[Congressional Record Volume 167, Number 137 (Monday, August 2, 2021)]
[Senate]
[Pages S5627-S5630]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 2232. Mr. HOEVEN (for himself and Mr. Wyden) submitted an
amendment intended to be proposed to amendment SA 2137 proposed by Mr.
Schumer (for Ms. Sinema (for herself, Mr. Portman, Mr. Manchin, Mr.
Cassidy, Mrs. Shaheen, Ms. Collins, Mr. Tester, Ms. Murkowski, Mr.
Warner, and Mr. Romney)) to the bill H.R. 3684, to authorize funds for
Federal-aid highways, highway safety programs, and transit programs,
and for other purposes; which was ordered to lie on the table; as
follows:
At the end of title IV of division H, add the following:
SEC. 804__. 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)(6).
``(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)(7).
``(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) facilities for the furnishing of water (within the
meaning of section 142(e)),
``(5) sewage facilities,
``(6) 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,
``(7) 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 for 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),
``(8) flood diversions,
``(9) 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)), or
``(10) rural broadband service infrastructure.
``(c) Definitions.--For purposes of this section--
``(1) Flood diversions.--The term `flood diversion' means
any flood damage risk reduction project authorized under any
Act for authorizing water resources development projects.
``(2) Rural broadband service infrastructure.--The term
`rural broadband service infrastructure' means the
construction, improvement, or acquisition of facilities and
equipment for the provision of broadband services (as defined
in section 601 of the Rural Electrification Act of 1936)
which--
``(A) meet the minimum requirements in effect under section
601(e) of such Act, and
``(B) will be provided in an area which--
``(i) is a rural area (as defined in section 601 of such
Act), and
``(ii) meets the requirements of clauses (i) and (ii) of
section 601(d)(2)(A) of such Act.
``(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
[[Page S5628]]
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 for any
calendar year is an amount equal to 25 percent of the State
ceiling under section 146(d) for such State for such calendar
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 5-
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 sixth preceding calendar year, over
``(II) the amount of bonds issued by such issuing authority
to which subparagraph (A) applied during the 5 preceding
calendar years.
``(4) Facility must be located within state.--
``(A) In general.--No portion of the Move America volume
cap of an issuing authority for any calendar year may be used
with respect to financing for a facility located outside of
the authority's State.
``(B) Exception for certain facilities where state will get
proportionate share of benefit.--Subparagraph (A) shall not
apply to any Move America bond the proceeds of which are used
to provide a facility described in paragraph (4) or (5) of
subsection (b) if the issuer establishes that the State's
share of the use of the facility will equal or exceed the
State's share of the private activity bonds issued to finance
the facility.
``(e) Applicability of Certain Federal Laws.--
``(1) In general.--An issue shall not be treated as an
issue under subsection (b) unless the facility for which the
proceeds of such issue are used meets the requirements
applicable to construction, alteration, or repair of similar
facilities under any Federal law that would apply if the
facility were funded or financed under any other Federal
program (including under titles 23, 40, and 49, United States
Code) which would otherwise apply to similar facilities.
``(2) Public transportation capital projects.--In addition
to the requirements of paragraph (1), an issue the proceeds
of which are used to finance a capital project (as defined in
section 5302(3) of title 49, United States Code) relating to
public transportation (as defined in section 5302(14) of such
title) shall not be treated as an issue under subsection (b)
unless such project complies with the requirements of chapter
53 of title 49, United States Code.
``(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.--
(1) Treatment under private activity bond volume cap.--
Subsection (g) of section 146 of the Internal Revenue Code of
1986, as amended by sections 80401 and 80402, is amended by
striking ``and'' at the end of paragraph (5), by striking the
period at the end of paragraph (6) and inserting ``, and'',
and by inserting after paragraph (6) the following new
paragraph:
``(7) any Move America bond.''.
(2) 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''.
(3) 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 (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. 804__. MOVE AMERICA CREDITS.
(a) In General.--Subpart D of part IV of subchapter A of
chapter 1 of the Internal Revenue Code of 1986 is amended by
inserting after the section 42 the following new section:
``SEC. 42A. MOVE AMERICA CREDITS.
