U.S. Congress - Text of S.1769 as Placed on Calendar Senate Rebuild America Jobs Act
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Donate NowS.1769 - Rebuild America Jobs Act
A bill to put workers back on the job while rebuilding and modernizing America.
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S 1769 PCSCommentsClose CommentsPermalink
Calendar No. 213CommentsClose CommentsPermalink
112th CONGRESSCommentsClose CommentsPermalink
1st SessionCommentsClose CommentsPermalink
S. 1769CommentsClose CommentsPermalink
To put workers back on the job while rebuilding and modernizing America.CommentsClose CommentsPermalink
IN THE SENATE OF THE UNITED STATESCommentsClose CommentsPermalink
October 31, 2011CommentsClose CommentsPermalink
October 31, 2011CommentsClose CommentsPermalink
Ms. KLOBUCHAR (for herself, Mr. MANCHIN, Mr. WHITEHOUSE, Mr. REID, Mr. KERRY, Mrs. BOXER, Mr. COONS, Mr. BEGICH, Mr. LAUTENBERG, Mr. FRANKEN, Mr. SCHUMER, Mr. NELSON of Florida, Mr. BLUMENTHAL, Mrs. FEINSTEIN, Mr. LEVIN, Mr. MENENDEZ, Mr. BROWN of Ohio, Ms. STABENOW, and Mr. DURBIN) introduced the following bill; which was read the first timeCommentsClose CommentsPermalink
November 1, 2011CommentsClose CommentsPermalink
November 1, 2011CommentsClose CommentsPermalink
Read the second time and placed on the calendarCommentsClose CommentsPermalink
A BILLCommentsClose CommentsPermalink
To put workers back on the job while rebuilding and modernizing America.CommentsClose CommentsPermalink
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title- This Act may be cited as the ‘Rebuild America Jobs Act’.CommentsClose CommentsPermalink
(b) Table of Contents- The table of contents for this Act is as follows:CommentsClose CommentsPermalink
Sec. 1. Short title; table of contents.CommentsClose CommentsPermalink
Sec. 2. Buy American--Use of American iron, steel, and manufactured goods.CommentsClose CommentsPermalink
Sec. 3. Wage rate and employment protection requirements.CommentsClose CommentsPermalink
TITLE I--CREATING JOBS THROUGH INFRASTRUCTURE MODERNIZATION
Subtitle A--Immediate Transportation Infrastructure Investments
Sec. 101. Immediate transportation infrastructure investments.CommentsClose CommentsPermalink
Subtitle B--Building and Upgrading Infrastructure for Long-term Development
Sec. 121. Short title.CommentsClose CommentsPermalink
Sec. 122. Findings and purpose.CommentsClose CommentsPermalink
Sec. 123. Definitions.CommentsClose CommentsPermalink
Sec. 124. Establishment and general authority of American Infrastructure Financing Authority.CommentsClose CommentsPermalink
Sec. 125. Voting members of the board of directors.CommentsClose CommentsPermalink
Sec. 126. Chief executive officer of AIFA.CommentsClose CommentsPermalink
Sec. 127. Powers and duties of the board of directors.CommentsClose CommentsPermalink
Sec. 128. Senior management.CommentsClose CommentsPermalink
Sec. 129. Special Inspector General for AIFA.CommentsClose CommentsPermalink
Sec. 130. Other personnel.CommentsClose CommentsPermalink
Sec. 131. Compliance.CommentsClose CommentsPermalink
Sec. 132. Terms and limitations on direct loans and loan guarantees.CommentsClose CommentsPermalink
Sec. 133. Loan terms and repayment.CommentsClose CommentsPermalink
Sec. 134. Compliance and enforcement.CommentsClose CommentsPermalink
Sec. 135. Audits; reports to the President and Congress.CommentsClose CommentsPermalink
Sec. 136. Administrative fees.CommentsClose CommentsPermalink
Sec. 137. Efficiency of AIFA.CommentsClose CommentsPermalink
Sec. 138. Funding.CommentsClose CommentsPermalink
Subtitle C--Extension of Exemption From Alternative Minimum Tax Treatment for Certain Tax-exempt Bonds
Sec. 141. Extension of exemption from alternative minimum tax treatment for certain tax-exempt bonds.CommentsClose CommentsPermalink
TITLE II--SURTAX ON MILLIONAIRES
Sec. 201. Surtax on millionaires.CommentsClose CommentsPermalink
SEC. 2. BUY AMERICAN--USE OF AMERICAN IRON, STEEL, AND MANUFACTURED GOODS.
(a) In General- None of the funds appropriated or otherwise made available by this Act may be used for a project for the construction, alteration, maintenance, or repair of a public building or public work unless all of the iron, steel, and manufactured goods used in the project are produced in the United States.CommentsClose CommentsPermalink
(b) Exception- Subsection (a) shall not apply in any case or category of cases in which the head of the Federal department or agency involved determines that--CommentsClose CommentsPermalink
(1) applying subsection (a) would be inconsistent with the public interest;CommentsClose CommentsPermalink
(2) iron, steel, and the relevant manufactured goods are not produced in the United States in sufficient and reasonably available quantities and of a satisfactory quality; orCommentsClose CommentsPermalink
(3) inclusion of iron, steel, and manufactured goods produced in the United States will increase the cost of the overall project by more than 25 percent.CommentsClose CommentsPermalink
(c) Waiver- If the head of a Federal department or agency determines that it is necessary to waive the application of subsection (a) based on a finding under subsection (b), the head of the department or agency shall publish in the Federal Register a detailed written justification as to why the provision is being waived.CommentsClose CommentsPermalink
(d) Application- This section shall be applied in a manner consistent with United States obligations under international agreements.CommentsClose CommentsPermalink
SEC. 3. WAGE RATE AND EMPLOYMENT PROTECTION REQUIREMENTS.
(a) In General- All laborers and mechanics employed on projects funded directly by, or assisted in whole or in part by and through, the Federal Government or any other entity established pursuant to this Act shall be paid wages at rates not less than those prevailing on projects of a character similar in the locality as determined by the Secretary of Labor in accordance with subchapter IV of chapter 31 of title 40, United States Code.CommentsClose CommentsPermalink
(b) Authority of Secretary of Labor- With respect to the labor standards specified in this section, the Secretary of Labor shall have the authority and functions set forth in Reorganization Plan Numbered 14 of 1950 (64 Stat. 1267; 5 U.S.C. App.) and
(c) Employee Protective Arrangements- Projects (as defined in
TITLE I--CREATING JOBS THROUGH INFRASTRUCTURE MODERNIZATIONCommentsClose CommentsPermalink
TITLE I--CREATING JOBS THROUGH INFRASTRUCTURE MODERNIZATIONCommentsClose CommentsPermalink
Subtitle A--Immediate Transportation Infrastructure InvestmentsCommentsClose CommentsPermalink
Subtitle A--Immediate Transportation Infrastructure InvestmentsCommentsClose CommentsPermalink
SEC. 101. IMMEDIATE TRANSPORTATION INFRASTRUCTURE INVESTMENTS.
