robust 10-year spending plan to 2024–2033, re-
quires a 40-percent increase above real costs to en-
sure adequate funding in nominal dollars. 
(7) The establishment of a United States public 
deposit money bank would provide direct loans and 
other financing of up to $5,000,000,000,000 for 
qualifying infrastructure projects without requiring 
additional Federal taxes or deficits. Such funding 
would be adequate to finance all of the United 
States’ unfunded infrastructure needs, in all parts of 
the country, according to well-developed strategic 
plans. At the same time, it would return the United 
States to its most recent ‘‘golden age’’ when a Na-
tional Infrastructure Bank was in place (1933– 
1957), during which time total factor productivity 
advanced by 3.5 percent per year, the economy grew 
on average 5.5 percent per year, income inequality 
fell by one-third, and Federal and State tax receipts 
rose dramatically. 
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TITLE I—REVENUE PROVISIONS 
SEC. 101. TREATMENT OF NATIONAL INFRASTRUCTURE 
BANK AS A GOVERNMENT CORPORATION EX-
EMPT FROM TAX. 
(a) IN GENERAL.—Section 501(l) of the Internal 
Revenue Code of 1986 is amended by adding at the end 
the following new paragraph: 
‘‘(5) The National Infrastructure Bank estab-
lished under title II of the National Infrastructure 
Bank Act of 2023.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to taxable years ending after the 
date of the enactment of this Act. 
SEC. 102. TREATMENT OF CONTRIBUTIONS TO THE NA-
TIONAL INFRASTRUCTURE BANK AS CHARI-
TABLE CONTRIBUTIONS. 
(a) IN GENERAL.—Section 170(c) of the Internal 
Revenue Code of 1986 is amended by inserting after para-
graph (5) the following new paragraph: 
‘‘(6) The National Infrastructure Bank estab-
lished under title II of the National Infrastructure 
Bank Act of 2023.’’. 
(b) APPLICATION OF PERCENTAGE LIMITATION.— 
Section 170(b)(1)(A) of such Code is amended by striking 
‘‘or’’ at the end of clause (viii), by inserting ‘‘or’’ at the 
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end of clause (ix), and by inserting after clause (ix) the 
following new clause: 
‘‘(x) the National Infrastructure Bank 
referred to in subsection (c)(6),’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years ending after the 
date of the enactment of this Act. 
SEC. 103. PREFERRED DIVIDENDS OF NATIONAL INFRA-
STRUCTURE BANK EXCLUDIBLE FROM GROSS 
INCOME. 
(a) IN GENERAL.—Part III of subchapter B of chap-
ter 1 of the Internal Revenue Code of 1986 is amended 
by inserting after section 139I the following new section: 
‘‘SEC. 139J. PREFERRED DIVIDENDS OF NATIONAL INFRA-
STRUCTURE BANK. 
‘‘Gross income shall not include any amount received 
as a dividend on preferred stock of the National Infra-
structure Bank pursuant to section 203(c) of the National 
Infrastructure Bank Act of 2023 (as in effect on the date 
of the enactment of this section).’’. 
(b) CLERICAL AMENDMENT.—The table of sections 
of such part is amended by inserting after the item relat-
ing to section 139I the following new item: 
‘‘Sec. 139J. Preferred dividends of National Infrastructure Bank.’’. 
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(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years ending after the 
date of the enactment of this Act. 
TITLE II—ESTABLISHMENT OF 
NATIONAL INFRASTRUCTURE 
BANK 
SEC. 201. DEFINITIONS. 
For purposes of this title, the following definitions 
apply unless otherwise specified in this title: 
(1) AFFORDABLE HOUSING.—The term ‘‘afford-
able housing’’ means housing that would cost an in-
dividual or family no more than one-third of monthly 
income, and which is available to individuals or fam-
ilies earning 40 percent or less than the average me-
dian income in their area. 
(2) BANK.—The term ‘‘Bank’’ means the Na-
tional Infrastructure Bank established under section 
202(a). 
(3) BLENDED FINANCING.—The term ‘‘blended 
financing’’ means financing provided through any 
combination of loans or bond financing, in coopera-
tion with private lenders or State revolving funds, 
that is integrated into a single agreement with a sin-
gle set of financial terms. 
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(4) BOARD.—The term ‘‘Board’’ means the Na-
tional Infrastructure Bank Board. 
(5) BOND.—The term ‘‘Bond’’ means any bond 
issued in accordance with this Act if— 
(A) the proceeds from the sale of the bond 
are to be used for expenditures incurred after 
the date of issuance with respect to any infra-
structure project or other purpose, subject to 
such rules as the Bank may provide; 
(B) the bond is issued in registered form; 
(C) the bond has such terms, and carries 
interest in such an amount, as determined by 
the Bank; and 
(D) payments of interest and principal 
with respect to the bond is the obligation of the 
Bank, and is backed by the full faith and credit 
of the United States. 
(6) CHIEF ASSET AND LIABILITY MANAGEMENT 
OFFICER.—The term ‘‘chief asset and liability man-
agement officer’’ means the chief individual respon-
sible for coordinating the management of assets and 
liabilities of the Bank. 
(7) CHIEF COMPLIANCE OFFICER.—The terms 
‘‘chief compliance officer’’ and ‘‘CCO’’ mean the 
chief individual responsible for overseeing and man-
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aging the compliance and regulatory affairs of the 
Bank. 
(8) CHIEF
EXECUTIVE
OFFICER.—The terms 
‘‘chief executive officer’’ and ‘‘CEO’’ mean the indi-
vidual serving as the executive director of the Bank. 
(9) CHIEF
FINANCIAL
OFFICER.—The terms 
‘‘chief financial officer’’ and ‘‘CFO’’ mean the chief 
individual responsible for managing the financial 
risks, planning, and reporting of the Bank. 
(10) CHIEF LOAN ORIGINATION OFFICER.—The 
term ‘‘chief loan origination officer’’ means the chief 
individual responsible for managing the processing 
of new loans provided by the Bank. 
(11) CHIEF OPERATIONS OFFICER.—The terms 
‘‘chief operations officer’’ and ‘‘COO’’ mean the 
chief individual responsible for the retail operations 
of the Bank and its branches, including its adminis-
trative, human resource, and information technology 
systems. 
(12) CHIEF RISK OFFICER.—The terms ‘‘chief 
risk officer’’ and ‘‘CRO’’ mean the chief individual 
responsible for managing operational and compli-
ance-related risks of the Bank. 
(13) CHIEF
TREASURY
OFFICER.—The term 
‘‘chief treasury officer’’ means the chief individual 
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