[Congressional Record Volume 162, Number 55 (Tuesday, April 12, 2016)]
[Senate]
[Pages S1928-S1930]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 3659. Mr. WYDEN (for himself and Mr. Hoeven) submitted an
amendment intended to be proposed to amendment SA 3464 submitted by Mr.
Thune (for himself and Mr. Nelson) to the bill H.R. 636, to amend the
Internal Revenue Code of 1986 to permanently extend increased expensing
limitations, and for other purposes; which was ordered to lie on the
table; as follows:
At the appropriate place, insert the following:
TITLE __--MOVE AMERICA
SEC. ___1. SHORT TITLE.
This title may be cited as the ``Move America Act of
2015''.
SEC. ___2. MOVE AMERICA BONDS.
(a) In General.--
(1) Move america bonds.--Subpart A of part IV of subchapter
B of chapter 1 of the Internal Revenue Code of 1986 is
amended by inserting after section 142 the following new
section:
``SEC. 142A. MOVE AMERICA BONDS.
``(a) In General.--
``(1) Treatment as exempt facility bond.--Except as
otherwise provided in this section, a Move America bond shall
be treated for purposes of this part as an exempt facility
bond.
``(2) Exceptions.--
``(A) No government ownership requirement.--Paragraph (1)
of section 142(b) shall not apply to any Move America bond.
``(B) Special rules for high-speed rail bonds.--Paragraphs
(2) and (3) of section 142(i) shall not apply to any Move
America bond described in subsection (b)(4).
``(C) Special rules for highway and surface transportation
facilities.--Paragraphs (2), (3), and (4) of section 142(m)
shall not apply to any Move America bond described in
subsection (b)(5).
``(b) Move America Bond.--For purposes of this part, the
term `Move America bond' means any bond issued as part of an
issue 95 percent or more of the net proceeds of which are
used to provide--
``(1) airports,
``(2) docks and wharves, including--
``(A) waterborne mooring infrastructure,
``(B) dredging in connection with a dock or wharf, and
``(C) any associated rail and road infrastructure for the
purpose of integrating modes of transportation,
``(3) mass commuting facilities,
``(4) railroads (as defined in section 20102 of title 49,
United States Code) and any associated rail and road
infrastructure for the purpose of integrating modes of
transportation,
``(5) any--
``(A) surface transportation project which is eligible for
Federal assistance under title 23, United States Code (as in
effect on the date of the enactment of this section),
``(B) project for an international bridge or tunnel for
which an international entity authorized under Federal or
State law is responsible and which is eligible Federal
assistance under title 23, United States Code (as so in
effect), or
``(C) facility for the transfer of freight from truck to
rail or rail to truck (including any temporary storage
facilities directly related to such transfers) which is
eligible for Federal assistance under either title 23 or
title 49, United States Code (as so in effect),
``(6) flood diversions, or
``(7) inland waterways, including construction and
rehabilitation expenditures for navigation on any inland or
intracoastal waterways of the United States (within the
meaning of section 4042(d)(2)).
``(c) Flood Diversions.--For purposes of this section, the
term `flood diversion' means any flood damage risk reduction
project authorized under any Act for authorizing water
resources development projects.
``(d) Move America Volume Cap.--
``(1) In general.--The aggregate face amount of Move
America bonds issued pursuant to an issue, when added to the
aggregate face amount of Move America bonds previously issued
by the issuing authority during the calendar year, shall not
exceed such issuing authority's Move America volume cap for
such year.
``(2) Move america volume cap.--For purposes of this
subsection--
``(A) In general.--The Move America volume cap shall be 50
percent of the State ceiling under section 146(d) for such
State for such year.
``(B) Allocation of volume cap.--Each State may allocate
the Move America volume cap of such State among governmental
units (or other authorities) in such State having authority
to issue private activity bonds.
