I 

113TH CONGRESS 

2D SESSION H. R. 3939 

To amend the Internal Revenue Code of 1986 to jumpstart the sluggish 

economy, finance critical infrastructure investments, fight income inequality and create jobs, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JANUARY 28, 2014 

Mr. NEAL introduced the following bill; which was referred to the Committee 

on Ways and Means, and in addition to the Committees on Transportation and Infrastructure and Education and the Workforce, for a period 

to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee 

concerned 

A BILL 

To amend the Internal Revenue Code of 1986 to jumpstart 

the sluggish economy, finance critical infrastructure investments, fight income inequality and create jobs, and 

for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘Invest in United States Act of 2014’’. 


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1 (b) TABLE OF CONTENTS.—The table of contents for 

2 this Act is as follows: 

Sec. 1. Short title; table of contents. 

TITLE I—AMERICAN INFRASTRUCTURE FINANCING AUTHORITY 

Sec. 101. Findings and purpose. 

Sec. 102. Definitions. 

Subtitle A—American Infrastructure Financing Authority 

Sec. 111. Establishment and general authority of AIFA. 

Sec. 112. Voting members of the Board of Directors. 

Sec. 113. Chief Executive Officer of AIFA. 

Sec. 114. Powers and duties of the Board of Directors. 

Sec. 115. Senior management. 

Sec. 116. Special Inspector General for AIFA. 

Sec. 117. Other personnel. 

Sec. 118. Compliance. 

Subtitle B—Terms and Limitations on Direct Loans and Loan Guarantees 

Sec. 121. Eligibility criteria for assistance from AIFA and terms and limitations of loans. 

Sec. 122. Loan terms and repayment. 

Sec. 123. Compliance and enforcement. 

Sec. 124. Audits; reports to the President and Congress. 

Subtitle C—Funding of AIFA 

Sec. 131. Fees. 

Sec. 132. Self-sufficiency of AIFA. 

Sec. 133. Funding. 

Sec. 134. Contract authority. 

TITLE II—TAX CREDIT EXTENSIONS 

Sec. 201. Permanent extension of new markets tax credit. 

Sec. 202. Build America Bonds made permanent. 

Sec. 203. Permanent extension of research credit; increase in alternative simplified research credit. 

Sec. 204. Exempt-facility bonds for sewage and water supply facilities. 

Sec. 205. Repeal of alternative minimum tax on private activity bonds. 

TITLE III—SKILLS TRAINING 

Sec. 301. Job training tax credit. 

Sec. 302. Qualified Job Training Partnerships credit. 

TITLE IV—TRADE PROVISIONS 

Sec. 401. Findings; sense of Congress on applicability of trade authorities procedures to a bill implementing a trade and investment agreement with the European Union. 

Sec. 402. Extension of trade adjustment assistance program. 


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TITLE V—MINIMUM WAGE INCREASE AND BUSINESS TAX RELIEF 

Sec. 501. Minimum wage increases. 

Sec. 502. Work Opportunity Credit made permanent. 

Sec. 503. Increased expensing limitations and treatment of certain real property as section 179 property made permanent. 

Sec. 504. Permanent extension of treatment of qualified leasehold improvement 

property, qualified restaurant property, and qualified retail improvement property as 15-year property for purposes of depreciation deduction. 

1 TITLE I—AMERICAN INFRA2 STRUCTURE FINANCING AU3 THORITY 

4 SEC. 101. FINDINGS AND PURPOSE. 

5 (a) FINDINGS.—Congress finds that— 

6 (1) infrastructure has always been a vital ele7 ment of the economic strength of the United States 

8 and a key indicator of the international leadership of 

9 the United States; 

10 (2) the Erie Canal, the Hoover Dam, the rail11 roads, and the interstate highway system are all tes12 taments to American ingenuity and have helped pro13 pel and maintain the United States as the world’s 

14 largest economy; 

15 (3) according to the World Economic Forum’s 

16 Global Competitiveness Report, the United States 

17 fell to second place in 2009, and dropped to fourth 

18 place overall in 2010, however, in the ‘‘Quality of 

19 overall infrastructure’’ category of the same report, 

20 the United States ranked twenty-third in the world; 


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1 (4) according to the World Bank’s 2010 Logis2 tic Performance Index, the capacity of countries to 

3 efficiently move goods and connect manufacturers 

4 and consumers with international markets is improv5 ing around the world, and the United States now 

6 ranks seventh in the world in logistics-related infra7 structure behind countries from both Europe and 

8 Asia; 

9 (5) according to a January 2009 report from 

10 the University of Massachusetts/Alliance for Amer11 ican Manufacturing entitled ‘‘Employment, Produc12 tivity and Growth,’’ infrastructure investment is a 

13 ‘‘highly effective engine of job creation’’ such that 

14 $1,000,000,000 in new investment in infrastructure 

15 results in 18,000 total jobs; 

16 (6) according to the American Society of Civil 

17 Engineers, the current condition of the infrastruc18 ture in the United States earns a grade point aver19 age of D, and an estimated $2,200,000,000,000 in20 vestment is needed over the next 5 years to bring 

21 American infrastructure up to adequate condition; 

22 (7) according to the National Surface Trans23 portation Policy and Revenue Study Commission, 

24 $225,000,000,000 is needed annually from all 

25 sources for the next 50 years to upgrade the United 


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1 States surface transportation system to a state of 

2 good repair and create a more advanced system; 

3 (8) the current infrastructure financing mecha4 nisms of the United States, both on the Federal and 

5 State level, will fail to meet current and foreseeable 

6 demands and will create large funding gaps; 

7 (9) traditional municipal bonds issued by State 

8 and local governments are proven to work and have 

9 been a part of the tax code for over 100 years, and 

10 additional infrastructure financing options can be 

11 created at the Federal level to complement the cur12 rent system to best meet infrastructure needs; 

13 (10) new, additional financing mechanisms 

14 should be targeted and quickly implemented to— 

15 (A) serve large in-State or cross jurisdic16 tion infrastructure projects, projects of regional 

17 or national significance, or projects that cross 

18 sector silos; 

19 (B) sufficiently catalyze private sector in20 vestment; or 

21 (C) ensure the optimal return on public re22 sources; 

23 (11) although grant programs of the United 

24 States Government must continue to play a central 

25 role in financing the transportation, environment, 


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1 and energy infrastructure needs of the United 

2 States, current and foreseeable demands on existing 

3 Federal, State, and local funding for infrastructure 

4 expansion clearly exceed the resources to support 

5 these programs by margins wide enough to prompt 

6 serious concerns about the United States ability to 

7 sustain long-term economic development, produc8 tivity, and international competitiveness; 

9 (12) the capital markets, including pension 

10 funds, private equity funds, mutual funds, sovereign 

11 wealth funds, and other investors, have a growing 

12 interest in infrastructure investment and represent 

13 hundreds of billions of dollars of potential invest14 ment; and 

15 (13) the establishment of a United States Gov16 ernment-owned, independent, professionally managed 

17 institution that could provide credit support to quali18 fied infrastructure projects of regional and national 

19 significance, making transparent merit-based invest20 ment decisions based on the commercial viability of 

21 infrastructure projects, would catalyze the participa22 tion of significant private investment capital. 

23 (b) PURPOSE.—The purpose of this title is to facili24 tate investment in, and long-term financing of, economi25 cally viable infrastructure projects of regional or national 


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1 significance in a manner that both complements existing 

2 Federal, State, local, and private funding sources for these 

3 projects and introduces a merit-based system for financing 

4 such projects, in order to mobilize significant private sec5 tor investment, create jobs, and ensure United States com6 petitiveness through a self-sustaining institution that lim7 its the need for ongoing Federal funding. 

8 SEC. 102. DEFINITIONS. 

9 For purposes of this title, the following definitions 

10 shall apply: 

11 (1) AIFA.—The term ‘‘AIFA’’ means the 

12 American Infrastructure Financing Authority estab13 lished under this title. 

14 (2) BLIND TRUST.—The term ‘‘blind trust’’ 

15 means a trust in which the beneficiary has no knowl16 edge of the specific holdings and no rights over how 

17 those holdings are managed by the fiduciary of the 

18 trust prior to the dissolution of the trust. 

19 (3) BOARD OF DIRECTORS.—The term ‘‘Board 

20 of Directors’’ means Board of Directors of AIFA. 

21 (4) CHAIRPERSON.—The term ‘‘Chairperson’’ 

22 means the Chairperson of the Board of Directors of 

23 AIFA. 


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1 (5) CHIEF EXECUTIVE OFFICER.—The term 

2 ‘‘Chief Executive Officer’’ means the Chief Executive 

3 Officer of AIFA, appointed under section 113. 

4 (6) COST.—The term ‘‘cost’’ has the same 

5 meaning as in section 502 of the Federal Credit Re6 form Act of 1990 (2 U.S.C. 661a). 

7 (7) DIRECT LOAN.—The term ‘‘direct loan’’ has 

8 the same meaning as in section 502 of the Federal 

9 Credit Reform Act of 1990 (2 U.S.C. 661a). 

10 (8) ELIGIBLE ENTITY.—The term ‘‘eligible enti11 ty’’ means an individual, corporation, partnership 

12 (including a public-private partnership), joint ven13 ture, trust, State, or other governmental entity, in14 cluding a political subdivision or any other instru15 mentality of a State, or a revolving fund. 

16 (9) INFRASTRUCTURE PROJECT.— 

17 (A) IN GENERAL.—The term ‘‘eligible in18 frastructure project’’ means any transportation, 

19 water, or energy infrastructure project, or an 

20 aggregation of such infrastructure projects, as 

21 provided in this title. 

22 (B) TRANSPORTATION INFRASTRUCTURE

23 PROJECT.—The term ‘‘transportation infra24 structure project’’ means the construction, alVerDate Mar 15 2010 04:11 Feb 01, 2014 Jkt 039200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6201 E:\BILLS\H3939.IH H3939

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1 teration, or repair, including the facilitation of 

2 intermodal transit, of the following subsectors: 

3 (i) Highway or road. 

4 (ii) Bridge. 

5 (iii) Mass transit. 

6 (iv) Inland waterways. 

7 (v) Commercial ports. 

8 (vi) Airports. 

9 (vii) Air traffic control systems. 

10 (viii) Passenger rail, including high11 speed rail. 

12 (ix) Freight rail systems. 

13 (C) WATER INFRASTRUCTURE PROJECT.— 

14 The term ‘‘water infrastructure project’’ means 

15 the construction, consolidation, alteration, or 

16 repair of the following subsectors: 

17 (i) Water waste treatment facility. 

18 (ii) Storm water management system. 

19 (iii) Dam. 

20 (iv) Solid waste disposal facility. 

21 (v) Levee. 

22 (vi) Open space management system. 

23 (D) ENERGY INFRASTRUCTURE

24 PROJECT.—The term ‘‘energy infrastructure 


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1 project’’ means the construction, alteration, or 

2 repair of the following subsectors: 

3 (i) Pollution reduced energy genera4 tion. 

5 (ii) Transmission and distribution. 

6 (iii) Storage. 

7 (iv) Energy efficiency enhancements 

8 for buildings, including public and com9 mercial buildings. 

10 (E) BOARD AUTHORITY TO MODIFY SUB11 SECTORS.—The Board of Directors may make 

12 modifications, at the discretion of the Board, to 

13 the subsectors described in this paragraph by a 

14 vote of not fewer than 5 of the voting members 

15 of the Board of Directors. 

16 (10) INVESTMENT-GRADE RATING.—The term 

17 ‘‘investment-grade rating’’ means a rating of BBB 

18 minus, Baa3, or higher assigned to an infrastructure 

19 project by a ratings agency. 

20 (11) LOAN GUARANTEE.—The term ‘‘loan guar21 antee’’ has the same meaning as in section 502 of 

22 the Federal Credit Reform Act of 1990 (2 U.S.C. 

23 661a). 


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1 (12) PUBLIC-PRIVATE PARTNERSHIP.—The 

2 term ‘‘public-private partnership’’ means any eligible 

3 entity— 

4 (A)(i) which is undertaking the develop5 ment of all or part of an infrastructure project 

6 that will have a public benefit, pursuant to re7 quirements established in one or more contracts 

8 between the entity and a State or an instru9 mentality of a State; or 

10 (ii) the activities of which, with respect to 

11 such an infrastructure project, are subject to 

12 regulation by a State or any instrumentality of 

13 a State; 

14 (B) which owns, leases, or operates or will 

15 own, lease, or operate, the project in whole or 

16 in part; and 

17 (C) the participants in which include not 

18 fewer than 1 nongovernmental entity with sig19 nificant investment and some control over the 

20 project or project vehicle. 

21 (13) RURAL INFRASTRUCTURE PROJECT.—The 

22 term ‘‘rural infrastructure project’’ means an infra23 structure project in a rural area, as that term is de24 fined in section 343(a)(13)(A) of the Consolidated 


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1 Farm and Rural Development Act (7 U.S.C. 

2 1991(a)(13)(A)). 

3 (14) SECRETARY.—Unless the context other4 wise requires, the term ‘‘Secretary’’ means the Sec5 retary of the Treasury or the designee thereof. 

6 (15) SENIOR MANAGEMENT.—The term ‘‘senior 

7 management’’ means the Chief Financial Officer, 

8 Chief Risk Officer, Chief Compliance Officer, Gen9 eral Counsel, Chief Lending Officer, and Chief Oper10 ations Officer of AIFA established under section 

11 115, and such other officers as the Board of Direc12 tors may, by majority vote, add to senior manage13 ment. 

14 (16) STATE.—The term ‘‘State’’ includes the 

15 District of Columbia, Puerto Rico, Guam, American 

16 Samoa, the Virgin Islands, the Commonwealth of 

17 Northern Mariana Islands, and any other territory 

18 of the United States. 

19 Subtitle A—American 

20 Infrastructure Financing Authority 

21 SEC. 111. ESTABLISHMENT AND GENERAL AUTHORITY OF 

22 AIFA. 

23 (a) ESTABLISHMENT OF AIFA.—The American In24 frastructure Financing Authority is established as a whol25 ly owned Government corporation. 


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1 (b) GENERAL AUTHORITY OF AIFA.—AIFA shall 

2 provide direct loans and loan guarantees to facilitate infra3 structure projects that are both economically viable and 

4 of regional or national significance, and shall have such 

5 other authority as is provided under this title. 

