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 ``Bus Utility and Safety in School 
Transportation Opportunity and Purchasing Act of 2005''.

SEC. 2. FINDINGS AND PURPOSE.

    (a) Findings.--Congress finds that--
            (1) school transportation issues remain a concern for 
        parents, local educational agencies, lawmakers, the National 
        Highway Traffic Safety Administration, the National 
        Transportation Safety Board, and the Environmental Protection 
        Agency;
            (2) millions of children face potential future health 
        problems because of exposure to noxious fumes emitted from 
        older school buses;
            (3) many rural local educational agencies are operating 
        outdated, unsafe school buses that are failing inspection, 
        resulting in a depletion of the school bus fleets of the local 
        educational agencies; and
            (4) many rural local educational agencies are unable to 
        afford newer and safer buses.
    (b) Purpose.--The purpose of this Act is to establish within the 
Department of Education a Federal cost-sharing program to assist rural 
local educational agencies with older, unsafe school bus fleets in 
purchasing newer, safer school buses.

SEC. 3. DEFINITIONS.

    In this Act:
            (1) Rural local educational agency.--The term ``rural local 
        educational agency'' means a local educational agency, as 
        defined in section 9101 of the Elementary and Secondary 
        Education Act of 1965 (20 U.S.C. 7801), with respect to which--
                    (A) each county in which a school served by the 
                local educational agency is located has a total 
                population density of fewer than 10 persons per square 
                mile;
                    (B) all schools served by the local educational 
                agency are designated with a school locale code of 7 or 
                8, as determined by the Secretary of Education; or
                    (C) all schools served by the local educational 
                agency have been designated, by official action taken 
                by the legislature of the State in which the local 
                educational agency is located, as rural schools for 
                purposes relating to the provision of educational 
                services to students in the State.
            (2) School bus.--The term ``school bus'' means a vehicle 
        the primary purpose of which is to transport students to and 
        from school or school activities.
            (3) Secretary.--The term ``Secretary'' means the Secretary 
        of Education.

SEC. 4. GRANT PROGRAM.

    (a) In General.--From amounts made available under subsection (e) 
for a fiscal year, the Secretary shall provide grants, on a competitive 
basis, to rural local educational agencies to pay the Federal share of 
the cost of purchasing new school buses.
    (b) Application.--
            (1) In general.--Each rural local educational agency that 
        seeks to receive a grant under this Act shall submit to the 
        Secretary for approval an application at such time, in such 
        manner, and accompanied by such information (in addition to 
        information required under paragraph (2)) as the Secretary may 
        require.
            (2) Contents.--Each application submitted under paragraph 
        (1) shall include--
                    (A) documentation that, of the total number of 
                school buses operated by the rural local educational 
                agency, not less than 50 percent of the school buses 
                are in need of repair or replacement;
                    (B) documentation of the number of miles that each 
                school bus operated by the rural local educational 
                agency traveled in the most recent 9-month academic 
                year;
                    (C) documentation that the rural local educational 
                agency is operating with a reduced fleet of school 
                buses;
                    (D) a certification from the rural local 
                educational agency that--
                            (i) authorizes the application of the rural 
                        local educational agency for a grant under this 
                        Act; and
                            (ii) describes the dedication of the rural 
                        local educational agency to school bus 
                        replacement programs and school transportation 
                        needs (including the number of new school buses 
                        needed by the rural local educational agency); 
                        and
                    (E) an assurance that the rural local educational 
                agency will pay the non-Federal share of the cost of 
                the purchase of new school buses under this Act from 
                non-Federal sources.
    (c) Priority.--
            (1) In general.--In providing grants under this Act, the 
        Secretary shall give priority to rural local educational 
        agencies that, as determined by the Secretary--
                    (A) are transporting students in a bus manufactured 
                before 1977;
                    (B) have a grossly depleted fleet of school buses; 
                or
                    (C) serve a school that is required, under section 
                1116(b)(9) of the Elementary and Secondary Education 
                Act of 1965 (20 U.S.C. 6316(b)(9)), to provide 
                transportation to students to enable the students to 
                transfer to another public school served by the rural 
                local educational agency.
    (d) Payments; Federal Share.--
            (1) Payments.--The Secretary shall pay to each rural local 
        educational agency having an application approved under this 
        section the Federal share described in paragraph (2) of the 
        cost of purchasing such number of new school buses as is 
        specified in the approved application.
            (2) Federal share.--The Federal share of the cost of 
        purchasing a new school bus under this Act shall be 75 percent.
    (e) Authorization of Appropriations.--There are authorized to be 
appropriated to carry out this Act--
            (1) $50,000,000 for fiscal year 2006; and
            (2) such sums as are necessary for each of fiscal years 
        2007 through 2011.
[A]: Bus Utility and Safety in School Transportation Opportunity and Purchasing Act of 2005 - Directs the Secretary of Education to provide grants, on a competitive basis, to rural local educational agencies (LEAs) to pay the federal share (75%) of costs of purchasing new school buses. Requires the Secretary, in providing such grants, to give priority to rural LEAs that: (1) are transporting students in a bus manufactured before 1977; (2) have a grossly depleted fleet of school buses; or (3) serve a school required by law to provide transportation to students to enable them to transfer to another public school served by the rural LEA.


