind trust ,the term blind trust means a trust in which the beneficiary has no knowledge of the specific holdings and no rights over how those holdings are managed by the fiduciary of the trust prior to the dissolution of the trust4 7#c7 ,board of ,directors ,the term ,board of ,directors means ,board of ,directors of ,,aifa4 7#d7 ,chairperson ,the term ,chairperson means the ,chairperson of the ,board of ,directors of ,,aifa4 7#e7 ,chief ,executive ,officer ,the term ,chief ,executive ,officer means the ,chief ,executive ,officer of ,,aifa1 appointed under section #aac4 7#f7 ,cost ,the term cost has the same meaning as in section #ejb of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;a74 7#g7 ,direct loan ,the term direct loan has the same meaning as in section #ejb of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;a74 7#h7 ,eligible entity ,the term eligible entity means an individual1 corporation1 partnership 7including a public-private partnership71 joint venture1 trust1 ,state1 or other governmental entity1 including a political subdivision or any other instrumentality of a ,state1 or a revolving fund4 7#i7 ,infrastructure project 7,a7 ,in general ,the term eligible infrastructure project means any transportation1 water1 or energy infrastructure project1 or an aggregation of such infrastructure projects1 as provided in this title4 7,b7 ,transportation infrastructure project ,the term transportation infrastructure project means the construction1 alteration1 or repair1 including the facilitation of intermodal transit1 of the following subsectors3 7i7 ,highway or road4 7ii7 ,bridge4 7iii7 ,mass transit4 7iv7 ,inland waterways4 7v7 ,commercial ports4 7vi7 ,airports4 7vii7 ,air traffic control systems4 7viii7 ,passenger rail1 including high-speed rail4 7ix7 ,freight rail systems4 7,c7 ,water infrastructure project ,the term water infrastructure project means the construction1 consolidation1 alteration1 or repair of the following subsectors3 7i7 ,water waste treatment facility4 7ii7 ,storm water management system4 7iii7 ,dam4 7iv7 ,solid waste disposal facility4 7v7 ,levee4 7vi7 ,open space management system4 7,d7 ,energy infrastructure project ,the term energy infrastructure project means the construction1 alteration1 or repair of the following subsectors3 7i7 ,pollution reduced energy generation4 7ii7 ,transmission and distribution4 7iii7 ,storage4 7iv7 ,energy efficiency enhancements for buildings1 including public and commercial buildings4 7,e7 ,board authority to modify subsectors ,the ,board of ,directors may make modifications1 at the discretion of the ,board1 to the subsectors described in this paragraph by a vote of not fewer than #e of the voting members of the ,board of ,directors4 7#aj7 ,investment-grade rating ,the term investment-grade rating means a rating of ,,bbb minus1 ,baa#c1 or higher assigned to an infrastructure project by a ratings agency4 7#aa7 ,loan guarantee ,the term loan guarantee has the same meaning as in section #ejb of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;a74 7#ab7 ,public-private partnership ,the term public-private partnership means any eligible entity-- 7,a7 7i7 which is undertaking the development of all or part of an infrastructure project that will have a public benefit1 pursuant to requirements established in one or more contracts between the entity and a ,state or an instrumentality of a ,state2 or 7ii7 the activities of which1 with respect to such an infrastructure project1 are subject to regulation by a ,state or any instrumentality of a ,state2 7,b7 which owns1 leases1 or operates or will own1 lease1 or operate1 the project in whole or in part2 and 7,c7 the participants in which include not fewer than #a nongovernmental entity with significant investment and some control over the project or project vehicle4 7#ac7 ,rural infrastructure project ,the term rural infrastructure project means an infrastructure project in a rural area1 as that term is defined in section #cdc7;a77#ac77;,a7 of the ,consolidated ,farm and ,rural ,development ,act 7#g ,u4,s4,c4 #aiia7;a77#ac77;,a774 7#ad7 ,secretary ,unless the context otherwise requires1 the term ,secretary means the ,secretary of the ,treasury or the designee thereof4 7#ae7 ,senior management ,the term senior management means the ,chief ,financial ,officer1 ,chief ,risk ,officer1 ,chief ,compliance ,officer1 ,general ,counsel1 ,chief ,lending ,officer1 and ,chief ,operations ,officer of ,,aifa established under section #aae1 and such other officers as the ,board of ,directors may1 by majority vote1 add to senior management4 7#af7 ,state ,the term ,state includes the ,district of ,columbia1 ,puerto ,rico1 ,guam1 ,american ,samoa1 the ,virgin ,islands1 the ,commonwealth of ,northern ,mariana ,islands1 and any other territory of the ,united ,states4 ,a ,american ,infrastructure ,financing ,authority #aaa4 ,establishment and general authority of ,,aifa 7a7 ,establishment of ,,aifa ,the ,american ,infrastructure ,financing ,authority is established as a wholly owned ,government corporation4 7b7 ,general authority of ,,aifa ,,aifa shall provide direct loans and loan guarantees to facilitate infrastructure projects that are both economically viable and of regional or national significance1 and shall have such other authority as is provided under this title4 7c7 ,incorporation 7#a7 ,in general ,the ,board of ,directors first appointed shall be deemed the incorporator of ,,aifa1 and the incorporation shall be held to have been effected from the date of the first meeting of the ,board of ,directors4 7#b7 ,corporate office ,,aifa shall-- 7,a7 maintain an office in ,washington1 ,,dc2 and 7,b7 for purposes of venue in civil actions1 be considered to be a resident of ,washington1 ,,dc4 7d7 ,responsibility of the ,secretary ,the ,secretary shall take such actions as may be necessary to assist in implementing ,,aifa1 and in carrying out the purpose of this title4 7e7 ,rule of ,construction ,chapter #ia of title #ca1 ,united ,states ,code1 does not apply to ,,aifa1 unless otherwise specifically provided in this title4 #aab4 ,voting members of the ,board of ,directors 7a7 ,voting ,membership of the board of directors 7#a7 ,in general ,,aifa shall have a ,board of ,directors consisting of #g voting members appointed by the ,president1 by and with the advice and consent of the ,senate1 not more than #d of whom shall be from the same political party4 7#b7 ,chairperson ,one of the voting members of the ,board of ,directors shall be designated by the ,president to serve as ,chairperson thereof4 7#c7 ,congressional recommendations ,not later than #cj days after the date of enactment of this ,act1 the majority leader of the ,senate1 the minority leader of the ,senate1 the ,speaker of the ,house of ,representatives1 and the minority leader of the ,house of ,representatives shall each submit a recommendation to the ,president for appointment of a member of the ,board of ,directors1 after consultation with the appropriate committees of ,congress4 7b7 ,voting rights ,each voting member of the ,board of ,directors shall have an equal vote in all decisions of the ,board of ,directors4 7c7 ,qualifications of voting members ,each voting member of the ,board of ,directors shall-- 7#a7 be a citizen of the ,united ,states2 and 7#b7 have significant demonstrated expertise in-- 7,a7 the management and administration of a financial institution relevant to the operation of ,,aifa2 or 7,b7 the financing1 development1 or operation of infrastructure projects4 7d7 ,terms 7#a7 ,in general ,except as otherwise provided in this title1 each voting member of the ,board of ,directors shall be appointed for a term of #d years4 7#b7 ,initial staggered terms ,of the voting members first appointed to the ,board of ,directors-- 7,a7 the initial ,chairperson and #c of the other voting members shall each be appointed for a term of #d years2 and 7,b7 the remaining #c voting members shall each be appointed for a term of #b years4 7#c7 ,date of initial nominations ,the initial nominations for the appointment of all voting members of the ,board of ,directors shall be made not later than #fj days after the date of enactment of this ,act4 7#d7 ,beginning of term ,the term of each of the initial voting members appointed under this section shall commence immediately upon the date of appointment1 except that1 for purposes of calculating the term limits specified in this subsection1 the initial terms shall each be construed as beginning on ,january #bb of the year following the date of the initial appointment4 7#e7 ,vacancies ,a vacancy in the position of a voting member of the ,board of ,directors shall be filled by the ,president1 and a member appointed to fill a vacancy on the ,board of ,directors occurring before the expiration of the term for which the predecessor was appointed shall be appointed only for the remainder of that term4 7e7 ,meetings 7#a7 ,open to the public2 notice ,except as provided in paragraph 7#c71 all meetings of the ,board of ,directors shall be-- 7,a7 open to the public2 and 7,b7 preceded by reasonable public notice4 7#b7 ,frequency ,the ,board of ,directors shall meet not later than #fj days after the date on which all members of the ,board of ,directors are first appointed1 at least quarterly thereafter1 and otherwise at the call of either the ,chairperson or #e voting members of the ,board of ,directors4 7#c7 ,exception for closed meetings ,the voting members of the ,board of ,directors may1 by majority vote1 close a meeting to the public if1 during the meeting to be closed1 there is likely to be disclosed proprietary or sensitive information regarding an infrastructure project under consideration for assistance under this title4 ,the ,board of ,directors shall prepare minutes of any meeting that is closed to the public1 and shall make such minutes available as soon as practicable1 not later than #a year after the date of the closed meeting1 with any necessary redactions to protect any proprietary or sensitive information4 7#d7 ,quorum ,for purposes of meetings of the ,board of ,directors1 #e voting members of the ,board of ,directors shall constitute a quorum4 7f7 ,compensation of members ,each voting member of the ,board of ,directors shall be compensated at a rate equal to the daily equivalent of the annual rate of basic pay prescribed for level ,,iii of the ,executive ,schedule under section #ecad of title #e1 ,united ,states ,code1 for each day 7including travel time7 during which the member is engaged in the performance of the duties of the ,board of ,directors4 7g7 ,conflicts of interest ,a voting member of the ,board of ,directors may not participate in any review or decision affecting an infrastructure project under consideration for assistance under this title1 if the member has or is affiliated with an entity who has a financial interest in such project4 #aac4 ,chief ,executive ,officer of ,,aifa 7a7 ,in general ,the ,chief ,executive ,officer of ,,aifa shall be a nonvoting member of the ,board of ,directors1 who shall be responsible for all activities of ,,aifa1 and shall support the ,board of ,directors as set forth in this title and as the ,board of ,directors deems necessary or appropriate4 7b7 ,appointment and tenure of the ,chief ,executive ,officer 7#a7 ,in general ,the ,president shall appoint the ,chief ,executive ,officer1 by and with the advice and consent of the ,senate4 7#b7 ,term ,the ,chief ,executive ,officer shall be appointed for a term of #f years4 7#c7 ,vacancies ,any vacancy in the office of the ,chief ,executive ,officer shall be filled by the ,president1 and the person appointed to fill a vacancy in that position occurring before the