,,ii #aahth ,,congress #b;d ,session ,s4 #eahg ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,september #be1 #bjbd,mr4 ,casey 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 a tax credit for ,qualified ,community ,college ,bonds1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,community ,college ,infrastructure ,financing ,act4 #b4 ,tax ,credit for ,qualified ,community ,college ,bonds 7a7 ,in general ,part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after subpart ,g the following new subpart3 ,h ,qualified ,community ,college ,bonds #ed4 ,qualified ,community ,college ,bonds 7a7 ,qualified community college bonds ,for purposes of this subchapter1 the term qualified community college bond means any bond issued as part of an issue if-- 7#a7 #ie percent of the available project proceeds of such issue are to be used for a qualified purpose with respect to a qualified community college1 7#b7 the bond is issued by a ,state1 local1 or ,indian tribal government in consultation with the jurisdictions of which such college is located1 and 7#c7 the issuer-- 7,a7 designates such bond for purposes of this section1 and 7,b7 certifies that it has the written approval of the governing body and the ,state higher education agency for such bond issuance4 7b7 ,limitation on amount of bonds designated 7#a7 ,national limitation ,there is a national community college bond limitation of #a1jjj1jjj1jjj for each calendar year4 7#b7 ,allocation of limitation 7,a7 ,in general ,the national community college bond limitation for a calendar year shall be allocated by the ,secretary to any governing body which-- 7i7 has submitted an application described in subparagraph 7,c71 and 7ii7 pursuant to the considerations described in subparagraphs 7,c7 and 7,d71 the ,secretary 7in consultation with the ,secretary of ,education7 has approved an allocation of such limitation under this paragraph4 7,b7 ,cumulative limitation per ,state ,for purposes of subparagraph 7,a71 the total amount of allocations made to qualified community colleges located with a ,state for any calendar year shall not exceed an amount equal to #aj percent of the national community college bond limitation for such calendar year4 7,c7 ,applications ,an application described in this subparagraph shall include such information as the ,secretary 7in consultation with the ,secretary of ,education7 may require1 including the following3 7i7 ,a description of-- 7,i7 the financial sustainability of the proposal1 including how the governing body will leverage other sources of funding1 and 7,,ii7 how the qualified purposes proposed with respect to the qualified community college will fill an unmet need within a qualified area4 7ii7 ,any relevant approvals with respect to the proposal that have been granted by any applicable ,state1 local1 or ,indian ,tribal government or appropriate accrediting body4 7iii7 ,a certification that the governing body-- 7,i7 has consulted with the jurisdictions in which the qualified community college is1 or will be1 located1 and 7,,ii7 has the written approval of the ,state higher education agency for the proposal4 7iv7 ,in the case of an application proposing to establish a new qualified community college1 in addition to the requirements described in clauses 7i71 7ii71 and 7iii7-- 7,i7 whether such proposal has received approval from the ,state higher education agency1 and 7,,ii7 a description of the sustainability of such qualified community college1 including any commitment from any ,state1 local1 or ,indian ,tribal government to provide additional funding for such college4 7,d7 ,priority for allocations ,for purposes of making allocations under this paragraph1 the ,secretary 7in consultation with the ,secretary of ,education7 shall-- 7i7 give highest priority to any proposed qualified community college which will serve the residents of-- 7,i7 the ,state's largest metropolitan statistical area which does not contain an institution described in subsection 7c77#e77;,a71 or 7,,ii7 if subclause 7,i7 does not apply1 the largest micropolitan statistical area within such ,state which does not contain an institution described in such subsection1 7ii7 after application of clause 7i71 give high priority to any governing body which-- 7,i7 has or will have a partnership with-- 7aa7 #a or more local high schools 7as defined in section #haja of the ,elementary and ,secondary ,education ,act of #aife 7#bj ,u4,s4,c4 #ghja771 including a dual or concurrent enrollment program 7as defined in such section71 7bb7 a #d-year institution of higher education that includes a credit-transfer agreement or articulation agreement 7as defined in section #dhf;,a7a7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajic;a7a777 for students at the qualified community college1 or 7cc7 a ,state workforce development board established under section #aja of the ,workforce ,innovation and ,opportunity ,act 7#bi ,u4,s4,c4 #caaa71 or 7,,ii7 is the governing body of1 or has or will have a partnership with1 