[Q]: 67, and approved by 
Congress, allow for such further authorizations.

                      TITLE II--GENERAL PROVISIONS

SEC. 201. ANNUAL REPORT.

    Section 3(f) of the National Science Foundation Act of 1950 (42 
U.S.C. 1862(f)) is amended to read as follows:
    ``(f) The Foundation shall provide an annual report to the 
President which shall be submitted by the Director to the Congress at 
the time of the President's annual budget submission. The report 
shall--
            ``(1) contain a strategic plan, or an update to a previous 
        strategic plan, which--
                    ``(A) defines for a three-year period the overall 
                goals for the Foundation and specific goals for each 
                major activity of the Foundation, including each 
                scientific directorate, the education directorate, and 
                the polar programs office; and
                    ``(B) describe how the identified goals relate to 
                national needs and will exploit new opportunities in 
                science and technology;
            ``(2) identify the criteria and describe the procedures 
        which the Foundation will use to assess progress toward 
        achieving the goals identified in accordance with paragraph 
        (1);
            ``(3) review the activities of the Foundation during the 
        preceding year which have contributed toward achievement of 
        goals identified in accordance with paragraph (1) and summarize 
        planned activities for the coming three years in the context of 
        the identified goals, with particular emphasis on the 
        Foundation's planned contributions to major multi-agency 
        research and education initiatives;
            ``(4) contain such recommendations as the Foundation 
        considers appropriate; and
            ``(5) include information on the acquisition and 
        disposition by the Foundation of any patents and patent 
        rights.''.

SEC. 202. NATIONAL RESEARCH FACILITIES.

    (a) Facilities Plan.--The Director shall provide to Congress 
annually, as a part of the report required under section 3(f) of the 
National Science Foundation Act of 1950, a plan for the proposed 
construction of, and repair and upgrades to, national research 
facilities. The plan shall include estimates of the cost for such 
construction, repairs, and upgrades, and estimates of the cost for the 
operation and maintenance of existing and proposed new facilities. For 
proposed new construction and for major upgrades to existing 
facilities, the plan shall include funding profiles by fiscal year and 
milestones for major phases of the construction. The plan shall include 
cost estimates in the categories of construction, repair, and upgrades 
for the year in which the plan is submitted to Congress and for not 
fewer than the succeeding 4 years.
    (b) Limitation on Obligation of Unauthorized Appropriations.--No 
funds appropriated for any project which involves construction of new 
national research facilities or construction necessary for upgrading 
the capabilities of existing national research facilities shall be 
obligated unless the funds are specifically authorized for such purpose 
by this Act or any other Act which is not an appropriations Act, or 
unless the total estimated cost to the Foundation of the construction 
project is less than $50,000,000. This subsection shall not apply to 
construction projects approved by the National Science Board prior to 
June 30, 1994.

SEC. 203. ELIGIBILITY FOR RESEARCH FACILITY AWARDS.

    Section 203(b) of the Academic Research Facilities Modernization 
Act of 1988 is amended by striking the final sentence of paragraph (3) 
and inserting in lieu thereof the following: ``The Director shall give 
priority to institutions or consortia that have not received such funds 
in the preceding 5 years, except that this sentence shall not apply to 
previous funding received for the same multiyear project.''.

SEC. 204. ADMINISTRATIVE AMENDMENTS.

