(4) INTEREST RATE DESCRIBED.—The interest 
rate described in this paragraph is— 
(A) the Federal funds rate; or 
(B) the interest rate that is determined by 
reducing by not less than 1⁄2 of 1 percent and 
not more than 1 percent (but to not less than 
zero percent) the interest rate on the loan to be 
provided by the DFC to the qualified corpora-
tion, 
whichever is the lesser. 
(b) NO NEGATIVE EFFECTS ON EMPLOYMENT IN 
THE UNITED STATES.—The DFC shall not provide assist-
ance under this section unless the Secretary of Commerce 
has determined that the provision of the assistance would 
not result in a negative effect on employment in the 
United States. 
(c) DISPOSITION OF UNUSED ASSISTANCE.—A cor-
poration to which financing is made under this section 
shall remit to the DFC any portion of the assistance that 
is not expended within 4 years after the date the financing 
is made. 
(d) CONDITIONS
ON PROVISION
OF LOANS.—The 
DFC— 
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(1) may provide loans under this section to a 
corporation only if the loans are commercially viable, 
as determined by the DFC; and 
(2) shall determine an appropriate amount of 
time for repayment of loans under this section to a 
corporation. 
(e) CONDITIONS ON RECEIPT OF ASSISTANCE.— 
(1) IN GENERAL.—The DFC may not provide 
assistance under this section to a corporation un-
less— 
(A) the DFC determines that the corpora-
tion will create jobs in the qualified Latin 
American or Caribbean country to which it 
moves operations or expands business in num-
bers determined by the DFC to be commensu-
rate with the assistance provided; 
(B) the DFC determines that the corpora-
tion will expand its business operations in the 
Western Hemisphere if it already does business 
in a qualified Latin American or Caribbean 
country; 
(C) the corporation makes a binding com-
mitment to the DFC that, on and after the date 
the assistance is provided— 
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(i) neither the corporation nor any 
owner of the corporation will have an own-
ership relationship with the Government of 
the People’s Republic of China or the Chi-
nese Communist Party, the Government of 
the Russian Federation, or any other for-
eign adversary; 
(ii) neither the corporation nor any 
owner of the corporation will have a sig-
nificant contractual or supplier relationship 
with the People’s Republic of China; and 
(iii) the corporation— 
(I) will not have its headquarters 
in the People’s Republic of China, the 
Russian Federation, or any other for-
eign adversary; and 
(II) will not have a majority of 
its operations in the People’s Republic 
of China and a majority of its revenue 
will not be generated in the People’s 
Republic of China; 
(D) the corporation, when receiving fund-
ing in relation to qualified moving costs— 
(i) makes a binding commitment to 
the DFC that it will submit to the DFC a 
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report specifying the progress it is making 
to move its operations from the People’s 
Republic of China to the qualified Latin 
American or Caribbean country; and 
(ii) makes a binding commitment to 
the DFC that it will move all assets of the 
corporation with respect to which the as-
sistance is provided to a qualified Latin 
American or Caribbean country; and 
(E) the corporation will retain all assets of 
the corporation with respect to which the assist-
ance is provided in a qualified Latin American 
or Caribbean country after the date described 
in subparagraph (C) or the last day of the ex-
tension described in subparagraph (E), as the 
case may be. 
(2) COMPLIANCE DETERMINATIONS.— 
(A) IN GENERAL.—The DFC, in coordina-
tion with the Department of State and the 
United States Trade Representative, shall make 
all determinations regarding compliance with 
the provisions of paragraph (1). 
(B) NON-COMPLIANCE
ACTIONS.—If the 
DFC has reduced the interest rate on any loan 
provided by the DFC to a qualified corporation 
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to the interest rate described in subsection 
(a)(4) and the corporation is subsequently de-
termined by the agency not to be in compliance 
with the provisions of subsection (a), the DFC 
shall adjust the interest rate on such loan or 
any other loan to be provided by the DFC to 
the corporation to the prevailing market inter-
est rate. 
