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be determined as of the first day on which there 
is a binding, written contract for the sale or ex-
change of the bond. 
‘‘(c) QUALIFIED INFRASTRUCTURE BOND.— 
‘‘(1) IN GENERAL.—For purposes of this sec-
tion, the term ‘qualified infrastructure bond’ means 
any bond (other than a private activity bond) issued 
as part of an issue if— 
‘‘(A) 100 percent of the available project 
proceeds of such issue are to be used for capital 
expenditures or operations and maintenance ex-
penditures in connection with property the ac-
quisition, construction, or improvement of 
which would be a capital expenditure, 
‘‘(B) the interest on such bond would (but 
for this section) be excludable from gross in-
come under section 103, 
‘‘(C) the issue price has not more than a 
de minimis amount (determined under rules 
similar to the rules of section 1273(a)(3)) of 
premium over the stated principal amount of 
the bond, and 
‘‘(D) prior to the issuance of such bond, 
the issuer makes an irrevocable election to have 
this section apply. 
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‘‘(2) APPLICABLE RULES.—For purposes of ap-
plying paragraph (1)— 
‘‘(A) NOT TREATED AS FEDERALLY GUAR-
ANTEED.—For purposes of section 149(b), a 
qualified infrastructure bond shall not be treat-
ed as federally guaranteed by reason of the 
credit allowed under this section. 
‘‘(B) 
APPLICATION
OF
ARBITRAGE 
RULES.—For purposes of section 148, the yield 
on a qualified infrastructure bond shall be re-
duced by the credit allowed under this section. 
‘‘(d) DEFINITION AND SPECIAL RULES.—For pur-
poses of this section— 
‘‘(1) INTEREST
INCLUDIBLE
IN
GROSS
IN-
COME.—For purposes of this title, interest on any 
qualified infrastructure bond shall be includible in 
gross income. 
‘‘(2) AVAILABLE
PROJECT
PROCEEDS.—The 
term ‘available project proceeds’ means— 
‘‘(A) the excess of— 
‘‘(i) the proceeds from the sale of an 
issue, over 
‘‘(ii) the sum of— 
‘‘(I) issuance costs financed by 
the issue (the extent that such costs 
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do not exceed 2 percent of such pro-
ceeds), and 
‘‘(II) amounts in a reasonably re-
quired reserve (within the meaning of 
section 150(a)(3)) with respect to 
such issue), and 
‘‘(B) the proceeds from any investment of 
the excess described in clause (i). 
‘‘(3) CURRENT REFUNDINGS ALLOWED.— 
‘‘(A) IN GENERAL.—In the case of a bond 
issued to refund a qualified infrastructure bond, 
such refunding bond shall be treated as a quali-
fied infrastructure bond for purposes of this 
section if— 
‘‘(i) the average maturity date of the 
issue of which the refunding bond is a part 
is not later than the average maturity date 
of the bonds to be refunded by such issue, 
‘‘(ii) the amount of the refunding 
bond does not exceed the outstanding 
amount of the refunded bond, 
‘‘(iii) the refunded bond is redeemed 
not later than 90 days after the date of the 
issuance of the refunding bond, and 
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‘‘(iv) the refunded bond was issued 
more than 30 days after the date of the 
enactment of this section. 
‘‘(B) APPLICABLE
PERCENTAGE
LIMITA-
TION.—The applicable percentage with respect 
to any bond to which subparagraph (A) applies 
shall be 30 percent. 
‘‘(C) DETERMINATION OF AVERAGE MATU-
RITY.—For purposes of subparagraph (A)(i), 
average maturity shall be determined in accord-
ance with section 147(b)(2)(A). 
‘‘(D) APPLICATION OF DAVIS-BACON ACT 
REQUIREMENTS WITH RESPECT TO QUALIFIED 
INFRASTRUCTURE
BONDS.—Subchapter IV of 
chapter 31 of the title 40, United States Code, 
shall apply to projects financed with the pro-
ceeds of qualified infrastructure bonds. 
‘‘(e) REGULATIONS.—The Secretary may prescribe 
such regulations and other guidance as may be necessary 
or appropriate to carry out this section.’’. 
