In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

[Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Networking Electronically To Connect 
Our Police Act of 2001'' or the ``NET COP Act''.

SEC. 2. FINDINGS; PURPOSES.

    (a) Findings.--Congress finds that--
            (1) Internet-based crime-fighting, investigatory, and 
        information-sharing technologies have proven to be extremely 
        useful to the law enforcement agencies that use them;
            (2) the sharing of information and the dissemination of 
        criminal intelligence between and among Federal, State, and 
        local law enforcement agencies benefit the society at large by 
        making criminal investigations more inclusive and effective;
            (3) the sharing of information between and among Federal, 
        State, and local law enforcement agencies allows these agencies 
        to find missing, neglected, abused, or abducted children, as 
        well as non-custodial parents seeking to evade their legal or 
        financial responsibilities; and
            (4) police departments in rural areas of the country tend 
        to be underserved by these Internet-based technologies.
    (b) Purposes.--The purposes of this Act are--
            (1) to authorize the Department of Justice to make grants 
        to rural police departments for the purchase or upgrade of 
        computer equipment, and to pay for Internet access for crime-
        fighting, investigatory, or information-sharing purposes;
            (2) to reimburse police department officials or members 
        who, acting on behalf of their rural police departments and 
        using personal funds, have purchased computer equipment or paid 
        for Internet access for crime-fighting, investigatory, or 
        information-sharing purposes; and
            (3) to require annual reports to Congress on the 
        concentration of police departments that have Internet access, 
        particularly those departments serving rural areas.

SEC. 3. GRANTS AUTHORIZED.

    The Attorney General is authorized to award grants to rural police 
departments to--
            (1) enable those departments to gain access to the various 
        crime-fighting, investigatory, and information sharing 
        resources available on the Internet; and
            (2) reimburse rural police department officials and members 
        for the cost of computer equipment or Internet access.

SEC. 4. USE OF FUNDS.

    Grants awarded under this Act may be used--
            (1) for the purchase of new or upgraded computer hardware 
        or software;
            (2) to pay for Internet access; and
            (3) to reimburse rural police departments that have paid 
        for computer equipment or Internet access out of the funds of 
        the department or department official or members, for some or 
        all of the costs associated with those purchases, as determined 
        by the Attorney General.

SEC. 5. APPLICATION.

    Each eligible rural police department that desires a grant under 
this Act shall submit an application to the Attorney General at such 
time, in such manner, and accompanied by such information as the 
Attorney General may reasonably require.

SEC. 6. GRANT PROGRAM CRITERIA.

    (a) In General.--In awarding a grant under this Act, the Attorney 
General shall--
            (1) set criteria for determining which police departments 
        are currently underserved by crime-fighting, investigatory, or 
        information-sharing technologies available on the Internet, by 
        differentiating between police departments that do not have 
        Internet access, and those departments that have access but are 
        using outmoded, obsolete, or otherwise inadequate technology; 
        and
            (2) determine what would constitute the minimum feasible 
        package of technologies required to enable those police 
        departments to use existing crime-fighting, investigatory, and 
        information-sharing technologies.
    (b) Grant Limitations.--The Attorney General shall set limits for 
maximum annual grants, based on determinations made under subsection 
(a), for rural police departments that do not have Internet access, and 
for those that do have access but are using inadequate technology.

SEC. 7. POLICE DEPARTMENT TECHNOLOGY ASSISTANCE DESK.

    The Attorney General shall establish a Police Department Technology 
Assistance Desk to offer advice to chiefs of police in rural police 
departments regarding--
            (1) the types of products to buy in order to achieve not 
        less than a minimum level of Internet service to access 
        existing crime-fighting, investigatory, and information-sharing 
        technologies; and
            (2) technology upgrades for those police departments in 
        possession of outmoded or obsolete technology;
            (3) preferred vendors; and
            (4) any other information the Attorney General determines 
        to be necessary.

SEC. 8. REPORT TO CONGRESS.

    The General Accounting Office, in consultation with the Attorney 
General, shall annually report to Congress on the concentration of 
police departments in the country that have Internet access, with 
particular emphasis on the number and percentage of rural police 
departments that lack Internet access, especially high-speed Internet 
access.

SEC. 9. AUTHORIZATION OF APPROPRIATIONS.