(f) PLAN.—Not later than 180 days after the date 
of the enactment of this Act, the DFC shall develop and 
submit to the Committee on Foreign Affairs of the House 
of Representatives and the Committee on Foreign Rela-
tions of the Senate a plan to streamline the provision of 
assistance under this section, including to expedite the ap-
proval process for the provision of such assistance. 
(g) PROGRESS REPORTS.—Not later than one year 
after the date of the enactment of this Act, and annually 
thereafter for 15 years, the DFC shall submit to the Com-
mittee on Foreign Affairs of the House of Representatives 
and the Committee on Foreign Relations of the Senate 
a report on progress made in providing assistance under 
this section. 
(h) SUNSET.—This section shall have no force or ef-
fect on or after the date that is 15 years after the date 
of the enactment of this Act. 
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SEC. 4. EXPENSES PAID FOR WITH TARIFFS COLLECTED 
FROM THE PEOPLE’S REPUBLIC OF CHINA. 
(a) ESTABLISHMENT OF TRUST FUND.—There is es-
tablished in the Treasury of the United States a trust fund 
consisting of such amounts as are appropriated to such 
trust fund under subsection (b). 
(b) APPROPRIATIONS TO TRUST FUND.—There are 
hereby appropriated to such trust fund amounts equiva-
lent to the tariffs collected by the United States on goods 
manufactured in the People’s Republic of China. 
(c) APPROPRIATIONS FROM TRUST FUND.—There 
are hereby appropriated from such trust fund to the Gen-
eral Fund of the Treasury amounts equivalent to the re-
duction in revenue to such General Fund by reason assist-
ance provided by the DFC under section 3. 
(d) TIMING OF TRANSFERS, ETC.—Rules similar to 
the rules of section 9601 of the Internal Revenue Code 
of 1986 shall apply with respect to appropriations to and 
from such trust fund under subsections (b) and (c). 
SEC. 5. INITIATIVES FOR TECHNICAL ASSISTANCE FOR 
GRID IMPROVEMENT AND ENERGY EFFI-
CIENCY. 
The DFC, in consultation with the Secretary of En-
ergy and the heads of other relevant Federal departments 
and agencies and in cooperation with the governments and 
regional authorities of qualified Latin American and Car-
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ibbean countries, shall support initiatives, including new 
initiatives and initiatives in existence as of the date of the 
enactment of this Act, as appropriate, to provide technical 
assistance and expertise on electrical grid and energy effi-
ciency improvements in such countries in which qualified 
corporations relocate or expand business pursuant to sec-
tion 3 for the following purposes: 
(1) Expanding and improving the reliability, 
flexibility, and resilience of the electrical grid to 
maintain business operations in a relocated area. 
(2) Developing microgrids or distributed energy 
resources in areas in which connection to the larger 
electrical grid is challenging. 
(3) Increasing the optimal integration of renew-
able energy into the electrical grid. 
(4) Enhancing the interconnectivity of electrical 
grids. 
(5) Boosting the energy storage capacity of the 
electrical grid. 
(6) Developing standards for clean energy tech-
nologies, smart buildings, and data centers. 
(7) Increasing deployment of smart meters and 
other energy efficiency technology. 
(8) Increasing the energy efficiency of build-
ings, appliances, and the industrial sector. 
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(9) Improving pollution controls. 
SEC. 6. TEMPORARY INCREASED EXPENSING FOR RELO-
CATING MANUFACTURING FROM THE PEO-
PLE’S REPUBLIC OF CHINA TO A QUALIFIED 
LATIN AMERICAN OR CARIBBEAN COUNTRY. 
(a) IN GENERAL.—For purposes of section 168(k) of 
the Internal Revenue Code of 1986, in the case of any 
qualified relocated manufacturing property which is placed 
in service after the date of the enactment of this Act, and 
before January 1, 2030— 
(1) such property shall be treated as qualified 
property (within the meaning of such section), 
(2) the applicable percentage otherwise deter-
mined under section 168(k)(6) of such Code with re-
spect to such property shall be 75 percent, and 
(3) paragraph (8) of such section shall not 
apply. 
