(ii) REPAYMENT
STANDARDS.—The 
criteria established under clause (i) shall 
include standards for reasonable assurance 
of repayment. 
(4) PREPAYMENT OF DIRECT LOANS.— 
(A) USE OF EXCESS REVENUES.—Any ex-
cess revenues that remain after satisfying 
scheduled debt service requirements on the in-
frastructure project obligations and direct loan 
and all deposit requirements under the terms of 
any trust agreement, bond resolution, or similar 
agreement securing project obligations under 
this title may be applied annually to prepay the 
direct loan, without penalty. 
(B) 
USE
OF
PROCEEDS
OF
REFI-
NANCING.—A direct loan under this title may 
be prepaid at any time, without penalty, from 
the proceeds of refinancing from non-Federal 
funding sources. 
(5) SALE OF DIRECT LOANS.— 
(A) IN
GENERAL.—As soon as is prac-
ticable after substantial completion of an infra-
structure project assisted under this title, and 
after notifying the obligor, the Chief Executive 
Officer may sell to another entity, or reoffer 
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into the capital markets, a direct loan for the 
infrastructure project, if the Chief Executive 
Officer determines that the sale or reoffering 
can be made on favorable terms for the tax-
payer. 
(B) CONSENT OF OBLIGOR.—In making a 
sale or reoffering under subparagraph (A), the 
Chief Executive Officer may not change the 
original terms and conditions of the direct loan, 
without the written consent of the obligor. 
(j) LOAN GUARANTEES.— 
(1) TERMS.—The terms of a loan guaranteed 
by AIFA under this title shall be consistent with the 
terms set forth in this section for a direct loan, ex-
cept that the rate on the guaranteed loan and any 
payment, pre-payment, or refinancing features shall 
be negotiated between the obligor and the lender, 
with the consent of the Chief Executive Officer. 
(2) GUARANTEED
LENDER.—A guaranteed 
lender shall be limited to those lenders meeting the 
definition of that term in section 601(a) of title 23, 
United States Code. 
(k) COMPLIANCE WITH FCRA.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), direct loans and loan guarantees author-
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ized by this title shall be subject to the provisions of 
the Federal Credit Reform Act of 1990 (2 U.S.C. 
661 et seq.). 
(2) EXCEPTION.—Section 504(b) of the Federal 
Credit Reform Act of 1990 (2 U.S.C. 661c(b)) shall 
not apply to a loan or loan guarantee under this 
title. 
SEC. 123. COMPLIANCE AND ENFORCEMENT. 
(a) CREDIT
AGREEMENT.—Notwithstanding any 
other provision of law, each eligible entity that receives 
assistance under this title from AIFA shall enter into a 
credit agreement that requires such entity to comply with 
all applicable policies and procedures of AIFA, in addition 
to all other provisions of the loan agreement. 
(b) AIFA AUTHORITY ON NONCOMPLIANCE.—In any 
case in which a recipient of assistance under this title is 
materially out of compliance with the loan agreement, or 
any applicable policy or procedure of AIFA, the Board of 
Directors may take action to cancel unutilized loan 
amounts, or to accelerate the repayment terms of any out-
standing obligation. 
SEC. 124. AUDITS; REPORTS TO THE PRESIDENT AND CON-
GRESS. 
(a) ACCOUNTING.—The books of account of AIFA 
shall be maintained in accordance with generally accepted 
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accounting principles, and shall be subject to an annual 
audit by independent public accountants of nationally rec-
ognized standing appointed by the Board of Directors. 
(b) REPORTS.— 
(1) BOARD OF DIRECTORS.—Not later than 90 
days after the last day of each fiscal year, the Board 
of Directors shall submit to the President and Con-
gress a complete and detailed report with respect to 
the preceding fiscal year, setting forth— 
(A) a summary of the operations of AIFA, 
for such fiscal year; 
(B) a schedule of the obligations of AIFA 
and capital securities outstanding at the end of 
such fiscal year, with a statement of the 
amounts issued and redeemed or paid during 
such fiscal year; 
(C) the status of infrastructure projects re-
ceiving funding or other assistance pursuant to 
this title during such fiscal year, including all 
nonperforming loans, and including disclosure 
of all entities with a development, ownership, or 
operational interest in such infrastructure 
projects; 
(D) a description of the successes and 
challenges encountered in lending to rural com-
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munities, including the role of the Center for 
Excellence and the Office of Rural Assistance 
established under this title; and 
(E) an assessment of the risks of the port-
folio of AIFA, prepared by an independent 
source. 
(2) GAO.—Not later than 5 years after the 
date of enactment of this title, the Comptroller Gen-
eral of the United States shall conduct an evaluation 
of, and shall submit to Congress a report on, activi-
ties of AIFA for the fiscal years covered by the re-
port that includes an assessment of the impact and 
benefits of each funded infrastructure project, in-
cluding a review of how effectively each such infra-
structure project accomplished the goals prioritized 
by the infrastructure project criteria of AIFA. 
(c) BOOKS AND RECORDS.— 
(1) IN GENERAL.—AIFA shall maintain ade-
quate books and records to support the financial 
transactions of AIFA, with a description of financial 
transactions and infrastructure projects receiving 
funding, and the amount of funding for each such 
project maintained on a publically accessible data-
base. 
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(2) AUDITS BY THE SECRETARY AND GAO.— 
The books and records of AIFA shall at all times be 
open to inspection by the Secretary of the Treasury, 
the Special Inspector General, and the Comptroller 
General of the United States. 
Subtitle C—Funding of AIFA 
SEC. 131. FEES. 
(a) IN GENERAL.—The Chief Executive Officer shall 
establish fees with respect to loans and loan guarantees 
under this title that— 
(1) are sufficient to cover all the administrative 
costs to the Federal Government for the operations 
of AIFA; 
(2) may be in the form of an application or 
transaction fee, or interest rate adjustment; and 
(3) may be based on the risk premium associ-
ated with the loan or loan guarantee, taking into 
consideration— 
(A) the price of United States Treasury 
obligations of a similar maturity; 
(B) prevailing market conditions; 
(C) the ability of the infrastructure project 
to support the loan or loan guarantee; and 
(D) the total amount of the loan or loan 
guarantee. 
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(b) TREASURY RECEIPTS.—AIFA shall annually de-
posit amounts of fees collected under this section that are 
not used for the expenses of AIFA as miscellaneous re-
ceipts with the Treasury. 
SEC. 132. SELF-SUFFICIENCY OF AIFA. 
The Chief Executive Officer shall, to the extent pos-
sible, take actions consistent with this title to make AIFA 
a self-sustaining entity, with administrative costs and Fed-
eral credit subsidy costs fully funded by fees and risk pre-
miums on loans and loan guarantees. 
SEC. 133. FUNDING. 
There is authorized to be appropriated to AIFA to 
carry out this title, to make direct loans and loan guaran-
tees under this title, not more than $10,000,000,000, to 
remain available until expended, of which amount, not 
more than $25,000,000 for each of fiscal years 2014 
through 2015, and not more than $50,000,000 for fiscal 
year 2016 may be used for administrative costs of AIFA. 
