,,ii  #aah? ,,congress  #b;d ,session   
,s4 #diae  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #ca1 #bjbd,ms4   
,cantwell introduc$ ! foll[+ bill2 :i* 0
 read twice & ref]r$ to ! ,committee on 
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to modify !       
l[-income h\s+ cr$it & to reau?orize &  
re=m ! ,g5]aliz$ ,sy/em ( ,pref]5ces1 & 
= o!r purposes4  #a4 ,table ( cont5ts ,!
 table ( cont5ts = ?is ,act is z foll[s3
 ,sec4 #a4 ,table ( cont5ts4,,title     
,i--,af=dable housing,sec4 #aja4 ,/ate  
h\s+ cr$it ceil+ increase = l[-income   
h\s+ cr$it4,sec4 #ajb4 ,tax-exempt bond 
f9anc+ requirem5t4,,title               
,,ii--,reau?orization & ,re=m (         
,g5]aliz$ ,sy/em ( ,preferences,sec4    
#bja4 ,modification ( eligibility       
crit]ia = b5efici>y develop+            
c\ntries4,sec4 #bjb4 ,supplem5tal       
reviews & report+4,sec4 #bjc4 ,ext5sion 
( ,g5]aliz$ ,sy/em ( ,pref]5ces4  ,i    
,af=dable h\s+  #aja4 ,/ate h\s+ cr$it  
ceil+ increase = l[-income h\s+ cr$it   

7a7 ,9 g5]al ,section #db7;h77#c77;,i7 (
 ! ,int]nal ,rev5ue ,code ( #aihf is    
am5d$-- 7#a7 by /rik+ & #bjba1 & ins]t+ 
#bjba1 #bjbc1 #bjbd1 & #bjbe11 &  7#b7  
by /rik+ #bjah1 #bjai1 #bjbj1 & #bjba 9 
! head+ & ins]t+ c]ta9 cal5d> ye>s4  7b7
 ,effective date ,! am5dm5ts made by ?is
 section %all apply to cal5d> ye>s aft] 
#bjbb4  #ajb4 ,tax-exempt bond f9anc+   
requirem5t  7a7 ,9 g5]al ,section       
#db7;h77#d7 ( ! ,int]nal ,rev5ue ,code (
 #aihf is am5d$ by /rik+ subp>agraph    
7,b7 & ins]t+ ! foll[+3  7,b7 ,special  
rule :]e m9imum p]c5t ( build+s is      
f9anc$ ) tax-exempt bonds subject to    
volume cap ,= purposes ( subp>agraph    
7,a71 p>agraph 7#a7 %all n apply to any 
portion ( ! cr$it all[able "u subsection
 7a7 ) respect to a build+ if-- 7i7 #ej 
p]c5t or m ( ! aggregate basis ( su*    
build+ & ! l& on :i* ! build+ is locat$ 
is f9anc$ by #a or m obligations        
describ$ 9 subp>agraph 7,a71 or  7ii7   
7,i7 #cj p]c5t or m ( ! aggregate basis 
( su* build+ & ! l& on :i* ! build+ is  

locat$ is f9anc$ by #a or m qualifi$    
obligations1 &  7,,ii7 #a or m ( su*    
qualifi$ obligations-- 7aa7 are "p ( an 
issue ! issue date ( :i* is aft]        
,decemb] #ca1 #bjbc1 &  7bb7 provide !  
f9anc+ = n less ?an #e p]c5t ( !        
aggregate basis ( su* build+ & ! l& on  
:i* ! build+ is locat$4  7,c7 ,qualifi$ 
obligation ,= purposes ( subp>agraph    
7,b77ii71 ! t]m qualifi$ obligation     
means an obligation :i* is describ$ 9   
subp>agraph 7,a7 & :i* is "p ( an issue 
! issue date ( :i* is be=e ,janu>y #a1  
#bjbf4  4  7b7 ,effective date  7#a7 ,9 
g5]al ,! am5dm5t made by ?is section    
%all apply to build+s plac$ 9 s]vice 9  
taxable ye>s beg9n+ aft] ,decemb] #ca1  
#bjbc4  7#b7 ,rehabilitation exp5ditures
 treat$ z sep>ate new build+ ,9 ! case (
 any build+ ) respect to :i* any        
exp5ditures are treat$ z a sep>ate new  
build+ "u section #db7;e7 ( ! ,int]nal  
,rev5ue ,code ( #aihf1 = purposes (     
p>agraph 7#a71 bo? ! exi/+ build+ & !   
sep>ate new build+ %all be treat$ z hav+

