,,ii #aadth ,,congress #ast ,session ,s4 #aahf ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,may #d1 #bjae,mr4 ,wyden 7for himself and ,mr4 ,hoeven7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to provide for ,move ,america bonds and to allow such bonds to be converted into tax credits to support public-private partnerships4 #a4 ,short title ,this ,act may be cited as the ,move ,america ,act of #bjae4 #b4 ,move ,america ,bond 7a7 ,in general 7#a7 ,move ,america bonds ,subpart ,a of part ,,iv of subchapter ,b of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after section #adb the following new section3 #adb;,a4 ,move ,america bonds 7a7 ,in general 7#a7 ,treatment as exempt facility bond ,except as otherwise provided in this section1 a ,move ,america bond shall be treated for purposes of this part as an exempt facility bond4 7#b7 ,exceptions 7,a7 ,no government ownership requirement ,paragraph 7#a7 of section #adb7;b7 shall not apply to any ,move ,america bond4 7,b7 ,special rules for high-speed rail bonds ,paragraphs 7#b7 and 7#c7 of section #adb7;i7 shall not apply to any ,move ,america bond described in subsection 7b77#d74 7,c7 ,special rules for highway and surface transportation facilities ,paragraphs 7#b71 7#c71 and 7#d7 of section #adb7m7 shall not apply to any ,move ,america bond described in subsection 7b77#e74 7b7 ,move ,america bond ,for purposes of this part1 the term ,move ,america bond means any bond issued as part of an issue #ie percent or more of the net proceeds of which are used to provide-- 7#a7 airports1 7#b7 docks and wharves1 including-- 7,a7 waterborne mooring infrastructure1 7,b7 dredging in connection with a dock or wharf1 and 7,c7 any associated rail and road infrastructure for the purpose of integrating modes of transportation1 7#c7 mass commuting facilities1 7#d7 railroads 7as defined in section #bjajb of title #di1 ,united ,states ,code7 and any associated rail and road infrastructure for the purpose of integrating modes of transportation1 7#e7 any-- 7,a7 surface transportation project which is eligible for ,federal assistance under title #bc1 ,united ,states ,code 7as in effect on the date of the enactment of this section71 7,b7 project for an international bridge or tunnel for which an international entity authorized under ,federal or ,state law is responsible and which is eligible ,federal assistance under title #bc1 ,united ,states ,code 7as so in effect71 or 7,c7 facility for the transfer of freight from truck to rail or rail to truck 7including any temporary storage facilities directly related to such transfers7 which is eligible for ,federal assistance under either title #bc or title #di1 ,united ,states ,code 7as so in effect71 7#f7 flood diversions1 or 7#g7 inland waterways1 including construction and rehabilitation expenditures for navigation on any inland or intracoastal waterways of the ,united ,states 7within the meaning of section #djdb7;d77#b774 7c7 ,flood diversions ,for purposes of this section1 the term flood diversion means any flood damage risk reduction project authorized under any ,act for authorizing water resources development projects4 7d7 ,move ,america volume cap 7#a7 ,in general ,the aggregate face amount of ,move ,america bonds issued pursuant to an issue1 when added to the aggregate face amount of ,move ,america bonds previously issued by the issuing authority during the calendar year1 shall not exceed such issuing authority's ,move ,america volume cap for such year4 7#b7 ,move ,america volume cap ,for purposes of this subsection-- 7,a7 ,in general ,the ,move ,america volume cap shall be #ej percent of the ,state ceiling under section #adf7;d7 for such ,state for such year4 7,b7 ,allocation of volume cap ,each ,state may allocate the ,move ,america volume cap of such ,state among governmental units 7or other authorities7 in such ,state having authority to issue private activity bonds4 7#c7 ,carryforwards 7,a7 ,in general ,if-- 7i7 an issuing authority's ,move ,america volume cap1 exceeds 7ii7 the aggregate amount of ,move ,america bonds issued during such calendar year by such authority1 any ,move ,america bond issued by such authority during the #c-;calendar-year period following such calendar year shall not be taken into account under paragraph 7#a7 to the extent the amount of such bonds does not exceed the amount of such excess4 ,any excesses arising under this paragraph shall be