Such amount shall earn interest. Not more than 5 percent 
of such amount shall be used to offset subsidy costs associ-
ated with rural infrastructure projects. 
SEC. 134. CONTRACT AUTHORITY. 
Notwithstanding any other provision of law, approval 
by the Board of Directors of a Federal credit instrument 
that uses funds made available under this title shall im-
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pose upon the United States a contractual obligation to 
fund the Federal credit investment. 
TITLE II—TAX CREDIT 
EXTENSIONS 
SEC. 201. PERMANENT EXTENSION OF NEW MARKETS TAX 
CREDIT. 
(a) EXTENSION.— 
(1) IN GENERAL.—Subparagraph (G) of section 
45D(f)(1) of the Internal Revenue Code of 1986 is 
amended by striking ‘‘, 2011, 2012, and 2013’’ and 
inserting ‘‘and each calendar year thereafter’’. 
(2) 
CONFORMING
AMENDMENT.—Section 
45D(f)(3) of such Code is amended by striking the 
last sentence. 
(b) INFLATION ADJUSTMENT.—Subsection (f) of sec-
tion 45D of the Internal Revenue Code of 1986 is amend-
ed by adding at the end the following new paragraph: 
‘‘(4) INFLATION ADJUSTMENT.— 
‘‘(A) IN GENERAL.—In the case of any cal-
endar year beginning after 2013, the dollar 
amount in paragraph (1)(G) shall be increased 
by an amount equal to— 
‘‘(i) such dollar amount, multiplied by 
‘‘(ii) the cost-of-living adjustment de-
termined under section 1(f)(3) for the cal-
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endar year, determined by substituting 
‘calendar year 2000’ for ‘calendar year 
1992’ in subparagraph (B) thereof. 
‘‘(B) ROUNDING
RULE.—Any increase 
under subparagraph (A) which is not a multiple 
of $1,000,000 shall be rounded to the nearest 
multiple of $1,000,000.’’. 
(c) ALTERNATIVE MINIMUM TAX RELIEF.—Subpara-
graph (B) of section 38(c)(4) of the Internal Revenue 
Code of 1986 is amended— 
(1) by redesignating clauses (v) through (ix) as 
clauses (vi) through (x), respectively, and 
(2) by inserting after clause (iv) the following 
new clause: 
‘‘(v) the credit determined under sec-
tion 45D, but only with respect to credits 
determined with respect to qualified equity 
investments (as defined in section 45D(b)) 
initially made before January 1, 2014,’’. 
(d) EFFECTIVE DATES.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), the amendments made by this section 
shall take effect on the date of the enactment of this 
Act. 
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(2) ALTERNATIVE MINIMUM TAX RELIEF.—The 
amendments made by subsection (c) shall apply to 
credits determined with respect to qualified equity 
investments (as defined in section 45D(b) of the In-
ternal Revenue Code of 1986) initially made after 
the date of the enactment of this Act. 
SEC. 202. BUILD AMERICA BONDS MADE PERMANENT. 
(a) SHORT TITLE.—This section may be cited as the 
‘‘Build America Bonds Act of 2014’’. 
(b) BUILD AMERICA BONDS MADE PERMANENT.— 
(1) IN GENERAL.—Subparagraph (B) of section 
54AA(d)(1) of the Internal Revenue Code of 1986 is 
amended by inserting ‘‘or on or after the date of the 
enactment of the Build America Bonds Act of 
2014,’’ after ‘‘January 1, 2011,’’. 
(2) REDUCTION
IN
CREDIT
PERCENTAGE
TO 
BONDHOLDERS.—Subsection (b) of section 54AA of 
such Code is amended to read as follows: 
‘‘(b) AMOUNT OF CREDIT.— 
‘‘(1) IN GENERAL.—The amount of the credit 
determined under this subsection with respect to any 
interest payment date for a build America bond is 
the applicable percentage of the amount of interest 
payable by the issuer with respect to such date. 
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‘‘(2) APPLICABLE PERCENTAGE.—For purposes 
of paragraph (1), the applicable percentage shall be 
determined under the following table: 
‘‘In the case of a bond issued 
The applicable 
during calendar year: 
percentage is: 
2009 or 2010 .....................................................................................
2013 ...................................................................................................
2014 ...................................................................................................
2015 ...................................................................................................
2016 ...................................................................................................
2017 and thereafter ...........................................................................
28.’’. 
(3) EXTENSION OF PAYMENTS TO ISSUERS.— 
(A) IN GENERAL.—Section 6431 of such 
Code is amended— 
(i) by inserting ‘‘or on or after the 
date of the enactment of the Build Amer-
ica Bonds Act of 2014,’’ after ‘‘January 1, 
2011,’’ in subsection (a), and 
(ii) by striking ‘‘before January 1, 
2011’’ in subsection (f)(1)(B) and insert-
ing ‘‘during a particular period’’. 
(B) CONFORMING
AMENDMENTS.—Sub-
section (g) of section 54AA of such Code is 
amended— 
(i) by inserting ‘‘or during a period 
beginning on or after the date of the enact-
ment of the Build America Bonds Act of 
2014,’’ after ‘‘January 1, 2011,’’, and 
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(ii) by striking ‘‘QUALIFIED BONDS 
ISSUED BEFORE 2011’’ in the heading and 
inserting ‘‘CERTAIN QUALIFIED BONDS’’. 
(4) REDUCTION IN PERCENTAGE OF PAYMENTS 
TO ISSUERS.—Subsection (b) of section 6431 of such 
Code is amended— 
(A) by striking ‘‘The Secretary’’ and in-
serting the following: 
‘‘(1) IN GENERAL.—The Secretary’’, 
(B) by striking ‘‘35 percent’’ and inserting 
‘‘the applicable percentage’’, and 
(C) by adding at the end the following new 
paragraph: 
‘‘(2) APPLICABLE PERCENTAGE.—For purposes 
of this subsection, the term ‘applicable percentage’ 
means the percentage determined in accordance with 
the following table: 
‘‘In the case of a qualified bond 
The applicable 
issued during calendar year: 
percentage is: 
2009 or 2010 .....................................................................................
2013 ...................................................................................................
2014 ...................................................................................................
2015 ...................................................................................................
2016 ...................................................................................................
2017 and thereafter ...........................................................................
28.’’. 
(5) CURRENT REFUNDINGS PERMITTED.—Sub-
section (g) of section 54AA of such Code is amended 
by adding at the end the following new paragraph: 
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‘‘(3) TREATMENT
OF
CURRENT
REFUNDING 
BONDS.— 
‘‘(A) IN GENERAL.—For purposes of this 
subsection, the term ‘qualified bond’ includes 
any bond (or series of bonds) issued to refund 
a qualified bond if— 
‘‘(i) the average maturity date of the 
issue of which the refunding bond is a part 
is not later than the average maturity date 
of the bonds to be refunded by such issue, 
‘‘(ii) the amount of the refunding 
bond does not exceed the outstanding 
amount of the refunded bond, and 
‘‘(iii) the refunded bond is redeemed 
not later than 90 days after the date of the 
issuance of the refunding bond. 