``(a) Move America Equity Credits.--
``(1) In general.--For purposes of section 38, the Move
America equity credit for any taxable year in the credit
period is an amount equal to 10 percent of the qualified
basis of each qualified facility.
``(2) Definitions.--For purposes of this section--
``(A) Qualified basis.--
``(i) In general.--The qualified basis of any qualified
facility is the portion of the eligible basis of such
facility to which the State has allocated an amount of the
State credit limitation under subsection (c)(3)(A)(i).
``(ii) Determination.--The qualified basis of a facility
for purposes of all taxable years in the credit period shall
be determined as of the date of the last day of the calendar
year in which the qualified facility is placed in service.
``(iii) Exception.--Notwithstanding any other provision of
this section, the qualified basis of any qualified facility
shall be zero unless the chief executive officer (or the
equivalent) of the local jurisdiction in which the qualified
facility is located is provided a reasonable opportunity to
comment on the qualified facility.
``(B) Qualified facility.--The term `qualified facility'
means a facility described in section 142A(b), but only if
such facility--
``(i) meets the requirements applicable to similar
facilities under any Federal law which would apply if the
facility were financed under any other Federal program
(including titles 23, 40, and 49, United States Code),
``(ii) complies with the requirements of chapter 53 of
title 49, United States Code, in the case of a capital
project (as defined in section 5302(3) of title 49, United
States Code) relating to public transportation (as defined in
section 5302(14) of such title), and
``(iii) will be generally available for public use
throughout the credit period.
``(C) Credit period.--
``(i) In general.--Except as provided in clause (ii), the
credit period with respect to any qualified facility is the
period of 10 taxable years beginning with the first taxable
year beginning in the calendar year in which the facility is
placed in service.
``(ii) Early termination.--If at any time during the 10-
taxable-year period described in clause (i) a facility ceases
to be a qualified facility, or ceases and then recommences to
be a qualified facility, the credit period with respect to
such facility shall include only the taxable years in such
10-year period in which the facility was a qualified facility
for the entire taxable year.
``(iii) Dispositions of property or interest relating to
qualified facility.--A facility shall not cease to be a
qualified facility solely by reason of the disposition of the
facility (or an interest therein) if it is reasonably
expected that such facility will otherwise continue to be a
qualified facility.
``(iv) Treatment of credit in case of disposition.--If at
any time during the 10-taxable-year period described in
clause (i) a qualified facility (or an interest therein) is
disposed of--
[[Page S5629]]
``(I) the credit under paragraph (1) for any year in such
period beginning after the date of the disposal shall be
allowed to the acquiring person, and not to the person
disposing of the facility (or interest), and
``(II) the credit under paragraph (1) for the year of the
disposal shall be allocated between such persons on the basis
of the number of days during such year the facility (or
interest) was held by each.
``(3) Reallocation.--
``(A) In general.--If any qualified facility is not placed
in service within 3 years of the date of the allocation under
subsection (c)(3), the State shall rescind the allocation
under subsection (c)(3)(A)(i). Any allocation so rescinded
may be reallocated by the State under subsection (c)
(including to qualified infrastructure funds for purposes of
the credit under subsection (b)) within the calendar year in
which it is so rescinded.
``(B) Reversion.--Any rescinded allocation which is not
reallocated under subparagraph (A) by the last day of the
calendar year in which it is so rescinded shall revert to
inclusion in the State's Move America volume cap under
section 142A(d) as if it had never been exchanged under
subsection (c)(1).
``(C) No multiple reallocations.--Any rescinded allocation
which is reallocated under subparagraph (A) and is
subsequently rescinded shall not be further reallocated and
shall immediately revert to inclusion in the Move America
volume cap as provided in subparagraph (B).
``(4) Coordination with deduction for depreciation, etc.--
The basis of any property taken into account in determining
the qualified basis of a qualified facility with respect to
which a credit is allowed under this section shall be reduced
by the aggregate amount of the credit allowable under this
section during all taxable years in the credit period which
is properly allocable to the cost basis of such property. The
Secretary shall provide for adjustments to basis in cases
where the taxpayer is not allowed a full credit for all years
in the credit period.
