,,ii #aafth ,,congress #ast ,session ,s4 #icb ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #bh1 #bjai,mr4 ,young 7for himself1 ,ms4 ,cortez ,masto1 ,mr4 ,scott of ,south ,carolina1 and ,mr4 ,bennet7 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 provide for the tax-exempt financing of certain government-owned buildings4 #a4 ,short title ,this ,act may be cited as the ,public ,buildings ,renewal ,act of #bjai4 #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 such ,code 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 ,national limitation on amount of tax-exempt financing for qualified governmental building 7,a7 ,national limitation ,the aggregate amount allocated by the ,secretary under subparagraph 7,c7 shall not exceed #e1jjj1jjj1jjj4 7,b7 ,enforcement of national limitation ,an issue shall not be treated as an issue described in subsection 7a77#af7 if the aggregate face amount of bonds issued pursuant to such issue for any qualified governmental building 7when added to the aggregate face amount of bonds previously so issued for such facility7 exceeds the amount allocated to such qualified governmental building under subparagraph 7,c74 7,c7 ,allocation by the ,secretary ,the ,secretary shall allocate1 on a first come1 first serve basis1 a portion of the amount described in subparagraph 7,a7 to a qualified governmental building if the ,secretary determines that-- 7i7 the application for financing of such qualified governmental building meets the requirements set forth in subparagraph 7,d71 and 7ii7 the amount of the allocation requested1 if allocated by the ,secretary1 would not cause the national limitation set forth in subparagraph 7,a7 to be exceeded4 7,d7 ,applications for financing ,an application for financing a qualified governmental building meets the requirements of this subparagraph if such application includes-- 7i7 the amount of the allocation requested1 7ii7 the name of the governmental unit that will own the project1 together with complete contact information1 7iii7 a description of the project as a whole and the proposed organizational and legal structure of the project1 7iv7 a timeline showing the estimated start and completion dates for each major phase or milestone of project development and an indication of the current status of milestones on this timeline1 including all necessary permits and environmental approvals1 7v7 a statement of anticipated sources and uses of funds for the project1 and 7vi7 the following declaration signed by an individual who has personal knowledge of the relevant facts and circumstances3 8,under penalties of perjury1 ,i declare that ,i have examined this document and1 to the best of my knowledge and belief1 the document contains all the relevant facts relating to the document1 and such facts are true1 correct1 and complete40 7,e7 ,use of allocation in a timely manner ,if1 following an allocation by the ,secretary under subparagraph 7,c71 bonds are not issued in the amount of such allocation after the date that is #b years after the date of such allocation1 then the unused portion of the allocation shall be withdrawn1 unless the ,secretary1 upon a showing of good cause by the applicant1 grants an extension of such date4 7#d7 ,exception for current refunding bonds ,paragraph 7#c7 shall not apply to any bond 7or series of bonds7 issued to refund a bond issued under subsection 7a77#af7 if-- 7,a7 the average maturity date of the issue of which the refunding bond is a part is not later than the average maturity date of the bonds to be refunded by such issue1 7,b7 the amount of the refunding bond does not exceed the outstanding amount of the refunded bond1 and 7,c7 the refunded bond is redeemed not later than #ij days after the date of the issuance of the refunding bond4 ,for purposes of subparagraph 7,a71 average maturity shall be determined in accordance with section #adg7;b77#b77;,a74 7#e7 ,office space ,subsection 7b77#b7 shall not apply with respect to any qualified governmental building4 7#f7 ,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 such ,code 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 such ,code 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