(a) Grants-In-Aid for Airports-CommentsClose CommentsPermalink
(1) IN GENERAL- There is made available to the Secretary of Transportation $2,000,000,000 to carry out airport improvement under subchapter I of chapter 471 and subchapter I of chapter 475 of title 49, United States Code.CommentsClose CommentsPermalink
(2) FEDERAL SHARE; LIMITATION ON OBLIGATIONS- The Federal share payable of the costs for which a grant is made under this subsection, shall be 100 percent. The amount made available under this subsection shall not be subject to any limitation on obligations for the Grants-In-Aid for Airports program set forth in any Act or in title 49, United States Code.CommentsClose CommentsPermalink
(3) DISTRIBUTION OF FUNDS- Amounts provided to the Secretary under this subsection shall not be subject to apportionment formulas, special apportionment categories, or minimum percentages under chapter 471 of title 49, United States Code.CommentsClose CommentsPermalink
(4) AVAILABILITY- Amounts made available under this subsection shall be available for obligation during the 2-year period beginning on the date of the enactment of this Act. The Secretary shall obligate not less than 50 percent of the such amounts not later than 1 year after the date of the enactment of this Act and obligate the remaining amounts not later than 2 years after such date of enactment.CommentsClose CommentsPermalink
(5) ADMINISTRATIVE EXPENSES- Of the amounts made available under this subsection, 0.3 percent--CommentsClose CommentsPermalink
(A) shall be available to the Secretary for administrative expenses;CommentsClose CommentsPermalink
(B) shall remain available for obligation until September 30, 2015; andCommentsClose CommentsPermalink
(C) may be used in conjunction with amounts otherwise provided for the administration of the Grants-In-Aid for Airports program.CommentsClose CommentsPermalink
(b) Next Generation Air Traffic Control Advancements-CommentsClose CommentsPermalink
(1) IN GENERAL- There is made available to the Secretary of Transportation $1,000,000,000 for necessary Federal Aviation Administration capital, research and operating costs to carry out Next Generation air traffic control system advancements.CommentsClose CommentsPermalink
(2) AVAILABILITY- The amounts made available under this subsection shall be available for obligation during the 2-year period beginning on the date of the enactment of this Act.CommentsClose CommentsPermalink
(c) Highway Infrastructure Investment-CommentsClose CommentsPermalink
(1) IN GENERAL- There is made available to the Secretary of Transportation $27,000,000,000 for--CommentsClose CommentsPermalink
(A) restoration, repair, construction and other activities eligible under
(B) passenger and freight rail transportation and port infrastructure projects eligible for assistance under
(2) FEDERAL SHARE; LIMITATION ON OBLIGATIONS- The Federal share payable on account of any project or activity carried out with funds made available under this subsection shall be, at the option of the recipient, up to 100 percent of the total cost of such project or activity. The amount made available under this subsection shall not be subject to any limitation on obligations for Federal-aid highways and highway safety construction programs set forth in any Act or in title 23, United States Code.CommentsClose CommentsPermalink
(3) AVAILABILITY- The amounts made available under this subsection shall be available for obligation during the 2-year period beginning on the date of the enactment of this Act. The Secretary shall obligate not less than 50 percent of the such amounts not later than 1 year after the date of the enactment of this Act and obligate the remaining amounts not later than 2 years after such date of enactment.CommentsClose CommentsPermalink
(4) DISTRIBUTION OF FUNDS-CommentsClose CommentsPermalink
(A) APPORTIONMENT- After making the set-asides required under paragraphs (8), (9), (10), (11), and (13), and not later than 30 days after the date of the enactment of this Act--CommentsClose CommentsPermalink
(i) 50 percent of the remaining amounts made available under this subsection shall be apportioned to States using the formula set forth in
(ii) the remaining amounts shall be apportioned to States in the same ratio as the obligation limitation for fiscal year 2010 was distributed among the States in accordance with the formula specified in section 120(a)(6) of the Department of Transportation Appropriations Act, 2010 (title I of division A of
(B) STATE PLANNING AND OVERSIGHT EXPENSES- Of amounts apportioned under subparagraph (A), a State may use up to 0.5 percent for activities related to projects funded under this subsection, including activities eligible under sections 134 and 135 of title 23, United States Code, State administration of subgrants, and State oversight of subrecipients.CommentsClose CommentsPermalink
(5) REDISTRIBUTION-CommentsClose CommentsPermalink
(A) INITIAL ALLOCATION- The Secretary shall, 180 days following the date of apportionment, withdraw from each State an amount equal to 50 percent of the funds apportioned under paragraph (4) to that State (excluding funds suballocated within the State) less the amount of funding obligated (excluding funds suballocated within the State), and the Secretary shall redistribute such amounts to other States that have had no funds withdrawn under this subparagraph in the manner described in section 120(c) of division A of
(B) SUBSEQUENT ALLOCATION- One year following the date of apportionment, the Secretary shall withdraw from each recipient of funds apportioned under paragraph (4) any unobligated funds, and the Secretary shall redistribute such amounts to States that have had no funds withdrawn under this paragraph (excluding funds suballocated within the State) in the manner described in section 120(c) of division A of
(C) EXTENSION- At the request of a State, the Secretary may provide an extension of the 1-year period only to the extent that the Secretary determines that the State has encountered extreme conditions that create an unworkable bidding environment or other extenuating circumstances. Before granting an extension, the Secretary shall provide a thorough justification for the extension in a written notification submitted to the Committee on Environment and Public Works of the Senate and the Committee on Transportation and Infrastructure of the House of Representatives.CommentsClose CommentsPermalink
(6) TRANSPORTATION ENHANCEMENTS- Three percent of the amounts apportioned to a State under paragraph (4) shall be set aside for the purposes described in
(7) SUBALLOCATION- Thirty percent of the amounts apportioned to a State under this subsection shall be suballocated within the State in the manner and for the purposes described in the first sentence of sections 133(d)(3)(A), 133(d)(3)(B), and 133(d)(3)(D) of title 23, United States Code. Such suballocation shall be conducted in every State. Amounts suballocated within a State to urbanized areas and other areas shall not be subject to the redistribution of amounts required 180 days after the date of apportionment of funds provided by paragraph (6)(A).CommentsClose CommentsPermalink
(8) PUERTO RICO AND TERRITORIAL HIGHWAY PROGRAMS- Of the amounts provided under this subsection, $105,000,000 shall be set aside for the Puerto Rico highway program authorized under
(9) FEDERAL LANDS AND INDIAN RESERVATIONS- Of the amounts provided under this subsection, $550,000,000 shall be set aside for investments in transportation at Indian reservations and Federal lands in accordance with the following requirements:CommentsClose CommentsPermalink
(A) Of the funds set aside by this paragraph, $310,000,000 shall be for the Indian Reservation Roads program, $170,000,000 shall be for the Park Roads and Parkways program, $60,000,000 shall be for the Forest Highway Program, and $10,000,000 shall be for the Refuge Roads program.CommentsClose CommentsPermalink
(B) For investments at Indian reservations and Federal lands, priority shall be given to capital investments, and to projects and activities that can be completed within 2 years of enactment of this Act.CommentsClose CommentsPermalink
(C) One year following the enactment of this Act, to ensure the prompt use of the funding provided for investments at Indian reservations and Federal lands, the Secretary shall have the authority to redistribute unobligated funds within the respective program for which the funds were appropriated.CommentsClose CommentsPermalink
(D) Up to 4 percent of the funding provided for Indian Reservation Roads may be used by the Secretary of the Interior for program management and oversight and project-related administrative expenses.CommentsClose CommentsPermalink
(E)
(10) JOB TRAINING-CommentsClose CommentsPermalink
(A) IN GENERAL- Of the amounts provided under this subsection, $50,000,000 shall be set aside for the development and administration of transportation training programs under section 140(b) title 23, United States Code.CommentsClose CommentsPermalink
(B) COMPETITIVE AWARD- Amounts set aside under this paragraph shall be competitively awarded and used for the purpose of providing training, apprenticeship (including Registered Apprenticeship), skill development, and skill improvement programs, as well as summer transportation institutes and may be transferred to, or administered in partnership with, the Secretary of Labor and shall demonstrate to the Secretary of Transportation program outcomes, including--CommentsClose CommentsPermalink
(i) impact on areas with transportation workforce shortages;CommentsClose CommentsPermalink
(ii) diversity of training participants;CommentsClose CommentsPermalink
(iii) number of participants obtaining certifications or credentials required for specific types of employment;CommentsClose CommentsPermalink
(iv) employment outcome metrics, such as job placement and job retention rates, established in consultation with the Secretary of Labor and consistent with metrics used by programs under the Workforce Investment Act;CommentsClose CommentsPermalink
(v) to the extent practical, evidence that the program did not preclude workers that participate in training or apprenticeship activities under the program from being referred to, or hired on, projects funded under this chapter; andCommentsClose CommentsPermalink
(vi) identification of areas of collaboration with the Department of Labor programs, including co-enrollment.CommentsClose CommentsPermalink
(C) CERTIFICATION- To be eligible to receive a competitively awarded grant under this subsection, a State must certify that at least 0.1 percent of the amounts apportioned under the Surface Transportation Program and Bridge Program will be obligated in the first fiscal year after the date of the enactment of this Act for job training activities, in accordance with
(11) DISADVANTAGED BUSINESS ENTERPRISES- Of the amounts provided under this subsection, $10,000,000 shall be set aside for training programs and assistance programs under
(12) CONDITIONS- Amounts made available under this subsection--CommentsClose CommentsPermalink
(A) shall be administered as if apportioned under chapter 1 of title 23, United States Code, except for--CommentsClose CommentsPermalink
(i) amounts made available for investments in transportation at Indian reservations and Federal lands and for the territorial highway program, which shall be administered in accordance with chapter 2 of such title 23; andCommentsClose CommentsPermalink
(ii) amounts made available for disadvantaged business enterprises bonding assistance, which shall be administered in accordance with chapter 3 of title 49, United States Code;CommentsClose CommentsPermalink
(B) may not be obligated for the purposes authorized under
(C) shall be in addition to any and all funds provided for fiscal years 2011 and 2012 in any other Act for ‘Federal-aid Highways’ and shall not affect the distribution of funds provided for ‘Federal-aid Highways’ in any other Act; andCommentsClose CommentsPermalink
(D) shall be subject to the requirements under section 1101(b) of SAFETEA-LU (
(13) OVERSIGHT- The Administrator of the Federal Highway Administration may set aside up to 0.15 percent of the amounts provided under this subsection to fund the oversight by the Administrator of projects and activities carried out with amounts made available to the Federal Highway Administration under this Act. Such amounts shall be available through September 30, 2015.CommentsClose CommentsPermalink
(d) Capital Assistance for High-Speed Rail Corridors and Intercity Passenger Rail Service-CommentsClose CommentsPermalink
(1) IN GENERAL-CommentsClose CommentsPermalink
(A) GRANTS- There is made available to the Secretary of Transportation $4,000,000,000, which shall be used--CommentsClose CommentsPermalink
(i) for grants for high-speed rail projects authorized under sections 26104 and 26106 of title 49, United States CodeCommentsClose CommentsPermalink
