,,ii #aad? ,,congress #a/ ,session ,s4 #aahf ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,may #d1 #bjae,mr4 ,wyd5 7= himself & ,mr4 ,hoev57 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to provide = ,move ,am]ica bonds & to all[ su* bonds to be conv]t$ into tax cr$its to support public-private p>tn]%ips4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,move ,am]ica ,act ( #bjae4 #b4 ,move ,am]ica ,bond 7a7 ,9 g5]al 7#a7 ,move ,am]ica bonds ,subp>t ,a ( "p ,,iv ( sub*apt] ,b ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] section #adb ! foll[+ new section3 #adb;,a4 ,move ,am]ica bonds 7a7 ,9 g5]al 7#a7 ,treatm5t z exempt facility bond ,except z o!rwise provid$ 9 ?is section1 a ,move ,am]ica bond %all be treat$ = purposes ( ?is "p z an exempt facility bond4 7#b7 ,exceptions 7,a7 ,no gov]nm5t own]%ip requirem5t ,p>agraph 7#a7 ( section #adb7;b7 %all n apply to any ,move ,am]ica bond4 7,b7 ,special rules = high-spe$ rail bonds ,p>agraphs 7#b7 & 7#c7 ( section #adb7;i7 %all n apply to any ,move ,am]ica bond describ$ 9 subsection 7b77#d74 7,c7 ,special rules = highway & surface transportation facilities ,p>agraphs 7#b71 7#c71 & 7#d7 ( section #adb7m7 %all n apply to any ,move ,am]ica bond describ$ 9 subsection 7b77#e74 7b7 ,move ,am]ica bond ,= purposes ( ?is "p1 ! t]m ,move ,am]ica bond means any bond issu$ z "p ( an issue #ie p]c5t or m ( ! net proce$s ( :i* are us$ to provide-- 7#a7 airports1 7#b7 docks & :>ves1 includ+-- 7,a7 wat]borne moor+ infra/ructure1 7,b7 dr$g+ 9 connection ) a dock or :>f1 & 7,c7 any associat$ rail & road infra/ructure = ! purpose ( integrat+ modes ( transportation1 7#c7 mass commut+ facilities1 7#d7 railroads 7z def9$ 9 section #bjajb ( title #di1 ,unit$ ,/ates ,code7 & any associat$ rail & road infra/ructure = ! purpose ( integrat+ modes ( transportation1 7#e7 any-- 7,a7 surface transportation project :i* is eligible = ,f$]al assi/ance "u title #bc1 ,unit$ ,/ates ,code 7z 9 effect on ! date ( ! enactm5t ( ?is section71 7,b7 project = an int]national bridge or tunnel = :i* an int]national entity au?oriz$ "u ,f$]al or ,/ate law is responsible & :i* is eligible ,f$]al assi/ance "u title #bc1 ,unit$ ,/ates ,code 7z s 9 effect71 or 7,c7 facility = ! transf] ( freight f truck to rail or rail to truck 7includ+ any tempor>y /orage facilities directly relat$ to su* transf]s7 :i* is eligible = ,f$]al assi/ance "u ei!r title #bc or title #di1 ,unit$ ,/ates ,code 7z s 9 effect71 7#f7 flood div]sions1 or 7#g7 inl& wat]ways1 includ+ con/ruction & rehabilitation exp5ditures = navigation on any inl& or intracoa/al wat]ways ( ! ,unit$ ,/ates 7)9 ! mean+ ( section #djdb7;d77#b774 7c7 ,flood div]sions ,= purposes ( ?is section1 ! t]m flood div]sion means any flood damage risk r$uction project au?oriz$ "u any ,act = au?oriz+ wat] res\rces developm5t projects4 7d7 ,move ,am]ica volume cap 7#a7 ,9 g5]al ,! aggregate face am\nt ( ,move ,am]ica bonds issu$ pursuant to an issue1 :5 add$ to ! aggregate face am\nt ( ,move ,am]ica bonds previ\sly issu$ by ! issu+ au?ority dur+ ! cal5d> ye>1 %all n