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(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to bonds issued after the date of 
the enactment of this Act. 
SEC. 90107. EXEMPT FACILITY BONDS FOR ZERO-EMISSION 
VEHICLE INFRASTRUCTURE. 
(a) IN GENERAL.—Section 142 is amended— 
(1) in subsection (a)— 
(A) in paragraph (14), by striking ‘‘or’’ at 
the end, 
(B) in paragraph (15), by striking the pe-
riod at the end and inserting ‘‘, or’’, and 
(C) by adding at the end the following new 
paragraph: 
‘‘(16) zero-emission vehicle infrastructure.’’, 
and 
(2) by adding at the end the following new sub-
section: 
‘‘(n) ZERO-EMISSION VEHICLE INFRASTRUCTURE.— 
‘‘(1) IN GENERAL.—For purposes of subsection 
(a)(16), the term ‘zero-emission vehicle infrastruc-
ture’ means any property (not including a building 
and its structural components) if such property is 
part of a unit which— 
‘‘(A) is used to charge or fuel zero-emis-
sions vehicles, 
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‘‘(B) is located where the vehicles are 
charged or fueled, 
‘‘(C) is of a character subject to the allow-
ance for depreciation (or amortization in lieu of 
depreciation), 
‘‘(D) is made available for use by members 
of the general public, 
‘‘(E) accepts payment by use of a credit 
card reader, and 
‘‘(F) is capable of charging or fueling vehi-
cles produced by more than one manufacturer 
(within the meaning of section 30D(d)(3)). 
‘‘(2) INCLUSION OF UTILITY SERVICE CONNEC-
TIONS, ETC.—The term ‘zero-emission vehicle infra-
structure’ shall include any utility service connec-
tions, utility panel upgrades, line extensions and 
conduit, transformer upgrades, or similar property, 
in connection with property meeting the require-
ments of paragraph (1). 
‘‘(3) ZERO-EMISSIONS
VEHICLE.—The term 
‘zero-emissions vehicle’ means— 
‘‘(A) a zero-emission vehicle as defined in 
section 88.102–94 of title 40, Code of Federal 
Regulations, or 
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‘‘(B) a vehicle that produces zero exhaust 
emissions of any criteria pollutant (or precursor 
pollutant) or greenhouse gas under any possible 
operational modes and conditions. 
‘‘(4) ZERO-EMISSIONS
VEHICLE
INFRASTRUC-
TURE
LOCATED
WITHIN
OTHER
FACILITIES
OR 
PROJECTS.—For purposes of subsection (a), any 
zero-emission vehicle infrastructure located within— 
‘‘(A) a facility or project described in sub-
section (a), or 
‘‘(B) an area adjacent to a facility or 
project described in subsection (a) that pri-
marily serves vehicles traveling to or from such 
facility or project, 
shall be treated as described in the paragraph in 
which such facility or project is described. 
‘‘(5) EXCEPTION
FOR
REFUELING
PROPERTY 
FOR
FLEET
VEHICLES.—Subparagraphs (D), (E), 
and (F) of paragraph (1) shall not apply to property 
which is part of a unit which is used exclusively by 
fleets of commercial or governmental vehicles.’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply to obligations issued after Decem-
ber 31, 2020. 
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SEC. 90108. CERTAIN WATER AND SEWAGE FACILITY BONDS 
EXEMPT FROM VOLUME CAP ON PRIVATE AC-
TIVITY BONDS. 
(a) IN GENERAL.—Section 146(g) is amended by 
striking ‘‘and’’ at the end of paragraph (3), striking the 
period at the end of paragraph (4) and inserting ‘‘, and’’, 
and inserting after paragraph (4) the following new para-
graph: 
‘‘(5) any exempt facility bond issued as part of 
an issue described in paragraph (4) or (5) of section 
142(a) if 95 percent or more of the net proceeds of 
such issue are to be used to provide facilities 
which— 
‘‘(A) will be used— 
‘‘(i) by a person who was, as of July 
1, 2020, engaged in operation of a facility 
described in such paragraph, and 
‘‘(ii) to provide service within the area 
served by such person on such date (or 
within a county or city any portion of 
which is within such area), or 
‘‘(B) will be used by a successor in interest 
to such person for the same use and within the 
same service area as described in subparagraph 
(A).’’. 
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SEC. 90109. QUALIFIED HIGHWAY OR SURFACE FREIGHT 
TRANSFER FACILITY BONDS. 
(a) 
INCREASE
IN
LIMITATION.—Section 
142(m)(2)(A) is amended by striking ‘‘$15,000,000,000’’ 
and inserting ‘‘$18,750,000,000’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply to bonds issued after the date of 
the enactment of this Act. 
SEC. 90110. APPLICATION OF DAVIS-BACON ACT REQUIRE-
MENTS WITH RESPECT TO CERTAIN EXEMPT 
FACILITY BONDS. 
(a) IN GENERAL.—Section 142(b) is amended by 
adding at the end the following new paragraph: 
‘‘(3) APPLICATION
OF
DAVIS-BACON
ACT
RE-
QUIREMENTS WITH RESPECT TO CERTAIN EXEMPT 
FACILITY BONDS.—If any proceeds of any issue are 
used for construction, alteration, or repair of any fa-
cility otherwise described in paragraph (4), (5), (15), 
or (16) of subsection (a), such facility shall be treat-
ed for purposes of subsection (a) as described in 
such paragraph only if each entity that receives such 
proceeds to conduct such construction, alteration, or 
repair agrees to comply with the provisions of sub-
chapter IV of chapter 31 of title 40, United States 
Code with respect to such construction, alteration, or 
repair.’’. 
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(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to bonds issued after the date of 
the enactment of this Act. 
Subtitle B—School Infrastructure 
Bonds 
SEC. 90111. RESTORATION OF CERTAIN QUALIFIED TAX 
CREDIT BONDS. 
(a) ALLOWANCE OF CREDIT.— 
(1) IN GENERAL.—Section 54A, as in effect be-
fore repeal by Public Law 115–97, is restored as if 
such repeal had not taken effect. 
(2) CREDIT LIMITED TO CERTAIN BONDS.—Sec-
tion 54A(d)(1), as restored by paragraph (1), is 
amended by striking subparagraphs (A), (B), and 
(C). 
(b) CREDIT ALLOWED TO ISSUER.— 
(1) IN GENERAL.—Section 6431, as in effect 
before repeal by Public Law 115–97, is restored as 
if such repeal had not taken effect. 
(2) SCHOOL
INFRASTRUCTURE
BONDS.—Sec-
tion 6431(f)(3), as restored by paragraph (1), is 
amended by inserting ‘‘any school infrastructure 
bond (as defined in section 54BB) or’’ before ‘‘any 
qualified tax credit bond’’. 
(c) QUALIFIED ZONE ACADEMY BONDS.— 
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(1) IN GENERAL.—Section 54E, as in effect be-
fore repeal by Public Law 115–97, is restored as if 
such repeal had not taken effect. 
(2) REMOVAL
OF
PRIVATE
BUSINESS
CON-
TRIBUTION
REQUIREMENT.—Section 54E, as re-
stored by paragraph (1), is amended— 
(A) in subsection (a)(3), by inserting 
‘‘and’’ at the end of subparagraph (A), by strik-
ing subparagraph (B), and by redesignating 
subparagraph (C) as subparagraph (B); 
(B) by striking subsection (b); and 
(C) in subsection (c)(1)— 
(i) by striking ‘‘and $400,000,0000’’ 
and inserting ‘‘$400,000,000’’; and 
(ii) by striking ‘‘and, except as pro-
vided’’ and all that follows through the pe-
riod at the end and inserting ‘‘, and 
$1,400,000,000 for 2020 and each year 
thereafter.’’. 
(3) CONSTRUCTION OF A PUBLIC SCHOOL FA-
CILITY.—Section 54E(d)(3)(A), as restored by para-
graph (1), is amended by striking ‘‘rehabilitating or 
repairing’’ and inserting ‘‘constructing, rehabili-
tating, retrofitting, or repairing’’. 
(d) CONFORMING AMENDMENTS.— 
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(1) So much of subpart I of part IV of sub-
chapter A of chapter 1 as precedes section 54A, as 
in effect before repeal by Public Law 115–97, is re-
stored as if such repeal had not taken effect. 
(2) The table of sections for such subpart I, as 
restored by paragraph (1), is amended by striking 
the items relating to sections 54B, 54C, 54D, and 
54F. 
(e) EFFECTIVE DATE.—The amendments made by 
this section shall apply to obligations issued after Decem-
ber 31, 2020. 
SEC. 90112. SCHOOL INFRASTRUCTURE BONDS. 
(a) IN GENERAL.—Part IV of subchapter A of chap-
ter 1 is amended by inserting after subpart I (as restored 
by section 90111) the following new subpart: 
‘‘Subpart J—School Infrastructure Bonds 
‘‘Sec. 54BB. School infrastructure bonds. 
‘‘SEC. 54BB. SCHOOL INFRASTRUCTURE BONDS. 
‘‘(a) IN GENERAL.—If a taxpayer holds a school in-
frastructure bond on one or more interest payment dates 
of the bond during any taxable year, there shall be allowed 
as a credit against the tax imposed by this chapter for 
the taxable year an amount equal to the sum of the credits 
determined under subsection (b) with respect to such 
dates. 
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‘‘(b) AMOUNT OF CREDIT.—The amount of the credit 
determined under this subsection with respect to any in-
terest payment date for a school infrastructure bond is 
100 percent of the amount of interest payable by the 
issuer with respect to such date. 
‘‘(c) LIMITATION BASED ON AMOUNT OF TAX.— 
‘‘(1) IN GENERAL.—The credit allowed under 
subsection (a) for any taxable year shall not exceed 
the excess of— 
‘‘(A) the sum of the regular tax liability 
(as defined in section 26(b)) plus the tax im-
posed by section 55, over 
‘‘(B) the sum of the credits allowable 
under this part (other than subpart C and this 
subpart). 
‘‘(2) CARRYOVER OF UNUSED CREDIT.—If the 
credit allowable under subsection (a) exceeds the 
limitation imposed by paragraph (1) for such taxable 
year, such excess shall be carried to the succeeding 
taxable year and added to the credit allowable under 
subsection (a) for such taxable year (determined be-
fore the application of paragraph (1) for such suc-
ceeding taxable year). 
‘‘(d) SCHOOL INFRASTRUCTURE BOND.— 
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‘‘(1) IN GENERAL.—For purposes of this sec-
tion, the term ‘school infrastructure bond’ means 
any bond issued as part of an issue if— 
‘‘(A) 100 percent of the available project 
proceeds of such issue are to be used for the 
purposes described in section 70112 of the 
Moving Forward Act, 
‘‘(B) the interest on such obligation would 
(but for this section) be excludable from gross 
income under section 103, 
‘‘(C) the issue meets the requirements of 
paragraph (3), and 
‘‘(D) the issuer designates such bond for 
purposes of this section. 
