,i #aaf? ,,congress #a/ ,session ,h4 ,r4 #ecic ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,decemb] #aa1 #bjai,ms4 ,spei] 7= h]self1 ,ms4 ,norton1 ,mrs4 ,torres ( ,cali=nia1 ,mr4 ,takano1 ,mr4 ,pocan1 ,mr4 ,ryan1 ,mrs4 ,watson ,coleman1 ,ms4 ,mc,collum1 ,mr4 ,v>gas1 ,ms4 ,m5g1 ,ms4 ,roybal-,all>d1 ,mr4 ,huffman1 ,mr4 ,norcross1 ,mr4 ,g>am5di1 ,mr4 ,quigley1 ,mr4 ,de,saulnier1 ,ms4 ,kaptur1 ,mr4 ,sires1 ,mr4 ,mc,nerney1 ,ms4 ,matsui1 ,mr4 ,cri/1 ,mr4 ,l[5?al1 ,mr4 ,cuell>1 ,ms4 ,tlaib1 ,mrs4 ,d+ell1 ,ms4 ,br[nley ( ,cali=nia1 ,mr4 ,r\da1 ,ms4 ,moore1 ,mr4 ,grijalva1 ,mr4 ,cleav]1 & ,mr4 ,crd5as7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to revise ! inc5tives = electric vehicles1 & = o!r purposes4 #a4 ,%ort title2 f9d+s 7a7 ,%ort title ,?is ,act may be cit$ z ! ,af=dable ,am]ican-made ,automobile ,act4 7b7 ,f9d+s ,congress f9ds ! foll[+3 7#a7 ,! automobile indu/ry is vital to ! national economy & to national security4 ,x employs millions ( ,am]icans & develops new te*nologies ) widespread civilian & milit>y application4 7#b7 ,! global automobile indu/ry is already 9 ! mid/ ( an hi/oric trans=mation to electric vehicle te*nology4 ,?is transition has pr(\nd implications = all ,am]icans4 7#c7 ,9 critical measures ( ! global competition 9 ! electric vehicle indu/ry1 ! ,unit$ ,/ates is beh9d ,*9a & is project$ to fall fur!r beh9d4 ,! ,unit$ ,/ates is beh9d 9 total vehicle sales1 beh9d 9 ! m>ket %>e ( new c> sales1 beh9d 9 inve/m5t1 beh9d 9 batt]y manufactur+ capacity1 & beh9d 9 manufactur+ capacity4 ,! ,unit$ ,/ates lags ,*9a to a great ext5t1 b ! ,unit$ ,/ates is 9 ?ird place 9 ?is competition1 beh9d ! ,european ,union4 7#d7 ,*9a sells half ! electric vehicles sold 9 ! _w4 ,9 addition1 ,*9a's p]c5t ( new c> m>ket %>e ( electric vehicles is twice t ( ! ,unit$ ,/ates4 ,9 a few %ort ye>s1 ! ,*9ese new m>ket %>e ( electric vehicles is expect$ to be triple ! new m>ket %>e 9 ! ,unit$ ,/ates4 7#e7 ,*9a is pr$ict$ to control ab\t #ge p]c5t ( ! global batt]y capacity4 7#f7 ,global inve/m5t 9 electric vehicles is expect$ to rea* #cjj billion or ev5 m2 half ( :i* is int5d$ = ,*9a & only #aj p]c5t = ! ,unit$ ,/ates4 7#g7 ,!re are #ag ,*9ese automobile manufactur]s t h ann\nc$ or und]tak5 electric vehicle inve/m5t4 ,ev5 assum+ "s consolidation ( ! ,*9ese indu/ry1 x w dw>f ! numb] ( manufactur]s headqu>t]$ 9 ! ,unit$ ,/ates :i* is curr5tly #d4 7#h7 ,*9a supports its electric vehicle indu/ry ?r\gh a wide array ( practices includ+ /ate-own$ ent]prises1 direct subsidies1 special access to f9anc+1 gov]nm5t gu>antees ( f9anc+1 exemptions f v>i\s regulatory requirem5ts1 public pur*as+1 favoritism = ,*9ese firms1 re/rictions on m>ket entry to =eign competition1 & regulatory m&ates4 7#i7 ,*9ese dom9ation ( ! electric vehicle indu/ry w inevitably erode ,unit$ ,/ates automobile manufactur+ & ! ,unit$ ,/ates supply *a9 pot5tially result+ 9 ! loss ( hundr$s ( ?\s&s ( jobs4 ,employm5t 9 ! innovation & rese>* side ( ! indu/ry has already begun a migration outside ! ,unit$ ,/ates4 7#aj7 ,unit$ ,/ates communities are also curr5tly suff]+ f extreme ev5ts ( flood1 w9d1 & fire1 z well z heal?