    There is authorized to be appropriated $500,000,000 for each of 
fiscal years 2002 through 2007 to carry out this Act.
[A]: Networking Electronically To Connect Our Police Act of 2001 or NET COP Act - Authorizes the Attorney General to award grants to rural police departments to: (1) enable those departments to gain access to the various crime-fighting, investigatory, and information sharing resources available on the Internet; and (2) reimburse rural police department officials and members for the cost of computer equipment or Internet access.Allows grants awarded to be used: (1) for the purchase of new or upgraded computer hardware or software; (2) to pay for Internet access; and (3) to reimburse rural police departments that have paid for computer equipment or Internet access out of the funds of the department or department officials or members for some or all of the costs associated with those purchases, as determined by the Attorney General.Sets forth provisions regarding grant application requirements and grant program criteria.Directs the Attorney General to establish a Police Department Technology Assistance Desk to offer advice to chiefs of police in rural police departments.


[Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Empowering Jobs Act of 2015''.

SEC. 2. MODIFICATION OF RULES FOR TAX-EXEMPT ENTERPRISE ZONE FACILITY 
              BONDS.

    (a) In General.--Clause (i) of section 1394(b)(3)(B) of the 
Internal Revenue Code of 1986 is amended--
            (1) by striking ``References'' and inserting the following:
                                    ``(I) In general.--Except as 
                                provided in subclause (II), 
                                references'', and
            (2) by adding at the end the following new subclause:
                                    ``(II) Special rule for employee 
                                residence test.--For purposes of 
                                subsection (b)(6) and (c)(5) of section 
                                1397C, an employee shall be treated as 
                                a resident of an empowerment zone if 
                                such employee is a resident of an 
                                empowerment zone, an enterprise 
                                community, or a qualified low-income 
                                community within an applicable 
                                nominating jurisdiction.''.
    (b) Definitions.--
            (1) Qualified low-income community.--Paragraph (3) of 
        section 1394(b) of the Internal Revenue Code of 1986 is amended 
        by redesignating subparagraphs (C) and (D) as subparagraphs (D) 
        and (E), respectively, and by inserting after subparagraph (B) 
        the following new subparagraph:
                    ``(C) Qualified low-income community.--For purposes 
                of subparagraph (B)--
                            ``(i) In general.--The term `qualified low-
                        income community' means any population census 
                        tract if--
                                    ``(I) the poverty rate for such 
                                tract is at least 20 percent, or
                                    ``(II) the median family income for 
                                such tract does not exceed 80 percent 
                                of statewide median family income (or, 
                                in the case of a tract located within a 
                                metropolitan area, metropolitan area 
                                median family income if greater).
                        Subclause (II) shall be applied using 
                        possessionwide median family income in the case 
                        of census tracts located within a possession of 
                        the United States.
                            ``(ii) Targeted populations.--The Secretary 
                        shall prescribe regulations under which 1 or 
                        more targeted populations (within the meaning 
                        of section 103(20) of the Riegle Community 
                        Development and Regulatory Improvement Act of 
                        1994) may be treated as a qualified low-income 
                        communities.
                            ``(iii) Areas not within census tracts.--In 
                        the case of an area which is not tracted for 
                        population census tracts, the equivalent county 
                        divisions (as defined by the Bureau of the 
                        Census for purposes of defining poverty areas) 
                        shall be used for purposes of determining 
                        poverty rates and median family income.
                            ``(iv) Modification of income requirement 
                        for census tracts within high migration rural 
                        counties.--
                                    ``(I) In general.--In the case of a 
                                population census tract located within 
                                a high migration rural county, clause 
                                (i)(II) shall be applied to areas not 
                                located within a metropolitan area by 
                                substituting `85 percent' for `80 
                                percent'.
                                    ``(II) High migration rural 
                                county.--For purposes of this clause, 
                                the term `high migration rural county' 
                                means any county which, during the 20-
                                year period ending with the year in 
                                which the most recent census was 
                                conducted, has a net out-migration of 
                                inhabitants from the county of at least 
                                10 percent of the population of the 
                                county at the beginning of such 
                                period.''.
            (2) Applicable nominating jurisdiction.--Subparagraph (D) 
        of section 1394(b)(3) of such Code, as redesignated by 
        paragraph (1), is amended by adding at the end the following 
        new clause:
                            ``(iii) Applicable nominating 
                        jurisdiction.--The term `applicable nominating 
                        jurisdiction' means, with respect to any 
                        empowerment zone or enterprise community, any 
                        local government that nominated such community 
                        for designation under section 1391.''.
    (c) Conforming Amendments.--
            (1) Clause (iii) of section 1394(b)(3)(B) of such Code is 
        amended by striking ``or an enterprise community'' and 
        inserting ``, an enterprise community, or a qualified low-
        income community within an applicable nominating 
        jurisdiction''.
            (2) Subparagraph (D) of section 1394(b)(3) of such Code, as 
        redesignated by subsection (b)(1), is amended by striking 
        ``Definitions'' and inserting ``Other definitions''.
    (d) Effective Date.--The amendments made by this section shall 
apply to bonds issued before, on, or after the date of the enactment of 
this Act and not redeemed before the date of the enactment of this Act.

