,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #bjjh  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,m>* #aj1 #bjbe,mr4   
,nunn ( ,i[a 7= himself1 ,ms4 ,h\lahan1 
& ,ms4 ,de,lauro7 introduc$ ! foll[+    
bill2 :i* 0 ref]r$ to ! ,committee on   
,ways & ,means  ,a ,,bill  ,to am5d !   
,int]nal ,rev5ue ,code ( #aihf to all[  
an inve/m5t cr$it = c]ta9 dome/ic infant
 =mula manufactur+ projects & to all[ a 
dome/ic production cr$it = c]ta9 infant 
=mula4  #a4 ,%ort title ,?is ,act may be
 cit$ z ! ,infant ,=mula ,made 9 ,am]ica
 ,act ( #bjbe4  #b4 ,dome/ic infant     
=mula manufactur+ inve/m5t cr$it  7a7 ,9
 g5]al ,subp>t ,e ( "p ,,iv ( sub*apt]  
,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$ by ins]t+ aft] section
 #dh;,e ! foll[+ new section3  #dh;,f4  
,dome/ic infant =mula manufactur+       
inve/m5t cr$it  7a7 ,9 g5]al ,= purposes
 ( section #df1 9 ! case ( an eligible  
taxpay]1 ! dome/ic infant =mula         
manufactur+ cr$it = any taxable ye> is  
an am\nt equal to #cj p]c5t ( ! qualifi$

 inve/m5t = su* taxable ye>4  7b7       
,qualifi$ inve/m5t  7#a7 ,9 g5]al ,=    
purposes ( ?is section1 ! qualifi$      
inve/m5t = any taxable ye> is ! basis ( 
eligible prop]ty plac$ 9 s]vice by !    
taxpay] dur+ su* taxable ye> :i* is "p (
 a qualify+ infant =mula manufactur+    
project4  7#b7 ,c]ta9 qualifi$ progress 
exp5ditures rules made applicable ,rules
 simil> to ! rules ( subsections 7c77#d7
 & 7d7 ( section #df 7z 9 effect on !   
day be=e ! enactm5t ( ! ,rev5ue         
,reconciliation ,act ( #aiij7 %all apply
 = purposes ( ?is section4  7#c7        
,limitation ,! am\nt :i* is treat$ z !  
qualifi$ inve/m5t = all taxable ye>s )  
respect to any qualify+ infant =mula    
manufactur+ project %all n exce$ ! am\nt
 designat$ by ! ,secret>y z eligible = !
 cr$it4  7c7 ,def9itions ,= purposes (  
?is section-- 7#a7 ,eligible taxpay]    
7,a7 ,9 g5]al ,= purposes ( ?is section1
 ! t]m eligible taxpay] means a taxpay] 
if su* taxpay]'s total global rev5ue = !
 cal5d> ye> t prec$es ! cal5d> ye> 9 :i*

 ! taxpay] submits an application "u    
subsection 7d77#a77;,a7 does n exce$    
#gej1jjj1jjj4  7,b7 ,aggregation rules  
,= purposes ( ?is p>agraph1 all p]sons  
:i* are treat$ z a s+le employ] "u      
subsections 7a7 & 7b7 ( section #eb %all
 be treat$ z a s+le taxpay]4  7#b7      
,qualify+ infant =mula manufactur+      
project ,! t]m qualify+ infant =mula    
manufactur+ project means a project1 any
 portion ( ! qualifi$ inve/m5t ( :i* is 
c]tifi$ by ! ,secret>y "u subsection 7d7
 z eligible = a cr$it "u ?is section1   
:i* re-equips1 exp&s1 or e/abli%es a    
facility = ! manufacture ( eligible     
infant =mula4  7#c7 ,eligible prop]ty ,!
 t]m eligible prop]ty means any         
prop]ty-- 7,a7 :i* is necess>y = !      
manufacture ( eligible infant =mula1    
7,b7 :i* is-- 7i7 tangible p]sonal      
prop]ty1 or  7ii7 o!r tangible prop]ty  
7n includ+ a build+ or its /ructural    
compon5ts71 b only if su* prop]ty is us$
 z an integral "p ( a facility describ$ 
9 p>agraph 7#b71 &  7,c7 ) respect to   