‘‘(B) APPLICABLE
PERCENTAGE.—In the 
case of a refunding bond referred to in subpara-
graph (A), the applicable percentage with re-
spect to such bond under section 6431(b) shall 
be the lowest percentage specified in paragraph 
(2) of such section. 
‘‘(C) DETERMINATION OF AVERAGE MATU-
RITY.—For purposes of subparagraph (A)(i), 
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average maturity shall be determined in accord-
ance with section 147(b)(2)(A).’’. 
(6) CLARIFICATION RELATED TO LEVEES AND 
FLOOD CONTROL PROJECTS.—Subparagraph (A) of 
section 54AA(g)(2) of such Code is amended by in-
serting ‘‘(including capital expenditures for levees 
and other flood control projects)’’ after ‘‘capital ex-
penditures’’. 
(7) GROSS-UP
OF
PAYMENT
TO
ISSUERS
IN 
CASE OF SEQUESTRATION.—In the case of any pay-
ment under section 6431(b) of the Internal Revenue 
Code of 1986 made after the date of the enactment 
of this Act to which sequestration applies, the 
amount of such payment shall be increased to an 
amount equal to— 
(A) such payment (determined before such 
sequestration), multiplied by 
(B) the quotient obtained by dividing one 
by the amount by which one exceeds the per-
centage reduction in such payment pursuant to 
such sequestration. 
For purposes of this subsection, the term ‘‘seques-
tration’’ means any reduction in direct spending or-
dered in accordance with a sequestration report pre-
pared by the Director of the Office and Management 
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and Budget pursuant to the Balanced Budget and 
Emergency Deficit Control Act of 1985 or the Stat-
utory Pay-As-You-Go Act of 2010. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to obligations issued on or after 
the date of the enactment of this Act. 
SEC. 203. PERMANENT EXTENSION OF RESEARCH CREDIT; 
INCREASE IN ALTERNATIVE SIMPLIFIED RE-
SEARCH CREDIT. 
(a) PERMANENT EXTENSION.— 
(1) IN GENERAL.—Section 41 of the Internal 
Revenue Code of 1986 is amended by striking sub-
section (h). 
(2) CONFORMING AMENDMENTS.—Such Code is 
amended— 
(A) in section 41(c) by striking paragraph 
(4) and redesignating paragraphs (5) and (6) 
as paragraphs (4) and (5), respectively; 
(B) in section 41(c)(4), as so redesignated, 
by striking the second sentence of subparagraph 
(C); and 
(C) in paragraph (1) of section 45C(b) by 
striking subparagraph (D). 
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(3) EFFECTIVE DATE.—The amendments made 
by this subsection shall apply to amounts paid or in-
curred after December 31, 2013. 
(b) INCREASE
IN ALTERNATIVE SIMPLIFIED RE-
SEARCH CREDIT.— 
(1) IN GENERAL.—Subparagraph (A) of section 
41(c)(4) of such Code, as redesignated by subsection 
(a), is amended by striking ‘‘14 percent (12 percent 
in the case of taxable years ending before January 
1, 2009)’’ and inserting ‘‘17 percent’’. 
(2) EFFECTIVE DATE.—The amendments made 
by this subsection shall apply to taxable years begin-
ning after the date of the enactment of this Act. 
SEC. 204. EXEMPT-FACILITY BONDS FOR SEWAGE AND 
WATER SUPPLY FACILITIES. 
(a) BONDS FOR WATER AND SEWAGE FACILITIES 
EXEMPT FROM VOLUME CAP
ON PRIVATE ACTIVITY 
BONDS.— 
(1) IN
GENERAL.—Paragraph (3) of section 
146(g) of the Internal Revenue Code of 1986 is 
amended by inserting ‘‘(4), (5),’’ after ‘‘(2),’’. 
(2) CONFORMING
AMENDMENT.—Paragraphs 
(2) and (3)(B) of section 146(k) are both amended 
by striking ‘‘(4), (5), (6), or’’ and inserting ‘‘(6)’’. 
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(b) TAX-EXEMPT ISSUANCE BY INDIAN TRIBAL GOV-
ERNMENTS.— 
(1) IN
GENERAL.—Subsection (c) of section 
7871 of the Internal Revenue Code of 1986 is 
amended by adding at the end the following new 
paragraph: 
‘‘(4) EXCEPTION FOR BONDS FOR WATER AND 
SEWAGE FACILITIES.—Paragraph (2) shall not apply 
to an exempt facility bond 95 percent or more of the 
net proceeds (as defined in section 150(a)(3)) of 
which are to be used to provide facilities described 
in paragraph (4) or (5) of section 142(a).’’. 
(2) CONFORMING AMENDMENT.—Paragraph (2) 
of section 7871(c) is amended by striking ‘‘para-
graph (3)’’ and inserting ‘‘paragraphs (3) and (4)’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to obligations issued on or after 
the date of the enactment of this Act. 
SEC. 205. REPEAL OF ALTERNATIVE MINIMUM TAX ON PRI-
VATE ACTIVITY BONDS. 
(a) IN GENERAL.—Subsection (a) of section 57 of the 
Internal Revenue Code of 1986 is amended by striking 
paragraph (5). 
(b) CONFORMING AMENDMENTS.— 
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(1) Subparagraph (B) of section 1(g)(7) of such 
Code is amended by adding ‘‘and’’ at the end of 
clause (i), by striking ‘‘, and’’ at the end of clause 
(ii) and inserting a period, and by striking clause 
(iii). 
(2) Subclause (II) of section 53(d)(1)(B)(ii) of 
such Code is amended by striking ‘‘, (5)’’. 
(3) Subparagraph (C) of section 56(b)(1) of 
such Code is amended by striking clause (iii) and re-
designating clauses (iv) and (v) as clauses (iii) and 
(iv), respectively. 
(4) Paragraph (3) of section 148(b) of such 
Code is amended to read as follows: 
‘‘(3) EXCEPTION FOR TAX-EXEMPT BONDS.— 
The term ‘investment property’ does not include any 
tax-exempt bond.’’. 
(5) Subparagraph (B)(i) of section 149(g)(3) of 
such Code is amended to read as follows: 
‘‘(i) IN
GENERAL.—Such term shall 
not include any bond issued as part of an 
issue 95 percent of the net proceeds of 
which are invested in bonds the interest on 
which is not includible in gross income 
under section 103.’’. 
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(6) Paragraph (5) of section 1400L(d) of such 
Code is amended by striking subparagraph (E). 
(7) Paragraph (5) of section 1400N(a) of such 
Code is amended by striking subparagraph (G). 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
the date of the enactment of this Act. 
TITLE III—SKILLS TRAINING 
SEC. 301. JOB TRAINING TAX CREDIT. 