‘‘(2) APPLICABLE RULES.—For purposes of ap-
plying paragraph (1)— 
‘‘(A) for purposes of section 149(b), a 
school infrastructure bond shall not be treated 
as federally guaranteed by reason of the credit 
allowed under section 6431(a), 
‘‘(B) for purposes of section 148, the yield 
on a school infrastructure bond shall be deter-
mined without regard to the credit allowed 
under subsection (a), and 
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‘‘(C) a bond shall not be treated as a 
school infrastructure bond if the issue price has 
more than a de minimis amount (determined 
under rules similar to the rules of section 
1273(a)(3)) of premium over the stated prin-
cipal amount of the bond. 
‘‘(3) 6-YEAR EXPENDITURE PERIOD.— 
‘‘(A) IN
GENERAL.—An issue shall be 
treated as meeting the requirements of this 
paragraph if, as of the date of issuance, the 
issuer reasonably expects 100 percent of the 
available project proceeds to be spent for pur-
poses described in section 70112 of the Moving 
Forward Act within the 6-year period beginning 
on such date of issuance. 
‘‘(B) 
FAILURE
TO
SPEND
REQUIRED 
AMOUNT
OF
BOND
PROCEEDS
WITHIN
YEARS.—To the extent that less than 100 per-
cent of the available project proceeds of the 
issue are expended at the close of the period de-
scribed in subparagraph (A) with respect to 
such issue, the issuer shall redeem all of the 
nonqualified bonds within 90 days after the end 
of such period. For purposes of this paragraph, 
the amount of the nonqualified bonds required 
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the previous fiscal year relative to the total such 
amount received by all local educational agen-
cies in for the most recent fiscal year ending 
before such calendar year. 
‘‘(B) CERTAIN POSSESSIONS.—One-half of 
1 percent of the amount of the limitation appli-
cable under subsection (f) for any calendar year 
shall be allocated by the Secretary to posses-
sions of the United States other than Puerto 
Rico for such calendar year. 
‘‘(2) ALLOCATIONS TO SCHOOLS.—The limita-
tion amount allocated to a State or possession under 
paragraph (1) shall be allocated by the State edu-
cational agency (or such other agency as is author-
ized under State law to make such allocation) to 
issuers within such State or possession in accord-
ance with the priorities described in section 
70111(c) of the Moving Forward Act and the eligi-
bility requirements described in section 70111(b) of 
such Act, except that paragraph (1)(C) of such sec-
tion shall not apply to the determination of eligibility 
for such allocation. 
‘‘(3) ALLOCATIONS FOR INDIAN SCHOOLS.— 
‘‘(A) IN GENERAL.—One-half of 1 percent 
of the amount of the limitation applicable under 
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subsection (f) for any calendar year shall be al-
located by the Secretary to the Secretary of the 
Interior for schools funded by the Bureau of In-
dian Affairs for such calendar year. 
‘‘(B) ALLOCATION TO SCHOOLS.—The lim-
itation amount allocated to the Secretary of the 
Interior under paragraph (1) shall be allocated 
by such Secretary to issuers or schools funded 
as described in paragraph (2). In the case of 
amounts allocated under the preceding sen-
tence, Indian tribal governments (as defined in 
section 7701(a)(40)) shall be treated as quali-
fied issuers for purposes of this subchapter. 
‘‘(4) DIGITAL LEARNING.—Up to 10 percent of 
the limitation amount allocated under paragraph (1) 
or (3)(A) may be allocated by the State to issuers 
within such State to carry out activities to improve 
digital learning in accordance with section 70112(b) 
of the Moving Forward Act. 
‘‘(h) INTEREST PAYMENT DATE.—For purposes of 
this section, the term ‘interest payment date’ means any 
date on which the holder of record of the school infrastruc-
ture bond is entitled to a payment of interest under such 
bond. 
‘‘(i) SPECIAL RULES.— 
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‘‘(1) INTEREST ON SCHOOL INFRASTRUCTURE 
BONDS
INCLUDIBLE
IN
GROSS
INCOME
FOR
FED-
ERAL INCOME TAX PURPOSES.—For purposes of this 
title, interest on any school infrastructure bond shall 
be includible in gross income. 
‘‘(2) APPLICATION OF CERTAIN RULES.—Rules 
similar to the rules of subsections (f), (g), (h), and 
(i) of section 54A shall apply for purposes of the 
credit allowed under subsection (a).’’. 
(b) TRANSITIONAL
COORDINATION
WITH
STATE 
LAW.—Except as otherwise provided by a State after the 
date of the enactment of this Act, the interest on any 
school infrastructure bond (as defined in section 54BB of 
the Internal Revenue Code of 1986, as added by this sec-
tion) and the amount of any credit determined under such 
section with respect to such bond shall be treated for pur-
poses of the income tax laws of such State as being exempt 
from Federal income tax. 
(c) APPLICATION OF CERTAIN LABOR STANDARDS 
TO PROJECTS FINANCED WITH CERTAIN TAX-FAVORED 
BONDS.— 
(1) IN GENERAL.—Subchapter IV of chapter 31 
of the title 40, United States Code, shall apply to 
projects financed with the proceeds of— 
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(A) any school infrastructure bond (as de-
fined in section 54BB of the Internal Revenue 
Code of 1986); and 
(B) any qualified zone academy bond (as 
defined in section 54E of the Internal Revenue 
Code of 1986) issued after the date of the en-
actment of the American Recovery and Rein-
vestment Tax Act of 2009. 
(2) CONFORMING AMENDMENT.—Section 1601 
of the American Recovery and Reinvestment Tax 
Act of 2009 is amended by striking paragraph (3) 
and redesignating paragraphs (4) and (5) as para-
graphs (3) and (4), respectively. 
(d) CLERICAL AMENDMENTS.—The table of subparts 
for part IV of subchapter A of chapter 1 is amended by 
adding at the end the following: 
‘‘SUBPART J—SCHOOL INFRASTRUCTURE BONDS’’. 
(e) EFFECTIVE DATE.—The amendments made by 
this section shall apply to obligations issued after Decem-
ber 31, 2020. 
SEC. 90113. ANNUAL REPORT ON BOND PROGRAM. 
(a) IN GENERAL.—Not later than September 30 of 
each fiscal year beginning after the date of the enactment 
of this Act, the Secretary of the Treasury shall submit 
to the appropriate congressional committees a report on 
the school infrastructure bond program. 
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(b) ELEMENTS.—The report under paragraph (1) 
shall include, with respect to the fiscal year preceding the 
year in which the report is submitted, the following: 
(1) An identification of— 
(A) each local educational agency that re-
ceived funds from a school infrastructure bond; 
and 
(B) each local educational agency that was 
eligible to receive such funds— 
(i) but did not receive such funds; or 
(ii) received less than the maximum 
amount of funds for which the agency was 
eligible. 
(2) With respect to each local educational agen-
cy described in paragraph (1)— 
(A) an assessment of the capacity of the 
agency to raise funds for the long-term im-
provement of public school facilities, as deter-
mined by an assessment of— 
(i) the current and historic ability of 
the agency to raise funds for construction, 
renovation, modernization, and major re-
pair projects for schools, including the abil-
ity of the agency to raise funds through 
imposition of property taxes; 
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(ii) whether the agency has been able 
to issue bonds to fund construction 
projects, including— 
(I) qualified zone academy bonds 
under section 54E of the Internal 
Revenue Code of 1986; and 
(II) school infrastructure bonds 
under section 54BB of the Internal 
Revenue Code of 1986; and 
(iii) the bond rating of the agency; 
(B) the demographic composition of the 
student population served by the agency, 
disaggregated by— 
(i) race; 
(ii) the number and percentage of stu-
dents counted under section 1124(c) of the 
Elementary and Secondary Education Act 
of 1965 (20 U.S.C. 6333(c)); and 
(iii) the number and percentage of 
students who are eligible for a free or re-
duced price lunch under the Richard B. 
Russell National School Lunch Act (42 
U.S.C. 1751 et seq.); 
(C) the population density of the geo-
graphic area served by the agency; 
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(D) a description of the projects carried 
out with funds received from school infrastruc-
ture bonds; 
(E) a description of the demonstrable or 
expected benefits of the projects; and 
(F) the estimated number of jobs created 
by the projects. 
(3) The total dollar amount of all funds re-
ceived by local educational agencies from school in-
frastructure bonds. 
(4) Any other factors that the Secretary of the 
Treasury determines to be appropriate. 
(c) INFORMATION COLLECTION.—A State or local 
educational agency that receives funds from a school infra-
structure bond shall— 
(1) annually compile the information necessary 
for the Secretary of the Treasury to determine the 
elements described in subsection (b); and 
(2) report the information to the Secretary of 
the Treasury at such time and in such manner as 
the Secretary of the Treasury may require. 
SEC. 90114. EXAMINING LOAN MODIFICATIONS TO THE 
HBCU CAPITAL FINANCING PROGRAM. 
Not later than 180 days after the date of enactment 
of this Act, the Secretary of Education shall report to the 
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Committee on Education and Labor of the House of Rep-
resentatives and the Committee on Health, Education, 
Labor, and Pensions of the Senate the results of an anal-
ysis to determine the potential benefits and costs of offer-
ing loan modifications under the HBCU Capital Financ-
ing Program under part D of title III of the Higher Edu-
cation Act of 1965 (20 U.S.C. 1066 et seq.) as described 
in the report entitled ‘‘Action Needed to Improve Partici-
pation in Education’s HBCU Capital Financing Program’’ 
published by Government Accountability Office in June 
2018 (GAO–18–455). 
Subtitle C—Other Provisions Re-
lated to Infrastructure Financ-
ing 
SEC. 90121. CREDIT FOR OPERATIONS AND MAINTENANCE 
COSTS 
OF 
GOVERNMENT-OWNED 
BROADBAND. 
(a) IN GENERAL.—Subchapter B of chapter 65, as 
amended by the preceding provisions of this Act, is amend-
ed by adding at the end the following new section: 
‘‘SEC. 6431B. CREDIT FOR OPERATIONS AND MAINTENANCE 
COSTS 
OF 
GOVERNMENT-OWNED 
BROADBAND. 
‘‘(a) IN GENERAL.—In the case of any eligible gov-
ernmental entity, there shall be allowed a credit equal to 
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the applicable percentage of the qualified broadband ex-
penses paid or incurred by such entity during the taxable 
year which credit shall be payable by the Secretary as pro-
vided in subsection (b). 
‘‘(b) PAYMENT OF CREDIT.—Upon receipt from an 
eligible governmental entity of such information as the 
Secretary may require for purposes of carrying out this 
section, the Secretary shall pay to such entity the amount 
of the credit determined under subsection (a) for the tax-
able year. 
‘‘(c) 
LIMITATION.—The 
amount 
of 
qualified 
broadband expenses taken into account under this section 
for any taxable year with respect to any qualified 
broadband network shall not exceed the product of $400 
multiplied by the number of qualified households sub-
scribed to the qualified broadband service provided by 
such network (determined as of any time during such tax-
able year). 
