,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #dbjc  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #b1 #bjbj ,mr4   
,wick] 7= himself & ,mr4 ,b5net7        
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to provide a cr$it
 to issu]s ( ,am]ican infra/ructure     
bonds4  #a4 ,%ort title ,?is ,act may be
 cit$ z ! ,am]ican ,infra/ructure ,bonds
 ,act ( #bjbj4  #b4 ,cr$it = ,am]ican   
infra/ructure bonds all[$ to issu]s  7a7
 ,9 g5]al ,sub*apt] ,b ( *apt] #fe ( !  
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by ins]t+ aft] section #fdcj ! foll[+   
new section3  #fdca4 ,cr$it to issu] (  
,am]ican infra/ructure bonds  7a7 ,9    
g5]al ,! issu] ( an ,am]ican            
infra/ructure bond %all be all[$ a cr$it
 ) respect to ea* int]e/ paym5t "u su*  
bond :i* %all be payable by ! ,secret>y 
z provid$ 9 subsection 7b74  7b7 ,paym5t
 ( cr$it  7#a7 ,9 g5]al ,! ,secret>y    
%all pay 7contemporane\sly ) ea* int]e/ 

paym5t date "u su* bond7 to ! issu] (   
su* bond 7or to any p]son :o makes su*  
int]e/ paym5ts on behalf ( ! issu]7 !   
applicable p]c5tage ( ! int]e/ payable  
"u su* bond on su* date4  7#b7          
,applicable p]c5tage ,= purposes (      
p>agraph 7#a71 ! applicable p]c5tage    
%all be equal to-- 7,a7 9 ! case ( any  
,am]ican infra/ructure bond issu$ be=e  
,janu>y #a1 #bjbf1 #ce p]c5t1 &  7,b7 9 
! case ( any ,am]ican infra/ructure bond
 issu$ aft] ,decemb] #ca1 #bjbe1 #bh    
p]c5t4  7#c7 ,int]e/ paym5t date ,=     
purposes ( ?is subsection1 ! t]m int]e/ 
paym5t date means ea* date on :i* !     
hold] ( record ( ! ,am]ican             
infra/ructure bond is entitl$ to a      
paym5t ( int]e/ "u su* bond4  7c7       
,am]ican infra/ructure bond  7#a7 ,9    
g5]al ,= purposes ( ?is section1 ! t]m  
,am]ican infra/ructure bond means any   
obligation if-- 7,a7 ! int]e/ on su*    
obligation w\ld 7b = ?is section7 be    
excludable f gross income "u section    
#ajc1  7,b7 ei!r-- 7i7 ! obligation is n

 a private activity bond1 or  7ii7 !    
obligation is a private activity bond1 b
 x is issu$ z "p ( an issue #ie p]c5t or
 m ( ! net proce$s ( :i* are to be us$  
to f9ance or ref9ance prop]ty t meets ! 
own]%ip te/ 9 section #ade7;a77#a71 z   
appli$ by sub/itut+ #ie p]c5t ( !       
prop]ty = all prop]ty1 &  7,c7 ! issu]  
makes an irrevocable election to h ?is  
section apply4  7#b7 ,applicable rules  
,= purposes ( apply+ p>agraph 7#a7--    
7,a7 = purposes ( section #adi7;b71 a   
bond %all n be treat$ z f$]ally gu>ante$
 by reason ( ! cr$it all[$ "u ?is       
section1 &  7,b7 a bond %all n be treat$
 z an ,am]ican infra/ructure bond if !  
issue price has m ?an a de m9imis am\nt 
7det]m9$ "u rules simil> to ! rules (   
section #abgc7;a77#c77 ( premium ov] !  
/at$ pr9cipal am\nt ( ! bond4  7d7      
,special rules  7#a7 ,int]e/ on ,am]ican
 infra/ructure bonds includible 9 gross 
income = ,f$]al income tax purposes ,=  
purposes ( ?is title1 int]e/ on any     
,am]ican infra/ructure bond %all be     

includible 9 gross income4  7#b7        
,application ( arbitrage rules ,=       
purposes ( section #adh1 ! yield on an  
issue ( ,am]ican infra/ructure bonds    
%all be r$uc$ by ! cr$it all[$ "u ?is   
section1 except t no su* r$uction %all  
apply ) respect to det]m9+ ! am\nt (    
gross proce$s ( an issue t qualifies z a
 reasonably requir$ res]ve or replacem5t
 fund4  7e7 ,regulations ,! ,secret>y   
may prescribe su* regulations & o!r     
guidance z may be necess>y or           
appropriate to c>ry out ?is section4  4 
7b7 ,con=m+ am5dm5ts  7#a7 ,! table (   
sections = sub*apt] ,b ( *apt] #fe (    
subtitle ,f ( ! ,int]nal ,rev5ue ,code (
 #aihf is am5d$ by add+ at ! end !      
foll[+ new item3  ,sec4 #fdca4 ,cr$it to
 issu] ( ,am]ican infra/ructure bonds4  
4  7#b7 ,subp>agraph 7,a7 ( section     
#fbaa7;b77#d7 ( su* ,code is am5d$ by   
ins]t+ #fdca1;aft] #cf;,b14  7c7        
,transitional coord9ation ) /ate law    
,except z o!rwise provid$ by a ,/ate    
aft] ! date ( ! enactm5t ( ?is ,act1 !  

int]e/ on any ,am]ican infra/ructure    
bond 7z def9$ 9 section #fdca ( !       
,int]nal ,rev5ue ,code ( #aihf 7z add$  
by ?is ,act77 & ! am\nt ( any cr$it     
det]m9$ "u su* section ) respect to su* 
bond %all be treat$ = purposes ( !      
income tax laws ( su* ,/ate z be+ exempt
 f ,f$]al income tax4  7d7 ,adju/m5t to 
paym5t to issu]s 9 case ( seque/ration  
7#a7 ,9 g5]al ,9 ! case ( any paym5t "u 
subsection 7b7 ( section #fdca ( !      
,int]nal ,rev5ue ,code ( #aihf 7z add$  
by ?is ,act7 made aft] ! date ( enactm5t
 ( ?is ,act to :i* seque/ration applies1
 ! am\nt ( su* paym5t %all be increas$  
to an am\nt equal to--  7,a7 su* paym5t 
7det]m9$ be=e su* seque/ration71        
multipli$ by  7,b7 ! quoti5t obta9$ by  
divid+ ! numb] #a by ! am\nt by :i* !   
numb] #a exce$s ! p]c5tage r$uction 9   
su* paym5t pursuant to su* seque/ration4
  7#b7 ,seque/ration ,= purposes ( ?is  
subsection1 ! t]m seque/ration means any
 r$uction 9 direct sp5d+ ord]$ 9        
accordance ) a seque/ration report      

prep>$ by ! ,director ( ! ,(fice &      
,managem5t & ,budget pursuant to !      
,balanc$ ,budget & ,em]g5cy ,deficit    
,control ,act ( #aihe or ! ,/atutory    
,pay-,z-,y-,g ,act ( #bjaj or future    
legislation hav+ simil> effect4  7e7    
,effective date ,! am5dm5ts made by ?is 
section %all apply to obligations issu$ 
aft] ! date ( enactm5t ( ?is ,act4