(ii) for capital investment grants to support intercity passenger rail service authorized under section 24406 of such title 49;CommentsClose CommentsPermalink
(iii) congestion grants authorized under section 24105 of such title 49; andCommentsClose CommentsPermalink
(iv) to enter into cooperative agreements for the purposes set forth in clauses (i) through (iii).CommentsClose CommentsPermalink
(B) OVERSIGHT- The Administrator of the Federal Railroad Administration may retain up to 1 percent of the amounts made available under subparagraph (A) for award and oversight by the Administrator of the grants made under this subsection. Such amount shall remain available for obligation until September 30, 2015.CommentsClose CommentsPermalink
(2) AVAILABILITY- The amounts made available under this subsection shall be available for obligation during the 2-year period beginning on the date of the enactment of this Act. The Secretary shall obligate not less than 50 percent of the such amounts not later than 1 year after the date of the enactment of this Act and obligate the remaining amounts not later than 2 years after such date of enactment.CommentsClose CommentsPermalink
(3) FEDERAL SHARE- The Federal share payable of the costs for which a grant or cooperative agreements is made under this subsection shall be, at the option of the recipient, up to 100 percent.CommentsClose CommentsPermalink
(4) INTERIM GUIDANCE- The Secretary shall issue interim guidance to applicants covering application procedures and administer the grants provided under this subsection pursuant to that guidance until final regulations are issued.CommentsClose CommentsPermalink
(5) INTERCITY PASSENGER RAIL CORRIDORS- Not less than 85 percent of the amounts provided under this subsection shall be for cooperative agreements that lead to the development of entire segments or phases of intercity or high-speed rail corridors.CommentsClose CommentsPermalink
(6) CONDITIONS-CommentsClose CommentsPermalink
(A) In addition to the provisions of title 49, United States Code, that apply to each of the individual programs funded under this subsection, subsections (a)(2) and (i) of
(B) A project need not be in a State rail plan developed under chapter 227 of title 49, United States Code, to be eligible for assistance under this subsection.CommentsClose CommentsPermalink
(C) Recipients of grants under this paragraph shall conduct all procurement transactions using such grant funds in a manner that provides full and open competition, as determined by the Secretary, in compliance with existing labor agreements.CommentsClose CommentsPermalink
(e) Capital Grants to the National Railroad Passenger Corporation-CommentsClose CommentsPermalink
(1) IN GENERAL- There is made available $2,000,000,000 to the Secretary of Transportation to award capital grants to the National Railroad Passenger Corporation (Amtrak), as authorized by section 101(c) of the Passenger Rail Investment and Improvement Act of 2008 (
(2) AVAILABILITY- The amounts made available under this subsection shall be available for obligation during the 2-year period beginning on the date of the enactment of this Act. The Secretary shall obligate not less than 50 percent of the such amounts not later than 1 year after the date of the enactment of this Act and obligate the remaining amounts not later than 2 years after such date of enactment.CommentsClose CommentsPermalink
(3) PROJECT PRIORITY- The priority for the use of funds shall be given to projects for the repair, rehabilitation, or upgrade of railroad assets or infrastructure, and for capital projects that expand passenger rail capacity including the rehabilitation of rolling stock.CommentsClose CommentsPermalink
(4) CONDITIONS-CommentsClose CommentsPermalink
(A) None of the amounts under this subsection shall be used to subsidize the operating losses of Amtrak.CommentsClose CommentsPermalink
(B) Amounts provided under this subsection shall be awarded not later than 90 days after the date of the enactment of this Act.CommentsClose CommentsPermalink
(C) The Secretary shall take measures to ensure that projects funded under this subsection shall be completed not later than 2 years after the date of the enactment of this Act, and shall serve to supplement and not supplant planned expenditures for such activities from other Federal, State, local and corporate sources. The Secretary shall submit written certification to the Committee on Appropriations of the Senate and the Committee on Armed Services of the House of Representatives that the Secretary is in compliance with this subparagraph.CommentsClose CommentsPermalink
(5) OVERSIGHT- The Administrator of the Federal Railroad Administration may set aside 0.5 percent of the amounts provided under this subsection to fund the oversight by the Administrator of projects and activities carried out with funds made available in this subsection, and such amounts shall be available through September 30, 2015.CommentsClose CommentsPermalink
(f) Transit Capital Assistance-CommentsClose CommentsPermalink
(1) IN GENERAL- There is made available to the Secretary of Transportation $3,000,000,000 for grants for transit capital assistance grants as defined by
(2) FEDERAL SHARE; LIMITATION ON OBLIGATIONS- The applicable requirements of chapter 53 of title 49, United States Code, shall apply to funding provided under this subsection, except that the Federal share of the costs for which any grant is made under this subsection shall be, at the option of the recipient, up to 100 percent. The amount made available under this subsection shall not be subject to any limitation on obligations for transit programs set forth in any Act or chapter 53 of title 49, United States Code.CommentsClose CommentsPermalink
(3) AVAILABILITY- The amounts made available under this subsection shall be available for obligation during the 2-year period beginning on the date of the enactment of this Act. The Secretary shall obligate not less than 50 percent of the such amounts not later than 1 year after the date of the enactment of this Act and obligate the remaining amounts not later than 2 years after such date of enactment.CommentsClose CommentsPermalink
(4) DISTRIBUTION OF FUNDS- The Secretary of Transportation shall--CommentsClose CommentsPermalink
(A) provide 80 percent of the funds appropriated under this subsection for grants under
(B) provide 10 percent of the funds appropriated under this subsection in accordance with section 5340 of such title; andCommentsClose CommentsPermalink
(C) provide 10 percent of the funds appropriated under this subsection for grants under
(5) APPORTIONMENT- Amounts apportioned under this subsection shall be apportioned not later than 21 days after the date of the enactment of this Act.CommentsClose CommentsPermalink
(6) REDISTRIBUTION-CommentsClose CommentsPermalink
(A) INITIAL ALLOCATION- The Secretary of Transportation shall, 180 days following the date of apportionment, withdraw from each urbanized area or State an amount equal to 50 percent of the amounts apportioned to such urbanized areas or States less the amount of funding obligated, and the Secretary shall redistribute such amounts to other urbanized areas or States that have had no funds withdrawn under this subparagraph utilizing whatever method the determines to be appropriate to ensure that all funds redistributed under this subparagraph shall be utilized promptly.CommentsClose CommentsPermalink
(B) SUBSEQUENT ALLOCATION- One year following the date of apportionment, the Secretary shall withdraw from each urbanized area or State any unobligated funds, and the Secretary shall redistribute such amounts to other urbanized areas or States that have had no amounts withdrawn under this paragraph utilizing whatever method the determines to be appropriate to ensure that all funds redistributed under this subparagraph shall be utilized promptly.CommentsClose CommentsPermalink
(C) EXTENSION- At the request of an urbanized area or State, the Secretary may provide an extension of the 1-year period only to the extent that the Secretary determines that the urbanized area or State has encountered an unworkable bidding environment or other extenuating circumstances. Before granting an extension, the Secretary shall provide a thorough justification for the extension in a written notification submitted to the Committee on Environment and Public Works of the Senate and the Committee on Transportation and Infrastructure of the House of Representatives.CommentsClose CommentsPermalink
(7) CONDITIONS-CommentsClose CommentsPermalink
(A) Of the amounts provided for
(B) Amounts appropriated under this subsection shall be subject to the requirements under section 1101(b) of SAFETEA-LU (
(C) Amounts appropriated under this subsection may not be commingled with amounts appropriated in any prior fiscal year.CommentsClose CommentsPermalink
(8) OVERSIGHT- Notwithstanding any other provision of law--CommentsClose CommentsPermalink
(A) 0.3 percent of the amounts provided for grants under sections 5307 and 5340 of title 49, United States Code, and 0.3 percent of the amounts provided for grants under section 5311 of such title 49, shall be available for administrative expenses and program management oversight; andCommentsClose CommentsPermalink
(B) amounts set aside under subparagraph (A) shall be available through September 30, 2015.CommentsClose CommentsPermalink
(g) State of Good Repair-CommentsClose CommentsPermalink
(1) IN GENERAL- There is made available to the Secretary of Transportation $6,000,000,000 for capital expenditures authorized under paragraphs (2) and (3) of
(2) FEDERAL SHARE- The applicable requirements under chapter 53 of title 49, United States Code, shall apply to amounts made available under this subsection, except that the Federal share of the costs for which a grant is made under this subsection shall be, at the option of the recipient, up to 100 percent.CommentsClose CommentsPermalink
(3) AVAILABILITY- The amounts made available under this subsection shall be available for obligation during the 2-year period beginning on the date of the enactment of this Act. The Secretary shall obligate not less than 50 percent of the such amounts not later than 1 year after the date of the enactment of this Act and obligate the remaining amounts not later than 2 years after such date of enactment.CommentsClose CommentsPermalink
(4) DISTRIBUTION OF FUNDS-CommentsClose CommentsPermalink
(A) FIXED GUIDEWAY SYSTEMS- Not later than 30 days after the date of the enactment of this Act, the Secretary of Transportation shall apportion not less than 75 percent of the amounts made available under this subsection for the modernization of fixed guideway systems pursuant to the formula set forth in section 5336(b) title 49, United States Code (other than paragraph (2)(A)(ii)).CommentsClose CommentsPermalink
(B) BUS SYSTEMS- Not later than 30 days after the date of the enactment of this Act, the Secretary of Transportation shall apportion not less than 25 percent of the amounts appropriated under this subsection for the restoration or replacement of existing public transportation assets related to bus systems pursuant to the formula set forth in section 5336 (other than subsection (b)).CommentsClose CommentsPermalink
(5) REDISTRIBUTION-CommentsClose CommentsPermalink
(A) INITIAL ALLOCATION- The Secretary of Transportation shall, 180 days following the date of apportionment, withdraw from each urbanized area an amount equal to 50 percent of the amounts apportioned to such urbanized area less the amount of funding obligated, and the Secretary shall redistribute such amounts to other urbanized areas that have had no funds withdrawn under this paragraph utilizing whatever method the determines to be appropriate to ensure that all funds redistributed under this subparagraph shall be utilized promptly.CommentsClose CommentsPermalink
(B) SUBSEQUENT ALLOCATION- One year after the date of apportionment, the Secretary shall withdraw from each urbanized area any unobligated funds, and the Secretary shall redistribute such amounts to other urbanized areas that have had no amounts withdrawn under this paragraph utilizing whatever method the determines to be appropriate to ensure that all funds redistributed under this subparagraph shall be utilized promptly.CommentsClose CommentsPermalink
(C) EXTENSION- At the request of an urbanized area, the Secretary may provide an extension of the 1-year period if the Secretary determines that the urbanized area has encountered an unworkable bidding environment or other extenuating circumstances. Before granting an extension, the Secretary shall provide a thorough justification for the extension in a written notification submitted to the Committee on Environment and Public Works of the Senate and the Committee on Transportation and Infrastructure of the House of Representatives.CommentsClose CommentsPermalink
(6) CONDITIONS-CommentsClose CommentsPermalink
