,i #aac? ,,congress #b;d ,session ,h4 ,r4 #cici ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,janu>y #bh1 #bjad,mr4 ,neal introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means1 & 9 addition to ! ,committees on ,transportation & ,infra/ructure & ,education & ! ,work=ce1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to jump/>t ! sluggi% economy1 f9ance critical infra/ructure inve/m5ts1 fight income inequality & create jobs1 & = o!r purposes4 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,inve/ 9 ,unit$ ,/ates ,act ( #bjad4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4,title ,i--,am]ican ,infra/ructure ,f9anc+ ,authority,sec4 #aja4 ,f9d+s & purpose4,sec4 #ajb4 ,def9itions4,subtitle ,a--,am]ican ,infra/ructure ,f9anc+ ,authority,sec4 #aaa4 ,e/abli%m5t & g5]al au?ority ( ,,aifa4,sec4 #aab4 ,vot+ memb]s ( ! ,bo>d ( ,directors4,sec4 #aac4 ,*ief ,executive ,(fic] ( ,,aifa4,sec4 #aad4 ,p[]s & duties ( ! ,bo>d ( ,directors4,sec4 #aae4 ,s5ior managem5t4,sec4 #aaf4 ,special ,inspector ,g5]al = ,,aifa4,sec4 #aag4 ,o!r p]sonnel4,sec4 #aah4 ,compliance4,subtitle ,b--,t]ms & limitations on direct loans & loan guarantees,sec4 #aba4 ,eligibility crit]ia = assi/ance f ,,aifa & t]ms & limitations ( loans4,sec4 #abb4 ,loan t]ms & repaym5t4,sec4 #abc4 ,compliance & en=cem5t4,sec4 #abd4 ,audits2 reports to ! ,presid5t & ,congress4,subtitle ,c--,fund+ ( ,a,i,f,a,sec4 #aca4 ,fees4,sec4 #acb4 ,self-suffici5cy ( ,,aifa4,sec4 #acc4 ,fund+4,sec4 #acd4 ,contract au?ority4,title ,,ii--,tax cr$it extensions,sec4 #bja4 ,p]man5t ext5sion ( new m>kets tax cr$it4,sec4 #bjb4 ,build ,am]ica ,bonds made p]man5t4,sec4 #bjc4 ,p]man5t ext5sion ( rese>* cr$it2 increase 9 alt]native simplifi$ rese>* cr$it4,sec4 #bjd4 ,exempt-facility bonds = sewage & wat] supply facilities4,sec4 #bje4 ,repeal ( alt]native m9imum tax on private activity bonds4,title ,,iii--,skills ,training,sec4 #cja4 ,job tra9+ tax cr$it4,sec4 #cjb4 ,qualifi$ ,job ,tra9+ ,p>tn]%ips cr$it4,title ,,iv--,trade provisions,sec4 #dja4 ,f9d+s2 s5se ( ,congress on applicability ( trade au?orities proc$ures to a bill implem5t+ a trade & inve/m5t agreem5t ) ! ,european ,union4,sec4 #djb4 ,ext5sion ( trade adju/m5t assi/ance program4,title ,v--,m9imum ,wage ,increase & ,bus9ess ,tax ,relief,sec4 #eja4 ,m9imum wage increases4,sec4 #ejb4 ,"w ,opportunity ,cr$it made p]man5t4,sec4 #ejc4 ,increas$ exp5s+ limitations & treatm5t ( c]ta9 real prop]ty z section #agi prop]ty made p]man5t4,sec4 #ejd4 ,p]man5t ext5sion ( treatm5t ( qualifi$ leasehold improvem5t prop]ty1 qualifi$ re/aurant prop]ty1 & qualifi$ retail improvem5t prop]ty z #ae-ye> prop]ty = purposes ( depreciation d$uction4 ,i ,am]ican ,infra/ructure ,f9anc+ ,au?ority #aja4 ,f9d+s & purpose 7a7 ,f9d+s ,congress f9ds t-- 7#a7 infra/ructure has always be5 a vital elem5t ( ! economic /r5g? ( ! ,unit$ ,/ates & a key indicator ( ! int]national lead]%ip ( ! ,unit$ ,/ates2 7#b7 ! ,erie ,canal1 ! ,hoov] ,dam1 ! railroads1 & ! int]/ate highway sy/em are all te/am5ts to ,am]ican +5uity & h help$ propel & ma9ta9 ! ,unit$ ,/ates z ! _w's l>ge/ economy2 7#c7 accord+ to ! ,_w ,economic ,=um's ,global ,competitiv5ess ,report1 ! ,unit$ ,/ates fell to second place 9 #bjji1 & dropp$ to f\r? place ov]all 9 #bjaj1 h[ev]1 9 ! ,quality ( ov]all infra/ructure category ( ! same report1 ! ,unit$ ,/ates rank$ tw5ty-?ird 9 ! _w2 7#d7 accord+ to ! ,_w ,bank's #bjaj ,logi/ic ,p]=mance ,index1 ! capacity ( c\ntries to effici5tly move goods & connect manufactur]s & consum]s ) int]national m>kets is improv+ ar\nd ! _w1 & ! ,unit$ ,/ates n[ ranks sev5? 9 ! _w 9 logi/ics-relat$ infra/ructure beh9d c\ntries f bo? ,europe & ,asia2 7#e7 accord+ to a ,janu>y #bjji report f ! ,univ]sity ( ,massa*usetts_/,alliance = ,am]ican ,manufactur+ entitl$ ,employm5t1 ,productivity & ,gr[?1 infra/ructure inve/m5t is a highly effective eng9e ( job creation su* t #a1jjj1jjj1jjj 9 new inve/m5t 9 infra/ructure results 9 #ah1jjj total jobs2 7#f7 accord+ to ! ,am]ican ,society ( ,civil ,eng9e]s1 ! curr5t condition ( ! infra/ructure 9 ! ,unit$ ,/ates e>ns a grade po9t av]age ( ,d1 & an e/imat$ #b1bjj1jjj1jjj1jjj inve/m5t is ne$$ ov] ! next #e ye>s to br+ ,am]ican infra/ructure up to adequate condition2 7#g7 accord+ to ! ,national ,surface ,transportation ,policy & ,rev5ue ,/udy ,commission1 #bbe1jjj1jjj1jjj is ne$$ annually f all s\rces = ! next #ej ye>s to upgrade ! ,unit$ ,/ates surface transportation sy/em to a /ate ( good repair & create a m advanc$ sy/em2 7#h7 ! curr5t infra/ructure f9anc+ me*anisms ( ! ,unit$ ,/ates1 bo? on ! ,f$]al & ,/ate level1 w fail to meet curr5t & =eseeable dem&s & w create l>ge fund+ gaps2 7#i7 traditional municipal bonds issu$ by ,/ate & local gov]nm5ts are prov5 to "w & h be5 a "p ( ! tax code = ov] #ajj ye>s1 & additional infra/ructure f9anc+ options c be creat$ at ! ,f$]al level to complem5t ! curr5t sy/em to be/ meet infra/ructure ne$s2 7#aj7 new1 additional f9anc+ me*anisms %\ld be t>get$ & quickly implem5t$ to-- 7,a7 s]ve l>ge 9-,/ate or cross jurisdiction infra/ructure projects1 projects ( regional or national significance1 or projects t cross sector silos2 7,b7 suffici5tly catalyze private sector inve/m5t2 or 7,c7 ensure ! optimal return on public res\rces2 7#aa7 al?\gh grant programs ( ! ,unit$ ,/ates ,gov]nm5t mu/ cont9ue to play a c5tral role 9 f9anc+ ! transportation1 environm5t1 & en]gy infra/ructure ne$s ( ! ,unit$ ,/ates1 curr5t & =eseeable dem&s on exi/+ ,f$]al1 ,/ate1 & local fund+ = infra/ructure expansion cle>ly exce$ ! res\rces to support ^! programs by m>g9s wide en\gh to prompt s]i\s conc]ns ab\t ! ,unit$ ,/ates ability to su/a9 long-t]m economic developm5t1 productivity1 & int]national competitiv5ess2 7#ab7 ! capital m>kets1 includ+ p5sion funds1 private equity funds1 mutual funds1 sov]eign weal? funds1 & o!r inve/ors1 h a gr[+ int]e/ 9 infra/ructure inve/m5t & repres5t hundr$s ( billions ( doll>s ( pot5tial inve/m5t2 & 7#ac7 ! e/abli%m5t ( a ,unit$ ,/ates ,gov]nm5t-own$1 indep5d5t1 pr(essionally manag$ in/itution t c\ld provide cr$it support to qualifi$ infra/ructure projects ( regional & national significance1 mak+ transp>5t m]it-bas$ inve/m5t decisions bas$ on ! comm]cial viability ( infra/ructure projects1 w\ld catalyze ! p>ticipation ( significant private inve/m5t capital4 7b7 ,purpose ,! purpose ( ?is title is to facilitate inve/m5t 91 & long-t]m f9anc+ (1 economically viable infra/ructure projects ( regional or national significance 9 a mann] t bo? complem5ts exi/+ ,f$]al1 ,/ate1 local1 & private fund+ s\rces = ^! projects & introduces a m]it-bas$ sy/em = f9anc+ su* projects1 9 ord] to mobilize significant private sector inve/m5t1 create jobs1 & ensure ,unit$ ,/ates competitiv5ess ?r\gh a self-su/a9+ in/itution t limits ! ne$ = ongo+ ,f$]al fund+4 #ajb4 ,def9itions ,= purposes ( ?is title1 ! foll[+ def9itions %all apply3 7#a7 ,,aifa ,! t]m ,,aifa means ! ,am]ican ,infra/ructure ,f9anc+ ,au?ority e/abli%$ "u ?is title4 7#b7 ,bl9d tru/ ,! t]m bl9d tru/ means a tru/ 9 :i* ! b5efici>y has no k ( ! specific hold+s & no rights ov] h[ ^? hold+s are manag$ by ! fiduci>y ( ! tru/ prior to ! dissolution ( ! tru/4 7#c7 ,bo>d ( ,directors ,! t]m ,bo>d ( ,directors means ,bo>d ( ,directors ( ,,aifa4 7#d7 ,*airp]son ,! t]m ,*airp]son means ! ,*airp]son ( ! ,bo>d ( ,directors ( ,,aifa4 7#e7 ,*ief ,executive ,(fic] ,! t]m ,*ief ,executive ,(fic] means ! ,*ief ,executive ,(fic] ( ,,aifa1 appo9t$ "u section #aac4 7#f7 ,co/ ,! t]m co/ has ! same mean+ z 9 section #ejb ( ! ,f$]al ,cr$it ,re=m ,act ( #aiij 7#b ,u4,s4,c4 #ffa;a74 7#g7 ,direct loan ,! t]m direct loan has ! same mean+ z 9 section #ejb ( ! ,f$]al ,cr$it ,re=m ,act ( #aiij 7#b ,u4,s4,c4 #ffa;a74 7#h7 ,eligible entity ,! t]m eligible entity means an individual1 corporation1 p>tn]%ip 7includ+ a public-private p>tn]%ip71 jo9t v5ture1 tru/1 ,/ate1 or o!r gov]nm5tal entity1 includ+ a political subdivision or any o!r in/rum5tality ( a ,/ate1 or a revolv+ fund4 7#i7 ,infra/ructure project 7,a7 ,9 g5]al ,! t]m eligible infra/ructure project means any transportation1 wat]1 or en]gy infra/ructure project1 or an aggregation ( su* infra/ructure projects1 z provid$ 9 ?is title4 7,b7 ,transportation infra/ructure project ,! t]m transportation infra/ructure project means ! con/ruction1 alt]ation1 or repair1 includ+ ! facilitation ( int]modal transit1 ( ! foll[+ subsectors3 7i7 ,highway or road4 7ii7 ,bridge4 7iii7 ,mass transit4 7iv7 ,inl& wat]ways4 7v7 ,comm]cial ports4 7vi7 ,airports4 7vii7 ,air traffic control sy/ems4 7viii7 ,pass5g] rail1 includ+ high-spe$ rail4 7ix7 ,freight rail sy/ems4 7,c7 ,wat] infra/ructure project ,! t]m wat] infra/ructure project means ! con/ruction1 consolidation1 alt]ation1 or repair ( ! foll[+ subsectors3 7i7 ,wat] wa/e treatm5t facility4 7ii7 ,/orm wat] managem5t sy/em4 7iii7 ,dam4 7iv7 ,solid wa/e disposal facility4 7v7 ,levee4 7vi7 ,op5 space managem5t sy/em4 7,d7 ,en]gy infra/ructure project ,! t]m en]gy infra/ructure project means ! con/ruction1 alt]ation1 or repair ( ! foll[+ subsectors3 7i7 ,pollution r$uc$ en]gy g5]ation4 7ii7 ,transmission & di/ribution4 7iii7 ,/orage4 7iv7 ,en]gy effici5cy enhancem5ts = build+s1 includ+ public & comm]cial build+s4 7,e7 ,bo>d au?ority to modify subsectors ,! ,bo>d ( ,directors may make modifications1 at ! discretion ( ! ,bo>d1 to ! subsectors describ$ 9 ?is p>agraph by a vote ( n few] ?an #e ( ! vot+ memb]s ( ! ,bo>d ( ,directors4 7#aj7 ,inve/m5t-grade rat+ ,! t]m inve/m5t-grade rat+ means a rat+ ( ,,bbb m9us1 ,baa#c1 or high] assign$ to an infra/ructure project by a rat+s ag5cy4 7#aa7 ,loan gu>antee ,! t]m loan gu>antee has ! same mean+ z 9 section #ejb ( ! ,f$]al ,cr$it ,re=m ,act ( #aiij 7#b ,u4,s4,c4 #ffa;a74 7#ab7 ,public-private p>tn]%ip ,! t]m public-private p>tn]%ip means any eligible entity-- 7,a7 7i7 :i* is und]tak+ ! developm5t ( all or "p ( an infra/ructure project t w h a public b5efit1 pursuant to requirem5ts e/abli%$ 9 "o or m contracts betwe5 ! entity & a ,/ate or an in/rum5tality ( a ,/ate2 or 7ii7 ! activities ( :i*1 ) respect to su* an infra/ructure project1 are subject to regulation by a ,/ate or any in/rum5tality ( a ,/ate2 7,b7 :i* owns1 leases1 or op]ates or w own1 lease1 or op]ate1 ! project 9 :ole or 9 "p2 & 7,c7 ! p>ticipants 9 :i* include n few] ?an #a nongov]nm5tal entity ) significant inve/m5t & "s control ov] ! project or project vehicle4 7#ac7 ,rural infra/ructure project ,! t]m rural infra/ructure project means an infra/ructure project 9 a rural area1 z t t]m is def9$ 9 section #cdc7;a77#ac77;,a7 ( ! ,consolidat$ ,f>m & ,rural ,developm5t ,act 7#g ,u4,s4,c4 #aiia7;a77#ac77;,a774 7#ad7 ,secret>y ,unless ! context o!rwise requires1 ! t]m ,secret>y means ! ,secret>y ( ! ,treasury or ! designee !re(4 7#ae7 ,s5ior managem5t ,! t]m s5ior managem5t means ! ,*ief ,f9ancial ,(fic]1 ,*ief ,risk ,(fic]1 ,*ief ,compliance ,(fic]1 ,g5]al ,c\nsel1 ,*ief ,l5d+ ,(fic]1 & ,*ief ,op]ations ,(fic] ( ,,aifa e/abli%$ "u section #aae1 & su* o!r (fic]s z ! ,bo>d ( ,directors may1 by majority vote1 add to s5ior managem5t4 7#af7 ,/ate ,! t]m ,/ate includes ! ,di/rict ( ,columbia1 ,pu]to ,rico1 ,guam1 ,am]ican ,samoa1 ! ,virg9 ,isl&s1 ! ,commonweal? ( ,nor!rn ,m>iana ,isl&s1 & any o!r t]ritory ( ! ,unit$ ,/ates4 ,a ,am]ican ,infra/ructure ,f9anc+ ,au?ority #aaa4 ,e/abli%m5t & g5]al au?ority ( ,,aifa 7a7 ,e/abli%m5t ( ,,aifa ,! ,am]ican ,infra/ructure ,f9anc+ ,au?ority is e/abli%$ z a :olly own$ ,gov]nm5t corporation4 7b7 ,g5]al au?ority ( ,,aifa ,,aifa %all provide direct loans & loan gu>antees to facilitate infra/ructure projects t are bo? economically viable & ( regional or national significance1 & %all h su* o!r au?ority z is provid$ "u ?is title4 7c7 ,incorporation 7#a7 ,9 g5]al ,! ,bo>d ( ,directors fir/ appo9t$ %all be deem$ ! incorporator ( ,,aifa1 & ! incorporation %all be held to h be5 effect$ f ! date ( ! fir/ meet+ ( ! ,bo>d ( ,directors4 7#b7 ,corporate (fice ,,aifa %all-- 7,a7 ma9ta9 an (fice 9 ,wa%+ton1 ,,dc2 & 7,b7 = purposes ( v5ue 9 civil actions1 be consid]$ to be a resid5t ( ,wa%+ton1 ,,dc4 7d7 ,responsibility ( ! ,secret>y ,! ,secret>y %all take su* actions z may be necess>y to assi/ 9 implem5t+ ,,aifa1 & 9 c>ry+ out ! purpose ( ?is title4 7e7 ,rule ( ,con/ruction ,*apt] #ia ( title #ca1 ,unit$ ,/ates ,code1 does n apply to ,,aifa1 unless o!rwise specifically provid$ 9 ?is title4 #aab4 ,vot+ memb]s ( ! ,bo>d ( ,directors 7a7 ,vot+ ,memb]%ip ( ! bo>d ( directors 7#a7 ,9 g5]al ,,aifa %all h a ,bo>d ( ,directors consi/+ ( #g vot+ memb]s appo9t$ by ! ,presid5t1 by & ) ! advice & cons5t ( ! ,s5ate1 n m ?an #d ( :om %all be f ! same political p>ty4 7#b7 ,*airp]son ,"o ( ! vot+ memb]s ( ! ,bo>d ( ,directors %all be designat$ by ! ,presid5t to s]ve z ,*airp]son !re(4 7#c7 ,congressional recomm5dations ,n lat] ?an #cj days aft] ! date ( enactm5t ( ?is ,act1 ! majority lead] ( ! ,s5ate1 ! m9ority lead] ( ! ,s5ate1 ! ,speak] ( ! ,h\se ( ,repres5tatives1 & ! m9ority lead] ( ! ,h\se ( ,repres5tatives %all ea* submit a recomm5dation to ! ,presid5t = appo9tm5t ( a memb] ( ! ,bo>d ( ,directors1 aft] consultation ) ! appropriate committees ( ,congress4 7b7 ,vot+ rights ,ea* vot+ memb] ( ! ,bo>d ( ,directors %all h an equal vote 9 all decisions ( ! ,bo>d ( ,directors4 7c7 ,qualifications ( vot+ memb]s ,ea* vot+ memb] ( ! ,bo>d ( ,directors %all-- 7#a7 be a citiz5 ( ! ,unit$ ,/ates2 & 7#b7 h significant demon/rat$ exp]tise 9-- 7,a7 ! managem5t & adm9i/ration ( a f9ancial in/itution relevant to ! op]ation ( ,,aifa2 or 7,b7 ! f9anc+1 developm5t1 or op]ation ( infra/ructure projects4 7d7 ,t]ms 7#a7 ,9 g5]al ,except z o!rwise provid$ 9 ?is title1 ea* vot+ memb] ( ! ,bo>d ( ,directors %all be appo9t$ = a t]m ( #d ye>s4 7#b7 ,initial /agg]$ t]ms ,( ! vot+ memb]s fir/ appo9t$ to ! ,bo>d ( ,directors-- 7,a7 ! initial ,*airp]son & #c ( ! o!r vot+ memb]s %all ea* be appo9t$ = a t]m ( #d ye>s2 & 7,b7 ! rema9+ #c vot+ memb]s %all ea* be appo9t$ = a t]m ( #b ye>s4 7#c7 ,date ( initial nom9ations ,! initial nom9ations = ! appo9tm5t ( all vot+ memb]s ( ! ,bo>d ( ,directors %all be made n lat] ?an #fj days aft] ! date ( enactm5t ( ?is ,act4 7#d7 ,beg9n+ ( t]m ,! t]m ( ea* ( ! initial vot+ memb]s appo9t$ "u ?is section %all comm5ce imm$iately ^u ! date ( appo9tm5t1 except t1 = purposes ( calculat+ ! t]m limits specifi$ 9 ?is subsection1 ! initial t]ms %all ea* be con/ru$ z beg9n+ on ,janu>y #bb ( ! ye> foll[+ ! date ( ! initial appo9tm5t4 7#e7 ,vacancies ,a vacancy 9 ! position ( a vot+ memb] ( ! ,bo>d ( ,directors %all be fill$ by ! ,presid5t1 & a memb] appo9t$ to fill a vacancy on ! ,bo>d ( ,directors occurr+ be=e ! expiration ( ! t]m = :i* ! pr$ecessor 0 appo9t$ %all be appo9t$ only = ! rema9d] ( t t]m4 7e7 ,meet+s 7#a7 ,op5 to ! public2 notice ,except z provid$ 9 p>agraph 7#c71 all meet+s ( ! ,bo>d ( ,directors %all be-- 7,a7 op5 to ! public2 & 7,b7 prec$$ by reasonable public notice4 7#b7 ,frequ5cy ,! ,bo>d ( ,directors %all meet n lat] ?an #fj days aft] ! date on :i* all memb]s ( ! ,bo>d ( ,directors are fir/ appo9t$1 at lea/ qu>t]ly !reaft]1 & o!rwise at ! call ( ei!r ! ,*airp]son or #e vot+ memb]s ( ! ,bo>d ( ,directors4 7#c7 ,exception = clos$ meet+s ,! vot+ memb]s ( ! ,bo>d ( ,directors may1 by majority vote1 close a meet+ to ! public if1 dur+ ! meet+ to be clos$1 !re is likely to be disclos$ propriet>y or s5sitive in=mation reg>d+ an infra/ructure project "u consid]ation = assi/ance "u ?is title4 ,! ,bo>d ( ,directors %all prep>e m9utes ( any meet+ t is clos$ to ! public1 & %all make su* m9utes available z soon z practicable1 n lat] ?an #a ye> aft] ! date ( ! clos$ meet+1 ) any necess>y r$actions to protect any propriet>y or s5sitive in=mation4 7#d7 ,quorum ,= purposes ( meet+s ( ! ,bo>d ( ,directors1 #e vot+ memb]s ( ! ,bo>d ( ,directors %all con/itute a quorum4 7f7 ,comp5sation ( memb]s ,ea* vot+ memb] ( ! ,bo>d ( ,directors %all be comp5sat$ at a rate equal to ! daily equival5t ( ! annual rate ( basic pay prescrib$ = level ,,iii ( ! ,executive ,s*$ule "u section #ecad ( title #e1 ,unit$ ,/ates ,code1 = ea* day 7includ+ travel "t7 dur+ :i* ! memb] is engag$ 9 ! p]=mance ( ! duties ( ! ,bo>d ( ,directors4 7g7 ,conflicts ( int]e/ ,a vot+ memb] ( ! ,bo>d ( ,directors may n p>ticipate 9 any review or decision affect+ an infra/ructure project "u consid]ation = assi/ance "u ?is title1 if ! memb] has or is affiliat$ ) an entity :o has a f9ancial int]e/ 9 su* project4 #aac4 ,*ief ,executive ,(fic] ( ,,aifa 7a7 ,9 g5]al ,! ,*ief ,executive ,(fic] ( ,,aifa %all be a nonvot+ memb] ( ! ,bo>d ( ,directors1 :o %all be responsible = all activities ( ,,aifa1 & %all support ! ,bo>d ( ,directors z set =? 9 ?is title & z ! ,bo>d ( ,directors deems necess>y or appropriate4 7b7 ,appo9tm5t & t5ure ( ! ,*ief ,executive ,(fic] 7#a7 ,9 g5]al ,! ,presid5t %all appo9t ! ,*ief ,executive ,(fic]1 by & ) ! advice & cons5t ( ! ,s5ate4 7#b7 ,t]m ,! ,*ief ,executive ,(fic] %all be appo9t$ = a t]m ( #f ye>s4 7#c7 ,vacancies ,any vacancy 9 ! (fice ( ! ,*ief ,executive ,(fic] %all be fill$ by ! ,presid5t1 & ! p]son appo9t$ to fill a vacancy 9 t position occurr+ be=e ! expiration ( ! t]m = :i* ! pr$ecessor 0 appo9t$ %all be appo9t$ only = ! rema9d] ( t t]m4 7c7 ,qualifications ,! ,*ief ,executive ,(fic]-- 7#a7 %all h significant exp]tise 9 managem5t & adm9i/ration ( a f9ancial in/itution1 or significant exp]tise 9 ! f9anc+ & developm5t ( infra/ructure projects2 & 7#b7 may n-- 7,a7 hold any o!r public (fice2 7,b7 h any f9ancial int]e/ 9 an infra/ructure project !n be+ consid]$ by ! ,bo>d ( ,directors1 unless t int]e/ is plac$ 9 a bl9d tru/2 or 7,c7 h any f9ancial int]e/ 9 an inve/m5t in/itution or its affiliates or any o!r entity seek+ or likely to seek f9ancial assi/ance = any infra/ructure project f ,,aifa1 unless any su* int]e/ is plac$ 9 a bl9d tru/ = ! t5ure ( ! s]vice ( ! ,*ief ,executive ,(fic] plus #b additional ye>s4 7d7 ,responsibilities ,! ,*ief ,executive ,(fic] %all h su* executive functions1 p[]s1 & duties z may be prescrib$ by ?is title1 ! bylaws ( ,,aifa1 or ! ,bo>d ( ,directors1 includ+-- 7#a7 responsibility = ! developm5t & implem5tation ( ! /rategy ( ,,aifa1 includ+-- 7,a7 ! developm5t & submission to ! ,bo>d ( ,directors ( ! annual bus9ess plans & budget2 7,b7 ! developm5t & submission to ! ,bo>d ( ,directors ( a long-t]m /rategic plan2 & 7,c7 ! developm5t1 revision1 & submission to ! ,bo>d ( ,directors ( int]nal policies2 & 7#b7 responsibility = ! managem5t & ov]sight ( ! daily activities1 decisions1 op]ations1 & p]sonnel ( ,,aifa1 includ+-- 7,a7 ! appo9tm5t ( s5ior managem5t1 subject to approval by ! vot+ memb]s ( ! ,bo>d ( ,directors1 & ! hir+ & t]m9ation ( all o!r ,,aifa p]sonnel2 7,b7 reque/+ ! detail1 on a reimbursable basis1 ( p]sonnel f any ,f$]al ag5cy hav+ specific exp]tise n available f )9 ,,aifa1 foll[+ :i* reque/ ! head ( ! ,f$]al ag5cy may detail1 on a reimbursable basis1 any p]sonnel ( su* ag5cy reasonably reque/$ by ! ,*ief ,executive ,(fic]2 7,c7 assess+ & recomm5d+ 9 ! fir/ in/ance1 = ultimate approval or disapproval by ! ,bo>d ( ,directors1 comp5sation & adju/m5ts to comp5sation ( s5ior managem5t & o!r p]sonnel ( ,,aifa z may be necess>y = c>ry+ out ! functions ( ,,aifa2 7,d7 ensur+1 9 conjunction ) ! g5]al c\nsel ( ,,aifa1 t all activities ( ,,aifa are c>ri$ out 9 compliance ) applicable law2 7,e7 ov]see+ ! involvem5t ( ,,aifa 9 all projects1 includ+-- 7i7 develop+ eligible projects = ,,aifa f9ancial assi/ance2 7ii7 det]m9+ ! t]ms & conditions ( all f9ancial assi/ance packages2 7iii7 monitor+ all infra/ructure projects assi/$ by ,,aifa1 includ+ responsibility = ensur+ t ! proce$s ( any loan made1 gu>ante$1 or p>ticipat$ 9 are us$ only = ! purposes = :i* ! loan or gu>antee 0 made2 7iv7 prep>+ & submitt+ = approval by ! ,bo>d ( ,directors ! docum5ts requir$ "u p>agraph 7#a72 & 7v7 ensur+ ! implem5tation ( decisions ( ! ,bo>d ( ,directors2 & 7,f7 su* o!r activities z may be necess>y or appropriate 9 c>ry+ out ?is title4 7e7 ,comp5sation 7#a7 ,9 g5]al ,any comp5sation assessm5t or recomm5dation by ! ,*ief ,executive ,(fic] "u ?is section %all be )\t reg>d to ! provisions ( *apt] #ea or sub*apt] ,,iii ( *apt] #ec ( title #e1 ,unit$ ,/ates ,code4 7#b7 ,consid]ations ,! comp5sation assessm5t or recomm5dation requir$ "u ?is subsection %all take into acc\nt m]it pr9ciples1 :]e applicable1 z well z ! education1 exp]i5ce1 level ( responsibility1 geographic diff]5ces1 & ret5tion & recruitm5t ne$s 9 det]m9+ comp5sation ( p]sonnel4 #aad4 ,p[]s & duties ( ! ,bo>d ( ,directors ,! ,bo>d ( ,directors %all-- 7#a7 z soon z is practicable aft] ! date on :i* all memb]s are appo9t$1 approve or disapprove s5ior managem5t appo9t$ by ! ,*ief ,executive ,(fic]2 7#b7 n lat] ?an #ahj days aft] ! date on :i* all memb]s are appo9t$-- 7,a7 develop & approve ! bylaws ( ,,aifa1 includ+ bylaws = ! regulation ( ! affairs & conduct ( ! bus9ess ( ,,aifa1 consi/5t ) ! purpose1 goals1 objectives1 & policies set =? 9 ?is title2 7,b7 e/abli% subcommittees1 includ+ an audit committee t is compos$ solely ( memb]s ( ! ,bo>d ( ,directors :o are indep5d5t ( ! s5ior managem5t ( ,,aifa2 7,c7 develop & approve1 9 consultation ) s5ior managem5t1 a conflict-(-int]e/ policy = ! ,bo>d ( ,directors & = s5ior managem5t2 7,d7 approve or disapprove int]nal policies t ! ,*ief ,executive ,(fic] %all submit to ! ,bo>d ( ,directors1 includ+-- 7i7 policies reg>d+ ! loan application & approval process1 includ+-- 7,i7 disclosure & application proc$ures to be foll[$ by entities 9 ! c\rse ( nom9at+ infra/ructure projects = assi/ance "u ?is title2 7,,ii7 guidel9es = ! selection & approval ( projects2 7,,iii7 specific crit]ia = det]m9+ eligibility = project selection1 consi/5t ) subtitle ,b2 & 7,,iv7 /&>diz$ t]ms & conditions1 fee s*$ules1 or legal requirem5ts ( a contract or program1 s z to c>ry out ?is title2 & 7ii7 op]ational guidel9es2 & 7,e7 approve or disapprove a #a-ye> bus9ess plan & budget = ,,aifa2 7#c7 ensure t ,,aifa is at all times op]at$ 9 a mann] t is consi/5t ) ?is title1 by-- 7,a7 monitor+ & assess+ ! effectiv5ess ( ,,aifa 9 a*iev+ its /rategic goals2 7,b7 p]iodically review+ int]nal policies2 7,c7 review+ & approv+ annual bus9ess plans1 annual budgets1 & long-t]m /rategies submitt$ by ! ,*ief ,executive ,(fic]2 7,d7 review+ & approv+ annual reports submitt$ by ! ,*ief ,executive ,(fic]2 7,e7 engag+ "o or m ext]nal auditors1 z set =? 