(b) PAYMENTS MADE UNDER SECTION 6431A OF 
THE
INTERNAL
REVENUE
CODE
OF
1986.—Section 
255(g)(1)(A) of the Balanced Budget and Emergency 
Deficit Control Act of 1985 (2 U.S.C. 905(g)(1)(A)) is 
amended by inserting: ‘‘Payments made under section 
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6431A of the Internal Revenue Code of 1986’’ after the 
item related to Payment to Radiation Exposure Com-
pensation Trust Fund. 
(c) CONFORMING AMENDMENTS.— 
(1) Section 1324(b)(2) of title 31, United 
States Code, is amended by striking ‘‘or 6431’’ and 
inserting ‘‘6431, or 6431A’’. 
(2) The table of sections for subchapter B of 
chapter 65 is amended by adding at the end the fol-
lowing new item: 
‘‘Sec. 6431A. Credit allowed to issuer for qualified infrastructure bonds.’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to bonds issued more than 30 days 
after the date of the enactment of this Act. 
SEC. 90102. ADVANCE REFUNDING BONDS. 
(a) IN GENERAL.—Section 149(d) is amended— 
(1) by striking ‘‘to advance refund another 
bond.’’ in paragraph (1) and inserting ‘‘as part of 
an issue described in paragraph (2), (3), or (4).’’, 
(2) by redesignating paragraphs (2) and (3) as 
paragraphs (5) and (7), respectively, 
(3) by inserting after paragraph (1) the fol-
lowing new paragraphs: 
‘‘(2) CERTAIN PRIVATE ACTIVITY BONDS.—An 
issue is described in this paragraph if any bond 
(issued as part of such issue) is issued to advance 
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refund a private activity bond (other than a qualified 
501(c)(3) bond). 
‘‘(3) OTHER BONDS.— 
‘‘(A) IN GENERAL.—An issue is described 
in this paragraph if any bond (issued as part of 
such issue), hereinafter in this paragraph re-
ferred to as the ‘refunding bond’, is issued to 
advance refund a bond unless— 
‘‘(i) the refunding bond is only— 
‘‘(I) the first advance refunding 
of the original bond if the original 
bond is issued after 1985, or 
‘‘(II) the first or second advance 
refunding of the original bond if the 
original bond was issued before 1986, 
‘‘(ii) in the case of refunded bonds 
issued before 1986, the refunded bond is 
redeemed not later than the earliest date 
on which such bond may be redeemed at 
par or at a premium of 3 percent or less, 
‘‘(iii) in the case of refunded bonds 
issued after 1985, the refunded bond is re-
deemed not later than the earliest date on 
which such bond may be redeemed, 
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‘‘(iv) the initial temporary period 
under section 148(c) ends— 
‘‘(I) with respect to the proceeds 
of the refunding bond not later than 
30 days after the date of issue of such 
bond, and 
‘‘(II) with respect to the proceeds 
of the refunded bond on the date of 
issue of the refunding bond, and 
‘‘(v) in the case of refunded bonds to 
which section 148(e) did not apply, on and 
after the date of issue of the refunding 
bond, the amount of proceeds of the re-
funded bond invested in higher yielding in-
vestments (as defined in section 148(b)) 
which are nonpurpose investments (as de-
fined in section 148(f)(6)(A)) does not ex-
ceed— 
‘‘(I) the amount so invested as 
part of a reasonably required reserve 
or replacement fund or during an al-
lowable temporary period, and 
‘‘(II) the amount which is equal 
to the lesser of 5 percent of the pro-
ceeds of the issue of which the re-
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funded bond is a part or $100,000 (to 
the extent such amount is allocable to 
the refunded bond). 
‘‘(B) 
SPECIAL
RULES
FOR
REDEMP-
TIONS.— 
‘‘(i) ISSUER MUST REDEEM ONLY IF 
DEBT SERVICE SAVINGS.—Clause (ii) and 
(iii) of subparagraph (A) shall apply only 
if the issuer may realize present value debt 
service savings (determined without regard 
to administrative expenses) in connection 
with the issue of which the refunding bond 
is a part. 
