,i #aafth ,,congress #ast ,session ,h4 ,r4 #aejh ,,in ,,the ,,house ,,of ,,representatives ,march #e1 #bjai,mr4 ,blumenauer 7for himself and ,mrs4 ,walorski7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to provide for ,move ,america bonds and ,move ,america credits4 #a4 ,short title ,this ,act may be cited as the ,move ,america ,act of #bjai4 #b4 ,findings and purpose 7a7 ,findings ,congress makes the following findings3 7#a7 ,our ,nation's infrastructure network serves as a foundation of our economic competitiveness and national security4 ,it is imperative that ,congress maintain and revitalize the roads1 bridges1 ports1 railways1 airports1 transit systems1 water systems1 and information networks of this country1 enabling all industries to achieve the growth and productivity that make the ,united ,states strong and prosperous4 7#b7 ,investing in transportation1 water1 and information infrastructure creates long-term capital assets for the ,nation that will improve economic productivity4 7#c7 ,investment in infrastructure creates jobs and spurs economic activity to put people back to work and grow the economy4 7#d7 ,the cost to maintain and improve our ,nation's highways1 bridges1 and other critical transportation infrastructure significantly exceeds what is currently being provided by all levels of government4 7#e7 ,investment in our ,nation's infrastructure must be multi-faceted1 both by ensuring that there is a sustainable long-term funding source for infrastructure and through using innovative financing mechanisms4 7#f7 ,areas that are underserved by modern broadband connections are disadvantaged1 and ensuring that those areas are connected will enable the ,nation to benefit from the fuller participation of previously underserved citizens in the national economy4 7#g7 ,investment in infrastructure is needed throughout the ,nation1 and it is essential that infrastructure legislation1 including but not limited to this legislation1 benefit urban and rural areas1 and large and small ,states4 7b7 ,purpose ,the purpose of this ,act is to provide tools to finance additional transportation1 water1 and information infrastructure capital investments1 through an approach that provides assistance for financing of infrastructure to all ,states1 rural and urban1 and large and small4 #c4 ,move ,america ,bonds 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#f74 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#g74 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 facilities for the furnishing of water 7within the meaning of section #adb7;e771 7#e7 sewage facilities1 7#f7 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#g7 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 for ,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#h7 flood diversions1 7#i7 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#b771 or 7#aj7 rural broadband service infrastructure4 7c7 ,definitions ,for purposes of this section-- 7#a7 ,flood diversions ,the term flood diversion means any flood damage risk reduction project authorized under any ,act for authorizing water resources development projects4 7#b7 ,rural broadband service infrastructure ,the term rural broadband service infrastructure means the construction1 improvement1 or acquisition of facilities and equipment for the provision of broadband services 7as defined in section #fja of the ,rural ,electrification ,act of #aicf7 which-- 7,a7 meet the minimum requirements in effect under section #fja7;e7 of such ,act1 and 7,b7 will be provided in an area which-- 7i7 is a rural area 7as defined in section #fja of such ,act71 and 7ii7 meets the requirements of clauses 7i7 and 7ii7 of section #fja7;d77#b77;,a7 of such ,act4 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 for any calendar year is an amount equal to #ej percent of the ,state ceiling under section #adf7;d7 for such ,state for such calendar 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 #e-;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 sixth preceding calendar year1 over 7,,ii7 the amount of bonds issued by such issuing authority to which subparagraph 7,a7 applied during the #e preceding calendar years4 7#d7 ,facility must be located within ,state 7,a7 ,in general ,no portion of the ,move ,america volume cap of an issuing authority for any calendar year may be used with respect to financing for a facility located outside of the authority's ,state4 7,b7 ,exception for certain facilities where ,state will get proportionate share of benefit ,subparagraph 7,a7 shall not apply to any ,move ,america bond the proceeds of which are used to provide a facility described in paragraph 7#d7 or 7#e7 of subsection 7b7 if the issuer establishes that the ,state's share of the use of the facility will equal or exceed the ,state's share of the private activity bonds issued to finance the facility4 7e7 ,applicability of certain federal laws 7#a7 ,in general ,an issue shall not be treated as an issue under subsection 7b7 unless the facility for which the proceeds of such issue are used meets the requirements applicable to construction1 alteration or repair of similar facilities under any ,federal law that would apply if the facility were funded or financed under any other ,federal program 