-?reat5+ air pollution1 all ( :i* are relat$ to a w>m+ planet4 ,electric vehicles w play a critical role 9 r$uc+ ! pollution t contributes to ^! trag$ies4 7#aa7 ,)\t *anges to public policy1 ! automotive indu/ry 9 ! ,unit$ ,/ates w face aggressive competition f =eign companies1 *iefly locat$ 9 ,*9a1 & w fight a competitive battle on grossly unequal t]ms due to =eign gov]nm5t policies t unfairly favor ov]seas manufactur]s4 7#ab7 ,su* an unfair fight is unw9nable by private indu/ry alone & is !re=e a national priority = ! ,gov]nm5t ( ! ,unit$ ,/ates to ent] on behalf ( e curr5t & future ,am]ican4 7#ac7 ,! ,unit$ ,/ates faces a mom5t ( critical *oice4 ,x ei!r makes ! inve/m5ts necess>y to a*ieve global competitive lead]%ip 9 ?is key indu/ry1 or x w face pr(\nd & dire consequ5ces to its economy & its national security4 7#ad7 ,! ,unit$ ,/ates ne$s to /imulate dem& = electric vehicles f middle class consum]s4 ,tax inc5tives = ! developm5t ( conv5i5t fa/ *>g+ infra/ructure are ess5tial4 ,inve/m5t is ne$$ to support increas$ electric vehicle & batt]y manufactur+ capacity4 #b4 ,expansion ( tax cr$it = electric drive motor vehicles 7a7 ,application to new & us$ batt]y electric motor vehicles 7#a7 ,9 g5]al ,section #cj;,d7a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ new qualifi$ plug-9 electric drive motor vehicle & ins]t+ cr$it eligible electric motor vehicle4 7#b7 ,p] vehicle doll> limitation ,section #cj;,d7b7 ( su* ,code is am5d$-- 7,a7 9 p>agraph 7#a7-- 7i7 by /rik+ p>agraphs 7#b7 & 7#c7 & ins]t+ p>agraphs 7#d7 & 7#e72 & 7ii7 by /rik+ ,9 g5]al 9 ! head+ & ins]t+ ,new qualifi$ plug-9 electric drive motor vehicles2 7,b7 by r$esignat+ p>agraphs 7#b7 & 7#c7 z p>agraphs 7#d7 & 7#e71 respectively1 & ins]t+ aft] p>agraph 7#a7 ! foll[+ new p>agraphs3 7#b7 ,new batt]y electric motor vehicles 7,a7 ,9 g5]al ,! am\nt det]m9$ "u ?is subsection ) respect to any new batt]y electric motor vehicle is-- 7i7 #ab1jjj 7#ae1jjj 9 ! case ( new batt]y electric motor vehicles acquir$ aft] ,decemb] #ca1 #bjah1 & be=e ! date :i* is #e ye>s aft] ! date ( ! enactm5t ( ! ,af=dable ,am]ican-made ,automobile ,act7 if ! price ( su* vehicle is n m ?an #ce1jjj1 & 7ii7 #g1ejj if ! price ( su* vehicle is great] ?an #ce1jjj4 7,b7 ,det]m9ation ( price ,= purposes ( ?is p>agraph1 ! t]m price means-- 7i7 except z provid$ 9 clause 7ii71 ! f9al sales price agre$ ^u by ! taxpay] & ! p]son f :om ! taxpay] acquires su* vehicle 7det]m9$ )\t reg>d to any taxes or fees impos$ by any ,/ate or local gov]nm5t71 & 7ii7 9 ! case ( a lease1 ! price ( ! vehicle /at$ 9 ! lease agreem5t betwe5 ! lessor & lessee 7z s det]m9$74 7#c7 ,us$ batt]y electric motor vehicles ,! am\nt det]m9$ "u ?is subsection ) respect to any us$ batt]y electric motor vehicle is-- 7,a7 #e1jjj if ! taxpay] trades 9 a vehicle t is p[]$ by an int]nal combu/ion eng9e 9 connection ) ! taxpay]'s acquisition ( su* us$ batt]y electric motor vehicle1 & 7,b7 #j 9 any o!r case4 