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PROBLEM: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Promoting Closed-Loop Pumped Storage
Hydropower Act''.

SEC. 2. CLOSED-LOOP PUMPED STORAGE PROJECTS.

Part I of the Federal Power Act (16 U.S.C. 792 et seq.) is amended
by adding at the end the following:

''SEC. 34. CLOSED-LOOP PUMPED STORAGE PROJECTS.

''(a) Expedited Licensing Process for Closed-Loop Pumped Storage
Projects.--
''(1) In general.--As provided in this section, the
Commission may issue and amend licenses and preliminary
permits, as appropriate, for closed-loop pumped storage
projects.
''(2) Rule.--Not later than 180 days after the date of
enactment of this section, the Commission shall issue a rule
establishing an expedited process for issuing and amending
licenses and preliminary permits for closed-loop pumped storage
projects under this section.
''(3) Interagency task force.--In establishing the
expedited process under this section, the Commission shall
convene an interagency task force, with appropriate Federal and
State agencies and Indian tribes represented, to coordinate the
regulatory processes associated with the authorizations
required to construct and operate closed-loop pumped storage
projects.
''(4) Length of process.--The Commission shall ensure that
the expedited process under this section will result in final
decision on an application for a license by not later than 2
years after receipt of a completed application for such
license.
''(b) Dam Safety.--Before issuing any license for a closed-loop
pumped storage project, the Commission shall assess the safety of
existing dams and other structures related to the project (including
possible consequences associated with failure of such structures).
''(c) Exemptions From Other Requirements.--
''(1) In general.--In issuing or amending a license or
preliminary permit pursuant to the expedited process
established under this section, the Commission may grant an
exemption from any other requirement of this part with respect
to any part of the closed-loop pumped storage project (not
including any dam or other impoundment).
''(2) Consultation.--In granting an exemption under
paragraph (1), the Commission shall consult with the United
States Fish and Wildlife Service and the State agency
exercising administration over the fish and wildlife resources
of the State in which the closed-loop pumped storage project is
or will be located, in the manner provided by the Fish and
Wildlife Coordination Act (16 U.S.C. 661 et seq.).
''(3) Terms and conditions.--In granting an exemption under
paragraph (1), the Commission shall include in any such
exemption--
''(A) such terms and conditions as the Fish and
Wildlife Service, National Marine Fisheries Service,
and the State agency described in paragraph (2) each
determine are appropriate to prevent loss of, or damage
to, fish and wildlife resources and to otherwise carry
out the purposes of the Fish and Wildlife Coordination
Act; and
''(B) such terms and conditions as the Commission
deems appropriate to ensure that such closed-loop
pumped storage project continues to comply with the
provisions of this section and terms and conditions
included in any such exemption.
''(4) Fees.--The Commission, in addition to the
requirements of section 10(e), shall establish fees which shall
be paid by an applicant for a license for a closed-loop pumped
storage project that is required to meet terms and conditions
set by fish and wildlife agencies under paragraph (3). Such
fees shall be adequate to reimburse the fish and wildlife
agencies referred to in paragraph (3) for any reasonable costs
incurred in connection with any studies or other reviews
carried out by such agencies for purposes of compliance with
this section. The fees shall, subject to annual appropriations
Acts, be transferred to such agencies by the Commission for use
solely for purposes of carrying out such studies and shall
remain available until expended.
''(d) Transfers.--Notwithstanding section 5, and regardless of
whether the holder of a preliminary permit for a closed-loop pumped
storage project claimed municipal preference under section 7(a) when
obtaining the permit, the Commission may, to facilitate development of
a closed-loop pumped storage project--
''(1) add entities as joint permittees following issuance
of a preliminary permit; and
''(2) transfer a license in part to one or more
nonmunicipal entities as co-licensees with a municipality, if
the municipality retains majority ownership of the project for
which the license was issued.
''(e) Interagency Communications.--Interagency cooperation in the
preparation of environmental documents under the National Environmental
Policy Act of 1969 (42 U.S.C. 4321 et seq.) with respect to an
application for a license for a closed-loop pumped storage project
submitted pursuant to this section, and interagency communications
relating to licensing process coordination pursuant to this section,
shall not--
''(1) be considered to be ex parte communications under
Commission rules; or
''(2) preclude an agency from participating in a licensing
proceeding under this part.
''(f) Developing Abandoned Mines for Pumped Storage.--
''(1) Workshop.--Not later than 6 months after the date of
enactment of this section, the Commission shall hold a workshop
to explore potential opportunities for development of closed-
loop pumped storage projects at abandoned mine sites.
''(2) Guidance.--Not later than 1 year after the date of
enactment of this section, the Commission shall issue guidance
to assist applicants for licenses or preliminary permits for
closed-loop pumped storage projects at abandoned mine sites.
''(g) Qualifying Criteria for Closed-Loop Pumped Storage
Projects.--
''(1) In general.--The Commission shall establish criteria
that a pumped storage project shall meet in order to qualify as
a closed-loop pumped storage project eligible for the expedited
process established under this section.
''(2) Inclusions.--In establishing the criteria under
paragraph (1), the Commission shall include criteria requiring
that the pumped storage project--
''(A) cause little to no change to existing surface
and groundwater flows and uses; and
''(B) is unlikely to adversely affect species
listed as a threatened species or endangered species
under the Endangered Species Act of 1973.''.