7including under titles #bc1 #dj1 and #di1 ,united ,states ,code7 which would otherwise apply to similar facilities4 7#b7 ,public transportation capital projects ,in addition to the requirements of paragraph 7#a71 an issue the proceeds of which are used to finance a capital project 7as defined in section #ecjb7c7 of title #di1 ,united ,states ,code7 relating to public transportation 7as defined in section #ecjb7ad7 of such title7 shall not be treated as an issue under subsection 7b7 unless such project complies with the requirements of chapter #ec of title #di1 ,united ,states ,code4 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 ,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#c7 ,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 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 #d4 ,move ,america credits 7a7 ,in general ,subpart ,d of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after the section #db the following new section3 #db;,a4 ,move ,america credits 7a7 ,move ,america equity credits 7#a7 ,in general ,for purposes of section #ch1 the ,move ,america equity credit for any taxable year in the credit period is an amount equal to #aj percent of the qualified basis of each qualified facility4 7#b7 ,definitions ,for purposes of this section-- 7,a7 ,qualified basis 7i7 ,in general ,the qualified basis of any qualified facility is the portion of the eligible basis of such facility to which the ,state has allocated an amount of the ,state credit limitation under subsection 7c77#c77;,c74 7ii7 ,determination ,the qualified basis of a facility for purposes of all taxable years in the credit period shall be determined as of the date of the last day of the calendar year in which the qualified facility is placed in service4 7iii7 ,exception ,notwithstanding any other provision of this section1 the qualified basis of any qualified facility shall be zero unless the chief executive officer 7or the equivalent7 of the local jurisdiction in which the qualified facility is located is provided a reasonable opportunity to comment on the qualified facility4 7,b7 ,qualified facility ,the term qualified facility means a facility described in section #adb;,a7b71 but only if such facility-- 7i7 meets the requirements applicable to construction1 alteration or repair of similar facilities under any ,federal law that would apply if the facility were funded or financed under any other ,federal program 7including titles #bc1 #dj1 and #di1 ,united ,states ,code71 7ii7 complies with the requirements of chapter #ec of title #di1 ,united ,states ,code1 in the case of a capital project 7as defined in section #ecjb7c7 of title #di1 ,united ,states ,code7 relating to public transportation 7as defined in section #ecjb7ad7 of such title71 and 7iii7 will be generally available for public use throughout the credit period4 7,c7 ,credit period 7i7 ,in general ,except as provided in clause 7ii71 the credit period with respect to any qualified facility is the period of #aj taxable years beginning with the first taxable year beginning in the calendar year in which the facility is placed in service4 7ii7 ,early termination ,if at any time during the #aj-taxable-year period described in clause 7i7 a facility ceases to be a qualified facility1 or ceases and then recommences to be a qualified facility1 the credit period with respect to such facility shall include only the taxable years in such #aj-year-period in which the facility was a qualified facility for the entire taxable year4 7iii7 ,dispositions of property or interest relating to qualified facility ,a facility shall not cease to be a qualified facility solely by reason of the disposition of the facility 7or an interest therein7 if it is reasonably expected that such facility will otherwise continue to be a qualified facility4 7iv7 ,treatment of credit in case of disposition ,if at any time during the #aj-taxable-year period described in clause 7i7 a qualified facility 7or an interest therein7 is disposed of-- 7,i7 the credit under paragraph 7#a7 for any year in such period beginning after the date of the disposal shall be allowed to the acquiring person1 and not to the person disposing of the facility 7or interest71 and 7,,ii7 the credit under paragraph 7#a7 for the year of the disposal shall be allocated between such persons on the basis of the number of days during such year the facility 7or interest7 was held by each4 7#c7 ,reallocation 7,a7 ,in general ,if any qualified facility is not placed in service within #c years of the date of the allocation under subsection 7c77#c71 the ,state shall rescind the allocation under subsection 7c77#c77;,c74 ,any allocation so rescinded may be reallocated by the ,state under subsection 7c7 7including to qualified infrastructure funds for purposes of the credit under subsection 7b77 within the calendar year in which it is so rescinded4 7,b7 ,reversion ,any rescinded allocation which is not reallocated under subparagraph 7,a7 by the last day of the calendar year in which it is so rescinded shall revert to inclusion in the ,state's ,move ,america volume cap under section #adb;,a7d7 as if it had never been exchanged under subsection 7c77#a74 7,c7 ,no multiple reallocations ,any rescinded allocation which is reallocated under