119 
face amount of such bond. Such present value 
shall be determined using as a discount rate the 
average annual interest rate of tax-exempt obli-
gations having a term of 10 years or more which 
are issued during the month. If the term as so 
determined is not a multiple of a whole year, 
such term shall be rounded to the next highest 
whole year. 
‘‘(e) OTHER DEFINITIONS.—For purposes of this sub-
chapter— 
‘‘(1) CREDIT
ALLOWANCE
DATE.—The term 
‘credit allowance date’ means— 
‘‘(A) March 15, 
‘‘(B) June 15, 
‘‘(C) September 15, and 
‘‘(D) December 15. 
Such term includes the last day on which the bond is 
outstanding. 
‘‘(2) BOND.—The term ‘bond’ includes any obli-
gation. 
‘‘(3) STATE.—The term ‘State’ includes the Dis-
trict of Columbia and any possession of the United 
States. 
‘‘(4) AVAILABLE PROJECT PROCEEDS.—The term 
‘available project proceeds’ means— 
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120 
‘‘(A) the excess of— 
‘‘(i) the proceeds from the sale of an 
issue, over 
‘‘(ii) the issuance costs financed by the 
issue (to the extent that such costs do not 
exceed 2 percent of such proceeds), and 
‘‘(B) the proceeds from any investment of 
the excess described in subparagraph (A). 
‘‘(f) CREDIT TREATED AS INTEREST.—For purposes of 
this subtitle, the credit determined under subsection (a) 
shall be treated as interest which is includible in gross in-
come. 
‘‘(g) S CORPORATIONS AND PARTNERSHIPS.—In the 
case of a tax credit bond held by an S corporation or part-
nership, the allocation of the credit allowed by this section 
to the shareholders of such corporation or partners of such 
partnership shall be treated as a distribution. 
‘‘(h) BONDS HELD BY REGULATED INVESTMENT COM-
PANIES AND REAL ESTATE INVESTMENT TRUSTS.—If any 
qualified tax credit bond is held by a regulated investment 
company or a real estate investment trust, the credit deter-
mined under subsection (a) shall be allowed to shareholders 
of such company or beneficiaries of such trust (and any 
gross income included under subsection (f) with respect to 
such credit shall be treated as distributed to such share-
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121 
holders or beneficiaries) under procedures prescribed by the 
Secretary.’’. 
(2) REPORTING.—Subsection (d) of section 6049 
of such Code (relating to returns regarding payments 
of interest) is amended by adding at the end the fol-
lowing new paragraph: 
‘‘(9) REPORTING OF CREDIT ON QUALIFIED TAX 
CREDIT BONDS.— 
‘‘(A) IN GENERAL.—For purposes of sub-
section (a), the term ‘interest’ includes amounts 
includible in gross income under section 54A 
and such amounts shall be treated as paid on the 
credit allowance date (as defined in section 
54A(e)(1)). 
‘‘(B) REPORTING TO CORPORATIONS, ETC.— 
Except as otherwise provided in regulations, in 
the case of any interest described in subpara-
graph (A) of this paragraph, subsection (b)(4) of 
this section shall be applied without regard to 
subparagraphs (A), (H), (I), (J), (K), and 
(L)(i). 
‘‘(C) REGULATORY
AUTHORITY.—The Sec-
retary may prescribe such regulations as are nec-
essary or appropriate to carry out the purposes 
of this paragraph, including regulations which 
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122 
require more frequent or more detailed report-
ing.’’. 
(3) OTHER CONFORMING AMENDMENTS RELATED 
TO TAX CREDIT BONDS.— 
(A) Sections 54(c)(2) and 1400N(l)(3)(B) of 
such Code are each amended by striking ‘‘sub-
part C’’ and inserting ‘‘subparts C and I’’. 
(B) Section 1397E(c)(2) of such Code is 
amended by striking ‘‘subpart H’’ and inserting 
‘‘subparts H and I’’. 
(C) Section 6401(b)(1) of such Code is 
amended by striking ‘‘and H’’ and inserting ‘‘H, 
and I’’. 
(D) The heading of subpart H of part IV of 
subchapter A of chapter 1 of such Code is 
amended by striking ‘‘Certain Bonds’’ and 
inserting 
‘‘Clean 
Renewable 
Energy 
Bonds’’. 
(E) The table of subparts for part IV of sub-
chapter A of chapter 1 of such Code is amended 
by striking the item relating to subpart H and 
inserting the following new items: 
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123 
‘‘SUBPART H—NONREFUNDABLE CREDIT TO HOLDERS OF CLEAN RENEWABLE 
ENERGY BONDS 
‘‘SUBPART I—QUALIFIED TAX CREDIT BONDS’’. 
(d) CLERICAL AMENDMENT.—The table of parts for 
subchapter Y of chapter 1 of such Code is amended by add-
ing at the end the following new item: 
‘‘PART III—MANUFACTURING REDEVELOPMENT BONDS’’. 
(e) EFFECTIVE DATE.— 
(1) IN GENERAL.—Except as otherwise provided 
in this subsection, the amendments made by this sec-
tion shall apply to taxable years ending after the date 
of the enactment of this Act. 
(2) BOND PROVISIONS.—Sections 1400U–3 and 
1400U–4 of the Internal Revenue Code of 1986 (as 
added by subsection (a)), and the amendments made 
by subsection (c), shall apply to obligations issued 
after the date of the enactment of this Act. 
(3) WORK
OPPORTUNITY
TAX
CREDIT.—The 
amendments made by subsection (b) shall apply to in-
dividuals who begin work for the employer after the 
date of the enactment of this Act. 
SEC. 402. DELAY IN APPLICATION OF WORLDWIDE INTER-
EST ALLOCATION. 
(a) IN GENERAL.—Paragraphs (5)(D) and (6) of sec-
tion 864(f) of the Internal Revenue Code of 1986 are each 
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Union Calendar No. 262 
110TH CONGRESS 
1ST SESSION 
H. R. 3920 
[Report No. 110–414, Part I] 
A BILL 
To amend the Trade Act of 1974 to reauthorize 
trade adjustment assistance, to extend trade ad-
justment assistance to service workers and firms, 
and for other purposes. 
OCTOBER 29, 2007 
Reported from the Committee on Ways and Means with 
an amendment 
OCTOBER 29, 2007 
Committees on Education and Labor and Energy and 
Commerce discharged; committed to the Committee of 
the Whole House on the State of the Union and or-
dered to be printed 
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