expiration of the term for which the predecessor was appointed shall be appointed only for the remainder of that term4 7c7 ,qualifications ,the ,chief ,executive ,officer-- 7#a7 shall have significant expertise in management and administration of a financial institution1 or significant expertise in the financing and development of infrastructure projects2 and 7#b7 may not-- 7,a7 hold any other public office2 7,b7 have any financial interest in an infrastructure project then being considered by the ,board of ,directors1 unless that interest is placed in a blind trust2 or 7,c7 have any financial interest in an investment institution or its affiliates or any other entity seeking or likely to seek financial assistance for any infrastructure project from ,,aifa1 unless any such interest is placed in a blind trust for the tenure of the service of the ,chief ,executive ,officer plus #b additional years4 7d7 ,responsibilities ,the ,chief ,executive ,officer shall have such executive functions1 powers1 and duties as may be prescribed by this title1 the bylaws of ,,aifa1 or the ,board of ,directors1 including-- 7#a7 responsibility for the development and implementation of the strategy of ,,aifa1 including-- 7,a7 the development and submission to the ,board of ,directors of the annual business plans and budget2 7,b7 the development and submission to the ,board of ,directors of a long-term strategic plan2 and 7,c7 the development1 revision1 and submission to the ,board of ,directors of internal policies2 and 7#b7 responsibility for the management and oversight of the daily activities1 decisions1 operations1 and personnel of ,,aifa1 including-- 7,a7 the appointment of senior management1 subject to approval by the voting members of the ,board of ,directors1 and the hiring and termination of all other ,,aifa personnel2 7,b7 requesting the detail1 on a reimbursable basis1 of personnel from any ,federal agency having specific expertise not available from within ,,aifa1 following which request the head of the ,federal agency may detail1 on a reimbursable basis1 any personnel of such agency reasonably requested by the ,chief ,executive ,officer2 7,c7 assessing and recommending in the first instance1 for ultimate approval or disapproval by the ,board of ,directors1 compensation and adjustments to compensation of senior management and other personnel of ,,aifa as may be necessary for carrying out the functions of ,,aifa2 7,d7 ensuring1 in conjunction with the general counsel of ,,aifa1 that all activities of ,,aifa are carried out in compliance with applicable law2 7,e7 overseeing the involvement of ,,aifa in all projects1 including-- 7i7 developing eligible projects for ,,aifa financial assistance2 7ii7 determining the terms and conditions of all financial assistance packages2 7iii7 monitoring all infrastructure projects assisted by ,,aifa1 including responsibility for ensuring that the proceeds of any loan made1 guaranteed1 or participated in are used only for the purposes for which the loan or guarantee was made2 7iv7 preparing and submitting for approval by the ,board of ,directors the documents required under paragraph 7#a72 and 7v7 ensuring the implementation of decisions of the ,board of ,directors2 and 7,f7 such other activities as may be necessary or appropriate in carrying out this title4 7e7 ,compensation 7#a7 ,in general ,any compensation assessment or recommendation by the ,chief ,executive ,officer under this section shall be without regard to the provisions of chapter #ea or subchapter ,,iii of chapter #ec of title #e1 ,united ,states ,code4 7#b7 ,considerations ,the compensation assessment or recommendation required under this subsection shall take into account merit principles1 where applicable1 as well as the education1 experience1 level of responsibility1 geographic differences1 and retention and recruitment needs in determining compensation of personnel4 #aad4 ,powers and duties of the ,board of ,directors ,the ,board of ,directors shall-- 7#a7 as soon as is practicable after the date on which all members are appointed1 approve or disapprove senior management appointed by the ,chief ,executive ,officer2 7#b7 not later than #ahj days after the date on which all members are appointed-- 7,a7 develop and approve the bylaws of ,,aifa1 including bylaws for the regulation of the affairs and conduct of the business of ,,aifa1 consistent with the purpose1 goals1 objectives1 and policies set forth in this title2 7,b7 establish subcommittees1 including an audit committee that is composed solely of members of the ,board of ,directors who are independent of the senior management of ,,aifa2 7,c7 develop and approve1 in consultation with senior management1 a conflict-of-interest policy for the ,board of ,directors and for senior management2 7,d7 approve or disapprove internal policies that the ,chief ,executive ,officer shall submit to the ,board of ,directors1 including-- 7i7 policies regarding the loan application and approval process1 including-- 7,i7 disclosure and application procedures to be followed by entities in the course of nominating infrastructure projects for assistance under this title2 7,,ii7 guidelines for the selection and approval of projects2 7,,iii7 specific criteria for determining eligibility for project selection1 consistent with subtitle ,b2 and 7,,iv7 standardized terms and conditions1 fee schedules1 or legal requirements of a contract or program1 so as to carry out this title2 and 7ii7 operational guidelines2 and 7,e7 approve or disapprove a #a-year business plan and budget for ,,aifa2 7#c7 ensure that ,,aifa is at all times operated in a manner that is consistent with this title1 by-- 7,a7 monitoring and assessing the effectiveness of ,,aifa in achieving its strategic goals2 7,b7 periodically reviewing internal policies2 7,c7 reviewing and approving annual business plans1 annual budgets1 and long-term strategies submitted by the ,chief ,executive ,officer2 7,d7 reviewing and approving annual reports submitted by the ,chief ,executive ,officer2 7,e7 engaging one or more external auditors1 as set forth in this title2 and 7,f7 reviewing and approving all changes to the organization of senior management2 7#d7 appoint and fix1 by a vote of not fewer than #e voting members of the ,board of ,directors1 and without regard to the provisions of chapter #ea or subchapter ,,iii of chapter #ec of title #e1 ,united ,sates ,code1 the compensation and adjustments to compensation of all ,,aifa personnel1 provided that in appointing and fixing any compensation or adjustments to compensation under this paragraph1 the ,board shall-- 7,a7 consult with1 and seek to maintain comparability with1 other comparable ,federal personnel1 as the ,secretary may deem appropriate2 7,b7 consult with the ,office of ,personnel ,management2 and 7,c7 carry out such duties consistent with merit principles1 where applicable1 as well as the education1 experience1 level of responsibility1 geographic differences1 and retention and recruitment needs in determining compensation of personnel2 7#e7 establish such other criteria1 requirements1 or procedures as the ,board of ,directors may consider to be appropriate in carrying out this title2 7#f7 serve as the primary liaison for ,,aifa in interactions with ,congress1 the ,executive ,branch1 and ,state and local governments1 and to represent the interests of ,,aifa in such interactions and others2 7#g7 approve by a vote of not fewer than #e voting members of the ,board of ,directors any changes to the bylaws or internal policies of ,,aifa2 7#h7 have the authority and responsibility-- 7,a7 to oversee entering into and carry out such contracts1 leases1 cooperative agreements1 or other transactions as are necessary to carry out this title with-- 7i7 any ,federal department or agency2 7ii7 any ,state1 territory1 or possession 7or any political subdivision thereof1 including ,state infrastructure banks7 of the ,united ,states2 and 7iii7 any individual1 public-private partnership1 firm1 association1 or corporation2 7,b7 to approve of the acquisition1 lease1 pledge1 exchange1 and disposal of real and personal property by ,,aifa and otherwise approve the exercise by ,,aifa of all of the usual incidents of ownership of property1 to the extent that the exercise of such powers is appropriate to and consistent with the purposes of ,,aifa2 7,c7 to determine the character of1 and the necessity for1 the obligations and expenditures of ,,aifa1 and the manner in which the obligations and expenditures will be incurred1 allowed1 and paid1 subject to this title and other ,federal law specifically applicable to wholly owned ,federal corporations2 7,d7 to execute1 in accordance with applicable bylaws and regulations1 appropriate instruments2 7,e7 to approve other forms of credit enhancement that ,,aifa may provide to eligible projects1 as long as the forms of credit enhancements are consistent with the purposes of this title and terms set forth in subtitle ,b2 7,f7 to exercise all other lawful powers that are necessary or appropriate to carry out1 and are consistent with1 the purposes of ,,aifa2 7,g7 to sue or be sued in the corporate capacity of ,,aifa in any court of competent jurisdiction2 7,h7 to indemnify the members of the ,board of ,directors and officers of ,,aifa for any liabilities arising out of the actions of the members and officers in such capacity1 in accordance with1 and subject to the limitations contained in this title2 7,i7 to review all financial assistance packages to all eligible infrastructure projects1 as submitted by the ,chief ,executive ,officer and to approve1 postpone1 or deny the same by majority vote2 7,j7 to review all restructuring proposals submitted by the ,chief ,executive ,officer1 including assignation1 pledging1 or disposal of the interest of ,,aifa in a project1 including payment or income from any interest owned or held by ,,aifa1 and to approve1 postpone1 or deny the same by majority vote2 and 7,k7 to enter into binding commitments1 as specified in approved financial assistance packages2 7#i7 delegate to the ,chief ,executive ,officer those duties that the ,board of ,directors deems appropriate1 to better carry out the powers and purposes of the ,board of ,directors under this section2 and 7#aj7 to approve a maximum aggregate amount of principal exposure of ,,aifa at any given time4 #aae4 ,senior management 7a7 ,in general ,senior management shall support the ,chief ,executive ,officer in the discharge of the responsibilities of the ,chief ,executive ,officer4 7b7 ,appointment of senior management ,the ,chief ,executive ,officer shall appoint such senior managers as are necessary to carry out the purpose of ,,aifa1 as approved by a majority vote of the voting members of the ,board of ,directors4 7c7 ,term ,each member of senior management shall serve at the pleasure of the ,chief ,executive ,officer and the ,board of ,directors4 7d7 ,removal of senior management ,any member of senior management may be removed1 either by a majority of the voting members of the ,board of ,directors upon request by the ,chief ,executive ,officer1 or otherwise by vote of not fewer than #e voting members of the ,board of ,directors4 7e7 ,senior management 7#a7 ,in general ,each member of senior management shall report directly to the ,chief ,executive ,officer1 other than the ,chief ,risk ,officer1 who shall report directly to the ,board of ,directors4 7#b7 ,duties and responsibilities 7,a7 ,chief financial officer ,the ,chief ,financial ,officer shall be responsible for all financial functions of ,,aifa1 provided that1 at the discretion of the ,board of ,directors1 specific functions of the ,chief ,financial ,officer may be delegated