(A) Amounts appropriated under this subsection shall be subject to the requirements under section 1101(b) of SAFETEA-LU (
(B) Amounts appropriated under this subsection may not be commingled with amounts appropriated in any prior fiscal year.CommentsClose CommentsPermalink
(7) OVERSIGHT- Notwithstanding any other provision of law, 0.3 percent of the funds under this subsection shall be available for administrative expenses and program management oversight and shall remain available for obligation until September 30, 2015.CommentsClose CommentsPermalink
(h) Transportation Infrastructure Grants and Financing-CommentsClose CommentsPermalink
(1) IN GENERAL- There is made available to the Secretary of Transportation $5,000,000,000 for capital investments in surface transportation infrastructure. The Secretary shall distribute amounts made available under this subsection as discretionary grants to be awarded to State and local governments or transit agencies on a competitive basis for projects that will have a significant impact on the Nation, a metropolitan area, or a region.CommentsClose CommentsPermalink
(2) FEDERAL SHARE; LIMITATION ON OBLIGATIONS- The Federal share payable of the costs for which a grant is made under this subsection shall be 100 percent.CommentsClose CommentsPermalink
(3) AVAILABILITY- The amounts made available under this subsection shall be available for obligation during the 2-year period beginning on the date of the enactment of this Act. The Secretary shall obligate not less than 50 percent of the such amounts not later than 1 year after the date of the enactment of this Act and obligate the remaining amounts not later than 2 years after such date of enactment.CommentsClose CommentsPermalink
(4) PROJECT ELIGIBILITY- Projects eligible for funding provided under this subsection include--CommentsClose CommentsPermalink
(A) highway or bridge projects eligible under title 23, United States Code, including interstate rehabilitation, improvements to the rural collector road system, the reconstruction of overpasses and interchanges, bridge replacements, seismic retrofit projects for bridges, and road realignments;CommentsClose CommentsPermalink
(B) public transportation projects eligible under chapter 53 of title 49, United States Code, including investments in projects participating in the New Starts or Small Starts programs that will expedite the completion of those projects and their entry into revenue service;CommentsClose CommentsPermalink
(C) passenger and freight rail transportation projects; andCommentsClose CommentsPermalink
(D) port infrastructure investments, including projects that connect ports to other modes of transportation and improve the efficiency of freight movement.CommentsClose CommentsPermalink
(5) TIFIA PROGRAM- The Secretary may transfer amounts made available under this subsection to the Federal Highway Administration for the purpose of paying the subsidy and administrative costs of projects eligible for federal credit assistance under chapter 6 of title 23, United States Code, if the Secretary determines that such use would advance the purposes of this subsection.CommentsClose CommentsPermalink
(6) PROJECT PRIORITY- The Secretary shall give priority to projects that are expected to be completed not later than 3 years after the date of the enactment of this Act.CommentsClose CommentsPermalink
(7) DEADLINE FOR ISSUANCE OF COMPETITION CRITERIA- Not later than 90 days after the date of the enactment of this Act, the Secretary shall publish criteria on which to base the competition for any grants awarded under this subsection. The Secretary shall require applications for funding under this subsection to be submitted not later than 180 days after the publication of the criteria, and announce all projects selected to be funded from such amounts not later than 1 year after the date of the enactment of the Act.CommentsClose CommentsPermalink
(8) APPLICABILITY OF TITLE 40, UNITED STATES CODE- Each project conducted using funds provided under this subsection shall comply with the requirements under subchapter IV of chapter 31 of title 40, United States Code.CommentsClose CommentsPermalink
(9) ADMINISTRATIVE EXPENSES- The Secretary may retain up to 0.5 percent of the amounts provided under this subsection, and may transfer portions of those funds to the Administrator of the Federal Highway Administration, the Administrator of the Federal Transit Administration, the Administrator of the Federal Railroad Administration, and the Administrator of the Maritime Administration, to fund the award and oversight of grants made under this subsection. Amounts retained under this paragraph shall remain available for obligation until September 30, 2015.CommentsClose CommentsPermalink
(i) Local Hiring-CommentsClose CommentsPermalink
(1) IN GENERAL- With regard to the funding made available under subsections (a) through (h), the Secretary of Transportation may establish standards under which a contract for construction may be advertised that contains requirements for the employment of individuals residing in or adjacent to any of the areas in which the work is to be performed to perform construction work required under the contract, if--CommentsClose CommentsPermalink
(A) all or part of the construction work performed under the contract occurs in an area designated by the Secretary as an area of high unemployment, using data reported by the United States Department of Labor, Bureau of Labor Statistics;CommentsClose CommentsPermalink
(B) the estimated cost of the project of which the contract is a part is greater than $10,000,000, except that the estimated cost of the project in the case of construction funded under subsection (c) shall be greater than $50,000,000; andCommentsClose CommentsPermalink
(C) the recipient may not require the hiring of individuals who do not have the necessary skills to perform work in any craft or trade unless the recipient establishes reasonable provisions to train such individuals to perform any such work under the contract effectively.CommentsClose CommentsPermalink
(2) PROJECT STANDARDS-CommentsClose CommentsPermalink
(A) IN GENERAL- Any standards established by the Secretary under this section shall ensure that any requirements under subsection (c)(1)--CommentsClose CommentsPermalink
(i) do not compromise the quality of the project;CommentsClose CommentsPermalink
(ii) are reasonable in scope and application;CommentsClose CommentsPermalink
(iii) do not unreasonably delay the completion of the project; andCommentsClose CommentsPermalink
(iv) do not unreasonably increase the cost of the project.CommentsClose CommentsPermalink
(B) AVAILABLE PROGRAMS- A portion of the amounts made available under subsections (a) through (h) may be allocated by the recipients of such funding for training programs that comply with paragraph (1)(C). The Secretary of Labor shall make available its qualifying workforce and training development programs to recipients desiring to establish training programs that comply with paragraph (1)(C).CommentsClose CommentsPermalink
(3) IMPLEMENTING REGULATIONS- The Secretary shall promulgate final regulations to implement this subsection.CommentsClose CommentsPermalink
(j) Administrative Provisions-CommentsClose CommentsPermalink
(1) APPLICABILITY OF TITLE 40- Each project using amounts provided under this section shall comply with the requirements under subchapter IV of chapter 31 of title 40, United States Code.CommentsClose CommentsPermalink
(2) BUY AMERICAN- Section 1605 of division A of the American Recovery and Reinvestment Act of 2009 (
Subtitle B--Building and Upgrading Infrastructure for Long-term DevelopmentCommentsClose CommentsPermalink
Subtitle B--Building and Upgrading Infrastructure for Long-term DevelopmentCommentsClose CommentsPermalink
SEC. 121. SHORT TITLE.
This subtitle may be cited as the ‘Building and Upgrading Infrastructure for Long-Term Development’.CommentsClose CommentsPermalink
SEC. 122. FINDINGS AND PURPOSE.
(1) FINDINGS- Congress finds that--CommentsClose CommentsPermalink
(A) infrastructure has always been a vital element of the economic strength of the United States and a key indicator of the international leadership of the United States;CommentsClose CommentsPermalink
(B) the Erie Canal, the Hoover Dam, the railroads, and the interstate highway system are all testaments to American ingenuity and have helped propel and maintain the United States as the world’s largest economy;CommentsClose CommentsPermalink
(C) according to the World Economic Forum’s Global Competitiveness Report, the United States fell to second place in 2009, and dropped to fourth place overall in 2010, however, in the ‘Quality of overall infrastructure’ category of the same report, the United States ranked 23rd in the world;CommentsClose CommentsPermalink
(D) according to the World Bank’s 2010 Logistic Performance Index, the capacity of countries to efficiently move goods and connect manufacturers and consumers with international markets is improving around the world, and the United States now ranks seventh in the world in logistics-related infrastructure behind countries from both Europe and Asia;CommentsClose CommentsPermalink
(E) according to a January 2009 report from the University of Massachusetts/Alliance for American Manufacturing entitled ‘Employment, Productivity and Growth,’ infrastructure investment is a ‘highly effective engine of job creation’;CommentsClose CommentsPermalink
(F) according to the American Society of Civil Engineers, the current condition of the infrastructure in the United States earns a grade point average of D, and an estimated $2,200,000,000,000 investment is needed over the next 5 years to bring American infrastructure up to adequate condition;CommentsClose CommentsPermalink
(G) according to the National Surface Transportation Policy and Revenue Study Commission, $225,000,000,000 is needed annually from all sources for the next 50 years to upgrade the United States surface transportation system to a state of good repair and create a more advanced system;CommentsClose CommentsPermalink
(H) the current infrastructure financing mechanisms of the United States, both on the Federal and State level, will fail to meet current and foreseeable demands and will create large funding gaps;CommentsClose CommentsPermalink
(I) published reports state that there may not be enough demand for municipal bonds to maintain the same level of borrowing at the same rates, resulting in significantly decreased infrastructure investment at the State and local level;CommentsClose CommentsPermalink
(J) current funding mechanisms are not readily scalable and do not--CommentsClose CommentsPermalink
(i) serve large in-State or cross jurisdiction infrastructure projects, projects of regional or national significance, or projects that cross sector silos;CommentsClose CommentsPermalink
(ii) sufficiently catalyze private sector investment; orCommentsClose CommentsPermalink
(iii) ensure the optimal return on public resources;CommentsClose CommentsPermalink
(K) although grant programs of the United States Government must continue to play a central role in financing the transportation, environment, and energy infrastructure needs of the United States, current and foreseeable demands on existing Federal, State, and local funding for infrastructure expansion clearly exceed the resources to support these programs by margins wide enough to prompt serious concerns about the United States ability to sustain long-term economic development, productivity, and international competitiveness;CommentsClose CommentsPermalink
(L) the capital markets, including pension funds, private equity funds, mutual funds, sovereign wealth funds, and other investors, have a growing interest in infrastructure investment and represent hundreds of billions of dollars of potential investment; andCommentsClose CommentsPermalink
(M) the establishment of a United States Government-owned, independent, professionally managed institution that could provide credit support to qualified infrastructure projects of regional and national significance, making transparent merit-based investment decisions based on the commercial viability of infrastructure projects, would catalyze the participation of significant private investment capital.CommentsClose CommentsPermalink
(2) PURPOSE- The purpose of this subtitle is to facilitate investment in, and long-term financing of, economically viable infrastructure projects of regional or national significance in a manner that--CommentsClose CommentsPermalink
(A) complements existing Federal, State, local, and private funding sources for these projects;CommentsClose CommentsPermalink
(B) introduces a merit-based system for financing such projects; andCommentsClose CommentsPermalink
(C) mobilizes significant private sector investment, creates jobs, and ensures United States competitiveness through an institution that limits the need for ongoing Federal funding.CommentsClose CommentsPermalink
SEC. 123. DEFINITIONS.
