,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #iiba  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,july #bc1 #bjbf,mr4  
,moran 7= himself & ,mr4 ,kelly (       
,p5nsylvania7 introduc$ ! foll[+ bill2  
:i* 0 ref]r$ to ! ,committee on ,ways & 
,means  ,a ,,bill  ,to am5d ! ,int]nal  
,rev5ue ,code ( #aihf to support !      
national def5se & economic security ( ! 
,unit$ ,/ates by inc5tiviz+ !           
con/ruction ( ,unit$ ,/ates %ipy>ds4    
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,am]ican ,%ipy>d ,inve/m5t ,act (     
#bjbf4  #b4 ,cr$it = con/ruction (      
%ipy>d facilities  7a7 ,9 g5]al ,subp>t 
,e ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( 
! ,int]nal ,rev5ue ,code ( #aihf is     
am5d$ by ins]t+ aft] section #dh;,e !   
foll[+ new section3  #dh;,f4 ,cr$it =   
con/ruction ( %ipy>d facilities  7a7 ,9 
g5]al ,= purposes ( section #df1 !      
%ipy>d inve/m5t tax cr$it = any taxable 
ye> is an am\nt equal to #be p]c5t ( !  
qualifi$ inve/m5t = su* taxable ye> )   
respect to any qualifi$ %ipy>d facility 

( a taxpay] describ$ 9 section          
#dh;,d7c77#a74 ,9 ! case ( any qualifi$ 
%ipy>d facility locat$ 9 an area        
describ$ 9 section #adjj,z-#a1 ! prec$+ 
s5t5ce %all be appli$ by sub/itut+ #ce  
p]c5t = #be p]c5t4  7b7 ,qualifi$       
inve/m5t  7#a7 ,9 g5]al ,= purposes (   
subsection 7a71 ! qualifi$ inve/m5t )   
respect to any qualifi$ %ipy>d facility 
= any taxable ye> is ! basis ( any      
qualifi$ prop]ty plac$ 9 s]vice by !    
taxpay] dur+ su* taxable ye> :i* is "p (
 a qualifi$ %ipy>d facility4  7#b7      
,qualifi$ prop]ty ,! t]m qualifi$       
prop]ty %all h ! same mean+ giv5 su* t]m
 9 section #dh;,d7b77#b71 except t      
subp>agraph 7,a77iv7 ( su* section %all 
be appli$ by sub/itut+ qualifi$ %ipy>d  
facility = advanc$ manufactur+ facility4
  7#c7 ,qualifi$ %ipy>d facility ,=     
purposes ( ?is section1 ! t]m qualifi$  
%ipy>d facility means a facility--  7,a7
 :i* is locat$ )9 ! ,unit$ ,/ates       
7includ+ any t]ritory or possession ( ! 
,unit$ ,/ates71 &  7,b7 = :i* ! prim>y  

purpose is--  7i7 con/ruct+ or repair+  
comm]cial or milit>y vessels1  7ii7     
manufactur+ compon5ts :i* are critical  
7z det]m9$ by ! ,secret>y1 9            
consultation ) ! ,secret>y ( ! ,navy & !
 ,m>itime ,adm9i/rator7 to ! op]ation ( 
comm]cial or milit>y vessels1 or  7iii7 
manufactur+ equipm5t :i* is us$ to      
produce or repair comm]cial or milit>y  
vessels4  7#d7 ,c]ta9 progress          
exp5diture rules made applicable ,rules 
simil> to ! rules ( subsections 7c77#d7 
& 7d7 ( section #df 7z 9 effect on ! day
 be=e ! date ( ! enactm5t ( ! ,rev5ue   
,reconciliation ,act ( #aiij7 %all apply
 = purposes ( subsection 7a74  7c7      
,regulations ,! ,secret>y %all issue su*
 regulations or o!r guidance z may be   
necess>y or appropriate to c>ry out !   
purposes ( ?is section4  7d7 ,t]m9ation 
( cr$it ,! cr$it all[$ "u ?is section   
%all n apply to prop]ty plac$ 9 s]vice  
aft] ,decemb] #ca1 #bjcc4  4  7b7       
,con=m+ am5dm5ts  7#a7 ,section #df ( ! 
,int]nal ,rev5ue ,code ( #aihf is       