externally4 7,b7 ,chief risk officer ,the ,chief ,risk ,officer shall be responsible for all functions of ,,aifa relating to-- 7i7 the creation of financial1 credit1 and operational risk management guidelines and policies2 7ii7 the establishment of guidelines to ensure diversification of lending activities by region1 infrastructure project type1 and project size2 7iii7 the creation of conforming standards for infrastructure finance agreements2 7iv7 the monitoring of the financial1 credit1 and operational exposure of ,,aifa2 and 7v7 risk management and mitigation actions1 including by reporting such actions1 or recommendations of such actions to be taken1 directly to the ,board of ,directors4 7,c7 ,chief compliance officer ,the ,chief ,compliance ,officer shall be responsible for all functions of ,,aifa relating to internal audits1 accounting safeguards1 and the enforcement of such safeguards and other applicable requirements4 7,d7 ,general counsel ,the ,general ,counsel shall be responsible for all functions of ,,aifa relating to legal matters and1 in consultation with the ,chief ,executive ,officer1 shall be responsible for ensuring that ,,aifa complies with all applicable law4 7,e7 ,chief operations officer ,the ,chief ,operations ,officer shall be responsible for all operational functions of ,,aifa1 including those relating to the continuing operations and performance of all infrastructure projects in which ,,aifa retains an interest and for all ,,aifa functions related to human resources4 7,f7 ,chief lending officer ,the ,chief ,lending ,officer shall be responsible for-- 7i7 all functions of ,,aifa relating to the development of project pipeline1 financial structuring of projects1 credit analysis of infrastructure projects1 selection of infrastructure projects to be reviewed by the ,board of ,directors1 preparation of infrastructure projects to be presented to the ,board of ,directors1 and set aside for rural infrastructure projects2 and 7ii7 the creation and management of-- 7,i7 a ,center for ,excellence to provide technical assistance to public sector borrowers in the development and financing of infrastructure projects2 and 7,,ii7 an ,office of ,rural ,assistance to provide technical assistance in the development and financing of rural infrastructure projects4 7f7 ,changes to senior management ,the ,board of ,directors1 in consultation with the ,chief ,executive ,officer1 may alter the structure of the senior management of ,,aifa at any time to better accomplish the goals1 objectives1 and purposes of ,,aifa1 provided that the functions of the ,chief ,financial ,officer set forth in subsection 7e7 remain separate from the functions of the ,chief ,risk ,officer set forth in subsection 7e74 7g7 ,conflicts of interest ,no individual appointed to senior management may-- 7#a7 hold any other public office2 7#b7 have any financial interest in an infrastructure project then being considered by the ,board of ,directors1 unless that interest is placed in a blind trust2 or 7#c7 have any financial interest in an investment institution or its affiliates1 ,,aifa or its affiliates1 or other entity then seeking or likely to seek financial assistance for any infrastructure project from ,,aifa1 unless any such interest is placed in a blind trust during the term of service of that individual in a senior management position1 and for a period of #b years thereafter4 #aaf4 ,special ,inspector ,general for ,,aifa 7a7 ,in general ,during the first #e operating years of ,,aifa1 the ,office of the ,inspector ,general of the ,department of the ,treasury shall have responsibility for ,,aifa4 7b7 ,office of the ,special ,inspector ,general ,effective #e years after the date of enactment of the commencement of the operations of ,,aifa1 there is established the ,office of the ,special ,inspector ,general for ,,aifa4 7c7 ,appointment of ,inspector ,general2 removal 7#a7 ,head of ,office ,the head of the ,office of the ,special ,inspector ,general for ,,aifa shall be the ,special ,inspector ,general for ,,aifa 7in this title referred to as the ,special ,inspector ,general71 who shall be appointed by the ,president1 by and with the advice and consent of the ,senate4 7#b7 ,basis of appointment ,the appointment of the ,special ,inspector ,general shall be made on the basis of integrity and demonstrated ability in accounting1 auditing1 financial analysis1 law1 management analysis1 public administration1 or investigations4 7#c7 ,timing of nomination ,the nomination of an individual as ,special ,inspector ,general shall be made as soon as is practicable after the effective date under subsection 7b74 7#d7 ,removal ,the ,special ,inspector ,general shall be removable from office in accordance with the provisions of section #c7;b7 of the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app474 7#e7 ,rule of construction ,for purposes of section #gcbd of title #e1 ,united ,states ,code1 the ,special ,inspector ,general shall not be considered an employee who determines policies to be pursued by the ,united ,states in the nationwide administration of ,federal law4 7#f7 ,rate of pay ,the annual rate of basic pay of the ,special ,inspector ,general shall be the annual rate of basic pay for an ,inspector ,general under section #c7;e7 of the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app474 7d7 ,duties 7#a7 ,in general ,it shall be the duty of the ,special ,inspector ,general to conduct1 supervise1 and coordinate audits and investigations of the business activities of ,,aifa4 7#b7 ,other systems1 procedures1 and controls ,the ,special ,inspector ,general shall establish1 maintain1 and oversee such systems1 procedures1 and controls as the ,special ,inspector ,general considers appropriate to discharge the duty under paragraph 7#a74 7#c7 ,additional duties ,in addition to the duties specified in paragraphs 7#a7 and 7#b71 the ,inspector ,general shall also have the duties and responsibilities of inspectors general under the ,inspector ,general ,act of #aigh4 7e7 ,powers and authorities 7#a7 ,in general ,in carrying out the duties specified in subsection 7c71 the ,special ,inspector ,general shall have the authorities provided in section #f of the ,inspector ,general ,act of #aigh4 7#b7 ,additional authority ,the ,special ,inspector ,general shall carry out the duties specified in subsection 7c77#a7 in accordance with section #d7;b77#a7 of the ,inspector ,general ,act of #aigh4 7f7 ,personnel1 facilities1 and other resources 7#a7 ,additional officers 7,a7 ,the ,special ,inspector ,general may select1 appoint1 and employ such officers and employees as may be necessary for carrying out the duties of the ,special ,inspector ,general1 subject to the provisions of title #e1 ,united ,states ,code1 governing appointments in the competitive service1 and the provisions of chapter #ea and subchapter ,,iii of chapter #ec of such title1 relating to classification and ,general ,schedule pay rates4 7,b7 ,the ,special ,inspector ,general may exercise the authorities of subsections 7b7 through 7i7 of section #cafa of title #e1 ,united ,states ,code 7without regard to subsection 7a7 of that section74 7#b7 ,retention of services ,the ,special ,inspector ,general may obtain services as authorized by section #caji of title #e1 ,united ,states ,code1 at daily rates not to exceed the equivalent rate prescribed for grade ,,gs-#ae of the ,general ,schedule by section #eccb of such title4 7#c7 ,ability to contract for audits1 studies1 and other services ,the ,special ,inspector ,general may enter into contracts and other arrangements for audits1 studies1 analyses1 and other services with public agencies and with private persons1 and make such payments as may be necessary to carry out the duties of the ,special ,inspector ,general4 7#d7 ,request for information 7,a7 ,in general ,upon request of the ,special ,inspector ,general for information or assistance from any department1 agency1 or other entity of the ,federal ,government1 the head of such entity shall1 insofar as is practicable and not in contravention of any existing law1 furnish such information or assistance to the ,special ,inspector ,general1 or an authorized designee4 7,b7 ,refusal to comply ,whenever information or assistance requested by the ,special ,inspector ,general is1 in the judgment of the ,special ,inspector ,general1 unreasonably refused or not provided1 the ,special ,inspector ,general shall report the circumstances to the ,secretary of the ,treasury1 without delay4 7g7 ,reports 7#a7 ,annual report ,not later than #a year after the confirmation of the ,special ,inspector ,general1 and every calendar year thereafter1 the ,special ,inspector ,general shall submit to the ,president a report summarizing the activities of the ,special ,inspector ,general during the previous #a-year period ending on the date of such report4 7#b7 ,public disclosures ,nothing in this subsection shall be construed to authorize the public disclosure of information that is-- 7,a7 specifically prohibited from disclosure by any other provision of law2 7,b7 specifically required by ,executive order to be protected from disclosure in the interest of national defense or national security or in the conduct of foreign affairs2 or 7,c7 a part of an ongoing criminal investigation4 #aag4 ,other personnel ,except as otherwise provided in the bylaws of ,,aifa1 the ,chief ,executive ,officer1 in consultation with the ,board of ,directors1 shall appoint1 remove1 and define the duties of such qualified personnel as are necessary to carry out the powers1 duties1 and purpose of ,,aifa1 other than senior management1 who shall be appointed in accordance with section #abd4 #aah4 ,compliance ,the provision of assistance by the ,board of ,directors pursuant to this title shall not be construed as superseding any provision of ,state law or regulation otherwise applicable to an infrastructure project4 ,b ,terms and limitations on direct loans and loan guarantees #aba4 ,eligibility criteria for assistance from ,,aifa and terms and limitations of loans 7a7 ,in general ,any project whose use or purpose is private and for which no public benefit is created shall not be eligible for financial assistance from ,,aifa under this title4 ,financial assistance under this title shall only be made available if the applicant for such assistance has demonstrated to the satisfaction of the ,board of ,directors that the infrastructure project for which such assistance is being sought-- 7#a7 is not for the refinancing of an existing infrastructure project2 and 7#b7 meets-- 7,a7 any pertinent requirements set forth in this title2 7,b7 any criteria established by the ,board of ,directors or ,chief ,executive ,officer in accordance with this title2 and 7,c7 the definition of a transportation infrastructure project1 water infrastructure project1 or energy infrastructure project4 7b7 ,considerations ,the criteria established by the ,board of ,directors pursuant to this title shall provide adequate consideration of-- 7#a7 the economic1 financial1 technical1 environmental1 and public benefits and costs of each infrastructure project under consideration for financial assistance under this title1 prioritizing infrastructure projects that-- 7,a7 contribute to regional or national economic growth2 7,b7 offer value for money to taxpayers2 7,c7 demonstrate a clear public benefit2 7,d7 lead to job creation2 and 7,e7 mitigate environmental concerns2 7#b7 the means by which development of the infrastructure project under consideration is being financed1 including-- 7,a7 the terms1 conditions1 and structure of the proposed financing2 7,b7 the credit worthiness and standing of the project sponsors1 providers of equity1 