,,ii #aaf? ,,congress #a/ ,session ,s4 #adf ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,janu>y #af1 #bjai,mr4 ,hoev5 7= himself & ,mr4 ,wyd57 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 & ,move ,am]ica cr$its4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,move ,am]ica ,act ( #bjai4 #b4 ,f9d+s & purpose 7a7 ,f9d+s ,congress makes ! foll[+ f9d+s3 7#a7 ,our ,nation's infra/ructure network s]ves z a f\ndation ( our economic competitiv5ess & national security4 ,x is imp]ative t ,congress ma9ta9 & revitalize ! roads1 bridges1 ports1 railways1 airports1 transit sy/ems1 wat] sy/ems1 & in=mation networks ( ?is c\ntry1 enabl+ all indu/ries to a*ieve ! gr[? & productivity t make ! ,unit$ ,/ates /rong & prosp]\s4 7#b7 ,inve/+ 9 transportation1 wat]1 & in=mation infra/ructure creates long-t]m capital assets = ! ,nation t w improve economic productivity4 7#c7 ,inve/m5t 9 infra/ructure creates jobs & spurs economic activity to put p back to "w & gr[ ! economy4 7#d7 ,! co/ to ma9ta9 & improve our ,nation's highways1 bridges1 & o!r critical transportation infra/ructure significantly exce$s :at is curr5tly be+ provid$ by all levels ( gov]nm5t4 7#e7 ,inve/m5t 9 our ,nation's infra/ructure mu/ be multi-facet$1 bo? by ensur+ t !re is a su/a9able long-t]m fund+ s\rce = infra/ructure & ?r\gh us+ innovative f9anc+ me*anisms4 7#f7 ,areas t are und]s]v$ by mod]n broadb& connections are disadvantag$1 & ensur+ t ^? areas are connect$ w enable ! ,nation to b5efit f ! full] p>ticipation ( previ\sly und]s]v$ citiz5s 9 ! national economy4 7#g7 ,inve/m5t 9 infra/ructure is ne$$ ?r\gh\t ! ,nation1 & x is ess5tial t infra/ructure legislation1 includ+ b n limit$ to ?is legislation1 b5efit urban & rural areas1 & l>ge & small ,/ates4 7b7 ,purpose ,! purpose ( ?is ,act is to provide tools to f9ance additional transportation1 wat]1 & in=mation infra/ructure capital inve/m5ts1 ?r\gh an approa* t provides assi/ance = f9anc+ ( infra/ructure to all ,/ates1 rural & urban1 & l>ge & small4 #c4 ,move ,am]ica ,bonds 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#f74 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#g74 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 facilities = ! furni%+ ( wat] 7)9 ! mean+ ( section #adb7;e771 7#e7 sewage facilities1 7#f7 railroads 7z def9$ 9 section #bjajb ( title #di1 ,unit$ ,/ates ,code7 & any associat$ rail & road infra/ructure = ! purpose ( integrat+ modes ( transportation1 7#g7 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#h7 flood div]sions1 7#i7 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#b771 or 7#aj7 rural broadb& s]vice infra/ructure4 7c7 ,def9itions ,= purposes ( ?is section-- 7#a7 ,flood div]sions ,! 