    (a) National Science Foundation Act of 1950 Amendments.--The 
National Science Foundation Act of 1950 (42 U.S.C. 1861 et seq.) is 
amended--
            (1) by redesignating the subsection (k) of section 4 (42 
        U.S.C. 1863(k)) that was added by section 108 of the National 
        Science Foundation Authorization Act of 1988 as subsection (l);
            (2) in section 5(e) (42 U.S.C. 1864(e)) by amending 
        paragraph (2) to read as follows:
    ``(2) Any delegation of authority or imposition of conditions under 
paragraph (1) shall be promptly published in the Federal Register and 
reported to the Committees on Labor and Human Resources and Commerce, 
Science, and Transportation of the Senate and the Committee on Science 
of the House of Representatives.'';
            (3) by inserting ``be entitled to'' between ``shall'' and 
        ``receive'', and by inserting ``, including traveltime,'' after 
        ``Foundation'' in section 14(c) (42 U.S.C. 1873(c));
            (4) by striking section 14(j) (42 U.S.C. 1873(j)); and
            (5) by striking ``Atomic Energy Commission'' in section 
        15(a) (42 U.S.C. 1874(a)) and inserting in lieu thereof 
        ``Secretary of Energy''.
    (b) National Science Foundation Authorization Act, 1976 
Amendments.--Section 6(a) of the National Science Foundation 
Authorization Act, 1976 (42 U.S.C. 1881a(a)) is amended by striking 
``social,'' the first place it appears.
    (c) National Science Foundation Authorization Act of 1988 
Amendments.--(1) Section 117(a)(1)(B)(v) of the National Science 
Foundation Authorization Act of 1988 (42 U.S.C. 1881b(1)(B)(v)) is 
amended to read as follows:
            ``(v) from schools established outside the several States 
        and the District of Columbia by any agency of the Federal 
        Government for dependents of its employees.''.
    (2) Section 117(a)(3)(A) of such Act (42 U.S.C. 1881b(3)(A)) is 
amended by striking ``Science and Engineering Education'' and inserting 
in lieu thereof ``Education and Human Resources''.
    (d) Education for Economic Security Act Amendments.--Section 107 of 
Education for Economic Security Act (20 U.S.C. 3917) is repealed.
    (e) Technical Amendment.--The second subsection (g) of section 3 of 
the National Science Foundation Act of 1950 is repealed.

SEC. 205. INDIRECT COSTS.

    (a) Matching Funds.--Matching funds required pursuant to section 
204(a)(2)(C) of the Academic Research Facilities Modernization Act of 
1988 (42 U.S.C. 1862c(a)(2)(C)) shall not be considered facilities 
costs for purposes of determining indirect cost rates.
    (b) Report.--The Director of the Office of Science and Technology 
Policy, in consultation with other relevant agencies, shall prepare a 
report analyzing what steps would be needed to--
            (1) reduce by 10 percent the proportion of Federal 
        assistance to institutions of higher education that are 
        allocated for indirect costs; and
            (2) reduce the variance among indirect cost rates of 
        different institutions of higher education,
including an evaluation of the relative benefits and burdens of each 
option on institutions of higher education. Such report shall be 
transmitted to the Congress no later than December 31, 1995.
SEC. 206. RESEARCH INSTRUMENTATION AND FACILITIES.

    The Foundation shall incorporate the guidelines set forth in 
Important Notice No. 91, dated March 11, 1983 (48 Fed. Reg. 15754, 
April 12, 1983), relating to the use and operation of Foundation-
supported research instrumentation and facilities, in its notice of 
Grant General Conditions, and shall examine more closely the adherence 
of grantee organizations to such guidelines.

SEC. 207. FINANCIAL DISCLOSURE.

    Persons temporarily employed by or at the Foundation shall be 
subject to the same financial disclosure requirements and related 
sanctions under the Ethics in Government Act of 1978 as are permanent 
employees of the Foundation in equivalent positions.

SEC. 208. EDUCATIONAL LEAVE OF ABSENCE FOR ACTIVE DUTY.

