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Q: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``1995 Franklin Delano Roosevelt 
Commemorative Coin Act''.

SEC. 2. FINDINGS.

    The Congress finds that--
            (1) the people of the United States feel a deep debt of 
        gratitude to Franklin Delano Roosevelt for his leadership in 
        America's struggle for peace, well-being, and human dignity;
            (2) the year 1995 marks the 50th anniversary of the death 
        of President Franklin Delano Roosevelt, who died April 12, 
        1945, in Warm Springs, Georgia;
            (3) Franklin Delano Roosevelt served his country as the 32d 
        President from 1932 until his death in 1945. He is the only 
        United States President elected to four terms in office;
            (4) Franklin Delano Roosevelt served the State of New York 
        as Governor from 1928 through 1932;
            (5) Franklin Delano Roosevelt served his country as the 
        United States Assistant Secretary of the Navy from 1913 through 
        1920;
            (6) Franklin Delano Roosevelt piloted the American people 
        through the economic chaos of the Great Depression;
            (7) Franklin Delano Roosevelt, as our commander in chief, 
        led the American people through the turmoil of World War II;
            (8) Franklin Delano Roosevelt established Social Security, 
        thus providing all Americans with a more abundant and secure 
        life;
            (9) Franklin Delano Roosevelt was the author of ``The Four 
        Freedoms: Freedom of Speech, Freedom of Worship, Freedom from 
        Want, and Freedom from Fear'';
            (10) Franklin Delano Roosevelt was the founder of the 
        National Foundation for Infantile Paralysis, parent 
        organization of the March of Dimes; and
            (11) Franklin Delano Roosevelt was the chief architect of 
        the United Nations.

SEC. 3. COIN SPECIFICATIONS.

    (a) One Dollar Silver Coins.--
            (1) Issuance.--The Secretary shall issue not more than 
        500,000 one dollar coins which shall weigh 26.73 grams, have a 
        diameter of 1.500 inches, and shall contain 90 percent silver 
        and 10 percent copper.
            (2) Design.--The design of the dollar coins shall bear a 
        likeness of Franklin Delano Roosevelt. On each such coin there 
        shall be a designation of the value of the coin, an inscription 
        of the year ``1995'', and inscriptions of the terms 
        ``Liberty'', ``In God We Trust'', ``United States of America'', 
        and ``E Pluribus Unum''.
            (3) Alterations.--Additions or alterations to the design of 
        the coin shall be made only after consultation with, and 
        approval by, the Franklin Delano Roosevelt Memorial Commission.
    (b) Legal Tender.--The coins issued under this Act shall be legal 
tender as provided in section 5103 of title 31, United States Code.
    (c) Numismatic Items.--The coins issued under this Act shall be 
numismatic items for purposes of section 5134 of title 31, United 
States Code.

SEC. 4. SOURCES OF BULLION.

    The Secretary shall obtain silver for the coins minted under this 
Act from stockpiles established under the Strategic and Critical 
Materials Stock Piling Act (50 U.S.C. 98 et seq.).

SEC. 5. SELECTION OF DESIGN.

    The design for each coin authorized by this Act shall be selected 
by the Secretary after consultation with the Franklin Delano Roosevelt 
Memorial Commission.

SEC. 6. SALE OF COINS.

    (a) Sale Price.--Notwithstanding any provision of law, the coins 
issued under this Act shall be sold by the Secretary at a price equal 
to the face value, plus the cost of designing and issuing such coins 
(including labor, materials, dies, use of machinery, overhead expenses, 
marketing, and shipping).
    (b) Prepaid Orders at a Discount.--The Secretary shall accept 
prepaid orders for the coins prior to the issuance of such coins. Sales 
under this subsection shall be at a reasonable discount to reflect the 
benefit of prepayment.
    (c) Surcharge Required.--All sales shall include a surcharge of $10 
per coin.

SEC. 7. ISSUANCE OF THE COINS.

    (a) Period for Issuance.--The coins authorized under this Act shall 
be available for issue not later than January 1, 1995, but shall be 
issued only during the 1-year period beginning on such date.
    (b) Proof and Uncirculated Coins.--The coins authorized under this 
Act shall be issued in uncirculated and proof qualities. Not more than 
1 facility of the Bureau of the Mint may be used to strike any 
particular combination of denomination and quality.

