ready included in a Federal tax increment financing 
district, an infrastructure value capture zone, or in 
an area otherwise nominated to be designated under 
this section. 
(e) APPLICATION.—An eligible applicant shall submit 
to the Secretary an application that at minimum con-
tains— 
(1) a tax increment financing district strategic 
plan, including— 
(A) the boundaries of the tax increment 
district by legal description; 
(B) a list of the tax identification numbers 
for all lots or parcels within the tax increment 
district; 
(C) a description of the present condition 
and uses of all land and buildings within the 
tax increment district; 
(D) a description of the public facilities, 
improvements or programs within the tax incre-
ment district anticipated to be added and fi-
nanced in whole or in part; 
(E) a description of the industrial, com-
mercial, residential, mixed-use or retail im-
provements, downtown development or transit- 
oriented development within the tax increment 
VerDate Sep 11 2014 
23:05 Sep 30, 2024
Jkt 049200
PO 00000
Frm 00016
Fmt 6652
Sfmt 6201
E:\BILLS\H9652.IH
H9652
kjohnson on DSK7ZCZBW3PROD with $$_JOB
district anticipated to be financed in whole or in 
part; 
(F) a financial plan in accordance with 
subsection (c) of this section; 
(G) a plan for the proposed maintenance 
and operation of the tax increment district after 
the planned capital improvements are com-
pleted; and 
(H) the maximum duration of the tax in-
crement district, which may not exceed a total 
of thirty tax years beginning with the tax year 
in which the tax increment district is estab-
lished; and 
(2) a financial plan for a tax increment financ-
ing strategic plan, including— 
(A) cost estimates for the public improve-
ments and developments anticipated in the dis-
trict strategic plan; 
(B) the maximum amount of indebtedness 
to be incurred to implement the district stra-
tegic plan; 
(C) sources of anticipated revenues; 
(D) a description of the terms and condi-
tions of any agreements, including any antici-
pated assessment agreements, contracts or 
VerDate Sep 11 2014 
23:05 Sep 30, 2024
Jkt 049200
PO 00000
Frm 00017
Fmt 6652
Sfmt 6201
E:\BILLS\H9652.IH
H9652
kjohnson on DSK7ZCZBW3PROD with $$_JOB
other obligations related to the district strategic 
plan; 
(E) estimates of increased assessed values 
of the tax increment district; and 
(F) the portion of the increased assessed 
values to be applied to the district strategic 
plan as captured assessed values and resulting 
tax increments in each year of the plan. 
SEC. 6. ELIGIBILITY CRITERIA. 
A nominated area shall be eligible for designation 
under section 5 only if the appropriate State or local gov-
ernment or agency— 
(1) designates a contiguous area within its ju-
risdiction as a transit-oriented development or tran-
sit-serve corridor; and 
(2) has created a tax increment financing dis-
trict or other value capture that meet the value cap-
ture standards as described in section 4. 
SEC. 7. VALUE CAPTURE TAX INCREMENT FINANCING DIS-
TRICTS; SPECIAL RULE FOR CAPITAL GAINS. 
(a) IN GENERAL.—The Secretary of the Treasury (or 
the Secretary’s delegate), after consultation with the Sec-
retary of Transportation, shall, with respect to designated 
Federal value capture tax increment financing districts as 
described in section 5— 
VerDate Sep 11 2014 
23:05 Sep 30, 2024
Jkt 049200
PO 00000
Frm 00018
Fmt 6652
Sfmt 6201
E:\BILLS\H9652.IH
H9652
kjohnson on DSK7ZCZBW3PROD with $$_JOB
(1) establish a procedure to certify the original 
assessed value of the Federal capital gain taxes 
within the boundaries of a Federal value capture tax 
increment financing district, 
(2) in each year after the establishment of a 
Federal value capture tax increment financing dis-
trict, certify with respect to such district the amount 
of— 
(A) the assessed value of capital gains col-
lected, 
(B) the amount by which the current as-
sessed value has increased or decreased from 
the original assessed value, subject to any as-
sessment agreements, and 
(C) the amount of the captured assessed 
value, and 
(3) conduct such analysis as is necessary to de-
termine the maximum amount available of Federal 
guarantees of qualified transit-oriented development 
bonds, but not to exceed an annual amount to be de-
termined by the Secretary. 
(b) FEDERAL VALUE CAPTURE TAX INCREMENT FI-
NANCING DISTRICT.—For purposes of this section, the 
term ‘‘Federal value capture tax increment financing dis-
trict’’ means a targeted redevelopment area within a mu-
VerDate Sep 11 2014 
23:05 Sep 30, 2024
Jkt 049200
PO 00000
Frm 00019
Fmt 6652
Sfmt 6201
E:\BILLS\H9652.IH
H9652
kjohnson on DSK7ZCZBW3PROD with $$_JOB
nicipality, county, or other government entity, from which 
all or a portion of projected future property tax revenue 
increases is temporarily dedicated to finance infrastruc-
ture improvements (or other investments) with the objec-
tive of stimulating economic development. 
(c) RULEMAKING
AND REGULATIONS.—Not later 
than 1 year after the date of enactment of this Act, the 
Secretary of the Treasury shall issue such rules or regula-
tions as may be necessary or appropriate to carry out the 
purposes of this section. 
(d) NOTIFICATION TO CONGRESS.—At least 30 days 
before issuing a letter of intent for establishment of a Fed-
eral value capture tax increment district, the Secretary of 
the Treasury shall notify in writing the Committee on 
Banking, Housing, and Urban Affairs, the Committee on 
Finance, Committee on Environment and Public Works 
and the Committee on Appropriations of the Senate and 
the Committee on Transportation and Infrastructure, 
Committee on Ways and Means, and the Committee on 
Appropriations of the House of Representatives of the des-
ignated Federal value capture tax increment districts. The 
Secretary shall include with the notification a copy of the 
nomination application and designation as well as the eval-
uations and ratings for each designation. 
VerDate Sep 11 2014 
23:05 Sep 30, 2024
Jkt 049200
PO 00000
Frm 00020
Fmt 6652
Sfmt 6201
E:\BILLS\H9652.IH
H9652
kjohnson on DSK7ZCZBW3PROD with $$_JOB