exce$ su* issu+ au?ority's ,move ,am]ica volume cap = su* ye>4 7#b7 ,move ,am]ica volume cap ,= purposes ( ?is subsection-- 7,a7 ,9 g5]al ,! ,move ,am]ica volume cap %all be #ej p]c5t ( ! ,/ate ceil+ "u section #adf7;d7 = su* ,/ate = su* ye>4 7,b7 ,allocation ( volume cap ,ea* ,/ate may allocate ! ,move ,am]ica volume cap ( su* ,/ate among gov]nm5tal units 7or o!r au?orities7 9 su* ,/ate hav+ au?ority to issue private activity bonds4 7#c7 ,c>ry=w>ds 7,a7 ,9 g5]al ,if-- 7i7 an issu+ au?ority's ,move ,am]ica volume cap1 exce$s 7ii7 ! aggregate am\nt ( ,move ,am]ica bonds issu$ dur+ su* cal5d> ye> by su* au?ority1 any ,move ,am]ica bond issu$ by su* au?ority dur+ ! #c-;cal5d>-ye> p]iod foll[+ su* cal5d> ye> %all n be tak5 into acc\nt "u p>agraph 7#a7 to ! ext5t ! am\nt ( su* bonds does n exce$ ! am\nt ( su* excess4 ,any excesses aris+ "u ?is p>agraph %all be us$ "u ?is p>agraph 9 ! ord] ( cal5d> ye>s 9 :i* ! excesses arose4 7,b7 ,reallocation ( unus$ c>ry=w>ds 7i7 ,9 g5]al ,! ,move ,am]ica volume cap "u p>agraph 7#b77;,a7 = any ,/ate = any cal5d> ye> %all be increas$ by any am\nt allocat$ to su* ,/ate by ! ,secret>y "u clause 7ii74 7ii7 ,reallocation ,! ,secret>y %all allocate to ea* qualifi$ ,/ate = any cal5d> ye> an am\nt :i* be>s ! same ratio to ! aggregate unus$ c>ry=w>d am\nts ( all issu+ au?orities 9 all ,/ates = su* cal5d> ye> z ! qualifi$ ,/ate's population = ! cal5d> ye> be>s to ! population ( all qualifi$ ,/ates = ! cal5d> ye>4 ,= purposes ( ! prec$+ s5t5ce1 population %all be det]m9$ 9 accordance ) section #adf7;j74 7iii7 ,qualifi$ ,/ate ,= purposes ( ?is subp>agraph1 ! t]m qualifi$ ,/ate means1 ) respect to a cal5d> ye>1 any ,/ate-- 7,i7 :i* allocat$ its entire ,move ,am]ica volume cap = ! prec$+ cal5d> ye>1 & 7,,ii7 = :i* a reque/ is made 7n lat] ?an ,may #a ( ! cal5d> ye>7 to receive an allocation "u clause 7ii74 7iv7 ,unus$ c>ry=w>d am\nt ,= purposes ( ?is p>agraph1 ! t]m unus$ c>ry=w>d am\nt means1 ) respect to any issu+ au?ority = any cal5d> ye>1 ! excess (-- 7,i7 ! am\nt ( ! excess describ$ 9 subp>agraph 7,a7 = ! f\r? prec$+ cal5d> ye>1 ov] 7,,ii7 ! am\nt ( bonds issu$ by su* issu+ au?ority to :i* subp>agraph 7,a7 appli$ dur+ ! #c prec$+ cal5d> ye>s4 7e7 ,applicability ( c]ta9 f$]al laws ,an issue %all n be treat$ z an issue "u subsection 7b7 unless ! facility = :i* ! proce$s ( su* issue are us$ w\ld be subject to ! requirem5ts ( any ,f$]al law 7includ+ titles #bc1 #dj1 & #di ( ! ,unit$ ,/ates ,code7 :i* w\ld o!rwise apply to simil> projects4 7f7 ,special rule = environm5tal rem$iation co/s = docks & :>ves ,= purposes ( ?is section1 am\nts us$ = work+ capital exp5ditures relat+ to environm5tal rem$iation requir$ "u ,/ate or ,f$]al law at or ne> a facility describ$ 9 subsection 7b77#b7 7includ+ environm5tal rem$iation 9 ! riv]b$ & l& )9 or adjac5t to ! ,f$]al navigation *annel us$ to access su* facility7 %all be treat$ z an am\nt us$ to provide = su* a facility4 7g7 ,regulations ,! ,secret>y %all prescribe su* regulations z may be necess>y to c>ry out ! purposes ( ?is section1 includ+ regulations requir+ ,/ates to report ! am\nt ( ,move ,am]ica volume cap ( ! ,/ate c>ri$ =w>d = any cal5d> ye> "u subsection 7d77#c74 4 7#b7 ,con=m+ am5dm5t ,! table ( sections = subp>t ,a ( "p ,,iv ( sub*apt] ,b ( *apt] #a ( su* ,code is am5d$ by ins]t+ aft] ! item relat+ to section #adb ! foll[+ new item3 ,sec4 #adb;,a4 ,move ,am]ica bonds4 4 7b7 ,application ( o!r private activity bond rules 7#a7 ,treatm5t "u private activity bond volume cap ,subsection 7g7 ( section #adf ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ & at ! end ( p>agraph 7#c71 by /rik+ ! p]iod at ! end ( p>agraph 7#d7 & ins]t+ 1 &1 & by ins]t+ aft] p>agraph 7#d7 ! foll[+ new p>agraph3 7#e7 any ,move ,am]ica bond4 4 7#b7 ,rule = facilities locat$ outside ! ,/ate ,p>agraph 7#b7 ( section #adf7k7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ or to any ,move ,am]ica bond aft] section #adb7;a74 7#c7 ,special rule on use = l& acquisition ,subp>agraph 7,a7 ( section #adg7;c77#a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ 7#ej p]c5t 9 ! case ( any issue ( ,move ,am]ica bonds7 aft] #be p]c5t4 7#d7 ,special rules = rehabilitation exp5ditures 7,a7 ,inclusion ( c]ta9 exp5ditures ,subp>agraph 7,b7 ( section #adg7;d77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ 1 except t1 9 ! case ( any ,move ,am]ica bond1 su* t]m %all include any exp5diture describ$ 9 clause 7iii7 or 7v7 !re( be=e ! p]iod at ! end4 7,b7 ,p]iod = exp5ditures ,subp>agraph 7,c7 ( section #adg7;d77#c7 ( su* ,code is am5d$ by ins]t+ 7#e ye>s1 9 ! case ( any ,move ,am]ica bond7 aft] #b ye>s4 7c7 ,treatm5t "u ! alt]native m9imum tax ,subp>agraph 7,c7 ( section #eg7;a77#e7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new clause3 7vii7 ,exception = ,move ,am]ica bonds ,= purposes ( clause 7i71 ! t]m private activity bond %all n include any ,move ,am]ica bond 7z def9$ 9 section #adb;,a74 4 7d7 ,effective date ,! am5dm5ts made by ?is section %all apply to obligations issu$ 9 cal5d> ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4 #c4 ,move ,am]ica tax cr$its 7a7 ,9 g5]al ,subp>t ,b ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new section3 #cj;,e4 ,move ,am]ica cr$it 7a7 ,all[ance ( cr$it ,9 ! case ( a ,move ,am]ica cr$it c]tificate pur*as$ by ! taxpay]1 !re %all be all[$ z a cr$it aga9/ ! tax impos$ by ?is *apt] = any taxable ye> 9 ! cr$it p]iod an am\nt equal to #aj p]c5t ( ! value ( su* c]tificate4 7b7 ,cr$it p]iod ,= purposes ( ?is section1 ! t]m cr$it p]iod means1 ) respect to any ,move ,am]ica cr$it c]tificate1 ! p]iod ( #aj taxable ye>s beg9n+ ) ! fir/ taxable ye> t beg9s 9 ! cal5d> ye> 9 :i* ! qualifi$ project to :i* su* c]tificate relates is plac$ 9 s]vice4 7c7 ,move ,am]ica cr$it c]tificate ,= purposes ( ?is section-- 7#a7 ,move ,am]ica cr$it c]tificate ,! t]m ,move ,am]ica cr$it c]tificate means any c]tificate t-- 7,a7 is sold to ! taxpay] "u a qualifi$ ,move ,am]ica cr$it program by a ,/ate or by a project sponsor to :om ! ,/ate has allocat$ su* c]tificate = sale "u p>agraph 7#b77;,b77ii77,i71 7,b7 is designat$ by ! ,/ate z relat+ to a qualifi$ project1 7,c7 ! proce$s ( ! sale ( :i* are us$ to f9ance ! qualifi$ project designat$ "u subp>agraph 7,b71 7,d7 specifies-- 7i7 ! value ( ! c]tificate & ! pur*ase price1 & 7ii7 ! qualifi$ project to :i* x relates1 7,e7 is sold no lat] ?an ! end ( ! cal5d> ye> 9 :i* ! project is plac$ 9 s]vice1 & 7,f7 is 9 su* =m z ! ,secret>y may prescribe4 7#b7 ,qualifi$ ,move ,am]ica cr$it program 7,a7 ,9 g5]al ,! t]m qualifi$ ,move ,am]ica cr$it program means any program-- 7i7 :i* is e/abli%$ by a ,/ate = any cal5d> ye> = :i* x is au?oriz$ to issue ,move ,am]ica bonds 7z def9$ 9 section #ade;,a71 7ii7 "u :i* ! ,/ate ex*anges 79 su* mann] z ! ,secret>y may prescribe7 an am\nt ( ! ,move ,am]ica bonds 7z s def9$7 :i* x may o!rwise issue dur+ su* cal5d> ye> = ! ability to sell ,move ,am]ica cr$it c]tificates1 & 7iii7 "u :i* ! ,/ate is obligat$ to repay to ! ,secret>y an am\nt equal to ! recapture am\nt1 if applicable1 ) respect to any ,move ,am]ica cr$it c]tificate4 7,b7 ,allocation ( c]tificates to project sponsors 7i7 ,9 g5]al ,a ,/ate t has e/abli%$ a qualifi$ ,move ,am]ica cr$it program "u subp>agraph 7,a7 may allocate any ,move ,am]ica cr$it c]tificate t is eligible to be sold by su* ,/ate to ! project sponsor ( ! qualifi$ project to :i* su* c]tificate relates4 7ii7 ,sale or use ,a project sponsor to :om any ,move ,am]ica c]tificate is allocat$ "u clause 7i7 may-- 7,i7 sell su* c]tificate1 or 7,,ii7 claim ! cr$it "u ?is section ) respect to su* c]tificate z if ! project sponsor _h pur*as$ ! c]tificate f ! ,/ate4 7#c7 ,value 7,a7 ,9 g5]al ,! aggregate value ( ! ,move ,am]ica cr$it c]tificates sold or allocat$ by a ,/ate 9 a cal5d> ye> %all equal #be p]c5t ( ! value ( ,move ,am]ica bonds ex*ang$ by ! ,/ate "u p>agraph 7#b77;,a77ii74 7,b7 ,limitation relat+ to qualifi$ project co/ ,! aggregate value ( ! ,move ,am]ica cr$it c]tificates sold or allocat$ by a ,/ate & designat$ by ! ,/ate z relat+ to any qualifi$ project %all n exce$ ! less] (-- 7i7 #bj p]c5t ( ! e/imat$ co/ ( ! project1 or 7ii7 #ej p]c5t ( ! total am\nt ( private equity inve/$ 9 ! project4 7#d7 ,c]tificate nontransf]able ,a ,move ,am]ica cr$it c]tificate1 once pur*as$ f a ,/ate or a project sponsor to :om ! ,/ate has allocat$ su* c]tificate = sale "u p>agraph 7#b77;,b77ii77,i71 may n be sold or transf]r$ to any o!r p]son4 7d7 ,def9itions & special rules ,= purposes ( ?is section-- 7#a7 ,qualifi$ project ,! t]m qualifi$ project means a project :i*-- 7,a7 w\ld be subject to ! same requirem5ts ( any ,f$]al law 7includ+ titles #bc1 #dj1 & #di ( ! ,unit$ ,/ates ,code7 :i* w\ld o!rwise apply to simil> projects1 & 7,b7 is = ! con/ruction ( a facility describ$ 9 section #adb;,a7b71 b only if su* project1 ^u completion1 w be g5]ally available = public use4 7#b7 ,recapture am\nt 7,a7 ,9 g5]al ,9 ! case ( any ,move ,am]ica cr$it c]tificate1 if ! project to :i* ! c]tificate is designat$ "u subsection 7c77#a77;,b7 z relat+-- 7i7 is nev] plac$ 9 s]vice1 or 7ii7 ceases to be a qualifi$ project at any "t dur+ ! cr$it p]iod1 ! recapture am\nt is ! am\nt det]m9$ "u subp>agraph 7,b74 7,b7 ,am\nt det]m9$ ,! am\nt