``(b) Move America Infrastructure Fund Credits.--
``(1) Allowance of credit.--
``(A) In general.--For purposes of section 38, in the case
of a taxpayer who holds a Move America investment on a credit
allowance date of such investment which occurs during the
taxable year, the Move America infrastructure fund credit for
such taxable year is an amount equal to 5 percent of the
amount paid to the qualified infrastructure fund for such
investment at its original issue.
``(B) Credit allowance date.--For purposes of subparagraph
(A), except as provided in paragraph (3), the term `credit
allowance date' means with respect to any Move America
investment--
``(i) the date on which such investment is initially made,
and
``(ii) each of the 9 anniversary dates of such date
thereafter.
``(2) Definitions.--For purposes of this section--
``(A) Move america investment.--
``(i) In general.--The term `Move America investment' means
any equity investment in a qualified infrastructure fund,
if--
``(I) such investment is acquired by the taxpayer at its
original issue solely in exchange for cash,
``(II) substantially all of such cash is used by the
qualified infrastructure fund to make qualified investments,
and
``(III) such investment is designated for purposes of this
subsection by the qualified infrastructure fund, including a
designation of the qualified investment which will be made
with such investment.
``(ii) Limitation.--
``(I) In general.--The maximum amount of equity investments
issued by a qualified infrastructure fund in a calendar year
which may be designated under clause (i)(III) by such fund
shall not exceed 200 percent of the portion of the State
credit limitation allocated under subsection (c)(3)(A)(ii) to
such fund in such calendar year.
``(II) Expiration.--If the limitation determined under
subclause (I) with respect to an infrastructure fund for a
calendar year exceeds the amount of equity investments
designated under clause (i)(III) by such fund in such year,
the State shall rescind such excess allocation. Any
allocation so rescinded may be reallocated by the State under
subsection (c) (including to qualified facilities for
purposes of the credit under subsection (a)) within the
immediately succeeding calendar year.
``(III) Reversion.--Any rescinded allocation which is not
reallocated under subclause (II) by the last day of such
immediately succeeding calendar year shall revert to
inclusion in the State's Move America volume cap under
section 142A(d) as if it had never been exchanged under
subsection (c)(1).
``(IV) No multiple reallocations.--Any rescinded allocation
which is reallocated under subclause (II) and is subsequently
rescinded shall not be further reallocated and shall
immediately revert to inclusion in the Move America volume
cap as provided in subclause (III).
``(iii) Safe harbor for determining use of cash.--The
requirement of clause (i)(II) shall be treated as met if at
least 95 percent of the aggregate gross assets of the
qualified infrastructure fund (determined without regard to
any cash received under clause (i)(I) that has not been
invested in any other asset before the date that is 3 years
after the date such cash is received) are invested in
qualified investments.
``(iv) Treatment of subsequent purchasers.--The term `Move
America investment' includes any equity investment which
would (but for clause (i)(I)) be a Move America investment in
the hands of the taxpayer if such investment was a Move
America investment in the hands of a prior holder.
``(B) Qualified infrastructure fund.--The term `qualified
infrastructure fund' means--
``(i) a State infrastructure bank established under section
610 of title 23, United States Code,
``(ii) a water pollution control revolving fund established
under title VI of the Federal Water Pollution Control Act (33
U.S.C. 1381 et seq.),
``(iii) a drinking water treatment revolving loan fund
established under section 1452 of the Safe Drinking Water Act
(42 U.S.C. 300j-12), or
``(iv) an equivalent fund established or designated by the
State or any instrumentality thereof and certified by the
Secretary as having a primary purpose of financing qualified
facilities.
In the case of a fund described in clause (ii) or (iii), the
amount of any Move America investment shall not be included
in determining the amount of State or other non-Federal
contributions to such fund.
``(C) Qualified investment.--The term `qualified
investment' means an investment (whether by loan, loan
guarantee, or equity investment) in--
``(i) qualified facilities, or
``(ii) in the case of a fund described in clause (i), (ii),
or (iii) of subparagraph (B), projects and activities for
which such funds are authorized to be used under any other
provision of law.