2 & 7,c7 9 p>agraph 7#e7 7z s r$esignat$71 by /rik+ a vehicle & ins]t+ a new qualifi$ plug-9 electric drive motor vehicle4 7#c7 ,cr$it eligible electric motor vehicle ,section #cj;,d7d7 ( su* ,code is am5d$-- 7,a7 by r$esignat+ p>agraphs 7#b71 7#c71 & 7#d7 z p>agraphs 7#e71 7#f71 & 7#g71 respectively2 7,b7 by r$esignat+ p>agraph 7#a7 z p>agraph 7#b72 7,c7 9 p>agraph 7#b7 7z s r$esignat$7-- 7i7 9 subp>agraph 7,f71 by ins]t+ utilizes an int]nal combu/ion eng9e & be=e is propell$2 & 7ii7 by /rik+ ,9 g5]al 9 ! head+ & ins]t+ ,new qualifi$ plug-9 electric drive motor vehicle2 7,d7 by /rik+ all t prec$es p>agraph 7#b7 7z s r$esignat$7 & ins]t+ ! foll[+3 7d7 ,cr$it eligible motor vehicle ,= purposes ( ?is section-- 7#a7 ,cr$it eligible motor vehicle ,! t]m cr$it eligible motor vehicle means-- 7,a7 a new qualifi$ plug-9 electric drive motor vehicle1 7,b7 a new batt]y electric motor vehicle1 & 7,c7 a us$ batt]y electric motor vehicle4 2 & 7,e7 by ins]t+ aft] p>agraph 7#b7 7z s r$esignat$7 ! foll[+ new p>agraphs3 7#c7 ,new batt]y electric motor vehicle ,! t]m new batt]y electric motor vehicle means a motor vehicle-- 7,a7 :i* meets ! requirem5ts ( subp>agraphs 7,a7 ?r\gh 7,e7 ( p>agraph 7#b71 7,b7 :i* is p[]$ by a batt]y electric drive tra91 7,c7 :i* produces z]o exhau/ emissions ( any crit]ia pollutant 7includ+ any precursor pollutant7 or gre5h\se gas 7o!r ?an emissions f air condition+ sy/ems7 "u any possible op]ational modes or conditions1 7,d7 ! batt]y cell1 batt]y pack1 batt]y cool+ sy/em1 & batt]y managem5t sy/em ( :i* are all manufactur$ 9 ! ,unit$ ,/ates1 & 7,e7 ! assembly ( :i* is 9 ! ,unit$ ,/ates4 7#d7 ,us$ batt]y electric motor vehicle 7,a7 ,9 g5]al ,! t]m us$ batt]y electric motor vehicle means a motor vehicle-- 7i7 ! orig9al use ( :i* comm5ces ) a p]son o!r ?an ! taxpay]1 7ii7 :i* meets ! requirem5ts ( subp>agraphs 7,b7 ?r\gh 7,e7 ( p>agraph 7#b71 & 7iii7 :i* meets ! requirem5ts ( subp>agraphs 7,b7 ?r\gh 7,e7 ( p>agraph 7#c74 7,b7 ,only #a cr$it p] vehicle ,no cr$it %all be all[$ "u ?is section ) respect to any us$ batt]y electric motor vehicle plac$ 9 s]vice by ! taxpay] if a cr$it is all[able "u ?is section by reason ( su* vehicle be+ plac$ 9 s]vice at any "t prior to ! "t t su* vehicle is plac$ 9 s]vice by ! taxpay] 7o!r ?an a cr$it :i* is s all[able by reason ( su* vehicle be+ a new batt]y electric motor vehicle74 4 7b7 ,c>ryov] ( p]sonal cr$it ,section #cj;,d7c77#b7 ( su* ,code is am5d$-- 7#a7 by /rik+ ,= purposes & ins]t+ ! foll[+3 7,a7 ,9 g5]al ,= purposes 2 & 7#b7 by add+ at ! end ! foll[+ new subp>agraph3 7,b7 ,c>ryback & c>ry=w>d ( unus$ cr$its 7i7 ,9 g5]al ,if ! cr$it describ$ 9 subp>agraph 7,a7 exce$s ! limitation impos$ by section #bf7;a7 = ! taxable ye> r$uc$ by ! sum ( ! cr$its all[able "u subp>t ,a 7det]m9$ )\t reg>d to ! cr$it describ$ 9 subp>agraph 7,a771 su* excess %all be-- 7,i7 c>ri$ back to ! taxable ye> prec$+ ! taxable ye> 9 :i* su* am\nt arose1 & 7,,ii7 c>ri$ =w>d to ! #e taxable ye>s foll[+ ! taxable ye> 9 :i* su* am\nt arose4 7ii7 ,limitation ,= purposes ( clause 7i71 ! am\nt ( cr$it c>ri$ back or =w>d "u su* clause-- 7,i7 %all be tak5 into acc\nt z a cr$it describ$ 9 subp>agraph 7,a7 = ! taxable ye> to :i* c>ri$ 7except1 9 ! case ( a c>ryback1 su* am\nt %all n be tak5 into acc\nt = purposes ( apply+ clause 7i7 to su* taxable ye>71 & 7,,ii7 su* am\nts %all be treat$ z us$ on a fir/-91 fir/-out basis1 det]m9$ on ! basis ( ! taxable ye> 9 :i* su* am\nt arose4 4 7c7 ,assignm5t ( cr$it to f9anc+ entity ,section #cj;,d7f7 ( su* ,code is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#h7 ,cr$it may be assign$ to f9anc+ entity 7,a7 ,9 g5]al ,9 ! case ( a cr$it det]m9$ "u subsection 7a7 ) respect to a new qualifi$ plug-9 electric drive motor vehicle or a new batt]y electric motor vehicle1 ! taxpay] to :om su* cr$it w\ld 7b = ?is p>agraph7 be all[$ "u subsection 7a7 = any taxable ye> may assign su* cr$it to ! p]son :o f9anc$ ! pur*ase 7or lease ( at lea/ #b ye>s7 ( su* vehicle4 ,any p]son to :om su* cr$it is assign$ "u ! prec$+ s5t5ce %all be treat$ = purposes ( ?is title z ! taxpay] :o plac$ su* vehicle 9 s]vice4 7,b7 ,disclosure requirem5t ,subp>agraph 7,a7 %all n apply ) respect to any vehicle unless ! p]son to :om ! cr$it is assign$ cle>ly discloses 9 writ+ to ! taxpay] ! am\nt ( ! cr$it all[able "u subsection 7a7 ) respect to su* vehicle 7det]m9$ )\t reg>d to subsection 7c774 4 7d7 ,modification ( t]m9ation ( cr$it 7#a7 ,repeal ( manufactur]s limitation ,section #cj;,d ( su* ,code is am5d$ by /rik+ subsection 7e74 7#b7 ,t]m9ation ( cr$it ,section #cj;,d ( su* ,code is am5d$ by add+ at ! end ! foll[+ new subsection3 7h7 ,t]m9ation ,?is section %all n apply to any vehicle plac$ 9 s]vice aft] ,decemb] #ca1 #bjcj4 4 7e7 ,effective dates 7#a7 ,9 g5]al ,except z o!rwise provid$ 9 ?is subsection1 ! am5dm5ts made by ?is section %all apply to vehicles acquir$ aft] ,decemb] #ca1 #bjah4 7#b7 ,c>ry=w>d ,! am5dm5ts made by subsection 7b7 %all apply to vehicles acquir$ aft] ! date ( ! enactm5t ( ?is ,act4 7#c7 ,assignm5t ,! am5dm5t made by subsection 7c7 %all apply to vehicles acquir$ aft] ! date :i* is #fj days aft] ! date ( ! enactm5t ( ?is ,act4 #c4 ,alt]native fuel vehicle refuel+ prop]ty cr$it ext5d$ = electric vehicle *>g+ /ations 7a7 ,ext5sion ,section #cj;,c7g7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ ,decemb] #ca1 #bjag & ins]t+ ,decemb] #ca1 #bjcj4 7b7 ,repeal ( limitation ,section #cj;,c ( su* ,code is am5d$ by /rik+ subsection 7b74 7c7 ,application to electric vehicle *>g+ /ations 7#a7 ,9 g5]al ,section #cj;,c7a7 ( su* ,code is am5d$ by /rik+ qualifi$ alt]native fuel vehicle refuel+ prop]ty & ins]t+ electric vehicle *>g+ /ation4 7#b7 ,electric vehicle *>g+ /ation def9$ ,section #cj;,c7c7 ( su* ,code is am5d$ to read z foll[s3 7c7 ,electric vehicle *>g+ /ation ,= purposes ( ?is section1 ! t]m electric vehicle *>g+ /ation means a /ation design$ = re*>g+ an electric batt]y ( a cr$it eligible motor vehicle 7z def9$ 9 section #cj;,d7d71 b det]m9$ )\t reg>d to ! requirem5ts ( subp>agraphs 7,d7 & 7,e7 ( p>agraph 7#c7 !re(74 