and cofinanciers2 7,c7 the financial assumptions and projections on which the infrastructure project is based2 and 7,d7 whether there is sufficient ,state or municipal political support for the successful completion of the infrastructure project2 7#c7 the likelihood that the provision of assistance by ,,aifa will cause such development to proceed more promptly and with lower costs for financing than would be the case without such assistance2 7#d7 the extent to which the provision of assistance by ,,aifa maximizes the level of private investment in the infrastructure project or supports a public-private partnership1 while providing a significant public benefit2 7#e7 the extent to which the provision of assistance by ,,aifa can mobilize the participation of other financing partners in the infrastructure project2 7#f7 the technical and operational viability of the infrastructure project2 7#g7 the proportion of financial assistance from ,,aifa2 7#h7 the geographic location of the project in an effort to have geographic diversity of projects funded by ,,aifa2 7#i7 the size of the project and its impact on the resources of ,,aifa2 and 7#aj7 the infrastructure sector of the project1 in an effort to have projects from more than one sector funded by ,,aifa4 7c7 ,application 7#a7 ,in general ,any eligible entity seeking assistance from ,,aifa under this title for an eligible infrastructure project shall submit an application to ,,aifa at such time1 in such manner1 and containing such information as the ,board of ,directors or the ,chief ,executive ,officer may require4 7#b7 ,review of applications ,,aifa shall review applications for assistance under this title on an ongoing basis4 ,the ,chief ,executive ,officer1 working with the senior management1 shall prepare eligible infrastructure projects for review and approval by the ,board of ,directors4 7#c7 ,dedicated revenue sources ,the ,federal credit instrument shall be repayable1 in whole or in part1 from tolls1 user fees1 or other dedicated revenue sources that also secure the infrastructure project obligations4 7d7 ,eligible infrastructure project costs 7#a7 ,in general ,except as provided in paragraph 7#b71 to be eligible for assistance under this title1 an infrastructure project shall have project costs that are reasonably anticipated to equal or exceed #ajj1jjj1jjj4 7#b7 ,rural infrastructure projects ,to be eligible for assistance under this title1 a rural infrastructure project shall have project costs that are reasonably anticipated to equal or exceed #be1jjj1jjj4 7e7 ,loan eligibility and maximum amounts 7#a7 ,in general ,the amount of a direct loan or loan guarantee under this title shall not exceed the lesser of #ej percent of the reasonably anticipated eligible infrastructure project costs or1 if the direct loan or loan guarantee does not receive an investment grade rating1 the amount of the senior project obligations4 7#b7 ,maximum annual loan and loan guarantee volume ,the aggregate amount of direct loans and loan guarantees made by ,,aifa in any single fiscal year may not exceed-- 7,a7 during the first #b fiscal years of the operations of ,,aifa1 #aj1jjj1jjj1jjj2 7,b7 during fiscal years #c through #i of the operations of ,,aifa1 #bj1jjj1jjj1jjj2 or 7,c7 during any fiscal year thereafter1 #ej1jjj1jjj1jjj4 7f7 ,state and local permits required ,the provision of assistance by the ,board of ,directors pursuant to this title shall not be deemed to relieve any recipient of such assistance1 or the related infrastructure project1 of any obligation to obtain required ,state and local permits and approvals4 #abb4 ,loan terms and repayment 7a7 ,in general ,a direct loan or loan guarantee under this title with respect to an eligible infrastructure project shall be on such terms1 subject to such conditions1 and contain such covenants1 representations1 warranties1 and requirements 7including requirements for audits7 as the ,chief ,executive ,officer determines appropriate4 7b7 ,terms ,a direct loan or loan guarantee under this title-- 7#a7 shall-- 7,a7 be payable1 in whole or in part1 from tolls1 user fees1 or other dedicated revenue sources that also secure the senior project obligations 7such as availability payments and dedicated ,state or local revenues72 and 7,b7 include a rate covenant1 coverage requirement1 or similar security feature supporting the project obligations2 and 7#b7 may have a lien on revenues described in paragraph 7#a71 subject to any lien securing project obligations4 7c7 ,base interest rate ,the base interest rate on a direct loan under this title shall be not less than the yield on ,united ,states ,treasury obligations of a similar maturity to the maturity of the direct loan on the date of execution of the loan agreement4 7d7 ,risk assessment ,before entering into an agreement for assistance under this title1 the ,chief ,executive ,officer1 in consultation with the ,director of the ,office of ,management and ,budget and each rating agency providing a preliminary rating opinion letter under this section1 shall determine an appropriate ,federal credit subsidy amount for each direct loan and loan guarantee1 taking into account such letter1 as well as any comparable market rates available for such a loan or loan guarantee1 should any exist4 7e7 ,credit fee ,with respect to each agreement for assistance under this title1 the ,chief ,executive ,officer shall charge a credit fee to the recipient of such assistance to pay for1 over time1 all or a portion of the ,federal credit subsidy determined under subsection 7d71 with the remainder paid by the account established for ,,aifa4 ,in the case of a direct loan1 such credit fee shall be in addition to the base interest rate established under subsection 7c74 7f7 ,maturity date ,the final maturity date of a direct loan or loan guaranteed by ,,aifa under this title shall be not later than #ce years after the date of substantial completion of the infrastructure project1 as determined by the ,chief ,executive ,officer4 7g7 ,preliminary rating opinion letter 7#a7 ,in general ,the ,chief ,executive ,officer shall require each applicant for assistance under this title to provide a preliminary rating opinion letter from at least #a ratings agency1 indicating that the senior obligations of the infrastructure project1 which may be the ,federal credit instrument1 have the potential to achieve an investment-grade rating4 7#b7 ,rural infrastructure projects ,with respect to a rural infrastructure project1 a rating agency opinion letter described in paragraph 7#a7 shall not be required1 except that the loan or loan guarantee shall receive an internal rating score1 using methods similar to the ratings agencies generated by ,,aifa1 measuring the proposed direct loan or loan guarantee against comparable direct loans or loan guarantees of similar credit quality in a similar sector4 7h7 ,investment-,grade rating requirement 7#a7 ,loans and loan guarantees ,the execution of a direct loan or loan guarantee under this title shall be contingent on the senior obligations of the infrastructure project receiving an investment-grade rating4 7#b7 ,rating of ,,aifa overall portfolio ,the average rating of the overall portfolio of ,,aifa shall be not less than investment grade after #e years of operation4 7i7 ,terms and ,repayment of direct loans 7#a7 ,schedule ,the ,chief ,executive ,officer shall establish a repayment schedule for each direct loan under this title1 based on the projected cash flow from infrastructure project revenues and other repayment sources4 7#b7 ,commencement ,scheduled loan repayments of principal or interest on a direct loan under this title shall commence not later than #e years after the date of substantial completion of the infrastructure project1 as determined by the ,chief ,executive ,officer of ,,aifa4 7#c7 ,deferred payments of direct loans 7,a7 ,authorization ,if1 at any time after the date of substantial completion of an infrastructure project assisted under this title1 the infrastructure project is unable to generate sufficient revenues to pay the scheduled loan repayments of principal and interest on the direct loan under this title1 the ,chief ,executive ,officer may allow the obligor to add unpaid principal and interest to the outstanding balance of the direct loan1 if the result would benefit the taxpayer4 7,b7 ,interest ,any payment deferred under subparagraph 7,a7 shall-- 7i7 continue to accrue interest1 in accordance with the terms of the obligation1 until fully repaid2 and 7ii7 be scheduled to be amortized over the remaining term of the loan4 7,c7 ,criteria 7i7 ,in general ,any payment deferral under subparagraph 7,a7 shall be contingent on the infrastructure project meeting criteria established by the ,board of ,directors4 7ii7 ,repayment standards ,the criteria established under clause 7i7 shall include standards for reasonable assurance of repayment4 7#d7 ,prepayment of direct loans 7,a7 ,use of excess revenues ,any excess revenues that remain after satisfying scheduled debt service requirements on the infrastructure project obligations and direct loan and all deposit requirements under the terms of any trust agreement1 bond resolution1 or similar agreement securing project obligations under this title may be applied annually to prepay the direct loan1 without penalty4 7,b7 ,use of proceeds of refinancing ,a direct loan under this title may be prepaid at any time1 without penalty1 from the proceeds of refinancing from non-,federal funding sources4 7#e7 ,sale of direct loans 7,a7 ,in general ,as soon as is practicable after substantial completion of an infrastructure project assisted under this title1 and after notifying the obligor1 the ,chief ,executive ,officer may sell to another entity1 or reoffer into the capital markets1 a direct loan for the infrastructure project1 if the ,chief ,executive ,officer determines that the sale or reoffering can be made on favorable terms for the taxpayer4 7,b7 ,consent of obligor ,in making a sale or reoffering under subparagraph 7,a71 the ,chief ,executive ,officer may not change the original terms and conditions of the direct loan1 without the written consent of the obligor4 7j7 ,loan guarantees 7#a7 ,terms ,the terms of a loan guaranteed by ,,aifa under this title shall be consistent with the terms set forth in this section for a direct loan1 except that the rate on the guaranteed loan and any payment1 pre-payment1 or refinancing features shall be negotiated between the obligor and the lender1 with the consent of the ,chief ,executive ,officer4 7#b7 ,guaranteed lender ,a guaranteed lender shall be limited to those lenders meeting the definition of that term in section #fja7;a7 of title #bc1 ,united ,states ,code4 7k7 ,compliance with ,,fcra 7#a7 ,in general ,except as provided in paragraph 7#b71 direct loans and loan guarantees authorized by this title shall be subject to the provisions of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa et seq474 7#b7 ,exception ,section #ejd7;b7 of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;c7b77 shall not apply to a loan or loan guarantee under this title4 #abc4 ,compliance and enforcement 7a7 ,credit agreement ,notwithstanding any other provision of law1 each eligible entity that receives assistance under this title from ,,aifa shall enter into a credit agreement that requires such entity to comply with all applicable policies and procedures of ,,aifa1 in addition to all other provisions of the loan agreement4 7b7 ,,aifa authority on noncompliance ,in any case in which a recipient of assistance under this title is materially out of compliance with the loan agreement1 or any applicable policy or procedure of ,,aifa1 the ,board of ,directors may take action to cancel unutilized loan amounts1 or to accelerate the repayment terms of any outstanding obligation4 #abd4 ,audits2 reports to the ,president and ,congress 7a7 ,accounting ,the books of account of ,,aifa shall be maintained in accordance with generally accepted accounting principles1 and shall be subject to an annual audit by independent public accountants of nationally recognized standing appointed by the ,board of ,directors4 7b7 ,reports 7#a7 ,board of ,directors ,not later than #ij days after the last day of each fiscal year1 the ,board of ,directors shall submit to the ,president and ,congress a complete and detailed report with respect to the preceding fiscal year1 setting forth-- 7,a7 a summary of the operations of ,,aifa1 for such fiscal year2 7,b7 a schedule of the obligations of ,,aifa and capital securities outstanding at the end of such fiscal year1 with a statement of the amounts issued and redeemed or paid during such fiscal year2 7,c7 the status of infrastructure projects receiving funding or other assistance pursuant to this title during such fiscal year1 including all nonperforming loans1 and including disclosure of all entities with a development1 ownership1 or operational interest in such infrastructure projects2 7,d7 a description of the successes and challenges encountered in lending to rural communities1 including the role of the ,center for ,excellence and the ,office of ,rural ,assistance established under this title2 and 7,e7 an assessment of the risks of the portfolio of ,,aifa1 prepared by an independent source4 7#b7 ,,gao ,not later than #e years after the date of enactment of this title1 the ,comptroller ,general of the ,united ,states shall conduct an evaluation of1 and shall submit to ,congress a report on1 activities of ,,aifa for the fiscal years covered by the report that includes an assessment of the impact and benefits of each funded infrastructure project1 including a review of how effectively each such infrastructure project accomplished the goals prioritized by the infrastructure project criteria of ,,aifa4 7c7 ,books and ,records 7#a7 ,in general ,,aifa shall maintain adequate books and records to support the financial transactions of ,,aifa1 with a description of financial transactions and infrastructure projects receiving funding1 and the amount of funding for each such project maintained on a publically accessible database4 7#b7 ,audits by the ,secretary and ,,gao ,the books and records of ,,aifa shall at all times be open to inspection by the ,secretary of the ,treasury1 the ,special ,inspector ,general1 and the ,comptroller ,general of the ,united ,states4 ,c ,funding of ,,aifa #aca4 ,fees 7a7 ,in general ,the ,chief ,executive ,officer shall establish fees with respect to loans and loan guarantees under this title that-- 7#a7 are sufficient to cover all the administrative costs to the ,federal ,government for the operations of ,,aifa2 7#b7 may be in the form of an application or transaction fee1 or interest rate adjustment2 and 7#c7 may be based on the risk premium associated with the loan or loan guarantee1 taking into consideration-- 7,a7 the price of ,united ,states ,treasury obligations of a similar maturity2 7,b7 prevailing market conditions2 7,c7 the ability of the infrastructure project to support the loan or loan guarantee2 and 7,d7 the total amount of the loan or loan guarantee4 7b7 ,treasury receipts ,,aifa shall annually deposit amounts of fees collected under this section that are not used for the expenses of ,,aifa as miscellaneous receipts with the ,treasury4 #acb4 ,self-sufficiency of ,,aifa ,the ,chief ,executive ,officer shall1 to the extent possible1 take actions consistent with this title to make ,,aifa a self-sustaining entity1 with administrative costs and ,federal credit subsidy costs fully funded by fees and risk premiums on loans and loan guarantees4 #acc4 ,funding ,there is authorized to be appropriated to ,,aifa to carry out this title1 to make direct loans and loan guarantees under this title1 not more than #aj1jjj1jjj1jjj1 to remain available until expended1 of which amount1 not more than #be1jjj1jjj for each of fiscal years #bjad through #bjae1 and not more than #ej1jjj1jjj for fiscal year #bjaf may be used for administrative costs of ,,aifa4 ,such amount shall earn interest4 ,not more than #e percent of such amount shall be used to offset subsidy costs associated with rural infrastructure projects4 #acd4 ,contract authority ,notwithstanding any other provision of law1 approval by the ,board of ,directors of a ,federal credit instrument that uses funds made available under this title shall impose upon the ,united ,states a contractual obligation to fund the ,federal credit investment4 ,,ii ,tax credit extensions #bja4 ,permanent extension of new markets tax credit 7a7 ,extension 7#a7 ,in general ,subparagraph 7,g7 of section #de;,d7f77#a7 of the ,internal ,revenue ,code of #aihf is amended by striking 1 #bjaa1 #bjab1 and #bjac and inserting and each calendar year thereafter4 7#b7 ,conforming amendment ,section #de;,d7f77#c7 of such ,code is amended by striking the last sentence4 7b7 ,inflation adjustment ,subsection 7f7 of section #de;,d of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new paragraph3 7#d7 ,inflation adjustment 7,a7 ,in general ,in the case of any calendar year beginning after #bjac1 the dollar amount in paragraph 7#a77;,g7 shall be increased by an amount equal to-- 7i7 such dollar amount1 multiplied by 7ii7 the cost-of-living adjustment determined under section #a7;f77#c7 for the calendar year1 determined by substituting calendar year #bjjj for calendar year #aiib in subparagraph 7,b7 thereof4 7,b7 ,rounding rule ,any increase under subparagraph 7,a7 which is not a multiple of #a1jjj1jjj shall be rounded to the nearest multiple of #a1jjj1jjj4 4 7c7 ,alternative minimum tax relief ,subparagraph 7,b7 of section #ch7;c77#d7 of the ,internal ,revenue ,code of #aihf is amended-- 7#a7 by redesignating clauses 7v7 through 7ix7 as clauses 7vi7 through 7x71 respectively1 and 7#b7 by inserting after clause 7iv7 the following new clause3 7v7 the credit determined under section #de;,d1 but only with respect to credits determined with respect to qualified equity investments 7as defined in section #de;,d7b77 initially made before ,january #a1 #bjad1 4 7d7 ,effective dates 7#a7 ,in general ,except as provided in paragraph 7#b71 the amendments made by this section shall take effect on the date of the enactment of this ,act4 7#b7 ,alternative minimum tax relief ,the amendments made by subsection 7c7 shall apply to credits determined with respect to qualified equity investments 7as defined in section #de;,d7b7 of the ,internal ,revenue ,code of #aihf7 initially made after the date of the enactment of this ,act4 #bjb4 ,build ,america ,bonds made permanent 7a7 ,short title ,this section may be cited as the ,build ,america ,bonds ,act of #bjad4 7b7 ,build ,america ,bonds made permanent 7#a7 ,in general ,subparagraph 7,b7 of section #ed;,,aa7d77#a7 of the ,internal ,revenue ,code of #aihf is amended by inserting or on or after the date of the enactment of the ,build ,america ,bonds ,act of #bjad1 after ,january #a1 #bjaa14 7#b7 ,reduction in credit percentage to bondholders ,subsection 7b7 of section #ed;,,aa of such ,code is amended to read as follows3 7b7 ,amount of credit 7#a7 ,in general ,the amount of the credit determined under this subsection with respect to any interest payment date for a build ,america bond is the applicable percentage of the amount of interest payable by the issuer with respect to such date4 7#b7 ,applicable percentage ,for purposes of paragraph 7#a71 the applicable percentage shall be determined under the following table3 ,in the case of a bond issued,the applicable during calendar year3percentage is3#bjji or #bjajcebjaccbbjadcabjaecjbjafbibjag and thereafter#bh4 4 7#c7 ,extension of payments to issuers 7,a7 ,in general ,section #fdca of such ,code is amended-- 7i7 by inserting or on or after the date of the enactment of the ,build ,america ,bonds ,act of #bjad1 after ,january #a1 #bjaa1 in subsection 7a71 and 7ii7 by striking before ,january #a1 #bjaa in subsection 7f77#a77;,b7 and inserting during a particular period4 7,b7 ,conforming amendments ,subsection 7g7 of section #ed;,,aa of such ,code is amended-- 7i7 by inserting or during a period beginning on or after the date of the enactment of the ,build ,america ,bonds ,act of #bjad1 after ,january #a1 #bjaa11 and 7ii7 by striking qualified bonds issued before #bjaa in the heading and inserting certain qualified bonds4 7#d7 ,reduction in percentage of payments to issuers ,subsection 7b7 of section #fdca of such ,code is amended-- 7,a7 by striking ,the ,secretary and inserting the following3 7#a7 ,in general ,the ,secretary 1 7,b7 by striking #ce percent and inserting the applicable percentage1 and 7,c7 by adding at the end the following new paragraph3 7#b7 ,applicable percentage ,for purposes of this subsection1 the term applicable percentage means the percentage determined in accordance with the following table3 ,in the case of a qualified bond ,the applicable issued during calendar year3percentage is3#bjji or #bjajcebjaccbbjadcabjaecjbjafbibjag and thereafter#bh4 4 7#e7 ,current refundings permitted ,subsection 7g7 of section #ed;,,aa of such ,code is amended by adding at the end the following new paragraph3 7#c7 ,treatment of current refunding bonds 7,a7 ,in general ,for purposes of this subsection1 the term qualified bond includes any bond 7or series of bonds7 issued to refund a qualified bond if-- 7i7 the average maturity date of the issue of which the refunding bond is a part is not later than the average maturity date of the bonds to be refunded by such issue1 7ii7 the amount of the refunding bond does not exceed the outstanding amount of the refunded bond1 and 7iii7 the refunded bond is redeemed not later than #ij days after the date of the issuance of the refunding bond4 7,b7 ,applicable percentage ,in the case of a refunding bond referred to in subparagraph 7,a71 the applicable percentage with respect to such bond under section #fdca7;b7 shall be the lowest percentage specified in paragraph 7#b7 of such section4 7,c7 ,determination of average maturity ,for purposes of subparagraph 7,a77i71 average maturity shall be determined in accordance with section #adg7;b77#b77;,a74 4 7#f7 ,clarification related to levees and flood control projects ,subparagraph 7,a7 of section #ed;,,aa7g77#b7 of such ,code is amended by inserting 7including capital expenditures for levees and other flood control projects7 after capital expenditures4 7#g7 ,gross-,up of payment to issuers in case of sequestration ,in the case of any payment under section #fdca7;b7 of the ,internal ,revenue ,code of #aihf made after the date of the enactment of this ,act to which sequestration applies1 the amount of such payment shall be increased to an amount equal to-- 7,a7 such payment 7determined before such sequestration71 multiplied by 7,b7 the quotient obtained by dividing one by the amount by which one exceeds the percentage reduction in such payment pursuant to such sequestration4 ,for purposes of this subsection1 the term sequestration means any reduction in direct spending ordered in accordance with a sequestration report prepared by the ,director of the ,office and ,management and ,budget pursuant to the ,balanced ,budget and ,emergency ,deficit ,control ,act of #aihe or the ,statutory ,pay-,as-,you-,go ,act of #bjaj4 7c7 ,effective date ,the amendments made by this section shall apply to obligations issued on or after the date of the enactment of this ,act4 #bjc4 ,permanent extension of