6 (c) INCORPORATION.— 

7 (1) IN GENERAL.—The Board of Directors first 

8 appointed shall be deemed the incorporator of AIFA, 

9 and the incorporation shall be held to have been ef10 fected from the date of the first meeting of the 

11 Board of Directors. 

12 (2) CORPORATE OFFICE.—AIFA shall— 

13 (A) maintain an office in Washington, DC; 

14 and 

15 (B) for purposes of venue in civil actions, 

16 be considered to be a resident of Washington, 

17 DC. 

18 (d) RESPONSIBILITY OF THE SECRETARY.—The Sec19 retary shall take such actions as may be necessary to as20 sist in implementing AIFA, and in carrying out the pur21 pose of this title. 

22 (e) RULE OF CONSTRUCTION.—Chapter 91 of title 

23 31, United States Code, does not apply to AIFA, unless 

24 otherwise specifically provided in this title. 


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1 SEC. 112. VOTING MEMBERS OF THE BOARD OF DIREC2 TORS. 

3 (a) VOTING MEMBERSHIP OF THE BOARD OF DIREC4 TORS.— 

5 (1) IN GENERAL.—AIFA shall have a Board of 

6 Directors consisting of 7 voting members appointed 

7 by the President, by and with the advice and consent 

8 of the Senate, not more than 4 of whom shall be 

9 from the same political party. 

10 (2) CHAIRPERSON.—One of the voting members 

11 of the Board of Directors shall be designated by the 

12 President to serve as Chairperson thereof. 

13 (3) CONGRESSIONAL RECOMMENDATIONS.—Not 

14 later than 30 days after the date of enactment of 

15 this Act, the majority leader of the Senate, the mi16 nority leader of the Senate, the Speaker of the 

17 House of Representatives, and the minority leader of 

18 the House of Representatives shall each submit a 

19 recommendation to the President for appointment of 

20 a member of the Board of Directors, after consulta21 tion with the appropriate committees of Congress. 

22 (b) VOTING RIGHTS.—Each voting member of the 

23 Board of Directors shall have an equal vote in all decisions 

24 of the Board of Directors. 

25 (c) QUALIFICATIONS OF VOTING MEMBERS.—Each 

26 voting member of the Board of Directors shall— 


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1 (1) be a citizen of the United States; and 

2 (2) have significant demonstrated expertise in— 

3 (A) the management and administration of 

4 a financial institution relevant to the operation 

5 of AIFA; or 

6 (B) the financing, development, or oper7 ation of infrastructure projects. 

8 (d) TERMS.— 

9 (1) IN GENERAL.—Except as otherwise pro10 vided in this title, each voting member of the Board 

11 of Directors shall be appointed for a term of 4 years. 

12 (2) INITIAL STAGGERED TERMS.—Of the voting 

13 members first appointed to the Board of Directors— 

14 (A) the initial Chairperson and 3 of the 

15 other voting members shall each be appointed 

16 for a term of 4 years; and 

17 (B) the remaining 3 voting members shall 

18 each be appointed for a term of 2 years. 

19 (3) DATE OF INITIAL NOMINATIONS.—The ini20 tial nominations for the appointment of all voting 

21 members of the Board of Directors shall be made 

22 not later than 60 days after the date of enactment 

23 of this Act. 

24 (4) BEGINNING OF TERM.—The term of each of 

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1 tion shall commence immediately upon the date of 

2 appointment, except that, for purposes of calculating 

3 the term limits specified in this subsection, the ini4 tial terms shall each be construed as beginning on 

5 January 22 of the year following the date of the ini6 tial appointment. 

7 (5) VACANCIES.—A vacancy in the position of 

8 a voting member of the Board of Directors shall be 

9 filled by the President, and a member appointed to 

10 fill a vacancy on the Board of Directors occurring 

11 before the expiration of the term for which the pred12 ecessor was appointed shall be appointed only for 

13 the remainder of that term. 

14 (e) MEETINGS.— 

15 (1) OPEN TO THE PUBLIC; NOTICE.—Except as 

16 provided in paragraph (3), all meetings of the Board 

17 of Directors shall be— 

18 (A) open to the public; and 

19 (B) preceded by reasonable public notice. 

20 (2) FREQUENCY.—The Board of Directors shall 

21 meet not later than 60 days after the date on which 

22 all members of the Board of Directors are first ap23 pointed, at least quarterly thereafter, and otherwise 

24 at the call of either the Chairperson or 5 voting 

25 members of the Board of Directors. 


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1 (3) EXCEPTION FOR CLOSED MEETINGS.—The 

2 voting members of the Board of Directors may, by 

3 majority vote, close a meeting to the public if, dur4 ing the meeting to be closed, there is likely to be dis5 closed proprietary or sensitive information regarding 

6 an infrastructure project under consideration for as7 sistance under this title. The Board of Directors 

8 shall prepare minutes of any meeting that is closed 

9 to the public, and shall make such minutes available 

10 as soon as practicable, not later than 1 year after 

11 the date of the closed meeting, with any necessary 

12 redactions to protect any proprietary or sensitive in13 formation. 

14 (4) QUORUM.—For purposes of meetings of the 

15 Board of Directors, 5 voting members of the Board 

16 of Directors shall constitute a quorum. 

17 (f) COMPENSATION OF MEMBERS.—Each voting 

18 member of the Board of Directors shall be compensated 

19 at a rate equal to the daily equivalent of the annual rate 

20 of basic pay prescribed for level III of the Executive 

21 Schedule under section 5314 of title 5, United States 

22 Code, for each day (including travel time) during which 

23 the member is engaged in the performance of the duties 

24 of the Board of Directors. 


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1 (g) CONFLICTS OF INTEREST.—A voting member of 

2 the Board of Directors may not participate in any review 

3 or decision affecting an infrastructure project under con4 sideration for assistance under this title, if the member 

5 has or is affiliated with an entity who has a financial inter6 est in such project. 

7 SEC. 113. CHIEF EXECUTIVE OFFICER OF AIFA. 

8 (a) IN GENERAL.—The Chief Executive Officer of 

9 AIFA shall be a nonvoting member of the Board of Direc10 tors, who shall be responsible for all activities of AIFA, 

11 and shall support the Board of Directors as set forth in 

12 this title and as the Board of Directors deems necessary 

13 or appropriate. 

14 (b) APPOINTMENT AND TENURE OF THE CHIEF EX15 ECUTIVE OFFICER.— 

16 (1) IN GENERAL.—The President shall appoint 

17 the Chief Executive Officer, by and with the advice 

18 and consent of the Senate. 

19 (2) TERM.—The Chief Executive Officer shall 

20 be appointed for a term of 6 years. 

21 (3) VACANCIES.—Any vacancy in the office of 

22 the Chief Executive Officer shall be filled by the 

23 President, and the person appointed to fill a vacancy 

24 in that position occurring before the expiration of 

25 the term for which the predecessor was appointed 


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1 shall be appointed only for the remainder of that 

2 term. 

3 (c) QUALIFICATIONS.—The Chief Executive Offi4 cer— 

5 (1) shall have significant expertise in manage6 ment and administration of a financial institution, 

7 or significant expertise in the financing and develop8 ment of infrastructure projects; and 

9 (2) may not— 

10 (A) hold any other public office; 

11 (B) have any financial interest in an infra12 structure project then being considered by the 

13 Board of Directors, unless that interest is 

14 placed in a blind trust; or 

15 (C) have any financial interest in an in16 vestment institution or its affiliates or any 

17 other entity seeking or likely to seek financial 

18 assistance for any infrastructure project from 

19 AIFA, unless any such interest is placed in a 

20 blind trust for the tenure of the service of the 

21 Chief Executive Officer plus 2 additional years. 

22 (d) RESPONSIBILITIES.—The Chief Executive Officer 

23 shall have such executive functions, powers, and duties as 

24 may be prescribed by this title, the bylaws of AIFA, or 

25 the Board of Directors, including— 


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1 (1) responsibility for the development and im2 plementation of the strategy of AIFA, including— 

3 (A) the development and submission to the 

4 Board of Directors of the annual business plans 

5 and budget; 

6 (B) the development and submission to the 

7 Board of Directors of a long-term strategic 

8 plan; and 

9 (C) the development, revision, and submis10 sion to the Board of Directors of internal poli11 cies; and 

12 (2) responsibility for the management and over13 sight of the daily activities, decisions, operations, 

14 and personnel of AIFA, including— 

15 (A) the appointment of senior manage16 ment, subject to approval by the voting mem17 bers of the Board of Directors, and the hiring 

18 and termination of all other AIFA personnel; 

19 (B) requesting the detail, on a reimburs20 able basis, of personnel from any Federal agen21 cy having specific expertise not available from 

22 within AIFA, following which request the head 

23 of the Federal agency may detail, on a reim24 bursable basis, any personnel of such agency 


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1 reasonably requested by the Chief Executive Of2 ficer; 

3 (C) assessing and recommending in the 

4 first instance, for ultimate approval or dis5 approval by the Board of Directors, compensa6 tion and adjustments to compensation of senior 

7 management and other personnel of AIFA as 

8 may be necessary for carrying out the functions 

9 of AIFA; 

10 (D) ensuring, in conjunction with the gen11 eral counsel of AIFA, that all activities of 

12 AIFA are carried out in compliance with appli13 cable law; 

14 (E) overseeing the involvement of AIFA in 

15 all projects, including— 

16 (i) developing eligible projects for 

17 AIFA financial assistance; 

18 (ii) determining the terms and condi19 tions of all financial assistance packages; 

20 (iii) monitoring all infrastructure 

21 projects assisted by AIFA, including re22 sponsibility for ensuring that the proceeds 

23 of any loan made, guaranteed, or partici24 pated in are used only for the purposes for 

25 which the loan or guarantee was made; 


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1 (iv) preparing and submitting for ap2 proval by the Board of Directors the docu3 ments required under paragraph (1); and 

4 (v) ensuring the implementation of de5 cisions of the Board of Directors; and 

6 (F) such other activities as may be nec7 essary or appropriate in carrying out this title. 

8 (e) COMPENSATION.— 

9 (1) IN GENERAL.—Any compensation assess10 ment or recommendation by the Chief Executive Of11 ficer under this section shall be without regard to 

12 the provisions of chapter 51 or subchapter III of 

13 chapter 53 of title 5, United States Code. 

14 (2) CONSIDERATIONS.—The compensation as15 sessment or recommendation required under this 

16 subsection shall take into account merit principles, 

17 where applicable, as well as the education, experi18 ence, level of responsibility, geographic differences, 

19 and retention and recruitment needs in determining 

20 compensation of personnel. 

21 SEC. 114. POWERS AND DUTIES OF THE BOARD OF DIREC22 TORS. 

23 The Board of Directors shall— 

24 (1) as soon as is practicable after the date on 

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1 approve senior management appointed by the Chief 

2 Executive Officer; 

3 (2) not later than 180 days after the date on 

4 which all members are appointed— 

5 (A) develop and approve the bylaws of 

6 AIFA, including bylaws for the regulation of 

7 the affairs and conduct of the business of 

8 AIFA, consistent with the purpose, goals, objec9 tives, and policies set forth in this title; 

10 (B) establish subcommittees, including an 

11 audit committee that is composed solely of 

12 members of the Board of Directors who are 

13 independent of the senior management of 

14 AIFA; 

15 (C) develop and approve, in consultation 

16 with senior management, a conflict-of-interest 

17 policy for the Board of Directors and for senior 

18 management; 

19 (D) approve or disapprove internal policies 

20 that the Chief Executive Officer shall submit to 

21 the Board of Directors, including— 

22 (i) policies regarding the loan applica23 tion and approval process, including— 

24 (I) disclosure and application 

25 procedures to be followed by entities 


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1 in the course of nominating infra2 structure projects for assistance under 

3 this title; 

4 (II) guidelines for the selection 

5 and approval of projects; 

6 (III) specific criteria for deter7 mining eligibility for project selection, 

8 consistent with subtitle B; and 

9 (IV) standardized terms and con10 ditions, fee schedules, or legal require11 ments of a contract or program, so as 

12 to carry out this title; and 

13 (ii) operational guidelines; and 

14 (E) approve or disapprove a 1-year busi15 ness plan and budget for AIFA; 

16 (3) ensure that AIFA is at all times operated 

17 in a manner that is consistent with this title, by— 

18 (A) monitoring and assessing the effective19 ness of AIFA in achieving its strategic goals; 

20 (B) periodically reviewing internal policies; 

21 (C) reviewing and approving annual busi22 ness plans, annual budgets, and long-term 

23 strategies submitted by the Chief Executive Of24 ficer; 


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1 (D) reviewing and approving annual re2 ports submitted by the Chief Executive Officer; 

3 (E) engaging one or more external audi4 tors, as set forth in this title; and 

5 (F) reviewing and approving all changes to 

6 the organization of senior management; 

7 (4) appoint and fix, by a vote of not fewer than 

8 5 voting members of the Board of Directors, and 

9 without regard to the provisions of chapter 51 or 

10 subchapter III of chapter 53 of title 5, United Sates 

11 Code, the compensation and adjustments to com12 pensation of all AIFA personnel, provided that in 

13 appointing and fixing any compensation or adjust14 ments to compensation under this paragraph, the 

15 Board shall— 

16 (A) consult with, and seek to maintain 

17 comparability with, other comparable Federal 

18 personnel, as the Secretary may deem appro19 priate; 

20 (B) consult with the Office of Personnel 

21 Management; and 

22 (C) carry out such duties consistent with 

23 merit principles, where applicable, as well as the 

24 education, experience, level of responsibility, ge25 ographic differences, and retention and recruitVerDate Mar 15 2010 04:11 Feb 01, 2014 Jkt 039200 PO 00000 Frm 00025 Fmt 6652 Sfmt 6201 E:\BILLS\H3939.IH H3939

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1 ment needs in determining compensation of per2 sonnel; 

3 (5) establish such other criteria, requirements, 

4 or procedures as the Board of Directors may con5 sider to be appropriate in carrying out this title; 

6 (6) serve as the primary liaison for AIFA in 

7 interactions with Congress, the Executive Branch, 

8 and State and local governments, and to represent 

9 the interests of AIFA in such interactions and oth10 ers; 

11 (7) approve by a vote of not fewer than 5 voting 

12 members of the Board of Directors any changes to 

13 the bylaws or internal policies of AIFA; 

14 (8) have the authority and responsibility— 

15 (A) to oversee entering into and carry out 

16 such contracts, leases, cooperative agreements, 

17 or other transactions as are necessary to carry 

18 out this title with— 

19 (i) any Federal department or agency; 