In this subtitle:CommentsClose CommentsPermalink
(1) AIFA- The term ‘AIFA’ means the American Infrastructure Financing Authority established under this subtitle.CommentsClose CommentsPermalink
(2) BLIND TRUST- The term ‘blind trust’ means a trust in which the beneficiary has no knowledge of the specific holdings and no rights over how those holdings are managed by the fiduciary of the trust prior to the dissolution of the trust.CommentsClose CommentsPermalink
(3) BOARD OF DIRECTORS- The term ‘Board of Directors’ means Board of Directors of AIFA.CommentsClose CommentsPermalink
(4) CHAIRPERSON- The term ‘Chairperson’ means the Chairperson of the Board of Directors of AIFA.CommentsClose CommentsPermalink
(5) CHIEF EXECUTIVE OFFICER- The term ‘chief executive officer’ means the chief executive officer of AIFA, appointed under section 126.CommentsClose CommentsPermalink
(6) COST; DIRECT LOAN- The terms ‘cost’ and ‘direct loan’ have the meanings given such terms in section 502 of the Federal Credit Reform Act of 1990 (
(7) ELIGIBLE ENTITY- The term ‘eligible entity’ means an individual, corporation, partnership (including a public-private partnership), joint venture, trust, State, or other non-Federal governmental entity, including a political subdivision or any other instrumentality of a State, or a revolving fund.CommentsClose CommentsPermalink
(8) INFRASTRUCTURE PROJECTS-CommentsClose CommentsPermalink
(A) IN GENERAL- The term ‘eligible infrastructure project’ means any non-Federal transportation, water, or energy infrastructure project, or an aggregation of such infrastructure projects, as provided in this subtitle.CommentsClose CommentsPermalink
(B) TRANSPORTATION INFRASTRUCTURE PROJECT- The term ‘transportation infrastructure project’ means the construction, alteration, or repair, including the facilitation of intermodal transit, of the following subsectors:CommentsClose CommentsPermalink
(i) Highway or road.CommentsClose CommentsPermalink
(ii) Bridge.CommentsClose CommentsPermalink
(iii) Mass transit.CommentsClose CommentsPermalink
(iv) Inland waterways.CommentsClose CommentsPermalink
(v) Commercial ports.CommentsClose CommentsPermalink
(vi) Airports.CommentsClose CommentsPermalink
(vii) Air traffic control systems.CommentsClose CommentsPermalink
(viii) Passenger rail, including high-speed rail.CommentsClose CommentsPermalink
(ix) Freight rail systems.CommentsClose CommentsPermalink
(C) WATER INFRASTRUCTURE PROJECT- The term ‘water infrastructure project’ means the construction, consolidation, alteration, or repair of the following subsectors:CommentsClose CommentsPermalink
(i) Wastewater treatment facility.CommentsClose CommentsPermalink
(ii) Storm water management system.CommentsClose CommentsPermalink
(iii) Dam.CommentsClose CommentsPermalink
(iv) Solid waste disposal facility.CommentsClose CommentsPermalink
(v) Drinking water treatment facility.CommentsClose CommentsPermalink
(vi) Levee.CommentsClose CommentsPermalink
(vii) Open space management system.CommentsClose CommentsPermalink
(D) ENERGY INFRASTRUCTURE PROJECT- The term ‘energy infrastructure project’ means the construction, alteration, or repair of the following subsectors:CommentsClose CommentsPermalink
(i) Pollution reduced energy generation.CommentsClose CommentsPermalink
(ii) Transmission and distribution.CommentsClose CommentsPermalink
(iii) Storage.CommentsClose CommentsPermalink
(iv) Energy efficiency enhancements for buildings, including public and commercial buildings.CommentsClose CommentsPermalink
(E) BOARD AUTHORITY TO MODIFY SUBSECTORS- The Board of Directors may make modifications to the subsectors set forth in subparagraphs (B) through (D) by a vote of not fewer than 5 of the voting members of the Board of Directors.CommentsClose CommentsPermalink
(9) INVESTMENT PROSPECTUS-CommentsClose CommentsPermalink
(A) IN GENERAL- The term ‘investment prospectus’ means the processes and publications described in this subsection that will guide the priorities and strategic focus for the Bank’s investments. The investment prospectus shall follow rulemaking procedures under
(B) PUBLICATION- Not later than 1 year after the date of the enactment of this Act, the Bank shall publish a detailed description of its strategy in an Investment Prospectus that--CommentsClose CommentsPermalink
(i) specifies what the Bank shall consider significant to the economic competitiveness of the United States or a region thereof in a manner consistent with the primary objective;CommentsClose CommentsPermalink
(ii) specifies the priorities and strategic focus of the Bank in forwarding its strategic objectives and carrying out the Bank strategy;CommentsClose CommentsPermalink
(iii) specifies the priorities and strategic focus of the Bank in promoting greater efficiency in the movement of freight;CommentsClose CommentsPermalink
(iv) specifies the priorities and strategic focus of the Bank in promoting the use of innovation and best practices in the planning, design, development and delivery of projects;CommentsClose CommentsPermalink
(v) describes in detail the framework and methodology for calculating application qualification scores and associated ranges as specified in this subchapter, along with the data to be requested from applicants and the mechanics of calculations to be applied to that data to determine qualification scores and ranges;CommentsClose CommentsPermalink
(vi) describes how selection criteria will be applied by the Chief Executive Officer in determining the competitiveness of an application and its qualification score and range relative to other current applications and previously funded applications; andCommentsClose CommentsPermalink
(vii) describes how the qualification score and range methodology and project selection framework are consistent with maximizing the Bank goals in urban and rural areas.CommentsClose CommentsPermalink
(C) APPROVAL- The Investment Prospectus and any subsequent updates to the Investment Prospectus shall be approved by a majority vote of the Board of Directors prior to publication.CommentsClose CommentsPermalink
(D) UPDATES- The Bank shall update the Investment Prospectus on every biennial anniversary of its original publication.CommentsClose CommentsPermalink
(10) INVESTMENT-GRADE RATING- The term ‘investment-grade rating’ means a rating of BBB minus, Baa3, or higher assigned to an infrastructure project by a ratings agency.CommentsClose CommentsPermalink
(11) LOAN GUARANTEE- The term ‘loan guarantee’ has the meaning given such term in section 502 of the Federal Credit Reform Act of 1990 (
(12) PUBLIC-PRIVATE PARTNERSHIP- The term ‘public-private partnership’ means any eligible entity--CommentsClose CommentsPermalink
(A)(i) which is undertaking the development of all or part of an infrastructure project that will have a public benefit, pursuant to requirements established in one or more contracts between the entity and a State or an instrumentality of a State; orCommentsClose CommentsPermalink
(ii) the activities of which, with respect to such an infrastructure project, are subject to regulation by a State or any instrumentality of a State;CommentsClose CommentsPermalink
(B) which owns, leases, or operates or will own, lease, or operate, the project in whole or in part; andCommentsClose CommentsPermalink
(C) the participants in which include not fewer than 1 nongovernmental entity with significant investment and some control over the project or project vehicle.CommentsClose CommentsPermalink
(13) RURAL INFRASTRUCTURE PROJECT- The term ‘rural infrastructure project’ means an infrastructure project in a rural area (as defined in section 343(a)(13)(A) of the Consolidated Farm and Rural Development Act (
(14) SECRETARY- Unless the context otherwise requires, the term ‘Secretary’ means the Secretary of the Treasury or the designee of the Secretary of the Treasury.CommentsClose CommentsPermalink
(15) SENIOR MANAGEMENT- The term ‘senior management’ means--CommentsClose CommentsPermalink
(A) the chief financial officer, chief risk officer, chief compliance officer, general counsel, chief lending officer, and chief operations officer of AIFA established under section 128; andCommentsClose CommentsPermalink
(B) such other officers as the Board of Directors may, by majority vote, add to senior management.CommentsClose CommentsPermalink
(16) STATE- The term ‘State’ includes the District of Columbia, Puerto Rico, Guam, American Samoa, the Virgin Islands, the Commonwealth of Northern Mariana Islands, and any other territory of the United States.CommentsClose CommentsPermalink
SEC. 124. ESTABLISHMENT AND GENERAL AUTHORITY OF AMERICAN INFRASTRUCTURE FINANCING AUTHORITY.
(a) Establishment of AIFA- The American Infrastructure Financing Authority is established as a wholly owned Government corporation.CommentsClose CommentsPermalink
(b) General Authority of AIFA- AIFA shall provide direct loans and loan guarantees to facilitate infrastructure projects that are both economically viable and of regional or national significance, and shall have such other authority, as provided in this subtitle.CommentsClose CommentsPermalink
(c) Incorporation-CommentsClose CommentsPermalink
(1) IN GENERAL- The Board of Directors first appointed shall be deemed the incorporator of AIFA, and the incorporation shall be held to have been effected from the date of the first meeting of the Board of Directors.CommentsClose CommentsPermalink
(2) CORPORATE OFFICE- AIFA shall--CommentsClose CommentsPermalink
(A) maintain an office in Washington, DC; andCommentsClose CommentsPermalink
(B) for purposes of venue in civil actions, be considered to be a resident of Washington, DC.CommentsClose CommentsPermalink
(d) Responsibility of the Secretary- The Secretary shall take such action as may be necessary to assist in implementing AIFA, and in carrying out the purpose of this Act.CommentsClose CommentsPermalink
(e) Rule of Construction- Chapter 91 of title 31, United States Code, does not apply to AIFA, unless otherwise specifically provided in this subtitle.CommentsClose CommentsPermalink
SEC. 125. VOTING MEMBERS OF THE BOARD OF DIRECTORS.
