,i  #aaeth ,,congress  #ast ,session    
,h4 ,r4 #cigg  ,,in ,,the ,,house ,,of  
,,representatives  ,october #e1         
#bjag,mr4 ,faso introduced the following
 bill2 which was referred to the        
,committee on ,transportation and       
,infrastructure1 and in addition to the 
,committees on ,financial ,services1 and
 ,ways and ,means1 for a period to be   
subsequently determined by the ,speaker1
 in each case for consideration of such 
provisions as fall within the           
jurisdiction of the committee concerned 
,a ,,bill  ,to establish the            
,infrastructure ,bank for ,america to   
serve as a lender for infrastructure    
projects1 both directly and through     
,state and local governments1 and for   
other purposes4  #a4 ,short title ,this 
,act may be cited as the ,infrastructure
 ,bank for ,america ,act of #bjag4  #b4 
,establishment of the ,infrastructure   
,bank for ,america  7a7 ,in general ,the
 formation agent shall1 in accordance   
with such rules and regulations as the  

,secretary of the ,treasury may         
prescribe1 make and file with the       
,secretary at the earliest practicable  
date after the date of the enactment of 
this ,act1 an organization certificate  
which shall contain such information as 
the ,secretary may require4 ,upon the   
making and filing of such organization  
certificate with the ,secretary1 such   
formation agent shall become a body     
corporate to be known as the            
,infrastructure ,bank ,holding ,company 
7hereinafter referred to as the ,holding
 ,company71 which shall be the parent   
company of the ,infrastructure ,bank for
 ,america 7hereinafter referred to as   
the ,bank71 which is hereby established 
and which shall--  7#a7 serve as a      
lender for infrastructure projects1 both
 directly and indirectly through ,state 
and local governments and ,state        
infrastructure banks1 as provided under 
this ,act2  7#b7 maintain its principal 
office in ,new ,york ,city or the       
,district of ,columbia or the           

metropolitan area thereof2  7#c7 be     
deemed1 for purposes of jurisdiction and
 venue in civil actions to be a         
,delaware corporation2 and  7#d7 have   
all powers1 not inconsistent with the   
provisions of this ,act1 as are         
customary and usual in corporations     
generally4  7b7 ,regional offices ,the  
,bank shall establish regional offices1 
for the purpose of focusing on projects 
in different areas of the ,united       
,states4  7c7 ,board of directors ,the  
,bank shall have a board of directors1  
which shall-- 7#a7 initially consist of 
#g members1 or such other number as the 
,bank determines appropriate2  7#b7 be  
elected by the ,bank's shareholders2    
7#c7 within the limitations of law and  
regulation1 determine the general       
policies which shall govern the         
operations of the ,bank1 and have power 
to adopt1 amend1 and repeal bylaws      
governing the performance of the powers 
and duties granted to or imposed upon   
the ,bank by law2 and  7#d7 select and  

effect the appointment of qualified     
persons to fill the office of the ,chief
 ,executive ,officer and1 along with the
 ,chief ,executive ,officer1 such other 
offices as may be provided for in the   
bylaws4  7d7 ,treatment of shareholders 
of the formation agent ,the ,holding    
,company shall1 upon establishment1     
issue equity securities of the ,holding 
,company to each shareholder of the     
formation agent1 in an amount that the  
,board of ,directors determines has a   
value equal to the value of equity      
securities of the formation agent held  
by such shareholder upon the            
establishment of the ,holding ,company4 
7e7 ,earnings and reserves not          
,government funds ,the earnings and     
reserves of the ,holding ,company and   
the ,bank shall be the sole property of 
the ,holding ,company and the ,bank and 
shall not be construed to be ,government
 or public funds or appropriated money4 
#c4 ,functions of the ,bank  7a7 ,in    
general ,the ,bank shall provide-- 7#a7 

direct loans and loan guarantees to     
private entities for the construction or
 maintenance of revenue-producing       
infrastructure projects2 and  7#b7      
indirect loans and loan guarantees to   
,state and local governments and ,state 
infrastructure banks1 for the           
construction or maintenance of          
infrastructure projects4  7b7 ,support  
for rural projects ,at least #g percent 
of the dollar amount of loans and loan  
guarantees provided by the ,bank shall  
be with respect to infrastructure       
projects in rural areas4  7c7 ,no       
commercial or investment banking        
activities ,the ,bank shall not accept  
customer deposits nor engage in         
financial or investment banking         
activities1 such as trust management or 
underwriting securities4  7d7 ,pledge   
and credit facilities  7#a7 ,pledge ,the
 ,bank shall have the authority to      
pledge its loans to the discount window 
of the ,board of ,governors of the      
,federal ,reserve ,system and as        