20 (ii) any State, territory, or possession 

21 (or any political subdivision thereof, includ22 ing State infrastructure banks) of the 

23 United States; and 


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1 (iii) any individual, public-private 

2 partnership, firm, association, or corpora3 tion; 

4 (B) to approve of the acquisition, lease, 

5 pledge, exchange, and disposal of real and per6 sonal property by AIFA and otherwise approve 

7 the exercise by AIFA of all of the usual inci8 dents of ownership of property, to the extent 

9 that the exercise of such powers is appropriate 

10 to and consistent with the purposes of AIFA; 

11 (C) to determine the character of, and the 

12 necessity for, the obligations and expenditures 

13 of AIFA, and the manner in which the obliga14 tions and expenditures will be incurred, allowed, 

15 and paid, subject to this title and other Federal 

16 law specifically applicable to wholly owned Fed17 eral corporations; 

18 (D) to execute, in accordance with applica19 ble bylaws and regulations, appropriate instru20 ments; 

21 (E) to approve other forms of credit en22 hancement that AIFA may provide to eligible 

23 projects, as long as the forms of credit enhance24 ments are consistent with the purposes of this 

25 title and terms set forth in subtitle B; 


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1 (F) to exercise all other lawful powers that 

2 are necessary or appropriate to carry out, and 

3 are consistent with, the purposes of AIFA; 

4 (G) to sue or be sued in the corporate ca5 pacity of AIFA in any court of competent juris6 diction; 

7 (H) to indemnify the members of the 

8 Board of Directors and officers of AIFA for 

9 any liabilities arising out of the actions of the 

10 members and officers in such capacity, in ac11 cordance with, and subject to the limitations 

12 contained in this title; 

13 (I) to review all financial assistance pack14 ages to all eligible infrastructure projects, as 

15 submitted by the Chief Executive Officer and to 

16 approve, postpone, or deny the same by major17 ity vote; 

18 (J) to review all restructuring proposals 

19 submitted by the Chief Executive Officer, in20 cluding assignation, pledging, or disposal of the 

21 interest of AIFA in a project, including pay22 ment or income from any interest owned or held 

23 by AIFA, and to approve, postpone, or deny the 

24 same by majority vote; and 


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1 (K) to enter into binding commitments, as 

2 specified in approved financial assistance pack3 ages; 

4 (9) delegate to the Chief Executive Officer 

5 those duties that the Board of Directors deems ap6 propriate, to better carry out the powers and pur7 poses of the Board of Directors under this section; 

8 and 

9 (10) to approve a maximum aggregate amount 

10 of principal exposure of AIFA at any given time. 

11 SEC. 115. SENIOR MANAGEMENT. 

12 (a) IN GENERAL.—Senior management shall support 

13 the Chief Executive Officer in the discharge of the respon14 sibilities of the Chief Executive Officer. 

15 (b) APPOINTMENT OF SENIOR MANAGEMENT.—The 

16 Chief Executive Officer shall appoint such senior man17 agers as are necessary to carry out the purpose of AIFA, 

18 as approved by a majority vote of the voting members of 

19 the Board of Directors. 

20 (c) TERM.—Each member of senior management 

21 shall serve at the pleasure of the Chief Executive Officer 

22 and the Board of Directors. 

23 (d) REMOVAL OF SENIOR MANAGEMENT.—Any mem24 ber of senior management may be removed, either by a 

25 majority of the voting members of the Board of Directors 


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1 upon request by the Chief Executive Officer, or otherwise 

2 by vote of not fewer than 5 voting members of the Board 

3 of Directors. 

4 (e) SENIOR MANAGEMENT.— 

5 (1) IN GENERAL.—Each member of senior 

6 management shall report directly to the Chief Exec7 utive Officer, other than the Chief Risk Officer, who 

8 shall report directly to the Board of Directors. 

9 (2) DUTIES AND RESPONSIBILITIES.— 

10 (A) CHIEF FINANCIAL OFFICER.—The 

11 Chief Financial Officer shall be responsible for 

12 all financial functions of AIFA, provided that, 

13 at the discretion of the Board of Directors, spe14 cific functions of the Chief Financial Officer 

15 may be delegated externally. 

16 (B) CHIEF RISK OFFICER.—The Chief 

17 Risk Officer shall be responsible for all func18 tions of AIFA relating to— 

19 (i) the creation of financial, credit, 

20 and operational risk management guide21 lines and policies; 

22 (ii) the establishment of guidelines to 

23 ensure diversification of lending activities 

24 by region, infrastructure project type, and 

25 project size; 


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1 (iii) the creation of conforming stand2 ards for infrastructure finance agreements; 

3 (iv) the monitoring of the financial, 

4 credit, and operational exposure of AIFA; 

5 and 

6 (v) risk management and mitigation 

7 actions, including by reporting such ac8 tions, or recommendations of such actions 

9 to be taken, directly to the Board of Direc10 tors. 

11 (C) CHIEF COMPLIANCE OFFICER.—The 

12 Chief Compliance Officer shall be responsible 

13 for all functions of AIFA relating to internal 

14 audits, accounting safeguards, and the enforce15 ment of such safeguards and other applicable 

16 requirements. 

17 (D) GENERAL COUNSEL.—The General 

18 Counsel shall be responsible for all functions of 

19 AIFA relating to legal matters and, in consulta20 tion with the Chief Executive Officer, shall be 

21 responsible for ensuring that AIFA complies 

22 with all applicable law. 

23 (E) CHIEF OPERATIONS OFFICER.—The 

24 Chief Operations Officer shall be responsible for 

25 all operational functions of AIFA, including 


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1 those relating to the continuing operations and 

2 performance of all infrastructure projects in 

3 which AIFA retains an interest and for all 

4 AIFA functions related to human resources. 

5 (F) CHIEF LENDING OFFICER.—The Chief 

6 Lending Officer shall be responsible for— 

7 (i) all functions of AIFA relating to 

8 the development of project pipeline, finan9 cial structuring of projects, credit analysis 

10 of infrastructure projects, selection of in11 frastructure projects to be reviewed by the 

12 Board of Directors, preparation of infra13 structure projects to be presented to the 

14 Board of Directors, and set aside for rural 

15 infrastructure projects; and 

16 (ii) the creation and management of— 

17 (I) a Center for Excellence to 

18 provide technical assistance to public 

19 sector borrowers in the development 

20 and financing of infrastructure 

21 projects; and 

22 (II) an Office of Rural Assistance 

23 to provide technical assistance in the 

24 development and financing of rural in25 frastructure projects. 


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1 (f) CHANGES TO SENIOR MANAGEMENT.—The Board 

2 of Directors, in consultation with the Chief Executive Offi3 cer, may alter the structure of the senior management of 

4 AIFA at any time to better accomplish the goals, objec5 tives, and purposes of AIFA, provided that the functions 

6 of the Chief Financial Officer set forth in subsection (e) 

7 remain separate from the functions of the Chief Risk Offi8 cer set forth in subsection (e). 

9 (g) CONFLICTS OF INTEREST.—No individual ap10 pointed to senior management may— 

11 (1) hold any other public office; 

12 (2) have any financial interest in an infrastruc13 ture project then being considered by the Board of 

14 Directors, unless that interest is placed in a blind 

15 trust; or 

16 (3) have any financial interest in an investment 

17 institution or its affiliates, AIFA or its affiliates, or 

18 other entity then seeking or likely to seek financial 

19 assistance for any infrastructure project from AIFA, 

20 unless any such interest is placed in a blind trust 

21 during the term of service of that individual in a 

22 senior management position, and for a period of 2 

23 years thereafter. 


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1 SEC. 116. SPECIAL INSPECTOR GENERAL FOR AIFA. 

2 (a) IN GENERAL.—During the first 5 operating years 

3 of AIFA, the Office of the Inspector General of the De4 partment of the Treasury shall have responsibility for 

5 AIFA. 

6 (b) OFFICE OF THE SPECIAL INSPECTOR GEN7 ERAL.—Effective 5 years after the date of enactment of 

8 the commencement of the operations of AIFA, there is es9 tablished the Office of the Special Inspector General for 

10 AIFA. 

11 (c) APPOINTMENT OF INSPECTOR GENERAL; RE12 MOVAL.— 

13 (1) HEAD OF OFFICE.—The head of the Office 

14 of the Special Inspector General for AIFA shall be 

15 the Special Inspector General for AIFA (in this title 

16 referred to as the ‘‘Special Inspector General’’), who 

17 shall be appointed by the President, by and with the 

18 advice and consent of the Senate. 

19 (2) BASIS OF APPOINTMENT.—The appoint20 ment of the Special Inspector General shall be made 

21 on the basis of integrity and demonstrated ability in 

22 accounting, auditing, financial analysis, law, man23 agement analysis, public administration, or inves24 tigations. 

25 (3) TIMING OF NOMINATION.—The nomination 

26 of an individual as Special Inspector General shall 


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1 be made as soon as is practicable after the effective 

2 date under subsection (b). 

3 (4) REMOVAL.—The Special Inspector General 

4 shall be removable from office in accordance with 

5 the provisions of section 3(b) of the Inspector Gen6 eral Act of 1978 (5 U.S.C. App.). 

7 (5) RULE OF CONSTRUCTION.—For purposes of 

8 section 7324 of title 5, United States Code, the Spe9 cial Inspector General shall not be considered an em10 ployee who determines policies to be pursued by the 

11 United States in the nationwide administration of 

12 Federal law. 

13 (6) RATE OF PAY.—The annual rate of basic 

14 pay of the Special Inspector General shall be the an15 nual rate of basic pay for an Inspector General 

16 under section 3(e) of the Inspector General Act of 

17 1978 (5 U.S.C. App.). 

18 (d) DUTIES.— 

19 (1) IN GENERAL.—It shall be the duty of the 

20 Special Inspector General to conduct, supervise, and 

21 coordinate audits and investigations of the business 

22 activities of AIFA. 

23 (2) OTHER SYSTEMS, PROCEDURES, AND CON24 TROLS.—The Special Inspector General shall estab25 lish, maintain, and oversee such systems, procedures, 


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1 and controls as the Special Inspector General con2 siders appropriate to discharge the duty under para3 graph (1). 

4 (3) ADDITIONAL DUTIES.—In addition to the 

5 duties specified in paragraphs (1) and (2), the In6 spector General shall also have the duties and re7 sponsibilities of inspectors general under the Inspec8 tor General Act of 1978. 

9 (e) POWERS AND AUTHORITIES.— 

10 (1) IN GENERAL.—In carrying out the duties 

11 specified in subsection (c), the Special Inspector 

12 General shall have the authorities provided in section 

13 6 of the Inspector General Act of 1978. 

14 (2) ADDITIONAL AUTHORITY.—The Special In15 spector General shall carry out the duties specified 

16 in subsection (c)(1) in accordance with section 

17 4(b)(1) of the Inspector General Act of 1978. 

18 (f) PERSONNEL, FACILITIES, AND OTHER RE19 SOURCES.— 

20 (1) ADDITIONAL OFFICERS.— 

21 (A) The Special Inspector General may se22 lect, appoint, and employ such officers and em23 ployees as may be necessary for carrying out 

24 the duties of the Special Inspector General, 

25 subject to the provisions of title 5, United 


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1 States Code, governing appointments in the 

2 competitive service, and the provisions of chap3 ter 51 and subchapter III of chapter 53 of such 

4 title, relating to classification and General 

5 Schedule pay rates. 

6 (B) The Special Inspector General may ex7 ercise the authorities of subsections (b) through 

8 (i) of section 3161 of title 5, United States 

9 Code (without regard to subsection (a) of that 

10 section). 

11 (2) RETENTION OF SERVICES.—The Special In12 spector General may obtain services as authorized by 

13 section 3109 of title 5, United States Code, at daily 

14 rates not to exceed the equivalent rate prescribed for 

15 grade GS–15 of the General Schedule by section 

16 5332 of such title. 

17 (3) ABILITY TO CONTRACT FOR AUDITS, STUD18 IES, AND OTHER SERVICES.—The Special Inspector 

19 General may enter into contracts and other arrange20 ments for audits, studies, analyses, and other serv21 ices with public agencies and with private persons, 

22 and make such payments as may be necessary to 

23 carry out the duties of the Special Inspector Gen24 eral. 

25 (4) REQUEST FOR INFORMATION.— 


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1 (A) IN GENERAL.—Upon request of the 

2 Special Inspector General for information or as3 sistance from any department, agency, or other 

4 entity of the Federal Government, the head of 

5 such entity shall, insofar as is practicable and 

6 not in contravention of any existing law, furnish 

7 such information or assistance to the Special 

8 Inspector General, or an authorized designee. 

9 (B) REFUSAL TO COMPLY.—Whenever in10 formation or assistance requested by the Spe11 cial Inspector General is, in the judgment of the 

12 Special Inspector General, unreasonably refused 

13 or not provided, the Special Inspector General 

14 shall report the circumstances to the Secretary 

15 of the Treasury, without delay. 

16 (g) REPORTS.— 

17 (1) ANNUAL REPORT.—Not later than 1 year 

18 after the confirmation of the Special Inspector Gen19 eral, and every calendar year thereafter, the Special 

20 Inspector General shall submit to the President a re21 port summarizing the activities of the Special In22 spector General during the previous 1-year period 

23 ending on the date of such report. 


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1 (2) PUBLIC DISCLOSURES.—Nothing in this 

2 subsection shall be construed to authorize the public 

3 disclosure of information that is— 

4 (A) specifically prohibited from disclosure 

5 by any other provision of law; 

6 (B) specifically required by Executive order 

7 to be protected from disclosure in the interest 

8 of national defense or national security or in 

9 the conduct of foreign affairs; or 

10 (C) a part of an ongoing criminal inves11 tigation. 

12 SEC. 117. OTHER PERSONNEL. 

13 Except as otherwise provided in the bylaws of AIFA, 

14 the Chief Executive Officer, in consultation with the 

15 Board of Directors, shall appoint, remove, and define the 

16 duties of such qualified personnel as are necessary to carry 

17 out the powers, duties, and purpose of AIFA, other than 

18 senior management, who shall be appointed in accordance 

19 with section 124. 

20 SEC. 118. COMPLIANCE. 

21 The provision of assistance by the Board of Directors 

22 pursuant to this title shall not be construed as superseding 

23 any provision of State law or regulation otherwise applica24 ble to an infrastructure project. 