 be5 plac$ 9 s]vice on ! date su*       
exp5ditures are treat$ z plac$ 9 s]vice 
"u section #db7;e77#d7 ( su* ,code4     
,,ii ,reau?orization & ,re=m ( ,g5]aliz$
 ,sy/em ( ,pref]5ces  #bja4             
,modification ( eligibility crit]ia =   
b5efici>y develop+ c\ntries  7a7 ,9     
g5]al ,section #ejb ( ! ,trade ,act (   
#aigd 7#ai ,u4,s4,c4 #bdfb7 is am5d$--  
7#a7 9 subsection 7b77#b7-- 7,a7 by     
ins]t+ aft] subp>agraph 7,h7 ! foll[+3  
7,i7 ,su* c\ntry has fail$1 9 a mann]   
affect+ trade or inve/m5t-- 7i7 to      
effectively en=ce its environm5tal laws 
or regulations ?r\gh a su/a9$ or recurr+
 c\rse ( action or inaction2 or  7ii7 to
 adopt & ma9ta9 measures implem5t+ its  
obligations "u common multilat]al       
environm5tal agreem5ts4  7,j7 ,su*      
c\ntry engages 9 gross violations (     
int]nationally recogniz$ human rights 9 
t c\ntry 7includ+ any designat$ zone 9 t
 c\ntry74  2 &  7,b7 9 ! text foll[+    
subp>agraph 7,j7 7z ins]t$ by           
subp>agraph 7,a771 by /rik+ & 7,h7 7to !

 ext5t describ$ 9 section #ejg7f77;,d77 
& ins]t+ 7,h7 7to ! ext5t describ$ 9    
section #ejg7f77;,d771 7,i71 & 7,j72 &  
7#b7 9 subsection 7c7-- 7,a7 9 p>agraph 
7#f77;,b71 by /rik+ 2 & & ins]t+ a      
semicolon2  7,b7 9 p>agraph 7#g7-- 7i7  
by /rik+ :e!r & all t foll[s ?r\gh af=d 
& ins]t+ ! ext5t to :i* su* c\ntry is   
af=d+2 &  7ii7 by /rik+ ! p]iod at ! end
 & ins]t+ a semicolon2 &  7,c7 by add+  
at ! end ! foll[+3  7#h7 ! ext5t to :i* 
su* c\ntry is effectively en=c+ its     
environm5tal laws & regulations & adopt+
 & ma9ta9+ measures implem5t+ its       
obligations "u common multilat]al       
environm5tal agreem5ts2  7#i7 ! ext5t to
 :i* su* c\ntry is a*iev+ ! goals       
describ$ 9 section #c7;b7 ( ! ,wom5's   
,entrepr5eur%ip & ,economic ,emp[]m5t   
,act ( #bjah 7#bb ,u4,s4,c4             
#baea-b7;b772  7#aj7 ! ext5t to :i* su* 
c\ntry has e/abli%$1 or is mak+ cont9ual
 progress t[>d e/abli%+-- 7,a7 ! rule ( 
law1 political pluralism1 & ! "r to due 
process1 a fair trial1 & equal          