‘‘(d) DEFINITIONS.—For purposes of this section— 
‘‘(1) APPLICABLE
PERCENTAGE.—The term 
‘applicable percentage’ means— 
‘‘(A) in the case of any taxable year begin-
ning in 2020 through 2025, 30 percent, 
‘‘(B) in the case of any taxable year begin-
ning in 2026, 26 percent, and 
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‘‘(C) in the case of any taxable year begin-
ning in 2027, 24 percent. 
‘‘(2) ELIGIBLE GOVERNMENTAL ENTITY.—The 
term ‘eligible governmental entity’ means— 
‘‘(A) any State, local, or Indian tribal gov-
ernment, 
‘‘(B) any political subdivision or instru-
mentality of any government described in sub-
paragraph (A), and 
‘‘(C) any entity wholly owned by one or 
more entities described in subparagraph (A) or 
(B). 
For purposes of this paragraph, the term ‘State’ in-
cludes any possession of the United States. 
‘‘(3) QUALIFIED BROADBAND EXPENSES.—The 
term ‘qualified broadband expenses’ means so much 
of the amounts paid or incurred for the operation 
and maintenance of a qualified broadband network 
as are properly allocable to qualified households sub-
scribed to the qualified broadband service provided 
by such network. 
‘‘(4) 
QUALIFIED
HOUSEHOLD.—The 
term 
‘qualified household’ means a personal residence 
which— 
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‘‘(A) is located in a low-income community 
(as defined in section 45D(e)), and 
‘‘(B) did not have access to qualified 
broadband service from the eligible govern-
mental entity (determined as of the beginning 
of the taxable year of such entity). 
‘‘(5) QUALIFIED BROADBAND NETWORK.—The 
term ‘qualified broadband network’ means property 
owned by an eligible governmental entity and used 
for the purpose of providing qualified broadband 
service. 
‘‘(6) QUALIFIED
BROADBAND
SERVICE.—The 
term ‘qualified broadband service’ means fixed, ter-
restrial broadband service providing downloads at a 
speed of at least 25 megabits per second and 
uploads at a speed of at least 3 megabits per second. 
‘‘(7) TAXABLE YEAR.—Except as otherwise pro-
vided by the Secretary, the term ‘taxable year’ 
means, with respect to any eligible governmental en-
tity, the fiscal year of such entity. 
‘‘(e) SPECIAL RULES.— 
‘‘(1) ALLOCATIONS.—For purposes of sub-
section (d)(3), amounts shall be treated as properly 
allocated if allocated ratably among the subscribers 
of the qualified broadband service. 
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‘‘(2) DENIAL OF DOUBLE BENEFIT.—Qualified 
broadband expenses shall not include any amount 
which is paid or reimbursed (directly or indirectly) 
by any grant from the Federal Government. 
‘‘(f) REGULATIONS.—The Secretary may prescribe 
such regulations and other guidance as may be necessary 
or appropriate to carry out this section. 
‘‘(g) TERMINATION.—No credit shall be allowed 
under this section for any taxable year beginning after De-
cember 31, 2027.’’. 
(b) PAYMENTS MADE UNDER SECTION 6431B(b) OF 
THE
INTERNAL
REVENUE
CODE
OF
1986.—Section 
255(h) of the Balanced Budget and Emergency Deficit 
Control Act of 1985 (2 U.S.C. 905(h)) is amended by in-
serting: ‘‘Payments made under section 6431B(b) of the 
Internal Revenue Code of 1986’’ after the item related to 
Payments for Foster Care and Permanency. 
(c) CONFORMING AMENDMENTS.— 
(1) Section 1324(b)(2) of title 31, United 
States Code, is amended by striking ‘‘or 6431A’’ 
and inserting ‘‘6431A, or 6431B’’. 
(2) The table of sections for subchapter B of 
chapter 65, as amended by the preceding provisions 
of this Act, is amended by adding at the end the fol-
lowing new item: 
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‘‘Sec. 6431B. Credit for operations and maintenance costs of government- 
owned broadband.’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2019. 
SEC. 90122. TREATMENT OF FINANCIAL GUARANTY INSUR-
ANCE COMPANIES AS QUALIFYING INSUR-
ANCE CORPORATIONS UNDER PASSIVE FOR-
EIGN INVESTMENT COMPANY RULES. 
(a) IN GENERAL.—Section 1297(f)(3) is amended by 
adding at the end the following new subparagraph: 
‘‘(C) SPECIAL RULE FOR FINANCIAL GUAR-
ANTY INSURANCE COMPANIES.— 
‘‘(i) IN
GENERAL.—Notwithstanding 
subparagraphs (A)(ii) and (B), the applica-
ble insurance liabilities of a financial guar-
anty insurance company shall include its 
unearned premium reserves if— 
‘‘(I) such company is prohibited 
under generally accepted accounting 
principles from reporting on its appli-
cable financial statements reserves for 
losses and loss adjustment expenses 
with respect to a financial guaranty 
insurance or reinsurance contract ex-
cept to the extent that such reserve 
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amounts are expected to exceed the 
unearned premium reserves on the 
contract, 
‘‘(II) the applicable financial 
statement of such company reports fi-
nancial guaranty exposure of at least 
15-to-1, and 
‘‘(III) such company includes in 
its insurance liabilities only its un-
earned premium reserves relating to 
insurance written or assumed that is 
within the single risk limits set forth 
in subsection (D) of section 4 of the 
Financial Guaranty Insurance Guide-
line (modified by using total share-
holder’s equity as reported on the ap-
plicable financial statement of the 
company rather than aggregate of the 
surplus to policyholders and contin-
gency reserves). 
‘‘(ii) FINANCIAL
GUARANTY
INSUR-
ANCE
COMPANY.—For purposes of this 
subparagraph, the term ‘financial guaranty 
insurance company’ means any insurance 
company the sole business of which is writ-
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ing or reinsuring financial guaranty insur-
ance (as defined in subsection (A) of sec-
tion 1 of the Financial Guaranty Insurance 
Guideline) which is permitted under sub-
section (B) of section 4 of such Guideline. 
‘‘(iii) FINANCIAL
GUARANTY
EXPO-
SURE.—For purposes of this subpara-
graph, the term ‘financial guaranty expo-
sure’ means the ratio of— 
‘‘(I) the net debt service out-
standing insured or reinsured by the 
company that is within the single risk 
limits set forth in the Financial Guar-
anty Insurance Guideline (as reported 
on such company’s applicable financial 
statement), to 
‘‘(II) the company’s total assets 
(as so reported). 
‘‘(iv) FINANCIAL
GUARANTY
INSUR-
ANCE
GUIDELINE.—For purposes of this 
subparagraph— 
‘‘(I) IN
GENERAL.—The term 
‘Financial Guaranty Insurance Guide-
line’ means the October 2008 model 
regulation that was adopted by the 
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National Association of Insurance 
Commissioners on December 4, 2007. 
‘‘(II) DETERMINATIONS MADE BY 
SECRETARY.—The determination of 
whether any provision of the Financial 
Guaranty Insurance Guideline has 
been satisfied shall be made by the 
Secretary.’’. 
(b) 
REPORTING
OF
CERTAIN
ITEMS.—Section 
1297(f)(4) is amended by adding at the end the following 
new subparagraph: 
‘‘(C) CLARIFICATION THAT CERTAIN ITEMS 
ON
APPLICABLE
FINANCIAL
STATEMENT
BE 
SEPARATELY
REPORTED
WITH
RESPECT
TO 
CORPORATION.—An amount described in para-
graph (1)(B) or clause (i)(II), (i)(III), (iii)(I), 
or (iii)(II) of paragraph (3)(C) shall not be 
treated as reported on an applicable financial 
statement for purposes of this section unless 
such amount is separately reported on such 
statement with respect to the corporation re-
ferred to in paragraph (1). 
‘‘(D) AUTHORITY OF SECRETARY TO RE-
QUIRE REPORTING.— 
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‘‘(i) 
IN
GENERAL.—Each 
United 
States person who owns an interest in a 
specified non-publicly traded foreign cor-
poration and who takes the position that 
such corporation is not a passive foreign 
investment company shall report to the 
Secretary such information with respect to 
such corporation as the Secretary may re-
quire. 
‘‘(ii) SPECIFIED NON-PUBLICLY TRAD-
ED FOREIGN CORPORATION.—For purposes 
of this subparagraph, the term ‘specified 
non-publicly traded foreign corporation’ 
means any foreign corporation— 
‘‘(I) which would be a passive 
foreign investment company if sub-
section (b)(2)(B) did not apply, and 
‘‘(II) no interest in which is trad-
ed on an established securities mar-
ket.’’. 
(c) EFFECTIVE DATE.— 
(1) IN
GENERAL.—Except as otherwise pro-
vided in this subsection, the amendments made by 
this section shall take effect as if included in section 
14501 of Public Law 115–97. 
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(2) REPORTING.—The amendment made by 
subsection (b) shall apply to reports made after the 
date of the enactment of this Act. 
SEC. 90123. INFRASTRUCTURE GRANTS TO IMPROVE CHILD 
CARE SAFETY. 
(a) IN GENERAL.—Part A of title IV of the Social 
Security Act (42 U.S.C. 601 et seq.) is amended by insert-
ing after section 418 the following: 
‘‘SEC. 418A. INFRASTRUCTURE GRANTS TO IMPROVE CHILD 
CARE SAFETY. 
‘‘(a) SHORT TITLE.—This section may be cited as the 
‘Infrastructure Grants To Improve Child Care Safety Act 
of 2020’. 
‘‘(b) NEEDS ASSESSMENTS.— 
‘‘(1) IMMEDIATE NEEDS ASSESSMENT.— 
‘‘(A) IN
GENERAL.—The Secretary shall 
conduct an immediate needs assessment of the 
condition of child care facilities throughout the 
United States (with priority given to child care 
facilities that receive Federal funds), that— 
‘‘(i) determines the extent to which 
the COVID–19 pandemic has created im-
mediate infrastructure needs, including in-
frastructure-related 
health 
and 
safety 
needs, which must be addressed for child 
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care facilities to operate in compliance with 
public health guidelines; 
‘‘(ii) considers the effects of the pan-
demic on a variety of child care centers, in-
cluding home-based centers; and 
‘‘(iii) considers how the pandemic has 
impacted specific metrics, such as— 
‘‘(I) capacity; 
‘‘(II) investments in infrastruc-
ture changes; 
‘‘(III) the types of infrastructure 
changes centers need to implement 
and their associated costs; 
‘‘(IV) the price of tuition; and 
‘‘(V) any changes or anticipated 
changes in the number and demo-
graphic of children attending. 
‘‘(B) TIMING.—The immediate needs as-
sessment should occur simultaneously with the 
first grant-making cycle under subsection (c). 
‘‘(C) REPORT.—Not later than 1 year 
after the date of the enactment of this section, 
the Secretary shall submit to the Congress a re-
port containing the result of the needs assess-
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ment conducted under subparagraph (A), and 
make the assessment publicly available. 