``(3) Carryforwards.--
``(A) In general.--If--
``(i) an issuing authority's Move America volume cap,
exceeds
``(ii) the aggregate amount of Move America bonds issued
during such calendar year by such authority,
any Move America bond issued by such authority during the 3-
calendar-year period following such calendar year shall not
be taken into account under paragraph (1) to the extent the
amount of such bonds does not exceed the amount of such
excess. Any excesses arising under this paragraph shall be
used under this paragraph in the order of calendar years in
which the excesses arose.
``(B) Reallocation of unused carryforwards.--
``(i) In general.--The Move America volume cap under
paragraph (2)(A) for any State for any calendar year shall be
increased by any amount allocated to such State by the
Secretary under clause (ii).
``(ii) Reallocation.--The Secretary shall allocate to each
qualified State for any calendar year an amount which bears
the same ratio to the aggregate unused carryforward amounts
of all issuing authorities in all States for such calendar
year as the qualified State's population for the calendar
year bears to the population of all qualified States for the
calendar year. For purposes of the preceding sentence,
population shall be determined in accordance with section
146(j).
``(iii) Qualified state.--For purposes of this
subparagraph, the term `qualified State' means, with respect
to a calendar year, any State--
``(I) which allocated its entire Move America volume cap
for the preceding calendar year, and
``(II) for which a request is made (not later than May 1 of
the calendar year) to receive an allocation under clause
(ii).
``(iv) Unused carryforward amount.--For purposes of this
paragraph, the term `unused carryforward amount' means, with
respect to any issuing authority for any calendar year, the
excess of--
``(I) the amount of the excess described in subparagraph
(A) for the fourth preceding calendar year, over
``(II) the amount of bonds issued by such issuing authority
to which subparagraph (A) applied during the 3 preceding
calendar years.
``(e) Applicability of Certain Federal Laws.--An issue
shall not be treated as an issue under subsection (b) unless
the facility for which the proceeds of such issue are used
would be subject to the requirements of any Federal law
(including titles 23, 40, and 49 of the United States Code)
which would otherwise apply to similar projects.
``(f) Special Rule for Environmental Remediation Costs for
Docks and Wharves.--For purposes of this section, amounts
used for working capital expenditures relating to
environmental remediation required under State or Federal law
at or near a facility described in subsection (b)(2)
(including environmental remediation in the riverbed and land
within or adjacent to the Federal navigation channel used to
access such facility) shall be treated as an amount used to
provide for such a facility.
``(g) Regulations.--The Secretary shall prescribe such
regulations as may be necessary to carry out the purposes of
this section, including regulations requiring States to
report the amount of Move America volume cap of the State
carried forward for any calendar year under subsection
(d)(3).''.
(2) Conforming amendment.--The table of sections for
subpart A of part IV of subchapter B of chapter 1 of such
Code is amended by inserting after the item relating to
section 142 the following new item:
``Sec. 142A. Move America bonds.''.
(b) Application of Other Private Activity Bond Rules.--
[[Page S1929]]
(1) Treatment under private activity bond volume cap.--
Subsection (g) of section 146 of the Internal Revenue Code of
1986 is amended by striking ``and'' at the end of paragraph
(3), by striking the period at the end of paragraph (4) and
inserting ``, and'', and by inserting after paragraph (4) the
following new paragraph:
``(5) any Move America bond.''.
(2) Rule for facilities located outside the state.--
Paragraph (2) of section 146(k) of the Internal Revenue Code
of 1986 is amended by inserting ``or to any Move America
bond'' after ``section 142(a)''.
(3) Special rule on use for land acquisition.--Subparagraph
(A) of section 147(c)(1) of the Internal Revenue Code of 1986
is amended by inserting ``(50 percent in the case of any
issue of Move America bonds)'' after ``25 percent''.
(4) Special rules for rehabilitation expenditures.--
(A) Inclusion of certain expenditures.--Subparagraph (B) of
section 147(d)(3) of the Internal Revenue Code of 1986 is
amended by inserting ``, except that, in the case of any Move
America bond, such term shall include any expenditure
described in clause (iii) or (v) thereof'' before the period
at the end.