SEC. 3. OBLIGATION FOR PAYMENT OF ANNUAL CHARGES.

Section 10(e) of the Federal Power Act (16 U.S.C. 803(e)) is
amended by adding at the end the following:
''(5) Any obligation of a licensee for payment of annual charges
under this subsection shall commence when the construction of the
applicable facility commences.''.

Passed the House of Representatives December 12, 2017.

Attest:

KAREN L. HAAS,

Clerk.

SOLUTION: Promoting Closed-Loop Pumped Storage Hydropower Act (Sec.2)This bill amends the Federal Power Act to authorize the Federal Energy Regulatory Commission (FERC) to establish an expedited licensing process for issuing and amending licenses and preliminary permits for closed-loop pumped storage projects (in which the upper and lower reservoirs do not impound or directly withdraw water from navigable waters, or that are not continuously connected to a naturally flowing water feature). In establishing the expedited process, FERC shall convene an interagency task force with appropriate federal and state agencies and Indian tribes to coordinate the regulatory process associated with the authorizations required to construct and operate closed-loop pumped storage projects. FERC must assess the safety of existing dams and other structures related to the project before issuing any license for a closed-loop storage project. FERC must hold a workshop to explore potential opportunities for development of storage projects at abandoned mine sites. FERC must also establish criteria that a project shall meet to qualify as a closed-loop pumped storage under this bill, including requiring that the project cause little to no change to existing surface and groundwater flows and uses and that the project is unlikely to adversely affect species listed as threatened or endangered under the Endangered Species Act of 1973. (Sec.3)Licensees are not required to pay an annual charge for administrative expenses until construction commences.

PROBLEM: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Taxpayer Browsing Protection Act''.

SEC. 2. PENALTY FOR UNAUTHORIZED INSPECTION OF TAX RETURNS OR TAX
RETURN INFORMATION.

(a) In General.--Part I of subchapter A of chapter 75 of the
Internal Revenue Code of 1986 (relating to crimes, other offenses, and
forfeitures) is amended by adding after section 7213 the following new
section:

''SEC. 7213A. UNAUTHORIZED INSPECTION OF RETURNS OR RETURN INFORMATION.

''(a) Prohibitions.--
''(1) Federal employees and other persons.--It shall be
unlawful for--
''(A) any officer or employee of the United States,
or
''(B) any person described in section 6103(n) or an
officer or employee of any such person,
willfully to inspect, except as authorized in this title, any
return or return information.
''(2) State and other employees.--It shall be unlawful for
any person (not described in paragraph (1)) willfully to
inspect, except as authorized in this title, any return or
return information acquired by such person or another person
under a provision of section 6103 referred to in section
7213(a)(2).
''(b) Penalty.--
''(1) In general.--Any violation of subsection (a) shall
be punishable upon conviction by a fine in any amount not
exceeding $1,000, or imprisonment of not more than 1 year, or
both, together with the costs of prosecution.
''(2) Federal officers or employees.--An officer or
employee of the United States who is convicted of any violation
of subsection (a) shall, in addition to any other punishment,
be dismissed from office or discharged from employment.
''(c) Definitions.--For purposes of this section, the terms
'inspect', 'return', and 'return information' have the respective
meanings given such terms by section 6103(b).''.
(b) Technical Amendments.--
(1) Paragraph (2) of section 7213(a) of such Code is
amended by inserting ''(5),'' after ''(m)(2), (4),''.
(2) The table of sections for part I of subchapter A of
chapter 75 of such Code is amended by inserting after the item
relating to section 7213 the following new item:

''Sec. 7213A. Unauthorized inspection of
returns or return
information.''.
(c) Effective Date.--The amendments made by this section shall
apply to violations occurring on and after the date of the enactment of
this Act.