‘‘(2) LONG-TERM NEEDS ASSESSMENT.— 
‘‘(A) IN
GENERAL.—The Secretary shall 
conduct a long-term assessment of the condition 
of child care facilities throughout the United 
States (with priority given to child care facili-
ties that receive Federal funds). The assess-
ment may be conducted through representative 
random sampling. 
‘‘(B) REPORT.—Not later than 4 years 
after the date of the enactment of this section, 
the Secretary shall submit to the Congress a re-
port containing the results of the needs assess-
ment conducted under subparagraph (A), and 
make the assessment publicly available. 
‘‘(c) CHILD CARE FACILITIES GRANTS.— 
‘‘(1) GRANTS TO STATES.— 
‘‘(A) IN
GENERAL.—The Secretary may 
award grants to States for the purpose of ac-
quiring, constructing, renovating, or improving 
child care facilities, including adapting, re-
configuring, or expanding facilities to respond 
to the COVID–19 pandemic. 
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‘‘(B) PRIORITIZED FACILITIES.—The Sec-
retary may not award a grant to a State under 
subparagraph (A) unless the State involved 
agrees, with respect to the use of grant funds, 
to prioritize— 
‘‘(i) child care facilities primarily serv-
ing low-income populations; 
‘‘(ii) child care facilities primarily 
serving children who have not attained the 
age of 5 years; 
‘‘(iii) child care facilities that closed 
during the COVID–19 pandemic and are 
unable to open without making modifica-
tions to the facility that would otherwise be 
required to ensure the health and safety of 
children and staff; and 
‘‘(iv) child care facilities that serve the 
children of parents classified as essential 
workers during the COVID–19 pandemic. 
‘‘(C) DURATION
OF
GRANTS.—A grant 
under this subsection shall be awarded for a pe-
riod of not more than 5 years. 
‘‘(D) APPLICATION.—To seek a grant 
under this subsection, a State shall submit to 
the Secretary an application at such time, in 
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such manner, and containing such information 
as the Secretary may require, which informa-
tion shall— 
‘‘(i) be disaggregated as the Secretary 
may require; and 
‘‘(ii) include a plan to use a portion of 
the grant funds to report back to the Sec-
retary on the impact of using the grant 
funds to improve child care facilities. 
‘‘(E) PRIORITY.—In selecting States for 
grants under this subsection, the Secretary 
shall prioritize States that— 
‘‘(i) plan to improve center-based and 
home-based child care programs, which 
may include a combination of child care 
and early Head Start or Head Start pro-
grams; 
‘‘(ii) aim to meet specific needs across 
urban, suburban, or rural areas as deter-
mined by the State; and 
‘‘(iii) show evidence of collaboration 
with— 
‘‘(I) local government officials; 
‘‘(II) other State agencies; 
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‘‘(III) nongovernmental organiza-
tions, such as— 
‘‘(aa) organizations within 
the philanthropic community; 
‘‘(bb) certified community 
development financial institutions 
as defined in section 103 of the 
Community Development Bank-
ing and Financial Institutions 
Act of 1994 (12 U.S.C. 4702) 
that have been certified by the 
Community Development Finan-
cial Institutions Fund (12 U.S.C. 
4703); and 
‘‘(cc) 
organizations 
that 
have 
demonstrated 
experience 
in— 
‘‘(AA) providing tech-
nical or financial assistance 
for the acquisition, construc-
tion, renovation, or improve-
ment of child care facilities; 
‘‘(BB) providing tech-
nical, financial, or manage-
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rial assistance to child care 
providers; and 
‘‘(CC) securing private 
sources of capital financing 
for child care facilities or 
other low-income community 
development projects; and 
‘‘(IV) local community organiza-
tions, such as— 
‘‘(aa) child care providers; 
‘‘(bb) community care agen-
cies; 
‘‘(cc) resource and referral 
agencies; and 
‘‘(dd) unions. 
‘‘(F) CONSIDERATION.—In selecting States 
for grants under this subsection, the Secretary 
shall consider— 
‘‘(i) whether the applicant— 
‘‘(I) has or is developing a plan 
to address child care facility needs; 
and 
‘‘(II) demonstrates the capacity 
to execute such a plan; and 
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‘‘(ii) after the date the report required 
by subsection (b)(1)(C) is submitted to the 
Congress, the needs of the applicants 
based on the results of the assessment. 
‘‘(G) DIVERSITY OF AWARDS.—In award-
ing grants under this section, the Secretary 
shall give equal consideration to States with 
varying capacities under subparagraph (F). 
‘‘(H) MATCHING REQUIREMENT.— 
‘‘(i) IN GENERAL.—As a condition for 
the receipt of a grant under subparagraph 
(A), a State that is not an Indian tribe 
shall agree to make available (directly or 
through donations from public or private 
entities) contributions with respect to the 
cost of the activities to be carried out pur-
suant to subparagraph (A), which may be 
provided in cash or in kind, in an amount 
equal to 10 percent of the funds provided 
through the grant. 
‘‘(ii) DETERMINATION
OF
AMOUNT 
CONTRIBUTED.—Contributions required by 
clause (i) may include— 
‘‘(I) amounts provided by the 
Federal Government, or services as-
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sisted or subsidized to any significant 
extent by the Federal Government; or 
‘‘(II) philanthropic or private-sec-
tor funds. 
‘‘(I) REPORT.—Not later than 6 months 
after the last day of the grant period, a State 
receiving a grant under this paragraph shall 
submit a report to the Secretary as described in 
subparagraph (D)— 
‘‘(i) to determine the effects of the 
grant in constructing, renovating, or im-
proving child care facilities, including any 
changes in response to the COVID–19 
pandemic and any effects on access to and 
quality of child care; and 
‘‘(ii) to provide such other information 
as the Secretary may require. 
‘‘(J) AMOUNT LIMIT.—The annual amount 
of a grant under this paragraph may not exceed 
$35,000,000. 
‘‘(2) GRANTS
TO
INTERMEDIARY
ORGANIZA-
TIONS.— 
‘‘(A) IN
GENERAL.—The Secretary may 
award grants to intermediary organizations, 
such as certified community development finan-
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cial institutions, tribal organizations, or other 
organizations with demonstrated experience in 
child care facilities financing, for the purpose of 
providing technical assistance, capacity build-
ing, and financial products to develop or finance 
child care facilities. 
‘‘(B) APPLICATION.—A grant under this 
paragraph may be made only to intermediary 
organizations that submit to the Secretary an 
application at such time, in such manner, and 
containing such information as the Secretary 
may require. 
‘‘(C) PRIORITY.—In selecting intermediary 
organizations for grants under this subsection, 
the Secretary shall prioritize intermediary orga-
nizations that— 
‘‘(i) demonstrate experience in child 
care facility financing or related commu-
nity facility financing; 
‘‘(ii) demonstrate the capacity to as-
sist States and local governments in devel-
oping child care facilities and programs; 
‘‘(iii) demonstrate the ability to lever-
age grant funding to support financing 
tools to build the capacity of child care 
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providers, such as through credit enhance-
ments; 
‘‘(iv) propose to meet a diversity of 
needs across States and across urban, sub-
urban, and rural areas at varying types of 
center-based, home-based, and other child 
care settings, including early care pro-
grams located in freestanding buildings or 
in mixed-use properties; and 
‘‘(v) propose to focus on child care fa-
cilities primarily serving low-income popu-
lations and children who have not attained 
the age of 5 years. 
‘‘(D) AMOUNT LIMIT.—The amount of a 
grant under this paragraph may not exceed 
$10,000,000. 
‘‘(3) LABOR STANDARDS FOR ALL GRANTS.— 
The Secretary shall require that each entity, includ-
ing grantees and subgrantees, that applies for an in-
frastructure grant for constructing, renovating, or 
improving child care facilities, including adapting, 
reconfiguring, or expanding such facilities, which is 
funded in whole or in part under this section, shall 
include in its application written assurance that all 
laborers and mechanics employed by contractors or 
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subcontractors in the performance of construction, 
alternation or repair, as part of such project, shall 
be paid wages at rates not less than those prevailing 
on similar work in the locality as determined by the 
Secretary of Labor in accordance with subchapter 
IV of chapter 31 of part A of subtitle II of title 40, 
United States Code (commonly referred to as the 
‘Davis-Bacon Act’), and with respect to the labor 
standards specified in such subchapter the Secretary 
of Labor shall have the authority and functions set 
forth in Reorganization Plan Numbered 14 of 1950 
(15 Fed. Reg. 3176; 5 U.S.C. App.) and section 2 
of the Act of June 13, 1934 (40 U.S.C. 276c). 
‘‘(4) REPORT.—Not later than the end of fiscal 
year 2024, the Secretary shall submit to the Con-
gress a report on the effects of the grants provided 
under this subsection, and make the report pub-
lically accessible. 
‘‘(d) LIMITATIONS ON AUTHORIZATION OF APPRO-
PRIATIONS.— 
‘‘(1) IN GENERAL.—To carry out this section, 
there 
is 
authorized 
to 
be 
appropriated 
$10,000,000,000 for fiscal year 2020, which shall 
remain available through fiscal year 2024. 
‘‘(2) RESERVATIONS OF FUNDS.— 
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‘‘(A) INDIAN TRIBES.—The Secretary shall 
reserve 3 percent of the total amount made 
available to carry out this section, for payments 
to Indian tribes. 
‘‘(B) TERRITORIES.—The Secretary shall 
reserve 3 percent of the total amount made 
available to carry out this section, for payments 
to territories. 
‘‘(3) GRANTS
FOR
INTERMEDIARY
ORGANIZA-
TIONS.—Not less than 10 percent and not more 
than 15 percent of the total amount made available 
to carry out this section may be used to carry out 
subsection (c)(2). 
‘‘(4) LIMITATION
ON
USE
OF
FUNDS
FOR 
NEEDS ASSESSMENTS.—Not more than $5,000,000 
of the amounts made available to carry out this sec-
tion may be used to carry out subsection (b). 
‘‘(5) LABOR STANDARDS FOR ALL GRANTS.— 
The Secretary of Health and Human Services shall 
require that each entity, including grantees and sub-
grantees, that applies for an infrastructure grant for 
constructing, renovating, or improving child care fa-
cilities, including adapting, reconfiguring, or expand-
ing such facilities, which is funded in whole or in 
part under this section, shall include in its applica-
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tion written assurance that all laborers and mechan-
ics employed by contractors or subcontractors in the 
performance of construction, alternation or repair, 
as part of such project, shall be paid wages at rates 
not less than those prevailing on similar work in the 
locality as determined by the Secretary of Labor in 
accordance with subchapter IV of chapter 31 of part 
A of subtitle II of title 40, United States Code (com-
monly referred to as the ‘Davis-Bacon Act’), and 
with respect to the labor standards specified in such 
subchapter the Secretary of Labor shall have the au-
thority and functions set forth in Reorganization 
Plan Numbered 14 of 1950 (15 Fed. Reg. 3176; 5 
U.S.C. App.) and section 2 of the Act of June 13, 
1934 (40 U.S.C. 276c). 