research credit2 increase in alternative simplified research credit 7a7 ,permanent extension 7#a7 ,in general ,section #da of the ,internal ,revenue ,code of #aihf is amended by striking subsection 7h74 7#b7 ,conforming amendments ,such ,code is amended-- 7,a7 in section #da7;c7 by striking paragraph 7#d7 and redesignating paragraphs 7#e7 and 7#f7 as paragraphs 7#d7 and 7#e71 respectively2 7,b7 in section #da7;c77#d71 as so redesignated1 by striking the second sentence of subparagraph 7,c72 and 7,c7 in paragraph 7#a7 of section #de;,c7b7 by striking subparagraph 7,d74 7#c7 ,effective date ,the amendments made by this subsection shall apply to amounts paid or incurred after ,december #ca1 #bjac4 7b7 ,increase in alternative simplified research credit 7#a7 ,in general ,subparagraph 7,a7 of section #da7;c77#d7 of such ,code1 as redesignated by subsection 7a71 is amended by striking #ad percent 7#ab percent in the case of taxable years ending before ,january #a1 #bjji7 and inserting #ag percent4 7#b7 ,effective date ,the amendments made by this subsection shall apply to taxable years beginning after the date of the enactment of this ,act4 #bjd4 ,exempt-facility bonds for sewage and water supply facilities 7a7 ,bonds for water and sewage facilities exempt from volume cap on private activity bonds 7#a7 ,in general ,paragraph 7#c7 of section #adf7;g7 of the ,internal ,revenue ,code of #aihf is amended by inserting 7#d71 7#e71 after 7#b714 7#b7 ,conforming amendment ,paragraphs 7#b7 and 7#c77;,b7 of section #adf7k7 are both amended by striking 7#d71 7#e71 7#f71 or and inserting 7#f74 7b7 ,tax-,exempt issuance by ,indian tribal governments 7#a7 ,in general ,subsection 7c7 of section #ghga of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new paragraph3 7#d7 ,exception for bonds for water and sewage facilities ,paragraph 7#b7 shall not apply to an exempt facility bond #ie percent or more of the net proceeds 7as defined in section #aej7;a77#c77 of which are to be used to provide facilities described in paragraph 7#d7 or 7#e7 of section #adb7;a74 4 7#b7 ,conforming amendment ,paragraph 7#b7 of section #ghga7;c7 is amended by striking paragraph 7#c7 and inserting paragraphs 7#c7 and 7#d74 7c7 ,effective date ,the amendments made by this section shall apply to obligations issued on or after the date of the enactment of this ,act4 #bje4 ,repeal of alternative minimum tax on private activity bonds 7a7 ,in general ,subsection 7a7 of section #eg of the ,internal ,revenue ,code of #aihf is amended by striking paragraph 7#e74 7b7 ,conforming amendments 7#a7 ,subparagraph 7,b7 of section #a7;g77#g7 of such ,code is amended by adding and at the end of clause 7i71 by striking 1 and at the end of clause 7ii7 and inserting a period1 and by striking clause 7iii74 7#b7 ,subclause 7,,ii7 of section #ec7;d77#a77;,b77ii7 of such ,code is amended by striking 1 7#e74 7#c7 ,subparagraph 7,c7 of section #ef7;b77#a7 of such ,code is amended by striking clause 7iii7 and redesignating clauses 7iv7 and 7v7 as clauses 7iii7 and 7iv71 respectively4 7#d7 ,paragraph 7#c7 of section #adh7;b7 of such ,code is amended to read as follows3 7#c7 ,exception for tax-exempt bonds ,the term investment property does not include any tax-exempt bond4 4 7#e7 ,subparagraph 7,b77i7 of section #adi7;g77#c7 of such ,code is amended to read as follows3 7i7 ,in general ,such term shall not include any bond issued as part of an issue #ie percent of the net proceeds of which are invested in bonds the interest on which is not includible in gross income under section #ajc4 4 7#f7 ,paragraph 7#e7 of section #adjj,l7d7 of such ,code is amended by striking subparagraph 7,e74 7#g7 ,paragraph 7#e7 of section #adjj,n7a7 of such ,code is amended by striking subparagraph 7,g74 7c7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after the date of the enactment of this ,act4 ,,iii ,skills ,training #cja4 ,job training tax credit 7a7 ,in general ,subpart ,d of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new section3 #de,s4 ,job training credit 7a7 ,in general ,for the purposes of section #ch1 the job training credit determined under this section for the taxable year is an amount equal to #ajj percent of the qualified training expenses paid by the qualifying taxpayer during the taxable year4 7b7 ,limitation ,the credit allowed under subsection 7a7 with respect to any eligible trainee of the qualifying taxpayer shall not exceed the excess 7if any7 of #d1jjj over the aggregate credit allowed to such taxpayer under this section with respect to such eligible trainee for all prior taxable years4 7c7 ,definitions ,for purposes of this section-- 7#a7 ,qualified training expenses 7,a7 ,in general ,the term qualified training expenses means1 with respect to any eligible trainee of the qualifying taxpayer1 expenses paid or incurred by such taxpayer for qualified tuition costs of such eligible trainee4 7,b7 ,qualified tuition costs ,the term qualified tuition costs means costs for books and enrollment in a training program at a qualified educational organization1 the outcome of which1 if completed1 will provide the eligible trainee a certificate or credential recognized by a ,state accrediting body1 ,federal ,apprenticeship ,agency1 or any other national accrediting body recognized by the ,department of ,education as an independent1 third-party accrediting body4 ,such training program-- 7i7 may include a single course1 multiple courses1 or a combination of work training and study1 and 7ii7 must be reasonably necessary for employment in a position based in the ,united ,states for which the qualifying taxpayer is currently hiring4 7,c7 ,qualified educational organization ,the term qualified educational organization means any educational organization described in section #aja of the ,higher ,education ,act of #aife4 7#b7 ,qualifying taxpayer ,the term qualifying taxpayer means any taxpayer who provides1 with respect to any eligible trainee1 such documentation as required by the ,secretary regarding qualified training expenses and proof of unemployment status as described in paragraph 7#c77;,a74 7#c7 ,eligible trainee ,the term eligible trainee means any individual who-- 7,a7 has been unemployed for at least #ij days immediately preceding the date of enrollment in a training program described in paragraph 7#a77;,b71 and 7,b7 had not been employed by the qualifying taxpayer at any time prior to such enrollment date4 7d7 ,special rules 7#a7 ,denial of double benefit ,no deduction shall be allowed under this chapter for the portion of the expenses otherwise allowable as a deduction that are taken into account in determining the credit under this section for the taxable year4 7#b7 ,aggregation ,for purposes of this section1 all persons treated as a single employer under subsection 7a7 or 7b7 or section #eb1 or subsection 7m7 or 7o7 of section #dad1 shall be treated as one person4 7#c7 ,treatment of expenses as educational assistance program ,qualified training expenses shall be treated as an educational assistance program for purposes of section #abg4 7e7 ,election ,to have credit not apply ,a taxpayer may elect 7at such time and in such manner as the ,secretary may by regulations prescribe7 to have this section not apply for any taxable year4 7f7 ,termination ,this section shall not apply to expenses paid after ,december #ca1 #bjaf4 4 7b7 ,credit ,to be part of general business credit ,subsection 7b7 of section #ch of the ,internal ,revenue ,code of #aihf is amended by striking plus at the end of paragraph 7#ce71 by striking the period at the end of paragraph 7#cf7 and inserting 1 plus1 and by adding at the end the following new paragraph3 7#cg7 the job training credit determined under section #de,s7a74 4 7c7 ,credit allowed against alternative minimum tax ,section #ch7;c77#d77;,b7 of the ,internal ,revenue ,code of #aihf1 as amended by section #bjf1 is amended by redesignating clauses 7viii71 7ix71 and 7x7 as clauses 7ix71 7x71 and 7xi71 respectively1 and by inserting after clause 7vii7 the following new clause3 7viii7 the credit determined under section #de,s1 4 7d7 ,technical amendment ,section #feja7m7 of the ,internal ,revenue ,code of #aihf is amended by inserting #de,s7e71 after #de;,h7g714 7e7 ,clerical amendment ,the table of sections for subpart ,d of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new item3 ,sec4 #de,s4 ,job training credit4 4 7f7 ,effective dates 7#a7 ,in general ,the amendments made by this section shall apply to expenses paid or incurred after the date of the enactment of this ,act1 in taxable years ending after such date4 7#b7 ,minimum tax ,the amendments made by subsection 7c7 shall apply to credits determined under section #de,s of the ,internal ,revenue ,code of #aihf in taxable years ending after the date of the enactment of this ,act1 and to carrybacks of such credits4 #cjb4 ,qualified ,job ,training ,partnerships credit 7a7 ,in general ,subpart ,e of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after section #dh;,d the following new section3 #dh;,e4 ,qualified ,job ,training ,partnerships credit 7a7 ,in general ,for purposes of section #df1 the ,qualified ,job ,training ,partnership credit for any taxable year is an amount equal to the percentage determined by the ,secretary 7not to exceed #ajj percent7 of the qualified investment for such taxable year with respect to any ,qualified ,job ,training ,partnership4 7b7 ,qualified investment 7#a7 ,in general ,for purposes of subsection 7a71 the qualified investment for any taxable year is the aggregate amount of the costs paid or incurred in such taxable year by one or more eligible private business employers for expenses necessary for and directly related to the conduct of a ,qualified ,job ,training ,partnership in the form of contributions of cash1 cash equivalent1 equipment1 or any combination of the three where #ajj percent of the investment is used for the planning1 implementation1 or operation of a ,qualified ,job ,training ,partnership and the training financed through the investment must result in a type of certificate or credential recognized by a ,state accrediting body1 ,federal ,apprenticeship ,agency1 or any other national accrediting body recognized by the ,department of ,education as an independent1 third-party accrediting body4 7#b7 ,limitation ,the amount which is treated as qualified investment for all taxable years with respect to any ,qualified ,job ,training ,partnership shall not exceed the amount certified by the ,secretary as eligible for the credit under this section4 7#c7 ,exclusions ,the qualified investment for any taxable year with respect to any ,qualified ,job ,training ,partnership shall not take into account any cost for student tuition or for any other expense as determined by the ,secretary as appropriate to carry out the purposes of this section4 7#d7 ,certain progress expenditure rules made applicable ,in the case of costs described in paragraph 7#a7 that are paid for property of a character subject to an allowance for depreciation1 rules similar to the rules of subsections 7c77#d7 and 7d7 of section #df 7as in effect on the day before the date of the enactment of the ,revenue ,reconciliation ,act of #aiij7 shall apply for purposes of this section4 7c7 ,qualified ,job ,training ,partnership 7#a7 ,in general ,the term ,qualified ,job ,training ,partnership means a formal or informal partnership between at least #a eligible private business employer and-- 7,a7 #a qualified educational institution1 or 7,b7 #a labor organization 7as defined in section #b7e7 of the ,national ,labor ,relations ,act71 where the stated goal of the partnership is to train students in job-ready skills4 7#b7 ,eligible