(a) IN GENERAL.—Subpart D of part IV of sub-
chapter A of chapter 1 of the Internal Revenue Code of 
1986 is amended by adding at the end the following new 
section: 
‘‘SEC. 45S. JOB TRAINING CREDIT. 
‘‘(a) IN GENERAL.—For the purposes of section 38, 
the job training credit determined under this section for 
the taxable year is an amount equal to 100 percent of the 
qualified training expenses paid by the qualifying taxpayer 
during the taxable year. 
‘‘(b) LIMITATION.—The credit allowed under sub-
section (a) with respect to any eligible trainee of the quali-
fying taxpayer shall not exceed the excess (if any) of 
$4,000 over the aggregate credit allowed to such taxpayer 
under this section with respect to such eligible trainee for 
all prior taxable years. 
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‘‘(c) DEFINITIONS.—For purposes of this section— 
‘‘(1) QUALIFIED TRAINING EXPENSES.— 
‘‘(A) IN
GENERAL.—The term ‘qualified 
training expenses’ means, with respect to any 
eligible trainee of the qualifying taxpayer, ex-
penses paid or incurred by such taxpayer for 
qualified tuition costs of such eligible trainee. 
‘‘(B) QUALIFIED
TUITION
COSTS.—The 
term ‘qualified tuition costs’ means costs for 
books and enrollment in a training program at 
a qualified educational organization, the out-
come of which, if completed, will provide the eli-
gible trainee a certificate or credential recog-
nized by a State accrediting body, Federal Ap-
prenticeship Agency, or any other national ac-
crediting body recognized by the Department of 
Education as an independent, third-party ac-
crediting body. Such training program— 
‘‘(i) may include a single course, mul-
tiple courses, or a combination of work 
training and study, and 
‘‘(ii) must be reasonably necessary for 
employment in a position based in the 
United States for which the qualifying tax-
payer is currently hiring. 
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‘‘(C) QUALIFIED EDUCATIONAL ORGANIZA-
TION.—The term ‘qualified educational organi-
zation’ means any educational organization de-
scribed in section 101 of the Higher Education 
Act of 1965. 
‘‘(2) QUALIFYING TAXPAYER.—The term ‘quali-
fying taxpayer’ means any taxpayer who provides, 
with respect to any eligible trainee, such documenta-
tion as required by the Secretary regarding qualified 
training expenses and proof of unemployment status 
as described in paragraph (3)(A). 
‘‘(3) ELIGIBLE
TRAINEE.—The term ‘eligible 
trainee’ means any individual who— 
‘‘(A) has been unemployed for at least 90 
days immediately preceding the date of enroll-
ment in a training program described in para-
graph (1)(B), and 
‘‘(B) had not been employed by the quali-
fying taxpayer at any time prior to such enroll-
ment date. 
‘‘(d) SPECIAL RULES.— 
‘‘(1) DENIAL OF DOUBLE BENEFIT.—No deduc-
tion shall be allowed under this chapter for the por-
tion of the expenses otherwise allowable as a deduc-
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tion that are taken into account in determining the 
credit under this section for the taxable year. 
‘‘(2) AGGREGATION.—For purposes of this sec-
tion, all persons treated as a single employer under 
subsection (a) or (b) or section 52, or subsection (m) 
or (o) of section 414, shall be treated as one person. 
‘‘(3) TREATMENT
OF
EXPENSES
AS
EDU-
CATIONAL ASSISTANCE PROGRAM.—Qualified train-
ing expenses shall be treated as an educational as-
sistance program for purposes of section 127. 
‘‘(e) ELECTION TO HAVE CREDIT NOT APPLY.—A 
taxpayer may elect (at such time and in such manner as 
the Secretary may by regulations prescribe) to have this 
section not apply for any taxable year. 
‘‘(f) TERMINATION.—This section shall not apply to 
expenses paid after December 31, 2016.’’. 
(b) CREDIT TO BE PART OF GENERAL BUSINESS 
CREDIT.—Subsection (b) of section 38 of the Internal 
Revenue Code of 1986 is amended by striking ‘‘plus’’ at 
the end of paragraph (35), by striking the period at the 
end of paragraph (36) and inserting ‘‘, plus’’, and by add-
ing at the end the following new paragraph: 
‘‘(37) the job training credit determined under 
section 45S(a).’’. 
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(c) CREDIT ALLOWED AGAINST ALTERNATIVE MIN-
IMUM TAX.—Section 38(c)(4)(B) of the Internal Revenue 
Code of 1986, as amended by section 206, is amended by 
redesignating clauses (viii), (ix), and (x) as clauses (ix), 
(x), and (xi), respectively, and by inserting after clause 
(vii) the following new clause: 
‘‘(viii) the credit determined under 
section 45S,’’. 
(d) TECHNICAL AMENDMENT.—Section 6501(m) of 
the Internal Revenue Code of 1986 is amended by insert-
ing ‘‘45S(e),’’ after ‘‘45H(g),’’. 
(e) CLERICAL AMENDMENT.—The table of sections 
for subpart D of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 is amended by add-
ing at the end the following new item: 
‘‘Sec. 45S. Job training credit.’’. 
(f) EFFECTIVE DATES.— 
(1) IN GENERAL.—The amendments made by 
this section shall apply to expenses paid or incurred 
after the date of the enactment of this Act, in tax-
able years ending after such date. 
(2) MINIMUM TAX.—The amendments made by 
subsection (c) shall apply to credits determined 
under section 45S of the Internal Revenue Code of 
1986 in taxable years ending after the date of the 
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enactment of this Act, and to carrybacks of such 
credits. 
SEC. 302. QUALIFIED JOB TRAINING PARTNERSHIPS CRED-
IT. 
(a) IN GENERAL.—Subpart E of part IV of sub-
chapter A of chapter 1 of the Internal Revenue Code of 
1986 is amended by inserting after section 48D the fol-
lowing new section: 
‘‘SEC. 48E. QUALIFIED JOB TRAINING PARTNERSHIPS 
CREDIT. 
‘‘(a) IN GENERAL.—For purposes of section 46, the 
Qualified Job Training Partnership credit for any taxable 
year is an amount equal to the percentage determined by 
the Secretary (not to exceed 100 percent) of the qualified 
investment for such taxable year with respect to any 
Qualified Job Training Partnership. 
‘‘(b) QUALIFIED INVESTMENT.— 
‘‘(1) IN GENERAL.—For purposes of subsection 
(a), the qualified investment for any taxable year is 
the aggregate amount of the costs paid or incurred 
in such taxable year by one or more eligible private 
business employers for expenses necessary for and 
directly related to the conduct of a Qualified Job 
Training Partnership in the form of contributions of 
cash, cash equivalent, equipment, or any combina-
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tion of the three where 100 percent of the invest-
ment is used for the planning, implementation, or 
operation of a Qualified Job Training Partnership 
and the training financed through the investment 
must result in a type of certificate or credential rec-
ognized by a State accrediting body, Federal Ap-
prenticeship Agency, or any other national accred-
iting body recognized by the Department of Edu-
cation as an independent, third-party accrediting 
body. 