9 ?is title2 & 7,f7 review+ & approv+ all *anges to ! organization ( s5ior managem5t2 7#d7 appo9t & fix1 by a vote ( n few] ?an #e vot+ memb]s ( ! ,bo>d ( ,directors1 & )\t reg>d to ! provisions ( *apt] #ea or sub*apt] ,,iii ( *apt] #ec ( title #e1 ,unit$ ,sates ,code1 ! comp5sation & adju/m5ts to comp5sation ( all ,,aifa p]sonnel1 provid$ t 9 appo9t+ & fix+ any comp5sation or adju/m5ts to comp5sation "u ?is p>agraph1 ! ,bo>d %all-- 7,a7 consult )1 & seek to ma9ta9 comp>ability )1 o!r comp>able ,f$]al p]sonnel1 z ! ,secret>y may deem appropriate2 7,b7 consult ) ! ,(fice ( ,p]sonnel ,managem5t2 & 7,c7 c>ry out su* duties consi/5t ) m]it pr9ciples1 :]e applicable1 z well z ! education1 exp]i5ce1 level ( responsibility1 geographic diff]5ces1 & ret5tion & recruitm5t ne$s 9 det]m9+ comp5sation ( p]sonnel2 7#e7 e/abli% su* o!r crit]ia1 requirem5ts1 or proc$ures z ! ,bo>d ( ,directors may consid] to be appropriate 9 c>ry+ out ?is title2 7#f7 s]ve z ! prim>y liaison = ,,aifa 9 int]actions ) ,congress1 ! ,executive ,bran*1 & ,/ate & local gov]nm5ts1 & to repres5t ! int]e/s ( ,,aifa 9 su* int]actions & o!rs2 7#g7 approve by a vote ( n few] ?an #e vot+ memb]s ( ! ,bo>d ( ,directors any *anges to ! bylaws or int]nal policies ( ,,aifa2 7#h7 h ! au?ority & responsibility-- 7,a7 to ov]see ent]+ into & c>ry out su* contracts1 leases1 coop]ative agreem5ts1 or o!r transactions z are necess>y to c>ry out ?is title )-- 7i7 any ,f$]al dep>tm5t or ag5cy2 7ii7 any ,/ate1 t]ritory1 or possession 7or any political subdivision !re(1 includ+ ,/ate infra/ructure banks7 ( ! ,unit$ ,/ates2 & 7iii7 any individual1 public-private p>tn]%ip1 firm1 association1 or corporation2 7,b7 to approve ( ! acquisition1 lease1 pl$ge1 ex*ange1 & disposal ( real & p]sonal prop]ty by ,,aifa & o!rwise approve ! ex]cise by ,,aifa ( all ( ! usual incid5ts ( own]%ip ( prop]ty1 to ! ext5t t ! ex]cise ( su* p[]s is appropriate to & consi/5t ) ! purposes ( ,,aifa2 7,c7 to det]m9e ! "* (1 & ! necessity =1 ! obligations & exp5ditures ( ,,aifa1 & ! mann] 9 :i* ! obligations & exp5ditures w be incurr$1 all[$1 & paid1 subject to ?is title & o!r ,f$]al law specifically applicable to :olly own$ ,f$]al corporations2 7,d7 to execute1 9 accordance ) applicable bylaws & regulations1 appropriate in/rum5ts2 7,e7 to approve o!r =ms ( cr$it enhancem5t t ,,aifa may provide to eligible projects1 z long z ! =ms ( cr$it enhancem5ts are consi/5t ) ! purposes ( ?is title & t]ms set =? 9 subtitle ,b2 7,f7 to ex]cise all o!r lawful p[]s t are necess>y or appropriate to c>ry out1 & are consi/5t )1 ! purposes ( ,,aifa2 7,g7 to sue or be su$ 9 ! corporate capacity ( ,,aifa 9 any c\rt ( compet5t jurisdiction2 7,h7 to indemnify ! memb]s ( ! ,bo>d ( ,directors & (fic]s ( ,,aifa = any liabilities aris+ out ( ! actions ( ! memb]s & (fic]s 9 su* capacity1 9 accordance )1 & subject to ! limitations conta9$ 9 ?is title2 7,i7 to review all f9ancial assi/ance packages to all eligible infra/ructure projects1 z submitt$ by ! ,*ief ,executive ,(fic] & to approve1 po/pone1 or d5y ! same by majority vote2 7,j7 to review all re/ructur+ proposals submitt$ by ! ,*ief ,executive ,(fic]1 includ+ assignation1 pl$g+1 or disposal ( ! int]e/ ( ,,aifa 9 a project1 includ+ paym5t or income f any int]e/ own$ or held by ,,aifa1 & to approve1 po/pone1 or d5y ! same by majority vote2 & 7,k7 to ent] into b9d+ commitm5ts1 z specifi$ 9 approv$ f9ancial assi/ance packages2 7#i7 delegate to ! ,*ief ,executive ,(fic] ^? duties t ! ,bo>d ( ,directors deems appropriate1 to bett] c>ry out ! p[]s & purposes ( ! ,bo>d ( ,directors "u ?is section2 & 7#aj7 to approve a maximum aggregate am\nt ( pr9cipal exposure ( ,,aifa at any giv5 "t4 #aae4 ,s5ior managem5t 7a7 ,9 g5]al ,s5ior managem5t %all support ! ,*ief ,executive ,(fic] 9 ! dis*>ge ( ! responsibilities ( ! ,*ief ,executive ,(fic]4 7b7 ,appo9tm5t ( s5ior managem5t ,! ,*ief ,executive ,(fic] %all appo9t su* s5ior manag]s z are necess>y to c>ry out ! purpose ( ,,aifa1 z approv$ by a majority vote ( ! vot+ memb]s ( ! ,bo>d ( ,directors4 7c7 ,t]m ,ea* memb] ( s5ior managem5t %all s]ve at ! pleasure ( ! ,*ief ,executive ,(fic] & ! ,bo>d ( ,directors4 7d7 ,removal ( s5ior managem5t ,any memb] ( s5ior managem5t may be remov$1 ei!r by a majority ( ! vot+ memb]s ( ! ,bo>d ( ,directors ^u reque/ by ! ,*ief ,executive ,(fic]1 or o!rwise by vote ( n few] ?an #e vot+ memb]s ( ! ,bo>d ( ,directors4 7e7 ,s5ior managem5t 7#a7 ,9 g5]al ,ea* memb] ( s5ior managem5t %all report directly to ! ,*ief ,executive ,(fic]1 o!r ?an ! ,*ief ,risk ,(fic]1 :o %all report directly to ! ,bo>d ( ,directors4 7#b7 ,duties & responsibilities 7,a7 ,*ief f9ancial (fic] ,! ,*ief ,f9ancial ,(fic] %all be responsible = all f9ancial functions ( ,,aifa1 provid$ t1 at ! discretion ( ! ,bo>d ( ,directors1 specific functions ( ! ,*ief ,f9ancial ,(fic] may be delegat$ ext]nally4 7,b7 ,*ief risk (fic] ,! ,*ief ,risk ,(fic] %all be responsible = all functions ( ,,aifa relat+ to-- 7i7 ! creation ( f9ancial1 cr$it1 & op]ational risk managem5t guidel9es & policies2 7ii7 ! e/abli%m5t ( guidel9es to ensure div]sification ( l5d+ activities by region1 infra/ructure project type1 & project size2 7iii7 ! creation ( con=m+ /&>ds = infra/ructure f9ance agreem5ts2 7iv7 ! monitor+ ( ! f9ancial1 cr$it1 & op]ational exposure ( ,,aifa2 & 7v7 risk managem5t & mitigation actions1 includ+ by report+ su* actions1 or recomm5dations ( su* actions to be tak51 directly to ! ,bo>d ( ,directors4 7,c7 ,*ief compliance (fic] ,! ,*ief ,compliance ,(fic] %all be responsible = all functions ( ,,aifa relat+ to int]nal audits1 acc\nt+ safegu>ds1 & ! en=cem5t ( su* safegu>ds & o!r applicable requirem5ts4 7,d7 ,g5]al c\nsel ,! ,g5]al ,c\nsel %all be responsible = all functions ( ,,aifa relat+ to legal matt]s &1 9 consultation ) ! ,*ief ,executive ,(fic]1 %all be responsible = ensur+ t ,,aifa complies ) all applicable law4 7,e7 ,*ief op]ations (fic] ,! ,*ief ,op]ations ,(fic] %all be responsible = all op]ational functions ( ,,aifa1 includ+ ^? relat+ to ! cont9u+ op]ations & p]=mance ( all infra/ructure projects 9 :i* ,,aifa reta9s an int]e/ & = all ,,aifa functions relat$ to human res\rces4 7,f7 ,*ief l5d+ (fic] ,! ,*ief ,l5d+ ,(fic] %all be responsible =-- 7i7 all functions ( ,,aifa relat+ to ! developm5t ( project pipel9e1 f9ancial /ructur+ ( projects1 cr$it analysis ( infra/ructure projects1 selection ( infra/ructure projects to be review$ by ! ,bo>d ( ,directors1 prep>ation ( infra/ructure projects to be pres5t$ to ! ,bo>d ( ,directors1 & set aside = rural infra/ructure projects2 & 7ii7 ! creation & managem5t (-- 7,i7 a ,c5t] = ,excell5ce to provide te*nical assi/ance to public sector borr[]s 9 ! developm5t & f9anc+ ( infra/ructure projects2 & 7,,ii7 an ,(fice ( ,rural ,assi/ance to provide te*nical assi/ance 9 ! developm5t & f9anc+ ( rural infra/ructure projects4 7f7 ,*anges to s5ior managem5t ,! ,bo>d ( ,directors1 9 consultation ) ! ,*ief ,executive ,(fic]1 may alt] ! /ructure ( ! s5ior managem5t ( ,,aifa at any "t to bett] accompli% ! goals1 objectives1 & purposes ( ,,aifa1 provid$ t ! functions ( ! ,*ief ,f9ancial ,(fic] set =? 9 subsection 7e7 rema9 sep>ate f ! functions ( ! ,*ief ,risk ,(fic] set =? 9 subsection 7e74 7g7 ,conflicts ( int]e/ ,no individual appo9t$ to s5ior managem5t may-- 7#a7 hold any o!r public (fice2 7#b7 h any f9ancial int]e/ 9 an infra/ructure project !n be+ consid]$ by ! ,bo>d ( ,directors1 unless t int]e/ is plac$ 9 a bl9d tru/2 or 7#c7 h any f9ancial int]e/ 9 an inve/m5t in/itution or its affiliates1 ,,aifa or its affiliates1 or o!r entity !n seek+ or likely to seek f9ancial assi/ance = any infra/ructure project f ,,aifa1 unless any su* int]e/ is plac$ 9 a bl9d tru/ dur+ ! t]m ( s]vice ( t individual 9 a s5ior managem5t position1 & = a p]iod ( #b ye>s !reaft]4 #aaf4 ,special ,inspector ,g5]al = ,,aifa 7a7 ,9 g5]al ,dur+ ! fir/ #e op]at+ ye>s ( ,,aifa1 ! ,(fice ( ! ,inspector ,g5]al ( ! ,dep>tm5t ( ! ,treasury %all h responsibility = ,,aifa4 7b7 ,(fice ( ! ,special ,inspector ,g5]al ,effective #e ye>s aft] ! date ( enactm5t ( ! comm5cem5t ( ! op]ations ( ,,aifa1 !re is e/abli%$ ! ,(fice ( ! ,special ,inspector ,g5]al = ,,aifa4 7c7 ,appo9tm5t ( ,inspector ,g5]al2 removal 7#a7 ,head ( ,(fice ,! head ( ! ,(fice ( ! ,special ,inspector ,g5]al = ,,aifa %all be ! ,special ,inspector ,g5]al = ,,aifa 79 ?is title ref]r$ to z ! ,special ,inspector ,g5]al71 :o %all be appo9t$ by ! ,presid5t1 by & ) ! advice & cons5t ( ! ,s5ate4 7#b7 ,basis ( appo9tm5t ,! appo9tm5t ( ! ,special ,inspector ,g5]al %all be made on ! basis ( integrity & demon/rat$ ability 9 acc\nt+1 audit+1 f9ancial analysis1 law1 managem5t analysis1 public adm9i/ration1 or inve/igations4 7#c7 ,tim+ ( nom9ation ,! nom9ation ( an individual z ,special ,inspector ,g5]al %all be made z soon z is practicable aft] ! effective date "u subsection 7b74 7#d7 ,removal ,! ,special ,inspector ,g5]al %all be removable f (fice 9 accordance ) ! provisions ( section #c7;b7 ( ! ,inspector ,g5]al ,act ( #aigh 7#e ,u4,s4,c4 ,app474 7#e7 ,rule ( con/ruction ,= purposes ( section #gcbd ( title #e1 ,unit$ ,/ates ,code1 ! ,special ,inspector ,g5]al %all n be consid]$ an employee :o det]m9es policies to be pursu$ by ! ,unit$ ,/ates 9 ! nationwide adm9i/ration ( ,f$]al law4 7#f7 ,rate ( pay ,! annual rate ( basic pay ( ! ,special ,inspector ,g5]al %all be ! annual rate ( basic pay = an ,inspector ,g5]al "u section #c7;e7 ( ! ,inspector ,g5]al ,act ( #aigh 7#e ,u4,s4,c4 ,app474 7d7 ,duties 7#a7 ,9 g5]al ,x %all be ! duty ( ! ,special ,inspector ,g5]al to conduct1 sup]vise1 & coord9ate audits & inve/igations ( ! bus9ess activities ( ,,aifa4 7#b7 ,o!r sy/ems1 proc$ures1 & controls ,! ,special ,inspector ,g5]al %all e/abli%1 ma9ta91 & ov]see su* sy/ems1 proc$ures1 & controls z ! ,special ,inspector ,g5]al consid]s appropriate to dis*>ge ! duty "u p>agraph 7#a74 7#c7 ,additional duties ,9 addition to ! duties specifi$ 9 p>agraphs 7#a7 & 7#b71 ! ,inspector ,g5]al %all also h ! duties & responsibilities ( inspectors g5]al "u ! ,inspector ,g5]al ,act ( #aigh4 7e7 ,p[]s & au?orities 7#a7 ,9 g5]al ,9 c>ry+ out ! duties specifi$ 9 subsection 7c71 ! ,special ,inspector ,g5]al %all h ! au?orities provid$ 9 section #f ( ! ,inspector ,g5]al ,act ( #aigh4 7#b7 ,additional au?ority ,! ,special ,inspector ,g5]al %all c>ry out ! duties specifi$ 9 subsection 7c77#a7 9 accordance ) section #d7;b77#a7 ( ! ,inspector ,g5]al ,act ( #aigh4 7f7 ,p]sonnel1 facilities1 & o!r res\rces 7#a7 ,additional (fic]s 7,a7 ,! ,special ,inspector ,g5]al may select1 appo9t1 & employ su* (fic]s & employees z may be necess>y = c>ry+ out ! duties ( ! ,special ,inspector ,g5]al1 subject to ! provisions ( title #e1 ,unit$ ,/ates ,code1 gov]n+ appo9tm5ts 9 ! competitive s]vice1 & ! provisions ( *apt] #ea & sub*apt] ,,iii ( *apt] #ec ( su* title1 relat+ to classification & ,g5]al ,s*$ule pay rates4 7,b7 ,! ,special ,inspector ,g5]al may ex]cise ! au?orities ( subsections 7b7 ?r\gh 7i7 ( section #cafa ( title #e1 ,unit$ ,/ates ,code 7)\t reg>d to subsection 7a7 ( t section74 7#b7 ,ret5tion ( s]vices ,! ,special ,inspector ,g5]al may obta9 s]vices z au?oriz$ by section #caji ( title #e1 ,unit$ ,/ates ,code1 at daily rates n to exce$ ! equival5t rate prescrib$ = grade ,,gs-#ae ( ! ,g5]al ,s*$ule by section #eccb ( su* title4 7#c7 ,ability to contract = audits1 /udies1 & o!r s]vices ,! ,special ,inspector ,g5]al may ent] into contracts & o!r arrangem5ts = audits1 /udies1 analyses1 & o!r s]vices ) public ag5cies & ) private p]sons1 & make su* paym5ts z may be necess>y to c>ry out ! duties ( ! ,special ,inspector ,g5]al4 7#d7 ,reque/ = in=mation 7,a7 ,9 g5]al ,^u reque/ ( ! ,special ,inspector ,g5]al = in=mation or assi/ance f any dep>tm5t1 ag5cy1 or o!r entity ( ! ,f$]al ,gov]nm5t1 ! head ( su* entity %all1 ins(> z is practicable & n 9 contrav5tion ( any exi/+ law1 furni% su* in=mation or assi/ance to ! ,special ,inspector ,g5]al1 or an au?oriz$ designee4 7,b7 ,refusal to comply ,:5ev] in=mation or assi/ance reque/$ by ! ,special ,inspector ,g5]al is1 9 ! judgm5t ( ! ,special ,inspector ,g5]al1 unreasonably refus$ or n provid$1 ! ,special ,inspector ,g5]al %all report ! circum/ances to ! ,secret>y ( ! ,treasury1 )\t delay4 7g7 ,reports 7#a7 ,annual report ,n lat] ?an #a ye> aft] ! confirmation ( ! ,special ,inspector ,g5]al1 & e cal5d> ye> !reaft]1 ! ,special ,inspector ,g5]al %all submit to ! ,presid5t a report summ>iz+ ! activities ( ! ,special ,inspector ,g5]al dur+ ! previ\s #a-ye> p]iod end+ on ! date ( su* report4 7#b7 ,public disclosures ,no?+ 9 ?is subsection %all be con/ru$ to au?orize ! public disclosure ( in=mation t is-- 7,a7 specifically prohibit$ f disclosure by any o!r provision ( law2 7,b7 specifically requir$ by ,executive ord] to be protect$ f disclosure 9 ! int]e/ ( national def5se or national security or 9 ! conduct ( =eign affairs2 or 7,c7 a "p ( an ongo+ crim9al inve/igation4 #aag4 ,o!r p]sonnel ,except z o!rwise provid$ 9 ! bylaws ( ,,aifa1 ! ,*ief ,executive ,(fic]1 9 consultation ) ! ,bo>d ( ,directors1 %all appo9t1 remove1 & def9e ! duties ( su* qualifi$ p]sonnel z are necess>y to c>ry out ! p[]s1 duties1 & purpose ( ,,aifa1 o!r ?an s5ior managem5t1 :o %all be appo9t$ 9 accordance ) section #abd4 #aah4 ,compliance ,! provision ( assi/ance by ! ,bo>d ( ,directors pursuant to ?is title %all n be con/ru$ z sup]s$+ any provision ( ,/ate law or regulation o!rwise applicable to an infra/ructure project4 ,b ,t]ms & limitations on direct loans & loan gu>antees #aba4 ,eligibility crit]ia = assi/ance f ,,aifa & t]ms & limitations ( loans 7a7 ,9 g5]al ,any project ^: use or purpose is private & = :i* no public b5efit is creat$ %all n be eligible = f9ancial assi/ance f ,,aifa "u ?is title4 ,f9ancial assi/ance "u ?is title %all only be made available if ! applicant = su* assi/ance has demon/rat$ to ! satisfaction ( ! ,bo>d ( ,directors t ! infra/ructure project = :i* su* assi/ance is be+ s\ght-- 7#a7 is n = ! ref9anc+ ( an exi/+ infra/ructure project2 & 7#b7 meets-- 7,a7 any p]t95t requirem5ts set =? 9 ?is title2 7,b7 any crit]ia e/abli%$ by ! ,bo>d ( ,directors or ,*ief ,executive ,(fic] 9 accordance ) ?is title2 & 7,c7 ! def9ition ( a transportation infra/ructure project1 wat] infra/ructure project1 or en]gy infra/ructure project4 7b7 ,consid]ations ,! crit]ia e/abli%$ by ! ,bo>d ( ,directors pursuant to ?is title %all provide adequate consid]ation (-- 7#a7 ! economic1 f9ancial1 te*nical1 environm5tal1 & public b5efits & co/s ( ea* infra/ructure project "u consid]ation = f9ancial assi/ance "u ?is title1 prioritiz+ infra/ructure projects t-- 7,a7 contribute to regional or national economic gr[?2 7,b7 (f] value = money to taxpay]s2 7,c7 demon/rate a cle> public b5efit2 7,d7 lead to job creation2 & 7,e7 mitigate environm5tal conc]ns2 7#b7 ! means by :i* developm5t ( ! infra/ructure project "u consid]ation is be+ f9anc$1 includ+-- 7,a7 ! t]ms1 conditions1 & /ructure ( ! propos$ f9anc+2 7,b7 ! cr$it wor?9ess & /&+ ( ! project sponsors1 provid]s ( equity1 & c(9anci]s2 7,c7 ! f9ancial assumptions & projections on :i* ! infra/ructure project is bas$2 & 7,d7 :e!r !re is suffici5t ,/ate or municipal political support = ! successful completion ( ! infra/ructure project2 7#c7 ! likelihood t ! provision ( assi/ance by ,,aifa w cause su* developm5t to proce$ m promptly & ) l[] co/s = f9anc+ ?an w\ld be ! case )\t su* assi/ance2 7#d7 ! ext5t to :i* ! provision ( assi/ance by ,,aifa maximizes ! level ( private inve/m5t 9 ! infra/ructure project or supports a public-private p>tn]%ip1 :ile provid+ a significant public b5efit2 7#e7 ! ext5t to :i* ! provision ( assi/ance by ,,aifa c mobilize ! p>ticipation ( o!r f9anc+ p>tn]s 9 ! infra/ructure project2 7#f7 ! te*nical & op]ational viability ( ! infra/ructure project2 7#g7 ! proportion ( f9ancial assi/ance f ,,aifa2 7#h7 ! geographic location ( ! project 9 an ef=t to h geographic div]sity ( projects fund$ by ,,aifa2 7#i7 ! size ( ! project & its impact on ! res\rces ( ,,aifa2 & 7#aj7 ! infra/ructure sector ( ! project1 9 an ef=t to h projects f m ?an "o sector fund$ by ,,aifa4 7c7 ,application 7#a7 ,9 g5]al ,any eligible entity seek+ assi/ance f ,,aifa "u ?is title = an eligible infra/ructure project %all submit an application to ,,aifa at su* "t1 9 su* mann]1 & conta9+ su* in=mation z ! ,bo>d ( ,directors or ! ,*ief ,executive ,(fic] may require4 7#b7 ,review ( applications ,,aifa %all review applications = assi/ance "u ?is title on an ongo+ basis4 ,! ,*ief ,executive ,(fic]1 work+ ) ! s5ior managem5t1 %all prep>e eligible infra/ructure projects = review & approval by ! ,bo>d ( ,directors4 7#c7 ,d$icat$ rev5ue s\rces ,! ,f$]al cr$it in/rum5t %all be repayable1 9 :ole or 9 "p1 f tolls1 us] fees1 or o!r d$icat$ rev5ue s\rces t also secure ! infra/ructure project obligations4 7d7 ,eligible infra/ructure project co/s 7#a7 ,9 g5]al ,except z provid$ 9 p>agraph 7#b71 to be eligible = assi/ance "u ?is title1 an infra/ructure project %all h project co/s t are reasonably anticipat$ to equal or exce$ #ajj1jjj1jjj4 7#b7 ,rural infra/ructure projects ,to be eligible = assi/ance "u ?is title1 a rural infra/ructure project %all h project co/s t are reasonably anticipat$ to equal or exce$ #be1jjj1jjj4 7e7 ,loan eligibility & maximum am\nts 7#a7 ,9 g5]al ,! am\nt ( a direct loan or loan gu>antee "u ?is title %all n exce$ ! less] ( #ej p]c5t ( ! reasonably anticipat$ eligible infra/ructure project co/s or1 if ! direct loan or loan gu>antee does n receive an inve/m5t grade rat+1 ! am\nt ( ! s5ior project obligations4 7#b7 ,maximum annual loan & loan gu>antee volume ,! aggregate am\nt ( direct loans & loan gu>antees made by ,,aifa 9 any s+le fiscal ye> may n exce$-- 7,a7 dur+ ! fir/ #b fiscal ye>s ( ! op]ations ( ,,aifa1 #aj1jjj1jjj1jjj2 7,b7 dur+ fiscal ye>s #c ?r\gh #i ( ! op]ations ( ,,aifa1 #bj1jjj1jjj1jjj2 or 7,c7 dur+ any fiscal ye> !reaft]1 #ej1jjj1jjj1jjj4 7f7 ,/ate & local p]mits requir$ ,! provision ( assi/ance by ! ,bo>d ( ,directors pursuant to ?is title %all n be deem$ to relieve any recipi5t ( su* assi/ance1 or ! relat$ infra/ructure project1 ( any obligation to obta9 requir$ ,/ate & local p]mits & approvals4 #abb4 ,loan t]ms & repaym5t 7a7 ,9 g5]al ,a direct loan or loan gu>antee "u ?is title ) respect to an eligible infra/ructure project %all be on su* t]ms1 subject to su* conditions1 & conta9 su* cov5ants1 repres5tations1 w>ranties1 & requirem5ts 7includ+ requirem5ts = audits7 z ! ,*ief ,executive ,(fic] det]m9es appropriate4 7b7 ,t]ms ,a direct loan or loan gu>antee "u ?is title-- 7#a7 %all-- 7,a7 be payable1 9 :ole or 9 "p1 f tolls1 us] fees1 or o!r d$icat$ rev5ue s\rces t also secure ! s5ior project obligations 7su* z availability paym5ts & d$icat$ ,/ate or local rev5ues72 & 7,b7 include a rate cov5ant1 cov]age requirem5t1 or simil> security feature support+ ! project obligations2 & 7#b7 may h a li5 on rev5ues describ$ 9 p>agraph 7#a71 subject to any li5 secur+ project obligations4 7c7 ,base int]e/ rate ,! base int]e/ rate on a direct loan "u ?is title %all be n less ?an ! yield on ,unit$ ,/ates ,treasury obligations ( a simil> maturity to ! maturity ( ! direct loan on ! date ( execution ( ! loan agreem5t4 7d7 ,risk assessm5t ,be=e ent]+ into an agreem5t = assi/ance "u ?is title1 ! ,*ief ,executive ,(fic]1 9 consultation ) ! ,director ( ! ,(fice ( ,managem5t & ,budget & ea* rat+ ag5cy provid+ a prelim9>y rat+ op9ion lett] "u ?is section1 %all det]m9e an appropriate ,f$]al cr$it subsidy am\nt = ea* direct loan & loan gu>antee1 tak+ into acc\nt su* lett]1 z well z any comp>able m>ket rates available = su* a loan or loan gu>antee1 %\ld any exi/4 7e7 ,cr$it fee ,) respect to ea* agreem5t = assi/ance "u ?is title1 ! ,*ief ,executive ,(fic] %all *>ge a cr$it fee to ! recipi5t ( su* assi/ance to pay =1 ov] "t1 all or a portion ( ! ,f$]al cr$it subsidy det]m9$ "u subsection 7d71 ) ! rema9d] paid by ! acc\nt e/abli%$ = ,,aifa4 ,9 ! case ( a direct loan1 su* cr$it fee %all be 9 addition to ! base int]e/ rate e/abli%$ "u subsection 7c74 7f7 ,maturity date ,! f9al maturity date ( a direct loan or loan gu>ante$ by ,,aifa "u ?is title %all be n lat] ?an #ce ye>s aft] ! date ( sub/antial completion ( ! infra/ructure project1 z det]m9$ by ! ,*ief ,executive ,(fic]4 7g7 ,prelim9>y rat+ op9ion lett] 7#a7 ,9 g5]al ,! ,*ief ,executive ,(fic] %all require ea* applicant = assi/ance "u ?is title to provide a prelim9>y rat+ op9ion lett] f at lea/ #a rat+s ag5cy1 indicat+ t ! s5ior obligations ( ! infra/ructure project1 :i* may be ! ,f$]al cr$it in/rum5t1 h ! pot5tial to a*ieve an inve/m5t-grade rat+4 7#b7 ,rural infra/ructure projects ,) respect to a rural infra/ructure project1 a rat+ ag5cy op9ion lett] describ$ 9 p>agraph 7#a7 %all n be requir$1 except t ! loan or loan gu>antee %all receive an int]nal rat+ score1 us+ me?ods simil> to ! rat+s ag5cies g5]at$ by ,,aifa1 measur+ ! propos$ direct loan or loan gu>antee aga9/ comp>able direct loans or loan gu>antees ( simil> cr$it quality 9 a simil> sector4 7h7 ,inve/m5t-,grade rat+ requirem5t 7#a7 ,loans & loan gu>antees ,! execution ( a direct loan or loan gu>antee "u ?is title %all be cont+5t on ! s5ior obligations ( ! infra/ructure project receiv+ an inve/m5t-grade rat+4 7#b7 ,rat+ ( ,,aifa ov]all portfolio ,! av]age rat+ ( ! ov]all portfolio ( ,,aifa %all be n less ?an inve/m5t grade aft] #e ye>s ( op]ation4 7i7 ,t]ms & ,repaym5t ( direct loans 7#a7 ,s*$ule ,! ,*ief ,executive ,(fic] %all e/abli% a repaym5t s*$ule = ea* direct loan "u ?is title1 bas$ on ! project$ ca% fl[ f infra/ructure project rev5ues & o!r repaym5t s\rces4 7#b7 ,comm5cem5t ,s*$ul$ loan repaym5ts ( pr9cipal or int]e/ on a direct loan "u ?is title %all comm5ce n lat] ?an #e ye>s aft] ! date ( sub/antial completion ( ! infra/ructure project1 z det]m9$ by ! ,*ief ,executive ,(fic] ( ,,aifa4 7#c7 ,def]r$ paym5ts ( direct loans 7,a7 ,au?orization ,if1 at any "t aft] ! date ( sub/antial completion ( an infra/ructure project assi/$ "u ?is title1 ! infra/ructure project is unable to g5]ate suffici5t rev5ues to pay ! s*$ul$ loan repaym5ts ( pr9cipal & int]e/ on ! direct loan "u ?is title1 ! ,*ief ,executive ,(fic] may all[ ! obligor to add unpaid pr9cipal & int]e/ to ! out/&+ balance ( ! direct loan1 if ! result w\ld b5efit ! taxpay]4 7,b7 ,int]e/ ,any paym5t def]r$ "u subp>agraph 7,a7 %all-- 7i7 cont9ue to accrue int]e/1 9 accordance ) ! t]ms ( ! obligation1 until fully repaid2 & 7ii7 be s*$ul$ to be amortiz$ ov] ! rema9+ t]m ( ! loan4 7,c7 ,crit]ia 7i7 ,9 g5]al ,any paym5t def]ral "u subp>agraph 7,a7 %all be cont+5t on ! infra/ructure project meet+ crit]ia e/abli%$ by ! ,bo>d ( ,directors4 7ii7 ,repaym5t /&>ds ,! crit]ia e/abli%$ "u clause 7i7 %all include /&>ds = reasonable assurance ( repaym5t4 7#d7 ,prepaym5t ( direct loans 7,a7 ,use ( excess rev5ues ,any excess rev5ues t rema9 aft] satisfy+ s*$ul$ debt s]vice requirem5ts on ! infra/ructure project obligations & direct loan & all deposit requirem5ts "u ! t]ms ( any tru/ agreem5t1 bond resolution1 or simil> agreem5t secur+ project obligations "u ?is title may be appli$ annually to prepay ! direct loan1 )\t p5alty4 7,b7 ,use ( proce$s ( ref9anc+ ,a direct loan "u ?is title may be prepaid at any "t1 )\t p5alty1 f ! proce$s ( ref9anc+ f non-,f$]al fund+ s\rces4 7#e7 ,sale ( direct loans 7,a7 ,9 g5]al ,z soon z is practicable aft] sub/antial completion ( an infra/ructure project assi/$ "u ?is title1 & aft] notify+ ! obligor1 ! ,*ief ,executive ,(fic] may sell to ano!r entity1 or re(f] into ! capital m>kets1 a direct loan = ! infra/ructure project1 if ! ,*ief ,executive ,(fic] det]m9es t ! sale or re(f]+ c be made on favorable t]ms = ! taxpay]4 7,b7 ,cons5t ( obligor ,9 mak+ a sale or re(f]+ "u subp>agraph 7,a71 ! ,*ief ,executive ,(fic] may n *ange ! orig9al t]ms & conditions ( ! direct loan1 )\t ! writt5 cons5t ( ! obligor4 7j7 ,loan gu>antees 7#a7 ,t]ms ,! t]ms ( a loan gu>ante$ by ,,aifa "u ?is title %all be consi/5t ) ! t]ms set =? 9 ?is section = a direct loan1 except t ! rate on ! gu>ante$ loan & any paym5t1 pre-paym5t1 or ref9anc+ features %all be negotiat$ betwe5 ! obligor & ! l5d]1 ) ! cons5t ( ! ,*ief ,executive ,(fic]4 7#b7 ,gu>ante$ l5d] ,a gu>ante$ l5d] %all be limit$ to ^? l5d]s meet+ ! def9ition ( t t]m 9 section #fja7;a7 ( title #bc1 ,unit$ ,/ates ,code4 7k7 ,compliance ) ,,fcra 7#a7 ,9 g5]al ,except z provid$ 9 p>agraph 7#b71 direct loans & loan gu>antees au?oriz$ by ?is title %all be subject to ! provisions ( ! ,f$]al ,cr$it ,re=m ,act ( #aiij 7#b ,u4,s4,c4 #ffa et seq474 7#b7 ,exception ,section #ejd7;b7 ( ! ,f$]al ,cr$it ,re=m ,act ( #aiij 7#b ,u4,s4,c4 #ffa;c7b77 %all n apply to a loan or loan gu>antee "u ?is title4 #abc4 ,compliance & en=cem5t 7a7 ,cr$it agreem5t ,not)/&+ any o!r provision ( law1 ea* eligible entity t receives assi/ance "u ?is title f ,,aifa %all ent] into a cr$it agreem5t t requires su* entity to comply ) all applicable policies & proc$ures ( ,,aifa1 9 addition to all o!r provisions ( ! loan agreem5t4 7b7 ,,aifa au?ority on noncompliance ,9 any case 9 :i* a recipi5t ( assi/ance "u ?is title is mat]ially out ( compliance ) ! loan agreem5t1 or any applicable policy or proc$ure ( ,,aifa1 ! ,bo>d ( ,directors may take action to cancel unutiliz$ loan am\nts1 or to accel]ate ! repaym5t t]ms ( any out/&+ obligation4 #abd4 ,audits2 reports to ! ,presid5t & ,congress 7a7 ,acc\nt+ ,! books ( acc\nt ( ,,aifa %all be ma9ta9$ 9 accordance ) g5]ally accept$ acc\nt+ pr9ciples1 & %all be subject to an annual audit by indep5d5t public acc\ntants ( nationally recogniz$ /&+ appo9t$ by ! ,bo>d ( ,directors4 7b7 ,reports 7#a7 ,bo>d ( ,directors ,n lat] ?an #ij days aft] ! la/ day ( ea* fiscal ye>1 ! ,bo>d ( ,directors %all submit to ! ,presid5t & ,congress a complete & detail$ report ) respect to ! prec$+ fiscal ye>1 sett+ =?-- 7,a7 a summ>y ( ! op]ations ( ,,aifa1 = su* fiscal ye>2 7,b7 a s*$ule ( ! obligations ( ,,aifa & capital securities out/&+ at ! end ( su* fiscal ye>1 ) a /atem5t ( ! am\nts issu$ & r$eem$ or paid dur+ su* fiscal ye>2 7,c7 ! /atus ( infra/ructure projects receiv+ fund+ or o!r assi/ance pursuant to ?is title dur+ su* fiscal ye>1 includ+ all nonp]=m+ loans1 & includ+ disclosure ( all entities ) a developm5t1 own]%ip1 or op]ational int]e/ 9 su* infra/ructure projects2 7,d7 a description ( ! successes & *all5ges enc\nt]$ 9 l5d+ to rural communities1 includ+ ! role ( ! ,c5t] = ,excell5ce & ! ,(fice ( ,rural ,assi/ance e/abli%$ "u ?is title2 & 7,e7 an assessm5t ( ! risks ( ! portfolio ( ,,aifa1 prep>$ by an indep5d5t s\rce4 7#b7 ,,gao ,n lat] ?an #e ye>s aft] ! date ( enactm5t ( ?is title1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all conduct an evaluation (1 & %all submit to ,congress a report on1 activities ( ,,aifa = ! fiscal ye>s cov]$ by ! report t includes an assessm5t ( ! impact & b5efits ( ea* fund$ infra/ructure project1 includ+ a review ( h[ effectively ea* su* infra/ructure project accompli%$ ! goals prioritiz$ by ! infra/ructure project crit]ia ( ,,aifa4 7c7 ,books & ,records 7#a7 ,9 g5]al ,,aifa %all ma9ta9 adequate books & records to support ! f9ancial transactions ( ,,aifa1 ) a description ( f9ancial transactions & infra/ructure projects receiv+ fund+1 & ! am\nt ( fund+ = ea* su* project ma9ta9$ on a publically accessible database4 7#b7 ,audits by ! ,secret>y & ,,gao ,! books & records ( ,,aifa %all at all times be op5 to inspection by ! ,secret>y ( ! ,treasury1 ! ,special ,inspector ,g5]al1 & ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates4 ,c ,fund+ ( ,,aifa #aca4 ,fees 7a7 ,9 g5]al ,! ,*ief ,executive ,(fic] %all e/abli% fees ) respect to loans & loan gu>antees "u ?is title t-- 7#a7 are suffici5t to cov] all ! adm9i/rative co/s to ! ,f$]al ,gov]nm5t = ! op]ations ( ,,aifa2 7#b7 may be 9 ! =m ( an application or transaction fee1 or int]e/ rate adju/m5t2 & 7#c7 may be bas$ on ! risk premium associat$ ) ! loan or loan gu>antee1 tak+ into consid]ation-- 7,a7 ! price ( ,unit$ ,/ates ,treasury obligations ( a simil> maturity2 7,b7 prevail+ m>ket conditions2 7,c7 ! ability ( ! infra/ructure project to support ! loan or loan gu>antee2 & 7,d7 ! total am\nt ( ! loan or loan gu>antee4 7b7 ,treasury receipts ,,aifa %all annually deposit am\nts ( fees collect$ "u ?is section t are n us$ = ! exp5ses ( ,,aifa z miscellane\s receipts ) ! ,treasury4 #acb4 ,self-suffici5cy ( ,,aifa ,! ,*ief ,executive ,(fic] %all1 to ! ext5t possible1 take actions consi/5t ) ?is title to make ,,aifa a self-su/a9+ entity1 ) adm9i/rative co/s & ,f$]al cr$it subsidy co/s fully fund$ by fees & risk premiums on loans & loan gu>antees4 #acc4 ,fund+ ,!re is au?oriz$ to be appropriat$ to ,,aifa to c>ry out ?is title1 to make direct loans & loan gu>antees "u ?is title1 n m ?an #aj1jjj1jjj1jjj1 to rema9 available until exp5d$1 ( :i* am\nt1 n m ?an #be1jjj1jjj = ea* ( fiscal ye>s #bjad ?r\gh #bjae1 & n m ?an #ej1jjj1jjj = fiscal ye> #bjaf may be us$ = adm9i/rative co/s ( ,,aifa4 ,su* am\nt %all e>n int]e/4 ,n m ?an #e p]c5t ( su* am\nt %all be us$ to (fset subsidy co/s associat$ ) rural infra/ructure projects4 #acd4 ,contract au?ority ,not)/&+ any o!r provision ( law1 approval by ! ,bo>d ( ,directors ( a ,f$]al cr$it in/rum5t t uses funds made available "u ?is title %all impose ^u ! ,unit$ ,/ates a contractual obligation to fund ! ,f$]al cr$it inve/m5t4 ,,ii ,tax cr$it ext5sions #bja4 ,p]man5t ext5sion ( new m>kets tax cr$it 7a7 ,ext5sion 7#a7 ,9 g5]al ,subp>agraph 7,g7 ( section #de;,d7f77#a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ 1 #bjaa1 #bjab1 & #bjac & ins]t+ & ea* cal5d> ye> !reaft]4 7#b7 ,con=m+ am5dm5t ,section #de;,d7f77#c7 ( su* ,code is am5d$ by /rik+ ! la/ s5t5ce4 7b7 ,inflation adju/m5t ,subsection 7f7 ( section #de;,d ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#d7 ,inflation adju/m5t 7,a7 ,9 g5]al ,9 ! case ( any cal5d> ye> beg9n+ aft] #bjac1 ! doll> am\nt 9 p>agraph 7#a77;,g7 %all be increas$ by an am\nt equal to-- 7i7 su* doll> am\nt1 multipli$ by 7ii7 ! co/-(-liv+ adju/m5t det]m9$ "u section #a7;f77#c7 = ! cal5d> ye>1 det]m9$ by sub/itut+ cal5d> ye> #bjjj = cal5d> ye> #aiib 9 subp>agraph 7,b7 !re(4 7,b7 ,r\nd+ rule ,any increase "u subp>agraph 7,a7 :i* is n a multiple ( #a1jjj1jjj %all be r\nd$ to ! ne>e/ multiple ( #a1jjj1jjj4 4 7c7 ,alt]native m9imum tax relief ,subp>agraph 7,b7 ( section #ch7;c77#d7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by r$esignat+ clauses 7v7 ?r\gh 7ix7 z clauses 7vi7 ?r\gh 7x71 respectively1 & 7#b7 by ins]t+ aft] clause 7iv7 ! foll[+ new clause3 7v7 ! cr$it det]m9$ "u section #de;,d1 b only ) respect to cr$its det]m9$ ) respect to qualifi$ equity inve/m5ts 7z def9$ 9 section #de;,d7b77 initially made be=e ,janu>y #a1 #bjad1 4 7d7 ,effective dates 7#a7 ,9 g5]al ,except z provid$ 9 p>agraph 7#b71 ! am5dm5ts made by ?is section %all take effect on ! date ( ! enactm5t ( ?is ,act4 7#b7 ,alt]native m9imum tax relief ,! am5dm5ts made by subsection 7c7 %all apply to cr$its det]m9$ ) respect to qualifi$ equity inve/m5ts 7z def9$ 9 section #de;,d7b7 ( ! ,int]nal ,rev5ue ,code ( #aihf7 initially made aft] ! date ( ! enactm5t ( ?is ,act4 #bjb4 ,build ,am]ica ,bonds made p]man5t 7a7 ,%ort title ,?is section may be cit$ z ! ,build ,am]ica ,bonds ,act ( #bjad4 7b7 ,build ,am]ica ,bonds made p]man5t 7#a7 ,9 g5]al ,subp>agraph 7,b7 ( section #ed;,,aa7d77#a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ or on or aft] ! date ( ! enactm5t ( ! ,build ,am]ica ,bonds ,act ( #bjad1 aft] ,janu>y #a1 #bjaa14 7#b7 ,r$uction 9 cr$it p]c5tage to bondhold]s ,subsection 7b7 ( section #ed;,,aa ( su* ,code is am5d$ to read z foll[s3 7b7 ,am\nt ( cr$it 7#a7 ,9 g5]al ,! am\nt ( ! cr$it det]m9$ "u ?is subsection ) respect to any int]e/ paym5t date = a build ,am]ica bond is ! applicable p]c5tage ( ! am\nt ( int]e/ payable by ! issu] ) respect to su* date4 7#b7 ,applicable p]c5tage ,= purposes ( p>agraph 7#a71 ! applicable p]c5tage %all be det]m9$ "u ! foll[+ table3 ,9 ! case ( a bond issued,the applicable dur+ cal5d> ye>3p]c5tage is3#bjji or #bjajcebjaccbbjadcabjaecjbjafbibjag & !reaft]#bh4 4 7#c7 ,ext5sion ( paym5ts to issu]s 7,a7 ,9 g5]al ,section #fdca ( su* ,code is am5d$-- 7i7 by ins]t+ or on or aft] ! date ( ! enactm5t ( ! ,build ,am]ica ,bonds ,act ( #bjad1 aft] ,janu>y #a1 #bjaa1 9 subsection 7a71 & 7ii7 by /rik+ be=e ,janu>y #a1 #bjaa 9 subsection 7f77#a77;,b7 & ins]t+ dur+ a p>ticul> p]iod4 7,b7 ,con=m+ am5dm5ts ,subsection 7g7 ( section #ed;,,aa ( su* ,code is am5d$-- 7i7 by ins]t+ or dur+ a p]iod beg9n+ on or aft] ! date ( ! enactm5t ( ! ,build ,am]ica ,bonds ,act ( #bjad1 aft] ,janu>y #a1 #bjaa11 & 7ii7 by /rik+ qualifi$ bonds issu$ be=e #bjaa 9 ! head+ & ins]t+ c]ta9 