(a) Voting Membership of the Board of Directors-CommentsClose CommentsPermalink
(1) IN GENERAL- AIFA shall have a Board of Directors consisting of 7 voting members appointed by the President, by and with the advice and consent of the Senate, not more than 4 of whom shall be from the same political party.CommentsClose CommentsPermalink
(2) CHAIRPERSON- One of the voting members of the Board of Directors shall be designated by the President to serve as Chairperson.CommentsClose CommentsPermalink
(3) CONGRESSIONAL RECOMMENDATIONS- Not later than 30 days after the date of the enactment of this Act, the majority leader of the Senate, the minority leader of the Senate, the Speaker of the House of Representatives, and the minority leader of the House of Representatives shall each submit a recommendation to the President for appointment of a member of the Board of Directors, after consultation with the appropriate committees of Congress.CommentsClose CommentsPermalink
(b) Voting Rights- Each voting member of the Board of Directors shall have an equal vote in all decisions of the Board of Directors.CommentsClose CommentsPermalink
(c) Qualifications of Voting Members- Each voting member of the Board of Directors shall--CommentsClose CommentsPermalink
(1) be a citizen of the United States; andCommentsClose CommentsPermalink
(2) have significant demonstrated expertise in--CommentsClose CommentsPermalink
(A) the management and administration of a financial institution relevant to the operation of AIFA; or a public financial agency or authority; orCommentsClose CommentsPermalink
(B) the financing, development, or operation of infrastructure projects; orCommentsClose CommentsPermalink
(C) analyzing the economic benefits of infrastructure investment.CommentsClose CommentsPermalink
(d) Terms-CommentsClose CommentsPermalink
(1) IN GENERAL- Except as otherwise provided in this subtitle, each voting member of the Board of Directors shall be appointed for a term of 4 years.CommentsClose CommentsPermalink
(2) INITIAL STAGGERED TERMS- Of the voting members first appointed to the Board of Directors--CommentsClose CommentsPermalink
(A) the initial Chairperson and 3 of the other voting members shall each be appointed for a term of 4 years; andCommentsClose CommentsPermalink
(B) the remaining 3 voting members shall each be appointed for a term of 2 years.CommentsClose CommentsPermalink
(3) DATE OF INITIAL NOMINATIONS- The initial nominations for the appointment of all voting members of the Board of Directors shall be made not later than 60 days after the date of the enactment of this Act.CommentsClose CommentsPermalink
(4) BEGINNING OF TERM- The term of each of the initial voting members appointed under this subtitle shall commence immediately upon the date of appointment, except that, for purposes of calculating the term limits specified in this section, the initial terms shall each be construed as beginning on January 22 of the year following the date of the initial appointment.CommentsClose CommentsPermalink
(5) VACANCIES- A vacancy in the position of a voting member of the Board of Directors shall be filled by the President, and a member appointed to fill a vacancy on the Board of Directors occurring before the expiration of the term for which the predecessor was appointed shall be appointed only for the remainder of that term.CommentsClose CommentsPermalink
(e) Meetings-CommentsClose CommentsPermalink
(1) OPEN TO THE PUBLIC; NOTICE- Except as provided in paragraph (3), all meetings of the Board of Directors shall be--CommentsClose CommentsPermalink
(A) open to the public; andCommentsClose CommentsPermalink
(B) preceded by reasonable public notice.CommentsClose CommentsPermalink
(2) FREQUENCY- The Board of Directors shall meet not later than 60 days after the date on which all members of the Board of Directors are first appointed, at least quarterly thereafter, and otherwise at the call of either the Chairperson or 5 voting members of the Board of Directors.CommentsClose CommentsPermalink
(3) EXCEPTION FOR CLOSED MEETINGS- The voting members of the Board of Directors may, by majority vote, close a meeting to the public if, during the meeting to be closed, there is likely to be disclosed proprietary or sensitive information regarding an infrastructure project under consideration for assistance under this Act. The Board of Directors shall prepare minutes of any meeting that is closed to the public, and shall make such minutes available as soon as practicable, not later than 1 year after the date of the closed meeting, with any necessary redactions to protect any proprietary or sensitive information.CommentsClose CommentsPermalink
(4) QUORUM- For purposes of meetings of the Board of Directors, 5 voting members of the Board of Directors shall constitute a quorum.CommentsClose CommentsPermalink
(f) Compensation of Members- Each voting member of the Board of Directors shall be compensated at a rate equal to the daily equivalent of the annual rate of basic pay prescribed for level III of the Executive Schedule under
(g) Conflicts of Interest- A voting member of the Board of Directors may not participate in any review or decision affecting an infrastructure project under consideration for assistance under this subtitle, if the member has or is affiliated with an entity who has a financial interest in such project.CommentsClose CommentsPermalink
SEC. 126. CHIEF EXECUTIVE OFFICER OF AIFA.
(a) In General- The chief executive officer of AIFA shall be a nonvoting member of the Board of Directors, who shall be responsible for all activities of AIFA, and shall support the Board of Directors as set forth in this Act and as the Board of Directors deems necessary or appropriate.CommentsClose CommentsPermalink
(b) Appointment and Tenure of the Chief Executive Officer-CommentsClose CommentsPermalink
(1) IN GENERAL- The President shall appoint the chief executive officer, by and with the advice and consent of the Senate.CommentsClose CommentsPermalink
(2) TERM- The chief executive officer shall be appointed for a term of 6 years.CommentsClose CommentsPermalink
(3) VACANCIES- Any vacancy in the office of the chief executive officer shall be filled by the President, and the person appointed to fill a vacancy in that position occurring before the expiration of the term for which the predecessor was appointed shall be appointed only for the remainder of that term.CommentsClose CommentsPermalink
(c) Qualifications- The chief executive officer--CommentsClose CommentsPermalink
(1) shall have significant expertise in management and administration of a financial institution, or significant expertise in the financing and development of infrastructure projects, or significant expertise in analyzing the economic benefits of infrastructure investment; andCommentsClose CommentsPermalink
(2) may not--CommentsClose CommentsPermalink
(A) hold any other public office;CommentsClose CommentsPermalink
(B) have any financial interest in an infrastructure project then being considered by the Board of Directors, unless that interest is placed in a blind trust; orCommentsClose CommentsPermalink
(C) have any financial interest in an investment institution or its affiliates or any other entity seeking or likely to seek financial assistance for any infrastructure project from AIFA, unless any such interest is placed in a blind trust for the tenure of the service of the chief executive officer plus 2 additional years.CommentsClose CommentsPermalink
(d) Responsibilities- The chief executive officer shall have such executive functions, powers, and duties as may be prescribed by this Act, the bylaws of AIFA, or the Board of Directors, including--CommentsClose CommentsPermalink
(1) responsibility for the development and implementation of the strategy of AIFA, including--CommentsClose CommentsPermalink
(A) the development and submission to the Board of Directors of the investment prospectus, the annual business plans and budget;CommentsClose CommentsPermalink
(B) the development and submission to the Board of Directors of a long-term strategic plan; andCommentsClose CommentsPermalink
(C) the development, revision, and submission to the Board of Directors of internal policies; andCommentsClose CommentsPermalink
(2) responsibility for the management and oversight of the daily activities, decisions, operations, and personnel of AIFA, including--CommentsClose CommentsPermalink
(A) the appointment of senior management, subject to approval by the voting members of the Board of Directors, and the hiring and termination of all other AIFA personnel;CommentsClose CommentsPermalink
(B) requesting the detail, on a reimbursable basis, of personnel from any Federal agency having specific expertise not available from within AIFA, following which request the head of the Federal agency may detail, on a reimbursable basis, any personnel of such agency reasonably requested by the chief executive officer;CommentsClose CommentsPermalink
(C) assessing and recommending in the first instance, for ultimate approval or disapproval by the Board of Directors, compensation and adjustments to compensation of senior management and other personnel of AIFA as may be necessary for carrying out the functions of AIFA;CommentsClose CommentsPermalink
(D) ensuring, in conjunction with the general counsel of AIFA, that all activities of AIFA are carried out in compliance with applicable law;CommentsClose CommentsPermalink
(E) overseeing the involvement of AIFA in all projects, including--CommentsClose CommentsPermalink
(i) developing eligible projects for AIFA financial assistance;CommentsClose CommentsPermalink
(ii) determining the terms and conditions of all financial assistance packages;CommentsClose CommentsPermalink
(iii) monitoring all infrastructure projects assisted by AIFA, including responsibility for ensuring that the proceeds of any loan made, guaranteed, or participated in are used only for the purposes for which the loan or guarantee was made;CommentsClose CommentsPermalink
(iv) preparing and submitting for approval by the Board of Directors the documents required under paragraph (1); andCommentsClose CommentsPermalink
(v) ensuring the implementation of decisions of the Board of Directors; andCommentsClose CommentsPermalink
(F) such other activities as may be necessary or appropriate in carrying out this Act.CommentsClose CommentsPermalink
(e) Compensation-CommentsClose CommentsPermalink
(1) IN GENERAL- Any compensation assessment or recommendation by the chief executive officer under this subtitle shall be without regard to the provisions of chapter 51 or subchapter III of chapter 53 of title 5, United States Code.CommentsClose CommentsPermalink
(2) CONSIDERATIONS- The compensation assessment or recommendation required under this section shall take into account merit principles, where applicable, as well as the education, experience, level of responsibility, geographic differences, and retention and recruitment needs in determining compensation of personnel.CommentsClose CommentsPermalink
SEC. 127. POWERS AND DUTIES OF THE BOARD OF DIRECTORS.
