and interest that the borrower is obligated 
to pay under the agreement being guaran-
teed; and 
‘‘(iii) the borrower agrees to reim-
burse the Secretary for the payment (in-
cluding interest) on terms and conditions 
that are satisfactory to the Secretary. 
‘‘(D) ACTION BY ATTORNEY GENERAL.— 
‘‘(i) NOTIFICATION.—If the borrower 
defaults on an obligation, the Secretary 
shall notify the Attorney General of the de-
fault. 
‘‘(ii) RECOVERY.—On receipt of noti-
fication, the Attorney General shall take 
such action as the Attorney General deter-
mines to be appropriate to recover the un-
paid principal and interest due from— 
‘‘(I) such assets of the defaulting 
borrower as are associated with the 
obligation; or 
‘‘(II) any other security pledged 
to secure the obligation. 
‘‘(8) FEES.— 
‘‘(A) IN
GENERAL.—The Secretary shall 
charge and collect fees for guarantees in
amounts the Secretary determines are sufficient 
to cover applicable administrative expenses. 
‘‘(B) AVAILABILITY.—Fees collected under 
this paragraph shall— 
‘‘(i) be deposited by the Secretary into 
the Treasury; and 
‘‘(ii) remain available until expended, 
subject to such other conditions as are con-
tained in annual appropriations Acts. 
‘‘(9) RECORDS; AUDITS.— 
‘‘(A) IN GENERAL.—A recipient of a guar-
antee shall keep such records and other perti-
nent documents as the Secretary shall prescribe 
by regulation, including such records as the 
Secretary may require to facilitate an effective 
audit. 
‘‘(B) ACCESS.—The Secretary and the 
Comptroller General of the United States, or 
their duly authorized representatives, shall have 
access, for the purpose of audit, to the records 
and other pertinent documents. 
‘‘(10) FULL
FAITH
AND
CREDIT.—The full 
faith and credit of the United States is pledged to 
the payment of all guarantees issued under this sec-
tion with respect to principal and interest.
‘‘(d) AUTHORIZATION OF APPROPRIATIONS.—There 
are authorized to be appropriated such sums as are nec-
essary to provide the cost of guarantees under this sec-
tion.’’. 
(b) EFFICIENT HYBRID AND ADVANCED DIESEL VE-
HICLES.—Section 712(a) of the Energy Policy Act of 2005 
(42 U.S.C. 16062(a)) is amended in the second sentence 
by striking ‘‘grants to automobile manufacturers’’ and in-
serting ‘‘grants and the provision of loan guarantees under 
section 711(c) to automobile manufacturers and sup-
pliers’’. 
SEC. 208. ADVANCED TECHNOLOGY MOTOR VEHICLES MAN-
UFACTURING CREDIT. 
(a) IN GENERAL.—Subpart B of part IV of sub-
chapter A of chapter 1 of the Internal Revenue Code of 
1986 (relating to foreign tax credit, etc.) is amended by 
adding at the end the following new section: 
‘‘SEC. 30D. ADVANCED TECHNOLOGY MOTOR VEHICLES 
MANUFACTURING CREDIT. 
‘‘(a) CREDIT ALLOWED.—There shall be allowed as 
a credit against the tax imposed by this chapter for the 
taxable year an amount equal to 35 percent of so much 
of the qualified investment of an eligible taxpayer for such 
taxable year as does not exceed $50,000,000.
‘‘(b) QUALIFIED INVESTMENT.—For purposes of this 
section— 
‘‘(1) IN
GENERAL.—The qualified investment 
for any taxable year is equal to the incremental costs 
incurred during such taxable year— 
‘‘(A) to re-equip, expand, or establish any 
manufacturing facility of the eligible taxpayer 
to produce advanced technology motor vehicles 
or to produce eligible components, 
‘‘(B) for engineering integration of such 
vehicles and components as described in sub-
section (d), and 
‘‘(C) for research and development related 
to advanced technology motor vehicles and eligi-
ble components. 
‘‘(2) ATTRIBUTION RULES.—In the event a fa-
cility of the eligible taxpayer produces both advanced 
technology motor vehicles and conventional motor 
vehicles, or eligible and non-eligible components, only 
the qualified investment attributable to production 
of advanced technology motor vehicles and eligible 
components shall be taken into account. 
‘‘(c) ADVANCED TECHNOLOGY MOTOR VEHICLES 
AND ELIGIBLE COMPONENTS.—For purposes of this sec-
tion—