4 7d7 ,con=m+ am5dm5ts 7#a7 ,section #cj;,c7e77#b7 ( su* ,code is am5d$ by /rik+ qualifi$ alt]native fuel vehicle refuel+ prop]ty & ins]t+ electric vehicle *>g+ /ation4 7#b7 ,section #cj;,c7e7 ( su* ,code is am5d$ by /rik+ p>agraph 7#f7 & r$esignat+ p>agraph 7#g7 z p>agraph 7#f74 7#c7 ,section #ch7;b77#be7 ( su* ,code is am5d$ by /rik+ alt]native fuel vehicle refuel+ prop]ty cr$it & ins]t+ electric vehicle *>g+ /ation cr$it4 7#d7 ,! head+ ( section #cj;,c ( su* ,code 7& ! item relat+ to su* section 9 ! table ( sections = subp>t ,b ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( su* ,code7 is am5d$ by /rik+ ,alt]native fuel vehicle refuel+ prop]ty & ins]t+ ,electric vehicle re*>g+ /ation4 7e7 ,effective date ,! am5dm5ts made by ?is section %all apply to prop]ty plac$ 9 s]vice aft] ,decemb] #ca1 #bjah4 #d4 ,private activity bonds relat$ to electric vehicle manufactur+ 7a7 ,9 g5]al ,section #adb7;a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ or at ! end ( p>agraph 7#ad71 by /rik+ ! p]iod at ! end ( p>agraph 7#ae7 & ins]t+ 1 or1 & by add+ at ! end ! foll[+ new p>agraph3 7#af7 a qualifi$ batt]y electric motor vehicle manufactur+ facility or a qualifi$ electric vehicle batt]y manufactur+ facility4 4 7b7 ,facilities def9$ ,section #adb ( su* ,code is am5d$ by add+ at ! end ! foll[+ new subsection3 7n7 ,qualifi$ batt]y electric motor vehicle manufactur+ & qualifi$ electric vehicle batt]y manufactur+ facilities 7#a7 ,9 g5]al ,= purposes ( subsection 7a77#af7-- 7,a7 ! t]m qualifi$ batt]y electric motor vehicle manufactur+ facility means a batt]y electric motor vehicle manufactur+ facility designat$ by ! ,secret>y "u ?is subsection1 & 7,b7 ! t]m qualifi$ electric vehicle batt]y manufactur+ facility means an electric vehicle batt]y manufactur+ facility designat$ by ! ,secret>y "u ?is subsection4 7#b7 ,batt]y electric motor vehicle manufactur+ facility ,= purposes ( ?is subsection-- 7,a7 ,9 g5]al ,! t]m batt]y electric motor vehicle manufactur+ facility means a facility = manufactur+ batt]y electric motor vehicles4 7,b7 ,batt]y electric motor vehicles ,! t]m batt]y electric motor vehicle means an automobile :i* is p[]$ by a batt]y electric drive tra9 & :i* produces z]o exhau/ emissions ( any crit]ia pollutant 7includ+ any precursor pollutant7 or gre5h\se gas 7o!r ?an emissions f air condition+ sy/ems7 "u any possible op]ational modes or conditions4 7#c7 ,electric vehicle batt]y manufactur+ facility ,! t]m electric vehicle batt]y manufactur+ facility means a facility = manufactur+ batt]ies = use 9 batt]y electric motor vehicles4 7#d7 ,aggregate limitation on designations 7,a7 ,9 g5]al ,an issue %all n be treat$ z an issue describ$ 9 subsection 7a77#af7 if ! aggregate face am\nt ( bonds issu$ by ! ,/ate or local gov]nm5t pursuant !reto = any facility 7:5 add$ to ! aggregate face am\nt ( bonds previ\sly s issu$ = su* facility7 exce$s ! am\nt allocat$ to su* facility by ! ,secret>y "u ?is subsection4 7,b7 ,aggregate limitation ,! ,secret>y _m n allocate m ?an #ae1jjj1jjj1jjj to