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 7#b7 ,rural broadb& s]vice infra/ructure ,! t]m rural broadb& s]vice infra/ructure means ! con/ruction1 improvem5t1 or acquisition ( facilities & equipm5t = ! provision ( broadb& s]vices 7z def9$ 9 section #fja ( ! ,rural ,electrification ,act ( #aicf7 :i*-- 7,a7 meet ! m9imum requirem5ts 9 effect "u section #fja7;e7 ( su* ,act1 & 7,b7 w be provid$ 9 an area :i*-- 7i7 is a rural area 7z def9$ 9 section #fja ( su* ,act71 & 7ii7 meets ! requirem5ts ( clauses 7i7 & 7ii7 ( section #fja7;d77#b77;,a7 ( su* ,act4 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 = any cal5d> ye> is an am\nt equal to #ej p]c5t ( ! ,/ate ceil+ "u section #adf7;d7 = su* ,/ate = su* cal5d> 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+ ! #e-;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 = ! six? prec$+ cal5d> ye>1 ov] 7,,ii7 ! am\nt ( bonds issu$ by su* issu+ au?ority to :i* subp>agraph 7,a7 appli$ dur+ ! #e prec$+ cal5d> ye>s4 7#d7 ,facility mu/ be locat$ )9 ,/ate 7,a7 ,9 g5]al ,no portion ( ! ,move ,am]ica volume cap ( an issu+ au?ority = any cal5d> ye> may be us$ ) respect to f9anc+ = a facility locat$ outside ( ! au?ority's ,/ate4 7,b7 ,exception = c]ta9 facilities :]e ,/ate w get proportionate %>e ( b5efit ,subp>agraph 7,a7 %all n apply to any ,move ,am]ica bond ! proce$s ( :i* are us$ to provide a facility describ$ 9 p>agraph 7#d7 or 7#e7 ( subsection 7b7 if ! issu] e/abli%es t ! ,/ate's %>e ( ! use ( ! facility w equal or exce$ ! ,/ate's %>e ( ! private activity bonds issu$ to f9ance ! facility4 7e7 ,applicability ( c]ta9 f$]al laws 7#a7 ,9 g5]al ,an issue %all n be treat$ z an issue "u subsection 7b7 unless ! facility = :i* ! proce$s ( su* issue are us$ w\ld be subject to ! requirem5ts ( any ,f$]al law 7includ+ titles #bc1 #dj1 & #di1 ,unit$ ,/ates ,code7 :i* w\ld o!rwise apply to simil> facilities4 7#b7 ,public transportation capital projects ,9 addition to ! requirem5ts ( p>agraph 7#a71 an issue ! proce$s ( :i* are us$ to f9ance a capital project 7z def9$ 9 section #ecjb7c7 ( title #di1 ,unit$ ,/ates ,code7 relat+ to public transportation 7z def9$ 9 section #ecjb7ad7 ( su* title7 %all n be treat$ z an issue "u subsection 7b7 unless su* project complies ) ! requirem5ts ( *apt] #ec ( title #di1 ,unit$ ,/ates ,code4 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 ,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#c7 ,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 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 #d4 ,move ,am]ica cr$its 7a7 ,9 g5]al ,subp>t ,d ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] ! section #db ! foll[+ new section3 #db;,a4 ,move ,am]ica cr$its 7a7 ,move ,am]ica equity cr$its 7#a7 ,9 g5]al ,= purposes ( section #ch1 ! ,move ,am]ica equity cr$it = any taxable ye> 9 ! cr$it p]iod is an am\nt equal to #aj p]c5t ( ! qualifi$ basis ( ea* qualifi$ facility4 7#b7 ,def9itions ,= purposes ( ?is section-- 7,a7 ,qualifi$ basis 7i7 ,9 g5]al ,! qualifi$ basis ( any qualifi$ facility is ! portion ( ! eligible basis ( su* facility to :i* ! ,/ate has allocat$ an am\nt ( ! ,/ate cr$it limitation "u subsection 7c77#c77;,c77i74 7ii7 ,det]m9ation ,! qualifi$ basis ( a facility = purposes ( all taxable ye>s 9 ! cr$it p]iod %all be det]m9$ z ( ! date ( ! la/ day ( ! cal5d> ye> 9 :i* ! qualifi$ facility is plac$ 9 s]vice4 7iii7 ,exception ,not)/&+ any o!r provision ( ?is section1 ! qualifi$ basis ( any qualifi$ facility %all be z]o unless ! *ief executive (fic] 7or ! equival5t7 ( ! local jurisdiction 9 :i* ! qualifi$ facility is locat$ is provid$ a reasonable opportunity to comm5t on ! qualifi$ facility4 7,b7 ,qualifi$ facility ,! t]m qualifi$ facility means a facility describ$ 9 section #adb;,a7b71 b only if su* facility-- 7i7 meets ! requirem5ts applicable to simil> facilities "u any ,f$]al law :i* w\ld apply if ! facility 7 f9anc$ "u any o!r ,f$]al program 7includ+ titles #bc1 #dj1 & #di1 ,unit$ ,/ates ,code71 7ii7 complies ) ! requirem5ts ( *apt] #ec ( title #di1 ,unit$ ,/ates ,code1 9 ! case ( a capital project 7z def9$ 9 section #ecjb7c7 ( title #di1 ,unit$ ,/ates ,code7 relat+ to public transportation 7z def9$ 9 section #ecjb7ad7 ( su* title71 & 7iii7 w be g5]ally available = public use ?r\gh\t ! cr$it p]iod4 7,c7 ,cr$it p]iod 7i7 ,9 g5]al ,except z provid$ 9 clause 7ii71 ! cr$it p]iod ) respect to any qualifi$ facility is ! p]iod ( #aj taxable ye>s beg9n+ ) ! fir/ taxable ye> beg9n+ 9 ! cal5d> ye> 9 :i* ! facility is plac$ 9 s]vice4 7ii7 ,e>ly t]m9ation ,if at any "t dur+ ! #aj-taxable-ye> p]iod describ$ 9 clause 7i7 a facility ceases to be a qualifi$ facility1 or ceases & !n recomm5ces to be a qualifi$ facility1 ! cr$it p]iod ) respect to su* facility %all include only ! taxable ye>s 9 su* #aj-ye>-p]iod 9 :i* ! facility 0 a qualifi$ facility = ! entire taxable ye>4 7iii7 ,dispositions ( prop]ty or int]e/ relat+ to qualifi$ facility ,a facility %all n cease to be a qualifi$ facility solely by reason ( ! disposition ( ! facility 7or an int]e/ !re97 if x is reasonably expect$ t su* facility w o!rwise cont9ue to be a qualifi$ facility4 7iv7 ,treatm5t ( cr$it 9 case ( disposition ,if at any "t dur+ ! #aj-taxable-ye> p]iod describ$ 9 clause 7i7 a qualifi$ facility 7or an int]e/ !re97 is dispos$ (-- 7,i7 ! cr$it "u p>agraph 7#a7 = any ye> 9 su* p]iod beg9n+ aft] ! date ( ! disposal %all be all[$ to ! acquir+ p]son1 & n to ! p]son dispos+ ( ! facility 7or int]e/71 & 7,,ii7 ! cr$it "u p>agraph 7#a7 = ! ye> ( ! disposal %all be allocat$ betwe5 su* p]sons on ! basis ( ! numb] ( days dur+ su* ye> ! facility 7or int]e/7 0 held by ea*4 7#c7 ,reallocation 7,a7 ,9 g5]al ,if any qualifi$ facility is n plac$ 9 s]vice )9 #c ye>s ( ! date ( ! allocation "u subsection 7c77#c71 ! ,/ate %all resc9d ! allocation "u subsection 7c77#c77;,c77i74 ,any allocation s resc9d$ may be reallocat$ by ! ,/ate "u subsection 7c7 7includ+ to qualifi$ infra/ructure funds = purposes ( ! cr$it "u subsection 7b77 )9 ! cal5d> ye> 9 :i* x is s resc9d$4 7,b7 ,rev]sion ,any resc9d$ allocation :i* is n reallocat$ "u subp>agraph 7,a7 by ! la/ day ( ! cal5d> ye> 9 :i* x is s resc9d$ %all rev]t to inclusion 9 ! ,/ate's ,move ,am]ica volume cap "u section #adb;,a7d7 z if x _h nev] be5 ex*ang$ "u subsection 7c77#a74 7,c7 ,no multiple reallocations ,any resc9d$ allocation :i* is reallocat$ "u subp>agraph 7,a7 & is subsequ5tly resc9d$ %all n be fur!r reallocat$ & %all imm$iately rev]t to inclusion 9 ! ,move ,am]ica volume cap z provid$ 9 subp>agraph 7,b74 7#d7 ,coord9ation ) d$uction = depreciation1 etc ,! basis ( any prop]ty tak5 into acc\nt 9 det]m9+ ! qualifi$ basis ( a qualifi$ facility ) respect to :i* a cr$it is all[$ "u ?is section %all be r$uc$ by ! aggregate am\nt ( ! cr$it all[able "u ?is section dur+ all taxable ye>s 9 ! cr$it p]iod :i* is prop]ly allocable to ! co/ basis ( su* prop]ty4 ,! ,secret>y %all provide = adju/m5ts to basis 9 cases :]e ! taxpay] is n all[$ a full cr$it = all ye>s 9 ! cr$it p]iod4 7b7 ,move ,am]ica infra/ructure fund cr$its 7#a7 ,all[ance ( cr$it 7,a7 ,9 g5]al ,= purposes ( section #ch1 9 ! case ( a taxpay] :o holds a ,move ,am]ica inve/m5t on a cr$it all[ance date ( su* inve/m5t :i* occurs dur+ ! taxable ye>1 ! ,move ,am]ica infra/ructure fund cr$it = su* taxable ye> is an am\nt equal to #e p]c5t ( ! am\nt paid to ! qualifi$ infra/ructure fund = su* inve/m5t at its orig9al issue4 7,b7 ,cr$it all[ance date ,= purposes ( subp>agraph 7,a71 except z provid$ 9 p>agraph 7#c71 ! t]m cr$it all[ance date means ) respect to any ,move ,am]ica inve/m5t-- 7i7 ! date on :i* su* inve/m5t is initially made1 & 7ii7 ea* ( ! #i anniv]s>y dates ( su* date !reaft]4 7#b7 ,def9itions ,= purposes ( ?is section-- 7,a7 ,move ,am]ica inve/m5t 7i7 ,9 g5]al ,! t]m ,move ,am]ica inve/m5t means any equity inve/m5t 9 a qualifi$ infra/ructure fund1 if-- 7,i7 su* inve/m5t is acquir$ by ! taxpay] at its orig9al issue solely 9 ex*ange = ca%1 7,,ii7 sub/antially all ( su* ca% is us$ by ! qualifi$ infra/ructure fund to make qualifi$ inve/m5ts1 & 7,,iii7 su* inve/m5t is designat$ = purposes ( ?is subsection by ! qualifi$ infra/ructure fund1 includ+ a designation ( ! qualifi$ inve/m5t :i* w be made ) su* inve/m5t4 7ii7 ,limitation 7,i7 ,9 g5]al ,! maximum am\nt ( equity inve/m5ts issu$ by a qualifi$ infra/ructure fund 9 a cal5d> ye> :i* may be designat$ "u clause 7i77,,iii7 by su* fund %all n exce$ #bjj p]c5t ( ! portion ( ! ,/ate cr$it limitation allocat$ "u subsection 7c77#c77;,a77ii7 to su* fund 9 su* cal5d> ye>4 7,,ii7 ,expiration ,if ! limitation det]m9$ "u subclause 7,i7 ) respect to an infra/ructure fund = a cal5d> ye> exce$s ! am\nt ( equity inve/m5ts designat$ "u clause 7i77,,iii7 by su* fund 9 su* ye>1 ! ,/ate %all resc9d su* excess allocation4 ,any allocation s resc9d$ may be reallocat$ by ! ,/ate "u subsection 7c7 7includ+ to qualifi$ facilities = purposes ( ! cr$it "u subsection 7a77 )9 ! imm$iately succe$+ cal5d> ye>4 7,,iii7 ,rev]sion ,any resc9d$ allocation :i* is n reallocat$ "u subclause 7,,ii7 by ! la/ day ( su* imm$iately succe$+ cal5d> ye> %all rev]t to inclusion 9 ! ,/ate's ,move ,am]ica volume cap "u section #adb;,a7d7 z if x _h nev] be5 ex*ang$ "u subsection 7c77#a74 7,,iv7 ,no multiple reallocations ,any resc9d$ allocation :i* is reallocat$ "u subclause 7,,ii7 & is subsequ5tly resc9d$ %all n be fur!r reallocat$ & %all imm$iately rev]t to inclusion 9 ! ,move ,am]ica volume cap z provid$ 9 subclause 7,,iii74 7iii7 ,safe h>bor = det]m9+ use ( ca% ,! requirem5t ( clause 7i77,,ii7 %all be treat$ z met if at lea/ #ie p]c5t ( ! aggregate gross assets ( ! qualifi$ infra/ructure fund 7det]m9$ )\t reg>d to any ca% receiv$ "u clause 7i77,i7 t has n be5 inve/$ 9 any o!r asset be=e ! date t is #c ye>s aft] ! date su* ca% is receiv$7 are inve/$ 9 qualifi$ inve/m5ts4 7iv7 ,treatm5t ( subsequ5t pur*as]s ,! t]m ,move ,am]ica inve/m5t includes any equity inve/m5t :i* w\ld 7b = clause 7i77,i77 be a ,move ,am]ica inve/m5t 9 ! h&s ( ! taxpay] if su* inve/m5t 0 a ,move ,am]ica inve/m5t 9 ! h&s ( a prior hold]4 7,b7 ,qualifi$ infra/ructure fund ,! t]m qualifi$ infra/ructure fund means-- 7i7 a ,/ate infra/ructure bank e/abli%$ "u section #faj ( title #bc1 ,unit$ ,/ates ,code1 7ii7 a wat] pollution control revolv+ fund e/abli%$ "u title ,,vi ( ! ,f$]al ,wat] ,pollution ,control ,act 7#cc ,u4,s4,c4 #acha et seq471 7iii7 a dr9k+ wat] treatm5t revolv+ loan fund e/abli%$ "u section #adeb ( ! ,safe ,dr9k+ ,wat] ,act 7#db ,u4,s4,c4 #cjj;j-#ab71 or 7iv7 an equival5t fund e/abli%$ or designat$ by ! ,/ate or any in/rum5tality !re( & c]tifi$ by ! ,secret>y z hav+ a prim>y purpose ( f9anc+ qualifi$ facilities4 ,9 ! case ( a fund describ$ 9 clause 7ii7 or 7iii71 ! am\nt ( any ,move ,am]ica inve/m5t %all n be includ$ 9 det]m9+ ! am\nt ( ,/ate or o!r non-,f$]al contributions to su* fund4 7,c7 ,qualifi$ inve/m5t ,! t]m qualifi$ inve/m5t means an inve/m5t 7:e!r by loan1 loan gu>antee1 or equity inve/m5t7 9-- 7i7 qualifi$ facilities1 or 7ii7 9 ! case ( a fund describ$ 9 clause 7i71 7ii71 or 7iii7 ( subp>agraph 7,b71 projects & activities = :i* su* funds are au?oriz$ to be us$ "u any o!r provision ( law4 7#c7 ,e>ly t]m9ation 7,a7 ,9 g5]al ,if at any "t dur+ ! compliance p]iod ! fund :i* issu$ a ,move ,am]ica inve/m5t ceases to be a qualifi$ infra/ructure fund1 or ceases & !n recomm5ces to be a qualifi$ infra/ructure fund1 