SEC. 8. GENERAL WAIVER OF PROCUREMENT REGULATIONS.

    (a) In General.--Except as provided in subsection (b), no provision 
of law governing procurement or public contracts shall be applicable to 
the procurement of goods or services required to carry out this Act.
    (b) Equal Employment Opportunity.--Subsection (a) shall not relieve 
any person entering into a contract under the authority of this Act 
from complying with any law relating to equal employment opportunity.

SEC. 9. DISTRIBUTION OF SURCHARGES.

    The surcharges received by the Secretary from the sale of the coins 
issued under this Act shall be promptly paid by the Secretary in the 
following manner:
            (1) An amount equal to 50 percent of the total surcharges 
        shall be paid to the National Park Foundation Restricted 
        Account for the Franklin Delano Roosevelt Memorial.
            (2) An amount equal to 50 percent of the total surcharges 
        shall be paid to the National Park Service Restricted 
        Construction Account for the Franklin Delano Roosevelt 
        Memorial.

SEC. 10. AUDITS.

    The Comptroller General of the United States shall have the right 
to examine such books, records, documents, and other data of the 
account referred to in section 9 as may be related to the expenditure 
of amounts paid under such section.

SEC. 11. FINANCIAL ASSURANCES.

    (a) No Net Cost to the Government.--The Secretary shall take such 
actions as may be necessary to ensure that the minting and issuance of 
the coins referred to in section 3 shall not result in any net cost to 
the Federal Government.
    (b) Payment for Issuance of Coins.--No coin shall be issued under 
this Act unless the Secretary has received--
            (1) full payment for such coin;
            (2) security satisfactory to the Secretary to indemnify the 
        United States for full payment; or
            (3) a guarantee of full payment satisfactory to the 
        Secretary from a depository institution whose deposits are 
        insured by the Federal Deposit Insurance Corporation or the 
        National Credit Union Administration.

A: 1995 Franklin Delano Roosevelt Commemorative Coin Act - Directs the Secretary of the Treasury to issue commemorative one-dollar silver coins bearing a likeness of Franklin Delano Roosevelt. 
Requires the Secretary to distribute proceeds from surcharges ($10 per coin) in equal allocations to:  (1) the National Park Foundation Restricted Account for the Franklin Delano Roosevelt Memorial; and (2) the National Park Service Restricted Construction Account for the Franklin Delano Roosevelt Memorial.
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Q: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Sunshine in Academic Admissions 
Act''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) Citizens and taxpayers have a right to know whether 
        federally funded institutions of higher education are treating 
        student applications differently depending on the student's 
        race, color, or national origin, and, if so, the way in which 
        these factors are weighted and the consequences to students and 
        prospective students of these decisions.
            (2) Title VI of the Civil Rights Act of 1964 codified this 
        right, forbidding in statute discrimination on the basis of 
        race, color, or national origin by federally funded 
        institutions, which includes nearly all colleges and 
        universities.
            (3) This prohibition has largely been ignored by the 
        Supreme Court, which has allowed racially discriminatory 
        admissions.
            (4) However, in Fisher v. University of Texas, the United 
        States Supreme Court in 2013 affirmed that strict scrutiny 
        should be applied to university admissions programs to ensure 
        diversity is not defined as ``mere racial balancing,'' but has 
        a compelling state interest to achieve diversity. The Fisher 
        case clarified that any such discrimination is only permitted 
        if it is necessary to achieve the educational benefits of a 
        racially diverse student body.
            (5) Therefore, colleges and universities must reevaluate 
        their use of racially selective admissions policies. The costs 
        of such policies cannot outweigh the supposed benefits. If a 
        less discriminatory means could achieve similar results, the 
        discrimination is not permissible.
            (6) In order to ensure that these limitations are followed, 
        colleges and federally funded institutions of higher education 
        must make public through annual reports their use of race, 
        color, and national origin, for admissions decisions so that 
        Federal and State enforcement agencies and interested persons 
        can monitor the schools.
            (7) Additionally, college and universities must provide 
        evidence sufficient to demonstrate that any such discrimination 
        does not exceed the limits imposed by the Fisher case.
            (8) Academic ``mismatch'' refers to a significant 
        discrepancy in academic qualifications between various groups 
        within a student body, and is encouraged when universities 
        lower their academic standards to artificially achieve a 
        particular composition.
            (9) Mismatch works a harm because it sets particular 
        students up for lower than average achievement, higher dropout 
        rates, less competitive majors and, perhaps most damaging, a 
        disproportionately large student loan burden.