:i* depreciation 7or amortization 9 lieu
 ( depreciation7 is all[able4  7#d7     
,eligible infant =mula ,! t]m eligible  
infant =mula means infant =mula t-- 7,a7
 may lawfully be sold 9 ! ,unit$ ,/ates1
 &  7,b7 is manufactur$ 9 ! ,unit$      
,/ates4  7d7 ,c]tification  7#a7 ,9     
g5]al  7,a7 ,e/abli%m5t ,n lat] ?an #ahj
 days aft] ! date ( ! enactm5t ( ?is    
section1 ! ,secret>y %all e/abli% a     
qualify+ infant =mula manufactur+       
project program to consid] & aw>d       
c]tifications = qualifi$ inve/m5ts      
eligible = cr$its "u ?is section to     
qualify+ infant =mula manufactur+       
projects4  7,b7 ,application p]iod ,ea* 
applicant = c]tification "u ?is p>agraph
 %all submit an application-- 7i7       
c]tify+ t n less ?an #ej p]c5t ( !      
eligible infant =mula manufactur$ us+ ! 
eligible prop]ty to :i* su* application 
relates dur+ ! #a-ye> p]iod beg9n+ on ! 
date on :i* ! qualify+ infant =mula     
manufactur+ project is plac$ 9 s]vice   
%all be sold = use 9 ! ,unit$ ,/ates1 & 

7ii7 conta9+ su* in=mation z ! ,secret>y
 %all require4  7,c7 ,"t to meet crit]ia
 = c]tification ,ea* applicant =        
c]tification %all h #a ye> f ! date (   
acceptance by ! ,secret>y ( !           
application dur+ :i* to provide to !    
,secret>y evid5ce t ! requirem5ts ( !   
c]tification h be5 met4  7,d7 ,p]iod (  
issuance ,an applicant :i* receives a   
c]tification %all h #c ye>s f ! date (  
issuance ( ! c]tification 9 ord] to     
place ! project 9 s]vice & if su*       
project is n plac$ 9 s]vice by t "t     
p]iod1 !n ! c]tification %all no long]  
be valid4  7#b7 ,limitations  7,a7      
,project am\nt ,! am\nt ( cr$it t may be
 allocat$ "u p>agraph 7#a7 %all n exce$ 
#aej1jjj1jjj4  7,b7 ,aggregate am\nt ,! 
total am\nt ( cr$its t may be allocat$  
"u p>agraph 7#a7 %all n exce$           
#gej1jjj1jjj4  7,c7 ,sunset ,! ,secret>y
 may n allocate any cr$it doll> am\nt ) 
respect to any project t comm5ces       
con/ruction aft] ! date t is #aj ye>s   
aft] ! date ( ! enactm5t ( ?is section4 

7#c7 ,review & r$i/ribution  7,a7       
,review ,n lat] ?an #d ye>s aft] ! date 
( enactm5t ( ?is section1 ! ,secret>y   
%all review ! cr$its allocat$ "u ?is    
section z ( su* date4  7,b7             
,r$i/ribution ,! ,secret>y may          
reallocate cr$its aw>d$ "u ?is section  
if ! ,secret>y det]m9es t--  7i7 !re is 
an insuffici5t quantity ( qualify+      
applications = c]tification p5d+ at ! "t
 ( ! review1 or  7ii7 any c]tification  
made pursuant to p>agraph 7#a7 has be5  
revok$ pursuant to p>agraph 7#a77;,b7   
because ! project subject to !          
c]tification has be5 delay$ z a result (
 ?ird p>ty opposition or litigation to !
 propos$ project4  7,c7 ,reallocation   
,if ! ,secret>y det]m9es t cr$its "u ?is
 section are available = reallocation   
pursuant to ! requirem5ts set =? 9      
subp>agraph 7,b71 ! ,secret>y is        
au?oriz$ to conduct an additional       
program = applications = c]tification4  
7#d7 ,disclosure ( allocations ,!       
,secret>y %all1 ^u mak+ a c]tification  

"u ?is subsection1 publicly disclose !  
id5tity ( ! applicant & ! am\nt ( !     
cr$it ) respect to su* applicant4  7e7  
,recapture  7#a7 ,9 g5]al ,if dur+ !    
recapture p]iod !re is a recapture ev5t1
 !n ! tax impos$ by ?is *apt] = !       
taxable ye> 9 :i* su* recapture p]iod   
ends %all be increas$ by ! sum (-- 7,a7 
! aggregate decrease 9 ! cr$its all[$ to
 ! taxpay] "u section #ch = all prior   
taxable ye>s :i* w\ld h result$ if no   
cr$it _h be5 det]m9$ "u ?is section )   
respect to ! qualify+ infant =mula      
manufactur+ project1 plus  7,b7 int]e/  
at ! und]paym5t rate e/abli%$ "u section
 #ffba on ! am\nt det]m9$ "u subp>agraph
 7,a7 = ea* prior taxable ye> = ! p]iod 
beg9n+ on ! due date = fil+ ! return = !
 prior taxable ye> involv$4  7#b7       
,recapture ev5t ,= purposes ( ?is       
subsection1 ! t]m recapture ev5t means--
  7,a7 a failure by ! taxpay] to meet ! 
requirem5ts ( ! c]tification made by !  
taxpay] "u subsection 7d77#a77;,a77i71  
or  7,b7 any prop]ty ) respect to :i* an