(B) Period for expenditures.--Subparagraph (C) of section
147(d)(3) of such Code is amended by inserting ``(5 years, in
the case of any Move America bond)'' after ``2 years''.
(c) Treatment Under the Alternative Minimum Tax.--
Subparagraph (C) of section 57(a)(5) of the Internal Revenue
Code of 1986 is amended by adding at the end the following
new clause:
``(vii) Exception for move america bonds.--For purposes of
clause (i), the term `private activity bond' shall not
include any Move America bond (as defined in section
142A).''.
(d) Effective Date.--The amendments made by this section
shall apply to obligations issued in calendar years beginning
after the date of the enactment of this Act.
SEC. ____3. MOVE AMERICA TAX CREDITS.
(a) In General.--Subpart B of part IV of subchapter A of
chapter 1 of the Internal Revenue Code of 1986 is amended by
adding at the end the following new section:
``SEC. 30E. MOVE AMERICA CREDIT.
``(a) Allowance of Credit.--In the case of a Move America
credit certificate purchased by the taxpayer, there shall be
allowed as a credit against the tax imposed by this chapter
for any taxable year in the credit period an amount equal to
10 percent of the value of such certificate.
``(b) Credit Period.--For purposes of this section, the
term `credit period' means, with respect to any Move America
credit certificate, the period of 10 taxable years beginning
with the first taxable year that begins in the calendar year
in which the qualified project to which such certificate
relates is placed in service.
``(c) Move America Credit Certificate.--For purposes of
this section--
``(1) Move america credit certificate.--The term `Move
America credit certificate' means any certificate that--
``(A) is sold to the taxpayer under a qualified Move
America credit program by a State or by a project sponsor to
whom the State has allocated such certificate for sale under
paragraph (2)(B)(ii)(I),
``(B) is designated by the State as relating to a qualified
project,
``(C) the proceeds of the sale of which are used to finance
the qualified project designated under subparagraph (B),
``(D) specifies--
``(i) the value of the certificate and the purchase price,
and
``(ii) the qualified project to which it relates,
``(E) is sold no later than the end of the calendar year in
which the project is placed in service, and
``(F) is in such form as the Secretary may prescribe.
``(2) Qualified move america credit program.--
``(A) In general.--The term `qualified Move America credit
program' means any program--
``(i) which is established by a State for any calendar year
for which it is authorized to issue Move America bonds (as
defined in section 145A),
``(ii) under which the State exchanges (in such manner as
the Secretary may prescribe) an amount of the Move America
bonds (as so defined) which it may otherwise issue during
such calendar year for the ability to sell Move America
credit certificates, and
``(iii) under which the State is obligated to repay to the
Secretary an amount equal to the recapture amount, if
applicable, with respect to any Move America credit
certificate.
``(B) Allocation of certificates to project sponsors.--
``(i) In general.--A State that has established a qualified
Move America credit program under subparagraph (A) may
allocate any Move America credit certificate that is eligible
to be sold by such State to the project sponsor of the
qualified project to which such certificate relates.
``(ii) Sale or use.--A project sponsor to whom any Move
America certificate is allocated under clause (i) may--
``(I) sell such certificate, or
``(II) claim the credit under this section with respect to
such certificate as if the project sponsor had purchased the
certificate from the State.
``(3) Value.--
``(A) In general.--The aggregate value of the Move America
credit certificates sold or allocated by a State in a
calendar year shall equal 25 percent of the value of Move
America bonds exchanged by the State under paragraph
(2)(A)(ii).
``(B) Limitation relating to qualified project cost.--The
aggregate value of the Move America credit certificates sold
or allocated by a State and designated by the State as
relating to any qualified project shall not exceed the lesser
of--
``(i) 20 percent of the estimated cost of the project, or
``(ii) 50 percent of the total amount of private equity
invested in the project.
``(4) Certificate nontransferable.--A Move America credit
certificate, once purchased from a State or a project sponsor
to whom the State has allocated such certificate for sale
under paragraph (2)(B)(ii)(I), may not be sold or transferred
to any other person.