qualifi$ bonds4 7#d7 ,r$uction 9 p]c5tage ( paym5ts to issu]s ,subsection 7b7 ( section #fdca ( su* ,code is am5d$-- 7,a7 by /rik+ ,! ,secret>y & ins]t+ ! foll[+3 7#a7 ,9 g5]al ,! ,secret>y 1 7,b7 by /rik+ #ce p]c5t & ins]t+ ! applicable p]c5tage1 & 7,c7 by add+ at ! end ! foll[+ new p>agraph3 7#b7 ,applicable p]c5tage ,= purposes ( ?is subsection1 ! t]m applicable p]c5tage means ! p]c5tage det]m9$ 9 accordance ) ! foll[+ table3 ,9 ! case ( a qualifi$ bond ,! applicable issu$ dur+ cal5d> ye>3p]c5tage is3#bjji or #bjajcebjaccbbjadcabjaecjbjafbibjag & !reaft]#bh4 4 7#e7 ,curr5t refund+s p]mitt$ ,subsection 7g7 ( section #ed;,,aa ( su* ,code is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#c7 ,treatm5t ( curr5t refund+ bonds 7,a7 ,9 g5]al ,= purposes ( ?is subsection1 ! t]m qualifi$ bond includes any bond 7or s]ies ( bonds7 issu$ to refund a qualifi$ bond if-- 7i7 ! av]age maturity date ( ! issue ( :i* ! refund+ bond is a "p is n lat] ?an ! av]age maturity date ( ! bonds to be refund$ by su* issue1 7ii7 ! am\nt ( ! refund+ bond does n exce$ ! out/&+ am\nt ( ! refund$ bond1 & 7iii7 ! refund$ bond is r$eem$ n lat] ?an #ij days aft] ! date ( ! issuance ( ! refund+ bond4 7,b7 ,applicable p]c5tage ,9 ! case ( a refund+ bond ref]r$ to 9 subp>agraph 7,a71 ! applicable p]c5tage ) respect to su* bond "u section #fdca7;b7 %all be ! l[e/ p]c5tage specifi$ 9 p>agraph 7#b7 ( su* section4 7,c7 ,det]m9ation ( av]age maturity ,= purposes ( subp>agraph 7,a77i71 av]age maturity %all be det]m9$ 9 accordance ) section #adg7;b77#b77;,a74 4 7#f7 ,cl>ification relat$ to levees & flood control projects ,subp>agraph 7,a7 ( section #ed;,,aa7g77#b7 ( su* ,code is am5d$ by ins]t+ 7includ+ capital exp5ditures = levees & o!r flood control projects7 aft] capital exp5ditures4 7#g7 ,gross-,up ( paym5t to issu]s 9 case ( seque/ration ,9 ! case ( any paym5t "u section #fdca7;b7 ( ! ,int]nal ,rev5ue ,code ( #aihf made aft] ! date ( ! enactm5t ( ?is ,act to :i* seque/ration applies1 ! am\nt ( su* paym5t %all be increas$ to an am\nt equal to-- 7,a7 su* paym5t 7det]m9$ be=e su* seque/ration71 multipli$ by 7,b7 ! quoti5t obta9$ by divid+ "o by ! am\nt by :i* "o exce$s ! p]c5tage r$uction 9 su* paym5t pursuant to su* seque/ration4 ,= purposes ( ?is subsection1 ! t]m seque/ration means any r$uction 9 direct sp5d+ ord]$ 9 accordance ) a seque/ration report prep>$ by ! ,director ( ! ,(fice & ,managem5t & ,budget pursuant to ! ,balanc$ ,budget & ,em]g5cy ,deficit ,control ,act ( #aihe or ! ,/atutory ,pay-,z-,y-,g ,act ( #bjaj4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to obligations issu$ on or aft] ! date ( ! enactm5t ( ?is ,act4 #bjc4 ,p]man5t ext5sion ( rese>* cr$it2 increase 9 alt]native simplifi$ rese>* cr$it 7a7 ,p]man5t ext5sion 7#a7 ,9 g5]al ,section #da ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ subsection 7h74 7#b7 ,con=m+ am5dm5ts ,su* ,code is am5d$-- 7,a7 9 section #da7;c7 by /rik+ p>agraph 7#d7 & r$esignat+ p>agraphs 7#e7 & 7#f7 z p>agraphs 7#d7 & 7#e71 respectively2 7,b7 9 section #da7;c77#d71 z s r$esignat$1 by /rik+ ! second s5t5ce ( subp>agraph 7,c72 & 7,c7 9 p>agraph 7#a7 ( section #de;,c7b7 by /rik+ subp>agraph 7,d74 7#c7 ,effective date ,! am5dm5ts made by ?is subsection %all apply to am\nts paid or incurr$ aft] ,decemb] #ca1 #bjac4 7b7 ,increase 9 alt]native simplifi$ rese>* cr$it 7#a7 ,9 g5]al ,subp>agraph 7,a7 ( section #da7;c77#d7 ( su* ,code1 z r$esignat$ by subsection 7a71 is am5d$ by /rik+ #ad p]c5t 7#ab p]c5t 9 ! case ( taxable ye>s end+ be=e ,janu>y #a1 #bjji7 & ins]t+ #ag p]c5t4 7#b7 ,effective date ,! am5dm5ts made by ?is subsection %all apply to taxable ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4 #bjd4 ,exempt-facility bonds = sewage & wat] supply facilities 7a7 ,bonds = wat] & sewage facilities exempt f volume cap on private activity bonds 7#a7 ,9 g5]al ,p>agraph 7#c7 ( section #adf7;g7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ 7#d71 7#e71 aft] 7#b714 7#b7 ,con=m+ am5dm5t ,p>agraphs 7#b7 & 7#c77;,b7 ( section #adf7k7 are bo? am5d$ by /rik+ 7#d71 7#e71 7#f71 or & ins]t+ 7#f74 7b7 ,tax-,exempt issuance by ,indian tribal gov]nm5ts 7#a7 ,9 g5]al ,subsection 7c7 ( section #ghga ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#d7 ,exception = bonds = wat] & sewage facilities ,p>agraph 7#b7 %all n apply to an exempt facility bond #ie p]c5t or m ( ! net proce$s 7z def9$ 9 section #aej7;a77#c77 ( :i* are to be us$ to provide facilities describ$ 9 p>agraph 7#d7 or 7#e7 ( section #adb7;a74 4 7#b7 ,con=m+ am5dm5t ,p>agraph 7#b7 ( section #ghga7;c7 is am5d$ by /rik+ p>agraph 7#c7 & ins]t+ p>agraphs 7#c7 & 7#d74 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to obligations issu$ on or aft] ! date ( ! enactm5t ( ?is ,act4 #bje4 ,repeal ( alt]native m9imum tax on private activity bonds 7a7 ,9 g5]al ,subsection 7a7 ( section #eg ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ p>agraph 7#e74 7b7 ,con=m+ am5dm5ts 7#a7 ,subp>agraph 7,b7 ( section #a7;g77#g7 ( su* ,code is am5d$ by add+ & at ! end ( clause 7i71 by /rik+ 1 & at ! end ( clause 7ii7 & ins]t+ a p]iod1 & by /rik+ clause 7iii74 7#b7 ,subclause 7,,ii7 ( section #ec7;d77#a77;,b77ii7 ( su* ,code is am5d$ by /rik+ 1 7#e74 7#c7 ,subp>agraph 7,c7 ( section #ef7;b77#a7 ( su* ,code is am5d$ by /rik+ clause 7iii7 & r$esignat+ clauses 7iv7 & 7v7 z clauses 7iii7 & 7iv71 respectively4 7#d7 ,p>agraph 7#c7 ( section #adh7;b7 ( su* ,code is am5d$ to read z foll[s3 7#c7 ,exception = tax-exempt bonds ,! t]m inve/m5t prop]ty does n include any tax-exempt bond4 4 7#e7 ,subp>agraph 7,b77i7 ( section #adi7;g77#c7 ( su* ,code is am5d$ to read z foll[s3 7i7 ,9 g5]al ,su* t]m %all n include any bond issu$ z "p ( an issue #ie p]c5t ( ! net proce$s ( :i* are inve/$ 9 bonds ! int]e/ on :i* is n includible 9 gross income "u section #ajc4 4 7#f7 ,p>agraph 7#e7 ( section #adjj,l7d7 ( su* ,code is am5d$ by /rik+ subp>agraph 7,e74 7#g7 ,p>agraph 7#e7 ( section #adjj,n7a7 ( su* ,code is am5d$ by /rik+ subp>agraph 7,g74 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4 ,,iii ,skills ,tra9+ #cja4 ,job tra9+ tax cr$it 7a7 ,9 g5]al ,subp>t ,d ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new section3 #de,s4 ,job tra9+ cr$it 7a7 ,9 g5]al ,= ! purposes ( section #ch1 ! job tra9+ cr$it det]m9$ "u ?is section = ! taxable ye> is an am\nt equal to #ajj p]c5t ( ! qualifi$ tra9+ exp5ses paid by ! qualify+ taxpay] dur+ ! taxable ye>4 7b7 ,limitation ,! cr$it all[$ "u subsection 7a7 ) respect to any eligible tra9ee ( ! qualify+ taxpay] %all n exce$ ! excess 7if any7 ( #d1jjj ov] ! aggregate cr$it all[$ to su* taxpay] "u ?is section ) respect to su* eligible tra9ee = all prior taxable ye>s4 7c7 ,def9itions ,= purposes ( ?is section-- 7#a7 ,qualifi$ tra9+ exp5ses 7,a7 ,9 g5]al ,! t]m qualifi$ tra9+ exp5ses means1 ) respect to any eligible tra9ee ( ! qualify+ taxpay]1 exp5ses paid or incurr$ by su* taxpay] = qualifi$ tuition co/s ( su* eligible tra9ee4 7,b7 ,qualifi$ tuition co/s ,! t]m qualifi$ tuition co/s means co/s = books & enrollm5t 9 a tra9+ program at a qualifi$ educational organization1 ! outcome ( :i*1 if complet$1 w provide ! eligible tra9ee a c]tificate or cr$5tial recogniz$ by a ,/ate accr$it+ body1 ,f$]al ,appr5tice%ip ,ag5cy1 or any o!r national accr$it+ body recogniz$ by ! ,dep>tm5t ( ,education z an indep5d5t1 ?ird-p>ty accr$it+ body4 ,su* tra9+ program-- 7i7 may include a s+le c\rse1 multiple c\rses1 or a comb9ation ( "w tra9+ & /udy1 & 7ii7 mu/ be reasonably necess>y = employm5t 9 a position bas$ 9 ! ,unit$ ,/ates = :i* ! qualify+ taxpay] is curr5tly hir+4 7,c7 ,qualifi$ educational organization ,! t]m qualifi$ educational organization means any educational organization describ$ 9 section #aja ( ! ,high] ,education ,act ( #aife4 7#b7 ,qualify+ taxpay] ,! t]m qualify+ taxpay] means any taxpay] :o provides1 ) respect to any eligible tra9ee1 su* docum5tation z requir$ by ! ,secret>y reg>d+ qualifi$ tra9+ exp5ses & pro( ( unemploym5t /atus z describ$ 9 p>agraph 7#c77;,a74 7#c7 ,eligible tra9ee ,! t]m eligible tra9ee means any individual :o-- 7,a7 has be5 unemploy$ = at lea/ #ij days imm$iately prec$+ ! date ( enrollm5t 9 a tra9+ program describ$ 9 p>agraph 7#a77;,b71 & 7,b7 _h n be5 employ$ by ! qualify+ taxpay] at any "t prior to su* enrollm5t date4 7d7 ,special rules 7#a7 ,d5ial ( d\ble b5efit ,no d$uction %all be all[$ "u ?is *apt] = ! portion ( ! exp5ses o!rwise all[able z a d$uction t are tak5 into acc\nt 9 det]m9+ ! cr$it "u ?is section = ! taxable ye>4 7#b7 ,aggregation ,= purposes ( ?is section1 all p]sons treat$ z a s+le employ] "u subsection 7a7 or 7b7 or section #eb1 or subsection 7m7 or 7o7 ( section #dad1 %all be treat$ z "o p]son4 7#c7 ,treatm5t ( exp5ses z educational assi/ance program ,qualifi$ tra9+ exp5ses %all be treat$ z an educational assi/ance program = purposes ( section #abg4 7e7 ,election ,to h cr$it n apply ,a taxpay] may elect 7at su* "t & 9 su* mann] z ! ,secret>y may by regulations prescribe7 to h ?is section n apply = any taxable ye>4 7f7 ,t]m9ation ,?is section %all n apply to exp5ses paid aft] ,decemb] #ca1 #bjaf4 4 7b7 ,cr$it ,to be "p ( g5]al bus9ess cr$it ,subsection 7b7 ( section #ch ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ plus at ! end ( p>agraph 7#ce71 by /rik+ ! p]iod at ! end ( p>agraph 7#cf7 & ins]t+ 1 plus1 & by add+ at ! end ! foll[+ new p>agraph3 7#cg7 ! job tra9+ cr$it det]m9$ "u section #de,s7a74 4 7c7 ,cr$it all[$ aga9/ alt]native m9imum tax ,section #ch7;c77#d77;,b7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by section #bjf1 is am5d$ by r$esignat+ clauses 7viii71 7ix71 & 7x7 z clauses 7ix71 7x71 & 7xi71 respectively1 & by ins]t+ aft] clause 7vii7 ! foll[+ new clause3 7viii7 ! cr$it det]m9$ "u section #de,s1 4 7d7 ,te*nical am5dm5t ,section #feja7m7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ #de,s7e71 aft] #de;,h7g714 7e7 ,cl]ical am5dm5t ,! table ( sections = subp>t ,d ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new item3 ,sec4 #de,s4 ,job tra9+ cr$it4 4 7f7 ,effective dates 7#a7 ,9 g5]al ,! am5dm5ts made by ?is section %all apply to exp5ses paid or incurr$ aft] ! date ( ! enactm5t ( ?is ,act1 9 taxable ye>s end+ aft] su* date4 7#b7 ,m9imum tax ,! am5dm5ts made by subsection 7c7 %all apply to cr$its det]m9$ "u section #de,s ( ! ,int]nal ,rev5ue ,code ( #aihf 9 taxable ye>s end+ aft] ! date ( ! enactm5t ( ?is ,act1 & to c>rybacks ( su* cr$its4 #cjb4 ,qualifi$ ,job ,tra9+ ,p>tn]%ips cr$it 7a7 ,9 g5]al ,subp>t ,e ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] section #dh;,d ! foll[+ new section3 #dh;,e4 ,qualifi$ ,job ,tra9+ ,p>tn]%ips cr$it 7a7 ,9 g5]al ,= purposes ( section #df1 ! ,qualifi$ ,job ,tra9+ ,p>tn]%ip cr$it = any taxable ye> is an am\nt equal to ! p]c5tage det]m9$ by ! ,secret>y 7n to exce$ #ajj p]c5t7 ( ! qualifi$ inve/m5t = su* taxable ye> ) respect to any ,qualifi$ ,job ,tra9+ ,p>tn]%ip4 7b7 ,qualifi$ inve/m5t 7#a7 ,9 g5]al ,= purposes ( subsection 7a71 ! qualifi$ inve/m5t = any taxable ye> is ! aggregate am\nt ( ! co/s paid or incurr$ 9 su* taxable ye> by "o or m eligible private bus9ess employ]s = exp5ses necess>y = & directly relat$ to ! conduct ( a ,qualifi$ ,job ,tra9+ ,p>tn]%ip 9 ! =m ( contributions ( ca%1 ca% equival5t1 equipm5t1 or any comb9ation ( ! ?ree :]e #ajj p]c5t ( ! inve/m5t is us$ = ! plann+1 implem5tation1 or op]ation ( a ,qualifi$ ,job ,tra9+ ,p>tn]%ip & ! tra9+ f9anc$ ?r\gh ! inve/m5t mu/ result 9 a type ( c]tificate or cr$5tial recogniz$ by a ,/ate accr$it+ body1 ,f$]al ,appr5tice%ip ,ag5cy1 or any o!r national accr$it+ body recogniz$ by ! ,dep>tm5t ( ,education z an indep5d5t1 ?ird-p>ty accr$it+ body4 7#b7 ,limitation ,! am\nt :i* is treat$ z qualifi$ inve/m5t = all taxable ye>s ) respect to any ,qualifi$ ,job ,tra9+ ,p>tn]%ip %all n exce$ ! am\nt c]tifi$ by ! ,secret>y z eligible = ! cr$it "u ?is section4 7#c7 ,exclusions ,! qualifi$ inve/m5t = any taxable ye> ) respect to any ,qualifi$ ,job ,tra9+ ,p>tn]%ip %all n take into acc\nt any co/ = /ud5t tuition or = any o!r exp5se z det]m9$ by ! ,secret>y z appropriate to c>ry out ! purposes ( ?is section4 7#d7 ,c]ta9 progress exp5diture rules made applicable ,9 ! case ( co/s describ$ 9 p>agraph 7#a7 t are paid = prop]ty ( a "* subject to an all[ance = depreciation1 rules simil> to ! rules ( subsections 7c77#d7 & 7d7 ( section #df 7z 9 effect on ! day be=e ! date ( ! enactm5t ( ! ,rev5ue ,reconciliation ,act ( #aiij7 %all apply = purposes ( ?is section4 7c7 ,qualifi$ ,job ,tra9+ ,p>tn]%ip 7#a7 ,9 g5]al ,! t]m ,qualifi$ ,job ,tra9+ ,p>tn]%ip means a =mal or in=mal p>tn]%ip betwe5 at lea/ #a eligible private bus9ess employ] &-- 7,a7 #a qualifi$ educational in/itution1 or 7,b7 #a labor organization 7z def9$ 9 section #b7e7 ( ! ,national ,labor ,relations ,act71 :]e ! /at$ goal ( ! p>tn]%ip is to tra9 /ud5ts 9 job-ready skills4 7#b7 ,eligible private bus9ess employ] ,! t]m eligible private bus9ess employ] means-- 7,a7 a bus9ess entity at lea/ #ej p]c5t ( ! gross income ( :i* is d]iv$ f qualifi$ production activities 7)9 ! mean+ ( section #aii7;c771 or 7,b7 any type ( dome/ic bus9ess entity ! av]age numb] ( full-"t employees ( :i* = ! taxable ye> is n m ?an #ejj4 7#c7 ,qualifi$ educational in/itution ,! t]m qualifi$ educational in/itution means any in/itution ( high] education describ$ 9 section #aja ( ! ,high] ,education ,act ( #aife :i* provides a #b-ye> program t culm9ates 9 an associate degree4 7d7 ,qualifi$ ,job ,tra9+ ,p>tn]%ip program 7#a7 ,e/abli%m5t 7,a7 ,9 g5]al ,n lat] ?an #fj days aft] ! date ( ! enactm5t ( ?is section1 ! ,secret>y1 9 consultation ) ! ,secret>y ( ,labor1 %all e/abli% a ,qualifi$ ,job ,tra9+ ,p>tn]%ip program to consid] & aw>d c]tifications = qualifi$ inve/m5ts eligible = cr$its "u ?is section to ,qualifi$ ,job ,tra9+ ,p>tn]%ips4 7,b7 ,limitation ,! total am\nt ( cr$its t may be allocat$ "u ! program %all n exce$ #a1jjj1jjj1jjj4 7#b7 ,c]tification 7,a7 ,application p]iod ,ea* applicant = c]tification "u ?is p>agraph %all submit an application conta9+ su* in=mation z ! ,secret>y may require dur+ ! p]iod beg9n+ on ! date ! ,secret>y e/abli%es ! program "u p>agraph 7#a74 7,b7 ,"t = review ( applications ,! ,secret>y %all take action to approve or d5y any application "u subp>agraph 7,a7 )9 #cj days ( ! submission ( su* application4 7,c7 ,multi-ye> applications ,an application = c]tification "u subp>agraph 7,a7 may include a reque/ = an allocation ( cr$its = m ?an #a ye>4 7#c7 ,selection crit]ia ,9 det]m9+ ! ,qualifi$ ,job ,tra9+ ,p>tn]%ips ) respect to :i* qualifi$ inve/m5ts may be c]tifi$ "u ?is section1 ! ,secret>y-- 7,a7 %all give priority to ^? applications :i* demon/rate-- 7i7 ! greate/ probability t ^? :o complete ! program w secure employm5t2 7ii7 ! greate/ pot5tial = provid+ work]s :o complete ! program ) skills t c provide long-t]m job & income security2 7iii7 ! /ronge/ m>ket dem& = ! type ( tra9+ (f]$2 7iv7 ! greate/ probability t ! program w\ld create a net increase 9 job tra9+ opportunities2 7v7 a /rong ne$ 9 ! community = skills tra9+2 7vi7 ! ability to all[ nontraditional le>n]s to complete ! tra9+2 & 7vii7 ! ability & capacity to implem5t ! program 9 a reasonable p]iod ( "t2 & 7,b7 %all take into additional consid]ation :i* applications %[-- 7i7 ! ability to lev]age additional s\rces ( capital2 & 7ii7 ! greate/ ability to (f] tra9+ programs t result 9 a c]tificate or cr$5tial 7)9 ! mean+ ( subsection 7b77#a77 t is /ackable or portable or bo?4 7#d7 ,review & additional allocation 7,a7 ,review ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is section1 ! ,secret>y %all review ! cr$its allocat$ "u ?is section z ( su* date4 7,b7 ,additional allocation ,if ! ,secret>y det]m9es at ! "t ( ! review t cr$its "u ?is section are available = allocation pursuant to ! requirem5ts set =? 9 p>agraph 7#b71 ! ,secret>y is au?oriz$ to allocate su* available cr$its ?r\gh ! conduct ( an additional program or programs = applications = c]tification4 7#e7 ,disclosure ( allocations ,! ,secret>y %all1 ^u mak+ a c]tification "u ?is subsection1 publicly disclose ! id5tity ( ! applicant & ! am\nt ( ! cr$it ) respect to su* applicant4 7e7 ,special rules 7#a7 ,basis adju/m5t ,= purposes ( ?is subtitle1 if a cr$it is all[$ "u ?is section = an exp5diture relat$ to prop]ty ( a "* subject to an all[ance = depreciation1 ! basis ( su* prop]ty %all be r$uc$ by ! am\nt ( su* cr$it4 7#b7 ,d5ial ( d\ble b5efit 7,a7 ,bonus depreciation ,a cr$it %all n be all[$ "u ?is section = any inve/m5t = :i* bonus depreciation is all[$ "u section #afh7k71 #adjj,l7b77#a71 or #adjj,n7d77#a74 7,b7 ,d$uctions ,no d$uction "u ?is subtitle %all be all[$ = ! portion ( ! exp5ses o!rwise all[able z a d$uction tak5 into acc\nt 9 det]m9+ ! cr$it "u ?is section = ! taxable ye> :i* is equal to ! am\nt ( ! cr$it det]m9$ = su* taxable ye> "u subsection 7a7 attributable to su* portion4 ,?is subp>agraph %all n apply to exp5ses relat$ to prop]ty ( a "* subject to an all[ance = depreciation ! basis ( :i* is r$uc$ "u p>agraph 7#a74 4 7b7 ,inclusion z "p ( inve/m5t cr$it ,section #df ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by add+ a comma at ! end ( p>agraph 7#d71 7#b7 by /rik+ & at ! end ( p>agraph 7#e71 7#c7 by /rik+ ! p]iod at ! end ( p>agraph 7#f7 & ins]t+ 1 &1 & 7#d7 by add+ at ! end ! foll[+ new p>agraph3 7#g7 ! ,qualifi$ ,job ,tra9+ ,p>tn]%ips cr$it4 4 7c7 ,con=m+ am5dm5t ,section #di7;a77#a77;,c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ & at ! end ( clause 7v71 by /rik+ ! p]iod at ! end ( clause 7vi7 & ins]t+ 1 &1 & by add+ at ! end ! foll[+ new clause3 7vii7 ! basis ( any prop]ty to :i* p>agraph 7#a7 ( section #dh;,e7e7 applies :i* is "p ( a ,qualifi$ ,job ,tra9+ ,p>tn]%ip "u su* section #dh;,e4 4 7d7 ,cl]ical am5dm5t ,! table ( sections = subp>t ,e ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] ! item relat+ to section #dh;,d ! foll[+ new item3 ,sec4 #dh;,e4 ,qualifi$ ,job ,tra9+ ,p>tn]%ip cr$it4 4 7e7 ,grants = qualifi$ inve/m5ts 9 ,qualifi$ ,job ,tra9+ ,p>tn]%ips 9 lieu ( tax cr$its 7#a7 ,9 g5]al ,^u application1 ! ,secret>y ( ! ,treasury %all1 subject to ! requirem5ts ( ?is subsection1 provide a grant to ea* p]son :o makes a qualifi$ inve/m5t 9 a ,qualifi$ ,job ,tra9+ ,p>tn]%ip 9 an am\nt n to exce$ #ajj p]c5t ( su* inve/m5t4 7#b7 ,application 7,a7 ,9 g5]al ,at ! /at$ election ( ! applicant1 an application = c]tification "u section #dh;,e7d77#b7 ( ! ,int]nal ,rev5ue ,code ( #aihf = a cr$it "u su* section = any taxable ye> %all be consid]$ to be an application = a grant "u p>agraph 7#a7 = su* taxable ye>4 7,b7 ,submission date ,an application = a grant "u p>agraph 7#a7 = any taxable ye> %all be submitt$-- 7i7 n e>li] ?an ! day aft] ! la/ day ( su* taxable ye>1 & 7ii7 n lat] ?an ! due date 7includ+ ext5sions7 = fil+ ! return ( tax = su* taxable ye>4 7,c7 ,in=mation to be submitt$ ,an application = a grant "u p>agraph 7#a7 %all include su* in=mation & be 9 su* =m z ! ,secret>y ( ! ,treasury may require to /ate ! am\nt ( ! cr$it all[able 7b = ! receipt ( a grant "u ?is subsection7 "u section #dh;,e = ! taxable ye> = ! qualifi$ inve/m5t ) respect to :i* su* application is made4 7#c7 ,"t = paym5t ( grant 7,a7 ,9 g5]al ,! ,secret>y ( ! ,treasury %all make paym5t ( ! am\nt ( any grant "u p>agraph 7#a7 dur+ ! #cj-;day p]iod beg9n+ on ! lat] (-- 7i7 ! date ( ! application = su* grant1 or 7ii7 ! date ! qualifi$ inve/m5t = :i* ! grant is be+ made is made4 7,b7 ,regulations ,9 ! case ( inve/m5ts ( an ongo+ nature1 ! ,secret>y ( ! ,treasury %all issue regulations to det]m9e ! date on :i* a qualifi$ inve/m5t %all be deem$ to h be5 made = purposes ( ?is p>agraph4 7#d7 ,qualifi$ inve/m5t ,= purposes ( ?is subsection1 ! t]m qualifi$ inve/m5t means a qualifi$ inve/m5t t is c]tifi$ "u section #dh;,e7d7 ( ! ,int]nal ,rev5ue ,code ( #aihf = purposes ( ! cr$it "u su* section #dh;,e4 7#e7 ,application ( c]ta9 rules 7,a7 ,9 g5]al ,9 mak+ grants "u ?is subsection1 ! ,secret>y ( ! ,treasury %all apply rules simil> to ! rules ( section #ej ( ! ,int]nal ,rev5ue ,code ( #aihf4 ,9 apply+ su* rules1 any increase 9 tax "u *apt] #a ( su* ,code by reason ( an inve/m5t ceas+ to be a qualifi$ inve/m5t %all be impos$ on ! p]son to :om ! grant 0 made4 7,b7 ,special rules 7i7 ,recapture ( excessive grant am\nts ,if ! am\nt ( a grant made "u ?is subsection exce$s ! am\nt all[able z a grant "u ?is subsection1 su* excess %all be recaptur$ "u subp>agraph 7,a7 z if ! inve/m5t to :i* su* excess portion ( ! grant relates _h ceas$ to be a qualifi$ inve/m5t imm$iately aft] su* grant 0 made4 7ii7 ,grant in=mation n treat$ z return in=mation ,9 no ev5t %all ! am\nt ( a grant made "u p>agraph 7#a71 ! id5tity ( ! p]son to :om su* grant 0 made1 or a description ( ! inve/m5t ) respect to :i* su* grant 0 made be treat$ z return in=mation = purposes ( section #fajc ( ! ,int]nal ,rev5ue ,code ( #aihf4 7#f7 ,secret>y ,any ref]5ce 9 ?is subsection to ! ,secret>y ( ! ,treasury %all be treat$ z includ+ ! ,secret>y's delegate4 7#g7 ,o!r t]ms ,any t]m us$ 9 ?is subsection :i* is also us$ 9 section #dh;,e ( ! ,int]nal ,rev5ue ,code ( #aihf %all h ! same mean+ = purposes ( ?is subsection z :5 us$ 9 su* section4 7#h7 ,d5ial ( d\ble b5efit ,no cr$it %all be all[$ "u section #df7g7 ( ! ,int]nal ,rev5ue ,code ( #aihf by reason ( section #dh;,e ( su* ,code = any inve/m5t = :i* a grant is aw>d$ "u ?is subsection4 7#i7 ,appropriations ,!re is h]eby appropriat$ to ! ,secret>y ( ! ,treasury su* sums z may be necess>y to c>ry out ?is subsection4 7f7 ,effective date ,! am5dm5ts made by subsections 7a7 ?r\gh 7d7 ( ?is section %all apply to am\nts paid or incurr$ aft] ! date ( ! enactm5t ( ?is ,act1 9 taxable ye>s beg9n+ aft] su* date4 ,,iv ,trade provisions #dja4 ,f9d+s2 s5se ( ,congress on applicability ( trade au?orities proc$ures to a bill implem5t+ a trade & inve/m5t agreem5t ) ! ,european ,union 7a7 ,f9d+s ,congress f9ds ! foll[+3 7#a7 ,! ,unit$ ,/ates & ! ,european ,union 7,,eu7 ma9ta9 a v /rong & b5eficial comm]cial relation%ip4 7#b7 ,! ,unit$ ,/ates-,,eu relation%ip supports a comb9$ #ac million jobs1 & ne>ly #d trillion 9 inve/m5t4 7#c7 ,! economies ( ! ,unit$ ,/ates & ! ,,eu ea* g5]ate m ?an #af trillion1 :i* repres5ts #de p]c5t ( global gross dome/ic product1 & ov] "o-?ird ( global trade & inve/m5t fl[s4 7#d7 ,! ,unit$ ,/ates-,,eu s+le comm]cial relation%ip is ! _w's l>ge/ & ! ,,eu rema9s ! l>ge/ m>ket = ,unit$ ,/ates exports & ! l>ge/ s\rce ( imports into ! ,unit$ ,/ates4 7#e7 ,congress welcomes ! "w ( ! ,high ,level ,work+ ,gr\p report & ! decision ( ,presid5t ,obama to laun* negotiations = a pot5tial bilat]al trade agreem5t4 7#f7 ,! ,transatlantic ,trade & ,inve/m5t ,p>tn]%ip 7,,ttip7 repres5ts a key /rategic opportunity = ! ,unit$ ,/ates & ! ,,eu4 7#g7 ,! gr\ndbreak+ ,,ttip w deep5 ties betwe5 ! ,unit$ ,/ates & ! ,,eu1 increase exports1 gr[ bo? economies1 & support hundr$s ( ?