 allocation 0 made "u ?is section ceases
 to be eligible prop]ty :i* is "p ( a   
qualify+ infant =mula manufactur+       
project4  7#c7 ,recapture p]iod ,=      
purposes ( ?is subsection1 ! t]m        
recapture p]iod means ! #a-ye> p]iod    
beg9n+ on ! date on :i* a qualify+      
infant =mula manufactur+ project )      
respect to :i* an allocation is made "u 
?is section is plac$ 9 s]vice4  7#d7 ,no
 d$uction = int]e/ ,no d$uction %all be 
all[$ "u ?is *apt] = int]e/ describ$ 9  
p>agraph 7#a77;,b74  7#e7 ,special rules
  7,a7 ,tax b5efit rule ,! tax = !      
taxable ye> %all be increas$ "u p>agraph
 7#a7 only ) respect to cr$its all[$ by 
reason ( ?is section :i* 7 us$ to r$uce 
tax liability4 ,9 ! case ( cr$its n s   
us$ to r$uce tax liability1 ! c>ry=w>ds 
& c>rybacks "u section #ci %all be      
appropriately adju/$4  7,b7 ,no cr$its  
aga9/ tax ,any increase 9 tax "u ?is    
subsection %all n be treat$ z a tax     
impos$ by ?is *apt] = purposes ( det]m9+
 ! am\nt ( any cr$it "u ?is *apt] or =  

purposes ( section #ee4  7f7            
,coord9ation ) rehabilitation cr$it ,!  
qualifi$ inve/m5t ) respect to any      
qualify+ infant =mula manufactur+       
project = any taxable ye> %all n include
 t portion ( ! basis ( any project :i*  
is attributable to qualifi$             
rehabilitation exp5ditures 7z def9$ 9   
section #dg7;c77#b774  7g7 ,regulations 
,! ,secret>y %all issue su* regulations 
or o!r guidance z may be necess>y or    
appropriate to c>ry out ! purposes ( ?is
 section1 includ+ regulations provid+ = 
! appropriate conv]sion ( quantities (  
liquid conc5trate eligible infant =mula 
to p\nds ( dry eligible =mula4  4  7b7  
,inclusion 9 inve/m5t cr$it ,section #df
 ( su* ,code is am5d$-- 7#a7 9 p>agraph 
7#e7 by /rik+ & at ! end1  7#b7 9       
p>agraph 7#f71 by /rik+ ! p]iod & ins]t+
 1 &1 &  7#c7 by add+ aft] p>agraph 7#f7
 ! foll[+ new p>agraph3  7#g7 ! dome/ic 
infant =mula manufactur+ inve/m5t cr$it4
  4  7c7 ,cr$it made transf]able        
,section #fdah7;f77#a7 ( su* ,code is   

am5d$ by add+ at ! end ! foll[+ new     
clause3  7xii7 ,! dome/ic infant =mula  
manufactur+ inve/m5t cr$it det]m9$ "u   
section #dh;,f4  4  7d7 ,elective paym5t
 ( cr$it ,section #fdag7;b7 ( su* ,code 
is am5d$ by add+ at ! end ! foll[+ new  
p>agraph3  7#ac7 ,! dome/ic infant =mula
 manufactur+ inve/m5t cr$it det]m9$ "u  
section #dh;,f4  4  7e7 ,c]ta9          
nonrec\rse f9anc+ exclud$ f cr$it base  
,section #di7;a77#a77;,c7 ( su* ,code is
 am5d$ by /rik+ & at ! end ( clause 7v71
 by /rik+ ! p]iod at ! end ( clause 7vi7
 & ins]t+ 1 &1 & by add+ at ! end !     
foll[+ new clause3  7vii7 ! basis ( any 
eligible prop]ty 7z def9$ 9 section     
#dh;,f7c77#c77 :i* is "p ( a qualify+   
infant =mula manufactur+ project "u     
section #dh;,f4  4  7f7 ,cl]ical am5dm5t
 ,! table ( sections = subp>t ,e ( "p   
,,iv ( sub*apt] ,a ( *apt] #a ( su*     
,code is am5d$ by ins]t+ aft] ! item    
relat+ to section #dh;,e ! foll[+ new   
item3  ,sec4 #dh;,f4 ,dome/ic infant    
=mula manufactur+ inve/m5t cr$it4  4    