an institution which is-- 7aa7 a part ,b institution 7as defined in section #cbb of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajfa771 7bb7 a ,historically ,black ,graduate ,professional ,school 7as identified in section #cbf7;e7 of such ,act 7#bj ,u4,s4,c4 #ajfc;b7e7771 7cc7 a ,hispanic-serving institution 7as defined in section #ejb7;a7 of such ,act 7#bj ,u4,s4,c4 #aaja;a7a7771 7dd7 a ,tribal ,college or ,university 7as defined in section #caf7;b7 of such ,act 7#bj ,u4,s4,c4 #ajei;c7b7771 7ee7 an ,alaska ,native-serving institution or a ,native ,hawaiian-serving institution 7as such terms are defined in section #cag7;b7 of such ,act 7#bj ,u4,s4,c4 #ajei;d7b7771 7ff7 a ,predominantly ,black institution 7as defined in section #cga7;c7 of such ,act 7#bj ,u4,s4,c4 #ajfgq7c7771 7gg7 an ,asian ,american and ,native ,american ,pacific ,islander-serving institution 7as defined in section #cga7;c7 of such ,act 7#bj ,u4,s4,c4 #ajfgq7c7771 or 7hh7 a ,native ,american-serving nontribal institution 7as defined in section #cga7;c7 of such ,act 7#bj ,u4,s4,c4 #ajfgq7c7771 and 7iii7 after application of clauses 7i7 and 7ii71 give priority to any governing body which1 in carrying out a new construction or renovation project using any available project proceeds from the issuance of any qualified community college bond1 plans to use not less than #hj percent of such proceeds for construction or renovation that is certified1 verified1 or consistent with the applicable provisions of-- 7,i7 the ,leadership in ,energy and ,environmental ,design green building rating standard of the ,united ,states ,green ,building ,council1 7,,ii7 the ,living ,building ,challenge green building certification program developed by the ,international ,living ,future ,institute1 7,,iii7 a green building rating program developed by the ,collaborative for ,high-,performance ,schools that is designated as ,,chps ,verified1 or 7,,iv7 a green building program that-- 7aa7 has standards that are equivalent to or more stringent than the standards of a program described in subclause 7,i71 7,,ii71 or 7,,iii71 7bb7 is adopted by the ,state or another jurisdiction with authority over the qualified community college1 and 7cc7 includes a verifiable method to demonstrate compliance with the program4 7#c7 ,designation subject to limitation amount ,the maximum aggregate face amount of bonds issued during any calendar year which may be designated under subsection 7a7 with respect to any qualified community college shall not exceed the limitation amount allocated to the governing body of such college under paragraph 7#b7 for such calendar year4 7c7 ,definitions ,for purposes of this section-- 7#a7 ,governing body ,the term governing body means-- 7,a7 the board of trustees or other governing organization of a qualified community college1 or 7,b7 a ,state1 local1 or ,indian ,tribal government 7or any political subdivision thereof71 or any combination of local educational agencies or municipalities1 that participates or proposes to participate in the establishment and operation of a qualified community college4 7#b7 ,institution of higher education ,the term institution of higher education has the meaning given the term in section #aja7;a7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajja7;a774 7#c7 ,local educational agency ,the term local educational agency has the meaning given the term in section #haja of the ,elementary and ,secondary ,education ,act of #aife 7#bj ,u4,s4,c4 #ghja71 except such term shall include any elementary school or secondary school funded by the ,bureau of ,indian ,education1 notwithstanding section #haja7cj77;,c7 of such ,act4 7#d7 ,qualified area ,the term qualified area means any of the following3 7,a7 ,a city1 metropolitan statistical area1 or county that does not contain any institution described in paragraph 7#e77;,a74 7,b7 ,a low-income community 7as defined in section #de;,d7e774 7#e7 ,qualified community college ,the term qualified community college means a public institution of higher education-- 7,a7 at which the highest degree that is predominantly awarded to students is an associate degree 7including #b-year tribally controlled colleges under section #caf of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajei;c7 and public #b-year institutions of higher education71 7,b7 that is established by and operated under the supervision of a governing body in conjunction with the ,state1 local1 and ,indian tribal governments whose residents will be served by such institution1 and 7,c7 that is located within a qualified area4 7#f7 ,qualified purpose ,the term qualified purpose means-- 7,a7 establishing and operating a qualified community college1 7,b7 expanding an existing qualified community college to a qualified area1 7,c7 constructing1 rehabilitating1 repairing1 upgrading1 enhancing1 or expanding any facility owned or to be used by a qualified community college to carry out the educational purposes 7including instructional and research purposes7 of such