det]m9$ "u ?is subp>agraph is-- 7i7 9 ! case ( a project to :i* subp>agraph 7,a77i7 applies1 ! value ( ! ,move ,am]ica cr$it c]tificate1 & 7ii7 9 ! case ( a project to :i* subp>agraph 7,a77ii7 applies1 ! product (-- 7,i7 an am\nt equal to #aj p]c5t ( ! value ( ! ,move ,am]ica cr$it c]tificate1 & 7,,ii7 ! numb] ( cal5d> ye>s 9 ! cr$it p]iod beg9n+ ) ! cal5d> ye> 9 :i* ! project ceases to be a qualifi$ project4 7#c7 ,special rule = projects n plac$ 9 s]vice ,= purposes ( subsection 7a71 if ! project to :i* a ,move ,am]ica cr$it c]tificate is designat$ "u subsection 7c77#a77;,b7 z relat+ is nev] plac$ 9 s]vice1 ! fir/ taxable ye> t beg9s 9 ! cal5d> ye> 9 :i* ! ,/ate c]tifies 7at su* "t & 9 su* mann] z may be prescrib$ by ! ,secret>y7 t ! project w n be plac$ 9 s]vice %all be treat$ z ! ye> 9 :i* ! project 0 plac$ 9 s]vice4 7e7 ,application ) o!r cr$its 7#a7 ,bus9ess cr$it treat$ z "p ( g5]al bus9ess cr$it ,except z provid$ 9 p>agraph 7#b71 ! cr$it :i* w\ld be all[$ "u subsection 7a7 = any taxable ye> 7det]m9$ )\t reg>d to ?is subsection7 %all be treat$ z a cr$it li/$ 9 section #ch7;b7 = su* taxable ye> 7& n all[$ "u subsection 7a774 7#b7 ,p]sonal cr$it ,= purposes ( ?is title1 9 ! case ( an individual1 ! cr$it all[$ "u subsection 7a7 = any taxable ye> %all be treat$ z a cr$it all[able "u subp>t ,a = su* taxable ye>4 4 7b7 ,cr$it made "p ( g5]al bus9ess cr$it ,subsection 7b7 ( section #ch ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ plus at ! end ( p>agraph 7#ce71 7#b7 by /rik+ ! p]iod at ! end ( p>agraph 7#cf7 & ins]t+ 1 plus1 & 7#c7 by add+ at ! end ! foll[+ new p>agraph3 7#cg7 ! portion ( ! ,move ,am]ica cr$it to :i* section #cj;,e7e77#a7 applies4 4 7c7 ,cl]ical am5dm5t ,! table ( sections = subp>t ,b ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new item3 ,sec4 #cj;,e4 ,move ,am]ica cr$it4 4 7d7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4 7e7 ,report+ ,a ,/ate t sells any ,move ,am]ica cr$it c]tificate %all report1 at su* "t & 9 su* mann] z ! ,secret>y ( ! ,treasury %all require-- 7#a7 to ! ,secret>y ( ! ,treasury-- 7,a7 ! value ( ! ,move ,am]ica bonds o!rwise all[$ to be issu$ by ! ,/ate :i* are ex*ang$ "u section #cj;,e7c77#b77;,a77ii7 ( ! ,int]nal ,rev5ue ,code ( #aihf = ! ability to sell su* ,move ,am]ica cr$it c]tificates1 & 7,b7 ! numb] ( ,move ,am]ica cr$it c]tificates sold by ! ,/ate or allocat$ to project sponsors1 ! value ( ea* su* c]tificate1 & to :om x 0 sold 7includ+ ! "n ( ! pur*as] & any o!r id5tify+ in=mation z ! ,secret>y ( ! ,treasury %all require71 & 7#b7 to ! ,secret>y ( ! ,treasury & ! pur*as] ( any ,move ,am]ica cr$it c]tificate-- 7,a7 ! plac$ 9 s]vice date ( ! qualifi$ project to :i* ! c]tificate is designat$ "u section #cj;,e7c77#a77;,b7 ( ! ,int]nal ,rev5ue ,code ( #aihf z relat+1 or 7,b7 t ! ,/ate has made a c]tification "u section #cj;,e7d77#c7 ( su* ,code t su* project w n be plac$ 9 s]vice4 ,= purposes ( ?is subsection1 any t]m us$ 9 ?is subsection t is also us$ 9 section #cj;,e or #adb;,a ( ! ,int]nal ,rev5ue ,code ( #aihf has ! same mean+ z :5 us$ 9 su* section4