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1 Subtitle B—Terms and Limitations 

2 on Direct Loans and Loan Guar3 antees 

4 SEC. 121. ELIGIBILITY CRITERIA FOR ASSISTANCE FROM 

5 AIFA AND TERMS AND LIMITATIONS OF 

6 LOANS. 

7 (a) IN GENERAL.—Any project whose use or purpose 

8 is private and for which no public benefit is created shall 

9 not be eligible for financial assistance from AIFA under 

10 this title. Financial assistance under this title shall only 

11 be made available if the applicant for such assistance has 

12 demonstrated to the satisfaction of the Board of Directors 

13 that the infrastructure project for which such assistance 

14 is being sought— 

15 (1) is not for the refinancing of an existing in16 frastructure project; and 

17 (2) meets— 

18 (A) any pertinent requirements set forth in 

19 this title; 

20 (B) any criteria established by the Board 

21 of Directors or Chief Executive Officer in ac22 cordance with this title; and 

23 (C) the definition of a transportation infra24 structure project, water infrastructure project, 

25 or energy infrastructure project. 


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1 (b) CONSIDERATIONS.—The criteria established by 

2 the Board of Directors pursuant to this title shall provide 

3 adequate consideration of— 

4 (1) the economic, financial, technical, environ5 mental, and public benefits and costs of each infra6 structure project under consideration for financial 

7 assistance under this title, prioritizing infrastructure 

8 projects that— 

9 (A) contribute to regional or national eco10 nomic growth; 

11 (B) offer value for money to taxpayers; 

12 (C) demonstrate a clear public benefit; 

13 (D) lead to job creation; and 

14 (E) mitigate environmental concerns; 

15 (2) the means by which development of the in16 frastructure project under consideration is being fi17 nanced, including— 

18 (A) the terms, conditions, and structure of 

19 the proposed financing; 

20 (B) the credit worthiness and standing of 

21 the project sponsors, providers of equity, and 

22 cofinanciers; 

23 (C) the financial assumptions and projec24 tions on which the infrastructure project is 

25 based; and 


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1 (D) whether there is sufficient State or 

2 municipal political support for the successful 

3 completion of the infrastructure project; 

4 (3) the likelihood that the provision of assist5 ance by AIFA will cause such development to pro6 ceed more promptly and with lower costs for financ7 ing than would be the case without such assistance; 

8 (4) the extent to which the provision of assist9 ance by AIFA maximizes the level of private invest10 ment in the infrastructure project or supports a 

11 public-private partnership, while providing a signifi12 cant public benefit; 

13 (5) the extent to which the provision of assist14 ance by AIFA can mobilize the participation of other 

15 financing partners in the infrastructure project; 

16 (6) the technical and operational viability of the 

17 infrastructure project; 

18 (7) the proportion of financial assistance from 

19 AIFA; 

20 (8) the geographic location of the project in an 

21 effort to have geographic diversity of projects funded 

22 by AIFA; 

23 (9) the size of the project and its impact on the 

24 resources of AIFA; and 


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1 (10) the infrastructure sector of the project, in 

2 an effort to have projects from more than one sector 

3 funded by AIFA. 

4 (c) APPLICATION.— 

5 (1) IN GENERAL.—Any eligible entity seeking 

6 assistance from AIFA under this title for an eligible 

7 infrastructure project shall submit an application to 

8 AIFA at such time, in such manner, and containing 

9 such information as the Board of Directors or the 

10 Chief Executive Officer may require. 

11 (2) REVIEW OF APPLICATIONS.—AIFA shall re12 view applications for assistance under this title on 

13 an ongoing basis. The Chief Executive Officer, work14 ing with the senior management, shall prepare eligi15 ble infrastructure projects for review and approval 

16 by the Board of Directors. 

17 (3) DEDICATED REVENUE SOURCES.—The Fed18 eral credit instrument shall be repayable, in whole or 

19 in part, from tolls, user fees, or other dedicated rev20 enue sources that also secure the infrastructure 

21 project obligations. 

22 (d) ELIGIBLE INFRASTRUCTURE PROJECT COSTS.— 

23 (1) IN GENERAL.—Except as provided in para24 graph (2), to be eligible for assistance under this 

25 title, an infrastructure project shall have project 


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1 costs that are reasonably anticipated to equal or ex2 ceed $100,000,000. 

3 (2) RURAL INFRASTRUCTURE PROJECTS.—To 

4 be eligible for assistance under this title, a rural in5 frastructure project shall have project costs that are 

6 reasonably anticipated to equal or exceed 

7 $25,000,000. 

8 (e) LOAN ELIGIBILITY AND MAXIMUM AMOUNTS.— 

9 (1) IN GENERAL.—The amount of a direct loan 

10 or loan guarantee under this title shall not exceed 

11 the lesser of 50 percent of the reasonably anticipated 

12 eligible infrastructure project costs or, if the direct 

13 loan or loan guarantee does not receive an invest14 ment grade rating, the amount of the senior project 

15 obligations. 

16 (2) MAXIMUM ANNUAL LOAN AND LOAN GUAR17 ANTEE VOLUME.—The aggregate amount of direct 

18 loans and loan guarantees made by AIFA in any 

19 single fiscal year may not exceed— 

20 (A) during the first 2 fiscal years of the 

21 operations of AIFA, $10,000,000,000; 

22 (B) during fiscal years 3 through 9 of the 

23 operations of AIFA, $20,000,000,000; or 

24 (C) during any fiscal year thereafter, 

25 $50,000,000,000. 


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1 (f) STATE AND LOCAL PERMITS REQUIRED.—The 

2 provision of assistance by the Board of Directors pursuant 

3 to this title shall not be deemed to relieve any recipient 

4 of such assistance, or the related infrastructure project, 

5 of any obligation to obtain required State and local per6 mits and approvals. 

7 SEC. 122. LOAN TERMS AND REPAYMENT. 

8 (a) IN GENERAL.—A direct loan or loan guarantee 

9 under this title with respect to an eligible infrastructure 

10 project shall be on such terms, subject to such conditions, 

11 and contain such covenants, representations, warranties, 

12 and requirements (including requirements for audits) as 

13 the Chief Executive Officer determines appropriate. 

14 (b) TERMS.—A direct loan or loan guarantee under 

15 this title— 

16 (1) shall— 

17 (A) be payable, in whole or in part, from 

18 tolls, user fees, or other dedicated revenue 

19 sources that also secure the senior project obli20 gations (such as availability payments and dedi21 cated State or local revenues); and 

22 (B) include a rate covenant, coverage re23 quirement, or similar security feature sup24 porting the project obligations; and 


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1 (2) may have a lien on revenues described in 

2 paragraph (1), subject to any lien securing project 

3 obligations. 

4 (c) BASE INTEREST RATE.—The base interest rate 

5 on a direct loan under this title shall be not less than the 

6 yield on United States Treasury obligations of a similar 

7 maturity to the maturity of the direct loan on the date 

8 of execution of the loan agreement. 

9 (d) RISK ASSESSMENT.—Before entering into an 

10 agreement for assistance under this title, the Chief Execu11 tive Officer, in consultation with the Director of the Office 

12 of Management and Budget and each rating agency pro13 viding a preliminary rating opinion letter under this sec14 tion, shall determine an appropriate Federal credit subsidy 

15 amount for each direct loan and loan guarantee, taking 

16 into account such letter, as well as any comparable market 

17 rates available for such a loan or loan guarantee, should 

18 any exist. 

19 (e) CREDIT FEE.—With respect to each agreement 

20 for assistance under this title, the Chief Executive Officer 

21 shall charge a credit fee to the recipient of such assistance 

22 to pay for, over time, all or a portion of the Federal credit 

23 subsidy determined under subsection (d), with the remain24 der paid by the account established for AIFA. In the case 


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1 of a direct loan, such credit fee shall be in addition to 

2 the base interest rate established under subsection (c). 

3 (f) MATURITY DATE.—The final maturity date of a 

4 direct loan or loan guaranteed by AIFA under this title 

5 shall be not later than 35 years after the date of substan6 tial completion of the infrastructure project, as determined 

7 by the Chief Executive Officer. 

8 (g) PRELIMINARY RATING OPINION LETTER.— 

9 (1) IN GENERAL.—The Chief Executive Officer 

10 shall require each applicant for assistance under this 

11 title to provide a preliminary rating opinion letter 

12 from at least 1 ratings agency, indicating that the 

13 senior obligations of the infrastructure project, 

14 which may be the Federal credit instrument, have 

15 the potential to achieve an investment-grade rating. 

16 (2) RURAL INFRASTRUCTURE PROJECTS.—With 

17 respect to a rural infrastructure project, a rating 

18 agency opinion letter described in paragraph (1) 

19 shall not be required, except that the loan or loan 

20 guarantee shall receive an internal rating score, 

21 using methods similar to the ratings agencies gen22 erated by AIFA, measuring the proposed direct loan 

23 or loan guarantee against comparable direct loans or 

24 loan guarantees of similar credit quality in a similar 

25 sector. 


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1 (h) INVESTMENT-GRADE RATING REQUIREMENT.— 

2 (1) LOANS AND LOAN GUARANTEES.—The exe3 cution of a direct loan or loan guarantee under this 

4 title shall be contingent on the senior obligations of 

5 the infrastructure project receiving an investment6 grade rating. 

7 (2) RATING OF AIFA OVERALL PORTFOLIO.— 

8 The average rating of the overall portfolio of AIFA 

9 shall be not less than investment grade after 5 years 

10 of operation. 

11 (i) TERMS AND REPAYMENT OF DIRECT LOANS.— 

12 (1) SCHEDULE.—The Chief Executive Officer 

13 shall establish a repayment schedule for each direct 

14 loan under this title, based on the projected cash 

15 flow from infrastructure project revenues and other 

16 repayment sources. 

17 (2) COMMENCEMENT.—Scheduled loan repay18 ments of principal or interest on a direct loan under 

19 this title shall commence not later than 5 years after 

20 the date of substantial completion of the infrastruc21 ture project, as determined by the Chief Executive 

22 Officer of AIFA. 

23 (3) DEFERRED PAYMENTS OF DIRECT

24 LOANS.— 


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1 (A) AUTHORIZATION.—If, at any time 

2 after the date of substantial completion of an 

3 infrastructure project assisted under this title, 

4 the infrastructure project is unable to generate 

5 sufficient revenues to pay the scheduled loan re6 payments of principal and interest on the direct 

7 loan under this title, the Chief Executive Offi8 cer may allow the obligor to add unpaid prin9 cipal and interest to the outstanding balance of 

10 the direct loan, if the result would benefit the 

11 taxpayer. 

12 (B) INTEREST.—Any payment deferred 

13 under subparagraph (A) shall— 

14 (i) continue to accrue interest, in ac15 cordance with the terms of the obligation, 

16 until fully repaid; and 

17 (ii) be scheduled to be amortized over 

18 the remaining term of the loan. 

19 (C) CRITERIA.— 

20 (i) IN GENERAL.—Any payment defer21 ral under subparagraph (A) shall be con22 tingent on the infrastructure project meet23 ing criteria established by the Board of Di24 rectors. 


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1 (ii) REPAYMENT STANDARDS.—The 

2 criteria established under clause (i) shall 

3 include standards for reasonable assurance 

4 of repayment. 

5 (4) PREPAYMENT OF DIRECT LOANS.— 

6 (A) USE OF EXCESS REVENUES.—Any ex7 cess revenues that remain after satisfying 

8 scheduled debt service requirements on the in9 frastructure project obligations and direct loan 

10 and all deposit requirements under the terms of 

11 any trust agreement, bond resolution, or similar 

12 agreement securing project obligations under 

13 this title may be applied annually to prepay the 

14 direct loan, without penalty. 

15 (B) USE OF PROCEEDS OF REFI16 NANCING.—A direct loan under this title may 

17 be prepaid at any time, without penalty, from 

18 the proceeds of refinancing from non-Federal 

19 funding sources. 

20 (5) SALE OF DIRECT LOANS.— 

21 (A) IN GENERAL.—As soon as is prac22 ticable after substantial completion of an infra23 structure project assisted under this title, and 

24 after notifying the obligor, the Chief Executive 

25 Officer may sell to another entity, or reoffer 


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1 into the capital markets, a direct loan for the 

2 infrastructure project, if the Chief Executive 

3 Officer determines that the sale or reoffering 

4 can be made on favorable terms for the tax5 payer. 

6 (B) CONSENT OF OBLIGOR.—In making a 

7 sale or reoffering under subparagraph (A), the 

8 Chief Executive Officer may not change the 

9 original terms and conditions of the direct loan, 

10 without the written consent of the obligor. 

11 (j) LOAN GUARANTEES.— 

12 (1) TERMS.—The terms of a loan guaranteed 

13 by AIFA under this title shall be consistent with the 

14 terms set forth in this section for a direct loan, ex15 cept that the rate on the guaranteed loan and any 

16 payment, pre-payment, or refinancing features shall 

17 be negotiated between the obligor and the lender, 

18 with the consent of the Chief Executive Officer. 

19 (2) GUARANTEED LENDER.—A guaranteed 

20 lender shall be limited to those lenders meeting the 

21 definition of that term in section 601(a) of title 23, 

22 United States Code. 

23 (k) COMPLIANCE WITH FCRA.— 

24 (1) IN GENERAL.—Except as provided in para25 graph (2), direct loans and loan guarantees authorVerDate Mar 15 2010 04:11 Feb 01, 2014 Jkt 039200 PO 00000 Frm 00051 Fmt 6652 Sfmt 6201 E:\BILLS\H3939.IH H3939

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1 ized by this title shall be subject to the provisions of 

2 the Federal Credit Reform Act of 1990 (2 U.S.C. 

3 661 et seq.). 

4 (2) EXCEPTION.—Section 504(b) of the Federal 

5 Credit Reform Act of 1990 (2 U.S.C. 661c(b)) shall 

6 not apply to a loan or loan guarantee under this 

7 title. 

8 SEC. 123. COMPLIANCE AND ENFORCEMENT. 

9 (a) CREDIT AGREEMENT.—Notwithstanding any 

10 other provision of law, each eligible entity that receives 

11 assistance under this title from AIFA shall enter into a 

12 credit agreement that requires such entity to comply with 

13 all applicable policies and procedures of AIFA, in addition 

14 to all other provisions of the loan agreement. 

15 (b) AIFA AUTHORITY ON NONCOMPLIANCE.—In any 

16 case in which a recipient of assistance under this title is 

17 materially out of compliance with the loan agreement, or 

18 any applicable policy or procedure of AIFA, the Board of 

19 Directors may take action to cancel unutilized loan 

20 amounts, or to accelerate the repayment terms of any out21 standing obligation. 

