,,ii #aafth ,,congress #b;d ,session ,s4 #dged ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,september #bi1 #bjbj,mr4 ,perdue 7for himself and ,mr4 ,cassidy7 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 establish ,,covid ,recovery ,bonds1 and for other purposes4 #a4 ,,covid ,recovery ,bonds 7a7 ,in general ,chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after subchapter ,v the following new subchapter3 ,w ,,covid ,recovery ,bonds ,sec4 #adjj4 ,,covid ,recovery ,bonds4 #adjj4 ,,covid ,recovery ,bonds 7a7 ,in general ,for purposes of this title1 any qualified ,,covid recovery bond shall be treated as an exempt facility bond4 7b7 ,qualified ,,covid recovery bond ,for purposes of this section1 the term qualified ,,covid recovery bond means any bond issued as part of an issue if-- 7#a7 #ie percent or more of the net proceeds 7as defined in section #aej7;a77#c77 of such issue are to be used for qualified project costs1 7#b7 such bond is designated by the ,state for purposes of this section by-- 7,a7 in the case of a bond which is required under ,state law to be approved by the bond commission of such ,state1 such bond commission1 and 7,b7 in the case of any other bond1 the ,governor of such ,state1 and 7#c7 no portion of the proceeds of such issue is to be used to provide any property described in section #add7;c77#f77;,b74 7c7 ,limitations on bonds ,the maximum aggregate face amount of bonds which may be designated under this section with respect to any ,state shall not exceed the amount of the national ,,covid recovery bond limitation allocated to such ,state under subsection 7g74 7d7 ,qualified project costs ,for purposes of this section1 the term qualified project costs means the cost of acquisition1 construction1 reconstruction1 and renovation of any qualified facility located in the ,state which designated the bonds under subsection 7b77#b74 7e7 ,qualified facility ,for purposes of this section1 the term qualified facility means-- 7#a7 any facility described in section #adb7;a7 7with the exception of any facility described in paragraph 7#g7 of such section71 and 7#b7 any facility to provide electric energy or gas1 including facilities for the generation1 manufacturing1 storage1 transportation1 or processing of electricity or gas4 7f7 ,special rules ,in applying this title to any qualified ,,covid recovery bond1 the following modifications shall apply3 7#a7 ,section #adf 7relating to volume cap7 shall not apply4 7#b7 ,section #adg7;d7 7relating to acquisition of existing property not permitted7 shall be applied by substituting #ej percent for #ae percent in each place it appears4 7#c7 ,section #adh7;f77#d77;,c7 7relating to exception from rebate for certain proceeds to be used to finance construction expenditures7 shall apply to the available construction proceeds of bonds which are part of an issue described in subsection 7b74 7#d7 ,section #eg7;a77#e7 7relating to tax-exempt interest7 shall not apply4 7g7 ,allocations 7#a7 ,in general 7,a7 ,general allocation ,the ,secretary shall allocate the national ,,covid recovery bond limitation among the ,states in the proportion that each such ,state's #bjbj population bears to the aggregate #bjbj population for all of the ,states4 7,b7 ,minimum allocation ,the ,secretary shall adjust the allocations under subparagraph 7,a7 for each ,state to the extent necessary to ensure that no ,state receives less than #j4i percent of the national ,,covid recovery bond limitation4 7#b7 ,national limitations ,there is a national ,,covid recovery bond limitation of #dj1jjj1jjj1jjj4 4 7b7 ,clerical amendment ,the table of subchapters for chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after the item relating to subchapter ,v the following new item3 ,,subchapter ,w--,,covid ,,recovery ,,bonds4 7c7 ,effective date ,the amendments made by this section shall apply to obligations issued after the date of the enactment of this ,act4 #b4 ,tax-exempt financing of qualified government buildings 7a7 ,in general ,section #adb7;a7 of the ,internal ,revenue ,code of #aihf is amended by striking or at the end of paragraph 7#ad71 by striking the period at the end of paragraph 7#ae7 and inserting 1 or1 and by adding at the end the following new paragraph3 7#af7 qualified government buildings4 4 7b7 ,qualified government buildings ,section #adb of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subsection3 7n7 ,qualified governmental buildings 7#a7 ,in general ,for purposes of subsection 7a77#af71 the term qualified governmental buildings means any building or facility that consists of one or more of the following3 7,a7 ,an elementary school or a secondary school 7within the meanings given such terms by section #adaja of the ,elementary and ,secondary ,education ,act of #aife 7#bj ,u4,s4,c4 #hhja71 as in effect on the date of the enactment of this subsection74 7,b7 ,a facility of a ,state college or university used for educational purposes4 7,c7 ,a library maintained for1 and open to1 the general public4 7,d7 ,a court of law4 7,e7 ,a hospital or health care facility4 7,f7 ,a laboratory or research facility used by a governmental unit4 7,g7 ,a public safety facility 7including police1 fire1 enhanced #iaa1 emergency or disaster management1 and ambulance or emergency medical service facilities and jails and correctional facilities74 7,h7 ,an office for employees of a governmental unit4 ,such term shall include any equipment1 functionally related and subordinate facility1 or land 7and any real property rights appurtenant thereto7 with respect to any such building or facility4 7#b7 ,specifically excluded facilities ,such term shall not include-- 7,a7 a building or facility the primary purpose of which is one of the following3 retail food and beverage services1 or the provision of recreation or entertainment1 or 7,b7 any building or facility that includes any of the following3 any private or commercial golf course1 country club1 massage parlor1 tennis club1 skating facility 7including roller skating1 skateboard1 and ice skating71 racquet sports facility 7including any handball or racquetball court71 hot tub facility1 suntan facility1 racetrack1 convention center1 or sports stadium or arena4 7#c7 ,office space ,subsection 7b77#b7 shall not apply with respect to any qualified governmental building4 7#d7 ,no depreciation or investment credit ,no depreciation1 amortization1 or business credit under section #ch shall be allowed with respect to any facility described in subsection 7a77#af7 which has been financed by the net proceeds of the issue4 4 7c7 ,governmentally owned requirement ,section #adb7;b77#a77;,a7 of the ,internal ,revenue ,code of #aihf is amended by striking or 7#ab7 and inserting 7#ab71 or 7#af74 7d7 ,exemption from volume cap on private activity bonds ,section #adf7;g77#c7 of the ,internal ,revenue ,code of #aihf is amended by striking or 7#ae7 and inserting 7#ae71 or 7#af74 7e7 ,effective date ,the amendments made by this section shall apply to bonds issued after the date of the enactment of this ,act4