    In order to be eligible to receive funds from the Foundation after 
September 30, 1995, an institution of higher education must provide 
that whenever any student of the institution who is a member of the 
National Guard, or other reserve component of the Armed Forces of the 
United States, is called or ordered to active duty, other than active 
duty for training, the institution shall grant the member a military 
leave of absence from their education. Persons on military leave of 
absence from their institution shall be entitled, upon release from 
military duty, to be restored to the educational status they had 
attained prior to their being ordered to military duty without loss of 
academic credits earned, scholarships or grants awarded, or tuition and 
other fees paid prior to the commencement of the military duty. It 
shall be the duty of the institution to refund tuition or fees paid or 
to credit the tuition and fees to the next semester or term after the 
termination of the educational military leave of absence at the option 
of the student.
SEC. 209. PROHIBITION OF LOBBYING ACTIVITIES.

    None of the funds authorized by this Act shall be available for any 
activity whose purpose is to influence legislation pending before the 
Congress, provided that this shall not prevent officers or employees of 
the United States or of its departments or agencies from communicating 
to Members of Congress on the request of any Member or to Congress, 
through the proper channels, requests for legislation or appropriations 
which they deem necessary for the efficient conduct of the public 
business.
SEC. 210. SCIENCE STUDIES INSTITUTE.

    (a) Amendment.--Section 822 of the National Defense Authorization 
Act for Fiscal 1991 (42 U.S.C. 6686) is amended--
            (1) by striking ``Critical Technologies Institute'' in the 
        section heading and in subsection (a), and inserting in lieu 
        thereof ``Science Studies Institute'';
            (2) in subsection (b) by striking ``As determined by the 
        chairman of the committee referred to in subsection (c), the'' 
        and inserting in lieu thereof ``The'';
            (3) by striking subsection (c), and redesignating 
        subsections (d), (e), (f), and (g) as subsections (c), (d), 
        (e), and (f), respectively;
            (4) in subsection (c), as so redesignated by paragraph (3) 
        of this subsection--
                    (A) by inserting ``science and'' after 
                ``developments and trends in'' in paragraph (1);
                    (B) by striking ``with particular emphasis'' in 
                paragraph (1) and all that follows through the end of 
                such paragraph and inserting in lieu thereof ``and 
                developing and maintaining relevant informational and 
                analytical tools.'';
                    (C) by striking ``to determine'' and all that 
                follows through ``technology policies'' in paragraph 
                (2) and inserting in lieu thereof ``with particular 
                attention to the scope and content of the Federal 
                science and technology research and develop portfolio 
                as it affects interagency and national issues'';
                    (D) by amending paragraph (3) to read as follows:
            ``(3) Initiation of studies and analysis of alternatives 
        available for ensuring the long-term strength of the United 
        States in the development and application of science and 
        technology, including appropriate roles for the Federal 
        Government, State governments, private industry, and 
        institutions of higher education in the development and 
        application of science and technology.'';
                    (E) by inserting ``science and'' after ``Executive 
                branch on'' in paragraph (4)(A); and
                    (F) by amending paragraph (4)(B) to read as 
                follows:
                    ``(B) to the interagency committees and panels of 
                the Federal Government concerned with science and 
                technology.'';
            (5) in subsection (d), as so redesignated by paragraph (3) 
        of this subsection, by striking ``subsection (d)'' and 
        inserting in lieu thereof ``subsection (c)''; and
            (6) by amending subsection (f), as so redesignated by 
        paragraph (3) of this subsection, to read as follows:
    ``(f) Sponsorship.--The Director of the Office of Science and 
Technology Policy shall be the sponsor of the Institute.''.
    (b) Conforming Usage.--All references in Federal law or regulations 
to the Critical Technologies Institute shall be considered to be 
references to the Science Studies Institute.
SEC. 211. EDUCATIONAL IMPACT.

    (a) Findings.--The Congress finds that--
            (1) Federal research funds made available to institutions 
        of higher education often create incentives for such 
        institutions to emphasize research over undergraduate teaching 
        and to narrow the focus of their graduate programs; and
            (2) National Science Foundation funds for Research and 
        Related Activities should be spent in the manner most likely to 
        improve the quality of undergraduate and graduate education in 
        institutions of higher education.
    (b) Educational Impact.--(1) The impact that a grant or cooperative 
agreement by the National Science Foundation would have on 
undergraduate and graduate education at an institution of higher 
education shall be a factor in any decision whether to award such grant 
or agreement to that institution.
    (2) Paragraph (1) shall be effective with respect to any grant or 
cooperative agreement awarded after September 30, 1996.
    (c) Report.--The Director shall provide a plan for the 
implementation of subsection (b) of this section, no later than 
December 31, 1995, to the Committee on Science of the House of 
Representatives and the Committee on Commerce, Science, and 
Transportation and the Committee on Labor and Human Resources of the 
Senate.
SEC. 212. DIVISIONS OF THE FOUNDATION.