SEC. 3. EXTENSION OF EMPOWERMENT ZONE TAX INCENTIVES.

    (a) In General.--Clause (i) of section 1391(d)(1)(A), as amended by 
the Tax Increase Prevention Act of 2014, is amended by striking 
``December 31, 2014'' and inserting ``December 31, 2016''.
    (b) Treatment of Certain Termination Dates Specified in 
Nominations.--In the case of a designation of an empowerment zone the 
nomination for which included a termination date which is 
contemporaneous with the date specified in subparagraph (A)(i) of 
section 1391(d)(1) of the Internal Revenue Code of 1986 (as in effect 
before the enactment of this Act), subparagraph (B) of such section 
shall not apply with respect to such designation if, after the date of 
the enactment of this section, the entity which made such nomination 
amends the nomination to provide for a new termination date in such 
manner as the Secretary of the Treasury (or the Secretary's designee) 
may provide.
    (c) Effective Dates.--The amendment made by subsection (a) shall 
apply to periods after December 31, 2014.
[A]: Empowering Jobs Act of 2015 Amends the Internal Revenue Code, with respect to tax-exempt enterprise zone facility bonds and empowerment zones, to: (1)&nbsp;include as employees of a qualified business entity employees who are residents of&nbsp;an empowerment zone, an enterprise community, or a qualified low-income community; and (2)&nbsp;extend the period of designation for empowerment zones through December 31, 2016 (thus extending the eligibility of such zones for certain tax benefits). 


[Q]: SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE.

    (a) Short Title.--This Act may be cited as the ``Rural Renaissance 
Act II of 2005''.
    (b) Amendment of 1986 Code.--Except as otherwise expressly 
provided, whenever in this Act an amendment or repeal is expressed in 
terms of an amendment to, or repeal of, a section or other provision, 
the reference shall be considered to be made to a section or other 
provision of the Internal Revenue Code of 1986.

SEC. 2. CREDIT TO HOLDERS OF RURAL RENAISSANCE BONDS.

    (a) In General.--Part IV of subchapter A of chapter 1 (relating to 
credits against tax) is amended by adding at the end the following new 
subpart:

``Subpart H--Nonrefundable Credit to Holders of Rural Renaissance Bonds

``Sec. 54. Credit to holders of rural renaissance bonds.

``SEC. 54. CREDIT TO HOLDERS OF RURAL RENAISSANCE BONDS.