‘‘(ii) REDEMPTIONS
NOT
REQUIRED 
BEFORE
90TH
DAY.—For purposes of 
clauses (ii) and (iii) of subparagraph (A), 
the earliest date referred to in such clauses 
shall not be earlier than the 90th day after 
the date of issuance of the refunding bond. 
‘‘(4) ABUSIVE
TRANSACTIONS
PROHIBITED.— 
An issue is described in this paragraph if any bond 
(issued as part of such issue) is issued to advance 
refund another bond and a device is employed in 
connection with the issuance of such issue to obtain 
a material financial advantage (based on arbitrage) 
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apart from savings attributable to lower interest 
rates.’’, and 
(4) by inserting after paragraph (5) (as so re-
designated) the following new paragraph: 
‘‘(6) SPECIAL RULES FOR PURPOSES OF PARA-
GRAPH (3).—For purposes of paragraph (3), bonds 
issued before October 22, 1986, shall be taken into 
account under subparagraph (A)(i) thereof except— 
‘‘(A) a refunding which occurred before 
1986 shall be treated as an advance refunding 
only if the refunding bond was issued more 
than 180 days before the redemption of the re-
funded bond, and 
‘‘(B) a bond issued before 1986, shall be 
treated as advance refunded no more than once 
before March 15, 1986.’’. 
(b) 
CONFORMING
AMENDMENT.—Section 
148(f)(4)(C) is amended by redesignating clauses (xiv) 
through (xvi) as clauses (xv) to (xvii), respectively, and 
by inserting after clause (xiii) the following new clause: 
‘‘(xiv) DETERMINATION
OF
INITIAL 
TEMPORARY
PERIOD.—For purposes of 
this subparagraph, the end of the initial 
section temporary period shall be deter-
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mined 
without 
regard 
to 
section 
149(d)(3)(A)(iv).’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to advance refunding bonds issued 
more than 30 days after the date of the enactment of this 
Act. 
SEC. 90103. PERMANENT MODIFICATION OF SMALL ISSUER 
EXCEPTION TO TAX-EXEMPT INTEREST EX-
PENSE ALLOCATION RULES FOR FINANCIAL 
INSTITUTIONS. 
(a) PERMANENT INCREASE IN LIMITATION.—Sub-
paragraphs (C)(i), (D)(i), and (D)(iii)(II) of section 
265(b)(3) are each amended by striking ‘‘$10,000,000’’ 
and inserting ‘‘$30,000,000’’. 
(b) PERMANENT MODIFICATION OF OTHER SPECIAL 
RULES.—Section 265(b)(3) is amended— 
(1) by redesignating clauses (iv), (v), and (vi) 
of subparagraph (G) as clauses (ii), (iii), and (iv), 
respectively, and moving such clauses to the end of 
subparagraph (H) (as added by paragraph (2)), and 
(2) by striking so much of subparagraph (G) as 
precedes such clauses and inserting the following: 
‘‘(G) QUALIFIED 501(c)(3) BONDS TREATED 
AS ISSUED BY EXEMPT ORGANIZATION.—In the 
case of a qualified 501(c)(3) bond (as defined 
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in section 145), this paragraph shall be applied 
by treating the 501(c)(3) organization for 
whose benefit such bond was issued as the 
issuer. 
‘‘(H) SPECIAL
RULE
FOR
QUALIFIED 
FINANCINGS.— 
‘‘(i) IN GENERAL.—In the case of a 
qualified financing issue— 
‘‘(I) subparagraph (F) shall not 
apply, and 
‘‘(II) any obligation issued as a 
part of such issue shall be treated as 
a qualified tax-exempt obligation if 
the requirements of this paragraph 
are met with respect to each qualified 
portion of the issue (determined by 
treating each qualified portion as a 
separate issue which is issued by the 
qualified borrower with respect to 
which such portion relates).’’. 