protection "u ! law2  7,b7 economic     
policies to r$uce pov]ty1 increase !    
availability ( heal? c>e & educational  
opportunities1 exp& physical            
infra/ructure1 promote ! developm5t (   
private ent]prise1 & enc\rage ! =mation 
( capital m>kets ?r\gh micro-cr$it or   
o!r programs2 &  7,c7 a sy/em to combat 
corruption & brib]y1 su* z sign+ &      
implem5t+ ! ,conv5tion on ,combat+      
,brib]y ( ,=eign ,public ,(ficials 9    
,int]national ,bus9ess ,transactions1   
done at ,p>is ,decemb] #ag1 #aiig1 &    
ent]$ into =ce ,febru>y #ae1 #aiii      
7,,tias #ii-bae72 &  7#aa7 ! ext5t to   
:i* su* c\ntry-- 7,a7 has refra9$ f     
impos+1 or has elim9at$1 digital trade  
b>ri]s1 includ+ unnecess>y or           
discrim9atory data localization or data 
transf] re/rictions2 &  7,b7 has tak5   
/eps 9 ! digital environm5t to support  
consum] protections1 ! privacy ( p]sonal
 in=mation1 & op5 digital ecosy/ems4  4 
7b7 ,modification ( )drawal1 susp5sion1 
or limitation requirem5ts ,section #ejb 

( ! ,trade ,act ( #aigd 7#ai ,u4,s4,c4  
#bdfb7 is am5d$-- 7#a7 9 subsection     
7d77#a71 9 ! second s5t5ce-- 7,a7 by    
/rik+ %all consid] & ins]t+ ! foll[+3   
8%all--  7,a7 consid]  2  7,b7 by /rik+ 
! p]iod at ! end & ins]t+ 2 &2 &  7,c7  
by add+ at ! end ! foll[+3  7,b7 hold a 
public he>+ or provide = a p]iod ( n    
less ?an #cj days = submission ( comm5ts
 by ! public4  2 &  7#b7 9 subsection   
7f77#b7-- 7,a7 9 ! p>agraph head+1 by   
ins]t+ or susp5sion aft] t]m9ation2     
7,b7 by ins]t+ or susp5d aft] t]m9ate   
ea* place x appe>s2 &  7,c7 by ins]t+ or
 susp5sion aft] t]m9ation4  7c7         
,publication ( det]m9ations relat+ to   
petitions = review ,section #ejb ( !    
,trade ,act ( #aigd 7#ai ,u4,s4,c4      
#bdfb7 is am5d$ by add+ at ! end !      
foll[+3  7g7 ,publication ( det]m9ations
 relat+ to petitions = review ,! ,unit$ 
,/ates ,trade ,repres5tative %all publi%
 9 ! ,f$]al ,regi/] a notice (1 & !     
rationale =1 any det]m9ation ( ! ,trade 
,repres5tative ) respect to a petition =

 review ( ! eligibility ( a c\ntry =    
designation z a b5efici>y develop+      
c\ntry1 includ+ a det]m9ation-- 7#a7 to 
accept or d5y su* a petition2  7#b7 to  
cont9ue to review ! eligibility ( !     
c\ntry2 or  7#c7 to )draw1 susp5d1 or   
limit ! application ( duty-free treatm5t
 "u ?is title ) respect to ! c\ntry4  4 
7d7 ,def9itions ,section #ejg ( ! ,trade
 ,act ( #aigd 7#ai ,u4,s4,c4 #bdfg7 is  
am5d$-- 7#a7 9 p>agraph 7#d7-- 7,a7 9   
subp>agraph 7,d71 by /rik+ 2 & & ins]t+ 
a semicolon2  7,b7 9 subp>agraph 7,e71  
by /rik+ ! p]iod at ! end & ins]t+ 2 &2 
&  7,c7 by add+ at ! end ! foll[+3  7,f7
 ! elim9ation ( all =ms ( discrim9ation 
) respect to occupation & employm5t4  2 
&  7#b7 by add+ at ! end ! foll[+3  7#g7
 ,common multilat]al environm5tal       
agreem5t  7,a7 ,9 g5]al ,! t]m common   
multilat]al environm5tal agreem5t1 =    
purposes ( det]m9+ ! eligibility ( a    
c\ntry = designation z a b5efici>y      
develop+ c\ntry "u ?is title1 means any 
agreem5t specifi$ 9 subp>agraph 7,b7 to 