``(d) Definitions and Special Rules.--For purposes of this
section--
``(1) Qualified project.--The term `qualified project'
means a project which--
``(A) would be subject to the same requirements of any
Federal law (including titles 23, 40, and 49 of the United
States Code) which would otherwise apply to similar projects,
and
``(B) is for the construction of a facility described in
section 142A(b), but only if such project, upon completion,
will be generally available for public use.
``(2) Recapture amount.--
``(A) In general.--In the case of any Move America credit
certificate, if the project to which the certificate is
designated under subsection (c)(1)(B) as relating--
``(i) is never placed in service, or
``(ii) ceases to be a qualified project at any time during
the credit period,
the recapture amount is the amount determined under
subparagraph (B).
``(B) Amount determined.--The amount determined under this
subparagraph is--
``(i) in the case of a project to which subparagraph (A)(i)
applies, the value of the Move America credit certificate,
and
``(ii) in the case of a project to which subparagraph
(A)(ii) applies, the product of--
``(I) an amount equal to 10 percent of the value of the
Move America credit certificate, and
``(II) the number of calendar years in the credit period
beginning with the calendar year in which the project ceases
to be a qualified project.
``(3) Special rule for projects not placed in service.--For
purposes of subsection (a), if the project to which a Move
America credit certificate is designated under subsection
(c)(1)(B) as relating is never placed in service, the first
taxable year that begins in the calendar year in which the
State certifies (at such time and in such manner as may be
prescribed by the Secretary) that the project will not be
placed in service shall be treated as the year in which the
project was placed in service.
``(e) Application With Other Credits.--
``(1) Business credit treated as part of general business
credit.--Except as provided in paragraph (2), the credit
which would be allowed under subsection (a) for any taxable
year (determined without regard to this subsection) shall be
treated as a credit listed in section 38(b) for such taxable
year (and not allowed under subsection (a)).
``(2) Personal credit.--For purposes of this title, in the
case of an individual, the credit allowed under subsection
(a) for any taxable year shall be treated as a credit
allowable under subpart A for such taxable year.''.
(b) Credit Made Part of General Business Credit.--
Subsection (b) of section 38 of the Internal Revenue Code of
1986 is amended--
(1) by striking ``plus'' at the end of paragraph (35),
(2) by striking the period at the end of paragraph (36) and
inserting ``, plus'', and
(3) by adding at the end the following new paragraph:
``(37) the portion of the Move America credit to which
section 30E(e)(1) applies.''.
(c) Clerical Amendment.--The table of sections for subpart
B of part IV of subchapter A of chapter 1 of the Internal
Revenue Code of 1986 is amended by adding at the end the
following new item:
``Sec. 30E. Move America credit.''.
(d) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after the date of the
enactment of this Act.
(e) Reporting.--A State that sells any Move America credit
certificate shall report, at such time and in such manner as
the Secretary of the Treasury shall require--
(1) to the Secretary of the Treasury--
(A) the value of the Move America bonds otherwise allowed
to be issued by the State which are exchanged under section
30E(c)(2)(A)(ii) of the Internal Revenue Code of 1986 for the
ability to sell such Move America credit certificates, and
(B) the number of Move America credit certificates sold by
the State or allocated to project sponsors, the value of each
such certificate, and to whom it was sold (including the name
of the purchaser and any other identifying information as the
Secretary of the Treasury shall require), and
(2) to the Secretary of the Treasury and the purchaser of
any Move America credit certificate--
[[Page S1930]]
(A) the placed in service date of the qualified project to
which the certificate is designated under section
30E(c)(1)(B) of the Internal Revenue Code of 1986 as
relating, or
(B) that the State has made a certification under section
30E(d)(3) of such Code that such project will not be placed
in service.
For purposes of this subsection, any term used in this
subsection that is also used in section 30E or 142A of the
Internal Revenue Code of 1986 has the same meaning as when
used in such section.
______