‘‘(e) DEFINITION OF STATE.—In this section, the 
term ‘State’ has the meaning provided in section 419, ex-
cept that it includes the Commonwealth of the Northern 
Mariana Islands and any Indian tribe.’’. 
(b) EXEMPTION OF TERRITORY GRANTS FROM LIMI-
TATION ON TOTAL PAYMENTS TO THE TERRITORIES.— 
Section 1108(a)(2) of such Act (42 U.S.C. 1308(a)(2)) 
is amended by inserting ‘‘418A(c),’’ after ‘‘413(f),’’. 
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TITLE II—NEW MARKETS TAX 
CREDIT 
SEC. 90201. IMPROVEMENT AND PERMANENT EXTENSION 
OF NEW MARKETS TAX CREDIT. 
(a) PERMANENT EXTENSION.— 
(1) IN GENERAL.—Section 45D(f)(1) is amend-
ed by striking subparagraphs (G) and (H) and in-
serting the following new subparagraphs: 
‘‘(G) $3,500,000,000 for each of calendar 
years 2010 through 2018, 
‘‘(H) $4,000,000,000 for calendar year 
2019, 
‘‘(I) $7,000,000,000 for calendar year 
2020, 
‘‘(J) $6,000,000,000 for calendar year 
2021, and 
‘‘(K) $5,000,000,000 for calendar year 
2022 and each calendar year thereafter.’’. 
(2) INFLATION ADJUSTMENT.—Section 45D(f) 
is amended 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 2022, the dollar 
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amount in paragraph (1)(I) 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-
endar year, determined by substituting 
‘calendar year 2021’ for ‘calendar year 
2016’ in subparagraph (A)(ii) 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.’’. 
(3) 
CONFORMING
AMENDMENT.—Section 
45D(f)(3) is amended by striking the last sentence. 
(b) ALTERNATIVE MINIMUM TAX RELIEF.—Sub-
paragraph (B) of section 38(c)(4) is amended— 
(1) by redesignating clauses (v) through (xii) as 
clauses (vi) through (xiii), 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 after December 31, 2020,’’. 
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(c) EFFECTIVE DATES.— 
(1) IN
GENERAL.—Except as otherwise pro-
vided in this subsection, the amendments made by 
this section shall apply to new markets tax credit 
limitation determined for calendar years after 2020. 
(2) ALTERNATIVE MINIMUM TAX RELIEF.—The 
amendments made by subsection (b) 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 
December 31, 2020. 
(3) SPECIAL
RULE
FOR
ALLOCATION
OF
IN-
CREASED 2019 LIMITATION.—The amount of the in-
crease in the new market tax credit limitation for 
calendar year 2019 by reason of the amendments 
made by subsection (a) shall be allocated in accord-
ance with section 45D(f)(2) of the Internal Revenue 
Code of 1986 to qualified community development 
entities (as defined in section 45D(c) of such Code) 
which— 
(A) submitted an allocation application 
with respect to calendar year 2019, and 
(B) either— 
(i) did not receive an allocation for 
such calendar year, or 
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(ii) received an allocation for such cal-
endar year in an amount less than the 
amount requested in the allocation applica-
tion. 
TITLE III—REHABILITATION TAX 
CREDIT 
SEC. 90301. INCREASE IN REHABILITATION CREDIT. 
(a) IN GENERAL.—Section 47(a)(2) is amended by 
striking ‘‘20 percent’’ and inserting ‘‘the applicable per-
centage’’. 
(b) APPLICABLE PERCENTAGE.—Section 47(a) is 
amended by adding at the end the following new para-
graph: 
‘‘(3) 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 taxable year 
The applicable 
beginning in: 
percentage is: 
2020 through 2024 ...........................................................
30 percent
2025 ..................................................................................
26 percent
2026 ..................................................................................
23 percent
2027 and thereafter ..........................................................
20 percent’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2019. 
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SEC. 90302. INCREASE IN THE REHABILITATION CREDIT 
FOR CERTAIN SMALL PROJECTS. 
(a) IN GENERAL.—Section 47 is amended by adding 
at the end the following new subsection: 
‘‘(e) SPECIAL RULE REGARDING CERTAIN SMALLER 
PROJECTS.— 
‘‘(1) IN GENERAL.—In the case of any smaller 
project— 
‘‘(A) the applicable percentage determined 
under subsection (a)(3) shall not be less than 
30 percent, and 
‘‘(B) the qualified rehabilitation expendi-
tures taken into account under this section with 
respect to such project shall not exceed 
$2,500,000. 
‘‘(2) SMALLER PROJECT.—For purposes of this 
subsection, the term ‘smaller project’ means the re-
habilitation of any qualified rehabilitated building 
if— 
‘‘(A) the qualified rehabilitation expendi-
tures taken into account under this section (or 
which would be so taken into account but for 
paragraph (1)(B)) with respect to such rehabili-
tation do not exceed $3,750,000, 
‘‘(B) no credit was allowed under this sec-
tion with respect to such building to any tax-
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payer for either of the 2 taxable years imme-
diately preceding the first taxable year in which 
expenditures described in subparagraph (A) 
were paid or incurred, and 
‘‘(C) the taxpayer elects (at such time and 
manner as the Secretary may provide) to have 
this subsection apply with respect to such reha-
bilitation.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to taxable years beginning after 
December 31, 2019. 
SEC. 90303. MODIFICATION OF DEFINITION OF SUBSTAN-
TIALLY REHABILITATED. 
(a) IN
GENERAL.—Section 47(c)(1)(B)(i)(I) is 
amended by inserting ‘‘50 percent of’’ before ‘‘the ad-
justed basis’’. 
(b) EFFECTIVE DATE.—The amendment made by 
subsection (a) shall apply to determinations with respect 
to 24-month periods (referred to in clause (i) of section 
47(c)(1)(B) of the Internal Revenue Code of 1986) and 
60-month periods (referred to in clause (ii) of such sec-
tion) which begin after the date of the enactment of this 
Act. 
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SEC. 90304. TEMPORARY EXTENSION OF PERIOD FOR COM-
PLETING REHABILITATION. 
(a) IN GENERAL.—Section 47(c)(1)(B) is amended 
by adding at the end the following new clause: 
‘‘(iv) TEMPORARY EXTENSION OF PE-
RIOD
FOR
COMPLETING
REHABILITA-
TION.—In the case of any period selected 
by a taxpayer which includes March 13, 
2020 (determined without regard to this 
clause), this subparagraph (and section 
13402(b)(2) of Public Law 115–97) shall 
be applied— 
‘‘(I) by substituting ‘36-month’ 
for ‘24-month’ each place it appears 
therein, and 
‘‘(II) by substituting ‘72-month’ 
for ‘60-month’ each place it appears 
therein.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to periods which include March 13, 
2020 (determined without regard to such amendment). 
SEC. 90305. ELIMINATION OF REHABILITATION CREDIT 
BASIS ADJUSTMENT. 
(a) IN GENERAL.—Section 50(c) is amended by add-
ing at the end the following new paragraph: 
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‘‘(6) EXCEPTION FOR REHABILITATION CRED-
IT.—In the case of the rehabilitation credit, para-
graph (1) shall not apply.’’. 
(b) TREATMENT IN CASE OF CREDIT ALLOWED TO 
LESSEE.—Section 50(d) is amended by adding at the end 
the following: ‘‘In the case of the rehabilitation credit, 
paragraph (5)(B) of the section 48(d) referred to in para-
graph (5) of this subsection shall not apply.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to property placed in service after 
the date of the enactment of this Act. 
SEC. 90306. MODIFICATIONS REGARDING CERTAIN TAX-EX-
EMPT USE PROPERTY. 
(a) IN GENERAL.—Section 47(c)(2)(B)(v) is amend-
ed by adding at the end the following new subclause: 
‘‘(III) 
DISQUALIFIED
LEASE 
RULES TO APPLY ONLY IN CASE OF 
GOVERNMENT ENTITY.—For purposes 
of subclause (I), except in the case of 
a tax-exempt entity described in sec-
tion 168(h)(2)(A)(i) (determined with-
out regard to the last sentence of sec-
tion 168(h)(2)(A)), the determination 
of whether property is tax-exempt use 
property shall be made under section 
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168(h) without regard to whether the 
property is leased in a disqualified 
lease 
(as 
defined 
in 
section 
168(h)(1)(B)(ii)).’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply to leases entered into after the date 
of the enactment of this Act. 
SEC. 90307. QUALIFICATION OF REHABILITATION EXPENDI-
TURES FOR PUBLIC SCHOOL BUILDINGS FOR 
REHABILITATION CREDIT. 
(a) IN GENERAL.—Section 47(c)(2)(B)(v) is amend-
ed by adding at the end the following new subclause: 
‘‘(III) CLAUSE NOT TO APPLY TO 
PUBLIC SCHOOLS.—This clause shall 
not apply in the case of the rehabilita-
tion of any building which was used 
as a qualified public educational facil-
ity (as defined in section 142(k)(1), 
determined without regard to sub-
paragraph (B) thereof) at any time 
during the 5-year period ending on 
the date that such rehabilitation be-
gins and which is used as such a facil-
ity immediately after such rehabilita-
tion.’’. 
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(b) REPORT.—Not later than the date which is 5 
years after the date of the enactment of this Act, the Sec-
retary of the Treasury, after consultation with the heads 
of appropriate Federal agencies, shall report to Congress 
on the effects resulting from the amendment made by sub-
section (a). 
(c) EFFECTIVE DATE.—The amendment made by 
this section shall apply to property placed in service after 
the date of the enactment of this Act. 
TITLE IV—GREEN ENERGY 
SEC. 90400. SHORT TITLE. 
This title may be cited as the ‘‘Growing Renewable 
Energy and Efficiency Now Act of 2020’’ or the ‘‘GREEN 
Act of 2020’’. 
Subtitle A—Renewable Electricity 
and Reducing Carbon Emissions 
SEC. 90401. EXTENSION OF CREDIT FOR ELECTRICITY PRO-
DUCED 
FROM 
CERTAIN 
RENEWABLE 
RE-
SOURCES. 
(a) IN GENERAL.—The following provisions of sec-
tion 45(d) are each amended by striking ‘‘January 1, 
2021’’ each place it appears and inserting ‘‘January 1, 
2026’’: 
(1) Paragraph (2)(A). 
(2) Paragraph (3)(A). 
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(3) Paragraph (6). 
(4) Paragraph (7). 
(5) Paragraph (9). 
(6) Paragraph (11)(B). 
(b) EXTENSION OF ELECTION TO TREAT QUALIFIED 
FACILITIES
AS
ENERGY
PROPERTY.—Section 
48(a)(5)(C)(ii) is amended by striking ‘‘January 1, 2021’’ 
and inserting ‘‘January 1, 2026’’. 