advances to any ,federal ,home ,loan    
,bank4  7#b7 ,line of credit ,the       
,secretary shall provide a line of      
credit to the ,bank in a similar manner 
to the facility available to the        
,federal ,national ,mortgage            
,association and the ,federal ,home     
,loan ,banks4  #d4 ,holding ,company    
securities  7a7 ,equity securities  7#a7
 ,in general ,the ,holding ,company     
shall issue such equity securities as   
the ,holding ,company determines        
appropriate4  7#b7 ,dividends ,the      
,holding ,company may make such dividend
 payments on the equity securities of   
the ,holding ,company as the ,holding   
,company determines appropriate4  7#c7  
,initial issuance amount ,the ,holding  
,company shall have the goal of raising 
#ajj1jjj1jjj1jjj in the initial issuance
 of equity securities1 the purpose of   
which is to fund the ,bank4  7b7 ,bonds 
7#a7 ,standard bonds ,the ,holding      
,company shall issue standard bonds1    
with maturities up to #cj years1 or     

longer as needed4  7#b7 ,repatriated    
cash bonds  7,a7 ,in general ,the       
,holding ,company shall issue special   
bonds1 named ,repatriation ,bonds1 with 
maturities up to #cj years or longer as 
needed1 that are only purchasable using 
dividends to which section #ife7;g7 of  
the ,internal ,revenue ,code of #aihf   
applied4  7,b7 ,use of repatriated cash 
to purchase securities ,for treatment of
 dividends used to purchased special    
bonds under this paragraph1 see section 
#ife7;g7 of the ,internal ,revenue ,code
 of #aihf4  7,c7 #e-year limitation ,the
 ,holding ,company may not issue any new
 ,repatriation ,bonds after the end of  
the #e-year period beginning on the date
 the ,bank is established4  7#c7 ,other 
bonds ,the ,holding ,company may issue  
such other bonds1 notes1 and marketable 
securities with maturities and interest 
rates as the ,holding ,company          
determines appropriate4  7#d7 ,initial  
issuance amount ,the ,holding ,company  
shall have the goal of making initial   

bond sales in an aggregate amount of    
#a1jjj1jjj1jjj1jjj or more4  7#e7       
,treasury oversight and authority to    
purchase bonds  7,a7 ,approval required 
,before issuing any bonds1 the ,holding 
,company shall submit a proposal for    
such bond issuance to the ,secretary1   
and the ,holding ,company may only issue
 such bonds if the ,secretary approves  
the proposal4  7,b7 ,authority to       
purchase bonds  7i7 ,in general ,the    
,secretary may purchase bonds issued    
under this subsection4  7ii7 ,limitation
 ,the aggregate amount of outstanding   
bonds purchased by the ,secretary under 
this subsection may not exceed #e       
percent of the total amount of the      
,holding ,company's outstanding bonds4  
7c7 ,leverage limitation ,the ,holding  
,company and the ,bank shall seek to    
maintain risk based capital at no less  
than #aj percent4  #e4 ,oversight and   
regulation  7a7 ,board of ,governors of 
the ,federal ,reserve ,system ,the      
,board of ,governors of the ,federal    

,reserve ,system shall have oversight   
and supervisory authority over the      
,infrastructure ,bank ,holding ,company 
and the ,bank in order to ensure the    
safe and sound operations of the        
,infrastructure ,bank ,holding ,company 
and the ,bank4  7b7 ,secretary of the   
,treasury ,the ,secretary shall         
establish an office1 which shall report 
to the ,assistant ,secretary of the     
,treasury for ,financial ,institutions1 
which shall have oversight and          
supervisory authority over the issuance 
of bonds by the ,infrastructure ,bank   
,holding ,company and the ,bank in order
 to ensure the safe and sound financing 
of the ,infrastructure ,bank ,holding   
,company and the ,bank4  #f4            
,infrastructure ,guarantee ,fund  7a7   
,establishment ,the ,bank shall         
establish an ,infrastructure ,guarantee 
,fund1 which shall be available for     
,state and local governments and other  
persons who wish to deposit funds to be 
used with respect to specific loans or  