‘‘(2) LIMITATION.—The amount which is treat-
ed as qualified investment for all taxable years with 
respect to any Qualified Job Training Partnership 
shall not exceed the amount certified by the Sec-
retary as eligible for the credit under this section. 
‘‘(3) EXCLUSIONS.—The qualified investment 
for any taxable year with respect to any Qualified 
Job Training Partnership shall not take into account 
any cost for student tuition or for any other expense 
as determined by the Secretary as appropriate to 
carry out the purposes of this section. 
‘‘(4) CERTAIN PROGRESS EXPENDITURE RULES 
MADE APPLICABLE.—In the case of costs described 
in paragraph (1) that are paid for property of a 
character subject to an allowance for depreciation, 
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rules similar to the rules of subsections (c)(4) and 
(d) of section 46 (as in effect on the day before the 
date of the enactment of the Revenue Reconciliation 
Act of 1990) shall apply for purposes of this section. 
‘‘(c) QUALIFIED JOB TRAINING PARTNERSHIP.— 
‘‘(1) IN
GENERAL.—The term ‘Qualified Job 
Training Partnership’ means a formal or informal 
partnership between at least 1 eligible private busi-
ness employer and— 
‘‘(A) 1 qualified educational institution, or 
‘‘(B) 1 labor organization (as defined in 
section 2(5) of the National Labor Relations 
Act), 
where the stated goal of the partnership is to train 
students in job-ready skills. 
‘‘(2) 
ELIGIBLE
PRIVATE
BUSINESS
EM-
PLOYER.—The term ‘eligible private business em-
ployer’ means— 
‘‘(A) a business entity at least 50 percent 
of the gross income of which is derived from 
qualified production activities (within the mean-
ing of section 199(c)), or 
‘‘(B) any type of domestic business entity 
the average number of full-time employees of 
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which for the taxable year is not more than 
500. 
‘‘(3) QUALIFIED EDUCATIONAL INSTITUTION.— 
The term ‘qualified educational institution’ means 
any institution of higher education described in sec-
tion 101 of the Higher Education Act of 1965 which 
provides a 2-year program that culminates in an as-
sociate degree. 
‘‘(d) QUALIFIED JOB TRAINING PARTNERSHIP PRO-
GRAM.— 
‘‘(1) ESTABLISHMENT.— 
‘‘(A) IN
GENERAL.—Not later than 60 
days after the date of the enactment of this sec-
tion, the Secretary, in consultation with the 
Secretary of Labor, shall establish a Qualified 
Job Training Partnership program to consider 
and award certifications for qualified invest-
ments eligible for credits under this section to 
Qualified Job Training Partnerships. 
‘‘(B) LIMITATION.—The total amount of 
credits that may be allocated under the pro-
gram shall not exceed $1,000,000,000. 
‘‘(2) CERTIFICATION.— 
‘‘(A) APPLICATION PERIOD.—Each appli-
cant for certification under this paragraph shall 
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submit an application containing such informa-
tion as the Secretary may require during the 
period beginning on the date the Secretary es-
tablishes the program under paragraph (1). 
‘‘(B) TIME
FOR
REVIEW
OF
APPLICA-
TIONS.—The Secretary shall take action to ap-
prove or deny any application under subpara-
graph (A) within 30 days of the submission of 
such application. 
‘‘(C) MULTI-YEAR APPLICATIONS.—An ap-
plication for certification under subparagraph 
(A) may include a request for an allocation of 
credits for more than 1 year. 
‘‘(3) SELECTION
CRITERIA.—In determining 
the Qualified Job Training Partnerships with re-
spect to which qualified investments may be certified 
under this section, the Secretary— 
‘‘(A) shall give priority to those applica-
tions which demonstrate— 
‘‘(i) the greatest probability that those 
who complete the program will secure em-
ployment; 
‘‘(ii) the greatest potential for pro-
viding workers who complete the program 
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with skills that can provide long-term job 
and income security; 
‘‘(iii) the strongest market demand 
for the type of training offered; 
‘‘(iv) the greatest probability that the 
program would create a net increase in job 
training opportunities; 
‘‘(v) a strong need in the community 
for skills training; 
‘‘(vi) the ability to allow nontradi-
tional learners to complete the training; 
and 
‘‘(vii) the ability and capacity to im-
plement the program in a reasonable pe-
riod of time; and 
‘‘(B) shall take into additional consider-
ation which applications show— 
‘‘(i) the ability to leverage additional 
sources of capital; and 
‘‘(ii) the greatest ability to offer train-
ing programs that result in a certificate or 
credential (within the meaning of sub-
section (b)(1)) that is stackable or portable 
or both. 
‘‘(4) REVIEW AND ADDITIONAL ALLOCATION.— 
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‘‘(A) REVIEW.—Not later than 1 year after 
the date of enactment of this section, the Sec-
retary shall review the credits allocated under 
this section as of such date. 
‘‘(B) ADDITIONAL
ALLOCATION.—If the 
Secretary determines at the time of the review 
that credits under this section are available for 
allocation pursuant to the requirements set 
forth in paragraph (2), the Secretary is author-
ized to allocate such available credits through 
the conduct of an additional program or pro-
grams for applications for certification. 
‘‘(5) DISCLOSURE OF ALLOCATIONS.—The Sec-
retary shall, upon making a certification under this 
subsection, publicly disclose the identity of the appli-
cant and the amount of the credit with respect to 
such applicant. 
‘‘(e) SPECIAL RULES.— 
‘‘(1) BASIS
ADJUSTMENT.—For purposes of 
this subtitle, if a credit is allowed under this section 
for an expenditure related to property of a character 
subject to an allowance for depreciation, the basis of 
such property shall be reduced by the amount of 
such credit. 
‘‘(2) DENIAL OF DOUBLE BENEFIT.— 
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‘‘(A) BONUS
DEPRECIATION.—A credit 
shall not be allowed under this section for any 
investment for which bonus depreciation is al-
lowed under section 168(k), 1400L(b)(1), or 
1400N(d)(1). 
‘‘(B) DEDUCTIONS.—No deduction under 
this subtitle shall be allowed for the portion of 
the expenses otherwise allowable as a deduction 
taken into account in determining the credit 
under this section for the taxable year which is 
equal to the amount of the credit determined 
for such taxable year under subsection (a) at-
tributable to such portion. This subparagraph 
shall not apply to expenses related to property 
of a character subject to an allowance for de-
preciation the basis of which is reduced under 
paragraph (1).’’. 
(b) INCLUSION AS PART OF INVESTMENT CREDIT.— 
Section 46 of the Internal Revenue Code of 1986 is 
amended— 
(1) by adding a comma at the end of paragraph 
(4), 
(2) by striking ‘‘and’’ at the end of paragraph 
(5), 
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(3) by striking the period at the end of para-
graph (6) and inserting ‘‘, and’’, and 
(4) by adding at the end the following new 
paragraph: 
‘‘(7) the Qualified Job Training Partnerships 
credit.’’. 