(c) APPLICATION OF EXTENSION TO WIND FACILI-
TIES.— 
(1) IN GENERAL.—Section 45(d)(1) is amended 
by striking ‘‘January 1, 2021’’ and inserting ‘‘Janu-
ary 1, 2026’’. 
(2) APPLICATION
OF
PHASEOUT
PERCENT-
AGE.— 
(A) RENEWABLE
ELECTRICITY
PRODUC-
TION CREDIT.—Sections 45(b)(5)(D) is amend-
ed by striking ‘‘and before January 1, 2021,’’. 
(B) 
ENERGY
CREDIT.—Section 
48(a)(5)(E)(iv) is amended by striking ‘‘and be-
fore January 1, 2021,’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to facilities the construction of 
which begins after December 31, 2020. 
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SEC. 90402. EXTENSION AND MODIFICATION OF ENERGY 
CREDIT. 
(a) EXTENSION OF CREDIT.—The following provi-
sions of section 48 are each amended by striking ‘‘January 
1, 2022’’ each place it appears and inserting ‘‘January 
1, 2027’’: 
(1) Subsection (a)(3)(A)(ii). 
(2) Subsection (a)(3)(A)(vii). 
(3) Subsection (c)(1)(D). 
(4) Subsection (c)(2)(D). 
(5) Subsection (c)(3)(A)(iv). 
(6) Subsection (c)(4)(C). 
(b) PHASEOUT OF CREDIT.—Section 48(a) is amend-
ed— 
(1) by striking ‘‘December 31, 2019’’ in para-
graphs (6)(A)(i) and (7)(A)(i) and inserting ‘‘De-
cember 31, 2025’’, 
(2) by striking ‘‘December 31, 2020’’ in para-
graphs (6)(A)(ii) and (7)(A)(ii) and inserting ‘‘De-
cember 31, 2026’’, 
(3) by striking ‘‘January 1, 2021’’ in para-
graphs (6)(A)(i) and (7)(A)(i) and inserting ‘‘Janu-
ary 1, 2027’’, 
(4) by striking ‘‘January 1, 2022’’ each place 
it appears in paragraphs (6)(A), (6)(B), and (7)(A) 
and inserting ‘‘January 1, 2028’’, and 
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(5) by striking ‘‘January 1, 2024’’ in para-
graphs (6)(B) and (7)(B) and inserting ‘‘January 1, 
2030’’. 
(c) 30 PERCENT CREDIT
FOR SOLAR
AND GEO-
THERMAL.— 
(1) 
EXTENSION
FOR
SOLAR.—Section 
48(a)(2)(A)(i)(II) is amended by striking ‘‘January 
1, 2022’’ and inserting ‘‘January 1, 2028’’. 
(2) APPLICATION TO GEOTHERMAL.— 
(A) 
IN
GENERAL.—Paragraphs 
(2)(A)(i)(II), (6)(A), and (6)(B) of section 
48(a) are each amended by striking ‘‘paragraph 
(3)(A)(i)’’ and inserting ‘‘clause (i) or (iii) of 
paragraph (3)(A)’’. 
(B) 
CONFORMING
AMENDMENT.—The 
heading of section 48(a)(6) is amended by in-
serting ‘‘AND GEOTHERMAL’’ after ‘‘SOLAR EN-
ERGY’’. 
(d) ENERGY STORAGE TECHNOLOGIES; WASTE EN-
ERGY RECOVERY PROPERTY; QUALIFIED BIOGAS PROP-
ERTY.— 
(1) IN
GENERAL.—Section 48(a)(3)(A) is 
amended by striking ‘‘or’’ at the end of clause (vi), 
and by adding at the end the following new clauses: 
‘‘(viii) energy storage technology, 
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‘‘(ix) waste energy recovery property, 
or 
‘‘(x) qualified biogas property,’’. 
(2) APPLICATION
OF
PERCENT
CREDIT.— 
Section 48(a)(2)(A)(i) is amended by striking ‘‘and’’ 
at the end of subclauses (III) and (IV) and adding 
at the end the following new subclauses: 
‘‘(V) energy storage technology, 
‘‘(VI) 
waste 
energy 
recovery 
property, and 
‘‘(VII) qualified biogas property, 
and’’. 
(3) 
APPLICATION
OF
PHASEOUT.—Section 
48(a)(7) is amended— 
(A) by inserting ‘‘energy storage tech-
nology, waste energy recovery property, quali-
fied biogas property,’’ after ‘‘qualified small 
wind property,’’, and 
(B) by striking ‘‘FIBER-OPTIC
SOLAR, 
QUALIFIED FUEL CELL, AND QUALIFIED SMALL 
WIND’’ in the heading thereof and inserting 
‘‘CERTAIN OTHER’’. 
(4) DEFINITIONS.—Section 48(c) is amended 
by adding at the end the following new paragraphs: 
‘‘(5) ENERGY STORAGE TECHNOLOGY.— 
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‘‘(A) IN
GENERAL.—The term ‘energy 
storage technology’ means equipment (other 
than equipment primarily used in the transpor-
tation of goods or individuals and not for the 
production of electricity) which— 
‘‘(i) uses batteries, compressed air, 
pumped hydropower, hydrogen storage (in-
cluding hydrolysis and electrolysis), ther-
mal energy storage, regenerative fuel cells, 
flywheels, 
capacitors, 
superconducting 
magnets, or other technologies identified 
by the Secretary, after consultation with 
the Secretary of Energy, to store energy 
for conversion to electricity and has a ca-
pacity of not less than 5 kilowatt hours, or 
‘‘(ii) stores thermal energy to heat or 
cool (or provide hot water for use in) a 
structure (other than for use in a swim-
ming pool). 
‘‘(B) TERMINATION.—The term ‘energy 
storage technology’ shall not include any prop-
erty the construction of which does not begin 
before January 1, 2028. 
‘‘(6) WASTE ENERGY RECOVERY PROPERTY.— 
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‘‘(A) IN GENERAL.—The term ‘waste en-
ergy recovery property’ means property that 
generates electricity solely from heat from 
buildings or equipment if the primary purpose 
of such building or equipment is not the genera-
tion of electricity. 
‘‘(B) CAPACITY
LIMITATION.—The term 
‘waste energy recovery property’ shall not in-
clude any property which has a capacity in ex-
cess of 50 megawatts. 
‘‘(C) NO
DOUBLE
BENEFIT.—Any waste 
energy recovery property (determined without 
regard to this subparagraph) which is part of a 
system which is a combined heat and power sys-
tem property shall not be treated as waste en-
ergy recovery property for purposes of this sec-
tion unless the taxpayer elects to not treat such 
system as a combined heat and power system 
property for purposes of this section. 
‘‘(D) TERMINATION.—The term ‘waste en-
ergy recovery property’ shall not include any 
property the construction of which does not 
begin before January 1, 2028. 
‘‘(7) QUALIFIED BIOGAS PROPERTY.— 
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‘‘(A) IN
GENERAL.—The term ‘qualified 
biogas property’ means property comprising a 
system which— 
‘‘(i) converts biomass (as defined in 
section 45K(c)(3)) into a gas which— 
‘‘(I) consists of not less than 52 
percent methane, or 
‘‘(II) is concentrated by such sys-
tem into a gas which consists of not 
less than 52 percent methane, and 
‘‘(ii) captures such gas for productive 
use. 
‘‘(B) INCLUSION OF CLEANING AND CON-
DITIONING
PROPERTY.—The term ‘qualified 
biogas property’ includes any property which is 
part of such system which cleans or conditions 
such gas. 
‘‘(C) TERMINATION.—The term ‘qualified 
biogas property’ shall not include any property 
the construction of which does not begin before 
January 1, 2028.’’. 
(5) DENIAL OF DOUBLE BENEFIT FOR QUALI-
FIED BIOGAS PROPERTY.—Section 45(e) is amended 
by adding at the end the following new paragraph: 
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‘‘(12) COORDINATION
WITH
ENERGY
CREDIT 
FOR
QUALIFIED
BIOGAS
PROPERTY.—The term 
‘qualified facility’ shall not include any facility which 
produces electricity from gas produced by qualified 
biogas property (as defined in section 48(c)(7)) if a 
credit is determined under section 48 with respect to 
such property for the taxable year or any prior tax-
able year.’’. 
(e) FUEL
CELLS
USING
ELECTROMECHANICAL 
PROCESSES.— 
(1) IN GENERAL.—Section 48(c)(1) is amend-
ed— 
(A) in subparagraph (A)(i)— 
(i) by inserting ‘‘or electromechanical’’ 
after ‘‘electrochemical’’, and 
(ii) by inserting ‘‘(1 kilowatts in the 
case of a fuel cell power plant with a linear 
generator assembly)’’ after ‘‘0.5 kilowatt’’, 
and 
(B) in subparagraph (C)— 
(i) by inserting ‘‘, or linear generator 
assembly,’’ after ‘‘a fuel cell stack assem-
bly’’, and 
(ii) 
by 
inserting 
‘‘or 
electromechanical’’ after ‘‘electrochemical’’. 
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(2) LINEAR
GENERATOR
ASSEMBLY
LIMITA-
TION.—Section 48(c)(1) is amended by redesig-
nating subparagraph (D) as subparagraph (E) and 
by inserting after subparagraph (C) the following 
new subparagraph: 
‘‘(D) LINEAR
GENERATOR
ASSEMBLY.— 
The term ‘linear generator assembly’ does not 
include any assembly which contains rotating 
parts.’’. 
(f) EFFECTIVE DATE.—The amendments made by 
this section shall apply to periods after December 31, 
2020, under rules similar to the rules of section 48(m) 
as in effect on the day before the date of the enactment 
of the Revenue Reconciliation Act of 1990. 
SEC. 90403. EXTENSION OF CREDIT FOR CARBON OXIDE SE-
QUESTRATION. 
(a) IN GENERAL.—Section 45Q(d)(1) is amended by 
striking ‘‘January 1, 2024’’ and inserting ‘‘January 1, 
2026’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section applies to facilities the construction of which 
begins after December 31, 2023. 
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SEC. 90404. ELECTIVE PAYMENT FOR ENERGY PROPERTY 
AND ELECTRICITY PRODUCED FROM CER-
TAIN RENEWABLE RESOURCES, ETC. 
(a) IN GENERAL.—Subchapter B of chapter 65 is 
amended by adding at the end the following new section: 
‘‘SEC. 6431. ELECTIVE PAYMENT FOR ENERGY PROPERTY, 
ELECTRICITY PRODUCED FROM CERTAIN RE-
NEWABLE RESOURCES, ETC, AND CARBON 
OXIDE SEQUESTRATION. 
‘‘(a) ENERGY PROPERTY.—In the case of a taxpayer 
making an election (at such time and in such manner as 
the Secretary may provide) under this section with respect 
to any portion of an applicable credit, such taxpayer shall 
be treated as making a payment against the tax imposed 
by subtitle A for the taxable year equal to— 
‘‘(1) in the case of an Indian tribal government, 
the amount of such portion, and 
‘‘(2) in the case of any other taxpayer, 85 per-
cent of such amount. 