:i* bo? ! ,unit$ ,/ates & t c\ntry are  
full p>ties1 includ+ any curr5t or      
future mutually agre$ ^u protocols1     
am5dm5ts1 annexes1 or adju/m5ts to su*  
an agreem5t4  7,b7 ,agreem5ts specifi$  
,! agreem5ts specifi$ 9 ?is subp>agraph 
are ! foll[+3 7i7 ,! ,conv5tion on      
,int]national ,trade 9 ,endang]$        
,species ( ,wild ,fauna & ,flora1 done  
at ,wa%+ton ,m>* #c1 #aigc 7#bg ,,u/    
#ajhg2 ,,tias #hbdi74  7ii7 ,! ,montreal
 ,protocol on ,sub/ances t ,deplete !   
,ozone ,lay]1 done at ,montreal         
,septemb] #af1 #aihg4  7iii7 ,!         
,protocol ( #aigh ,relat+ to !          
,int]national ,conv5tion = ! ,prev5tion 
( ,pollution f ,%ips1 #aigc1 done at    
,london ,febru>y #ag1 #aigh4  7iv7 ,!   
,conv5tion on ,wetl&s ( ,int]national   
,importance1 ,especially z ,wat]f[l     
,habitat1 done at ,rams> ,febru>y #b1   
#aiga 7,,tias #aajhd74  7v7 ,!          
,conv5tion on ! ,cons]vation ( ,ant>ctic
 ,m>9e ,liv+ ,res\rces1 done at ,canb]ra
 ,may #bj1 #aihj 7#cc ,,u/ #cdgf74  7vi7

 ,! ,int]national ,conv5tion = !        
,regulation ( ,:al+1 done at ,wa%+ton   
,decemb] #b1 #aidf 7#fb ,/at4 #agaf74   
7vii7 ,! ,conv5tion = ! ,e/abli%m5t ( an
 ,int]-,am]ican ,tropical ,tuna         
,commission1 done at ,wa%+ton ,may #ca1 
#aidi 7#a ,,u/ #bcj74  4  #bjb4         
,supplem5tal reviews & report+  7a7     
,assessm5t & report on compliance )     
eligibility requirem5ts ,section #ejb ( 
! ,trade ,act ( #aigd1 z am5d$ by       
section #bja1 is fur!r am5d$ by add+ at 
! end ! foll[+3  7h7 ,assessm5t & report
 on compliance ) eligibility requirem5ts
  7#a7 ,9 g5]al ,! ,presid5t %all-- 7,a7
 on an annual basis-- 7i7 conduct       
assessm5ts ( ! compliance ( an          
appropriate numb] ( c\ntries designat$ z
 b5efici>y develop+ c\ntries = purposes 
( ?is title 9 meet+ or cont9u+ to meet !
 eligibility requirem5ts "u ?is title2 &
  7ii7 make det]m9ations ) respect to   
:e!r to initiate full reviews ( !       
practices ( ^? c\ntries to assess !     
cont9u$ eligibility ( ^? c\ntries =     

designation z b5efici>y develop+        
c\ntries "u ?is title2 &  7,b7 submit to
 ,congress a report consi/+ ( ! results 
( su* assessm5ts & det]m9ations4  7#b7  
,frequ5cy ,! ,presid5t %all conduct an  
assessm5t describ$ 9 clause 7i7 (       
p>agraph 7#a77;,a7 & make a det]m9ation 
describ$ 9 clause 7ii7 ( t p>agraph )   
respect to ea* c\ntry designat$ z a     
b5efici>y develop+ c\ntry = purposes (  
?is title n less frequ5tly ?an once e #c
 ye>s4  4  7b7 ,assessm5t ( effectiv5ess
 ( ,g5]aliz$ ,sy/em ( ,pref]5ces 9      
/r5g!n+ & ma9ta9+ int]nationally        
recogniz$ work] rights & wom5's         
entrepr5eur%ip & economic emp[]m5t  7#a7
 ,policy ( ! ,unit$ ,/ates ,x is !      
policy ( ! ,unit$ ,/ates to support g5d]
 equality & work] rights by promot+     
legal re=ms t address legal1 /ructural1 
& social b>ri]s t con/ra9 ! full & free 
economic p>ticipation ( all work]s 9 !  
global economy4  7#b7 ,am5dm5t to ,trade
 ,act ( #aigd  7,a7 ,9 g5]al ,title ,v (
 ! ,trade ,act ( #aigd 7#ai ,u4,s4,c4   