loan guarantees made by the ,bank1 in   
the event of any non-payment by the     
recipient of such loan or loan          
guarantee4  7b7 ,return of funds ,any   
funds described under subsection 7a7    
that are remaining at the time such     
loans or guaranteed loans are repaid    
shall be returned to the ,state or local
 government or other person who         
deposited the funds4  #g4 ,holding      
,company and ,bank exemption from       
taxation ,the ,holding ,company and the 
,bank1 including its franchise1 its     
capital1 reserves1 and surplus1 its     
advances1 and its income shall be exempt
 from all taxation now or hereafter     
imposed by the ,united ,states1 by any  
territory1 dependency1 or possession    
thereof1 or by any ,state1 county1      
municipal1 or local taxing authority1   
except that any real property of the    
,holding ,company and the ,bank shall be
 subject to ,state1 territorial1 county1
 municipal1 or local taxation to the    
same extent according to its value as   

other real property is taxed4  #h4      
,extension and modification of dividends
 received deduction for repatriated     
foreign earnings used to purchase       
,holding ,company bonds  7a7 ,in general
 ,section #ife of the ,internal ,revenue
 ,code of #aihf is amended by adding at 
the end the following new subsection3   
7g7 ,temporary extension and            
modification  7#a7 ,in general ,in the  
case of an election under this          
subsection1 subsection 7f77#a7 shall be 
applied by substituting the date of the 
enactment of subsection 7g7 for the date
 of the enactment of this section4  7#b7
 ,percentage deductible ,in the case of 
an election under this subsection1      
subsection 7a77#a7 shall be applied by  
substituting #ajj percent for #he       
percent4  7#c7 ,requirement to invest in
 bonds ,in the case of an election under
 this subsection-- 7,a7 subsection      
7b77#d7 shall not apply1 and  7,b7      
subsection 7a7 shall only apply to so   
much of the portion dividends received  

by a ,united ,states shareholder during 
the taxable year as does not exceed the 
amount paid by the shareholder during   
such taxable year for bonds issued under
 section #d7;b77#b7 of the              
,infrastructure ,bank for ,america ,act 
of #bjag4  7#d7 ,special rules  7,a7    
,recapture in case of bonds sold during 
recapture period ,the ,secretary shall1 
by regulations1 provide for recapturing 
the applicable percentage of the benefit
 under any deduction allowable by this  
subsection if before the end of the     
#aj-year period beginning on the date of
 the purchase of the bond to which this 
subsection applies the taxpayer disposes
 of such bond4  7,b7 ,applicable        
percentage ,for purposes of this        
paragraph1 the applicable percentage    
shall be determined under the following 
table3 ,in the case of a disposition  in
 the following year of ,the applicable  
such #aj-year period3 percentage shall  
be3,first year #ajj percent,second      
year#ij percent,third year#hj           

percent,fourth year#gj percent,fifth    
year#fj percent,sixth year#ej           
percent,seventh year#dj percent,eighth  
year#cj percent,ninth year#bj           
percent,tenth year#aj percent4  4  7b7  
,conforming amendment  7#a7 ,section    
#ife of such ,code is amended by        
striking ,june #cj1 #bjjc each place it 
occurs and inserting ,june #cj1 #bjaf4  
7#b7 ,subparagraph 7,b7 of section      
#ife7;b77#c7 of such ,code is amended by
 striking ,october #c1 #bjjd and        
inserting ,september #a1 #bjag4  7c7    
,effective date ,the amendment made by  
this section shall apply to taxable     
years ending on or after the date of the
 enactment of this ,act4  #i4           
,infrastructure ,bank ,holding ,company 
credit  7a7 ,in general ,subpart ,d of  
part ,,iv of subchapter ,a of chapter #a
 of the ,internal ,revenue ,code of     
#aihf is amended by adding at the end   
the following new section3  #de,s4      
,infrastructure ,bank ,holding ,company 
credit  7a7 ,in general ,for purposes of