‘‘(b) DEFINITIONS AND SPECIAL RULES.—For pur-
poses of this section— 
‘‘(1) GOVERNMENTAL
ENTITIES
TREATED
AS 
TAXPAYERS.—In the case of an election under this 
section— 
‘‘(A) any State or local government, or a 
political subdivision thereof, or 
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(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to property originally placed in 
service after the date of the enactment of this Act. 
SEC. 90405. EXTENSION OF ENERGY CREDIT FOR OFF-
SHORE WIND FACILITIES. 
(a) IN GENERAL.—Section 48(a)(5) is amended by 
adding at the end the following new subparagraph: 
‘‘(F) QUALIFIED OFFSHORE WIND FACILI-
TIES.— 
‘‘(i) IN GENERAL.—In the case of any 
qualified offshore wind facility— 
‘‘(I) subparagraph (C)(ii) shall be 
applied by substituting ‘January 1 of 
the applicable year (as determined 
under subparagraph (F)(ii))’ for ‘Jan-
uary 1, 2026’, 
‘‘(II) subparagraph (E) shall not 
apply, and 
‘‘(III) for purposes of this para-
graph, section 45(d)(1) shall be ap-
plied by substituting ‘January 1 of 
the applicable year (as determined 
under section 48(a)(5)(F)(ii))’’ for 
‘January 1, 2026’. 
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‘‘(ii) APPLICABLE
YEAR.—For pur-
poses of this subparagraph, the term ‘ap-
plicable year’ means the later of— 
‘‘(I) calendar year 2025, or 
‘‘(II) the calendar year subse-
quent to the first calendar year in 
which the Secretary, after consulta-
tion with the Secretary of Energy, de-
termines that the United States has 
increased its offshore wind capacity by 
not less than 3,000 megawatts as 
compared to such capacity on January 
1, 2021. 
For purposes of subclause (II), the Sec-
retary shall not include any increase in off-
shore wind capacity which is attributable 
to any facility the construction of which 
began before January 1, 2021. 
‘‘(iii) QUALIFIED OFFSHORE WIND FA-
CILITY.—For purposes of this subpara-
graph, the term ‘qualified offshore wind fa-
cility’ means a qualified facility (within the 
meaning of section 45) described in para-
graph (1) of section 45(d) (determined 
without regard to any date by which the 
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construction of the facility is required to 
begin) which is located in the inland navi-
gable waters of the United States or in the 
coastal waters of the United States. 
‘‘(iv) REPORT
ON
OFFSHORE
WIND 
CAPACITY.—On January 15, 2024, and an-
nually thereafter until the calendar year 
described in clause (ii)(II), the Secretary, 
after consultation with the Secretary of 
Energy, shall issue a report to be made 
available to the public which discloses the 
increase in the offshore wind capacity of 
the United States, as measured in total 
megawatts, since January 1, 2020.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to periods after December 31, 
2016, under rules similar to the rules of section 48(m) 
of the Internal Revenue Code of 1986 (as in effect on the 
day before the date of the enactment of the Revenue Rec-
onciliation Act of 1990). 
SEC. 90406. GREEN ENERGY PUBLICLY TRADED PARTNER-
SHIPS. 
(a) IN GENERAL.—Section 7704(d)(1)(E) is amend-
ed— 
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(1) by striking ‘‘income and gains derived from 
the exploration’’ and inserting ‘‘income and gains 
derived from— 
‘‘(i) the exploration’’, 
(2) 
by 
inserting 
‘‘or’’ 
before 
‘‘industrial 
source’’, and 
(3) by striking ‘‘, or the transportation or stor-
age’’ and all that follows and inserting the following: 
‘‘(ii) the generation of electric power 
or thermal energy exclusively using any 
qualified energy resource (as defined in 
section 45(c)(1)), 
‘‘(iii) the operation of energy property 
(as defined in section 48(a)(3), determined 
without regard to any date by which the 
construction of the facility is required to 
begin), 
‘‘(iv) in the case of a facility described 
in paragraph (3) or (7) of section 45(d) 
(determined without regard to any placed 
in service date or date by which construc-
tion of the facility is required to begin), 
the accepting or processing of open-loop 
biomass or municipal solid waste, 
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‘‘(v) the storage of electric power or 
thermal energy exclusively using energy 
property that is energy storage property 
(as defined in section 48(c)(5)), 
‘‘(vi) the generation, storage, or dis-
tribution of electric power or thermal en-
ergy exclusively using energy property that 
is combined heat and power system prop-
erty (as defined in section 48(c)(3), deter-
mined without regard to subparagraph 
(B)(iii) thereof and without regard to any 
date by which the construction of the facil-
ity is required to begin), 
‘‘(vii) the transportation or storage of 
any fuel described in subsection (b), (c), 
(d), or (e) of section 6426, 
‘‘(viii) the conversion of renewable bio-
mass (as defined in subparagraph (I) of 
section 211(o)(1) of the Clean Air Act (as 
in effect on the date of the enactment of 
this clause)) into renewable fuel (as de-
fined in subparagraph (J) of such section 
as so in effect), or the storage or transpor-
tation of such fuel, 
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‘‘(ix) the production, storage, or 
transportation of any fuel which— 
‘‘(I) uses as its primary feedstock 
carbon oxides captured from an an-
thropogenic source or the atmosphere, 
‘‘(II) does not use as its primary 
feedstock carbon oxide which is delib-
erately released from naturally occur-
ring subsurface springs, and 
‘‘(III) is determined by the Sec-
retary, after consultation with the 
Secretary of Energy and the Adminis-
trator of the Environmental Protec-
tion Agency, to achieve a reduction of 
not less than a 60 percent in lifecycle 
greenhouse gas emissions (as defined 
in section 211(o)(1)(H) of the Clean 
Air Act, as in effect on the date of the 
enactment of this clause) compared to 
baseline lifecycle greenhouse gas emis-
sions 
(as 
defined 
in 
section 
211(o)(1)(C) of such Act, as so in ef-
fect), 
‘‘(x) the generation of electric power 
from, a qualifying gasification project (as 
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defined in section 48B(c)(1) without re-
gard to subparagraph (C)) that is de-
scribed in section 48(d)(1)(B), or 
‘‘(xi) in the case of a qualified facility 
(as defined in section 45Q(d), without re-
gard to any date by which construction of 
the facility is required to begin) not less 
than 50 percent (30 percent in the case of 
a facility placed in service before January 
1, 2021) of the total carbon oxide produc-
tion of which is qualified carbon oxide (as 
defined in section 45Q(c))— 
‘‘(I) the generation, availability 
for such generation, or storage of elec-
tric power at such facility, or 
‘‘(II) the capture of carbon diox-
ide by such facility,’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section apply to taxable years beginning after Decem-
ber 31, 2020. 
Subtitle B—Renewable Fuels 
SEC. 90411. BIODIESEL AND RENEWABLE DIESEL. 
(a) INCOME TAX CREDIT.—Section 40A(g) is amend-
ed to read as follows: 
‘‘(g) PHASE OUT; TERMINATION.— 
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‘‘(1) PHASE OUT.—In the case of any sale or 
use after December 31, 2022, subsections (b)(1)(A) 
and (b)(2)(A) shall be applied by substituting for 
‘$1.00’— 
‘‘(A) ‘$.75’, if such sale or use is before 
January 1, 2024, 
‘‘(B) ‘$.50’, if such sale or use is after De-
cember 31, 2023, and before January 1, 2025, 
and 
‘‘(C) ‘$.33’, if such sale or use is after De-
cember 31, 2024, and before January 1, 2026. 
‘‘(2) TERMINATION.—This section shall not 
apply to any sale or use after December 31, 2025.’’. 
(b) EXCISE TAX INCENTIVES.— 
(1) PHASE OUT.—Section 6426(c)(2) is amend-
ed to read as follows: 
‘‘(2) APPLICABLE AMOUNT.—For purposes of 
this subsection, the applicable amount is— 
‘‘(A) $1.00 in the case of any sale or use 
for any period before January 1, 2023, 
‘‘(B) $.75 in the case of any sale or use for 
any period after December 31, 2022, and before 
January 1, 2024, 
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‘‘(C) $.50 in the case of any sale or use for 
any period after December 31, 2023, and before 
January 1, 2025, and 
‘‘(D) $.33 in the case of any sale or use 
for any period after December 31, 2024, and 
before January 1, 2026.’’. 
(2) TERMINATION.— 
(A) IN GENERAL.—Section 6426(c)(6) is 
amended by striking ‘‘December 31, 2022’’ and 
inserting ‘‘December 31, 2025’’. 
(B) PAYMENTS.—Section 6427(e)(6)(B) is 
amended by striking ‘‘December 31, 2022’’ and 
inserting ‘‘December 31, 2025’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to fuel sold or used after December 
31, 2022. 
SEC. 90412. EXTENSION OF EXCISE TAX CREDITS RELATING 
TO ALTERNATIVE FUELS. 
(a) EXTENSION AND PHASEOUT OF ALTERNATIVE 
FUEL CREDIT.— 
(1) 
IN
GENERAL.—Section 
6426(d)(1) 
is 
amended by striking ‘‘50 cents’’ and inserting ‘‘the 
applicable amount’’. 
(2) APPLICABLE AMOUNT AND TERMINATION.— 
Section 6426(d)(5) is amended to read as follows: 
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‘‘(5) PHASEOUT AND TERMINATION.— 
‘‘(A) PHASEOUT.—For purposes of this 
subsection, the applicable amount is— 
‘‘(i) 50 cents in the case of any sale 
or use for any period before January 1, 
2023, 
‘‘(ii) 38 cents in the case of any sale 
or use for any period after December 31, 
2022, and before January 1, 2024, 
‘‘(iii) 25 cents in the case of any sale 
or use for any period after December 31, 
2023, and before January 1, 2025, and 
‘‘(iv) 17 cents in the case of any sale 
or use for any period after December 31, 
2024, and before January 1, 2026. 
‘‘(B) 
TERMINATION.—This 
subsection 
shall not apply to any sale or use for any period 
after December 31, 2025.’’. 
(b) ALTERNATIVE FUEL MIXTURE CREDIT.— 
(1) 
IN
GENERAL.—Section 
6426(e)(3) 
is 
amended by striking ‘‘December 31, 2020’’ and in-
serting ‘‘December 31, 2025’’. 
(2) PHASEOUT.—Section 6426(e)(1) is amend-
ed by striking ‘‘50 cents’’ and inserting ‘‘the applica-
ble amount (as defined in subsection (d)(5)(A))’’. 
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(c) PAYMENTS FOR ALTERNATIVE FUELS.—Section 
6427(e)(6)(C) is amended by striking ‘‘December 31, 
2020’’ and inserting ‘‘December 31, 2025’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to fuel sold or used after December 
31, 2020. 
SEC. 90413. EXTENSION OF SECOND GENERATION BIOFUEL 
INCENTIVES. 