facilities designat$ "u ?is subsection4 7#e7 ,/&>ds = designation ,! ,secret>y %all n designate a facility = purposes ( ?is subsection unless-- 7,a7 an application has be5 submitt$ to ! ,secret>y ) respect to su* facility :i* meets ! requirem5ts ( p>agraph 7#g71 7,b7 su* facility is locat$ 9 ! ,unit$ ,/ates1 7,c7 su* facility has be5 nom9at$ by a ,/ate or local gov]nm5t dur+ ! #ahj-;day p]iod end+ ) ! date ( su* application1 & 7,d7 su* ,/ate or local gov]nm5t provides writt5 assurances ( ! accuracy ( ! application ) respect to su* facility4 7#f7 ,priority = retool+ ( exi/+ facilities ,! ,secret>y %all give priority 9 mak+ designations & allocations "u ?is subsection to ! retool+ ( exi/+ manufactur+ facilities1 especially ! olde/ facilities or facilities t h be5 9 exi/5ce = at lea/ #bj ye>s 7:e!r or n su* facilities are idle74 7#g7 ,conditional designations ,! ,secret>y may approve a designation "u ?is subsection subject to su* conditions z ! ,secret>y may det]m9e are necess>y to satisfy ! purposes ( ?is subsection or to protect ! national security int]e/s ( ! ,unit$ ,/ates4 7#h7 ,application ,an application ) respect to a facility = designation "u ?is subsection %all include-- 7,a7 a writt5 agreem5t t-- 7i7 all labor]s & me*anics employ$ by contractors or subcontractors dur+ con/ruction1 alt]ation1 or repair t is f9anc$1 9 :ole or 9 "p1 by ! proce$s ( ! issue %all be paid wages at rates n less ?an ^? prevail+ on simil> con/ruction 9 ! locality1 z det]m9$ by ! ,secret>y ( ,labor 9 accordance ) sections #cada-cadd1 #cadf1 & #cadg ( title #dj1 ,unit$ ,/ates ,code1 & 7ii7 ! ,secret>y ( ,labor %all1 ) respect to ! labor /&>ds describ$ 9 clause 7i71 h ! au?ority & functions set =? 9 ,reorganization ,plan ,numb]$ #ad ( #aiej 7#e ,u4,s4,c4 ,app47 & section #cade ( title #dj1 ,unit$ ,/ates ,code1 7,b7 evid5ce satisfactory to ! ,secret>y t ! project w improve ! global competitive position ( ! ,unit$ ,/ates 9 ! electric vehicle indu/ry1 w /imulate ! regional economy at ! facility location1 & w provide quality jobs & labor /&>ds consi/5t ) ! ,unit$ ,/ates automobile indu/ry1 & 7,c7 a demon/ration t ! facility includes ! use ( en]gy effici5cy1 r5ewable en]gy1 & o!r su/a9able design features to ! ext5t feasible4 7#i7 ,"t limit on exp5diture ( bond proce$s ,an issue %all n be treat$ z an issue describ$ 9 subsection 7a77#af7 unless at lea/ #ie p]c5t ( ! net proce$s ( ! issue are exp5d$ = ! facility designat$ "u ?is subsection )9 ! #e-ye> p]iod beg9n+ on ! date ( issuance4 ,if at lea/ #ie p]c5t ( su* net proce$s is n s exp5d$ )9 su* #e-ye> p]iod1 an issue %all be treat$ z cont9u+ to be describ$ 9 subsection 7a77#af7 if ! issu] uses all rema9+ proce$s ( ! issue to r$eem bonds ( ! issue )9 #ij days aft] ! end ( su* #e-ye> p]iod4 ,! ,secret>y1 at ! reque/ ( ! issu]1 may ext5d su* #e-ye> p]iod if ! issu] e/abli%es t ! failure to make su* exp5ditures is due to circum/ances beyond ! control ( ! issu]4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to bonds issu$ aft] ! date ( ! enactm5t ( ?is ,act4