SEC. 3. REPORT ON CONSIDERATION OF RACE, COLOR, OR NATIONAL ORIGIN IN 
              STUDENT ADMISSIONS.

    (a) In General.--Not later than 180 days after the date of the 
enactment of this Act, and annually thereafter, each institution of 
higher education participating in programs under title IV of the Higher 
Education Act of 1965 shall submit to the Secretary of Education a 
report in accordance with this section.
    (b) Contents of Report.--
            (1) Disclosure of consideration of race, color, or national 
        origin in student admissions.--The report shall include a 
        statement indicating whether race, color, or national origin is 
        given weight in the student admissions process of the 
        institution or any department of the institution.
            (2) Additional disclosures.--If the disclosure under 
        paragraph (1) states that race, color, or national origin is 
        given weight in the student admissions process of an 
        institution or department, then the report shall include the 
        following information with respect to the institution or 
        department:
                    (A) The racial, color, and national origin groups 
                for which membership is considered a plus factor or a 
                minus factor and, in addition, how membership in a 
                group is determined for individual students.
                    (B) A description of how group membership is 
                considered, including the weight given to such 
                consideration and whether targets, goals, or quotas are 
                used.
                    (C) A statement explaining why group membership is 
                given weight, including the determination of the 
                desired level claimed and, with respect to the 
                diversity rationale, its relationship to the particular 
                educational mission of the institution or department.
                    (D) A description of the consideration that has 
                been given to racially neutral or less discriminatory 
                alternatives as a means for achieving the same goals 
                for which group membership is considered.
                    (E) A description of how frequently the need to 
                give weight to group membership is reassessed and how 
                that reassessment is conducted.
                    (F) An identification of the factors other than 
                race, color, or national origin that are collected in 
                the admissions process. If the factors described in the 
                preceding sentence include grades or class rank in high 
                school, scores on standardized tests (including the ACT 
                and SAT), legacy status, sex, State residency, economic 
                status, or other quantifiable criteria, then all raw 
                admissions data for applicants regarding these factors, 
                along with each individual applicant's race, color, and 
                national origin and the admissions decision made by the 
                school regarding that applicant, shall accompany the 
                report in computer-readable form, with the name of the 
                individual student redacted but with appropriate links, 
                so that it is possible for the Secretary of Education 
                or other interested persons to determine through 
                statistical analysis the weight being given to race, 
                color, and national origin, relative to other factors.
                    (G) An analysis, and also the underlying data 
                needed to perform an analysis, of whether there is a 
                correlation--
                            (i) between membership in a group favored 
                        on account of race, color, or national origin 
                        and the likelihood of enrollment in a 
                        remediation program, relative to membership in 
                        other groups;
                            (ii) between such membership and graduation 
                        rates, relative to membership in other groups; 
                        and
                            (iii) between such membership and the 
                        likelihood of defaulting on education loans, 
                        relative to membership in other groups.
    (c) Public Availability.--The institution shall make the report 
publicly available.

SEC. 4. RULE OF CONSTRUCTION.

    Nothing in this Act shall be construed to allow or permit 
preference or discrimination on the basis of race, color, or national 
origin.

SEC. 5. DEFINITION.

    In this Act, the term ``institution of higher education'' has the 
meaning given the term in section 102 of the Higher Education Act of 
1965 (20 U.S.C. 1002), except that the term does not include an 
institution of higher education outside the United States.

A: Sunshine in Academic Admissions Act This bill requires each institution of higher education that participates in a program under title IV of the Higher Education Act of 1965 to submit an annual report to the Department of Education that states whether the institution gives weight to race, color, or national origin in the admissions process and, if yes, provides certain additional disclosures.  The institution must make the report publicly available. 
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Q: SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE.

    (a) Short Title.--This Act may be cited as the ``Clean Energy Bonds 
Act 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 CLEAN ENERGY 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 Clean Energy Bonds

``Sec. 54. Credit to holders of clean energy bonds.

``SEC. 54. CREDIT TO HOLDERS OF CLEAN ENERGY BONDS.