(c) 
CONFORMING
AMENDMENT.—Section 
49(a)(1)(C) of the Internal Revenue Code of 1986 is 
amended by striking ‘‘and’’ at the end of clause (v), by 
striking the period at the end of clause (vi) and inserting 
‘‘, and’’, and by adding at the end the following new 
clause: 
‘‘(vii) the basis of any property to 
which paragraph (1) of section 48E(e) ap-
plies which is part of a Qualified Job 
Training Partnership under such section 
48E.’’. 
(d) CLERICAL AMENDMENT.—The table of sections 
for subpart E of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 is amended by in-
serting after the item relating to section 48D the following 
new item: 
‘‘Sec. 48E. Qualified Job Training Partnership credit.’’. 
(e) GRANTS
FOR
QUALIFIED
INVESTMENTS
IN 
QUALIFIED JOB TRAINING PARTNERSHIPS IN LIEU OF 
TAX CREDITS.— 
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(1) IN GENERAL.—Upon application, the Sec-
retary of the Treasury shall, subject to the require-
ments of this subsection, provide a grant to each 
person who makes a qualified investment in a Quali-
fied Job Training Partnership in an amount not to 
exceed 100 percent of such investment. 
(2) APPLICATION.— 
(A) IN GENERAL.—At the stated election 
of the applicant, an application for certification 
under section 48E(d)(2) of the Internal Rev-
enue Code of 1986 for a credit under such sec-
tion for any taxable year shall be considered to 
be an application for a grant under paragraph 
(1) for such taxable year. 
(B) SUBMISSION
DATE.—An application 
for a grant under paragraph (1) for any taxable 
year shall be submitted— 
(i) not earlier than the day after the 
last day of such taxable year, and 
(ii) not later than the due date (in-
cluding extensions) for filing the return of 
tax for such taxable year. 
(C) INFORMATION TO BE SUBMITTED.—An 
application for a grant under paragraph (1) 
shall include such information and be in such 
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form as the Secretary of the Treasury may re-
quire to state the amount of the credit allow-
able (but for the receipt of a grant under this 
subsection) under section 48E for the taxable 
year for the qualified investment with respect to 
which such application is made. 
(3) TIME FOR PAYMENT OF GRANT.— 
(A) IN GENERAL.—The Secretary of the 
Treasury shall make payment of the amount of 
any grant under paragraph (1) during the 30- 
day period beginning on the later of— 
(i) the date of the application for such 
grant, or 
(ii) the date the qualified investment 
for which the grant is being made is made. 
(B) REGULATIONS.—In the case of invest-
ments of an ongoing nature, the Secretary of 
the Treasury shall issue regulations to deter-
mine the date on which a qualified investment 
shall be deemed to have been made for purposes 
of this paragraph. 
(4) QUALIFIED INVESTMENT.—For purposes of 
this subsection, the term ‘‘qualified investment’’ 
means a qualified investment that is certified under 
section 48E(d) of the Internal Revenue Code of 
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1986 for purposes of the credit under such section 
48E. 
(5) APPLICATION OF CERTAIN RULES.— 
(A) IN
GENERAL.—In making grants 
under this subsection, the Secretary of the 
Treasury shall apply rules similar to the rules 
of section 50 of the Internal Revenue Code of 
1986. In applying such rules, any increase in 
tax under chapter 1 of such Code by reason of 
an investment ceasing to be a qualified invest-
ment shall be imposed on the person to whom 
the grant was made. 
(B) SPECIAL RULES.— 
(i) RECAPTURE OF EXCESSIVE GRANT 
AMOUNTS.—If the amount of a grant made 
under this subsection exceeds the amount 
allowable as a grant under this subsection, 
such excess shall be recaptured under sub-
paragraph (A) as if the investment to 
which such excess portion of the grant re-
lates had ceased to be a qualified invest-
ment immediately after such grant was 
made. 
(ii) GRANT INFORMATION NOT TREAT-
ED
AS
RETURN
INFORMATION.—In no 
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event shall the amount of a grant made 
under paragraph (1), the identity of the 
person to whom such grant was made, or 
a description of the investment with re-
spect to which such grant was made be 
treated as return information for purposes 
of section 6103 of the Internal Revenue 
Code of 1986. 
(6) SECRETARY.—Any reference in this sub-
section to the Secretary of the Treasury shall be 
treated as including the Secretary’s delegate. 
(7) OTHER TERMS.—Any term used in this sub-
section which is also used in section 48E of the In-
ternal Revenue Code of 1986 shall have the same 
meaning for purposes of this subsection as when 
used in such section. 
(8) DENIAL OF DOUBLE BENEFIT.—No credit 
shall be allowed under section 46(7) of the Internal 
Revenue Code of 1986 by reason of section 48E of 
such Code for any investment for which a grant is 
awarded under this subsection. 
(9) APPROPRIATIONS.—There is hereby appro-
priated to the Secretary of the Treasury such sums 
as may be necessary to carry out this subsection. 
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(f) EFFECTIVE DATE.—The amendments made by 
subsections (a) through (d) of this section shall apply to 
amounts paid or incurred after the date of the enactment 
of this Act, in taxable years beginning after such date. 
TITLE IV—TRADE PROVISIONS 
SEC. 401. FINDINGS; SENSE OF CONGRESS ON APPLICA-
BILITY 
OF 
TRADE 
AUTHORITIES 
PROCE-
DURES TO A BILL IMPLEMENTING A TRADE 
AND INVESTMENT AGREEMENT WITH THE 
EUROPEAN UNION. 
(a) FINDINGS.—Congress finds the following: 
(1) The United States and the European Union 
(EU) maintain a very strong and beneficial commer-
cial relationship. 
(2) The United States-EU relationship supports 
a combined 13 million jobs, and nearly $4 trillion in 
investment. 
(3) The economies of the United States and the 
EU each generate more than $16 trillion, which rep-
resents 45 percent of global gross domestic product, 
and over one-third of global trade and investment 
flows. 
(4) The United States-EU single commercial 
relationship is the world’s largest and the EU re-
mains the largest market for United States exports 
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and the largest source of imports into the United 
States. 
(5) Congress welcomes the work of the High 
Level Working Group report and the decision of 
President Obama to launch negotiations for a poten-
tial bilateral trade agreement. 
(6) The Transatlantic Trade and Investment 
Partnership (TTIP) represents a key strategic op-
portunity for the United States and the EU. 
(7) The groundbreaking TTIP will deepen ties 
between the United States and the EU, increase ex-
ports, grow both economies, and support hundreds 
of thousands of jobs on both sides of the Atlantic 
Ocean. 