college1 7,d7 providing equipment for use by students at a qualified community college1 7,e7 investing in online resources or broadband access projects to deliver community college services to qualified areas1 or developing course materials for education to be provided by a qualified community college1 provided that such uses do not collectively account for more than #aj percent of the amount allocated under subsection 7b77#b7 to the governing body for such college1 7,f7 training professors and other school personnel at a qualified community college1 provided that such use does not account for more than #e percent of the amount allocated under subsection 7b77#b7 to the governing body for such college1 7,g7 constructing1 rehabilitating1 repairing1 upgrading1 enhancing1 or expanding any on-campus facility to be used by a qualified community college to-- 7i7 provide childcare to students and staff1 provided that such use does not account for more than #aj percent of the amount allocated under subsection 7b77#b7 to the governing body for such college1 or 7ii7 provide affordable housing1 with a priority given to students and staff1 and 7,h7 connecting students with transportation to a qualified community college1 including partnering with public transit providers to-- 7i7 add bus1 rail1 or paratransit stops at or within walking distances of the campus1 7ii7 add bus1 rail1 or paratransit routes to allow for transportation between the campus and surrounding areas and other cities1 7iii7 increase the frequency of service or adjust the schedules for bus1 rail1 or paratransit routes to allow students to get to and from their classes1 and 7iv7 subsidize bus1 rail1 or paratransit costs for students4 7#g7 ,state ,the term ,state includes the ,district of ,columbia1 the ,commonwealth of ,puerto ,rico1 the ,virgin ,islands1 ,guam1 ,american ,samoa1 and the ,commonwealth of the ,northern ,mariana ,islands4 7#h7 ,state higher education agency ,the term ,state higher education agency means the officer or agency primarily responsible for the ,state supervision of higher education4 7d7 ,application of certain labor standards to projects financed with qualified community bonds 7#a7 ,in general ,each laborer and mechanic employed by a contractor or subcontractor in the performance of construction1 alteration1 or repair work financed in whole1 or in part1 with the proceeds of any qualified community college bond issued after the date of enactment of the ,community ,college ,infrastructure ,financing ,act shall be paid wages at rates not less than those prevailing on work of a similar character in the locality1 as determined by the ,secretary of ,labor in accordance with subchapter ,,iv of chapter #ca of title #dj1 ,united ,states ,code4 7#b7 ,authority ,the ,secretary of ,labor shall have1 with respect to the labor standards described in paragraph 7#a71 the authority and functions set forth in ,reorganization ,plan ,numbered #ad of #aiej 7#fd ,stat4 #abfg2 #e ,u4,s4,c4 ,app47 and section #cade of title #dj1 ,united ,states ,code4 4 7b7 ,conforming amendment ,the table of subparts for part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after the item relating to subpart ,g the following3 ,subpart ,h--,qualified ,community ,college ,bonds4 #c4 ,credit to holders and issuers of ,qualified ,community ,college ,bonds 7a7 ,allowance of credit 7#a7 ,in general ,section #ed;,a of the ,internal ,revenue ,code of #aihf1 as in effect on the day before repeal by ,public ,law #aae-ig1 is revived4 7#b7 ,credit limited to ,qualified ,community ,college ,bonds ,section #ed;,a7d7 of such ,code is amended-- 7,a7 by striking paragraph 7#a7 and inserting the following3 7#a7 ,qualified tax credit bond ,the term qualified tax credit bond means a qualified community college bond which is part of an issue that meets requirements of paragraphs 7#b71 7#c71 7#d71 7#e71 and 7#f74 1 and 7,b7 in paragraph 7#b71 by striking subparagraph 7,c7 and inserting the following3 7,c7 ,qualified purpose ,for purposes of this paragraph1 the term qualified purpose means a purpose specified in section #ed7;c77#c74 4 7b7 ,credit allowed to issuer 7#a7 ,in general ,section #fdca of the ,internal ,revenue ,code of #aihf1 as in effect on the day before repeal by ,public ,law #aae-ig1 is revived4 7#b7 ,conforming amendments 7,a7 ,section #fdca7;f7 of such ,code1 as revived by paragraph 7#a71 is amended by striking paragraphs 7#b7 and 7#c7 and inserting the following3 7#b7 ,specified tax credit bond ,for purposes of this subsection1 the term specified tax credit bond means any qualified tax credit bond 7as defined in section #ed;,a7d77#a77 if the issuer of such bond makes an irrevocable election to have this subsection apply4 4 7,b7 ,subparagraph 7,a7 of section #fbaa7;b77#d7 of the ,internal ,revenue ,code of #aihf is amended by striking and #fdbh;,a and inserting #fdbh;,a1 and #fdca4 #d4 ,effective date ,the amendments made by this ,act shall apply to obligations issued after the date of the enactment of this ,act4