22 SEC. 124. AUDITS; REPORTS TO THE PRESIDENT AND CON23 GRESS. 

24 (a) ACCOUNTING.—The books of account of AIFA 

25 shall be maintained in accordance with generally accepted 


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1 accounting principles, and shall be subject to an annual 

2 audit by independent public accountants of nationally rec3 ognized standing appointed by the Board of Directors. 

4 (b) REPORTS.— 

5 (1) BOARD OF DIRECTORS.—Not later than 90 

6 days after the last day of each fiscal year, the Board 

7 of Directors shall submit to the President and Con8 gress a complete and detailed report with respect to 

9 the preceding fiscal year, setting forth— 

10 (A) a summary of the operations of AIFA, 

11 for such fiscal year; 

12 (B) a schedule of the obligations of AIFA 

13 and capital securities outstanding at the end of 

14 such fiscal year, with a statement of the 

15 amounts issued and redeemed or paid during 

16 such fiscal year; 

17 (C) the status of infrastructure projects re18 ceiving funding or other assistance pursuant to 

19 this title during such fiscal year, including all 

20 nonperforming loans, and including disclosure 

21 of all entities with a development, ownership, or 

22 operational interest in such infrastructure 

23 projects; 

24 (D) a description of the successes and 

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1 munities, including the role of the Center for 

2 Excellence and the Office of Rural Assistance 

3 established under this title; and 

4 (E) an assessment of the risks of the port5 folio of AIFA, prepared by an independent 

6 source. 

7 (2) GAO.—Not later than 5 years after the 

8 date of enactment of this title, the Comptroller Gen9 eral of the United States shall conduct an evaluation 

10 of, and shall submit to Congress a report on, activi11 ties of AIFA for the fiscal years covered by the re12 port that includes an assessment of the impact and 

13 benefits of each funded infrastructure project, in14 cluding a review of how effectively each such infra15 structure project accomplished the goals prioritized 

16 by the infrastructure project criteria of AIFA. 

17 (c) BOOKS AND RECORDS.— 

18 (1) IN GENERAL.—AIFA shall maintain ade19 quate books and records to support the financial 

20 transactions of AIFA, with a description of financial 

21 transactions and infrastructure projects receiving 

22 funding, and the amount of funding for each such 

23 project maintained on a publically accessible data24 base. 


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1 (2) AUDITS BY THE SECRETARY AND GAO.— 

2 The books and records of AIFA shall at all times be 

3 open to inspection by the Secretary of the Treasury, 

4 the Special Inspector General, and the Comptroller 

5 General of the United States. 

6 Subtitle C—Funding of AIFA 

7 SEC. 131. FEES. 

8 (a) IN GENERAL.—The Chief Executive Officer shall 

9 establish fees with respect to loans and loan guarantees 

10 under this title that— 

11 (1) are sufficient to cover all the administrative 

12 costs to the Federal Government for the operations 

13 of AIFA; 

14 (2) may be in the form of an application or 

15 transaction fee, or interest rate adjustment; and 

16 (3) may be based on the risk premium associ17 ated with the loan or loan guarantee, taking into 

18 consideration— 

19 (A) the price of United States Treasury 

20 obligations of a similar maturity; 

21 (B) prevailing market conditions; 

22 (C) the ability of the infrastructure project 

23 to support the loan or loan guarantee; and 

24 (D) the total amount of the loan or loan 

25 guarantee. 


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1 (b) TREASURY RECEIPTS.—AIFA shall annually de2 posit amounts of fees collected under this section that are 

3 not used for the expenses of AIFA as miscellaneous re4 ceipts with the Treasury. 

5 SEC. 132. SELF-SUFFICIENCY OF AIFA. 

6 The Chief Executive Officer shall, to the extent pos7 sible, take actions consistent with this title to make AIFA 

8 a self-sustaining entity, with administrative costs and Fed9 eral credit subsidy costs fully funded by fees and risk pre10 miums on loans and loan guarantees. 

11 SEC. 133. FUNDING. 

12 There is authorized to be appropriated to AIFA to 

13 carry out this title, to make direct loans and loan guaran14 tees under this title, not more than $10,000,000,000, to 

15 remain available until expended, of which amount, not 

16 more than $25,000,000 for each of fiscal years 2014 

17 through 2015, and not more than $50,000,000 for fiscal 

18 year 2016 may be used for administrative costs of AIFA. 

19 Such amount shall earn interest. Not more than 5 percent 

20 of such amount shall be used to offset subsidy costs associ21 ated with rural infrastructure projects. 

22 SEC. 134. CONTRACT AUTHORITY. 

23 Notwithstanding any other provision of law, approval 

24 by the Board of Directors of a Federal credit instrument 

25 that uses funds made available under this title shall imVerDate Mar 15 2010 04:11 Feb 01, 2014 Jkt 039200 PO 00000 Frm 00056 Fmt 6652 Sfmt 6201 E:\BILLS\H3939.IH H3939

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1 pose upon the United States a contractual obligation to 

2 fund the Federal credit investment. 

3 TITLE II—TAX CREDIT 

4 EXTENSIONS 

5 SEC. 201. PERMANENT EXTENSION OF NEW MARKETS TAX 

6 CREDIT. 

7 (a) EXTENSION.— 

8 (1) IN GENERAL.—Subparagraph (G) of section 

9 45D(f)(1) of the Internal Revenue Code of 1986 is 

10 amended by striking ‘‘, 2011, 2012, and 2013’’ and 

11 inserting ‘‘and each calendar year thereafter’’. 

12 (2) CONFORMING AMENDMENT.—Section 

13 45D(f)(3) of such Code is amended by striking the 

14 last sentence. 

15 (b) INFLATION ADJUSTMENT.—Subsection (f) of sec16 tion 45D of the Internal Revenue Code of 1986 is amend17 ed by adding at the end the following new paragraph: 

18 ‘‘(4) INFLATION ADJUSTMENT.— 

19 ‘‘(A) IN GENERAL.—In the case of any cal20 endar year beginning after 2013, the dollar 

21 amount in paragraph (1)(G) shall be increased 

22 by an amount equal to— 

23 ‘‘(i) such dollar amount, multiplied by 

24 ‘‘(ii) the cost-of-living adjustment de25 termined under section 1(f)(3) for the calVerDate Mar 15 2010 04:11 Feb 01, 2014 Jkt 039200 PO 00000 Frm 00057 Fmt 6652 Sfmt 6201 E:\BILLS\H3939.IH H3939

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1 endar year, determined by substituting 

2 ‘calendar year 2000’ for ‘calendar year 

3 1992’ in subparagraph (B) thereof. 

4 ‘‘(B) ROUNDING RULE.—Any increase 

5 under subparagraph (A) which is not a multiple 

6 of $1,000,000 shall be rounded to the nearest 

7 multiple of $1,000,000.’’. 

8 (c) ALTERNATIVE MINIMUM TAX RELIEF.—Subpara9 graph (B) of section 38(c)(4) of the Internal Revenue 

10 Code of 1986 is amended— 

11 (1) by redesignating clauses (v) through (ix) as 

12 clauses (vi) through (x), respectively, and 

13 (2) by inserting after clause (iv) the following 

14 new clause: 

15 ‘‘(v) the credit determined under sec16 tion 45D, but only with respect to credits 

17 determined with respect to qualified equity 

18 investments (as defined in section 45D(b)) 

19 initially made before January 1, 2014,’’. 

20 (d) EFFECTIVE DATES.— 

21 (1) IN GENERAL.—Except as provided in para22 graph (2), the amendments made by this section 

23 shall take effect on the date of the enactment of this 

24 Act. 


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1 (2) ALTERNATIVE MINIMUM TAX RELIEF.—The 

2 amendments made by subsection (c) shall apply to 

3 credits determined with respect to qualified equity 

4 investments (as defined in section 45D(b) of the In5 ternal Revenue Code of 1986) initially made after 

6 the date of the enactment of this Act. 

7 SEC. 202. BUILD AMERICA BONDS MADE PERMANENT. 

8 (a) SHORT TITLE.—This section may be cited as the 

9 ‘‘Build America Bonds Act of 2014’’. 

10 (b) BUILD AMERICA BONDS MADE PERMANENT.— 

11 (1) IN GENERAL.—Subparagraph (B) of section 

12 54AA(d)(1) of the Internal Revenue Code of 1986 is 

13 amended by inserting ‘‘or on or after the date of the 

14 enactment of the Build America Bonds Act of 

15 2014,’’ after ‘‘January 1, 2011,’’. 

16 (2) REDUCTION IN CREDIT PERCENTAGE TO

17 BONDHOLDERS.—Subsection (b) of section 54AA of 

18 such Code is amended to read as follows: 

19 ‘‘(b) AMOUNT OF CREDIT.— 

20 ‘‘(1) IN GENERAL.—The amount of the credit 

21 determined under this subsection with respect to any 

22 interest payment date for a build America bond is 

23 the applicable percentage of the amount of interest 

24 payable by the issuer with respect to such date. 


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1 ‘‘(2) APPLICABLE PERCENTAGE.—For purposes 

2 of paragraph (1), the applicable percentage shall be 

3 determined under the following table: 

‘‘In the case of a bond issued The applicable 

during calendar year: percentage is: 

2009 or 2010 ..................................................................................... 35

2013 ................................................................................................... 32

2014 ................................................................................................... 31

2015 ................................................................................................... 30

2016 ................................................................................................... 29

2017 and thereafter ........................................................................... 28.’’. 

4 (3) EXTENSION OF PAYMENTS TO ISSUERS.— 

5 (A) IN GENERAL.—Section 6431 of such 

6 Code is amended— 

7 (i) by inserting ‘‘or on or after the 

8 date of the enactment of the Build Amer9 ica Bonds Act of 2014,’’ after ‘‘January 1, 

10 2011,’’ in subsection (a), and 

11 (ii) by striking ‘‘before January 1, 

12 2011’’ in subsection (f)(1)(B) and insert13 ing ‘‘during a particular period’’. 

14 (B) CONFORMING AMENDMENTS.—Sub15 section (g) of section 54AA of such Code is 

16 amended— 

17 (i) by inserting ‘‘or during a period 

18 beginning on or after the date of the enact19 ment of the Build America Bonds Act of 

20 2014,’’ after ‘‘January 1, 2011,’’, and 


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1 (ii) by striking ‘‘QUALIFIED BONDS

2 ISSUED BEFORE 2011’’ in the heading and 

3 inserting ‘‘CERTAIN QUALIFIED BONDS’’. 

4 (4) REDUCTION IN PERCENTAGE OF PAYMENTS

5 TO ISSUERS.—Subsection (b) of section 6431 of such 

6 Code is amended— 

7 (A) by striking ‘‘The Secretary’’ and in8 serting the following: 

9 ‘‘(1) IN GENERAL.—The Secretary’’, 

10 (B) by striking ‘‘35 percent’’ and inserting 

11 ‘‘the applicable percentage’’, and 

12 (C) by adding at the end the following new 

13 paragraph: 

14 ‘‘(2) APPLICABLE PERCENTAGE.—For purposes 

15 of this subsection, the term ‘applicable percentage’ 

16 means the percentage determined in accordance with 

17 the following table: 

‘‘In the case of a qualified bond The applicable 

issued during calendar year: percentage is: 

2009 or 2010 ..................................................................................... 35

2013 ................................................................................................... 32

2014 ................................................................................................... 31

2015 ................................................................................................... 30

2016 ................................................................................................... 29

2017 and thereafter ........................................................................... 28.’’. 

18 (5) CURRENT REFUNDINGS PERMITTED.—Sub19 section (g) of section 54AA of such Code is amended 

20 by adding at the end the following new paragraph: 


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1 ‘‘(3) TREATMENT OF CURRENT REFUNDING

2 BONDS.— 

3 ‘‘(A) IN GENERAL.—For purposes of this 

4 subsection, the term ‘qualified bond’ includes 

5 any bond (or series of bonds) issued to refund 

6 a qualified bond if— 

7 ‘‘(i) the average maturity date of the 

8 issue of which the refunding bond is a part 

9 is not later than the average maturity date 

10 of the bonds to be refunded by such issue, 

11 ‘‘(ii) the amount of the refunding 

12 bond does not exceed the outstanding 

13 amount of the refunded bond, and 

14 ‘‘(iii) the refunded bond is redeemed 

15 not later than 90 days after the date of the 

16 issuance of the refunding bond. 

17 ‘‘(B) APPLICABLE PERCENTAGE.—In the 

18 case of a refunding bond referred to in subpara19 graph (A), the applicable percentage with re20 spect to such bond under section 6431(b) shall 

21 be the lowest percentage specified in paragraph 

22 (2) of such section. 

23 ‘‘(C) DETERMINATION OF AVERAGE MATU24 RITY.—For purposes of subparagraph (A)(i), 


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1 average maturity shall be determined in accord2 ance with section 147(b)(2)(A).’’. 

3 (6) CLARIFICATION RELATED TO LEVEES AND

4 FLOOD CONTROL PROJECTS.—Subparagraph (A) of 

5 section 54AA(g)(2) of such Code is amended by in6 serting ‘‘(including capital expenditures for levees 

7 and other flood control projects)’’ after ‘‘capital ex8 penditures’’. 

9 (7) GROSS-UP OF PAYMENT TO ISSUERS IN

10 CASE OF SEQUESTRATION.—In the case of any pay11 ment under section 6431(b) of the Internal Revenue 

12 Code of 1986 made after the date of the enactment 

13 of this Act to which sequestration applies, the 

14 amount of such payment shall be increased to an 

15 amount equal to— 

16 (A) such payment (determined before such 

17 sequestration), multiplied by 

18 (B) the quotient obtained by dividing one 

19 by the amount by which one exceeds the per20 centage reduction in such payment pursuant to 

21 such sequestration. 

22 For purposes of this subsection, the term ‘‘seques23 tration’’ means any reduction in direct spending or24 dered in accordance with a sequestration report pre25 pared by the Director of the Office and Management 


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1 and Budget pursuant to the Balanced Budget and 

2 Emergency Deficit Control Act of 1985 or the Stat3 utory Pay-As-You-Go Act of 2010. 

4 (c) EFFECTIVE DATE.—The amendments made by 

5 this section shall apply to obligations issued on or after 

6 the date of the enactment of this Act. 