    ``(a) Allowance of Credit.--In the case of a taxpayer who holds a 
clean energy 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 clean energy 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 clean energy 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 clean energy 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 clean energy 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) Clean Energy Bond.--For purposes of this section--
            ``(1) In general.--The term `clean energy 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 by qualified borrowers 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 any qualified facility (as determined under 
                section 45(d) without regard to any placed in service 
                date) owned by a qualified borrower.
                    ``(B) Refinancing rules.--For purposes of paragraph 
                (1)(B), a qualified project may be refinanced with 
                proceeds of a clean energy bond only if the 
                indebtedness being refinanced (including any obligation 
                directly or indirectly refinanced by such indebtedness) 
                was originally incurred by a qualified borrower after 
                the date of the enactment of this section.
                    ``(C) Reimbursement.--For purposes of paragraph 
                (1)(B), a clean energy bond may be issued to reimburse 
                a qualified borrower for amounts paid after the date of 
                the enactment of this section with respect to a 
                qualified project, but only if prior to the payment of 
                such expenditure, the qualified borrower declared its 
                intent to reimburse such expenditure with the proceeds 
                of a clean energy bond.
                    ``(D) 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 qualified 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 
                clean energy bond.
    ``(e) Maturity Limitations.--
            ``(1) Duration of term.--A bond shall not be treated as a 
        clean energy 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 clean energy 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 clean energy 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 clean energy 
                bond or, in the case of a clean energy bond, the 
                proceeds of which are to be loaned to 2 or more 
                qualified borrowers, such binding commitment will be 
                incurred within the 6-month period beginning on the 
                date of the loan of such proceeds to a qualified 
                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 clean energy 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 clean energy bond are not 
        subject to the arbitrage rebate requirements of section 148.
    ``(i) Cooperative Electric Company; Qualified Energy Tax Credit 
Bond Lender; Governmental Body; Qualified Borrower.--For purposes of 
this section--
            ``(1) Cooperative electric company.--The term `cooperative 
        electric company' means a mutual or cooperative electric 
        company described in section 501(c)(12) or section 
        1381(a)(2)(C), or a not-for-profit electric utility which has 
        received a loan or loan guarantee under the Rural 
        Electrification Act.
            ``(2) Clean energy bond lender.--The term `clean energy 
        bond lender' means a lender which is a cooperative which is 
        owned by, or has outstanding loans to, 100 or more cooperative 
        electric companies and is in existence on February 1, 2002, and 
        shall include any affiliated entity which is controlled by such 
        lender.
            ``(3) Governmental body.--The term `governmental body' 
        means any State, territory, possession of the United States, 
        the District of Columbia, Indian tribal government, and any 
        political subdivision thereof.
            ``(4) Qualified issuer.--The term `qualified issuer' 
        means--
                    ``(A) a clean energy bond lender,
                    ``(B) a cooperative electric company,
                    ``(C) a governmental body, or
                    ``(D) the Tennessee Valley Authority.
            ``(5) Qualified borrower.--The term `qualified borrower' 
        means--
                    ``(A) a cooperative electric company,
                    ``(B) a governmental body, or
                    ``(C) the Tennessee Valley Authority.
    ``(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) 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).
            ``(4) Bonds held by regulated investment companies.--If any 
        clean energy 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.
            ``(5) 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 clean energy 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.
            ``(6) Reporting.--Issuers of clean energy bonds shall 
        submit reports similar to the reports required under section 
        149(e).
    ``(l) Termination.--This section shall not apply with respect to 
any bond issued after December 31, 2008.''.
    (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 clean energy 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 clean energy 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:
Clean Energy Bonds Act of 2005 - Amends the Internal Revenue Code to allow holders of clean energy bonds a nonrefundable tax credit of 25 percent of an annual credit amount as determined by the Secretary of the Treasury. Defines "clean energy bond" as any bond issued by a clean energy bond lender, a cooperative electric company, a governmental body, or the Tennessee Valley Authority (TVA) that is used for capital expenditures for specified projects for producing electricity from certain renewable resources, such as wind, biomass, solar energy, small irrigation power, and municipal solid waste.

Sets forth rules for maturity limitations, arbitrage, and expenditures, including a requirement that 95 percent of proceeds from the sale of a bond issue be spent on a renewable resource project within five years from the date of a bond issuance. Terminates the authority to issue clean energy bonds after 2008.
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