    (a) Amendment.--Section 8 of the National Science Foundation Act of 
1950 (42 U.S.C. 1866) is amended by inserting ``The Director may 
appoint, in consultation with the Board, not more than 6 Assistant 
Directors to assist in managing the Divisions.'' after ``time to time 
determine.''.
    (b) Report.--By November 15, 1995, the Director shall transmit to 
the Congress a report on the reorganization of the National Science 
Foundation required as a result of the amendment made by subsection 
(a).
SEC. 213. LIMITATION ON APPROPRIATIONS.

    (a) Exclusive Authorization for Fiscal Year 1996.--Notwithstanding 
any other provision of law, no sums are authorized to be appropriated 
for fiscal year 1996 for the activities of the National Science 
Foundation unless such sums are specifically authorized to be 
appropriated by this Act.
    (b) Subsequent Fiscal Years.--No sums are authorized to be 
appropriated for any fiscal year after fiscal year 1996 for the 
activities of the National Science Foundation unless such sums are 
specifically authorized to be appropriated by Act of Congress with 
respect to such fiscal year.

SEC. 214. ELIGIBILITY FOR AWARDS.

    (a) In General.--The Director shall exclude from consideration for 
awards of financial assistance made by the National Science Foundation 
after fiscal year 1995 any person who received funds, other than those 
described in subsection (b), appropriated for a fiscal year after 
fiscal year 1995, from any Federal funding source for a project that 
was not subjected to a competitive, merit-based award process. Any 
exclusion from consideration pursuant to this section shall be 
effective for a period of 5 years after the person receives such 
Federal funds.
    (b) Exception.--Subsection (a) shall not apply to awards to persons 
who are members of a class specified by law for which assistance is 
awarded to members of the class according to a formula provided by law.
HR 1852 RH----2
[A]: TABLE OF CONTENTS: 
     Title I:  National Science Foundation Authorization 
     Title II:  General Provisions 
National Science Foundation Authorization Act of 1995 - 
Title I: National Science Foundation Authorization
 - Authorizes appropriations to the National Science Foundation (NSF) for FY 1996 and 1997. 
(Sec. 104) Provides for reprogramming of appropriations. 
(Sec. 105) States that nothing in this Act shall preclude additional FY 1996 authorization of appropriations for NSF. 
Title II:  General Provisions
 - Amends the National Science Foundation Act of 1950 to direct NSF to include in its annual report to the President a strategic plan defining its goals, criteria, and procedures. 
(Sec. 202) Requires NSF to submit to the Congress an annual upgrade and maintenance plan for national research facilities. 
(Sec. 203) Amends the Academic Research Facilities Modernization Act of 1988 to give research facility grant priority to institutions or consortia that have not received such funds in the preceding five years. 
(Sec. 204) Makes administrative amendments to the National Science Foundation Act of 1950, the National Science Foundation Authorization Act, 1976, the National Science Foundation Authorization Act of 1988, and the Education for Economic Security Act. 
(Sec. 206) Requires certain research instrumentation and facilities guidelines to be incorporated in NSF grant notices. 
(Sec. 207) Subjects NSF temporary employees to the same financial disclosure requirements as apply to permanent employees. 
(Sec. 208) Requires an institution of higher education receiving NSF funds to grant a military-educational leave of absence to a student on active military duty (other than training). 
(Sec. 209) Prohibits the use of any funds authorized under this Act from being used for any lobbying activity. 
(Sec. 210) Renames the Critical Technologies Institute as the Science Studies Institute. 
(Sec. 211) Requires NSF to consider the impact of a grant on undergraduate and graduate education before its award. 
(Sec. 212) Authorizes the Director of NSF to appoint up to six Assistant Directors. 
(Sec. 214) Excludes from NSF awards for five years any person who received project funds not subject to competitive merit-based awards. (Exempts persons who are members of a law-specified class.)


[Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Commercial Revitalization Tax Act of 
1995''.

SEC. 2. COMMERCIAL REVITALIZATION TAX CREDIT.

    (a) Allowance of Credit.--Section 46 of the Internal Revenue Code 
of 1986 (relating to investment credit) is amended by striking ``and'' 
at the end of paragraph (2), by striking the period at the end of 
paragraph (3) and inserting ``, and'', and by adding at the end the 
following new paragraph:
            ``(4) the commercial revitalization credit.''
    (b) Commercial Revitalization Credit.--Subpart E of part IV of 
subchapter A of chapter 1 of the Internal Revenue Code of 1986 
(relating to rules for computing investment credit) is amended by 
inserting after section 48 the following new section:

``SEC. 48A. COMMERCIAL REVITALIZATION CREDIT.

    ``(a) General Rule.--For purposes of section 46, except as provided 
in subsection (e), the commercial revitalization credit for any taxable 
year is an amount equal to the applicable percentage of the qualified 
revitalization expenditures with respect to any qualified 
revitalization building.
    ``(b) Applicable Percentage.--For purposes of this section--
            ``(1) In general.--The term `applicable percentage' means--
                    ``(A) 20 percent, or
                    ``(B) at the election of the taxpayer, 5 percent 
                for each taxable year in the credit period.
    The election under subparagraph (B), once made, shall be 
irrevocable.
            ``(2) Credit period.--
                    ``(A) In general.--The term `credit period' means, 
                with respect to any building, the period of 10 taxable 
                years beginning with the taxable year in which the 
                building is placed in service.
                    ``(B) Applicable rules.--Rules similar to the rules 
                under paragraphs (2) and (4) of section 42(f) shall 
                apply.
    ``(c) Qualified Revitalization Buildings and Expenditures.--For 
purposes of this section--
            ``(1) Qualified revitalization building.--The term 
        `qualified revitalization building' means any building (and its 
        structural components) if--
                    ``(A) such building is located in an eligible 
                commercial revitalization area,
                    ``(B) a commercial revitalization credit amount is 
                allocated to the building under subsection (e), and
                    ``(C) depreciation (or amortization in lieu of 
                depreciation) is allowable with respect to the 
                building.
            ``(2) Qualified rehabilitation expenditure.--
                    ``(A) In general.--The term `qualified 
                rehabilitation expenditure' means any amount properly 
                chargeable to capital account--
                            ``(i) for properly for which depreciation 
                        is allowable under section 168 and which is--
                                    ``(I) nonresidential real property, 
                                or
                                    ``(II) an addition or improvement 
                                to property described in subclause (I),
                            ``(ii) in connection with the construction 
                        or substantial rehabilitation or reconstruction 
                        of a qualified revitalization building, and
                            ``(iii) for the acquisition of land in 
                        connection with the qualified revitalization 
                        building.
                    ``(B) Dollar limitation.--The aggregate amount 
                which may be treated as qualified revitalization 
                expenditures with respect to any qualified 
                revitalization building for any taxable year shall not 
                exceed $10,000,000, reduced by any such expenditures 
                with respect to the building taken into account by the 
                taxpayer or any predecessor in determining the amount 
                of the credit under this section for all preceding 
                taxable years.
                    ``(C) Certain expenditures not included.--The term 
                `qualified revitalization expenditure' does not 
                include--
                            ``(i) Straight line depreciation must be 
                        used.--Any expenditure (other than with respect 
                        to land acquisitions) with respect to which the 
                        taxpayer does not use the straight line method 
                        over a recovery period determined under 
                        subsection (c) or (g) of section 168. The 
                        preceding sentence shall not apply to any 
                        expenditure to the extent the alternative 
                        depreciation system of section 168(g) applies 
                        to such expenditure by reason of subparagraph 
                        (B) or (C) of section 168(g)(1).
                            ``(ii) Acquisition costs.--The costs of 
                        acquiring any building or interest therein and 
                        any land in connection with such building to 
                        the extent that such costs exceed 30 percent of 
                        the qualified revitalization expenditures 
                        determined without regard to this clause.
                            ``(iii) Other credits.--Any expenditure 
                        which the taxpayer may take into account in 
                        computing any other credit allowable under this 
                        part unless the taxpayer elects to take the 