``(3) Early termination.--
``(A) In general.--If at any time during the compliance
period the fund which issued a Move America investment ceases
to be a qualified infrastructure fund, or ceases and then
recommences to be a qualified infrastructure fund, any date
described in paragraph (1)(B) (including the date described
in clause (i) thereof) occurring in--
``(i) the taxable year in which the fund ceased to be a
qualified infrastructure fund, or
``(ii) any other taxable year in such period in which the
fund is not a qualified infrastructure fund for the entire
taxable year,
shall not be treated as a credit allowance date for purposes
of paragraph (1).
``(B) Compliance period.--For purposes of subparagraph (A),
the term `compliance period' means the 10-taxable-year period
beginning with the taxable year that includes the date of the
original issue of the Move America investment.
``(C) Loss of qualification.--A fund shall cease to be a
qualified infrastructure fund as of the date more than 5
percent of the investments made by the fund are not qualified
investments. For purposes of the preceding sentence, the
amount of any cash received under subparagraph (A)(i)(I) that
has not been invested in any other asset before the date that
is 3 years after the date such cash is received shall not be
taken into account in determining investments made by the
fund.
``(D) Expiration of credit.--If substantially all of the
cash paid for any Move America investment is not used to make
qualified investments designated under paragraph
(2)(A)(i)(III) within 3 years of the date of original issue
of such investment, any date described in paragraph (1)(B)
occurring in a taxable year which ends after the date which
is 3 years after such date of original issue shall not be
treated as a credit allowance date for purposes of paragraph
(1).
``(c) Move America Credit Allocation.--
``(1) Exchange of move america bond volume cap.--
``(A) In general.--If a State has in effect a qualified
allocation plan for a calendar year, the State may exchange
(in such manner as the Secretary may prescribe) all or a
portion of the State's Move America volume cap under section
142A(d) for such year for a State credit limitation.
``(B) Limitation.--The amount of a State's Move America
volume cap for a calendar year which may be exchanged under
subparagraph (A) shall not include any portion of such cap
which is attributable to an amount of State credit limitation
which has reverted under paragraph (3)(D) or subsection
(a)(3)(B) or (b)(2)(A)(ii)(IV).
``(2) State credit limitation.--For purposes of this
section, the State credit limitation with respect to any
State for a calendar year is a dollar amount equal to 25
percent of the Move America volume cap exchanged under
paragraph (1) for such calendar year.
``(3) Allocation.--
``(A) In general.--A State may allocate the State credit
limitation, according to the qualified allocation plan, for
any calendar year among--
``(i) qualified facilities in the State for purposes of the
Move America equity credit under subsection (a), and
``(ii) qualified infrastructure funds in the State for
purposes of the Move America infrastructure fund credit under
subsection (b).
``(B) Qualified allocation plan.--
``(i) In general.--For purposes of this subsection, the
term `qualified allocation plan' means any plan--
``(I) which sets forth selection criteria to be used in
determining infrastructure priorities of the State and
allocating the State credit limitation among facilities (in
accordance with clause (ii)) and infrastructure funds in the
State, and
[[Page S5630]]
``(II) which provides a procedure that the State (or an
agent or other private contractor of the State) will follow
in monitoring for noncompliance with the provisions of this
section and in notifying the Internal Revenue Service of such
noncompliance.
``(ii) Limitation based on facility feasibility for move
america equity credits.--
``(I) In general.--In the case of an allocation with
respect to any qualified facility for purposes of the Move
America equity credit under subsection (a), such allocation
shall not exceed the minimum amount which the State
transportation authority or other applicable agency
determines is required for the financial feasibility of the
facility and its viability for completion and availability
for public use throughout the credit period.
``(II) Minimum feasibility determination.--In making the
determination under subclause (I), such entity shall consider
the sources and uses of funds and the total financing planned
for the facility, any proceeds or receipts expected to be
generated by reason of tax benefits, the reasonableness of
the developmental and operational costs of the facility over
the full expected operational life of the facility, ancillary
costs (including right-of-way and procurement costs),
financing costs, and retained and transferred risk.
``(C) Special rules relating to move america equity
credit.--
``(i) Limitation.--The amount allocated to a qualified
facility under subparagraph (A)(i) shall not exceed the
eligible basis of such facility.