    ``(a) Allowance of Credit.--In the case of a taxpayer who holds a 
rural renaissance bond on a credit allowance date of such bond, which 
occurs during the taxable year, there shall be allowed as a credit 
against the tax imposed by this chapter for such taxable year an amount 
equal to the sum of the credits determined under subsection (b) with 
respect to credit allowance dates during such year on which the 
taxpayer holds such bond.
    ``(b) Amount of Credit.--
            ``(1) In general.--The amount of the credit determined 
        under this subsection with respect to any credit allowance date 
        for a rural renaissance bond is 25 percent of the annual credit 
        determined with respect to such bond.
            ``(2) Annual credit.--The annual credit determined with 
        respect to any rural renaissance bond is the product of--
                    ``(A) the credit rate determined by the Secretary 
                under paragraph (3) for the day on which such bond was 
                sold, multiplied by
                    ``(B) the outstanding face amount of the bond.
            ``(3) Determination.--For purposes of paragraph (2), with 
        respect to any rural renaissance bond, the Secretary shall 
        determine daily or caused to be determined daily a credit rate 
        which shall apply to the first day on which there is a binding, 
        written contract for the sale or exchange of the bond. The 
        credit rate for any day is the credit rate which the Secretary 
        or the Secretary's designee estimates will permit the issuance 
        of rural renaissance bonds with a specified maturity or 
        redemption date without discount and without interest cost to 
        the qualified issuer.
            ``(4) Credit allowance date.--For purposes of this section, 
        the term `credit allowance date' means--
                    ``(A) March 15,
                    ``(B) June 15,
                    ``(C) September 15, and
                    ``(D) December 15.
        Such term also includes the last day on which the bond is 
        outstanding.
            ``(5) Special rule for issuance and redemption.--In the 
        case of a bond which is issued during the 3-month period ending 
        on a credit allowance date, the amount of the credit determined 
        under this subsection with respect to such credit allowance 
        date shall be a ratable portion of the credit otherwise 
        determined based on the portion of the 3-month period during 
        which the bond is outstanding. A similar rule shall apply when 
        the bond is redeemed or matures.
    ``(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 imposed by 
                section 55, over
                    ``(B) the sum of the credits allowable under this 
                part (other than subpart C thereof, relating to 
                refundable credits).
            ``(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.
    ``(d) Rural Renaissance Bond.--For purposes of this section--
            ``(1) In general.--The term `rural renaissance bond' means 
        any bond issued as part of an issue if--
                    ``(A) the bond is issued by a qualified issuer,
                    ``(B) 95 percent or more of the proceeds from the 
                sale of such issue are to be used for capital 
                expenditures incurred for 1 or more qualified projects,
                    ``(C) the qualified issuer designates such bond for 
                purposes of this section and the bond is in registered 
                form, and
                    ``(D) the issue meets the requirements of 
                subsections (e) and (g).
            ``(2) Qualified project; special use rules.--
                    ``(A) In general.--The term `qualified project' 
                means 1 or more projects described in subparagraph (B) 
                located in a rural area.
                    ``(B) Projects described.--A project described in 
                this subparagraph is--
                            ``(i) a water or waste treatment project,
                            ``(ii) an affordable housing project,
                            ``(iii) a community facility project, 
                        including hospitals, fire and police stations, 
                        and nursing and assisted-living facilities,
                            ``(iv) a value-added agriculture or 
                        renewable energy facility project for 
                        agricultural producers or farmer-owned 
                        entities, including any project to promote the 
                        production, processing, or retail sale of 
                        ethanol (including fuel at least 85 percent of 
                        the volume of which consists of ethanol), 
                        biodiesel, animal waste, biomass, raw 
                        commodities, or wind as a fuel,
                            ``(v) a distance learning or telemedicine 
                        project,
                            ``(vi) a rural utility infrastructure 
                        project, including any electric or telephone 
                        system,
                            ``(vii) a project to expand broadband 
                        technology,
                            ``(viii) a rural teleworks project, and
                            ``(ix) any project described in any 
                        preceding clause carried out by the Delta 
                        Regional Authority.
                    ``(C) Special rules.--For purposes of this 
                paragraph--
                            ``(i) any project described in subparagraph 
                        (B)(iv) for a farmer-owned entity may be 
                        considered a qualified project if such entity 
                        is located in a rural area, or in the case of a 
                        farmer-owned entity the headquarters of which 
                        are located in a nonrural area, if the project 
                        is located in a rural area, and
                            ``(ii) any project for a farmer-owned 
                        entity which is a facility described in 
                        subparagraph (B)(iv) for agricultural producers 
                        may be considered a qualified project 
                        regardless of whether the facility is located 
                        in a rural or nonrural area.
            ``(3) Special use rules.--
                    ``(A) Refinancing rules.--For purposes of paragraph 
                (1)(B), a qualified project may be refinanced with 
                proceeds of a rural renaissance bond only if the 
                indebtedness being refinanced (including any obligation 
                directly or indirectly refinanced by such indebtedness) 
                was originally incurred after the date of the enactment 
                of this section.
                    ``(B) Treatment of changes in use.--For purposes of 
                paragraph (1)(B), the proceeds of an issue shall not be 
                treated as used for a qualified project to the extent 
                that a borrower takes any action within its control 
                which causes such proceeds not to be used for a 
                qualified project. The Secretary shall prescribe 
                regulations specifying remedial actions that may be 
                taken (including conditions to taking such remedial 
                actions) to prevent an action described in the 
                preceding sentence from causing a bond to fail to be a 
                rural renaissance bond.
    ``(e) Maturity Limitations.--
            ``(1) Duration of term.--A bond shall not be treated as a 
        rural renaissance bond if such bond is issued as part of an 
        issue and--
                    ``(A) the average maturity of bonds issued as a 
                part of such issue, exceeds
                    ``(B) 120 percent of the average reasonable 
                expected economic life of the facilities being financed 
                with the proceeds from the sale of such issue.
            ``(2) Determination of averages.--For purposes of paragraph 
        (1), the determination of averages of an issue and economic 
        life of any facility shall be determined in accordance with 
        section 147(b).
            ``(3) Ratable principal amortization required.--A bond 