#bdfa et seq47 is am5d$ by ins]t+ aft]  
section #ejd ! foll[+3  #ejd;,a4        
,assessm5t ( effectiv5ess 9 /r5g!n+ &   
ma9ta9+ int]nationally recogniz$ work]  
rights & wom5's entrepr5eur%ip &        
economic emp[]m5t  7a7 ,9 g5]al ,n lat] 
?an #ae mon?s aft] ! date ( ! enactm5t (
 ?is section1 & e #b ye>s !reaft]1 !    
,unit$ ,/ates ,trade ,repres5tative & ! 
,deputy ,und]secret>y ( ,labor =        
,int]national ,affairs1 9 consultation )
 ! policy advisory committee on labor   
e/abli%$ "u section #ace7;c77#a71 %all  
jo9tly submit to ,congress an assessm5t 
( ! effectiv5ess ( ! adm9i/ration ( ?is 
title 9 ma9ta9+ or /r5g!n+ ! ef=ts (    
b5efici>y develop+ c\ntries relat+ to ! 
factors describ$ 9 p>agraphs 7#g7 & 7#i7
 ( section #ejb7;c74  7b7 ,me?odology & 
s\rces ,! assessm5t requir$ by          
subsection 7a7 %all include-- 7#a7 an   
explanation ( ! me?odology & s\rces us$ 
to prep>e ! assessm5t2 &  7#b7 :]e      
relevant1 citations to data1 in=mation1 
/udies1 & assessm5ts t 7 us$ to prep>e !

 assessm5t & 7 ga!r$1 compil$1 or       
develop$ by ! ,unit$ ,/ates ,gov]nm5t1  
=eign gov]nm5ts1 multilat]al            
in/itutions1 nongov]nm5tal              
organizations1 or educational           
in/itutions4  7c7 ,measurem5t ( wom5's  
economic emp[]m5t ,to support !         
measurem5t ( wom5's economic emp[]m5t1 !
 ,trade ,repres5tative %all enc\rage &  
support ! report+ by b5efici>y develop+ 
c\ntries ( sex-disaggregat$ economic &  
bus9ess data1 includ+ ! ga!r+ (         
in=mation consi/5t ) ! ,unit$ ,nations  
,su/a9able ,developm5t ,goals1          
p>ticul>ly ! goals relat+ to g5d]       
equality & dec5t "w4  4  7,b7 ,cl]ical  
am5dm5t ,! table ( cont5ts = ! ,trade   
,act ( #aigd is am5d$ by ins]t+ aft] !  
item relat+ to section #ejd ! foll[+3   
,sec4 #ejd;,a4 ,assessm5t ( effectiv5ess
 9 /r5g!n+ & ma9ta9+ int]nationally     
recogniz$ work] rights & wom5's         
entrepr5eur%ip & economic emp[]m5t4  4  
7c7 ,unit$ ,/ates ,int]national ,trade  
,commission /udy ,n lat] ?an ,july #a1  