SEC. 3. CIVIL DAMAGES FOR UNAUTHORIZED INSPECTION OF RETURNS AND RETURN
INFORMATION; NOTIFICATION OF UNLAWFUL INSPECTION OR
DISCLOSURE.

(a) Civil Damages for Unauthorized Inspection.--Subsection (a) of
section 7431 of the Internal Revenue Code of 1986 is amended--
(1) by striking ''Disclosure'' in the headings for
paragraphs (1) and (2) and inserting ''Inspection or
disclosure'', and
(2) by striking ''discloses'' in paragraphs (1) and (2) and
inserting ''inspects or discloses''.
(b) Notification of Unlawful Inspection or Disclosure.--Section
7431 of such Code is amended by redesignating subsections (e) and (f)
as subsections (f) and (g), respectively, and by inserting after
subsection (d) the following new subsection:
''(e) Notification of Unlawful Inspection and Disclosure.--If any
person is criminally charged by indictment or information with
inspection or disclosure of a taxpayer's return or return information
in violation of--
''(1) paragraph (1) or (2) of section 7213(a),
''(2) section 7213A(a), or
''(3) subparagraph (B) of section 1030(a)(2) of title 18,
United States Code,
the Secretary shall notify such taxpayer as soon as practicable of such
inspection or disclosure.''.
(c) No Damages for Inspection Requested by Taxpayer.--Subsection
(b) of section 7431 of such Code is amended to read as follows:
''(b) Exceptions.--No liability shall arise under this section with
respect to any inspection or disclosure--
''(1) which results from a good faith, but erroneous,
interpretation of section 6103, or
''(2) which is requested by the taxpayer.''.
(d) Conforming Amendments.--
(1) Subsections (c)(1)(A), (c)(1)(B)(i), and (d) of section
7431 of such Code are each amended by inserting ''inspection
or'' before ''disclosure''.
(2) Clause (ii) of section 7431(c)(1)(B) of such Code is
amended by striking ''willful disclosure or a disclosure'' and
inserting ''willful inspection or disclosure or an inspection
or disclosure''.
(3) Subsection (f) of section 7431 of such Code, as
redesignated by subsection (b), is amended to read as follows:
''(f) Definitions.--For purposes of this section, the terms
'inspect', 'inspection', 'return', and 'return information' have the
respective meanings given such terms by section 6103(b).''.
(4) The section heading for section 7431 of such Code is
amended by inserting ''inspection or'' before ''disclosure''.
(5) The table of sections for subchapter B of chapter 76 of
such Code is amended by inserting ''inspection or'' before
''disclosure'' in the item relating to section 7431.
(6) Paragraph (2) of section 7431(g) of such Code, as
redesignated by subsection (b), is amended by striking ''any
use'' and inserting ''any inspection or use''.
(e) Effective Date.--The amendments made by this section shall
apply to inspections and disclosures occurring on and after the date of
the enactment of this Act.

SEC. 4. NATIONAL FLOOD INSURANCE ACT OF 1968.

(a) In General.--Section 1306(c)(1) of the National Flood Insurance
Act of 1968 (42 U.S.C. 4013(c)(1)) is amended by striking ''30'' and
inserting ''15''.
(b) Effective Date.--The amendment made by subsection (a) shall be
construed to have taken effect on January 1, 1997, and shall expire
June 30, 1997.

Passed the Senate April 15, 1997.

Attest:

GARY SISCO,

Secretary.

SOLUTION: Taxpayer Browsing Protection Act - Amends the Internal Revenue Code to make it unlawful for Federal employees, State employees, or other specified persons to willfully inspect, except as authorized, any tax return or return information. Provides for a monetary penalty, imprisonment, or both for violators. (Current law imposes penalties only for the unlawful disclosure of such information.)
Permits civil damages for the unauthorized inspection or disclosure (currently, only for the unauthorized disclosure) of tax returns and return information. Requires the taxpayer to be notified as soon as practicable if any person is criminally charged by indictment with inspecting or disclosing the taxpayer's return or return information.
Amends the National Flood Insurance Act of 1968 to reduce the waiting period for the effective date of policies for new flood insurance coverage, entered into after the date of enactment of the Riegle Community Development and Regulatory Improvement Act of 1994, from 30 to 15 days.