The Board of Directors shall--CommentsClose CommentsPermalink
(a) as soon as is practicable after the date on which all members are appointed, approve or disapprove senior management appointed by the chief executive officer;CommentsClose CommentsPermalink
(b) not later than 180 days after the date on which all members are appointed--CommentsClose CommentsPermalink
(1) develop and approve the bylaws of AIFA, including bylaws for the regulation of the affairs and conduct of the business of AIFA, consistent with the purpose, goals, objectives, and policies set forth in this subtitle;CommentsClose CommentsPermalink
(2) establish subcommittees, including an audit committee that is composed solely of members of the Board of Directors who are independent of the senior management of AIFA;CommentsClose CommentsPermalink
(3) develop and approve, in consultation with senior management, a conflict-of-interest policy for the Board of Directors and for senior management;CommentsClose CommentsPermalink
(4) approve or disapprove internal policies that the chief executive officer shall submit to the Board of Directors, including--CommentsClose CommentsPermalink
(A) policies regarding the loan application and approval process, including--CommentsClose CommentsPermalink
(i) disclosure and application procedures to be followed by entities in the course of nominating infrastructure projects for assistance under this Act;CommentsClose CommentsPermalink
(ii) guidelines for the selection and approval of projects;CommentsClose CommentsPermalink
(iii) specific criteria for determining eligibility for project selection, consistent with title II; andCommentsClose CommentsPermalink
(iv) standardized terms and conditions, fee schedules, or legal requirements of a contract or program, so as to carry out this Act; andCommentsClose CommentsPermalink
(B) operational guidelines; andCommentsClose CommentsPermalink
(5) approve or disapprove a multi-year or 1-year business plan and budget for AIFA;CommentsClose CommentsPermalink
(c) ensure that AIFA is at all times operated in a manner that is consistent with this subtitle, by--CommentsClose CommentsPermalink
(1) monitoring and assessing the effectiveness of AIFA in achieving its strategic goals;CommentsClose CommentsPermalink
(2) periodically reviewing internal policies;CommentsClose CommentsPermalink
(3) reviewing and approving annual business plans, annual budgets, and long-term strategies submitted by the chief executive officer;CommentsClose CommentsPermalink
(4) reviewing and approving annual reports submitted by the chief executive officer;CommentsClose CommentsPermalink
(5) engaging one or more external auditors, as set forth in this subtitle; andCommentsClose CommentsPermalink
(6) reviewing and approving all changes to the organization of senior management;CommentsClose CommentsPermalink
(d) appoint and fix, by a vote of 5 of the 7 voting members of the Board of Directors, and without regard to the provisions of chapter 51 or subchapter III of chapter 53 of title 5, United States Code, the compensation and adjustments to compensation of all AIFA personnel, provided that in appointing and fixing any compensation or adjustments to compensation under this subsection, the Board shall--CommentsClose CommentsPermalink
(1) consult with, and seek to maintain comparability with, other comparable Federal personnel;CommentsClose CommentsPermalink
(2) consult with the Office of Personnel Management; andCommentsClose CommentsPermalink
(3) carry out such duties consistent with merit principles, where applicable, as well as the education, experience, level of responsibility, geographic differences, and retention and recruitment needs in determining compensation of personnel;CommentsClose CommentsPermalink
(e) establish such other criteria, requirements, or procedures as the Board of Directors may consider to be appropriate in carrying out this subtitle;CommentsClose CommentsPermalink
(f) serve as the primary liaison for AIFA in interactions with Congress, the Executive Branch, and State and local governments, and to represent the interests of AIFA in such interactions and others;CommentsClose CommentsPermalink
(g) approve by a vote of 5 of the 7 voting members of the Board of Directors any changes to the bylaws or internal policies of AIFA;CommentsClose CommentsPermalink
(h) have the authority and responsibility--CommentsClose CommentsPermalink
(1) to oversee entering into and carry out such contracts, leases, cooperative agreements, or other transactions as are necessary to carry out this subtitle with--CommentsClose CommentsPermalink
(A) any Federal department or agency;CommentsClose CommentsPermalink
(B) any State, territory, or possession (or any political subdivision thereof, including State infrastructure banks) of the United States; andCommentsClose CommentsPermalink
(C) any individual, public-private partnership, firm, association, or corporation;CommentsClose CommentsPermalink
(2) to approve of the acquisition, lease, pledge, exchange, and disposal of real and personal property by AIFA and otherwise approve the exercise by AIFA of all of the usual incidents of ownership of property, to the extent that the exercise of such powers is appropriate to and consistent with the purposes of AIFA;CommentsClose CommentsPermalink
(3) to determine the character of, and the necessity for, the obligations and expenditures of AIFA, and the manner in which the obligations and expenditures will be incurred, allowed, and paid, subject to this Act and other Federal law specifically applicable to wholly owned Federal corporations;CommentsClose CommentsPermalink
(4) to execute, in accordance with applicable bylaws and regulations, appropriate instruments;CommentsClose CommentsPermalink
(5) to approve other forms of credit enhancement that AIFA may provide to eligible projects, as long as the forms of credit enhancements are consistent with the purposes of this subtitle and terms set forth in this subtitle;CommentsClose CommentsPermalink
(6) to exercise all other lawful powers which are necessary or appropriate to carry out, and are consistent with, the purposes of AIFA;CommentsClose CommentsPermalink
(7) to sue or be sued in the corporate capacity of AIFA in any court of competent jurisdiction;CommentsClose CommentsPermalink
(8) to indemnify the members of the Board of Directors and officers of AIFA for any liabilities arising out of the actions of the members and officers in such capacity, in accordance with, and subject to the limitations contained in this subtitle;CommentsClose CommentsPermalink
(9) to review all financial assistance packages to all eligible infrastructure projects, as submitted by the chief executive officer and to approve, postpone, or deny the same by majority vote;CommentsClose CommentsPermalink
(10) to review all restructuring proposals submitted by the chief executive officer, including assignation, pledging, or disposal of the interest of AIFA in a project, including payment or income from any interest owned or held by AIFA, and to approve, postpone, or deny the same by majority vote; andCommentsClose CommentsPermalink
(11) to enter into binding commitments, as specified in approved financial assistance packages;CommentsClose CommentsPermalink
(i) delegate to the chief executive officer those duties that the Board of Directors deems appropriate, to better carry out the powers and purposes of the Board of Directors under this section; andCommentsClose CommentsPermalink
(j) to approve a maximum aggregate amount of outstanding obligations of AIFA at any given time, taking into consideration funding, and the size of AIFA’s addressable market for infrastructure projects.CommentsClose CommentsPermalink
SEC. 128. SENIOR MANAGEMENT.
(a) In General- Senior management shall support the chief executive officer in the discharge of the responsibilities of the chief executive officer.CommentsClose CommentsPermalink
(b) Appointment of Senior Management- The chief executive officer shall appoint such senior managers as are necessary to carry out the purpose of AIFA, as approved by a majority vote of the voting members of the Board of Directors.CommentsClose CommentsPermalink
(c) Term- Each member of senior management shall serve at the pleasure of the chief executive officer and the Board of Directors.CommentsClose CommentsPermalink
(d) Removal of Senior Management- Any member of senior management may be removed, either by a majority of the voting members of the Board of Directors upon request by the chief executive officer, or otherwise by vote of not fewer than 5 voting members of the Board of Directors.CommentsClose CommentsPermalink
(e) Senior Management-CommentsClose CommentsPermalink
(1) IN GENERAL- Each member of senior management shall report directly to the chief executive officer, other than the Chief Risk Officer, who shall report directly to the Board of Directors.CommentsClose CommentsPermalink
(2) DUTIES AND RESPONSIBILITIES-CommentsClose CommentsPermalink
(A) CHIEF FINANCIAL OFFICER- The Chief Financial Officer shall be responsible for all financial functions of AIFA, provided that, at the discretion of the Board of Directors, specific functions of the Chief Financial Officer may be delegated externally.CommentsClose CommentsPermalink
(B) CHIEF RISK OFFICER- The Chief Risk Officer shall be responsible for all functions of AIFA relating to--CommentsClose CommentsPermalink
(i) the creation of financial, credit, and operational risk management guidelines and policies;CommentsClose CommentsPermalink
(ii) credit analysis for infrastructure projects;CommentsClose CommentsPermalink
(iii) the creation of conforming standards for infrastructure finance agreements;CommentsClose CommentsPermalink
(iv) the monitoring of the financial, credit, and operational exposure of AIFA; andCommentsClose CommentsPermalink
(v) risk management and mitigation actions, including by reporting such actions, or recommendations of such actions to be taken, directly to the Board of Directors.CommentsClose CommentsPermalink
(C) CHIEF COMPLIANCE OFFICER- The Chief Compliance Officer shall be responsible for all functions of AIFA relating to internal audits, accounting safeguards, and the enforcement of such safeguards and other applicable requirements.CommentsClose CommentsPermalink
(D) GENERAL COUNSEL- The General Counsel shall be responsible for all functions of AIFA relating to legal matters and, in consultation with the chief executive officer, shall be responsible for ensuring that AIFA complies with all applicable law.CommentsClose CommentsPermalink
(E) CHIEF OPERATIONS OFFICER- The Chief Operations Officer shall be responsible for all operational functions of AIFA, including those relating to the continuing operations and performance of all infrastructure projects in which AIFA retains an interest and for all AIFA functions related to human resources.CommentsClose CommentsPermalink
(F) CHIEF LENDING OFFICER- The Chief Lending Officer shall be responsible for--CommentsClose CommentsPermalink
(i) all functions of AIFA relating to the development of project pipeline, financial structuring of projects, selection of infrastructure projects to be reviewed by the Board of Directors, preparation of infrastructure projects to be presented to the Board of Directors, and set aside for rural infrastructure projects;CommentsClose CommentsPermalink
(ii) the creation and management of--CommentsClose CommentsPermalink
(I) a Center for Excellence to provide technical assistance to public sector borrowers in the development and financing of infrastructure projects; andCommentsClose CommentsPermalink
(II) an Office of Rural Assistance to provide technical assistance in the development and financing of rural infrastructure projects; andCommentsClose CommentsPermalink
(iii) the establishment of guidelines to ensure diversification of lending activities by region, infrastructure project type, and project size.CommentsClose CommentsPermalink
(f) Changes to Senior Management- The Board of Directors, in consultation with the chief executive officer, may alter the structure of the senior management of AIFA at any time to better accomplish the goals, objectives, and purposes of AIFA, provided that the functions of the Chief Financial Officer set forth in subsection (e)(2)(A) remain separate from the functions of the Chief Risk Officer set forth in subsection (e)(2)(B).CommentsClose CommentsPermalink
(g) Conflicts of Interest- No individual appointed to senior management may--CommentsClose CommentsPermalink
(1) hold any other public office;CommentsClose CommentsPermalink
(2) have any financial interest in an infrastructure project then being considered by the Board of Directors, unless that interest is placed in a blind trust; orCommentsClose CommentsPermalink
(3) have any financial interest in an investment institution or its affiliates, AIFA or its affiliates, or other entity then seeking or likely to seek financial assistance for any infrastructure project from AIFA, unless any such interest is placed in a blind trust during the term of service of that individual in a senior management position, and for a period of 2 years thereafter.CommentsClose CommentsPermalink
SEC. 129. SPECIAL INSPECTOR GENERAL FOR AIFA.
