the amount of such interest received by the plan 
during such year that is allocable to the plan partici-
pant with respect to whom the distribution is made. 
‘‘(3) PUBLIC BENEFIT BOND.—For purposes of 
this subsection, the term ‘public benefit bond’ means 
any obligation issued after the date of the enactment 
of this subsection if— 
‘‘(A) 95 percent or more of the net pro-
ceeds of such obligation are used in connection 
with the financing or refinancing of one or 
more infrastructure facilities, 
‘‘(B) such obligation has received a pub-
lished rating, and 
‘‘(C) the development of such infrastruc-
ture facilities have been or will be undertaken 
by a governmental entity or public-private part-
nership, 
as such terms are defined in section 4 of the Na-
tional Infrastructure Development Act of 2007. 
‘‘(4) CERTIFICATION OF INFRASTRUCTURE FA-
CILITIES.—An issuer of an obligation of which 95 
percent or more of the net proceeds are to be used 
in connection with the financing or refinancing of 
one or more facilities may apply to the National In-
frastructure Development Corporation, in accordance 
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with such procedures as such corporation may estab-
lish, for certification that any such facility is an in-
frastructure facility (as defined in section 4 of the 
National Infrastructure Development Act of 2007). 
Certification by the Corporation shall create a pre-
sumption of such status, but shall not be binding on 
the Secretary. 
‘‘(5) LEGEND REQUIRED.—No obligation shall 
be a public benefit bond for purposes of this sub-
section unless it is designated as intended to be a 
public benefit bond on the date of issuance and 
bears a legend to such effect. 
‘‘(6) QUALIFIED RETIREMENT PLAN.—For pur-
poses of this subsection, the term ‘qualified retire-
ment plan’ means— 
‘‘(A) a qualified retirement plan (as de-
fined in section 4974(c)), and 
‘‘(B) an eligible deferred compensation 
plan (as defined in section 457(b)). 
‘‘(7) TREATMENT OF DIVIDENDS FROM MUTUAL 
FUNDS.— 
‘‘(A) IN GENERAL.—For purposes of this 
subsection, in the case of any dividend (other 
than a dividend described in section 854(a)) re-
ceived from a regulated investment company 
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which meets the requirements of section 852 for 
the taxable year in which it paid the dividend— 
‘‘(i) the entire amount of such divi-
dend shall be treated as interest on a pub-
lic benefit bond if the aggregate interest on 
such bonds received by such company dur-
ing the taxable year equals or exceeds 75 
percent of its gross income, or 
‘‘(ii) if clause (i) does not apply, a 
portion of such dividend shall be treated as 
interest on a public benefit bond based on 
the portion of the company’s gross income 
which consists of such interest. 
‘‘(B) NOTICE
TO
SHAREHOLDERS.—The 
amount of any distribution by a regulated in-
vestment company which may be taken into ac-
count as interest on a public benefit bond for 
purposes of this section shall not exceed the 
amount so designated by the company in a writ-
ten notice to its shareholders mailed not later 
than 45 days after the close of its taxable year. 
‘‘(C) GROSS
INCOME.—For purposes of 
this section, the term ‘gross income’ does not 
include gain from the sale or other disposition 
of stock or securities.’’. 
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(b) EFFECTIVE DATE.—The amendment made this 
section shall apply to distributions after the date of the 
enactment of this Act. 
SEC. 19. AUTHORIZATIONS. 
(a) APPROPRIATIONS AUTHORIZED FOR ESTABLISH-
MENT.—There is authorized to be appropriated to the Sec-
retary $30,000,000 for the purpose of facilitating the 
NIC’s initial operations. 
(b) APPROPRIATIONS AUTHORIZED FOR CONDUCT OF 
BUSINESS OF NIC.—There are authorized to be appro-
priated to the Secretary $3,000,000,000 for each of the 
fiscal years 2009 through 2012 to make the capital con-
tributions in accordance with section 9(a)(1)(A) for the 
purpose of carrying out this Act. 
(c) ESTABLISHMENT OF NIC ACCOUNT.—Before the 
transition date, the funds appropriated under subsection 
(b) shall be deposited in an account to be established in 
the Treasury of the United States to be known as the 
‘‘National Infrastructure Development Corporation Ac-
count’’, which shall be available to the Corporation, with-
out need for further appropriation and without fiscal year 
limitation, for carrying out its purposes, functions and 
powers, including the investment and reinvestment of 
these funds as permitted in this Act, and which shall not 
be subject to apportionment under subchapter II of chap-
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ter 15 of title 31, United States Code. The Secretary of 
the Treasury, in consultation with the board of directors 
of the Corporation, shall invest amounts in the account 
in public debt securities with maturities suitable to the 
needs of the account and bearing interest at rates deter-
mined by the Secretary, taking into consideration current 
market yields on outstanding marketable obligations of the 
United States of comparable maturities. 
SEC. 20. PROHIBITION ON ADDITIONAL FEDERAL ASSIST-
ANCE. 
Except as otherwise specifically provided by sections 
13 and 19, NIC shall receive no appropriations, loans, or 
other financial assistance from the Federal Government. 
SEC. 21. LIMITATION ON EXERCISING OF POWERS. 
Neither the Corporation nor the Insurance Corpora-
tion may exercise a power granted to it under this Act 
with respect to a project or activity involving a corporation 
(other than the Corporation and the Insurance Corpora-
tion) unless the corporation is incorporated under the laws 
of any State. 
Æ 
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