                        expenditure into account only for purposes of 
                        this section.
            ``(3) Eligible commercial revitalization area.--The term 
        `eligible commercial revitalization area' means--
                    ``(A) an empowerment zone or enterprise community 
                designated under subchapter U,
                    ``(B) any area established pursuant to any 
                consolidated planning process for the use of Federal 
                housing and community development funds, and
                    ``(C) any other specially designated commercial 
                revitalization district established by any State or 
                local government, which is a low- income census tract 
                or low-income nonmetropolitan area (as defined in 
                subsection (e)(2)(C) and is not primarily a 
                nonresidential central business district.
            ``(4) Substantial rehabilitation or reconstruction.--For 
        purposes of this subsection, a rehabilitation or reconstruction 
        shall be treated as a substantial rehabilitation or 
        reconstruction only if the qualified revitalization 
        expenditures in connection with the rehabilitation or 
        reconstruction exceed 25 percent of the fair market value of 
        the building (and its structural components) immediately before 
        the rehabilitation or reconstruction.
    ``(d) When Expenditures Taken Into Account.--
            ``(1) In general.--Qualified revitalization expenditures 
        with respect to any qualified revitalization building shall be 
        taken into account for the taxable year in which the qualified 
        rehabilitated building is placed in service. For purposes of 
        the preceding sentence, a substantial rehabilitation or 
        reconstruction of a building shall be treated as a separate 
        building.
            ``(2) Progress expenditure payments.--Rules similar to the 
        rules of subsections (b)(2) and (d) of section 47 shall apply 
        for purposes of this section.
    ``(e) Limitation on Aggregate Credits Allowable With Respect to 
Buildings Located in a State.--
            ``(1) In general.--The amount of the credit determined 
        under this section for any taxable year with respect to any 
        building shall not exceed the commercial revitalization credit 
        amount (in the case of an amount determined under subsection 
        (b)(1)(B), the present value of such amount as determined under 
        the rules of section 42(b)(2)(C)) allocated to such building 
        under this subsection by the commercial revitalization credit 
        agency. Such allocation shall be made at the same time and in 
        the same manner as under paragraphs (1) and (7) of section 
        42(h).
            ``(2) Commercial revitalization credit amount for 
        agencies.--
                    ``(A) In general.--The aggregate commercial 
                revitalization credit amount which a commercial 
                revitalization credit agency may allocate for any 
                calendar year is the portion of the State commercial 
                revitalization credit ceiling allocated under this 
                paragraph for such calendar year for such agency.
                    ``(B) State commercial revitalization credit 
                ceiling.--
                            ``(i) In general.--The State commercial 
                        revitalization credit ceiling applicable to any 
                        State for any calendar year is an amount which 
                        bears the same ratio to the national ceiling 
                        for the calendar year as the population of low-
                        income census tracts and low-income 
                        nonmetropolitan areas within the State bears to 
                        the population of such tracts and areas within 
                        all States.
                            ``(ii) National ceiling.--For purposes of 
                        clause (i), the national ceiling is 
                        $100,000,000 for 1996, $200,000,000 for 1997, 
                        and $400,000,000 for calendar years after 1997.
                            ``(iii) Other special rules.--Rules similar 
                        to the rules of subparagraphs (D), (E), (F), 
                        and (G) of section 42(h)(3) shall apply for 
                        purposes of this subsection.
                    ``(C) Low-income areas.-- For purposes of 
                subparagraph (B), the terms `low-income census tract' 
                and low-income nonmetropolitan area' mean a tract or 
                area in which, according to the most recent census data 
                available, at least 50 percent of residents earned no 
                more than 60 percent of the median household income for 
                the applicable Metropolitan Standard Area, Consolidated 
                Metropolitan Standard Area, or all nonmetropolitan 
                areas in the State.
                    ``(D) Commercial revitalization credit agency.--For 
                purposes of this section, the term `commercial 
                revitalization credit agency' means any agency 
                authorized by a State to carry out this section.
                    ``(E) State.--For purposes of this section, the 
                term `State' includes a possession of the United 
                States.
    ``(f) Responsibilities of Commercial Revitalization Credit 
Agencies.--
            ``(1) Plans for allocation.--Notwithstanding any other 