(b) SENSE OF CONGRESS.—It is the sense of Con-
gress that— 
(1) the applicability of section 151 of the Trade 
Act of 1974 (19 U.S.C. 2191; relating to trade au-
thorities procedures) to a bill implementing a trade 
and investment agreement with the European Union 
(EU) resulting from negotiations with the EU, as 
notified to the United States Congress on March 20, 
2013, should be determined without regard to any 
prenegotiation notification and consultation require-
ments that would otherwise be applicable; and 
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(2) the Administration should press for a quick 
conclusion of this comprehensive and ambitious 
agreement. 
SEC. 402. EXTENSION OF TRADE ADJUSTMENT ASSISTANCE 
PROGRAM. 
(a) EXTENSION
OF TERMINATION PROVISIONS.— 
Section 285 of the Trade Act of 1974 (19 U.S.C. 2271 
note) is amended by striking ‘‘2013’’ each place it appears 
and inserting ‘‘2020’’. 
(b) TRAINING FUNDS.—Section 236(a)(2)(A) of the 
Trade Act of 1974 (19 U.S.C. 2296(a)(2)(A)) is amend-
ed— 
(1) in clause (i), by striking ‘‘and 2013’’ and 
inserting ‘‘through 2020’’; and 
(2) in clause (ii), by striking ‘‘2013’’ each place 
it appears and inserting ‘‘2020’’. 
(c) REEMPLOYMENT TRADE ADJUSTMENT ASSIST-
ANCE.—Section 246(b)(1) of the Trade Act of 1974 (19 
U.S.C. 2318(b)(1)) is amended by striking ‘‘2013’’ and 
inserting ‘‘2020’’. 
(d) AUTHORIZATIONS OF APPROPRIATIONS.— 
(1) TRADE
ADJUSTMENT
ASSISTANCE
FOR 
WORKERS.—Section 245(a) of the Trade Act of 
1974 (19 U.S.C. 2317(a)) is amended by striking 
‘‘2013’’ and inserting ‘‘2020’’. 
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(2) TRADE
ADJUSTMENT
ASSISTANCE
FOR 
FIRMS.—Section 255(a) of the Trade Act of 1974 
(19 U.S.C. 2345(a)) is amended— 
(A) by striking ‘‘and 2013’’ and inserting 
‘‘through 2020’’; and 
(B) by striking ‘‘October 1, 2013, and end-
ing on December 31, 2013’’ and inserting ‘‘Oc-
tober 1, 2020, and ending on December 31, 
2020’’. 
(3) TRADE
ADJUSTMENT
ASSISTANCE
FOR 
FARMERS.—Section 298(a) of the Trade Act of 1974 
(19 U.S.C. 2401g(a)) is amended— 
(A) by striking ‘‘and 2013’’ and inserting 
‘‘through 2020’’; and 
(B) by striking ‘‘October 1, 2013, and end-
ing on December 31, 2013’’ and inserting ‘‘Oc-
tober 1, 2020, and ending on December 31, 
2020’’. 
(e) AMENDMENTS TO TRADE ADJUSTMENT ASSIST-
ANCE EXTENSION ACT OF 2011.— 
(1) APPLICATION
OF
PRIOR
LAW.—Section 
233(a) of the Trade Adjustment Assistance Exten-
sion Act of 2011 (title II of Public Law 112–40; 
125 Stat. 416; 19 U.S.C. 2271 note prec.) is amend-
ed— 
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(A) in the matter preceding paragraph (1), 
by striking ‘‘2014’’ and inserting ‘‘2021’’; and 
(B) by striking paragraphs (3) through (7) 
and inserting the following: 
‘‘(3) section 245(a) of that Act shall be applied 
and administered by substituting ‘2021’ for ‘2007’; 
‘‘(4) section 246(b)(1) of that Act shall be ap-
plied and administered by substituting ‘December 
31, 2021’ for ‘the date that is 5 years’ and all that 
follows through ‘State’; 
‘‘(5) section 256(b) of that Act shall be applied 
and administered by substituting ‘the 1-year period 
beginning on January 1, 2021’ for ‘each of fiscal 
years 2003 through 2007, and $4,000,000 for the 3- 
month period beginning on October 1, 2007’; 
‘‘(6) section 298(a) of that Act shall be applied 
and administered by substituting ‘the 1-year period 
beginning on January 1, 2021’ for ‘each of the fiscal 
years’ and all that follows through ‘October 1, 
2007’; and 
‘‘(7) section 285 of that Act shall be applied 
and administered— 
‘‘(A) in subsection (a), by substituting 
‘2021’ for ‘2007’ each place it appears; and 
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‘‘(B) by applying and administering sub-
section (b) as if it read as follows: 
‘‘ ‘(b) OTHER ASSISTANCE.— 
‘‘ ‘(1) ASSISTANCE FOR FIRMS.— 
‘‘ ‘(A) IN GENERAL.—Except as provided 
in subparagraph (B), assistance may not be 
provided under chapter 3 after December 31, 
2021. 
‘‘ ‘(B) EXCEPTION.—Notwithstanding sub-
paragraph (A), any assistance approved under 
chapter 3 on or before December 31, 2021, may 
be provided— 
‘‘ ‘(i) to the extent funds are available 
pursuant to such chapter for such purpose; 
and 
‘‘ ‘(ii) to the extent the recipient of the 
assistance is otherwise eligible to receive 
such assistance. 
‘‘ ‘(2) FARMERS.— 
‘‘ ‘(A) IN GENERAL.—Except as provided 
in subparagraph (B), assistance may not be 
provided under chapter 6 after December 31, 
2021. 
‘‘ ‘(B) EXCEPTION.—Notwithstanding sub-
paragraph (A), any assistance approved under 
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chapter 6 on or before December 31, 2021, may 
be provided— 
‘‘ ‘(i) to the extent funds are available 
pursuant to such chapter for such purpose; 
and 
‘‘ ‘(ii) to the extent the recipient of the 
assistance is otherwise eligible to receive 
such assistance.’.’’. 
(2) CONTINUATION
OF
BENEFITS.—Section 
233(b) of the Trade Adjustment Assistance Exten-
sion Act of 2011 is amended by striking ‘‘2014’’ 
each place it appears and inserting ‘‘2021’’. 
TITLE V—MINIMUM WAGE IN-
CREASE AND BUSINESS TAX 
RELIEF 
SEC. 501. MINIMUM WAGE INCREASES. 
(a) MINIMUM WAGE.— 
(1) IN GENERAL.—Section 6(a)(1) of the Fair 
Labor Standards Act of 1938 (29 U.S.C. 206(a)(1)) 
is amended to read as follows: 
‘‘(1) except as otherwise provided in this sec-
tion, not less than— 
‘‘(A) $8.20 an hour, beginning on the first 
day of the first month that begins 1 year after 
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the date of enactment of the Invest in United 
States Act of 2014; 
‘‘(B) $9.15 an hour, beginning 1 year after 
that first day; 
‘‘(C) $10.10 an hour, beginning 2 years 
after that first day; and 
‘‘(D) beginning on the date that is 3 years 
after that first day, and annually thereafter, the 
amount determined by the Secretary pursuant 
to subsection (h);’’. 