\s&s ( jobs on bo? sides ( ! ,atlantic ,ocean4 7b7 ,s5se ( ,congress ,x is ! s5se ( ,congress t-- 7#a7 ! applicability ( section #aea ( ! ,trade ,act ( #aigd 7#ai ,u4,s4,c4 #baia2 relat+ to trade au?orities proc$ures7 to a bill implem5t+ a trade & inve/m5t agreem5t ) ! ,european ,union 7,,eu7 result+ f negotiations ) ! ,,eu1 z notifi$ to ! ,unit$ ,/ates ,congress on ,m>* #bj1 #bjac1 %\ld be det]m9$ )\t reg>d to any pr5egotiation notification & consultation requirem5ts t w\ld o!rwise be applicable2 & 7#b7 ! ,adm9i/ration %\ld press = a quick conclusion ( ?is compreh5sive & ambiti\s agreem5t4 #djb4 ,ext5sion ( trade adju/m5t assi/ance program 7a7 ,ext5sion ( t]m9ation provisions ,section #bhe ( ! ,trade ,act ( #aigd 7#ai ,u4,s4,c4 #bbga note7 is am5d$ by /rik+ #bjac ea* place x appe>s & ins]t+ #bjbj4 7b7 ,tra9+ funds ,section #bcf7;a77#b77;,a7 ( ! ,trade ,act ( #aigd 7#ai ,u4,s4,c4 #bbif7;a77#b77;,a77 is am5d$-- 7#a7 9 clause 7i71 by /rik+ & #bjac & ins]t+ ?r\gh #bjbj2 & 7#b7 9 clause 7ii71 by /rik+ #bjac ea* place x appe>s & ins]t+ #bjbj4 7c7 ,reemploym5t trade adju/m5t assi/ance ,section #bdf7;b77#a7 ( ! ,trade ,act ( #aigd 7#ai ,u4,s4,c4 #bcah7;b77#a77 is am5d$ by /rik+ #bjac & ins]t+ #bjbj4 7d7 ,au?orizations ( appropriations 7#a7 ,trade adju/m5t assi/ance = work]s ,section #bde7;a7 ( ! ,trade ,act ( #aigd 7#ai ,u4,s4,c4 #bcag7;a77 is am5d$ by /rik+ #bjac & ins]t+ #bjbj4 7#b7 ,trade adju/m5t assi/ance = firms ,section #bee7;a7 ( ! ,trade ,act ( #aigd 7#ai ,u4,s4,c4 #bcde7;a77 is am5d$-- 7,a7 by /rik+ & #bjac & ins]t+ ?r\gh #bjbj2 & 7,b7 by /rik+ ,octob] #a1 #bjac1 & end+ on ,decemb] #ca1 #bjac & ins]t+ ,octob] #a1 #bjbj1 & end+ on ,decemb] #ca1 #bjbj4 7#c7 ,trade adju/m5t assi/ance = f>m]s ,section #bih7;a7 ( ! ,trade ,act ( #aigd 7#ai ,u4,s4,c4 #bdja;g7a77 is am5d$-- 7,a7 by /rik+ & #bjac & ins]t+ ?r\gh #bjbj2 & 7,b7 by /rik+ ,octob] #a1 #bjac1 & end+ on ,decemb] #ca1 #bjac & ins]t+ ,octob] #a1 #bjbj1 & end+ on ,decemb] #ca1 #bjbj4 7e7 ,am5dm5ts to ,trade ,adju/m5t ,assi/ance ,ext5sion ,act ( #bjaa 7#a7 ,application ( prior law ,section #bcc7;a7 ( ! ,trade ,adju/m5t ,assi/ance ,ext5sion ,act ( #bjaa 7title ,,ii ( ,public ,law #aab-dj2 #abe ,/at4 #daf2 #ai ,u4,s4,c4 #bbga note prec47 is am5d$-- 7,a7 9 ! matt] prec$+ p>agraph 7#a71 by /rik+ #bjad & ins]t+ #bjba2 & 7,b7 by /rik+ p>agraphs 7#c7 ?r\gh 7#g7 & ins]t+ ! foll[+3 7#c7 section #bde7;a7 ( t ,act %all be appli$ & adm9i/]$ by sub/itut+ #bjba = #bjjg2 7#d7 section #bdf7;b77#a7 ( t ,act %all be appli$ & adm9i/]$ by sub/itut+ ,decemb] #ca1 #bjba = ! date t is #e ye>s & all t foll[s ?r\gh ,/ate2 7#e7 section #bef7;b7 ( t ,act %all be appli$ & adm9i/]$ by sub/itut+ ! #a-ye> p]iod beg9n+ on ,janu>y #a1 #bjba = ea* ( fiscal ye>s #bjjc ?r\gh #bjjg1 & #d1jjj1jjj = ! #c-mon? p]iod beg9n+ on ,octob] #a1 #bjjg2 7#f7 section #bih7;a7 ( t ,act %all be appli$ & adm9i/]$ by sub/itut+ ! #a-ye> p]iod beg9n+ on ,janu>y #a1 #bjba = ea* ( ! fiscal ye>s & all t foll[s ?r\gh ,octob] #a1 #bjjg2 & 7#g7 section #bhe ( t ,act %all be appli$ & adm9i/]$-- 7,a7 9 subsection 7a71 by sub/itut+ #bjba = #bjjg ea* place x appe>s2 & 7,b7 by apply+ & adm9i/]+ subsection 7b7 z if x read z foll[s3 7b7 ,o!r assi/ance 7#a7 ,assi/ance = firms 7,a7 ,9 g5]al ,except z provid$ 9 subp>agraph 7,b71 assi/ance may n be provid$ "u *apt] #c aft] ,decemb] #ca1 #bjba4 7,b7 ,exception ,not)/&+ subp>agraph 7,a71 any assi/ance approv$ "u *apt] #c on or be=e ,decemb] #ca1 #bjba1 may be provid$-- 7i7 to ! ext5t funds are available pursuant to su* *apt] = su* purpose2 & 7ii7 to ! ext5t ! recipi5t ( ! assi/ance is o!rwise eligible to receive su* assi/ance4 7#b7 ,f>m]s 7,a7 ,9 g5]al ,except z provid$ 9 subp>agraph 7,b71 assi/ance may n be provid$ "u *apt] #f aft] ,decemb] #ca1 #bjba4 7,b7 ,exception ,not)/&+ subp>agraph 7,a71 any assi/ance approv$ "u *apt] #f on or be=e ,decemb] #ca1 #bjba1 may be provid$-- 7i7 to ! ext5t funds are available pursuant to su* *apt] = su* purpose2 & 7ii7 to ! ext5t ! recipi5t ( ! assi/ance is o!rwise eligible to receive su* assi/ance4 4 4 7#b7 ,cont9uation ( b5efits ,section #bcc7;b7 ( ! ,trade ,adju/m5t ,assi/ance ,ext5sion ,act ( #bjaa is am5d$ by /rik+ #bjad ea* place x appe>s & ins]t+ #bjba4 ,v ,m9imum ,wage ,increase & ,bus9ess ,tax ,relief #eja4 ,m9imum wage increases 7a7 ,m9imum wage 7#a7 ,9 g5]al ,section #f7;a77#a7 ( ! ,fair ,labor ,/&>ds ,act ( #aich 7#bi ,u4,s4,c4 #bjf7;a77#a77 is am5d$ to read z foll[s3 7#a7 except z o!rwise provid$ 9 ?is section1 n less ?an-- 7,a7 #h4bj an h\r1 beg9n+ on ! fir/ day ( ! fir/ mon? t beg9s #a ye> aft] ! date ( enactm5t ( ! ,inve/ 9 ,unit$ ,/ates ,act ( #bjad2 7,b7 #i4ae an h\r1 beg9n+ #a ye> aft] t fir/ day2 7,c7 #aj4aj an h\r1 beg9n+ #b ye>s aft] t fir/ day2 & 7,d7 beg9n+ on ! date t is #c ye>s aft] t fir/ day1 & annually !reaft]1 ! am\nt det]m9$ by ! ,secret>y pursuant to subsection 7h72 4 7#b7 ,det]m9ation bas$ on increase 9 ! consum] price index ,section #f ( ! ,fair ,labor ,/&>ds ,act ( #aich 7#bi ,u4,s4,c4 #bjf7 is am5d$ by add+ at ! end ! foll[+3 7h7 7#a7 ,ea* ye>1 by n lat] ?an ! date t is #ij days be=e a new m9imum wage det]m9$ "u subsection 7a77#a77;,d7 is to take effect1 ! ,secret>y %all det]m9e ! m9imum wage to be 9 effect pursuant to ?is subsection = ! subsequ5t #a-ye> p]iod4 ,! wage det]m9$ pursuant to ?is subsection = a ye> %all be-- 7,a7 n less ?an ! am\nt 9 effect "u subsection 7a77#a7 on ! date ( su* det]m9ation2 7,b7 increas$ f su* am\nt by ! annual p]c5tage increase 9 ! ,consum] ,price ,index = ,urban ,wage ,e>n]s & ,cl]ical ,work]s 7,unit$ ,/ates city av]age1 all items1 n seasonally adju/$71 or its successor publication1 z det]m9$ by ! ,bureau ( ,labor ,/ati/ics2 & 7,c7 r\nd$ to ! ne>e/ multiple ( #j4je4 7#b7 ,9 calculat+ ! annual p]c5tage increase 9 ! ,consum] ,price ,index = purposes ( p>agraph 7#a77;,b71 ! ,secret>y %all comp>e su* ,consum] ,price ,index = ! mo/ rec5t mon?1 qu>t]1 or ye> available 7z select$ by ! ,secret>y prior to ! fir/ ye> = :i* a m9imum wage is 9 effect pursuant to ?is subsection7 ) ! ,consum] ,price ,index = ! same mon? 9 ! prec$+ ye>1 ! same qu>t] 9 ! prec$+ ye>1 or ! prec$+ ye>1 respectively4 4 7b7 ,base m9imum wage = tipp$ employees ,section #c7m77#a7 ( ! ,fair ,labor ,/&>ds ,act ( #aich 7#bi ,u4,s4,c4 #bjc7m77#a77 is am5d$ to read z foll[s3 7#a7 ! ca% wage paid su* employee1 :i* = purposes ( su* det]m9ation %all be n less ?an-- 7,a7 = ! #a-ye> p]iod beg9n+ on ! fir/ day ( ! ?ird mon? t beg9s aft] ! date ( enactm5t ( ! ,fair ,m9imum ,wage & ,bus9ess ,tax ,relief ,act ( #bjac1 #c4jj an h\r2 7,b7 = ea* succe$+ #a-ye> p]iod until ! h\rly wage "u ?is p>agraph equals #ej p]c5t ( ! wage 9 effect "u section #f7;a77#a7 = su* p]iod1 an h\rly wage equal to ! am\nt det]m9$ "u ?is p>agraph = ! prec$+ ye>1 increas$ by ! less] (-- 7i7 #j4ej2 or 7ii7 ! am\nt necess>y = ! wage 9 effect "u ?is p>agraph to equal #ej p]c5t ( ! wage 9 effect "u section #f7;a77#a7 = su* p]iod1 r\nd$ to ! ne>e/ multiple ( #j4je2 & 7,c7 = ea* succe$+ #a-ye> p]iod aft] ! ye> 9 :i* ! h\rly wage "u ?is p>agraph fir/ equals #ej p]c5t ( ! wage 9 effect "u section #f7;a77#a7 = ! same p]iod1 ! am\nt necess>y to ensure t ! wage 9 effect "u ?is p>agraph rema9s equal to #ej p]c5t ( ! wage 9 effect "u section #f7;a77#a71 r\nd$ to ! ne>e/ multiple ( #j4je2 & 4 7c7 ,publication ( notice ,section #f ( ! ,fair ,labor ,/&>ds ,act ( #aich 7z am5d$ by subsection 7a77 7#bi ,u4,s4,c4 #bjf7 is fur!r am5d$ by add+ at ! end ! foll[+3 7i7 ,n lat] ?an #fj days prior to ! effective date ( any increase 9 ! m9imum wage det]m9$ "u subsection 7h7 or requir$ = tipp$ employees 9 accordance ) subp>agraph 7,b7 or 7,c7 ( section #c7m77#a71 z am5d$ by ! ,fair ,m9imum ,wage & ,bus9ess ,tax ,relief ,act ( #bjac1 ! ,secret>y %all publi% 9 ! ,f$]al ,regi/] & on ! website ( ! ,dep>tm5t ( ,labor a notice ann\nc+ ! adju/$ requir$ wage4 4 7d7 ,effective date ,! am5dm5ts made by subsections 7a7 & 7b7 %all take effect on ! fir/ day ( ! fir/ mon? t beg9s #a ye> aft] ! date ( enactm5t ( ?is ,act4 #ejb4 ,"w ,opportunity ,cr$it made p]man5t 7a7 ,9 g5]al ,section #ea7;c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ p>agraph 7#d74 7b7 ,effective date ,! am5dm5t made by subsection 7a7 %all apply to individuals :o beg9 "w = ! employ] aft] ,decemb] #ca1 #bjac4 #ejc4 ,increas$ exp5s+ limitations & treatm5t ( c]ta9 real prop]ty z section #agi prop]ty made p]man5t 7a7 ,9 g5]al ,subsection 7b7 ( section #agi ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ %all n exce$-- & all t foll[s 9 p>agraph 7#a7 & ins]t+ %all n exce$ #ejj1jjj41 & 7#b7 by /rik+ exce$s-- & all t foll[s 9 p>agraph 7#b7 & ins]t+ exce$s #b1jjj1jjj44 7b7 ,comput] s(tw>e ,clause 7ii7 ( section #agi7;d77#a77;,a7 ( su* ,code is am5d$ by /rik+ & :i* is plac$ 9 s]vice 9 a taxable ye> beg9n+ aft] #bjjb & be=e #bjad14 7c7 ,special rules = treatm5t ( qualifi$ real prop]ty ,subsection 7f7 ( section #agi ( su* ,code is am5d$-- 7#a7 by /rik+ beg9n+ 9 #bjaj1 #bjaa1 #bjab1 or #bjac 9 p>agraph 7#a71 & 7#b7 by /rik+ p>agraph 7#d74 7d7 ,election ,p>agraph 7#b7 ( section #agi7;c7 ( su* ,code is am5d$ to read z foll[s3 7#b7 ,revocation ( election ,any election made "u ?is section1 & any specification conta9$ 9 any su* election1 may be revok$ by ! taxpay] ) respect to any prop]ty1 & su* revocation1 once made1 %all be irrevocable4 4 7e7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjac4 #ejd4 ,p]man5t ext5sion ( treatm5t ( qualifi$ leasehold improvem5t prop]ty1 qualifi$ re/aurant prop]ty1 & qualifi$ retail improvem5t prop]ty z #ae-ye> prop]ty = purposes ( depreciation d$uction 7a7 ,qualifi$ leasehold improvem5t prop]ty ,clause 7iv7 ( section #afh7;e77#c77;,e7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ plac$ 9 s]vice be=e ,janu>y #a1 #bjad4 7b7 ,qualifi$ re/aurant prop]ty ,clause 7v7 ( section #afh7;e77#c77;,e7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ plac$ 9 s]vice be=e ,janu>y #a1 #bjad4 7c7 ,qualifi$ retail improvem5t prop]ty ,clause 7ix7 ( section #afh7;e77#c77;,e7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ 1 & be=e ,janu>y #a1 #bjad4 7d7 ,effective date ,! am5dm5t made by ?is section %all apply to prop]ty plac$ 9 s]vice aft] ,decemb] #ca1 #bjac4