private business employer ,the term eligible private business employer means-- 7,a7 a business entity at least #ej percent of the gross income of which is derived from qualified production activities 7within the meaning of section #aii7;c771 or 7,b7 any type of domestic business entity the average number of full-time employees of which for the taxable year is not more than #ejj4 7#c7 ,qualified educational institution ,the term qualified educational institution means any institution of higher education described in section #aja of the ,higher ,education ,act of #aife which provides a #b-year program that culminates in an associate degree4 7d7 ,qualified ,job ,training ,partnership program 7#a7 ,establishment 7,a7 ,in general ,not later than #fj days after the date of the enactment of this section1 the ,secretary1 in consultation with the ,secretary of ,labor1 shall establish a ,qualified ,job ,training ,partnership program to consider and award certifications for qualified investments eligible for credits under this section to ,qualified ,job ,training ,partnerships4 7,b7 ,limitation ,the total amount of credits that may be allocated under the program shall not exceed #a1jjj1jjj1jjj4 7#b7 ,certification 7,a7 ,application period ,each applicant for certification under this paragraph shall submit an application containing such information as the ,secretary may require during the period beginning on the date the ,secretary establishes the program under paragraph 7#a74 7,b7 ,time for review of applications ,the ,secretary shall take action to approve or deny any application under subparagraph 7,a7 within #cj days of the submission of such application4 7,c7 ,multi-year applications ,an application for certification under subparagraph 7,a7 may include a request for an allocation of credits for more than #a year4 7#c7 ,selection criteria ,in determining the ,qualified ,job ,training ,partnerships with respect to which qualified investments may be certified under this section1 the ,secretary-- 7,a7 shall give priority to those applications which demonstrate-- 7i7 the greatest probability that those who complete the program will secure employment2 7ii7 the greatest potential for providing workers who complete the program with skills that can provide long-term job and income security2 7iii7 the strongest market demand for the type of training offered2 7iv7 the greatest probability that the program would create a net increase in job training opportunities2 7v7 a strong need in the community for skills training2 7vi7 the ability to allow nontraditional learners to complete the training2 and 7vii7 the ability and capacity to implement the program in a reasonable period of time2 and 7,b7 shall take into additional consideration which applications show-- 7i7 the ability to leverage additional sources of capital2 and 7ii7 the greatest ability to offer training programs that result in a certificate or credential 7within the meaning of subsection 7b77#a77 that is stackable or portable or both4 7#d7 ,review and additional allocation 7,a7 ,review ,not later than #a year after the date of enactment of this section1 the ,secretary shall review the credits allocated under this section as of such date4 7,b7 ,additional allocation ,if the ,secretary determines at the time of the review that credits under this section are available for allocation pursuant to the requirements set forth in paragraph 7#b71 the ,secretary is authorized to allocate such available credits through the conduct of an additional program or programs for applications for certification4 7#e7 ,disclosure of allocations ,the ,secretary shall1 upon making a certification under this subsection1 publicly disclose the identity of the applicant and the amount of the credit with respect to such applicant4 7e7 ,special rules 7#a7 ,basis adjustment ,for purposes of this subtitle1 if a credit is allowed under this section for an expenditure related to property of a character subject to an allowance for depreciation1 the basis of such property shall be reduced by the amount of such credit4 7#b7 ,denial of double benefit 7,a7 ,bonus depreciation ,a credit shall not be allowed under this section for any investment for which bonus depreciation is allowed under section #afh7k71 #adjj,l7b77#a71 or #adjj,n7d77#a74 7,b7 ,deductions ,no deduction under this subtitle shall be allowed for the portion of the expenses otherwise allowable as a deduction taken into account in determining the credit under this section for the taxable year which is equal to the amount of the credit determined for such taxable year under subsection 7a7 attributable to such portion4 ,this subparagraph shall not apply to expenses related to property of a character subject to an allowance for depreciation the basis of which is reduced under paragraph 7#a74 4 7b7 ,inclusion as part of investment credit ,section #df of the ,internal ,revenue ,code of #aihf is amended-- 7#a7 by adding a comma at the end of paragraph 7#d71 7#b7 by striking and at the end of paragraph 7#e71 7#c7 by striking the period at the end of paragraph 7#f7 and inserting 1 and1 and 7#d7 by adding at the end the following new paragraph3 7#g7 the ,qualified ,job ,training ,partnerships credit4 4 7c7 ,conforming amendment ,section #di7;a77#a77;,c7 of the ,internal ,revenue ,code of #aihf is amended by striking and at the end of clause 7v71 by striking the period at the end of clause 7vi7 and inserting 1 and1 and by adding at the end the following new clause3 7vii7 the basis of any property to which paragraph 7#a7 of section #dh;,e7e7 applies which is part of a ,qualified ,job ,training ,partnership under such section #dh;,e4 4 7d7 ,clerical amendment ,the table of sections for subpart ,e of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after the item relating to section #dh;,d the following new item3 ,sec4 #dh;,e4 ,qualified ,job ,training ,partnership credit4 4 7e7 ,grants for qualified investments in ,qualified ,job ,training ,partnerships in lieu of tax credits 7#a7 ,in general ,upon application1 the ,secretary of the ,treasury shall1 subject to the requirements of this subsection1 provide a grant to each person who makes a qualified investment in a ,qualified ,job ,training ,partnership in an amount not to exceed #ajj percent of such investment4 7#b7 ,application 7,a7 ,in general ,at the stated election of the applicant1 an application for certification under section #dh;,e7d77#b7 of the ,internal ,revenue ,code of #aihf for a credit under such section for any taxable year shall be considered to be an application for a grant under paragraph 7#a7 for such taxable year4 7,b7 ,submission date ,an application for a grant under paragraph 7#a7 for any taxable year shall be submitted-- 7i7 not earlier than the day after the last day of such taxable year1 and 7ii7 not later than the due date 7including extensions7 for filing the return of tax for such taxable year4 7,c7 ,information to be submitted ,an application for a grant under paragraph 7#a7 shall include such information and be in such form as the ,secretary of the ,treasury may require to state the amount of the credit allowable 7but for the receipt of a grant under this subsection7 under section #dh;,e for the taxable year for the qualified investment with respect to which such application is made4 7#c7 ,time for payment of grant 7,a7 ,in general ,the ,secretary of the ,treasury shall make payment of the amount of any grant under paragraph 7#a7 during the #cj-;day period beginning on the later of-- 7i7 the date of the application for such grant1 or 7ii7 the date the qualified investment for which the grant is being made is made4 7,b7 ,regulations ,in the case of investments of an ongoing nature1 the ,secretary of the ,treasury shall issue regulations to determine the date on which a qualified investment shall be deemed to have been made for purposes of this paragraph4 7#d7 ,qualified investment ,for purposes of this subsection1 the term qualified investment means a qualified investment that is certified under section #dh;,e7d7 of the ,internal ,revenue ,code of #aihf for purposes of the credit under such section #dh;,e4 7#e7 ,application of certain rules 7,a7 ,in general ,in making grants under this subsection1 the ,secretary of the ,treasury shall apply rules similar to the rules of section #ej of the ,internal ,revenue ,code of #aihf4 ,in applying such rules1 any increase in tax under chapter #a of such ,code by reason of an investment ceasing to be a qualified investment shall be imposed on the person to whom the grant was made4 7,b7 ,special rules 7i7 ,recapture of excessive grant amounts ,if the amount of a grant made under this subsection exceeds the amount allowable as a grant under this subsection1 such excess shall be recaptured under subparagraph 7,a7 as if the investment to which such excess portion of the grant relates had ceased to be a qualified investment immediately after such grant was made4 7ii7 ,grant information not treated as return information ,in no event shall the amount of a grant made under paragraph 7#a71 the identity of the person to whom such grant was made1 or a description of the investment with respect to which such grant was made be treated as return information for purposes of section #fajc of the ,internal ,revenue ,code of #aihf4 7#f7 ,secretary ,any reference in this subsection to the ,secretary of the ,treasury shall be treated as including the ,secretary's delegate4 7#g7 ,other terms ,any term used in this subsection which is also used in section #dh;,e of the ,internal ,revenue ,code of #aihf shall have the same meaning for purposes of this subsection as when used in such section4 7#h7 ,denial of double benefit ,no credit shall be allowed under section #df7g7 of the ,internal ,revenue ,code of #aihf by reason of section #dh;,e of such ,code for any investment for which a grant is awarded under this subsection4 7#i7 ,appropriations ,there is hereby appropriated to the ,secretary of the ,treasury such sums as may be necessary to carry out this subsection4 7f7 ,effective date ,the amendments made by subsections 7a7 through 7d7 of this section shall apply to amounts paid or incurred after the date of the enactment of this ,act1 in taxable years beginning after such date4 ,,iv ,trade provisions #dja4 ,findings2 sense of ,congress on applicability of trade authorities procedures to a bill implementing a trade and investment agreement with the ,european ,union 7a7 ,findings ,congress finds the following3 7#a7 ,the ,united ,states and the ,european ,union 7,,eu7 maintain a very strong and beneficial commercial relationship4 7#b7 ,the ,united ,states-,,eu relationship supports a combined #ac million jobs1 and nearly #d trillion in investment4 7#c7 ,the economies of the ,united ,states and the ,,eu each generate more than #af trillion1 which represents #de percent of global gross domestic product1 and over one-third of global trade and investment flows4 7#d7 ,the ,united ,states-,,eu single commercial relationship is the world's largest and the ,,eu remains the largest market for ,united ,states exports and the largest source of imports into the ,united ,states4 7#e7 ,congress welcomes the work of the ,high ,level ,working ,group report and the decision of ,president ,obama to launch negotiations for a potential bilateral trade agreement4 7#f7 ,the ,transatlantic ,trade and ,investment ,partnership 7,,ttip7 represents a key strategic opportunity for the ,united ,states and the ,,eu4 7#g7 ,the groundbreaking ,,ttip will deepen ties between the ,united ,states and the ,,eu1 increase exports1 grow both economies1 and support hundreds of thousands of jobs on both sides of the ,atlantic ,ocean4 7b7 ,sense of ,congress ,it is the sense of ,congress that-- 7#a7 the applicability of section #aea of the ,trade ,act of #aigd 7#ai ,u4,s4,c4 #baia2 relating to trade authorities procedures7 to a bill implementing a trade and investment agreement with the ,european ,union 7,,eu7 resulting from negotiations with the ,,eu1 as notified to the ,united ,states ,congress on ,march #bj1 #bjac1 should be determined without regard to any prenegotiation notification and consultation requirements that would otherwise be applicable2 and 7#b7 the ,administration should press for a quick conclusion of this comprehensive and ambitious agreement4 #djb4 ,extension of trade adjustment assistance program 7a7 ,extension of termination provisions ,section #bhe of the ,trade ,act of #aigd 7#ai ,u4,s4,c4 #bbga note7 is amended by striking #bjac each place it appears and inserting #bjbj4 7b7 ,training funds ,section #bcf7;a77#b77;,a7 of the ,trade ,act of #aigd 7#ai ,u4,s4,c4 #bbif7;a77#b77;,a77 is amended-- 7#a7 in clause 7i71 by striking and #bjac and inserting through #bjbj2 and 7#b7 in clause 7ii71 by striking #bjac each place it appears and inserting #bjbj4 7c7 ,reemployment trade adjustment assistance ,section #bdf7;b77#a7 of the ,trade ,act of #aigd 7#ai ,u4,s4,c4 #bcah7;b77#a77 is amended by striking #bjac and inserting #bjbj4 7d7 ,authorizations of appropriations 7#a7 ,trade adjustment assistance for workers ,section #bde7;a7 of the ,trade ,act of #aigd 7#ai ,u4,s4,c4 #bcag7;a77 is amended by striking #bjac and inserting #bjbj4 7#b7 ,trade adjustment assistance for firms ,section #bee7;a7 of the ,trade ,act of #aigd 7#ai ,u4,s4,c4 #bcde7;a77 is amended-- 7,a7 by striking and #bjac and inserting through #bjbj2 and 7,b7 by striking ,october #a1 #bjac1 and ending on ,december #ca1 #bjac and inserting ,october #a1 #bjbj1 and ending on ,december #ca1 #bjbj4 7#c7 ,trade adjustment assistance for farmers ,section #bih7;a7 of the ,trade ,act of #aigd 7#ai ,u4,s4,c4 #bdja;g7a77 is amended-- 7,a7 by striking and #bjac and inserting through #bjbj2 and 7,b7 by striking ,october #a1 #bjac1 and ending on ,december #ca1 #bjac and inserting ,october #a1 #bjbj1 and ending on ,december #ca1 #bjbj4 7e7 ,amendments to ,trade ,adjustment ,assistance ,extension ,act of #bjaa 7#a7 ,application of prior law ,section #bcc7;a7 of the ,trade ,adjustment ,assistance ,extension ,act of #bjaa 7title ,,ii of ,public ,law #aab-dj2 #abe ,stat4 #daf2 #ai ,u4,s4,c4 #bbga note prec47 is amended-- 7,a7 in the matter preceding paragraph 7#a71 by striking #bjad and inserting #bjba2 and 7,b7 by striking paragraphs 7#c7 through 7#g7 and inserting the following3 7#c7 section #bde7;a7 of that ,act shall be applied and administered by substituting #bjba for #bjjg2 7#d7 section #bdf7;b77#a7 of that ,act shall be applied and administered by substituting ,december #ca1 #bjba for the date that is #e years and all that follows through ,state2 7#e7 section #bef7;b7 of that ,act shall be applied and administered by substituting the #a-year period beginning on ,january #a1 #bjba for each of fiscal years #bjjc through #bjjg1 and #d1jjj1jjj for the #c-month period beginning on ,october #a1 #bjjg2 7#f7 section #bih7;a7 of that ,act shall be applied and administered by substituting the #a-year period beginning on ,january #a1 #bjba for each of the fiscal years and all that follows through ,october #a1 #bjjg2 and 7#g7 section #bhe of that ,act shall be applied and administered-- 7,a7 in subsection 7a71 by substituting #bjba for #bjjg each place it appears2 and 7,b7 by applying and administering subsection 7b7 as if it read as follows3 7b7 ,other assistance 7#a7 ,assistance for firms 7,a7 ,in general ,except as provided in subparagraph 7,b71 assistance may not be provided under chapter #c after ,december #ca1 #bjba4 7,b7 ,exception ,notwithstanding subparagraph 7,a71 any assistance approved under chapter #c on or before ,december #ca1 #bjba1 may be provided-- 7i7 to the extent funds are available pursuant to such chapter for such purpose2 and 7ii7 to the extent the recipient of the assistance is otherwise eligible to receive such assistance4 7#b7 ,farmers 7,a7 ,in general ,except as provided in subparagraph 7,b71 assistance may not be provided under chapter #f after ,december #ca1 #bjba4 7,b7 ,exception ,notwithstanding subparagraph 7,a71 any assistance approved under chapter #f on or before ,december #ca1 #bjba1 may be provided-- 7i7 to the extent funds are available pursuant to such chapter for such purpose2 and 7ii7 to the extent the recipient of the assistance is otherwise eligible to receive such assistance4 4 4 7#b7 ,continuation of benefits ,section #bcc7;b7 of the ,trade ,adjustment ,assistance ,extension ,act of #bjaa is amended by striking #bjad each place it appears and inserting #bjba4 ,v ,minimum ,wage ,increase and ,business ,tax ,relief #eja4 ,minimum wage increases 7a7 ,minimum wage 7#a7 ,in general ,section #f7;a77#a7 of the ,fair ,labor ,standards ,act of #aich 7#bi ,u4,s4,c4 #bjf7;a77#a77 is amended to read as follows3 7#a7 except as otherwise provided in this section1 not less than-- 7,a7 #h4bj an hour1 beginning on the first day of the first month that begins #a year after the date of enactment of the ,invest in ,united ,states ,act of #bjad2 7,b7 #i4ae an hour1 beginning #a year after that first day2 7,c7 #aj4aj an hour1 beginning #b years after that first day2 and 7,d7 beginning on the date that is #c years after that first day1 and annually thereafter1 the amount determined by the ,secretary pursuant to subsection 7h72 4 7#b7 ,determination based on increase in the consumer price index ,section #f of the ,fair ,labor ,standards ,act of #aich 7#bi ,u4,s4,c4 #bjf7 is amended by adding at the end the following3 7h7 7#a7 ,each year1 by not later than the date that is #ij days before a new minimum wage determined under subsection 7a77#a77;,d7 is to take effect1 the ,secretary shall determine the minimum wage to be in effect pursuant to this subsection for the subsequent #a-year period4 ,the wage determined pursuant to this subsection for a year shall be-- 7,a7 not less than the amount in effect under subsection 7a77#a7 on the date of such determination2 7,b7 increased from such amount by the annual percentage increase in the ,consumer ,price ,index for ,urban ,wage ,earners and ,clerical ,workers 7,united ,states city average1 all items1 not seasonally adjusted71 or its successor publication1 as determined by the ,bureau of ,labor ,statistics2 and 7,c7 rounded to the nearest multiple of #j4je4 7#b7 ,in calculating the annual percentage increase in the ,consumer ,price ,index for purposes of paragraph 7#a77;,b71 the ,secretary shall compare such ,consumer ,price ,index for the most recent month1 quarter1 or year available 7as selected by the ,secretary prior to the first year for which a minimum wage is in effect pursuant to this subsection7 with the ,consumer ,price ,index for the same month in the preceding year1 the same quarter in the preceding year1 or the preceding year1 respectively4 4 7b7 ,base minimum wage for tipped employees ,section #c7m77#a7 of the ,fair ,labor ,standards ,act of #aich 7#bi ,u4,s4,c4 #bjc7m77#a77 is amended to read as follows3 7#a7 the cash wage paid such employee1 which for purposes of such determination shall be not less than-- 7,a7 for the #a-year period beginning on the first day of the third month that begins after the date of enactment of the ,fair ,minimum ,wage and ,business ,tax ,relief ,act of #bjac1 #c4jj an hour2 7,b7 for each succeeding #a-year period until the hourly wage under this paragraph equals #ej percent of the wage in effect under section #f7;a77#a7 for such period1 an hourly wage equal to the amount determined under this paragraph for the preceding year1 increased by the lesser of-- 7i7 #j4ej2 or 7ii7 the amount necessary for the wage in effect under this paragraph to equal #ej percent of the wage in effect under section #f7;a77#a7 for such period1 rounded to the nearest multiple of #j4je2 and 7,c7 for each succeeding #a-year period after the year in which the hourly wage under this paragraph first equals #ej percent of the wage in effect under section #f7;a77#a7 for the same period1 the amount necessary to ensure that the wage in effect under this paragraph remains equal to #ej percent of the wage in effect under section #f7;a77#a71 rounded to the nearest multiple of #j4je2 and 4 7c7 ,publication of notice ,section #f of the ,fair ,labor ,standards ,act of #aich 7as amended by subsection 7a77 7#bi ,u4,s4,c4 #bjf7 is further amended by adding at the end the following3 7i7 ,not later than #fj days prior to the effective date of any increase in the minimum wage determined under subsection 7h7 or required for tipped employees in accordance with subparagraph 7,b7 or 7,c7 of section #c7m77#a71 as amended by the ,fair ,minimum ,wage and ,business ,tax ,relief ,act of #bjac1 the ,secretary shall publish in the ,federal ,register and on the website of the ,department of ,labor a notice announcing the adjusted required wage4 4 7d7 ,effective date ,the amendments made by subsections 7a7 and 7b7 shall take effect on the first day of the first month that begins #a year after the date of enactment of this ,act4 #ejb4 ,work ,opportunity ,credit made permanent 7a7 ,in general ,section #ea7;c7 of the ,internal ,revenue ,code of #aihf is amended by striking paragraph 7#d74 7b7 ,effective date ,the amendment made by subsection 7a7 shall apply to individuals who begin work for the employer after ,december #ca1 #bjac4 #ejc4 ,increased expensing limitations and treatment of certain real property as section #agi property made permanent 7a7 ,in general ,subsection 7b7 of section #agi of the ,internal ,revenue ,code of #aihf is amended-- 7#a7 by striking shall not exceed-- and all that follows in paragraph 7#a7 and inserting shall not exceed #ejj1jjj41 and 7#b7 by striking exceeds-- and all that follows in paragraph 7#b7 and inserting exceeds #b1jjj1jjj44 7b7 ,computer software ,clause 7ii7 of section #agi7;d77#a77;,a7 of such ,code is amended by striking and which is placed in service in a taxable year beginning after #bjjb and before #bjad14 7c7 ,special rules for treatment of qualified real property ,subsection 7f7 of section #agi of such ,code is amended-- 7#a7 by striking beginning in #bjaj1 #bjaa1 #bjab1 or #bjac in paragraph 7#a71 and 7#b7 by striking paragraph 7#d74 7d7 ,election ,paragraph 7#b7 of section #agi7;c7 of such ,code is amended to read as follows3 7#b7 ,revocation of election ,any election made under this section1 and any specification contained in any such election1 may be revoked by the taxpayer with respect to any property1 and such revocation1 once made1 shall be irrevocable4 4 7e7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after ,december #ca1 #bjac4 #ejd4 ,permanent extension of treatment of qualified leasehold improvement property1 qualified restaurant property1 and qualified retail improvement property as #ae-year property for purposes of depreciation deduction 7a7 ,qualified leasehold improvement property ,clause 7iv7 of section #afh7;e77#c77;,e7 of the ,internal ,revenue ,code of #aihf is amended by striking placed in service before ,january #a1 #bjad4 7b7 ,qualified restaurant property ,clause 7v7 of section #afh7;e77#c77;,e7 of the ,internal ,revenue ,code of #aihf is amended by striking placed in service before ,january #a1 #bjad4 7c7 ,qualified retail improvement property ,clause 7ix7 of section #afh7;e77#c77;,e7 of the ,internal ,revenue ,code of #aihf is amended by striking 1 and before ,january #a1 #bjad4 7d7 ,effective date ,the amendment made by this section shall apply to property placed in service after ,december #ca1 #bjac4