``(ii) Eligible basis.--For purposes of this section,
except as provided in clause (iii), the eligible basis of any
qualified facility is the lesser of--
``(I) the portion of the basis of such facility which is
attributable to the aggregate amount of equity investment of
all taxpayers in the costs of the facility which are subject
to the allowance for depreciation (determined as of the last
day of the calendar year in which the facility is placed in
service), or
``(II) 20 percent of the costs of the facility which are
subject to the allowance for depreciation (determined as of
the last day of the calendar year in which the facility is
placed in service).
``(iii) Exclusion of government assistance.--Eligible basis
shall not include any portion of the basis of such facility
which is attributable to any assistance or financing provided
by a Federal, State, or local government (determined as of
the last day of the calendar year in which the facility is
placed in service).
``(D) Reversion of unallocated limitation.--Any portion of
the State credit limitation for any calendar year which
remains unallocated as of the last day of such calendar year
shall revert to inclusion in the State's Move America volume
cap under section 142A(d) as if it had never been exchanged
under paragraph (1).''.
(b) Credits 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 (32),
(2) by striking the period at the end of paragraph (33) and
inserting a comma, and
(3) by adding at the end the following new paragraphs:
``(34) the Move America equity credit under section
42A(a)(1), plus
``(35) the Move America infrastructure fund credit under
section 42A(b)(1).''.
(c) Treatment Under Alternative Minimum Tax and Base
Erosion Tax.--
(1) Alternative minimum tax.--Section 38(c)(4)(B) of the
Internal Revenue Code of 1986 is amended by redesignating
clauses (iv) through (xii) as clauses (vi) through (xiv),
respectively, and by inserting after clause (iii) the
following new clauses:
``(iv) the credit determined under section 42A(a)(1),
``(v) the credit determined under section 42A(b)(1),''.
(2) Base erosion tax.--Section 59A(b)(1)(B)(ii) of such
Code is amended by striking ``plus'' at the end of subclause
(I), by redesignating subclause (II) as subclause (III), and
by inserting after subclause (I) the following new subclause:
``(II) the credit allowed under section 38 for the taxable
year which is properly allocable to the sum of the Move
America equity credit under section 42A(a)(1) and the Move
America infrastructure fund credit under section 42A(b)(1),
plus''.
(d) Clerical Amendment.--The table of sections for subpart
D of part IV of subchapter A of chapter 1 of the Internal
Revenue Code of 1986 is amended by inserting after the item
relating to section 42 the following new item:
``Sec. 42A. Move America credits.''.
(e) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after the date of the
enactment of this Act.
(f) Reporting.--A State shall, at such time and in such
manner as the Secretary of the Treasury shall require,
report--
(1) to the Secretary of the Treasury--
(A) the amount of the Move America volume cap of the State
for the calendar year which is exchanged under section
42A(c)(1) of the Internal Revenue Code of 1986 for a State
credit limitation;
(B) the amount (if any) of the State credit limitation
allocated under section 42A(c)(3)(A)(i) of such Code to
qualified facilities, the amount so allocated to each such
facility, and the taxpayer with respect to such facility
(including the name of the taxpayer and any other identifying
information as the Secretary of the Treasury shall require);
and
(C) the amount (if any) of the State credit limitation
allocated under section 42A(c)(3)(A)(ii) of such Code to
qualified infrastructure funds, the amount so allocated to
each such fund, and each taxpayer holding any Move America
investment with respect to any such fund (including the name
of the taxpayer and any other identifying information as the
Secretary of the Treasury shall require);
(2) to the Secretary of the Treasury and any taxpayer who
is the sponsor of a qualified facility receiving an
allocation under section 42A(c)(3)(A)(i) of such Code, the
date on which the qualified facility is placed in service;
and
(3) to the Secretary of the Treasury and any taxpayer
holding a Move America investment, a certification that the
entity which issued the investment is a qualified
infrastructure fund and that the investment will be used to
make qualified investments designated for purposes of section
42A(b)(2)(A)(i)(III) of the Internal Revenue Code of 1986.
For purposes of this subsection, any term used in this
subsection that is also used in section 42A or 142A of such
Code has the same meaning as when used in such section.
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