any date describ$ 9 p>agraph 7#a77;,b7 7includ+ ! date describ$ 9 clause 7i7 !re(7 occurr+ 9-- 7i7 ! taxable ye> 9 :i* ! fund ceas$ to be a qualifi$ infra/ructure fund1 or 7ii7 any o!r taxable ye> 9 su* p]iod 9 :i* ! fund is n a qualifi$ infra/ructure fund = ! entire taxable ye>1 %all n be treat$ z a cr$it all[ance date = purposes ( p>agraph 7#a74 7,b7 ,compliance p]iod ,= purposes ( subp>agraph 7,a71 ! t]m compliance p]iod means ! #aj-taxable-ye> p]iod beg9n+ ) ! taxable ye> t includes ! date ( ! orig9al issue ( ! ,move ,am]ica inve/m5t4 7,c7 ,loss ( qualification ,a fund %all cease to be a qualifi$ infra/ructure fund z ( ! date m ?an #e p]c5t ( ! inve/m5ts made by ! fund are n qualifi$ inve/m5ts4 ,= purposes ( ! prec$+ s5t5ce1 ! am\nt ( any ca% receiv$ "u subp>agraph 7,a77i77,i7 t has n be5 inve/$ 9 any o!r asset be=e ! date t is #c ye>s aft] ! date su* ca% is receiv$ %all n be tak5 into acc\nt 9 det]m9+ inve/m5ts made by ! fund4 7,d7 ,expiration ( cr$it ,if sub/antially all ( ! ca% paid = any ,move ,am]ica inve/m5t is n us$ to make qualifi$ inve/m5ts designat$ "u p>agraph 7#b77;,a77i77,,iii7 )9 #c ye>s ( ! date ( orig9al issue ( su* inve/m5t1 any date describ$ 9 p>agraph 7#a77;,b7 occurr+ 9 a taxable ye> :i* ends aft] ! date :i* is #c ye>s aft] su* date ( orig9al issue %all n be treat$ z a cr$it all[ance date = purposes ( p>agraph 7#a74 7c7 ,move ,am]ica cr$it allocation 7#a7 ,ex*ange ( ,move ,am]ica bond volume cap 7,a7 ,9 g5]al ,if a ,/ate has 9 effect a qualifi$ allocation plan = a cal5d> ye>1 ! ,/ate may ex*ange 79 su* mann] z ! ,secret>y may prescribe7 all or a portion ( ! ,/ate's ,move ,am]ica volume cap "u section #adb;,a7d7 = su* ye> = a ,/ate cr$it limitation4 7,b7 ,limitation ,! am\nt ( a ,/ate's ,move ,am]ica volume cap = a cal5d> ye> :i* may be ex*ang$ "u subp>agraph 7,a7 %all n include any portion ( su* cap :i* is attributable to an am\nt ( ,/ate cr$it limitation :i* has rev]t$ "u p>agraph 7#c77;,d7 or subsection 7a77#c77;,b7 or 7b77#b77;,a77iv74 7#b7 ,/ate cr$it limitation ,= purposes ( ?is section1 ! ,/ate cr$it limitation ) respect to any ,/ate = a cal5d> ye> is a doll> am\nt equal to #be p]c5t ( ! ,move ,am]ica volume cap ex*ang$ "u p>agraph 7#a7 = su* cal5d> ye>4 7#c7 ,allocation 7,a7 ,9 g5]al ,a ,/ate may allocate ! ,/ate cr$it limitation1 accord+ to ! qualifi$ allocation plan1 = any cal5d> ye> among-- 7i7 qualifi$ facilities 9 ! ,/ate = purposes ( ! ,move ,am]ica equity cr$it "u subsection 7a71 & 7ii7 qualifi$ infra/ructure funds 9 ! ,/ate = purposes ( ! ,move ,am]ica infra/ructure fund cr$it "u subsection 7b74 7,b7 ,qualifi$ allocation plan 7i7 ,9 g5]al ,= purposes ( ?is subsection1 ! t]m qualifi$ allocation plan means any plan-- 7,i7 :i* sets =? selection crit]ia to be us$ 9 det]m9+ infra/ructure priorities ( ! ,/ate & allocat+ ! ,/ate