7 SEC. 203. PERMANENT EXTENSION OF RESEARCH CREDIT; 

8 INCREASE IN ALTERNATIVE SIMPLIFIED RE9 SEARCH CREDIT. 

10 (a) PERMANENT EXTENSION.— 

11 (1) IN GENERAL.—Section 41 of the Internal 

12 Revenue Code of 1986 is amended by striking sub13 section (h). 

14 (2) CONFORMING AMENDMENTS.—Such Code is 

15 amended— 

16 (A) in section 41(c) by striking paragraph 

17 (4) and redesignating paragraphs (5) and (6) 

18 as paragraphs (4) and (5), respectively; 

19 (B) in section 41(c)(4), as so redesignated, 

20 by striking the second sentence of subparagraph 

21 (C); and 

22 (C) in paragraph (1) of section 45C(b) by 

23 striking subparagraph (D). 


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1 (3) EFFECTIVE DATE.—The amendments made 

2 by this subsection shall apply to amounts paid or in3 curred after December 31, 2013. 

4 (b) INCREASE IN ALTERNATIVE SIMPLIFIED RE5 SEARCH CREDIT.— 

6 (1) IN GENERAL.—Subparagraph (A) of section 

7 41(c)(4) of such Code, as redesignated by subsection 

8 (a), is amended by striking ‘‘14 percent (12 percent 

9 in the case of taxable years ending before January 

10 1, 2009)’’ and inserting ‘‘17 percent’’. 

11 (2) EFFECTIVE DATE.—The amendments made 

12 by this subsection shall apply to taxable years begin13 ning after the date of the enactment of this Act. 

14 SEC. 204. EXEMPT-FACILITY BONDS FOR SEWAGE AND 

15 WATER SUPPLY FACILITIES. 

16 (a) BONDS FOR WATER AND SEWAGE FACILITIES

17 EXEMPT FROM VOLUME CAP ON PRIVATE ACTIVITY

18 BONDS.— 

19 (1) IN GENERAL.—Paragraph (3) of section 

20 146(g) of the Internal Revenue Code of 1986 is 

21 amended by inserting ‘‘(4), (5),’’ after ‘‘(2),’’. 

22 (2) CONFORMING AMENDMENT.—Paragraphs 

23 (2) and (3)(B) of section 146(k) are both amended 

24 by striking ‘‘(4), (5), (6), or’’ and inserting ‘‘(6)’’. 


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1 (b) TAX-EXEMPT ISSUANCE BY INDIAN TRIBAL GOV2 ERNMENTS.— 

3 (1) IN GENERAL.—Subsection (c) of section 

4 7871 of the Internal Revenue Code of 1986 is 

5 amended by adding at the end the following new 

6 paragraph: 

7 ‘‘(4) EXCEPTION FOR BONDS FOR WATER AND

8 SEWAGE FACILITIES.—Paragraph (2) shall not apply 

9 to an exempt facility bond 95 percent or more of the 

10 net proceeds (as defined in section 150(a)(3)) of 

11 which are to be used to provide facilities described 

12 in paragraph (4) or (5) of section 142(a).’’. 

13 (2) CONFORMING AMENDMENT.—Paragraph (2) 

14 of section 7871(c) is amended by striking ‘‘para15 graph (3)’’ and inserting ‘‘paragraphs (3) and (4)’’. 

16 (c) EFFECTIVE DATE.—The amendments made by 

17 this section shall apply to obligations issued on or after 

18 the date of the enactment of this Act. 

19 SEC. 205. REPEAL OF ALTERNATIVE MINIMUM TAX ON PRI20 VATE ACTIVITY BONDS. 

21 (a) IN GENERAL.—Subsection (a) of section 57 of the 

22 Internal Revenue Code of 1986 is amended by striking 

23 paragraph (5). 

24 (b) CONFORMING AMENDMENTS.— 


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1 (1) Subparagraph (B) of section 1(g)(7) of such 

2 Code is amended by adding ‘‘and’’ at the end of 

3 clause (i), by striking ‘‘, and’’ at the end of clause 

4 (ii) and inserting a period, and by striking clause 

5 (iii). 

6 (2) Subclause (II) of section 53(d)(1)(B)(ii) of 

7 such Code is amended by striking ‘‘, (5)’’. 

8 (3) Subparagraph (C) of section 56(b)(1) of 

9 such Code is amended by striking clause (iii) and re10 designating clauses (iv) and (v) as clauses (iii) and 

11 (iv), respectively. 

12 (4) Paragraph (3) of section 148(b) of such 

13 Code is amended to read as follows: 

14 ‘‘(3) EXCEPTION FOR TAX-EXEMPT BONDS.— 

15 The term ‘investment property’ does not include any 

16 tax-exempt bond.’’. 

17 (5) Subparagraph (B)(i) of section 149(g)(3) of 

18 such Code is amended to read as follows: 

19 ‘‘(i) IN GENERAL.—Such term shall 

20 not include any bond issued as part of an 

21 issue 95 percent of the net proceeds of 

22 which are invested in bonds the interest on 

23 which is not includible in gross income 

24 under section 103.’’. 


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1 (6) Paragraph (5) of section 1400L(d) of such 

2 Code is amended by striking subparagraph (E). 

3 (7) Paragraph (5) of section 1400N(a) of such 

4 Code is amended by striking subparagraph (G). 

5 (c) EFFECTIVE DATE.—The amendments made by 

6 this section shall apply to taxable years beginning after 

7 the date of the enactment of this Act. 

8 TITLE III—SKILLS TRAINING 

9 SEC. 301. JOB TRAINING TAX CREDIT. 

10 (a) IN GENERAL.—Subpart D of part IV of sub11 chapter A of chapter 1 of the Internal Revenue Code of 

12 1986 is amended by adding at the end the following new 

13 section: 

14 ‘‘SEC. 45S. JOB TRAINING CREDIT. 

15 ‘‘(a) IN GENERAL.—For the purposes of section 38, 

16 the job training credit determined under this section for 

17 the taxable year is an amount equal to 100 percent of the 

18 qualified training expenses paid by the qualifying taxpayer 

19 during the taxable year. 

20 ‘‘(b) LIMITATION.—The credit allowed under sub21 section (a) with respect to any eligible trainee of the quali22 fying taxpayer shall not exceed the excess (if any) of 

23 $4,000 over the aggregate credit allowed to such taxpayer 

24 under this section with respect to such eligible trainee for 

25 all prior taxable years. 


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1 ‘‘(c) DEFINITIONS.—For purposes of this section— 

2 ‘‘(1) QUALIFIED TRAINING EXPENSES.— 

3 ‘‘(A) IN GENERAL.—The term ‘qualified 

4 training expenses’ means, with respect to any 

5 eligible trainee of the qualifying taxpayer, ex6 penses paid or incurred by such taxpayer for 

7 qualified tuition costs of such eligible trainee. 

8 ‘‘(B) QUALIFIED TUITION COSTS.—The 

9 term ‘qualified tuition costs’ means costs for 

10 books and enrollment in a training program at 

11 a qualified educational organization, the out12 come of which, if completed, will provide the eli13 gible trainee a certificate or credential recog14 nized by a State accrediting body, Federal Ap15 prenticeship Agency, or any other national ac16 crediting body recognized by the Department of 

17 Education as an independent, third-party ac18 crediting body. Such training program— 

19 ‘‘(i) may include a single course, mul20 tiple courses, or a combination of work 

21 training and study, and 

22 ‘‘(ii) must be reasonably necessary for 

23 employment in a position based in the 

24 United States for which the qualifying tax25 payer is currently hiring. 


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1 ‘‘(C) QUALIFIED EDUCATIONAL ORGANIZA2 TION.—The term ‘qualified educational organi3 zation’ means any educational organization de4 scribed in section 101 of the Higher Education 

5 Act of 1965. 

6 ‘‘(2) QUALIFYING TAXPAYER.—The term ‘quali7 fying taxpayer’ means any taxpayer who provides, 

8 with respect to any eligible trainee, such documenta9 tion as required by the Secretary regarding qualified 

10 training expenses and proof of unemployment status 

11 as described in paragraph (3)(A). 

12 ‘‘(3) ELIGIBLE TRAINEE.—The term ‘eligible 

13 trainee’ means any individual who— 

14 ‘‘(A) has been unemployed for at least 90 

15 days immediately preceding the date of enroll16 ment in a training program described in para17 graph (1)(B), and 

18 ‘‘(B) had not been employed by the quali19 fying taxpayer at any time prior to such enroll20 ment date. 

21 ‘‘(d) SPECIAL RULES.— 

22 ‘‘(1) DENIAL OF DOUBLE BENEFIT.—No deduc23 tion shall be allowed under this chapter for the por24 tion of the expenses otherwise allowable as a deducVerDate Mar 15 2010 04:11 Feb 01, 2014 Jkt 039200 PO 00000 Frm 00070 Fmt 6652 Sfmt 6201 E:\BILLS\H3939.IH H3939

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1 tion that are taken into account in determining the 

2 credit under this section for the taxable year. 

3 ‘‘(2) AGGREGATION.—For purposes of this sec4 tion, all persons treated as a single employer under 

5 subsection (a) or (b) or section 52, or subsection (m) 

6 or (o) of section 414, shall be treated as one person. 

7 ‘‘(3) TREATMENT OF EXPENSES AS EDU8 CATIONAL ASSISTANCE PROGRAM.—Qualified train9 ing expenses shall be treated as an educational as10 sistance program for purposes of section 127. 

11 ‘‘(e) ELECTION TO HAVE CREDIT NOT APPLY.—A 

12 taxpayer may elect (at such time and in such manner as 

13 the Secretary may by regulations prescribe) to have this 

14 section not apply for any taxable year. 

15 ‘‘(f) TERMINATION.—This section shall not apply to 

16 expenses paid after December 31, 2016.’’. 

17 (b) CREDIT TO BE PART OF GENERAL BUSINESS

18 CREDIT.—Subsection (b) of section 38 of the Internal 

19 Revenue Code of 1986 is amended by striking ‘‘plus’’ at 

20 the end of paragraph (35), by striking the period at the 

21 end of paragraph (36) and inserting ‘‘, plus’’, and by add22 ing at the end the following new paragraph: 

23 ‘‘(37) the job training credit determined under 

24 section 45S(a).’’. 


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1 (c) CREDIT ALLOWED AGAINST ALTERNATIVE MIN2 IMUM TAX.—Section 38(c)(4)(B) of the Internal Revenue 

3 Code of 1986, as amended by section 206, is amended by 

4 redesignating clauses (viii), (ix), and (x) as clauses (ix), 

5 (x), and (xi), respectively, and by inserting after clause 

6 (vii) the following new clause: 

7 ‘‘(viii) the credit determined under 

8 section 45S,’’. 

9 (d) TECHNICAL AMENDMENT.—Section 6501(m) of 

10 the Internal Revenue Code of 1986 is amended by insert11 ing ‘‘45S(e),’’ after ‘‘45H(g),’’. 

12 (e) CLERICAL AMENDMENT.—The table of sections 

13 for subpart D of part IV of subchapter A of chapter 1 

14 of the Internal Revenue Code of 1986 is amended by add15 ing at the end the following new item: 

‘‘Sec. 45S. Job training credit.’’. 

16 (f) EFFECTIVE DATES.— 

17 (1) IN GENERAL.—The amendments made by 

18 this section shall apply to expenses paid or incurred 

19 after the date of the enactment of this Act, in tax20 able years ending after such date. 

21 (2) MINIMUM TAX.—The amendments made by 

22 subsection (c) shall apply to credits determined 

23 under section 45S of the Internal Revenue Code of 

24 1986 in taxable years ending after the date of the 


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1 enactment of this Act, and to carrybacks of such 

2 credits. 

3 SEC. 302. QUALIFIED JOB TRAINING PARTNERSHIPS CRED4 IT. 

5 (a) IN GENERAL.—Subpart E of part IV of sub6 chapter A of chapter 1 of the Internal Revenue Code of 

7 1986 is amended by inserting after section 48D the fol8 lowing new section: 

9 ‘‘SEC. 48E. QUALIFIED JOB TRAINING PARTNERSHIPS 

10 CREDIT. 

11 ‘‘(a) IN GENERAL.—For purposes of section 46, the 

12 Qualified Job Training Partnership credit for any taxable 

13 year is an amount equal to the percentage determined by 

14 the Secretary (not to exceed 100 percent) of the qualified 

15 investment for such taxable year with respect to any 

16 Qualified Job Training Partnership. 

17 ‘‘(b) QUALIFIED INVESTMENT.— 

18 ‘‘(1) IN GENERAL.—For purposes of subsection 

19 (a), the qualified investment for any taxable year is 

20 the aggregate amount of the costs paid or incurred 

21 in such taxable year by one or more eligible private 

22 business employers for expenses necessary for and 

23 directly related to the conduct of a Qualified Job 

24 Training Partnership in the form of contributions of 

25 cash, cash equivalent, equipment, or any combinaVerDate Mar 15 2010 04:11 Feb 01, 2014 Jkt 039200 PO 00000 Frm 00073 Fmt 6652 Sfmt 6201 E:\BILLS\H3939.IH H3939

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1 tion of the three where 100 percent of the invest2 ment is used for the planning, implementation, or 

3 operation of a Qualified Job Training Partnership 

4 and the training financed through the investment 

5 must result in a type of certificate or credential rec6 ognized by a State accrediting body, Federal Ap7 prenticeship Agency, or any other national accred8 iting body recognized by the Department of Edu9 cation as an independent, third-party accrediting 

10 body. 

11 ‘‘(2) LIMITATION.—The amount which is treat12 ed as qualified investment for all taxable years with 

13 respect to any Qualified Job Training Partnership 

14 shall not exceed the amount certified by the Sec15 retary as eligible for the credit under this section. 

16 ‘‘(3) EXCLUSIONS.—The qualified investment 

17 for any taxable year with respect to any Qualified 

18 Job Training Partnership shall not take into account 

19 any cost for student tuition or for any other expense 

20 as determined by the Secretary as appropriate to 

21 carry out the purposes of this section. 

22 ‘‘(4) CERTAIN PROGRESS EXPENDITURE RULES

23 MADE APPLICABLE.—In the case of costs described 

24 in paragraph (1) that are paid for property of a 

25 character subject to an allowance for depreciation, 


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1 rules similar to the rules of subsections (c)(4) and 

2 (d) of section 46 (as in effect on the day before the 

3 date of the enactment of the Revenue Reconciliation 

4 Act of 1990) shall apply for purposes of this section. 

5 ‘‘(c) QUALIFIED JOB TRAINING PARTNERSHIP.— 

6 ‘‘(1) IN GENERAL.—The term ‘Qualified Job 

7 Training Partnership’ means a formal or informal 

8 partnership between at least 1 eligible private busi9 ness employer and— 

10 ‘‘(A) 1 qualified educational institution, or 

11 ‘‘(B) 1 labor organization (as defined in 

12 section 2(5) of the National Labor Relations 

13 Act), 

14 where the stated goal of the partnership is to train 

15 students in job-ready skills. 