subparagraph 7,a7 and is subsequently rescinded shall not be further reallocated and shall immediately revert to inclusion in the ,move ,america volume cap as provided in subparagraph 7,b74 7#d7 ,coordination with deduction for depreciation1 etc ,the basis of any property taken into account in determining the qualified basis of a qualified facility with respect to which a credit is allowed under this section shall be reduced by the aggregate amount of the credit allowable under this section during all taxable years in the credit period which is properly allocable to the cost basis of such property4 ,the ,secretary shall provide for adjustments to basis in cases where the taxpayer is not allowed a full credit for all years in the credit period4 7b7 ,move ,america infrastructure fund credits 7#a7 ,allowance of credit 7,a7 ,in general ,for purposes of section #ch1 in the case of a taxpayer who holds a ,move ,america investment on a credit allowance date of such investment which occurs during the taxable year1 the ,move ,america infrastructure fund credit for such taxable year is an amount equal to #e percent of the amount paid to the qualified infrastructure fund for such investment at its original issue4 7,b7 ,credit allowance date ,for purposes of subparagraph 7,a71 except as provided in paragraph 7#c71 the term credit allowance date means with respect to any ,move ,america investment-- 7i7 the date on which such investment is initially made1 and 7ii7 each of the #i anniversary dates of such date thereafter4 7#b7 ,definitions ,for purposes of this section-- 7,a7 ,move ,america investment 7i7 ,in general ,the term ,move ,america investment means any equity investment in a qualified infrastructure fund1 if-- 7,i7 such investment is acquired by the taxpayer at its original issue solely in exchange for cash1 7,,ii7 substantially all of such cash is used by the qualified infrastructure fund to make qualified investments1 and 7,,iii7 such investment is designated for purposes of this subsection by the qualified infrastructure fund1 including a designation of the qualified investment which will be made with such investment4 7ii7 ,limitation 7,i7 ,in general ,the maximum amount of equity investments issued by a qualified infrastructure fund in a calendar year which may be designated under clause 7i77,,iii7 by such fund shall not exceed #bjj percent of the portion of the ,state credit limitation allocated under subsection 7c77#c77;,a77ii7 to such fund in such calendar year4 7,,ii7 ,expiration ,if the limitation determined under subclause 7,i7 with respect to an infrastructure fund for a calendar year exceeds the amount of equity investments designated under clause 7i77,,iii7 by such fund in such year1 the ,state shall rescind such excess allocation4 ,any allocation so rescinded may be reallocated by the ,state under subsection 7c7 7including to qualified facilities for purposes of the credit under subsection 7a77 within the immediately succeeding calendar year4 7,,iii7 ,reversion ,any rescinded allocation which is not reallocated under subclause 7,,ii7 by the last day of such immediately succeeding calendar year shall revert to inclusion in the ,state's ,move ,america volume cap under section #adb;,a7d7 as if it had never been exchanged under subsection 7c77#a74 7,,iv7 ,no multiple reallocations ,any rescinded allocation which is reallocated under subclause 7,,ii7 and is subsequently rescinded shall not be further reallocated and shall immediately revert to inclusion in the ,move ,america volume cap as provided in subclause 7,,iii74 7iii7 ,safe harbor for determining use of cash ,the requirement of clause 7i77,,ii7 shall be treated as met if at least #ie percent of the aggregate gross assets of the qualified infrastructure fund 7determined without regard to any cash received under clause 7i77,i7 that has not been invested in any other asset before the date that is #c years after the date such cash is received7 are invested in qualified investments4 7iv7 ,treatment of subsequent purchasers ,the term ,move ,america investment includes any equity investment which would 7but for clause 7i77,i77 be a ,move ,america investment in the hands of the taxpayer if such investment was a ,move ,america investment in the hands of a prior holder4 7,b7 ,qualified infrastructure fund ,the term qualified infrastructure fund means-- 7i7 a ,state infrastructure bank established under section #faj of title #bc1 ,united ,states ,code1 7ii7 a water pollution control revolving fund established under title ,,vi of the ,federal ,water ,pollution ,control ,act 7#cc ,u4,s4,c4 #acha et seq471 7iii7 a drinking water treatment revolving loan fund established under section #adeb of the ,safe ,drinking ,water ,act 7#db ,u4,s4,c4 #cjj;j-#ab71 or 7iv7 an equivalent fund established or designated by the ,state or any instrumentality thereof and certified by the ,secretary as having a primary purpose of financing qualified facilities4 ,in the case of a fund described in clause 7ii7 or 7iii71 the amount of any ,move ,america investment shall not be included in determining the amount of ,state or other non-,federal contributions to such fund4 7,c7 ,qualified investment ,the term qualified investment means an investment 7whether by loan1 loan guarantee1 