        shall not be treated as a rural renaissance bond unless it is 
        part of an issue which provides for an equal amount of 
        principal to be paid by the qualified issuer during each 
        calendar year that the issue is outstanding.
    ``(f) Credit Included in Gross Income.--Gross income includes the 
amount of the credit allowed to the taxpayer under this section 
(determined without regard to subsection (c)) and the amount so 
included shall be treated as interest income.
    ``(g) Special Rules Relating to Expenditures.--
            ``(1) In general.--An issue shall be treated as meeting the 
        requirements of this subsection if--
                    ``(A) at least 95 percent of the proceeds from the 
                sale of the issue are to be spent for 1 or more 
                qualified projects within the 5-year period beginning 
                on the date of issuance of the rural renaissance bond,
                    ``(B) a binding commitment with a third party to 
                spend at least 10 percent of the proceeds from the sale 
                of the issue will be incurred within the 6-month period 
                beginning on the date of issuance of the rural 
                renaissance bond or, in the case of a rural renaissance 
                bond, the proceeds of which are to be loaned to 2 or 
                more borrowers, such binding commitment will be 
                incurred within the 6-month period beginning on the 
                date of the loan of such proceeds to a borrower, and
                    ``(C) such projects will be completed with due 
                diligence and the proceeds from the sale of the issue 
                will be spent with due diligence.
            ``(2) Extension of period.--Upon submission of a request 
        prior to the expiration of the period described in paragraph 
        (1)(A), the Secretary may extend such period if the qualified 
        issuer establishes that the failure to satisfy the 5-year 
        requirement is due to reasonable cause and the related projects 
        will continue to proceed with due diligence.
            ``(3) Failure to spend required amount of bond proceeds 
        within 5 years.--To the extent that less than 95 percent of the 
        proceeds of such issue are expended within such 5-year period 
        (and no extension has been obtained under paragraph (2)), the 
        qualified issuer shall redeem all of the nonqualified bonds on 
        the earliest call date subsequent to the expiration of the 5-
        year period. If such earliest call date is more than 90 days 
        subsequent to the expiration of the 5-year period, the 
        qualified issuer shall establish a yield-restricted defeasance 
        escrow within such 90 days to retire such nonqualified bonds on 
        the earlier of the date which is 10 years after the issue date 
        or the first call date. For purposes of this paragraph, the 
        term `nonqualified bonds' means the portion of the outstanding 
        bonds in an amount that, if the remaining bonds were issued on 
        the fifth anniversary of the date of the issuance of the issue, 
        at least 95 percent of the proceeds of the remaining bonds 
        would be used to provide qualified projects.
    ``(h) Special Rules Relating to Arbitrage.--
            ``(1) In general.--A bond which is part of an issue shall 
        not be treated as a rural renaissance bond unless, with respect 
        to the issue of which the bond is a part, the qualified issuer 
        satisfies the arbitrage rebate requirements of section 148 with 
        respect to gross proceeds of the issue (other than any amounts 
        applied in accordance with subsection (g)). For purposes of 
        such requirements, yield over the term of an issue shall be 
        determined under the principles of section 148 based on the 
        qualified issuer's payments of principal, interest (if any), 
        and fees for qualified guarantees on such issue.
            ``(2) Exception.--Amounts on deposit in a bona fide debt 
        service fund with regard to any rural renaissance bond are not 
        subject to the arbitrage rebate requirements of section 148.
    ``(i) Qualified Issuer.--For purposes of this section--
            ``(1) In general.--The term `qualified issuer' means any 
        not-for-profit cooperative lender which has as of the date of 
        the enactment of this section received a guarantee under 
        section 306 of the Rural Electrification Act and which meets 
        the requirement of paragraph (2).
            ``(2) User fee requirement.--The requirement of this 
        paragraph is met if the issuer of any rural renaissance bond 
        makes grants for economic and community development projects on 
        a semi-annual basis every year that such bond is outstanding in 
        an annual amount equal to \1/2\ of the rate on United States 
        Treasury bills of the same maturity multiplied by the 
        outstanding principal balance of rural renaissance bonds issued 
        by such issuer.
    ``(j) Special Rules Relating to Pool Bonds.--No portion of a pooled 
financing bond may be allocable to loan unless the borrower has entered 
into a written loan commitment for such portion prior to the issue date 
of such issue.
    ``(k) Other Definitions and Special Rules.--For purposes of this 
section--
            ``(1) Bond.--The term `bond' includes any obligation.
            ``(2) Pooled financing bond.--The term `pooled financing 
        bond' shall have the meaning given such term by section 
        149(f)(4)(A).
            ``(3) Rural area.--The term `rural area' means any area 
        other than--
                    ``(A) a city or town which has a population of 
                greater than 50,000 inhabitants, or
                    ``(B) the urbanized area contiguous and adjacent to 
                such a city or town.
            ``(4) Partnership; s corporation; and other pass-thru 
        entities.--Under regulations prescribed by the Secretary, in 
        the case of a partnership, trust, S corporation, or other pass-
        thru entity, rules similar to the rules of section 41(g) shall 
        apply with respect to the credit allowable under subsection 
        (a).
            ``(5) Bonds held by regulated investment companies.--If any 
        rural renaissance bond is held by a regulated investment 
        company, the credit determined under subsection (a) shall be 
        allowed to shareholders of such company under procedures 
        prescribed by the Secretary.
            ``(6) Treatment for estimated tax purposes.--Solely for 
        purposes of sections 6654 and 6655, the credit allowed by this 
        section to a taxpayer by reason of holding a rural renaissance 
        bond on a credit allowance date shall be treated as if it were 
        a payment of estimated tax made by the taxpayer on such date.
            ``(7) Reporting.--Issuers of rural renaissance bonds shall 
        submit reports similar to the reports required under section 
        149(e).''.
    (b) Reporting.--Subsection (d) of section 6049 (relating to returns 
regarding payments of interest) is amended by adding at the end the 
following new paragraph:
            ``(8) Reporting of credit on rural renaissance bonds.--
                    ``(A) In general.--For purposes of subsection (a), 
                the term `interest' includes amounts includible in 
                gross income under section 54(f) and such amounts shall 
                be treated as paid on the credit allowance date (as 
                defined in section 54(b)(4)).
                    ``(B) Reporting to corporations, etc.--Except as 
                otherwise provided in regulations, in the case of any 
                interest described in subparagraph (A), subsection 
                (b)(4) shall be applied without regard to subparagraphs 
                (A), (H), (I), (J), (K), and (L)(i) of such subsection.
                    ``(C) Regulatory authority.--The Secretary may 
                prescribe such regulations as are necessary or 
                appropriate to carry out the purposes of this 
                paragraph, including regulations which require more 
                frequent or more detailed reporting.''.
    (c) Clerical Amendments.--
            (1) The table of subparts for part IV of subchapter A of 
        chapter 1 is amended by adding at the end the following new 
        item:

        ``Subpart H. Nonrefundable credit to holders of rural 
                            renaissance bonds.''.
            (2) Section 6401(b)(1) is amended by striking ``and G'' and 
        inserting ``G, and H''.
    (d) Issuance of Regulations.--The Secretary of Treasury shall issue 
regulations required under section 54 of the Internal Revenue Code of 
1986 (as added by this section) not later than 120 days after the date 
of the enactment of this Act.
    (e) Effective Date.--The amendments made by this section shall 
apply to bonds issued after the date of the enactment of this Act.
[A]:
Rural Renaissance Act II of 2005 - Amends the Internal Revenue Code to allow holders of rural renaissance bonds a nonrefundable tax credit of 25 percent of the annual credit amount as determined by the Secretary of the Treasury. Defines "rural renaissance bond" as any bond issued by a nonprofit cooperative lender that is used for capital expenditures for qualified projects in rural areas, including projects for water or waste treatment, affordable housing, community facilities (e.g., hospitals, fire and police stations, nursing facilities, etc.), rural utility infrastructure, broadband technology, and rural teleworks.

Sets forth rules for maturity limitations, arbitrage, and expenditures, including a requirement that 95 percent of the proceeds from the sale of a bond issue be spent on qualified projects within five yeas from the date of a bond issuance.