        provision of this section, the commercial revitalization credit 
        dollar amount with respect to any building shall be zero 
        unless--
                    ``(A) such amount was allocated pursuant to a 
                qualified allocation plan of the commercial 
                revitalization credit agency which is approved by the 
                governmental unit (in accordance with rules similar to 
                the rules of section 147(f)(2) (other than subparagraph 
                (B)(ii) thereof)) of which such agency is a part, and
                    ``(B) such agency notifies the chief executive 
                officer (or its equivalent) of the local jurisdiction 
                within which the building is located of such project 
                and provides such individual a reasonable opportunity 
                to comment on the project.
            ``(2) Qualified allocation plan.--For purposes of this 
        subsection, the term `qualified allocation plan' means any 
        plan--
                    ``(A) which sets forth selection criteria to be 
                used to determine priorities of the commercial 
                revitalization credit agency which are appropriate to 
                local conditions,
                    ``(B) which considers--
                            ``(i) the degree to which a project 
                        contributes to the implementation of a 
                        strategic plan that is devised for an eligible 
                        commercial revitalization area through a 
                        citizen participation process,
                            ``(ii) the amount of any increase in 
                        permanent, full-time employment by reason of 
                        any project, and
                            ``(iii) the active involvement of residents 
                        and nonprofit groups within the eligible 
                        commercial revitalization area, and
                    ``(C) which provides a procedure that the agency 
                (or its agent) will follow in monitoring for compliance 
                with this section.
    ``(g) Termination.--This section shall not apply to any building 
placed in service after December 31, 2000.''
    (b) Conforming Amendments.--
            (1) Section 39(d) of the Internal Revenue Code of 1986 is 
        amended by adding at the end the following new paragraph:
            ``(7) No carryback of section 48a credit before 
        enactment.--No portion of the unused business credit for any 
        taxable year which is attributable to any commercial 
        revitalization credit determined under section 48A may be 
        carried back to a taxable year ending before the date of the 
        enactment of section 48A.''
            (2) Subparagraph (B) of section 48(a)(2) of such Code is 
        amended by inserting ``or commercial revitalization'' after 
        ``rehabilitation'' each place it appears in the text and 
        heading thereof.
            (3) Subparagraph (C) of section 49(a)(1) of such Code is 
        amended by striking ``and'' at the end of clause (ii), by 
        striking the period at the end of clause (iii) and inserting 
        ``, and'', and by adding at the end the following new clause:
                            ``(iv) the basis of any qualified 
                        revitalization building attributable to 
                        qualified revitalization expenditures.''
            (4) Paragraph (2) of section 50(a) of such Code is amended 
        by inserting ``or 48A(d)(2)'' after ``section 47(d)'' each 
        place it appears.
            (5) Subparagraph (B) of section 50(a)(2) of such Code is 
        amended by adding at the end the following new sentence: ``A 
        similar rule shall apply for purposes of section 48A.''
            (6) Paragraph (2) of section 50(b) of such Code is amended 
        by striking ``and'' at the end of subparagraph (C), by striking 
        the period at the end of subparagraph (D) and inserting ``, 
        and'', and by adding at the end the following new subparagraph:
                    ``(E) a qualified revitalization building to the 
                extent of the portion of the basis which is 
                attributable to qualified revitalization 
                expenditures.''
            (7) Subparagraph (C) of section 50(b)(4) of such Code is 
        amended by inserting ``or commercial revitalization'' after 
        ``rehabilitated'' each place it appears in the text or heading 
        thereof.
            (8) Subparagraph (C) of section 469(i)(3) is amended--
                    (A) by inserting ``or section 48A'' after ``section 
                42'', and
                    (B) by striking ``credit'' in the heading and 
                inserting ``and commercial revitalization credits''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 1995.
[A]:
Commercial Revitalization Tax Act of 1995 - Amends the Internal Revenue Code to allow an investment tax credit equal to a percentage of expenditures for depreciable property in connection with the rehabilitation or reconstruction of a nonresidential building located in:  (1) an empowerment zone or enterprise community; (2) an area established pursuant to a consolidated planning process for the use of Federal housing and community development funds; or (3) a low-income commercial revitalization district specially designated by a State or local government which is not primarily a nonresidential central business district.  Requires, for qualification of such expenditures, that they exceed 25 percent of the fair market value of the building before rehabilitation. 
Imposes a State ceiling on the availability of the credit.