#bjbf1 ! ,unit$ ,/ates ,int]national    
,trade ,commission %all submit to       
,congress a report t conta9s a /udy on  
rules ( orig91 utilization rates1 &     
eligibility requirem5ts = articles "u ! 
,g5]aliz$ ,sy/em ( ,pref]5ces program "u
 title ,v ( ! ,trade ,act ( #aigd 7#ai  
,u4,s4,c4 #bdfa et seq471 includ+ an    
assessm5t (-- 7#a7 ! rate ( utilization 
( ! program by c\ntries designat$ z     
lea/-develop$ b5efici>y develop+        
c\ntries "u section #ejb7;a77#b7 ( t    
,act 7#ai ,u4,s4,c4 #bdfb7;a77#b772     
7#b7 ! effectiv5ess ( ! rules ( orig9 ( 
! program 9-- 7,a7 promot+ trade b5efits
 to lea/-develop$ b5efici>y develop+    
c\ntries "u ! program2 &  7,b7 prev5t+ !
 trans%ipm5t ( articles f c\ntries t are
 n designat$ z b5efici>y develop+       
c\ntries "u section #ejb7;a77#a7 ( t    
,act 7#ai ,u4,s4,c4 #bdfb7;a77#a772 &   
7#c7 ! requirem5ts & proc$ures =        
designat+ articles z eligible articles  
"u section #ejc ( t ,act 7#ai ,u4,s4,c4 
#bdfc71 includ+-- 7,a7 ! competitive ne$

 limitation "u subsection 7c77#b7 ( t   
section2 &  7,b7 ! process = waiv+ t    
limitation "u subsection 7d7 ( t        
section4  #bjc4 ,ext5sion ( ,g5]aliz$   
,sy/em ( ,pref]5ces  7a7 ,9 g5]al       
,section #eje ( ! ,trade ,act ( #aigd   
7#ai ,u4,s4,c4 #bdfe7 is am5d$ by /rik+ 
,decemb] #ca1 #bjbj & ins]t+ ,decemb]   
#ca1 #bjbi4  7b7 ,effective date  7#a7  
,9 g5]al ,! am5dm5t made by subsection  
7a7 %all apply to articles ent]$ on or  
aft] ! #cj? day aft] ! date ( ! enactm5t
 ( ?is ,act4  7#b7 ,retroactive         
application = c]ta9 liquidations &      
reliquidations  7,a7 ,9 g5]al ,not)/&+  
section #ead ( ! ,t>iff ,act ( #aicj    
7#ai ,u4,s4,c4 #aead7 or any o!r        
provision ( law & subject to subp>agraph
 7,b71 any entry ( a cov]$ article to   
:i* duty-free treatm5t or o!r pref]5tial
 treatm5t "u title ,v ( ! ,trade ,act ( 
#aigd 7#ai ,u4,s4,c4 #bdfa et seq47 w\ld
 h appli$ if ! entry _h be5 made on     
,decemb] #ca1 #bjbj1 t 0 made-- 7i7 aft]
 ,decemb] #ca1 #bjbj1 &  7ii7 be=e !    

effective date specifi$ 9 p>agraph 7#a71
  %all be liquidat$ or reliquidat$ z    
?\gh su* entry occurr$ on ! effective   
date specifi$ 9 p>agraph 7#a74  7,b7    
,reque/s ,a liquidation or reliquidation
 may be made "u subp>agraph 7,a7 )      
respect to an entry only if a reque/    
!re= is fil$ ) ,u4,s4 ,cu/oms & ,bord]  
,protection n lat] ?an #ahj days aft] ! 
date ( ! enactm5t ( ?is ,act t conta9s  
suffici5t in=mation to enable ,u4,s4    
,cu/oms & ,bord] ,protection-- 7i7 to   
locate ! entry2 or  7ii7 to recon/ruct !
 entry if x _c be locat$4  7,c7 ,paym5t 
( am\nts ow$ ,any am\nts ow$ by ! ,unit$
 ,/ates pursuant to ! liquidation or    
reliquidation ( an entry ( a cov]$      
article "u subp>agraph 7,a7 %all be     
paid1 )\t int]e/1 n lat] ?an #ij days   
aft] ! date ( ! liquidation or          
reliquidation 7z ! case may be74  7#c7  
,def9itions ,9 ?is subsection3 7,a7     
,cov]$ article ,! t]m cov]$ article     
means an article f a c\ntry t is a      
b5efici>y develop+ c\ntry "u title ,v ( 

! ,trade ,act ( #aigd 7#ai ,u4,s4,c4    
#bdfa et seq47 z ( ! effective date     
specifi$ 9 p>agraph 7#a74  7,b7 ,ent]2  
entry ,! t]ms ent] & entry include a    
)drawal f w>eh\se = consumption4