(a) IN GENERAL.—Section 40(b)(6)(J)(i) is amended 
by striking ‘‘2021’’ and inserting ‘‘2026’’. 
(b) EXTENSION OF SPECIAL ALLOWANCE FOR DE-
PRECIATION OF SECOND GENERATION BIOFUEL PLANT 
PROPERTY.—Section 168(l)(2)(D) is amended by striking 
‘‘2021’’ and inserting ‘‘2026’’. 
(c) EFFECTIVE DATE.— 
(1) IN
GENERAL.—The amendment made by 
subsection (a) shall apply to qualified second genera-
tion biofuel production after December 31, 2020. 
(2) SECOND
GENERATION
BIOFUEL
PLANT 
PROPERTY.—The amendment made by subsection 
(b) shall apply to property placed in service after 
December 31, 2020. 
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Subtitle C—Green Energy and Effi-
ciency Incentives for Individ-
uals 
SEC. 90421. EXTENSION, INCREASE, AND MODIFICATIONS 
OF NONBUSINESS ENERGY PROPERTY CRED-
IT. 
(a) EXTENSION OF CREDIT.—Section 25C(g)(2) is 
amended by striking ‘‘December 31, 2020’’ and inserting 
‘‘December 31, 2025’’. 
(b) INCREASE IN CREDIT PERCENTAGE FOR QUALI-
FIED
ENERGY
EFFICIENCY
IMPROVEMENTS.—Section 
25C(a)(1) is amended by striking ‘‘10 percent’’ and insert-
ing ‘‘15 percent’’. 
(c) INCREASE IN LIFETIME LIMITATION OF CRED-
IT.—Section 25C(b)(1) is amended— 
(1) by striking ‘‘$500’’ and inserting ‘‘$1,200’’, 
and 
(2) by striking ‘‘December 31, 2005’’ and in-
serting ‘‘December 31, 2020’’. 
(d) LIMITATIONS.—Section 25C(b) is amended by 
striking paragraphs (2) and (3) and inserting the fol-
lowing: 
‘‘(2) LIMITATION ON QUALIFIED ENERGY EFFI-
CIENCY IMPROVEMENTS.—The credit allowed under 
this section by reason of subsection (a)(1), with re-
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spect to costs paid or incurred by a taxpayer for a 
taxable year, shall not exceed— 
‘‘(A) for components described in sub-
section (c)(3)(A), the excess (if any) of $600 
over the aggregate credits allowed under this 
section with respect to such components for all 
prior taxable years ending after December 31, 
2020, 
‘‘(B) for components described in sub-
section (c)(3)(B)— 
‘‘(i) in the case of components which 
are not described in clause (ii), the excess 
(if any) of $200 over the aggregate credits 
allowed under this section with respect to 
such components for all prior taxable years 
ending after December 31, 2020, and 
‘‘(ii) in the case of components which 
meet the standards for most efficient cer-
tification under applicable Energy Star 
program requirements, the excess (if any) 
of $600 over the aggregate credits allowed 
under this section with respect to such 
components for all prior taxable years end-
ing after December 31, 2020, or with re-
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‘‘(D) in the case of a furnace, an amount 
equal to the sum of— 
‘‘(i) $300, plus 
‘‘(ii) if the taxpayer is converting 
from a non-condensing furnace to a con-
densing furnace, $300.’’. 
(e) STANDARDS FOR ENERGY EFFICIENT BUILDING 
ENVELOPE COMPONENTS.—Section 25C(c)(2) is amended 
by striking ‘‘meets—’’ and all that follows through the pe-
riod at the end and inserting the following: ‘‘meets— 
‘‘(A) in the case of an exterior window, a 
skylight, or an exterior door, applicable Energy 
Star program requirements, and 
‘‘(B) in the case of any other component, 
the prescriptive criteria for such component es-
tablished by the 2018 IECC (as such term is 
defined in section 45L(b)(5)).’’. 
(f) ROOFS
NOT
BUILDING
ENVELOPE
COMPO-
NENTS.—Section 25C(c)(3) is amended by adding ‘‘and’’ 
at the end of subparagraph (B), by striking ‘‘, and’’ at 
the end of subparagraph (C) and inserting a period, and 
by striking subparagraph (D). 
(g) ADVANCED MAIN AIR CIRCULATING FANS NOT 
QUALIFIED ENERGY PROPERTY.— 
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(1) IN
GENERAL.—Section 25C(d)(2)(A) is 
amended by adding ‘‘or’’ at the end of clause (i), by 
striking ‘‘, or’’ at the end of clause (ii) and inserting 
a period, and by striking clause (iii). 
(2) 
CONFORMING
AMENDMENT.—Section 
25C(d) is amended by striking paragraph (5) and 
redesignating paragraph (6) as paragraph (5). 
(h) INCREASE IN STANDARD FOR ELECTRIC HEAT 
PUMP WATER HEATER.—Section 25C(d)(3)(A) is amend-
ed by striking ‘‘an energy factor of at least 2.0’’ and in-
serting ‘‘a uniform energy factor of at least 3.0’’. 
(i) UPDATE OF STANDARDS FOR CERTAIN ENERGY- 
EFFICIENT BUILDING PROPERTY.—Section 25C(d)(3) is 
amended— 
(1) by striking ‘‘January 1, 2009’’ each place 
such term appears and inserting ‘‘November 1, 
2019’’, and 
(2) by striking subparagraph (D) and inserting 
the following: 
‘‘(D) a natural gas, propane, or oil water 
heater which, in the standard Department of 
Energy test procedure, yields— 
‘‘(i) in the case of a storage tank 
water heater— 
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‘‘(I) in the case of a medium- 
draw water heater, a uniform energy 
factor of not less than 0.78, and 
‘‘(II) in the case of a high-draw 
water heater, a uniform energy factor 
of not less than 0.80, and 
‘‘(ii) in the case of a tankless water 
heater— 
‘‘(I) in the case of a medium- 
draw water heater, a uniform energy 
factor of not less than 0.87, and 
‘‘(II) in the case of a high-draw 
water heater, a uniform energy factor 
of not less than 0.90, and’’. 
(j) INCREASE IN STANDARD FOR FURNACES.—Sec-
tion 25C(d)(4) is amended by striking by striking ‘‘not 
less than 95.’’ and inserting the following: ‘‘not less 
than— 
‘‘(A) in the case of a furnace, 97 percent, 
and 
‘‘(B) in the case of a hot water boiler, 95 
percent.’’. 
(k) HOME ENERGY AUDITS.— 
(1) IN GENERAL.—Section 25C(a) is amended 
by striking ‘‘and’’ at the end of paragraph (1), by 
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striking the period at the end of paragraph (2) and 
inserting ‘‘, and’’, and by adding at the end the fol-
lowing new paragraph: 
‘‘(3) 30 percent of the amount paid or incurred 
by the taxpayer during the taxable year for home en-
ergy audits.’’. 
(2) LIMITATION.—Section 25C(b) is amended 
adding at the end the following new paragraph: 
‘‘(4) HOME ENERGY AUDITS.—The amount of 
the credit allowed under this section by reason of 
subsection (a)(3) shall not exceed $150.’’. 
(3) HOME ENERGY AUDITS.—Section 25C, as 
amended by subsections (a), is amended by redesig-
nating subsections (e), (f), and (g), as subsections 
(f), (g), and (h), respectively, and by inserting after 
subsection (d) the following new subsection: 
‘‘(e) HOME ENERGY AUDITS.—For purposes of this 
section, the term ‘home energy audit’ means an inspection 
and written report with respect to a dwelling unit located 
in the United States and owned or used by the taxpayer 
as the taxpayer’s principal residence (within the meaning 
of section 121) which— 
‘‘(1) identifies the most significant and cost-ef-
fective energy efficiency improvements with respect 
to such dwelling unit, including an estimate of the 
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energy and cost savings with respect to each such 
improvement, and 
‘‘(2) is conducted and prepared by a home en-
ergy auditor that meets the certification or other re-
quirements specified by the Secretary (after con-
sultation with the Secretary of Energy, and not later 
than 180 days after the date of the enactment of 
this subsection) in regulations or other guidance.’’. 
(4) 
CONFORMING
AMENDMENT.—Section 
1016(a)(33) is amended by striking ‘‘section 25C(f)’’ 
and inserting ‘‘section 25C(g)’’. 
(l) EFFECTIVE DATES.— 
(1) INCREASE
AND
MODERNIZATION.—Except 
as otherwise provided by this subsection, the amend-
ments made by this section shall apply to property 
placed in service after December 31, 2020. 
(2) EXTENSION.—The amendments made by 
subsection (a) shall apply to property placed in serv-
ice after December 31, 2020. 
(3) HOME ENERGY AUDITS.—The amendments 
made by subsection (k) shall apply to amounts paid 
or incurred after December 31, 2020. 
SEC. 90422. RESIDENTIAL ENERGY EFFICIENT PROPERTY. 
(a) EXTENSION OF CREDIT.— 
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‘‘(i) IN
GENERAL.—For purposes of 
subparagraph (A), any new qualified plug- 
in electric drive motor vehicle manufac-
tured by the manufacturer of the vehicle 
referred to in paragraph (1) which was 
sold during the exclusion period shall not 
be included for purposes of determining 
the number of such vehicles sold. 
‘‘(ii) EXCLUSION PERIOD.—For pur-
poses of this subparagraph, the exclusion 
period is the period— 
‘‘(I) beginning on the first date 
on which the number of new qualified 
plug-in electric drive motor vehicles 
manufactured by the manufacturer of 
the vehicle referred to in paragraph 
(1) sold for use in the United States 
after December 31, 2009, is at least 
200,000, and 
‘‘(II) ending on the date of the 
enactment of the GREEN Act of 
2020. 
‘‘(4) CONTROLLED GROUPS.—Rules similar to 
the rules of section 30B(f)(4) shall apply for pur-
poses of this subsection.’’. 
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(c) CONFORMING AMENDMENTS.— 
(1) Section 280C is amended by adding at the 
end the following new subsection: 
‘‘(i) MECHANICAL INSULATION LABOR COSTS CRED-
IT.— 
‘‘(1) IN GENERAL.—No deduction shall be al-
lowed for that portion of the mechanical insulation 
labor costs (as defined in section 45V(b)) otherwise 
allowable as deduction for the taxable year which is 
equal to the amount of the credit determined for 
such taxable year under section 45V(a). 
‘‘(2) SIMILAR
RULE
WHERE
TAXPAYER
CAP-
ITALIZES RATHER THAN DEDUCTS EXPENSES.—If— 
‘‘(A) the amount of the credit determined 
for the taxable year under section 45V(a), ex-
ceeds 
‘‘(B) the amount of allowable as a deduc-
tion for such taxable year for mechanical insu-
lation labor costs (determined without regard to 
paragraph (1)), 
the amount chargeable to capital account for the 
taxable year for such costs shall be reduced by the 
amount of such excess.’’. 
(2) The table of sections for subpart D of part 
IV of subchapter A of chapter 1, as amended by the 
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