used under this paragraph in the order of calendar years in which the excesses arose4 7,b7 ,reallocation of unused carryforwards 7i7 ,in general ,the ,move ,america volume cap under paragraph 7#b77;,a7 for any ,state for any calendar year shall be increased by any amount allocated to such ,state by the ,secretary under clause 7ii74 7ii7 ,reallocation ,the ,secretary shall allocate to each qualified ,state for any calendar year an amount which bears the same ratio to the aggregate unused carryforward amounts of all issuing authorities in all ,states for such calendar year as the qualified ,state's population for the calendar year bears to the population of all qualified ,states for the calendar year4 ,for purposes of the preceding sentence1 population shall be determined in accordance with section #adf7;j74 7iii7 ,qualified ,state ,for purposes of this subparagraph1 the term qualified ,state means1 with respect to a calendar year1 any ,state-- 7,i7 which allocated its entire ,move ,america volume cap for the preceding calendar year1 and 7,,ii7 for which a request is made 7not later than ,may #a of the calendar year7 to receive an allocation under clause 7ii74 7iv7 ,unused carryforward amount ,for purposes of this paragraph1 the term unused carryforward amount means1 with respect to any issuing authority for any calendar year1 the excess of-- 7,i7 the amount of the excess described in subparagraph 7,a7 for the fourth preceding calendar year1 over 7,,ii7 the amount of bonds issued by such issuing authority to which subparagraph 7,a7 applied during the #c preceding calendar years4 7e7 ,applicability of certain federal laws ,an issue shall not be treated as an issue under subsection 7b7 unless the facility for which the proceeds of such issue are used would be subject to the requirements of any ,federal law 7including titles #bc1 #dj1 and #di of the ,united ,states ,code7 which would otherwise apply to similar projects4 7f7 ,special rule for environmental remediation costs for docks and wharves ,for purposes of this section1 amounts used for working capital expenditures relating to environmental remediation required under ,state or ,federal law at or near a facility described in subsection 7b77#b7 7including environmental remediation in the riverbed and land within or adjacent to the ,federal navigation channel used to access such facility7 shall be treated as an amount used to provide for such a facility4 7g7 ,regulations ,the ,secretary shall prescribe such regulations as may be necessary to carry out the purposes of this section1 including regulations requiring ,states to report the amount of ,move ,america volume cap of the ,state carried forward for any calendar year under subsection 7d77#c74 4 7#b7 ,conforming amendment ,the table of sections for subpart ,a of part ,,iv of subchapter ,b of chapter #a of such ,code is amended by inserting after the item relating to section #adb the following new item3 ,sec4 #adb;,a4 ,move ,america bonds4 4 7b7 ,application of other private activity bond rules 7#a7 ,treatment under private activity bond volume cap ,subsection 7g7 of section #adf of the ,internal ,revenue ,code of #aihf is amended by striking and at the end of paragraph 7#c71 by striking the period at the end of paragraph 7#d7 and inserting 1 and1 and by inserting after paragraph 7#d7 the following new paragraph3 7#e7 any ,move ,america bond4 4 7#b7 ,rule for facilities located outside the ,state ,paragraph 7#b7 of section #adf7k7 of the ,internal ,revenue ,code of #aihf is amended by inserting or to any ,move ,america bond after section #adb7;a74 7#c7 ,special rule on use for land acquisition ,subparagraph 7,a7 of section #adg7;c77#a7 of the ,internal ,revenue ,code of #aihf is amended by inserting 7#ej percent in the case of any issue of ,move ,america bonds7 after #be percent4 7#d7 ,special rules for rehabilitation expenditures 7,a7 ,inclusion of certain expenditures ,subparagraph 7,b7 of section #adg7;d77#c7 of the ,internal ,revenue ,code of #aihf is amended by inserting 1 except that1 in the case of any ,move ,america bond1 such term shall include any expenditure described in clause 7iii7 or 7v7 thereof before the period at the end4 7,b7 ,period for expenditures ,subparagraph 7,c7 of section #adg7;d77#c7 of such ,code is amended by inserting 7#e years1 in the case of any ,move ,america bond7 after #b years4 7c7 ,treatment under the alternative minimum tax ,subparagraph 7,c7 of section #eg7;a77#e7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new clause3 7vii7 ,exception for ,move ,america bonds ,for purposes of clause 7i71 the term private activity bond shall not include any ,move ,america bond 7as defined in section #adb;,a74 4 7d7 ,effective date ,the amendments made by this section shall apply to obligations issued in calendar years beginning after the date of the enactment of this ,act4 #c4 ,move ,america tax credits 7a7 ,in general ,subpart ,b 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 #cj;,e4 ,move ,america credit 7a7 ,allowance of credit ,in the case of a ,move ,america credit certificate purchased by the taxpayer1 there shall be allowed as a credit against the tax imposed by this chapter for any taxable year in the credit period an amount equal to #aj percent of the value of such certificate4 7b7 ,credit period ,for purposes of this section1 the term credit period means1 with respect to any ,move ,america credit certificate1 the period of #aj taxable years beginning with the first taxable year that begins in the calendar year in which the qualified project to which such certificate relates is placed in service4 7c7 ,move ,america credit certificate ,for purposes of this section-- 7#a7 ,move ,america credit certificate ,the term ,move ,america credit certificate means any certificate that-- 7,a7 is sold to the taxpayer under a qualified ,move ,america credit program by a ,state or by a project sponsor to whom the ,state has allocated such certificate for sale under paragraph 7#b77;,b77ii77,i71 7,b7 is designated by the ,state as relating to a qualified project1 7,c7 the proceeds of the sale of which are used to finance the qualified project designated under subparagraph 7,b71 7,d7 specifies-- 7i7 the value of the certificate and the purchase price1 and 7ii7 the qualified project to which it relates1 7,e7 is sold no later than the end of the calendar year in which the project is placed in service1 and 7,f7 is in such form as the ,secretary may prescribe4 7#b7 ,qualified ,move ,america credit program 7,a7 ,in general ,the term qualified ,move ,america credit program means any program-- 7i7 which is established by a ,state for any calendar year for which it is authorized to issue ,move ,america bonds 7as defined in section #ade;,a71 7ii7 under which the ,state exchanges 7in such manner as the ,secretary may prescribe7 an amount of the ,move ,america bonds 7as so defined7 which it may otherwise issue during such calendar year for the ability to sell ,move ,america credit certificates1 and 7iii7 under which the ,state is obligated to repay to the ,secretary an amount equal to the recapture amount1 if applicable1 with respect to any ,move ,america credit certificate4 7,b7 ,allocation of certificates to project sponsors 7i7 ,in general ,a ,state that has established a qualified ,move ,america credit program under subparagraph 7,a7 may allocate any ,move ,america credit certificate that is eligible to be sold by such ,state to the project sponsor of the qualified project to which such certificate relates4 7ii7 ,sale or use ,a project sponsor to whom any ,move ,america certificate is allocated under clause 7i7 may-- 7,i7 sell such certificate1 or 7,,ii7 claim the credit under this section with respect to such certificate as if the project sponsor had purchased the certificate from the ,state4 7#c7 ,value 7,a7 ,in general ,the aggregate value of the ,move ,america credit certificates sold or allocated by a ,state in a calendar year shall equal #be percent of the value of ,move ,america bonds exchanged by the ,state under paragraph 7#b77;,a77ii74 7,b7 ,limitation relating to qualified project cost ,the aggregate value of the ,move ,america credit certificates sold or allocated by a ,state and designated by the ,state as relating to any qualified project shall not exceed the lesser of-- 7i7 #bj percent of the estimated cost of the project1 or 7ii7 #ej percent of the total amount of private equity invested in the project4 7#d7 ,certificate nontransferable ,a ,move ,america credit certificate1 once purchased from a ,state or a project sponsor to whom the ,state has allocated such certificate for sale under paragraph 7#b77;,b77ii77,i71 may not be sold or transferred to any other person4 7d7 ,definitions and special rules ,for purposes of this section-- 7#a7 ,qualified project ,the term qualified project means