,,ii #aaeth ,,congress #ast ,session ,s4 #bjab ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,october #be1 #bjag,mr4 ,hoeven 7for himself1 ,ms4 ,murkowski1 and ,ms4 ,heitkamp7 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 make permanent the ,indian ,employment ,credit and the depreciation rules for business property on ,indian reservations1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,tribal ,economic ,assistance ,act of #bjag4 #b4 ,treatment of ,indian ,tribes as ,states with respect to bond issuance 7a7 ,repeal of essential governmental function requirement ,section #ghga of the ,internal ,revenue ,code of #aihf is amended by striking subsections 7b7 and 7e74 7b7 ,effective date ,the amendments made by this section shall apply to transactions after1 and obligations issued in calendar years beginning after1 the date of the enactment of this ,act4 #c4 ,making permanent the ,indian ,employment ,credit and deprecation rules for business property on ,indian reservations 7a7 ,indian employment credit 7#a7 ,in general ,section #de;,a of the ,internal ,revenue ,code of #aihf is amended by striking subsection 7f74 7#b7 ,effective date ,the amendment made by this subsection shall apply to taxable years beginning after ,december #ca1 #bjaf4 7b7 ,accelerated ,depreciation for ,business ,property on an ,indian ,reservation 7#a7 ,in general ,section #afh7;j7 of the ,internal ,revenue ,code of #aihf is amended by striking paragraph 7#i74 7c7 ,effective date ,the amendment made by this subsection shall apply to property placed in service after ,december #ca1 #bjaf4 #d4 ,priority under ,new ,markets ,tax ,credit for qualified low-income community investments on ,indian reservations 7a7 ,in general ,subsection 7f7 of section #de;,d of the ,internal ,revenue ,code of #aihf is amended-- 7#a7 in paragraph 7#b7-- 7,a7 in subparagraph 7,a71 by striking or at the end2 7,b7 in subparagraph 7,b71 by striking the period and inserting 1 or2 and 7,c7 by adding at the end the following new subparagraph3 7,c7 which intends to make qualified low-income community investments within a reservation1 including any such entity established by a tribe or an economic enterprise which intends to make such investments within a reservation4 2 and 7#b7 by adding at the end the following new paragraph3 7#d7 ,definitions ,for purposes of subparagraph 7,c7 of paragraph 7#b71 the terms reservation1 tribe1 and economic enterprise shall have the same meanings given such terms under section #c of the ,indian ,financing ,act of #aigd 7#be ,u4,s4,c4 #adeb74 4 7b7 ,effective date ,the amendments made by this section shall apply to calendar years beginning after ,december #ca1 #bjag4 #e4 ,authorization to establish qualified ,indian school construction bond escrow account 7a7 ,authorization ,to establish qualified ,indian school construction bond escrow account 7#a7 ,in general ,part ,b of title ,,ii of the ,indian ,self-,determination and ,education ,assistance ,act 7#be ,u4,s4,c4 #ecea7 is amended by adding at the end the following3 #bjd;,a4 ,authorization to establish qualified ,indian school construction bond escrow account 7a7 ,definitions ,in this section3 7#a7 ,federal escrow account ,the term ,federal escrow account means the qualified ,indian school construction bond escrow account established under subsection 7b74 7#b7 ,qualified ,indian school construction bond ,the term qualified ,indian school construction bond means a bond for which the ,secretary of the ,interior has provided an allocation pursuant to the authority provided to the ,secretary under section #ed;,f7d77#d7 of the ,internal ,revenue ,code4 7#c7 ,secretary ,the term ,secretary means the ,secretary of the ,interior4 7b7 ,in general ,pursuant to the authority granted under section #ed;,f7d77#d7 of the ,internal ,revenue ,code of #aihf1 the ,secretary shall establish a ,federal qualified ,indian school construction bond escrow account for the purpose of implementing such section4 7c7 ,use of escrow account ,the ,secretary shall use amounts available under the ,federal escrow account to carry out a qualified ,indian school construction bond program for schools funded by the ,bureau of ,indian ,affairs1 through which-- 7#a7 the ,secretary shall approve qualified school construction bonds to the extent that amounts are available in the ,federal escrow account to support the bonds pursuant to paragraph 7#b72 7#b7 upon the ,secretary's approval of a request for a qualified school construction bond1 the ,secretary shall deposit1 from amounts available in the ,federal escrow account1 the amount described in paragraph 7#d7 in an individual bond escrow account that shall be managed for such qualified school construction bond2 7#c7 the funds for the individual bond escrow account shall be held by the ,federal ,government or in an insured depository institution1 as defined in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac71 and shall be invested in appropriate ,treasury securities2 and 7#d7 the amount of the funds provided for the individual bond escrow account shall be an amount sufficient to repay the face value of the bond in a #ae-year period1 based on the investment required under paragraph 7#c74 7d7 ,transfer to escrow account 7#a7 ,in general ,the ,secretary shall deposit in the ,federal escrow account such sums as are made available to implement this section and section #ed;,f7d77#d7 of the ,internal ,revenue ,code of #aihf4 7#b7 ,other funds ,the ,secretary may accept and deposit in the ,federal escrow account amounts received to carry out this section from any other source1 including ,federal agencies1 non-,federal public agencies1 ,indian ,tribes1 nonprofit organizations1 and private sector entities4 4 7#b7 ,conforming amendments ,section #bjd of the ,indian ,self-,determination and ,education ,assistance ,act 7#be ,u4,s4,c4 #ecea7 is amended by striking this part ,b each place the term appears and inserting this section4 7b7 ,use of bonds for reasonable and necessary preconstruction costs ,section #ed;,f7d77#d7 of the ,internal ,revenue ,code of #aihf is amended by striking ,affairs4 and inserting ,affairs1 which may include paying the reasonable and necessary predevelopment costs directly associated with such construction1 rehabilitation1 or repair44