or equity investment7 in-- 7i7 qualified facilities1 or 7ii7 in the case of a fund described in clause 7i71 7ii71 or 7iii7 of subparagraph 7,b71 projects and activities for which such funds are authorized to be used under any other provision of law4 ,the term qualified investment does not include any investment with respect to a project or activity that is not in compliance with applicable requirements of titles #bc and #di1 ,united ,states ,code1 the ,federal ,water ,pollution ,control ,act 7#cc ,u4,s4,c4 #abea et seq471 and the ,safe ,drinking ,water ,act 7#db ,u4,s4,c4 #cjj et seq474 7#c7 ,early termination 7,a7 ,in general ,if at any time during the compliance period the fund which issued a ,move ,america investment ceases to be a qualified infrastructure fund1 or ceases and then recommences to be a qualified infrastructure fund1 any date described in paragraph 7#a77;,b7 7including the date described in clause 7i7 thereof7 occurring in-- 7i7 the taxable year in which the fund ceased to be a qualified infrastructure fund1 or 7ii7 any other taxable year in such period in which the fund is not a qualified infrastructure fund for the entire taxable year1 shall not be treated as a credit allowance date for purposes of paragraph 7#a74 7,b7 ,compliance period ,for purposes of subparagraph 7,a71 the term compliance period means the #aj-taxable-year period beginning with the taxable year that includes the date of the original issue of the ,move ,america investment4 7,c7 ,loss of qualification ,a fund shall cease to be a qualified infrastructure fund as of the date more than #e percent of the investments made by the fund are not qualified investments4 ,for purposes of the preceding sentence1 the amount of any cash received under subparagraph 7,a77i77,i7 that has not been invested in any other asset before the date that is #c years after the date such cash is received shall not be taken into account in determining investments made by the fund4 7,d7 ,expiration of credit ,if substantially all of the cash paid for any ,move ,america investment is not used to make qualified investments designated under paragraph 7#b77;,a77i77,,iii7 within #c years of the date of original issue of such investment1 any date described in paragraph 7#a77;,b7 occurring in a taxable year which ends after the date which is #c years after such date of original issue shall not be treated as a credit allowance date for purposes of paragraph 7#a74 7c7 ,move ,america credit allocation 7#a7 ,exchange of ,move ,america bond volume cap 7,a7 ,in general ,if a ,state has in effect a qualified allocation plan for a calendar year1 the ,state may exchange 7in such manner as the ,secretary may prescribe7 all or a portion of the ,state's ,move ,america volume cap under section #adb;,a7d7 for such year for a ,state credit limitation4 7,b7 ,limitation ,the amount of a ,state's ,move ,america volume cap for a calendar year which may be exchanged under subparagraph 7,a7 shall not include any portion of such cap which is attributable to an amount of ,state credit limitation which has reverted under paragraph 7#c77;,d7 or subsection 7a77#c77;,b7 or 7b77#b77;,a77iv74 7#b7 ,state credit limitation ,for purposes of this section1 the ,state credit limitation with respect to any ,state for a calendar year is a dollar amount equal to #be percent of the ,move ,america volume cap exchanged under paragraph 7#a7 for such calendar year4 7#c7 ,allocation 7,a7 ,in general ,a ,state may allocate the ,state credit limitation1 according to the qualified allocation plan1 for any calendar year among-- 7i7 qualified facilities in the ,state for purposes of the ,move ,america equity credit under subsection 7a71 and 7ii7 qualified infrastructure funds in the ,state for purposes of the ,move ,america infrastructure fund credit under subsection 7b74 7,b7 ,qualified allocation plan 7i7 ,in general ,for purposes of this subsection1 the term qualified allocation plan means any plan-- 7,i7 which sets forth selection criteria to be used in determining infrastructure priorities of the ,state and allocating the ,state credit limitation among facilities 7in accordance with clause 7ii77 and infrastructure funds in the ,state1 and 7,,ii7 which provides a procedure that the ,state 7or an agent or other private contractor of the ,state7 will follow in monitoring for noncompliance with the provisions of this section and in notifying the ,internal ,revenue ,service of such noncompliance4 7ii7 ,limitation based on facility feasibility for ,move ,america equity credits 7,i7 ,in general ,in the case of an allocation with respect to any qualified facility for purposes of the ,move ,america equity credit under subsection 7a71 such allocation shall not exceed the minimum amount which the ,state transportation authority or other applicable agency determines is required for the financial feasibility of the facility and its viability for completion and availability for public use throughout the credit period4 7,,ii7 ,minimum feasibility determination ,in making the determination under subclause 7,i71 such entity shall consider the sources and uses of funds and the total financing planned for the facility1 any proceeds or receipts expected to be generated by reason of tax benefits1 the reasonableness