(c) INFLATION ADJUSTMENT.—Section 265(b)(3), as 
amended by subsection (b), is amended by adding at the 
end the following new subparagraph: 
‘‘(I) INFLATION
ADJUSTMENT.—In the 
case of any calendar year after 2020, the 
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$30,000,000 amounts contained in subpara-
graphs (C)(i), (D)(i), and (D)(iii)(II) shall each 
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 such 
calendar year, determined by substituting 
‘calendar year 2019’ for ‘calendar year 
2016’ in subparagraph (A)(ii) thereof. 
Any increase determined under the preceding 
sentence shall be rounded to the nearest mul-
tiple of $100,000.’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to obligations issued after the date 
of the enactment of this Act. 
SEC. 90104. VOLUME CAP ON PRIVATE ACTIVITY BONDS. 
(a) IN GENERAL.—Section 146(d)(1) is amended— 
(1) by striking ‘‘$75 ($62.50 in the case of cal-
endar year 2001)’’ and inserting ‘‘$115’’, and 
(2) by striking ‘‘$225,000,000 ($187,500,000 
in the case of calendar year 2001)’’ and inserting 
‘‘$353,775,000’’. 
(b) INFLATION ADJUSTMENT.—Section 146(d)(2) is 
amended— 
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(1) by striking ‘‘2002’’ and inserting ‘‘2020’’, 
and 
(2) by striking ‘‘2001’’ in subparagraph (B) 
and inserting ‘‘2019’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to calendar years after 2020. 
SEC. 90105. MODIFICATIONS TO QUALIFIED SMALL ISSUE 
BONDS. 
(a) MANUFACTURING FACILITIES TO INCLUDE PRO-
DUCTION OF INTANGIBLE PROPERTY AND FUNCTIONALLY 
RELATED
FACILITIES.—Subparagraph (C) of section 
144(a)(12) is amended to read as follows: 
‘‘(C) 
MANUFACTURING
FACILITY.—For 
purposes of this paragraph— 
‘‘(i) IN GENERAL.—The term ‘manu-
facturing 
facility’ 
means 
any 
facility 
which— 
‘‘(I) is used in the manufacturing 
or production of tangible personal 
property (including the processing re-
sulting in a change in the condition of 
such property), 
‘‘(II) is used in the creation or 
production 
of 
intangible 
property 
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which 
is 
described 
in 
section 
197(d)(1)(C)(iii), or 
‘‘(III) is functionally related and 
subordinate to a facility described in 
subclause (I) or (II) if such facility is 
located on the same site as the facility 
described in subclause (I) or (II). 
‘‘(ii) 
CERTAIN
FACILITIES
IN-
CLUDED.—The term ‘manufacturing facil-
ity’ includes facilities that are directly re-
lated and ancillary to a manufacturing fa-
cility (determined without regard to this 
clause) if— 
‘‘(I) those facilities are located on 
the same site as the manufacturing 
facility, and 
‘‘(II) not more than 25 percent 
of the net proceeds of the issue are 
used to provide those facilities. 
‘‘(iii) 
LIMITATION
ON
OFFICE 
SPACE.—A rule similar to the rule of sec-
tion 142(b)(2) shall apply for purposes of 
clause (i). 
‘‘(iv) LIMITATION
ON
REFUNDINGS 
FOR CERTAIN PROPERTY.—Subclauses (II) 
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and (III) of clause (i) shall not apply to 
any bond issued on or before the date of 
the enactment of the Renewable Energy, 
Efficiency, and Infrastructure Tax Act of 
2020, or to any bond issued to refund a 
bond issued on or before such date (other 
than a bond to which clause (iii) of this 
subparagraph (as in effect before the date 
of the enactment of the Renewable Energy, 
Efficiency, and Infrastructure Tax Act of 
2020) applies), either directly or in a series 
of refundings.’’. 
(b) INCREASE IN LIMITATIONS.—Section 144(a)(4) is 
amended— 
(1) 
in 
subparagraph 
(A)(i), 
by 
striking 
‘‘$10,000,000’’ and inserting ‘‘$30,000,000’’, and 
(2) in the heading, by striking ‘‘$10,000,000’’ and 
inserting ‘‘$30,000,000’’. 