 section #ch1 in the case of a taxpayer 
who holds a qualified ,holding ,company 
equity investment on a credit allowance 
date of such investment which occurs    
during the taxable year1 the            
,infrastructure ,bank ,holding ,company 
credit determined under this section for
 such taxable year is an amount equal to
 #af percent of the amount paid to the  
,holding ,company for such investment at
 its original issue4  7b7 ,credit       
allowance date ,for purposes of this    
section1 credit allowance date with     
respect to any qualified ,holding       
,company equity investment is--  7#a7   
the date on which such investment is    
initially made1 and  7#b7 each of the #d
 anniversary dates of such date         
thereafter4  7c7 ,qualified ,holding    
,company equity investment ,for purposes
 of this section1 the term qualified    
,holding ,company equity investment     
means any equity investment originally  
issued by the ,holding ,company to the  
taxpayer under section #d7;a77#a7 of the

 ,infrastructure ,bank for ,america ,act
 of #bjag not later than #c years after 
the date of the enactment of such ,act4 
7d7 ,holding ,company ,for purposes of  
this section1 the term ,holding ,company
 means the ,infrastructure ,bank        
,holding ,company established under the 
,infrastructure ,bank for ,america ,act 
of #bjag4  7e7 ,basis reduction ,the    
basis of any qualified ,holding ,company
 equity investment shall be reduced by  
the amount of any credit determined     
under this section with respect to such 
investment4  4  7b7 ,conforming         
amendments  7#a7 ,section #ch7;b7 of    
such ,code is amended by striking plus  
at the end of paragraph 7#ce71 by       
striking the period at the end of       
paragraph 7#cf7 and inserting 1 plus1   
and by adding at the end the following  
new paragraph3  7#cg7 the               
,infrastructure ,bank ,holding ,company 
credit determined under section #de,s4  
4  7#b7 ,section #ajaf7;a7 of such ,code
 is amended by striking and at the end  

of paragraph 7#cf71 by striking the     
period at the end of paragraph 7#cg7 and
 inserting 1 and1 and by adding at the  
end the following new paragraph3  7#ch7 
to the extent provided in section       
#de,s7e74  4  7c7 ,effective date ,the  
amendments made by this section shall   
apply to taxable years ending after the 
date of the enactment of this ,act4     
#aj4 ,definitions ,for purposes of this 
,act3 7#a7 ,bank ,the term ,bank means  
the ,infrastructure ,bank for ,america  
established under section #b4  7#b7     
,formation agent ,the term formation    
agent means an entity selected by the   
,secretary4  7#c7 ,infrastructure ,bank 
,holding ,company ,the term             
,infrastructure ,bank ,holding ,company 
means the company--  7,a7 by that name  
incorporated by the formation agent2 and
  7,b7 acting as the parent company of  
the ,bank after the establishment of the
 ,bank4  7#d7 ,revenue-producing        
infrastructure project ,the term        
revenue-producing infrastructure project

 means an infrastructure project that1  
when complete1 generates revenue from   
user fees4  7#e7 ,risk based capital    
,the term risk based capital shall have 
the meaning given that term by the      
,board of ,governors of the ,federal    
,reserve ,system4  7#f7 ,rural ,the term
 rural means a county that is neither in
 a metropolitan statistical area nor in 
a micropolitan statistical area that is 
adjacent to a metropolitan statistical  
area1 as those terms are defined by the 
,u4,s4 ,office of ,management and       
,budget and as they are applied under   
currently applicable ,urban ,influence  
,codes1 established by the ,united      
,states ,department of ,agriculture's   
,economic ,research ,service4  7#g7     
,secretary ,the term ,secretary means   
the ,secretary of the ,treasury4  7#h7  
,state ,the term ,state means each of   
the several ,states1 the ,district of   
,columbia1 each territory or possession 
of the ,united ,states1 and each        
federally recognized ,indian tribe4     

7#i7 ,state infrastructure bank ,the    
term ,state infrastructure bank means a 
,state infrastructure bank or multistate
 infrastructure bank established        
pursuant to-- 7,a7 section #cej of the  
,national ,highway ,system ,designation 
,act of #aiie2  7,b7 section #aeaa7l7 of
 the ,transportation ,equity ,act for   
the #bast ,century2 or  7,c7 section    
#faj of title #bc1 ,united ,states      
,code4  7#aj7 ,state or local government
 ,the term ,state or local government   
means a ,state or local government or   
any agency or instrumentality of a      
,state or local government4