7g7 ,effective date ,! am5dm5ts made by 
?is section %all apply to projects !    
con/ruction ( :i* comm5ces aft] ! date (
 ! enactm5t ( ?is ,act4  #c4 ,infant    
=mula production cr$it  7a7 ,9 g5]al    
,subp>t ,d ( "p ,,iv ( sub*apt] ,a ( !  
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new section3  
#de;,,bb4 ,infant =mula production cr$it
  7a7 ,9 g5]al ,9 ! case ( a qualifi$   
taxpay]1 = purposes ( section #ch1 !    
infant =mula production cr$it = any     
taxable ye> is an am\nt equal to !      
product (-- 7#a7 ! am\nt 9 p\nds        
7det]m9$ consi/5t ) regulations issu$ "u
 section #dh;,f7g7 ) respect to liquid  
conc5trate7 ( eligible infant =mula     
manufactur$ by su* taxpay] & sold = use 
9 ! ,unit$ ,/ates dur+ su* taxable ye>1 
multipli$ by  7#b7 #b4  7b7 ,qualifi$   
taxpay] ,= purposes ( ?is section1 ! t]m
 qualifi$ taxpay] means1 ) respect to a 
taxable ye>--  7#a7 a taxpay] if su*    
taxpay]'s total global rev5ue = ! prec$+
 taxable ye> does n exce$ #gej1jjj1jjj1 

or  7#b7 a taxpay] to :om a cr$it 0     
all[$ "u ?is section 9 ! prec$+ taxable 
ye>4  7c7 ,eligible infant =mula def9$  
,= purposes ( ?is section1 ! t]m        
eligible infant =mula has ! mean+ giv5  
su* t]m 9 section #dh;,f4  7d7          
,limitations  7#a7 ,maximum am\nt (     
=mula ,= purposes ( det]m9+ ! am\nt ( ! 
cr$it "u subsection 7a71 ! am\nt (      
eligible infant =mula det]m9$ "u        
subsection 7a7 ) respect to any taxable 
ye> %all n exce$ #ah1jjj1jjj p\nds4     
7#b7 #e-ye> limitation ,no cr$it %all be
 all[$ "u subsection 7a7 to a taxpay] = 
a taxable ye> unless-- 7,a7 no cr$it has
 be5 all[$ to su* taxpay] 9 any prior   
taxable ye>1 or  7,b7 su* taxable ye>   
occurs dur+ ! #e taxable ye> p]iod      
beg9n+ on ! fir/ day ( ! fir/ taxable   
ye> = :i* a cr$it 0 all[$ "u subsection 
7a7 to su* taxpay]4  7e7 ,aggregation   
rules ,= purposes ( ?is section1 all    
p]sons :i* are treat$ z a s+le employ]  
"u subsections 7a7 & 7b7 ( section #eb  
%all be treat$ z a s+le taxpay]4  7f7   

,coord9ation ) inve/m5t cr$it ,infant   
=mula produc$ at a facility ) respect to
 :i* a cr$it 0 all[$ "u section #dh;,f  
%all n be tak5 into acc\nt = purposes ( 
subsection 7a74  4  7b7 ,cr$it made     
transf]able ,section #fdah7;f77#a7 ( su*
 ,code 7z am5d$ by section #b7 is am5d$ 
by add+ at ! end ! foll[+ new clause3   
7xiii7 ,! infant =mula production cr$it 
det]m9$ "u section #de;,,bb4  4  7c7    
,elective paym5t ( cr$it ,section       
#fdag7;b7 ( su* ,code 7z am5d$ by       
section #b7 is am5d$ by add+ at ! end ! 
foll[+ new p>agraph3  7#ad7 ,! infant   
=mula production cr$it det]m9$ "u       
section #de;,,bb4  4  7d7 ,cr$it all[$ z
 "p ( g5]al bus9ess cr$it ,section      
#ch7;b7 ( su* ,code is am5d$ by /rik+   
plus at ! end ( p>agraph 7#dj71 by /rik+
 ! p]iod at ! end ( p>agraph 7#da7 &    
ins]t+ 1 plus1 & by add+ at ! end !     
foll[+ new p>agraph3  7#db7 ! infant    
=mula production cr$it det]m9$ "u       
section #de;,,bb7a74  4  7e7 ,cl]ical   
am5dm5t ,! table ( sections = subp>t ,d 

( "p ,,iv ( sub*apt] ,a ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new item3  ,sec4      
#de;,,bb4 ,infant =mula production      
cr$it4  4  7f7 ,effective date ,!       
am5dm5ts made by ?is section %all apply 
to =mula manufactur$ aft] ! date ( !    
enactm5t ( ?is ,act4