am5d$-- 7,a7 9 p>agraph 7#f71 by /rik+ &
 at ! end1  7,b7 9 p>agraph 7#g71 by    
/rik+ ! p]iod at ! end & ins]t+ 1 &1 &  
7,c7 by add+ at ! end ! foll[+3  7#h7 ! 
%ipy>d inve/m5t tax cr$it4  4  7#b7     
,section #di7;a77#a77;,c7 ( su* ,code is
 am5d$--  7,a7 9 clause 7vii71 by /rik+ 
& at ! end1  7,b7 9 clause 7viii71 by   
/rik+ ! p]iod at ! end & ins]t+ 1 &1 &  
7,c7 by add+ at ! end ! foll[+3  7ix7 ! 
basis ( any qualifi$ prop]ty 7z def9$ 9 
subsection 7b77#b7 ( section #dh;,f7 :i*
 is "p ( a qualifi$ %ipy>d facility 7z  
def9$ 9 subsection 7b77#c7 ( su*        
section74  4  7#c7 ,section             
#ej7;a77#b77;,e7 ( su* ,code is am5d$ by
 /rik+ or #dh;,e7e7 & ins]t+ #dh;,e7e71 
or #dh;,f7b77#d74  7#d7 ,! 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 ,%ipy>d inve/m5t tax cr$it4  4 
7c7 ,elective paym5t & transf] ( cr$it  
7#a7 ,elective paym5t ,section #fdag ( !

 ,int]nal ,rev5ue ,code ( #aihf is      
am5d$-- 7,a7 9 subsection 7b71 by add+  
at ! end ! foll[+3  7#ac7 ,! %ipy>d     
inve/m5t tax cr$it "u section #dh;,f4  1
 &  7,b7 9 subsection 7d77#a7--  7i7 9  
subp>agraph 7,e71 by /rik+ 7,c71 or 7,d7
 ea* place x appe>s & ins]t+ 7,c71 7,d71
 or 7,e71  7ii7 by r$esignat+           
subp>agraph 7,e7 7z am5d$ by clause 7i77
 z subp>agraph 7,f71 &  7iii7 by ins]t+ 
aft] subp>agraph 7,d7 ! foll[+3  7,e7   
,election ) respect to ! %ipy>d inve/m5t
 tax cr$it ,if a taxpay] o!r ?an an     
entity describ$ 9 subp>agraph 7,a7 makes
 an election "u ?is subp>agraph )       
respect to any taxable ye> 9 :i* su*    
taxpay] has plac$ 9 s]vice any qualifi$ 
prop]ty :i* is "p ( a qualifi$ %ipy>d   
facility 7z def9$ 9 section #dh;,f71 su*
 taxpay] %all be treat$ z an applicable 
entity = purposes ( ?is section = su*   
taxable ye>1 b only ) respect to ! cr$it
 describ$ 9 subsection 7b77#ac74  4     
7#b7 ,transf] ,section                  
#fdah7;f77#a77;,a7 ( ! ,int]nal ,rev5ue 

,code ( #aihf is am5d$ by add+ at ! end 
! foll[+3  7xii7 ,! %ipy>d inve/m5t tax 
cr$it "u section #dh;,f4  4  7d7        
,exception relat+ to alt]native tax on  
qualify+ %ipp+ activities ,section      
#aceg7;c7 ( ! ,int]nal ,rev5ue ,code (  
#aihf is am5d$-- 7#a7 9 p>agraph 7#a71  
by /rik+ p>agraph 7#b7 & ins]t+ p>agraph
 7#b7 or 7#d71 &  7#b7 by add+ at ! end 
! foll[+ new p>agraph3  7#d7 ,exception 
= %ipy>d inve/m5t tax cr$it ,p>agraph   
7#a7 %all n apply ) respect to any cr$it
 all[$ to ! taxpay] "u section #dh;,f4  
4  7e7 ,effective date ,! am5dm5ts made 
by ?is section %all apply to prop]ty    
plac$ 9 s]vice aft] ! date ( !          
introduction ( ?is ,act4