(2) DETERMINATION BASED ON INCREASE IN 
THE
CONSUMER
PRICE
INDEX.—Section 6 of the 
Fair Labor Standards Act of 1938 (29 U.S.C. 206) 
is amended by adding at the end the following: 
‘‘(h)(1) Each year, by not later than the date that 
is 90 days before a new minimum wage determined under 
subsection (a)(1)(D) is to take effect, the Secretary shall 
determine the minimum wage to be in effect pursuant to 
this subsection for the subsequent 1-year period. The wage 
determined pursuant to this subsection for a year shall 
be— 
‘‘(A) not less than the amount in effect under 
subsection (a)(1) on the date of such determination; 
‘‘(B) increased from such amount by the annual 
percentage increase in the Consumer Price Index for 
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Urban Wage Earners and Clerical Workers (United 
States city average, all items, not seasonally ad-
justed), or its successor publication, as determined 
by the Bureau of Labor Statistics; and 
‘‘(C) rounded to the nearest multiple of $0.05. 
‘‘(2) In calculating the annual percentage increase in 
the Consumer Price Index for purposes of paragraph 
(1)(B), the Secretary shall compare such Consumer Price 
Index for the most recent month, quarter, or year avail-
able (as selected by the Secretary prior to the first year 
for which a minimum wage is in effect pursuant to this 
subsection) with the Consumer Price Index for the same 
month in the preceding year, the same quarter in the pre-
ceding year, or the preceding year, respectively.’’. 
(b) BASE MINIMUM WAGE FOR TIPPED EMPLOY-
EES.—Section 3(m)(1) of the Fair Labor Standards Act 
of 1938 (29 U.S.C. 203(m)(1)) is amended to read as fol-
lows: 
‘‘(1) the cash wage paid such employee, which 
for purposes of such determination shall be not less 
than— 
‘‘(A) for the 1-year period beginning on 
the first day of the third month that begins 
after the date of enactment of the Fair Min-
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imum Wage and Business Tax Relief Act of 
2013, $3.00 an hour; 
‘‘(B) for each succeeding 1-year period 
until the hourly wage under this paragraph 
equals 50 percent of the wage in effect under 
section 6(a)(1) for such period, an hourly wage 
equal to the amount determined under this 
paragraph for the preceding year, increased by 
the lesser of— 
‘‘(i) $0.50; or 
‘‘(ii) the amount necessary for the 
wage in effect under this paragraph to 
equal 50 percent of the wage in effect 
under section 6(a)(1) for such period, 
rounded to the nearest multiple of $0.05; 
and 
‘‘(C) for each succeeding 1-year period 
after the year in which the hourly wage under 
this paragraph first equals 50 percent of the 
wage in effect under section 6(a)(1) for the 
same period, the amount necessary to ensure 
that the wage in effect under this paragraph re-
mains equal to 50 percent of the wage in effect 
under section 6(a)(1), rounded to the nearest 
multiple of $0.05; and’’. 
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(c) PUBLICATION OF NOTICE.—Section 6 of the Fair 
Labor Standards Act of 1938 (as amended by subsection 
(a)) (29 U.S.C. 206) is further amended by adding at the 
end the following: 
‘‘(i) Not later than 60 days prior to the effective date 
of any increase in the minimum wage determined under 
subsection (h) or required for tipped employees in accord-
ance with subparagraph (B) or (C) of section 3(m)(1), as 
amended by the Fair Minimum Wage and Business Tax 
Relief Act of 2013, the Secretary shall publish in the Fed-
eral Register and on the website of the Department of 
Labor a notice announcing the adjusted required wage.’’. 
(d) EFFECTIVE DATE.—The amendments made by 
subsections (a) and (b) shall take effect on the first day 
of the first month that begins 1 year after the date of 
enactment of this Act. 
SEC. 502. WORK OPPORTUNITY CREDIT MADE PERMANENT. 
(a) IN GENERAL.—Section 51(c) of the Internal Rev-
enue Code of 1986 is amended by striking paragraph (4). 
(b) EFFECTIVE DATE.—The amendment made by 
subsection (a) shall apply to individuals who begin work 
for the employer after December 31, 2013. 
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SEC. 
503. 
INCREASED 
EXPENSING 
LIMITATIONS 
AND 
TREATMENT OF CERTAIN REAL PROPERTY 
AS SECTION 179 PROPERTY MADE PERMA-
NENT. 
(a) IN GENERAL.—Subsection (b) of section 179 of 
the Internal Revenue Code of 1986 is amended— 
(1) by striking ‘‘shall not exceed—’’ and all 
that follows in paragraph (1) and inserting ‘‘shall 
not exceed $500,000.’’, and 
(2) by striking ‘‘exceeds—’’ and all that follows 
in 
paragraph 
(2) 
and 
inserting 
‘‘exceeds 
$2,000,000.’’. 
(b) COMPUTER SOFTWARE.—Clause (ii) of section 
179(d)(1)(A) of such Code is amended by striking ‘‘and 
which is placed in service in a taxable year beginning after 
2002 and before 2014,’’. 
(c) SPECIAL RULES FOR TREATMENT OF QUALIFIED 
REAL PROPERTY.—Subsection (f) of section 179 of such 
Code is amended— 
(1) by striking ‘‘beginning in 2010, 2011, 2012, 
or 2013’’ in paragraph (1), and 
(2) by striking paragraph (4). 
(d) ELECTION.—Paragraph (2) of section 179(c) of 
such Code is amended to read as follows: 
‘‘(2) REVOCATION OF ELECTION.—Any election 
made under this section, and any specification con-
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tained in any such election, may be revoked by the 
taxpayer with respect to any property, and such rev-
ocation, once made, shall be irrevocable.’’. 
(e) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2013. 
SEC. 504. PERMANENT EXTENSION OF TREATMENT OF 
QUALIFIED 
LEASEHOLD 
IMPROVEMENT 
PROPERTY, QUALIFIED RESTAURANT PROP-
ERTY, AND QUALIFIED RETAIL IMPROVE-
MENT PROPERTY AS 15-YEAR PROPERTY FOR 
PURPOSES OF DEPRECIATION DEDUCTION. 
(a) QUALIFIED LEASEHOLD IMPROVEMENT PROP-
ERTY.—Clause (iv) of section 168(e)(3)(E) of the Internal 
Revenue Code of 1986 is amended by striking ‘‘placed in 
service before January 1, 2014’’. 
(b) QUALIFIED RESTAURANT PROPERTY.—Clause 
(v) of section 168(e)(3)(E) of the Internal Revenue Code 
of 1986 is amended by striking ‘‘placed in service before 
January 1, 2014’’. 
(c) QUALIFIED RETAIL IMPROVEMENT PROPERTY.— 
Clause (ix) of section 168(e)(3)(E) of the Internal Rev-
enue Code of 1986 is amended by striking ‘‘, and before 
January 1, 2014’’. 
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(d) EFFECTIVE DATE.—The amendment made by 
this section shall apply to property placed in service after 
December 31, 2013. 
Æ 
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