16 ‘‘(2) ELIGIBLE PRIVATE BUSINESS EM17 PLOYER.—The term ‘eligible private business em18 ployer’ means— 

19 ‘‘(A) a business entity at least 50 percent 

20 of the gross income of which is derived from 

21 qualified production activities (within the mean22 ing of section 199(c)), or 

23 ‘‘(B) any type of domestic business entity 

24 the average number of full-time employees of 


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1 which for the taxable year is not more than 

2 500. 

3 ‘‘(3) QUALIFIED EDUCATIONAL INSTITUTION.— 

4 The term ‘qualified educational institution’ means 

5 any institution of higher education described in sec6 tion 101 of the Higher Education Act of 1965 which 

7 provides a 2-year program that culminates in an as8 sociate degree. 

9 ‘‘(d) QUALIFIED JOB TRAINING PARTNERSHIP PRO10 GRAM.— 

11 ‘‘(1) ESTABLISHMENT.— 

12 ‘‘(A) IN GENERAL.—Not later than 60 

13 days after the date of the enactment of this sec14 tion, the Secretary, in consultation with the 

15 Secretary of Labor, shall establish a Qualified 

16 Job Training Partnership program to consider 

17 and award certifications for qualified invest18 ments eligible for credits under this section to 

19 Qualified Job Training Partnerships. 

20 ‘‘(B) LIMITATION.—The total amount of 

21 credits that may be allocated under the pro22 gram shall not exceed $1,000,000,000. 

23 ‘‘(2) CERTIFICATION.— 

24 ‘‘(A) APPLICATION PERIOD.—Each appli25 cant for certification under this paragraph shall 


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1 submit an application containing such informa2 tion as the Secretary may require during the 

3 period beginning on the date the Secretary es4 tablishes the program under paragraph (1). 

5 ‘‘(B) TIME FOR REVIEW OF APPLICA6 TIONS.—The Secretary shall take action to ap7 prove or deny any application under subpara8 graph (A) within 30 days of the submission of 

9 such application. 

10 ‘‘(C) MULTI-YEAR APPLICATIONS.—An ap11 plication for certification under subparagraph 

12 (A) may include a request for an allocation of 

13 credits for more than 1 year. 

14 ‘‘(3) SELECTION CRITERIA.—In determining 

15 the Qualified Job Training Partnerships with re16 spect to which qualified investments may be certified 

17 under this section, the Secretary— 

18 ‘‘(A) shall give priority to those applica19 tions which demonstrate— 

20 ‘‘(i) the greatest probability that those 

21 who complete the program will secure em22 ployment; 

23 ‘‘(ii) the greatest potential for pro24 viding workers who complete the program 


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1 with skills that can provide long-term job 

2 and income security; 

3 ‘‘(iii) the strongest market demand 

4 for the type of training offered; 

5 ‘‘(iv) the greatest probability that the 

6 program would create a net increase in job 

7 training opportunities; 

8 ‘‘(v) a strong need in the community 

9 for skills training; 

10 ‘‘(vi) the ability to allow nontradi11 tional learners to complete the training; 

12 and 

13 ‘‘(vii) the ability and capacity to im14 plement the program in a reasonable pe15 riod of time; and 

16 ‘‘(B) shall take into additional consider17 ation which applications show— 

18 ‘‘(i) the ability to leverage additional 

19 sources of capital; and 

20 ‘‘(ii) the greatest ability to offer train21 ing programs that result in a certificate or 

22 credential (within the meaning of sub23 section (b)(1)) that is stackable or portable 

24 or both. 

25 ‘‘(4) REVIEW AND ADDITIONAL ALLOCATION.— 


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1 ‘‘(A) REVIEW.—Not later than 1 year after 

2 the date of enactment of this section, the Sec3 retary shall review the credits allocated under 

4 this section as of such date. 

5 ‘‘(B) ADDITIONAL ALLOCATION.—If the 

6 Secretary determines at the time of the review 

7 that credits under this section are available for 

8 allocation pursuant to the requirements set 

9 forth in paragraph (2), the Secretary is author10 ized to allocate such available credits through 

11 the conduct of an additional program or pro12 grams for applications for certification. 

13 ‘‘(5) DISCLOSURE OF ALLOCATIONS.—The Sec14 retary shall, upon making a certification under this 

15 subsection, publicly disclose the identity of the appli16 cant and the amount of the credit with respect to 

17 such applicant. 

18 ‘‘(e) SPECIAL RULES.— 

19 ‘‘(1) BASIS ADJUSTMENT.—For purposes of 

20 this subtitle, if a credit is allowed under this section 

21 for an expenditure related to property of a character 

22 subject to an allowance for depreciation, the basis of 

23 such property shall be reduced by the amount of 

24 such credit. 

25 ‘‘(2) DENIAL OF DOUBLE BENEFIT.— 


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1 ‘‘(A) BONUS DEPRECIATION.—A credit 

2 shall not be allowed under this section for any 

3 investment for which bonus depreciation is al4 lowed under section 168(k), 1400L(b)(1), or 

5 1400N(d)(1). 

6 ‘‘(B) DEDUCTIONS.—No deduction under 

7 this subtitle shall be allowed for the portion of 

8 the expenses otherwise allowable as a deduction 

9 taken into account in determining the credit 

10 under this section for the taxable year which is 

11 equal to the amount of the credit determined 

12 for such taxable year under subsection (a) at13 tributable to such portion. This subparagraph 

14 shall not apply to expenses related to property 

15 of a character subject to an allowance for de16 preciation the basis of which is reduced under 

17 paragraph (1).’’. 

18 (b) INCLUSION AS PART OF INVESTMENT CREDIT.— 

19 Section 46 of the Internal Revenue Code of 1986 is 

20 amended— 

21 (1) by adding a comma at the end of paragraph 

22 (4), 

23 (2) by striking ‘‘and’’ at the end of paragraph 

24 (5), 


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1 (3) by striking the period at the end of para2 graph (6) and inserting ‘‘, and’’, and 

3 (4) by adding at the end the following new 

4 paragraph: 

5 ‘‘(7) the Qualified Job Training Partnerships 

6 credit.’’. 

7 (c) CONFORMING AMENDMENT.—Section 

8 49(a)(1)(C) of the Internal Revenue Code of 1986 is 

9 amended by striking ‘‘and’’ at the end of clause (v), by 

10 striking the period at the end of clause (vi) and inserting 

11 ‘‘, and’’, and by adding at the end the following new 

12 clause: 

13 ‘‘(vii) the basis of any property to 

14 which paragraph (1) of section 48E(e) ap15 plies which is part of a Qualified Job 

16 Training Partnership under such section 

17 48E.’’. 

18 (d) CLERICAL AMENDMENT.—The table of sections 

19 for subpart E of part IV of subchapter A of chapter 1 

20 of the Internal Revenue Code of 1986 is amended by in21 serting after the item relating to section 48D the following 

22 new item: 

‘‘Sec. 48E. Qualified Job Training Partnership credit.’’. 

23 (e) GRANTS FOR QUALIFIED INVESTMENTS IN

24 QUALIFIED JOB TRAINING PARTNERSHIPS IN LIEU OF

25 TAX CREDITS.— 


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1 (1) IN GENERAL.—Upon application, the Sec2 retary of the Treasury shall, subject to the require3 ments of this subsection, provide a grant to each 

4 person who makes a qualified investment in a Quali5 fied Job Training Partnership in an amount not to 

6 exceed 100 percent of such investment. 

7 (2) APPLICATION.— 

8 (A) IN GENERAL.—At the stated election 

9 of the applicant, an application for certification 

10 under section 48E(d)(2) of the Internal Rev11 enue Code of 1986 for a credit under such sec12 tion for any taxable year shall be considered to 

13 be an application for a grant under paragraph 

14 (1) for such taxable year. 

15 (B) SUBMISSION DATE.—An application 

16 for a grant under paragraph (1) for any taxable 

17 year shall be submitted— 

18 (i) not earlier than the day after the 

19 last day of such taxable year, and 

20 (ii) not later than the due date (in21 cluding extensions) for filing the return of 

22 tax for such taxable year. 

23 (C) INFORMATION TO BE SUBMITTED.—An 

24 application for a grant under paragraph (1) 

25 shall include such information and be in such 


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1 form as the Secretary of the Treasury may re2 quire to state the amount of the credit allow3 able (but for the receipt of a grant under this 

4 subsection) under section 48E for the taxable 

5 year for the qualified investment with respect to 

6 which such application is made. 

7 (3) TIME FOR PAYMENT OF GRANT.— 

8 (A) IN GENERAL.—The Secretary of the 

9 Treasury shall make payment of the amount of 

10 any grant under paragraph (1) during the 30- 

11 day period beginning on the later of— 

12 (i) the date of the application for such 

13 grant, or 

14 (ii) the date the qualified investment 

15 for which the grant is being made is made. 

16 (B) REGULATIONS.—In the case of invest17 ments of an ongoing nature, the Secretary of 

18 the Treasury shall issue regulations to deter19 mine the date on which a qualified investment 

20 shall be deemed to have been made for purposes 

21 of this paragraph. 

22 (4) QUALIFIED INVESTMENT.—For purposes of 

23 this subsection, the term ‘‘qualified investment’’ 

24 means a qualified investment that is certified under 

25 section 48E(d) of the Internal Revenue Code of 


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1 1986 for purposes of the credit under such section 

2 48E. 

3 (5) APPLICATION OF CERTAIN RULES.— 

4 (A) IN GENERAL.—In making grants 

5 under this subsection, the Secretary of the 

6 Treasury shall apply rules similar to the rules 

7 of section 50 of the Internal Revenue Code of 

8 1986. In applying such rules, any increase in 

9 tax under chapter 1 of such Code by reason of 

10 an investment ceasing to be a qualified invest11 ment shall be imposed on the person to whom 

12 the grant was made. 

13 (B) SPECIAL RULES.— 

14 (i) RECAPTURE OF EXCESSIVE GRANT

15 AMOUNTS.—If the amount of a grant made 

16 under this subsection exceeds the amount 

17 allowable as a grant under this subsection, 

18 such excess shall be recaptured under sub19 paragraph (A) as if the investment to 

20 which such excess portion of the grant re21 lates had ceased to be a qualified invest22 ment immediately after such grant was 

23 made. 

24 (ii) GRANT INFORMATION NOT TREAT25 ED AS RETURN INFORMATION.—In no 


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1 event shall the amount of a grant made 

2 under paragraph (1), the identity of the 

3 person to whom such grant was made, or 

4 a description of the investment with re5 spect to which such grant was made be 

6 treated as return information for purposes 

7 of section 6103 of the Internal Revenue 

8 Code of 1986. 

9 (6) SECRETARY.—Any reference in this sub10 section to the Secretary of the Treasury shall be 

11 treated as including the Secretary’s delegate. 

12 (7) OTHER TERMS.—Any term used in this sub13 section which is also used in section 48E of the In14 ternal Revenue Code of 1986 shall have the same 

15 meaning for purposes of this subsection as when 

16 used in such section. 

17 (8) DENIAL OF DOUBLE BENEFIT.—No credit 

18 shall be allowed under section 46(7) of the Internal 

19 Revenue Code of 1986 by reason of section 48E of 

20 such Code for any investment for which a grant is 

21 awarded under this subsection. 

22 (9) APPROPRIATIONS.—There is hereby appro23 priated to the Secretary of the Treasury such sums 

24 as may be necessary to carry out this subsection. 


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1 (f) EFFECTIVE DATE.—The amendments made by 

2 subsections (a) through (d) of this section shall apply to 

3 amounts paid or incurred after the date of the enactment 

4 of this Act, in taxable years beginning after such date. 

5 TITLE IV—TRADE PROVISIONS 

6 SEC. 401. FINDINGS; SENSE OF CONGRESS ON APPLICA7 BILITY OF TRADE AUTHORITIES PROCE8 DURES TO A BILL IMPLEMENTING A TRADE 

9 AND INVESTMENT AGREEMENT WITH THE 

10 EUROPEAN UNION. 

11 (a) FINDINGS.—Congress finds the following: 

12 (1) The United States and the European Union 

13 (EU) maintain a very strong and beneficial commer14 cial relationship. 

15 (2) The United States-EU relationship supports 

16 a combined 13 million jobs, and nearly $4 trillion in 

17 investment. 

18 (3) The economies of the United States and the 

19 EU each generate more than $16 trillion, which rep20 resents 45 percent of global gross domestic product, 

21 and over one-third of global trade and investment 

22 flows. 

23 (4) The United States-EU single commercial 

24 relationship is the world’s largest and the EU re25 mains the largest market for United States exports 


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1 and the largest source of imports into the United 

2 States. 

3 (5) Congress welcomes the work of the High 

4 Level Working Group report and the decision of 

5 President Obama to launch negotiations for a poten6 tial bilateral trade agreement. 

7 (6) The Transatlantic Trade and Investment 

8 Partnership (TTIP) represents a key strategic op9 portunity for the United States and the EU. 

10 (7) The groundbreaking TTIP will deepen ties 

11 between the United States and the EU, increase ex12 ports, grow both economies, and support hundreds 

13 of thousands of jobs on both sides of the Atlantic 

14 Ocean. 

15 (b) SENSE OF CONGRESS.—It is the sense of Con16 gress that— 

17 (1) the applicability of section 151 of the Trade 

18 Act of 1974 (19 U.S.C. 2191; relating to trade au19 thorities procedures) to a bill implementing a trade 

20 and investment agreement with the European Union 

21 (EU) resulting from negotiations with the EU, as 

22 notified to the United States Congress on March 20, 

23 2013, should be determined without regard to any 

24 prenegotiation notification and consultation require25 ments that would otherwise be applicable; and 


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1 (2) the Administration should press for a quick 

2 conclusion of this comprehensive and ambitious 

3 agreement. 

4 SEC. 402. EXTENSION OF TRADE ADJUSTMENT ASSISTANCE 

5 PROGRAM. 

6 (a) EXTENSION OF TERMINATION PROVISIONS.— 

7 Section 285 of the Trade Act of 1974 (19 U.S.C. 2271 

8 note) is amended by striking ‘‘2013’’ each place it appears 

9 and inserting ‘‘2020’’. 