cr$it limitation among facilities 79 accordance ) clause 7ii77 & infra/ructure funds 9 ! ,/ate1 & 7,,ii7 :i* provides a proc$ure t ! ,/ate 7or an ag5t or o!r private contractor ( ! ,/ate7 w foll[ 9 monitor+ = noncompliance ) ! provisions ( ?is section & 9 notify+ ! ,int]nal ,rev5ue ,s]vice ( su* noncompliance4 7ii7 ,limitation bas$ on facility feasibility = ,move ,am]ica equity cr$its 7,i7 ,9 g5]al ,9 ! case ( an allocation ) respect to any qualifi$ facility = purposes ( ! ,move ,am]ica equity cr$it "u subsection 7a71 su* allocation %all n exce$ ! m9imum am\nt :i* ! ,/ate transportation au?ority or o!r applicable ag5cy det]m9es is requir$ = ! f9ancial feasibility ( ! facility & its viability = completion & availability = public use ?r\gh\t ! cr$it p]iod4 7,,ii7 ,m9imum feasibility det]m9ation ,9 mak+ ! det]m9ation "u subclause 7,i71 su* entity %all consid] ! s\rces & uses ( funds & ! total f9anc+ plann$ = ! facility1 any proce$s or receipts expect$ to be g5]at$ by reason ( tax b5efits1 ! reasonabl5ess ( ! developm5tal & op]ational co/s ( ! facility ov] ! full expect$ op]ational life ( ! facility1 ancill>y co/s 7includ+ "r-(-way & procurem5t co/s71 f9anc+ co/s1 & reta9$ & transf]r$ risk4 7,c7 ,special rules relat+ to ,move ,am]ica equity cr$it 7i7 ,limitation ,! am\nt allocat$ to a qualifi$ facility "u subp>agraph 7,a77i7 %all n exce$ ! eligible basis ( su* facility4 7ii7 ,eligible basis ,= purposes ( ?is section1 except z provid$ 9 clause 7iii71 ! eligible basis ( any qualifi$ facility is ! less] (-- 7,i7 ! portion ( ! basis ( su* facility :i* is attributable to ! aggregate am\nt ( equity inve/m5t ( all taxpay]s 9 ! co/s ( ! facility :i* are subject to ! all[ance = depreciation 7det]m9$ z ( ! la/ day ( ! cal5d> ye> 9 :i* ! facility is plac$ 9 s]vice71 or 7,,ii7 #bj p]c5t ( ! co/s ( ! facility :i* are subject to ! all[ance = depreciation 7det]m9$ z ( ! la/ day ( ! cal5d> ye> 9 :i* ! facility is plac$ 9 s]vice74 7iii7 ,exclusion ( gov]nm5t assi/ance ,eligible basis %all n include any portion ( ! basis ( su* facility :i* is attributable to any assi/ance or f9anc+ provid$ by a ,f$]al1 ,/ate1 or local gov]nm5t 7det]m9$ z ( ! la/ day ( ! cal5d> ye> 9 :i* ! facility is plac$ 9 s]vice74 7,d7 ,rev]sion ( unallocat$ limitation ,any portion ( ! ,/ate cr$it limitation = any cal5d> ye> :i* rema9s unallocat$ z ( ! la/ day ( su* cal5d> ye> %all rev]t to inclusion 9 ! ,/ate's ,move ,am]ica volume cap "u section #adb;,a7d7 z if x _h nev] be5 ex*ang$ "u p>agraph 7#a74 4 7b7 ,cr$its made "p ( g5]al bus9ess cr$it ,subsection 7b7 ( section #ch ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ plus at ! end ( p>agraph 7#ca72 7#b7 by /rik+ ! p]iod at ! end ( p>agraph 7#cb7 & ins]t+ a comma2 & 7#c7 by add+ at ! end ! foll[+ new p>agraphs3 7#cc7 ! ,move ,am]ica equity cr$it "u section #db;,a7a77#a71 plus 7#cd7 ! ,move ,am]ica infra/ructure fund cr$it "u section #db;,a7b77#a74 4 7c7 ,treatm5t "u alt]native m9imum tax & base erosion tax 7#a7 ,alt]native m9imum tax ,section #ch7;c77#d77;,b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by r$esignat+ clauses 7iv7 ?r\gh 7xii7 z clauses 7vi7 ?r\gh 7xiv71 respectively1 & by ins]t+ aft] clause 7ii7 ! foll[+ new clauses3 7iii7 ! cr$it det]m9$ "u section #db;,a7a77#a71 7iv7 ! cr$it det]m9$ "u section #db;,a7b77#a71 4 7#b7 ,base erosion tax ,section #ei;,a7b77#a77;,b77ii7 ( su* ,code is am5d$ by /rik+ plus at ! end ( subclause 7,i71 by r$esignat+ subclause 7,,ii7 z subclause 7,,iii71 & by ins]t+ aft] subclause 7,i7 ! foll[+ new subclause3 7,,ii7 ! cr$it all[$ "u section #ch = ! taxable ye> :i* is prop]ly allocable to ! sum ( ! ,move ,am]ica equity cr$it "u section #db;,a7a77#a7 & ! ,move ,am]ica infra/ructure fund cr$it "u section #db;,a7b77#a71 plus 4 7d7 ,cl]ical am5dm5t ,! table ( sections = subp>t ,d ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] ! item relat+ to section #db ! foll[+ new item3 ,sec4 #db;,a4 ,move ,am]ica cr$its4 4 7e7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4 7f7 ,report+ ,a ,/ate %all1 at su* "t & 9 su* mann] z ! ,secret>y ( ! ,treasury %all require1 report-- 7#a7 to ! ,secret>y ( ! ,treasury-- 7,a7 ! am\nt ( ! ,move ,am]ica volume cap ( ! ,/ate = ! cal5d> ye> :i* is ex*ang$ "u section #db;,a7c77#a7 ( ! ,int]nal ,rev5ue ,code ( #aihf = a ,/ate cr$it limitation2 7,b7 ! am\nt 7if any7 ( ! ,/ate cr$it limitation allocat$ "u section #db;,a7c77#c77;,a77i7 ( su* ,code to qualifi$ facilities1 ! am\nt s allocat$ to ea* su* facility1 & ! taxpay] ) respect to su* facility 7includ+ ! "n ( ! taxpay] & any o!r id5tify+ in=mation z ! ,secret>y ( ! ,treasury %all require72 & 7,c7 ! am\nt 7if any7 ( ! ,/ate cr$it limitation allocat$ "u section #db;,a7c77#c77;,a77ii7 ( su* ,code to qualifi$ infra/ructure funds1 ! am\nt s allocat$ to ea* su* fund1 & ea* taxpay] hold+ any ,move ,am]ica inve/m5t ) respect to any su* fund 7includ+ ! "n ( ! taxpay] & any o!r id5tify+ in=mation z ! ,secret>y ( ! ,treasury %all require72 7#b7 to ! ,secret>y ( ! ,treasury & any taxpay] :o is ! sponsor ( a qualifi$ facility receiv+ an allocation "u section #db;,a7c77#c77;,a77i7 ( su* ,code1 ! date on :i* ! qualifi$ facility is plac$ 9 s]vice2 & 7#c7 to ! ,secret>y ( ! ,treasury & any taxpay] hold+ a ,move ,am]ica inve/m5t1 a c]tification t ! entity :i* issu$ ! inve/m5t is a qualifi$ infra/ructure fund & t ! inve/m5t w be us$ to make qualifi$ inve/m5ts designat$ = purposes ( section #db;,a7b77#b77;,a77i77,,iii7 ( ! ,int]nal ,rev5ue ,code ( #aihf4 ,= purposes ( ?is subsection1 any t]m us$ 9 ?is subsection t is also us$ 9 section #db;,a or #adb;,a ( su* ,code has ! same mean+ z :5 us$ 9 su* section4