(b) QUALIFIED RELOCATED MANUFACTURING PROP-
ERTY.—For purposes of this section— 
(1) IN
GENERAL.—The term ‘‘qualified relo-
cated manufacturing property’’ means qualified 
property (within the meaning of section 168(k) of 
such Code) or nonresidential real property (as de-
fined in section 168(e)(2)(B) of such Code) which 
is— 
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(A) placed in service in a qualified Latin 
American or Caribbean country by a qualified 
manufacturer, and 
(B) is acquired by such qualified manufac-
turer in connection with a qualified relocation 
of manufacturing. 
(2) QUALIFIED
RELOCATION
OF
MANUFAC-
TURING.— 
(A) IN GENERAL.—The term ‘‘qualified re-
location of manufacturing’’ means, with respect 
to any qualified manufacturer, the relocation of 
the manufacturing of any tangible personal 
property from the People’s Republic of China to 
a qualified Latin American or Caribbean coun-
try. 
(B) RELOCATION OF PROPERTY NOT RE-
QUIRED.—For purposes of subparagraph (A), 
manufacturing shall not fail to be treated as re-
located merely because property used in such 
manufacturing was not relocated. 
(C) RELOCATION
OF
NOT
LESS
THAN 
EQUIVALENT
PRODUCTIVE
CAPACITY
RE-
QUIRED.—For purposes of subparagraph (A), 
manufacturing shall not be treated as relocated 
unless the property manufactured in a qualified 
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Latin American or Caribbean country is sub-
stantially identical to the property previously 
manufactured in the People’s Republic of China 
and the increase in the units of production of 
such property in a qualified Latin American or 
Caribbean country by the qualified manufac-
turer is not less than the reduction in the units 
of production of such property by such qualified 
manufacturer in the People’s Republic of 
China. 
(3) QUALIFIED
MANUFACTURER.—The term 
‘‘qualified manufacturer’’ means any person engaged 
in the trade or business of manufacturing any tan-
gible personal property. 
SEC. 7. DEFINITIONS. 
In this Act: 
(1) DFC.—The term ‘‘DFC’’ means the United 
States International Development Finance Corpora-
tion. 
(2) FEDERAL FUNDS RATE.—The term ‘‘Fed-
eral funds rate’’ means the discount window primary 
credit interest rate most recently published on the 
Federal Reserve Statistical Release on selected inter-
est rates (daily or weekly), commonly referred to as 
the H.15 release. 
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(3) FOREIGN ADVERSARY.—The term ‘‘foreign 
adversary’’ means a foreign government engaged in 
a long-term pattern or serious instances of conduct 
significantly adverse to the national security of the 
United States or security and safety of United 
States persons. 
(4) 
QUALIFIED
CORPORATION.—The 
term 
‘‘qualified corporation’’— 
(A) means a corporation that is not incor-
porated in a country the government of which 
is a foreign adversary; and 
(B) does not include a state-owned enter-
prise. 
(5) QUALIFIED
LATIN
AMERICAN
OR
CARIB-
BEAN COUNTRY.—The term ‘‘qualified Latin Amer-
ican or Caribbean country’’ means a Latin American 
or Caribbean country— 
(A) that is a party to a free trade agree-
ment of preference program with the United 
States; and 
(B) the government of which is not a for-
eign adversary. 
(6) QUALIFIED
COSTS
OF
EXPANDING
BUSI-
NESS.—The term ‘‘qualified costs of expanding busi-
ness’’ means— 
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(A) the costs of increased operating ex-
penditures, including capital investments, work-
force development, and such other expenses, as 
determined or limited by the DFC; and 
(B) the costs of increased overhead, as de-
termined or limited by the DFC. 
(7) QUALIFIED
MOVING
COSTS.—The term 
‘‘qualified moving costs’’ means— 
(A) the costs of moving inventory, equip-
ment, and supplies from the People’s Republic 
of China to a qualified Latin American or Car-
ibbean country; and 
(B) the costs of workforce development 
and construction of facilities. 
Æ 
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