[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 1403 Introduced in Senate (IS)]
<DOC>
117th CONGRESS
1st Session
S. 1403
To amend the Internal Revenue Code of 1986 to provide for Move America
bonds and Move America credits.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
April 28, 2021
Mr. Hoeven (for himself and Mr. Wyden) introduced the following bill;
which was read twice and referred to the Committee on Finance
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to provide for Move America
bonds and Move America credits.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Move America Act of 2021''.
SEC. 2. FINDINGS AND PURPOSE.
(a) Findings.--Congress makes the following findings:
(1) Our Nation's infrastructure network serves as a
foundation of our economic competitiveness and national
security. It is imperative that Congress maintain and
revitalize the roads, bridges, ports, railways, airports,
transit systems, water systems, and information networks of
this country, enabling all industries to achieve the growth and
productivity that make the United States strong and prosperous.
(2) Investing in transportation, water, and information
infrastructure creates long-term capital assets for the Nation
that will improve economic productivity.
(3) Investment in infrastructure creates jobs and spurs
economic activity to put people back to work and grow the
economy.
(4) The cost to maintain and improve our Nation's highways,
bridges, and other critical transportation infrastructure
significantly exceeds what is currently being provided by all
levels of government.
(5) Investment in our Nation's infrastructure must be
multi-faceted, both by ensuring that there is a sustainable
long-term funding source for infrastructure and through using
innovative financing mechanisms.
(6) Areas that are underserved by modern broadband
connections are disadvantaged, and ensuring that those areas
are connected will enable the Nation to benefit from the fuller
participation of previously underserved citizens in the
national economy.
(7) Investment in infrastructure is needed throughout the
Nation, and it is essential that infrastructure legislation,
including but not limited to this legislation, benefit urban
and rural areas, and large and small States.
(b) Purpose.--The purpose of this Act is to provide tools to
finance additional transportation, water, and information
infrastructure capital investments, through an approach that provides
assistance for financing of infrastructure to all States, rural and
urban, and large and small.
SEC. 3. 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 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 50 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 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) 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. 4. 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)(C)(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--
``(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)(C)(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)(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
``(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 (ii) the following
new clauses:
``(iii) the credit determined under section
42A(a)(1),
``(iv) 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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