PROBLEM: SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE; TABLE OF CONTENTS.

(a) Short Title.--This Act may be cited as the ''American
Infrastructure Investment Act of 2010''.
(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.
(c) Table of Contents.--The table of contents for this Act is as
follows:

Sec. 1. Short title; amendment of 1986 Code; table of contents.
Sec. 2. Extension of Build America Bonds.
Sec. 3. Exempt-facility bonds for sewage and water supply facilities.
Sec. 4. Extension of exemption from alternative minimum tax treatment
for certain tax-exempt bonds.
Sec. 5. Extension and additional allocations of recovery zone bond
authority.
Sec. 6. Allowance of new markets tax credit against alternative minimum
tax.
Sec. 7. Extension of tax-exempt eligibility for loans guaranteed by
Federal home loan banks.
Sec. 8. Extension of temporary small issuer rules for allocation of
tax-exempt interest expense by financial
institutions.

SEC. 2. EXTENSION OF BUILD AMERICA BONDS.

(a) In General.--Subparagraph (B) of section 54AA(d)(1) is amended
by striking ''January 1, 2011'' and inserting ''January 1, 2013''.
(b) Extension of Payments to Issuers.--
(1) In general.--Section 6431 is amended--
(A) by striking ''January 1, 2011'' in subsection
(a) and inserting ''January 1, 2013''; and
(B) by striking ''January 1, 2011'' in subsection
(f)(1)(B) and inserting ''a particular date''.
(2) Conforming amendments.--Subsection (g) of section 54AA
is amended--
(A) by striking ''January 1, 2011'' and inserting
''January 1, 2013''; and
(B) by striking ''Qualified Bonds Issued Before
2011'' in the heading and inserting ''Certain Qualified
Bonds''.
(c) Reduction in Percentage of Payments to Issuers.--Subsection (b)
of section 6431 is amended--
(1) by striking ''The Secretary'' and inserting the
following:
''(1) In general.--The Secretary'';
(2) by striking ''35 percent'' and inserting ''the
applicable percentage''; and
(3) by adding at the end the following new paragraph:
''(2) Applicable percentage.--For purposes of this
subsection, the term 'applicable percentage' means the
percentage determined in accordance with the following table:

----------------------------------------------------------------------------------------------------------------
''In the case of a qualified bond issued during calendar
year: The applicable percentage is:
----------------------------------------------------------------------------------------------------------------
2009 or 2010............................................... 35 percent
2011....................................................... 32 percent
2012....................................................... 30 percent.''.
----------------------------------------------------------------------------------------------------------------

(d) Current Refundings Permitted.--Subsection (g) of section 54AA
is amended by adding at the end the following new paragraph:
''(3) Treatment of current refunding bonds.--
''(A) In general.--For purposes of this subsection,
the term 'qualified bond' includes any bond (or series
of bonds) issued to refund a qualified bond if--
''(i) the average maturity date of the
issue of which the refunding bond is a part is
not later than the average maturity date of the
bonds to be refunded by such issue,
''(ii) the amount of the refunding bond
does not exceed the outstanding amount of the
refunded bond, and
''(iii) the refunded bond is redeemed not
later than 90 days after the date of the
issuance of the refunding bond.
''(B) Applicable percentage.--In the case of a
refunding bond referred to in subparagraph (A), the
applicable percentage with respect to such bond under
section 6431(b) shall be the lowest percentage
specified in paragraph (2) of such section.
''(C) Determination of average maturity.--For
purposes of subparagraph (A)(i), average maturity shall
be determined in accordance with section
147(b)(2)(A).''.
(e) Clarification Related to Levees and Flood Control Projects.--
Subparagraph (A) of section 54AA(g)(2) is amended by inserting
''(including capital expenditures for levees and other flood control
projects)'' after ''capital expenditures''.

SEC. 3. EXEMPT-FACILITY BONDS FOR SEWAGE AND WATER SUPPLY FACILITIES.