10 (b) TRAINING FUNDS.—Section 236(a)(2)(A) of the 

11 Trade Act of 1974 (19 U.S.C. 2296(a)(2)(A)) is amend12 ed— 

13 (1) in clause (i), by striking ‘‘and 2013’’ and 

14 inserting ‘‘through 2020’’; and 

15 (2) in clause (ii), by striking ‘‘2013’’ each place 

16 it appears and inserting ‘‘2020’’. 

17 (c) REEMPLOYMENT TRADE ADJUSTMENT ASSIST18 ANCE.—Section 246(b)(1) of the Trade Act of 1974 (19 

19 U.S.C. 2318(b)(1)) is amended by striking ‘‘2013’’ and 

20 inserting ‘‘2020’’. 

21 (d) AUTHORIZATIONS OF APPROPRIATIONS.— 

22 (1) TRADE ADJUSTMENT ASSISTANCE FOR

23 WORKERS.—Section 245(a) of the Trade Act of 

24 1974 (19 U.S.C. 2317(a)) is amended by striking 

25 ‘‘2013’’ and inserting ‘‘2020’’. 


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1 (2) TRADE ADJUSTMENT ASSISTANCE FOR

2 FIRMS.—Section 255(a) of the Trade Act of 1974 

3 (19 U.S.C. 2345(a)) is amended— 

4 (A) by striking ‘‘and 2013’’ and inserting 

5 ‘‘through 2020’’; and 

6 (B) by striking ‘‘October 1, 2013, and end7 ing on December 31, 2013’’ and inserting ‘‘Oc8 tober 1, 2020, and ending on December 31, 

9 2020’’. 

10 (3) TRADE ADJUSTMENT ASSISTANCE FOR

11 FARMERS.—Section 298(a) of the Trade Act of 1974 

12 (19 U.S.C. 2401g(a)) is amended— 

13 (A) by striking ‘‘and 2013’’ and inserting 

14 ‘‘through 2020’’; and 

15 (B) by striking ‘‘October 1, 2013, and end16 ing on December 31, 2013’’ and inserting ‘‘Oc17 tober 1, 2020, and ending on December 31, 

18 2020’’. 

19 (e) AMENDMENTS TO TRADE ADJUSTMENT ASSIST20 ANCE EXTENSION ACT OF 2011.— 

21 (1) APPLICATION OF PRIOR LAW.—Section 

22 233(a) of the Trade Adjustment Assistance Exten23 sion Act of 2011 (title II of Public Law 112–40; 

24 125 Stat. 416; 19 U.S.C. 2271 note prec.) is amend25 ed— 


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1 (A) in the matter preceding paragraph (1), 

2 by striking ‘‘2014’’ and inserting ‘‘2021’’; and 

3 (B) by striking paragraphs (3) through (7) 

4 and inserting the following: 

5 ‘‘(3) section 245(a) of that Act shall be applied 

6 and administered by substituting ‘2021’ for ‘2007’; 

7 ‘‘(4) section 246(b)(1) of that Act shall be ap8 plied and administered by substituting ‘December 

9 31, 2021’ for ‘the date that is 5 years’ and all that 

10 follows through ‘State’; 

11 ‘‘(5) section 256(b) of that Act shall be applied 

12 and administered by substituting ‘the 1-year period 

13 beginning on January 1, 2021’ for ‘each of fiscal 

14 years 2003 through 2007, and $4,000,000 for the 3- 

15 month period beginning on October 1, 2007’; 

16 ‘‘(6) section 298(a) of that Act shall be applied 

17 and administered by substituting ‘the 1-year period 

18 beginning on January 1, 2021’ for ‘each of the fiscal 

19 years’ and all that follows through ‘October 1, 

20 2007’; and 

21 ‘‘(7) section 285 of that Act shall be applied 

22 and administered— 

23 ‘‘(A) in subsection (a), by substituting 

24 ‘2021’ for ‘2007’ each place it appears; and 


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1 ‘‘(B) by applying and administering sub2 section (b) as if it read as follows: 

3 ‘‘ ‘(b) OTHER ASSISTANCE.— 

4 ‘‘ ‘(1) ASSISTANCE FOR FIRMS.— 

5 ‘‘ ‘(A) IN GENERAL.—Except as provided 

6 in subparagraph (B), assistance may not be 

7 provided under chapter 3 after December 31, 

8 2021. 

9 ‘‘ ‘(B) EXCEPTION.—Notwithstanding sub10 paragraph (A), any assistance approved under 

11 chapter 3 on or before December 31, 2021, may 

12 be provided— 

13 ‘‘ ‘(i) to the extent funds are available 

14 pursuant to such chapter for such purpose; 

15 and 

16 ‘‘ ‘(ii) to the extent the recipient of the 

17 assistance is otherwise eligible to receive 

18 such assistance. 

19 ‘‘ ‘(2) FARMERS.— 

20 ‘‘ ‘(A) IN GENERAL.—Except as provided 

21 in subparagraph (B), assistance may not be 

22 provided under chapter 6 after December 31, 

23 2021. 

24 ‘‘ ‘(B) EXCEPTION.—Notwithstanding sub25 paragraph (A), any assistance approved under 


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1 chapter 6 on or before December 31, 2021, may 

2 be provided— 

3 ‘‘ ‘(i) to the extent funds are available 

4 pursuant to such chapter for such purpose; 

5 and 

6 ‘‘ ‘(ii) to the extent the recipient of the 

7 assistance is otherwise eligible to receive 

8 such assistance.’.’’. 

9 (2) CONTINUATION OF BENEFITS.—Section 

10 233(b) of the Trade Adjustment Assistance Exten11 sion Act of 2011 is amended by striking ‘‘2014’’ 

12 each place it appears and inserting ‘‘2021’’. 

13 TITLE V—MINIMUM WAGE IN14 CREASE AND BUSINESS TAX 

15 RELIEF 

16 SEC. 501. MINIMUM WAGE INCREASES. 

17 (a) MINIMUM WAGE.— 

18 (1) IN GENERAL.—Section 6(a)(1) of the Fair 

19 Labor Standards Act of 1938 (29 U.S.C. 206(a)(1)) 

20 is amended to read as follows: 

21 ‘‘(1) except as otherwise provided in this sec22 tion, not less than— 

23 ‘‘(A) $8.20 an hour, beginning on the first 

24 day of the first month that begins 1 year after 


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1 the date of enactment of the Invest in United 

2 States Act of 2014; 

3 ‘‘(B) $9.15 an hour, beginning 1 year after 

4 that first day; 

5 ‘‘(C) $10.10 an hour, beginning 2 years 

6 after that first day; and 

7 ‘‘(D) beginning on the date that is 3 years 

8 after that first day, and annually thereafter, the 

9 amount determined by the Secretary pursuant 

10 to subsection (h);’’. 

11 (2) DETERMINATION BASED ON INCREASE IN

12 THE CONSUMER PRICE INDEX.—Section 6 of the 

13 Fair Labor Standards Act of 1938 (29 U.S.C. 206) 

14 is amended by adding at the end the following: 

15 ‘‘(h)(1) Each year, by not later than the date that 

16 is 90 days before a new minimum wage determined under 

17 subsection (a)(1)(D) is to take effect, the Secretary shall 

18 determine the minimum wage to be in effect pursuant to 

19 this subsection for the subsequent 1-year period. The wage 

20 determined pursuant to this subsection for a year shall 

21 be— 

22 ‘‘(A) not less than the amount in effect under 

23 subsection (a)(1) on the date of such determination; 

24 ‘‘(B) increased from such amount by the annual 

25 percentage increase in the Consumer Price Index for 


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1 Urban Wage Earners and Clerical Workers (United 

2 States city average, all items, not seasonally ad3 justed), or its successor publication, as determined 

4 by the Bureau of Labor Statistics; and 

5 ‘‘(C) rounded to the nearest multiple of $0.05. 

6 ‘‘(2) In calculating the annual percentage increase in 

7 the Consumer Price Index for purposes of paragraph 

8 (1)(B), the Secretary shall compare such Consumer Price 

9 Index for the most recent month, quarter, or year avail10 able (as selected by the Secretary prior to the first year 

11 for which a minimum wage is in effect pursuant to this 

12 subsection) with the Consumer Price Index for the same 

13 month in the preceding year, the same quarter in the pre14 ceding year, or the preceding year, respectively.’’. 

15 (b) BASE MINIMUM WAGE FOR TIPPED EMPLOY16 EES.—Section 3(m)(1) of the Fair Labor Standards Act 

17 of 1938 (29 U.S.C. 203(m)(1)) is amended to read as fol18 lows: 

19 ‘‘(1) the cash wage paid such employee, which 

20 for purposes of such determination shall be not less 

21 than— 

22 ‘‘(A) for the 1-year period beginning on 

23 the first day of the third month that begins 

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1 imum Wage and Business Tax Relief Act of 

2 2013, $3.00 an hour; 

3 ‘‘(B) for each succeeding 1-year period 

4 until the hourly wage under this paragraph 

5 equals 50 percent of the wage in effect under 

6 section 6(a)(1) for such period, an hourly wage 

7 equal to the amount determined under this 

8 paragraph for the preceding year, increased by 

9 the lesser of— 

10 ‘‘(i) $0.50; or 

11 ‘‘(ii) the amount necessary for the 

12 wage in effect under this paragraph to 

13 equal 50 percent of the wage in effect 

14 under section 6(a)(1) for such period, 

15 rounded to the nearest multiple of $0.05; 

16 and 

17 ‘‘(C) for each succeeding 1-year period 

18 after the year in which the hourly wage under 

19 this paragraph first equals 50 percent of the 

20 wage in effect under section 6(a)(1) for the 

21 same period, the amount necessary to ensure 

22 that the wage in effect under this paragraph re23 mains equal to 50 percent of the wage in effect 

24 under section 6(a)(1), rounded to the nearest 

25 multiple of $0.05; and’’. 


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1 (c) PUBLICATION OF NOTICE.—Section 6 of the Fair 

2 Labor Standards Act of 1938 (as amended by subsection 

3 (a)) (29 U.S.C. 206) is further amended by adding at the 

4 end the following: 

5 ‘‘(i) Not later than 60 days prior to the effective date 

6 of any increase in the minimum wage determined under 

7 subsection (h) or required for tipped employees in accord8 ance with subparagraph (B) or (C) of section 3(m)(1), as 

9 amended by the Fair Minimum Wage and Business Tax 

10 Relief Act of 2013, the Secretary shall publish in the Fed11 eral Register and on the website of the Department of 

12 Labor a notice announcing the adjusted required wage.’’. 

13 (d) EFFECTIVE DATE.—The amendments made by 

14 subsections (a) and (b) shall take effect on the first day 

15 of the first month that begins 1 year after the date of 

16 enactment of this Act. 

17 SEC. 502. WORK OPPORTUNITY CREDIT MADE PERMANENT. 

18 (a) IN GENERAL.—Section 51(c) of the Internal Rev19 enue Code of 1986 is amended by striking paragraph (4). 

20 (b) EFFECTIVE DATE.—The amendment made by 

21 subsection (a) shall apply to individuals who begin work 

22 for the employer after December 31, 2013. 


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1 SEC. 503. INCREASED EXPENSING LIMITATIONS AND 

2 TREATMENT OF CERTAIN REAL PROPERTY 

3 AS SECTION 179 PROPERTY MADE PERMA4 NENT. 

5 (a) IN GENERAL.—Subsection (b) of section 179 of 

6 the Internal Revenue Code of 1986 is amended— 

7 (1) by striking ‘‘shall not exceed—’’ and all 

8 that follows in paragraph (1) and inserting ‘‘shall 

9 not exceed $500,000.’’, and 

10 (2) by striking ‘‘exceeds—’’ and all that follows 

11 in paragraph (2) and inserting ‘‘exceeds 

12 $2,000,000.’’. 

13 (b) COMPUTER SOFTWARE.—Clause (ii) of section 

14 179(d)(1)(A) of such Code is amended by striking ‘‘and 

15 which is placed in service in a taxable year beginning after 

16 2002 and before 2014,’’. 

17 (c) SPECIAL RULES FOR TREATMENT OF QUALIFIED

18 REAL PROPERTY.—Subsection (f) of section 179 of such 

19 Code is amended— 

20 (1) by striking ‘‘beginning in 2010, 2011, 2012, 

21 or 2013’’ in paragraph (1), and 

22 (2) by striking paragraph (4). 

23 (d) ELECTION.—Paragraph (2) of section 179(c) of 

24 such Code is amended to read as follows: 

25 ‘‘(2) REVOCATION OF ELECTION.—Any election 

26 made under this section, and any specification conVerDate Mar 15 2010 04:11 Feb 01, 2014 Jkt 039200 PO 00000 Frm 00097 Fmt 6652 Sfmt 6201 E:\BILLS\H3939.IH H3939

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1 tained in any such election, may be revoked by the 

2 taxpayer with respect to any property, and such rev3 ocation, once made, shall be irrevocable.’’. 

4 (e) EFFECTIVE DATE.—The amendments made by 

5 this section shall apply to taxable years beginning after 

6 December 31, 2013. 

7 SEC. 504. PERMANENT EXTENSION OF TREATMENT OF 

8 QUALIFIED LEASEHOLD IMPROVEMENT 

9 PROPERTY, QUALIFIED RESTAURANT PROP10 ERTY, AND QUALIFIED RETAIL IMPROVE11 MENT PROPERTY AS 15-YEAR PROPERTY FOR 

12 PURPOSES OF DEPRECIATION DEDUCTION. 

13 (a) QUALIFIED LEASEHOLD IMPROVEMENT PROP14 ERTY.—Clause (iv) of section 168(e)(3)(E) of the Internal 

15 Revenue Code of 1986 is amended by striking ‘‘placed in 

16 service before January 1, 2014’’. 

17 (b) QUALIFIED RESTAURANT PROPERTY.—Clause 

18 (v) of section 168(e)(3)(E) of the Internal Revenue Code 

19 of 1986 is amended by striking ‘‘placed in service before 

20 January 1, 2014’’. 

21 (c) QUALIFIED RETAIL IMPROVEMENT PROPERTY.— 

22 Clause (ix) of section 168(e)(3)(E) of the Internal Rev23 enue Code of 1986 is amended by striking ‘‘, and before 

24 January 1, 2014’’. 


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1 (d) EFFECTIVE DATE.—The amendment made by 

2 this section shall apply to property placed in service after 

3 December 31, 2013. 

Æ 


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