a project which-- 7,a7 would be subject to the same requirements of any ,federal law 7including titles #bc1 #dj1 and #di of the ,united ,states ,code7 which would otherwise apply to similar projects1 and 7,b7 is for the construction of a facility described in section #adb;,a7b71 but only if such project1 upon completion1 will be generally available for public use4 7#b7 ,recapture amount 7,a7 ,in general ,in the case of any ,move ,america credit certificate1 if the project to which the certificate is designated under subsection 7c77#a77;,b7 as relating-- 7i7 is never placed in service1 or 7ii7 ceases to be a qualified project at any time during the credit period1 the recapture amount is the amount determined under subparagraph 7,b74 7,b7 ,amount determined ,the amount determined under this subparagraph is-- 7i7 in the case of a project to which subparagraph 7,a77i7 applies1 the value of the ,move ,america credit certificate1 and 7ii7 in the case of a project to which subparagraph 7,a77ii7 applies1 the product of-- 7,i7 an amount equal to #aj percent of the value of the ,move ,america credit certificate1 and 7,,ii7 the number of calendar years in the credit period beginning with the calendar year in which the project ceases to be a qualified project4 7#c7 ,special rule for projects not placed in service ,for purposes of subsection 7a71 if the project to which a ,move ,america credit certificate is designated under subsection 7c77#a77;,b7 as relating is never placed in service1 the first taxable year that begins in the calendar year in which the ,state certifies 7at such time and in such manner as may be prescribed by the ,secretary7 that the project will not be placed in service shall be treated as the year in which the project was placed in service4 7e7 ,application with other credits 7#a7 ,business credit treated as part of general business credit ,except as provided in paragraph 7#b71 the credit which would be allowed under subsection 7a7 for any taxable year 7determined without regard to this subsection7 shall be treated as a credit listed in section #ch7;b7 for such taxable year 7and not allowed under subsection 7a774 7#b7 ,personal credit ,for purposes of this title1 in the case of an individual1 the credit allowed under subsection 7a7 for any taxable year shall be treated as a credit allowable under subpart ,a for such taxable year4 4 7b7 ,credit made part of general business credit ,subsection 7b7 of section #ch of the ,internal ,revenue ,code of #aihf is amended-- 7#a7 by striking plus at the end of paragraph 7#ce71 7#b7 by striking the period at the end of paragraph 7#cf7 and inserting 1 plus1 and 7#c7 by adding at the end the following new paragraph3 7#cg7 the portion of the ,move ,america credit to which section #cj;,e7e77#a7 applies4 4 7c7 ,clerical amendment ,the table of sections for subpart ,b 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 #cj;,e4 ,move ,america credit4 4 7d7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after the date of the enactment of this ,act4 7e7 ,reporting ,a ,state that sells any ,move ,america credit certificate shall report1 at such time and in such manner as the ,secretary of the ,treasury shall require-- 7#a7 to the ,secretary of the ,treasury-- 7,a7 the value of the ,move ,america bonds otherwise allowed to be issued by the ,state which are exchanged under section #cj;,e7c77#b77;,a77ii7 of the ,internal ,revenue ,code of #aihf for the ability to sell such ,move ,america credit certificates1 and 7,b7 the number of ,move ,america credit certificates sold by the ,state or allocated to project sponsors1 the value of each such certificate1 and to whom it was sold 7including the name of the purchaser and any other identifying information as the ,secretary of the ,treasury shall require71 and 7#b7 to the ,secretary of the ,treasury and the purchaser of any ,move ,america credit certificate-- 7,a7 the placed in service date of the qualified project to which the certificate is designated under section #cj;,e7c77#a77;,b7 of the ,internal ,revenue ,code of #aihf as relating1 or 7,b7 that the ,state has made a certification under section #cj;,e7d77#c7 of such ,code that such project will not be placed in service4 ,for purposes of this subsection1 any term used in this subsection that is also used in section #cj;,e or #adb;,a of the ,internal ,revenue ,code of #aihf has the same meaning as when used in such section4