(a) Bonds for Water and Sewage Facilities Exempt From Volume Cap on
Private Activity Bonds.--
(1) In general.--Paragraph (3) of section 146(g) is amended
by inserting ''(4), (5),'' after ''(2),''.
(2) Conforming amendment.--Paragraphs (2) and (3)(B) of
section 146(k) are both amended by striking ''(4), (5), (6),''
and inserting ''(6)''.
(b) Tax-Exempt Issuance by Indian Tribal Governments.--
(1) In general.--Subsection (c) of section 7871 is amended
by adding at the end the following new paragraph:
''(4) Exception for bonds for water and sewage
facilities.--Paragraph (2) shall not apply to an exempt
facility bond 95 percent or more of the net proceeds (as
defined in section 150(a)(3)) of which are to be used to
provide facilities described in paragraph (4) or (5) of section
142(a).''.
(2) Conforming amendment.--Paragraph (2) of section 7871(c)
is amended by striking ''paragraph (3)'' and inserting
''paragraphs (3) and (4)''.
(c) Effective Date.--The amendments made by this section shall
apply to obligations issued after the date of the enactment of this
Act.

SEC. 4. EXTENSION OF EXEMPTION FROM ALTERNATIVE MINIMUM TAX TREATMENT
FOR CERTAIN TAX-EXEMPT BONDS.

(a) In General.--Clause (vi) of section 57(a)(5)(C) is amended--
(1) by striking ''January 1, 2011'' in subclause (I) and
inserting ''January 1, 2012''; and
(2) by striking ''and 2010'' in the heading and inserting
'', 2010, and 2011''.
(b) Adjusted Current Earnings.--Clause (iv) of section 56(g)(4)(B)
is amended--
(1) by striking ''January 1, 2011'' in subclause (I) and
inserting ''January 1, 2012''; and
(2) by striking ''and 2010'' in the heading and inserting
'', 2010, and 2011''.
(c) Effective Date.--The amendments made by this section shall
apply to obligations issued after December 31, 2010.

SEC. 5. EXTENSION AND ADDITIONAL ALLOCATIONS OF RECOVERY ZONE BOND
AUTHORITY.

(a) Extension of Recovery Zone Bond Authority.--Section 1400U-
2(b)(1) and section 1400U-3(b)(1)(B) are each amended by striking
''January 1, 2011'' and inserting ''January 1, 2012''.
(b) Additional Allocations of Recovery Zone Bond Authority Based on
Unemployment.--Section 1400U-1 is amended by adding at the end the
following new subsection:
''(c) Allocation of 2010 Recovery Zone Bond Limitations Based on
Unemployment.--
''(1) In general.--The Secretary shall allocate the 2010
national recovery zone economic development bond limitation and
the 2010 national recovery zone facility bond limitation among
the States in the proportion that each such State's 2009
unemployment number bears to the aggregate of the 2009
unemployment numbers for all of the States.
''(2) Minimum allocation.--The Secretary shall adjust the
allocations under paragraph (1) for each State to the extent
necessary to ensure that no State (prior to any reduction under
paragraph (3)) receives less than 0.9 percent of the 2010
national recovery zone economic development bond limitation and
0.9 percent of the 2010 national recovery zone facility bond
limitation.
''(3) Allocations by states.--
''(A) In general.--Each State with respect to which
an allocation is made under paragraph (1) shall
reallocate such allocation among the counties and large
municipalities (as defined in subsection (a)(3)(B)) in
such State in the proportion that each such county's or
municipality's 2009 unemployment number bears to the
aggregate of the 2009 unemployment numbers for all the
counties and large municipalities (as so defined) in
such State.
''(B) 2010 allocation reduced by amount of previous
allocation.--Each State shall reduce (but not below
zero)--
''(i) the amount of the 2010 national
recovery zone economic development bond
limitation allocated to each county or large
municipality (as so defined) in such State by
the amount of the national recovery zone
economic development bond limitation allocated
to such county or large municipality under
subsection (a)(3)(A) (determined without regard
to any waiver thereof), and
''(ii) the amount of the 2010 national
recovery zone facility bond limitation
allocated to each county or large municipality
(as so defined) in such State by the amount of
the national recovery zone facility bond
limitation allocated to such county or large
municipality under subsection (a)(3)(A)
(determined without regard to any waiver
thereof).
''(C) Waiver of suballocations.--A county or
municipality may waive any portion of an allocation
made under this paragraph. A county or municipality
shall be treated as having waived any portion of an
allocation made under this paragraph which has not been
allocated to a bond issued before May 1, 2011. Any
allocation waived (or treated as waived) under this
subparagraph may be used or reallocated by the State.
''(D) Special rule for a municipality in a
county.--In the case of any large municipality any
portion of which is in a county, such portion shall be
treated as part of such municipality and not part of
such county.
''(4) 2009 unemployment number.--For purposes of this
subsection, the term '2009 unemployment number' means, with
respect to any State, county or municipality, the number of
individuals in such State, county, or municipality who were
determined to be unemployed by the Bureau of Labor Statistics
for December 2009.
''(5) 2010 national limitations.--
''(A) Recovery zone economic development bonds.--
The 2010 national recovery zone economic development
bond limitation is $10,000,000,000. Any allocation of
such limitation under this subsection shall be treated
for purposes of section 1400U-2 in the same manner as
an allocation of national recovery zone economic
development bond limitation.
''(B) Recovery zone facility bonds.--The 2010
national recovery zone facility bond limitation is
$15,000,000,000. Any allocation of such limitation
under this subsection shall be treated for purposes of
section 1400U-3 in the same manner as an allocation of
national recovery zone facility bond limitation.''.
(c) Authority of State To Waive Certain 2009 Allocations.--
Subparagraph (A) of section 1400U-1(a)(3) is amended by adding at the
end the following: ''A county or municipality shall be treated as
having waived any portion of an allocation made under this subparagraph
which has not been allocated to a bond issued before May 1, 2011. Any
allocation waived (or treated as waived) under this subparagraph may be
used or reallocated by the State.''.