of the developmental and operational costs of the facility over the full expected operational life of the facility1 ancillary costs 7including right-of-way and procurement costs71 financing costs1 and retained and transferred risk4 7,c7 ,special rules relating to ,move ,america equity credit 7i7 ,limitation ,the amount allocated to a qualified facility under subparagraph 7,a77i7 shall not exceed the eligible basis of such facility4 7ii7 ,eligible basis ,for purposes of this section1 except as provided in clause 7iii71 the eligible basis of any qualified facility is the lesser of-- 7,i7 the portion of the basis of such facility which is attributable to the aggregate amount of equity investment of all taxpayers in the costs of the facility which are subject to the allowance for depreciation 7determined as of the last day of the calendar year in which the facility is placed in service71 or 7,,ii7 #bj percent of the costs of the facility which are subject to the allowance for depreciation 7determined as of the last day of the calendar year in which the facility is placed in service74 7iii7 ,exclusion of government assistance ,eligible basis shall not include any portion of the basis of such facility which is attributable to any assistance or financing provided by a ,federal1 ,state1 or local government 7determined as of the last day of the calendar year in which the facility is placed in service74 7,d7 ,reversion of unallocated limitation ,any portion of the ,state credit limitation for any calendar year which remains unallocated as of the last day of such calendar year shall revert to inclusion in the ,state's ,move ,america volume cap under section #adb;,a7d7 as if it had never been exchanged under paragraph 7#a74 4 7b7 ,credits 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#ca72 7#b7 by striking the period at the end of paragraph 7#cb7 and inserting a comma2 and 7#c7 by adding at the end the following new paragraphs3 7#cc7 the ,move ,america equity credit under section #db;,a7a77#a71 plus 7#cd7 the ,move ,america infrastructure fund credit under section #db;,a7b77#a74 4 7c7 ,treatment under alternative minimum tax and base erosion tax 7#a7 ,alternative minimum tax ,section #ch7;c77#d77;,b7 of the ,internal ,revenue ,code of #aihf is amended by redesignating clauses 7iv7 through 7xii7 as clauses 7vi7 through 7xiv71 respectively1 and by inserting after clause 7iii7 the following new clauses3 7iv7 the credit determined under section #db;,a7a77#a71 7v7 the credit determined under section #db;,a7b77#a71 4 7#b7 ,base erosion tax ,section #ei;,a7b77#a77;,b77ii7 of such ,code is amended by striking plus at the end of subclause 7,i71 by redesignating subclause 7,,ii7 as subclause 7,,iii71 and by inserting after subclause 7,i7 the following new subclause3 7,,ii7 the credit allowed under section #ch for the taxable year which is properly allocable to the sum of the ,move ,america equity credit under section #db;,a7a77#a7 and the ,move ,america infrastructure fund credit under section #db;,a7b77#a71 plus 4 7d7 ,clerical amendment ,the table of sections for subpart ,d of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after the item relating to section #db the following new item3 ,sec4 #db;,a4 ,move ,america credits4 4 7e7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after the date of the enactment of this ,act4 7f7 ,reporting ,a ,state shall1 at such time and in such manner as the ,secretary of the ,treasury shall require1 report-- 7#a7 to the ,secretary of the ,treasury-- 7,a7 the amount of the ,move ,america volume cap of the ,state for the calendar year which is exchanged under section #db;,a7c77#a7 of the ,internal ,revenue ,code of #aihf for a ,state credit limitation2 7,b7 the amount 7if any7 of the ,state credit limitation allocated under section #db;,a7c77#c77;,a77i7 of such ,code to qualified facilities1 the amount so allocated to each such facility1 and the taxpayer with respect to such facility 7including the name of the taxpayer and any other identifying information as the ,secretary of the ,treasury shall require72 and 7,c7 the amount 7if any7 of the ,state credit limitation allocated under section #db;,a7c77#c77;,a77ii7 of such ,code to qualified infrastructure funds1 the amount so allocated to each such fund1 and each taxpayer holding any ,move ,america investment with respect to any such fund 7including the name of the taxpayer and any other identifying information as the ,secretary of the ,treasury shall require72 7#b7 to the ,secretary of the ,treasury and any taxpayer who is the sponsor of a qualified facility receiving an allocation under section #db;,a7c77#c77;,a77i7 of such ,code1 the date on which the qualified facility is placed in service2 and 7#c7 to the ,secretary of the ,treasury and any taxpayer holding a ,move ,america investment1 a certification that the entity which issued the investment is a qualified infrastructure fund and that the investment will be used to make qualified investments designated for purposes of section #db;,a7b77#b77;,a77i77,,iii7 of the ,internal ,revenue ,code of #aihf4 ,for purposes of this subsection1 any term used in this subsection that is also used in section #db;,a or #adb;,a of such ,code has the same meaning as when used in such section4