(c) 
ADJUSTMENT
FOR
INFLATION.—Section 
144(a)(4) is amended by adding at the end the following 
new subparagraph: 
‘‘(H) ADJUSTMENT
FOR
INFLATION.—In 
the case of any calendar year after 2020, the 
$30,000,000 amount in subparagraph (A) shall 
be increased by an amount equal to— 
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‘‘(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 2019’ for ‘calendar year 
2016’ in subparagraph (A)(ii) thereof. 
If any amount as increased under the preceding 
sentence is not a multiple of $100,000, such 
amount shall be rounded to the nearest multiple 
of $100,000.’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to obligations issued after the date 
of the enactment of this Act. 
SEC. 90106. EXPANSION OF CERTAIN EXCEPTIONS TO THE 
PRIVATE ACTIVITY BOND RULES FOR FIRST- 
TIME FARMERS. 
(a) INCREASE IN DOLLAR LIMITATION.— 
(1) IN
GENERAL.—Section 147(c)(2)(A) is 
amended by striking ‘‘$450,000’’ and inserting 
‘‘$552,500’’. 
(2) REPEAL OF SEPARATE LOWER DOLLAR LIM-
ITATION
ON
USED
FARM
EQUIPMENT.—Section 
147(c)(2) is amended by striking subparagraph (F) 
and by redesignating subparagraphs (G) and (H) as 
subparagraphs (F) and (G), respectively. 
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(3) QUALIFIED SMALL ISSUE BOND LIMITATION 
CONFORMED TO INCREASED DOLLAR LIMITATION.— 
Section 144(a)(11)(A) is amended by striking 
‘‘$250,000’’ and inserting ‘‘$552,500’’. 
(4) INFLATION ADJUSTMENT.— 
(A) IN
GENERAL.—Section 147(c)(2)(G), 
as redesignated by paragraph (2), is amended— 
(i) by striking ‘‘after 2008, the dollar 
amount in subparagraph (A) shall be in-
creased’’ and inserting ‘‘after 2020, the 
dollar amounts in subparagraph (A) and 
section 144(a)(11)(A) shall each be in-
creased’’, and 
(ii) in clause (ii), by striking ‘‘2007’’ 
and inserting ‘‘2019’’. 
(B) 
CROSS-REFERENCE.—Section 
144(a)(11) is amended by adding at the end the 
following new subparagraph: 
‘‘(D) INFLATION ADJUSTMENT.—For infla-
tion adjustment of dollar amount contained in 
subparagraph (A), see section 147(c)(2)(G).’’. 
(b) SUBSTANTIAL
FARMLAND
DETERMINED
ON 
BASIS
OF AVERAGE RATHER THAN MEDIAN FARM 
SIZE.—Section 147(c)(2)(E) is amended by striking ‘‘me-
dian’’ and inserting ‘‘average’’. 
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to be redeemed shall be determined in the same 
manner as under section 142. 
‘‘(e) LIMITATION
ON AMOUNT
OF BONDS DES-
IGNATED.—The maximum aggregate face amount of 
bonds issued during any calendar year which may be des-
ignated under subsection (d) by any issuer shall not exceed 
the limitation amount allocated under subsection (g) for 
such calendar year to such issuer. 
‘‘(f) NATIONAL LIMITATION ON AMOUNT OF BONDS 
DESIGNATED.—The national qualified school infrastruc-
ture bond limitation for each calendar year is— 
‘‘(1) $10,000,000,000 for 2021, 
‘‘(2) $10,000,000,000 for 2022, and 
‘‘(3) $10,000,000,000 for 2023. 
‘‘(g) ALLOCATION OF LIMITATION.— 
‘‘(1) ALLOCATIONS.— 
‘‘(A) STATES.—After application of sub-
paragraph (B) and paragraph (3)(A), the limi-
tation applicable under subsection (f) for any 
calendar year shall be allocated by the Sec-
retary among the States in proportion to the re-
spective amounts received by all local edu-
cational agencies in each State under part A of 
title I of the Elementary and Secondary Edu-
cation Act of 1965 (20 U.S.C. 6311 et seq.) for 
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