SEC. 6. ALLOWANCE OF NEW MARKETS TAX CREDIT AGAINST ALTERNATIVE MINIMUM
TAX.

(a) In General.--Subparagraph (B) of section 38(c)(4) is amended by
redesignating clauses (v) through (ix) as clauses (vi) through (x),
respectively, and by inserting after clause (iv) the following new
clause:
''(v) the credit determined under section
45D, but only with respect to credits
determined with respect to qualified equity
investments (as defined in section 45D(b))
initially made before January 1, 2012,''.
(b) Effective Date.--The amendments made by this section shall
apply to credits determined with respect to qualified equity
investments (as defined in section 45D(b) of the Internal Revenue Code
of 1986) initially made after March 15, 2010.

SEC. 7. EXTENSION OF TAX-EXEMPT ELIGIBILITY FOR LOANS GUARANTEED BY
FEDERAL HOME LOAN BANKS.

Clause (iv) of section 149(b)(3)(A) is amended by striking
''December 31, 2010'' and inserting ''December 31, 2011''.

SEC. 8. EXTENSION OF TEMPORARY SMALL ISSUER RULES FOR ALLOCATION OF
TAX-EXEMPT INTEREST EXPENSE BY FINANCIAL INSTITUTIONS.

(a) In General.--Clauses (i), (ii), and (iii) of section
265(b)(3)(G) are each amended by striking ''or 2010'' and inserting '',
2010, or 2011''.
(b) Conforming Amendment.--Subparagraph (G) of section 265(b)(3) is
amended by striking ''and 2010'' in the heading and inserting '', 2010,
and 2011''.
(c) Effective Date.--The amendments made by this section shall
apply to obligations issued after December 31, 2010.

SOLUTION:
American Infrastructure Investment Act of 2010 - Amends the Internal Revenue Code to extend until January 1, 2013, the period for issuing Build America Bonds and for credits allowable to issuers of such bonds. Allows funding through such bonds for capital expenditures for levees and flood control projects.

Exempts private activity bonds for sewage and water supply facilities from the state volume caps applicable to such bonds. Allows Indian tribal governments to issue tax-exempt private activity bonds to provide water or sewage facilities.

Extends through 2011 the exemption from alternative minimum tax (AMT) treatment of interest on certain tax-exempt bonds.

Extends through 2011 the period for issuing recovery zone economic development bonds and recovery zone facility bonds. Requires the Secretary of the Treasury to allocate 2010 national limitations on recovery bonds based upon state unemployment statistics.

Allows a full offset against the AMT for new market tax credit amounts.

Extends through 2011: (1) the tax exemption allowed for interest on bonds guaranteed by a federal home loan bank; and (2) small issuer rules for the allocation of tax-exempt interest expense by financial institutions.