(a) In General- During the first 5 operating years of AIFA, the Office of the Inspector General of the Department of the Treasury shall have responsibility for AIFA.CommentsClose CommentsPermalink
(b) Office of the Special Inspector General- Effective 5 years after the date of the commencement of the operations of AIFA, there is established the Office of the Special Inspector General for AIFA.CommentsClose CommentsPermalink
(c) Appointment of Inspector General; Removal-CommentsClose CommentsPermalink
(1) HEAD OF OFFICE- The head of the Office of the Special Inspector General for AIFA shall be the Special Inspector General for AIFA (referred to in this section as the ‘Special Inspector General’), who shall be appointed by the President, by and with the advice and consent of the Senate.CommentsClose CommentsPermalink
(2) BASIS OF APPOINTMENT- The appointment of the Special Inspector General shall be made on the basis of integrity and demonstrated ability in accounting, auditing, financial analysis, law, management analysis, public administration, or investigations.CommentsClose CommentsPermalink
(3) TIMING OF NOMINATION- The nomination of an individual as Special Inspector General shall be made as soon as is practicable after the effective date under subsection (b).CommentsClose CommentsPermalink
(4) REMOVAL- The Special Inspector General shall be removable from office in accordance with the provisions of section 3(b) of the Inspector General Act of 1978 (5 U.S.C. App.).CommentsClose CommentsPermalink
(5) RULE OF CONSTRUCTION- For purposes of
(6) RATE OF PAY- The annual rate of basic pay of the Special Inspector General shall be the annual rate of basic pay for an Inspector General under section 3(e) of the Inspector General Act of 1978 (5 U.S.C. App.).CommentsClose CommentsPermalink
(d) Duties-CommentsClose CommentsPermalink
(1) IN GENERAL- The Special Inspector General shall conduct, supervise, and coordinate audits and investigations of the business activities of AIFA.CommentsClose CommentsPermalink
(2) OTHER SYSTEMS, PROCEDURES, AND CONTROLS- The Special Inspector General shall establish, maintain, and oversee such systems, procedures, and controls as the Special Inspector General considers appropriate to discharge the duty described in paragraph (1).CommentsClose CommentsPermalink
(3) ADDITIONAL DUTIES- In addition to the duties specified in paragraphs (1) and (2), the Inspector General shall have the duties and responsibilities of inspectors general under the Inspector General Act of 1978.CommentsClose CommentsPermalink
(e) Powers and Authorities-CommentsClose CommentsPermalink
(1) IN GENERAL- In carrying out the duties specified in subsection (d), the Special Inspector General shall have the authorities provided in section 6 of the Inspector General Act of 1978.CommentsClose CommentsPermalink
(2) ADDITIONAL AUTHORITY- The Special Inspector General shall carry out the duties specified in subsection (d)(1) in accordance with section 4(b)(1) of the Inspector General Act of 1978.CommentsClose CommentsPermalink
(f) Personnel, Facilities, and Other Resources-CommentsClose CommentsPermalink
(1) ADDITIONAL OFFICERS-CommentsClose CommentsPermalink
(A) The Special Inspector General may select, appoint, and employ such officers and employees as may be necessary for carrying out the duties of the Special Inspector General, subject to the provisions of title 5, United States Code, governing appointments in the competitive service, and the provisions of chapter 51 and subchapter III of chapter 53 of such title, relating to classification and General Schedule pay rates.CommentsClose CommentsPermalink
(B) The Special Inspector General may exercise the authorities under subsections (b) through (i) of
(2) RETENTION OF SERVICES- The Special Inspector General may obtain services as authorized by
(3) ABILITY TO CONTRACT FOR AUDITS, STUDIES, AND OTHER SERVICES- The Special Inspector General may enter into contracts and other arrangements for audits, studies, analyses, and other services with public agencies and with private persons, and make such payments as may be necessary to carry out the duties of the Special Inspector General.CommentsClose CommentsPermalink
(4) REQUEST FOR INFORMATION-CommentsClose CommentsPermalink
(A) IN GENERAL- Upon request of the Special Inspector General for information or assistance from any department, agency, or other entity of the Federal Government, the head of such entity shall, insofar as is practicable and not in contravention of any existing law, furnish such information or assistance to the Special Inspector General, or an authorized designee.CommentsClose CommentsPermalink
(B) REFUSAL TO COMPLY- Whenever information or assistance requested by the Special Inspector General is, in the judgment of the Special Inspector General, unreasonably refused or not provided, the Special Inspector General shall report the circumstances to the Secretary of the Treasury, without delay.CommentsClose CommentsPermalink
(g) Reports-CommentsClose CommentsPermalink
(1) ANNUAL REPORT- Not later than 1 year after the confirmation of the Special Inspector General, and every calendar year thereafter, the Special Inspector General shall submit to the President a report summarizing the activities of the Special Inspector General during the previous 1-year period ending on the date of such report.CommentsClose CommentsPermalink
(2) PUBLIC DISCLOSURES- Nothing in this section shall be construed to authorize the public disclosure of information that is--CommentsClose CommentsPermalink
(A) specifically prohibited from disclosure by any other provision of law;CommentsClose CommentsPermalink
(B) specifically required by Executive order to be protected from disclosure in the interest of national defense or national security or in the conduct of foreign affairs; orCommentsClose CommentsPermalink
(C) a part of an ongoing criminal investigation.CommentsClose CommentsPermalink
SEC. 130. OTHER PERSONNEL.
Except as otherwise provided in the bylaws of AIFA, the chief executive officer, in consultation with the Board of Directors, shall appoint, remove, and define the duties of such qualified personnel as are necessary to carry out the powers, duties, and purpose of AIFA, other than senior management, who shall be appointed in accordance with section 249.CommentsClose CommentsPermalink
SEC. 131. COMPLIANCE.
The provision of assistance by the Board of Directors pursuant to this Act shall not be construed as superseding any provision of State law or regulation otherwise applicable to an infrastructure project.CommentsClose CommentsPermalink
SEC. 132. TERMS AND LIMITATIONS ON DIRECT LOANS AND LOAN GUARANTEES.
(a) Eligibility Criteria for Assistance From AIFA and Terms and Limitations of Loans- Any project whose use or purpose is private and for which no public benefit is created shall not be eligible for financial assistance from AIFA under this subtitle. Financial assistance under this subtitle shall only be made available if the applicant for such assistance has demonstrated to the satisfaction of the Board of Directors that the infrastructure project for which such assistance is being sought--CommentsClose CommentsPermalink
(1) is not for the refinancing of an existing infrastructure project; andCommentsClose CommentsPermalink
(2) meets--CommentsClose CommentsPermalink
(A) any pertinent requirements set forth in this subtitle;CommentsClose CommentsPermalink
(B) any criteria established by the Board of Directors or chief executive officer in accordance with this subtitle; andCommentsClose CommentsPermalink
(C) the definition of a transportation infrastructure project, water infrastructure project, or energy infrastructure project.CommentsClose CommentsPermalink
(b) Considerations- The criteria established by the Board of Directors pursuant to this subtitle shall provide adequate consideration of--CommentsClose CommentsPermalink
(1) the economic, financial, technical, environmental, and public benefits and costs of each infrastructure project under consideration for financial assistance under this subtitle, prioritizing infrastructure projects that--CommentsClose CommentsPermalink
(A) contribute to regional or national economic growth;CommentsClose CommentsPermalink
(B) offer value for money to taxpayers;CommentsClose CommentsPermalink
(C) demonstrate a clear and significant public benefit;CommentsClose CommentsPermalink
(D) lead to job creation; andCommentsClose CommentsPermalink
(E) mitigate environmental concerns;CommentsClose CommentsPermalink
(2) the means by which development of the infrastructure project under consideration is being financed, including--CommentsClose CommentsPermalink
(A) the terms, conditions, and structure of the proposed financing;CommentsClose CommentsPermalink
(B) the credit worthiness and standing of the project sponsors, providers of equity, and co-financiers;CommentsClose CommentsPermalink
(C) the financial assumptions and projections on which the infrastructure project is based; andCommentsClose CommentsPermalink
(D) whether there is sufficient State or municipal political support for the successful completion of the infrastructure project;CommentsClose CommentsPermalink
(3) the likelihood that the provision of assistance by AIFA will cause such development to proceed more promptly and with lower costs than would be the case without such assistance;CommentsClose CommentsPermalink
(4) the extent to which the provision of assistance by AIFA maximizes the level of private investment in the infrastructure project or supports a public-private partnership, while providing a significant public benefit;CommentsClose CommentsPermalink
(5) the extent to which the provision of assistance by AIFA can mobilize the participation of other financing partners in the infrastructure project;CommentsClose CommentsPermalink
(6) the technical and operational viability of the infrastructure project;CommentsClose CommentsPermalink
(7) the proportion of financial assistance from AIFA;CommentsClose CommentsPermalink
(8) the geographic location of the project in an effort to have geographic diversity of projects funded by AIFA;CommentsClose CommentsPermalink
(9) the size of the project and its impact on the resources of AIFA;CommentsClose CommentsPermalink
(10) the infrastructure sector of the project, in an effort to have projects from more than one sector funded by AIFA; andCommentsClose CommentsPermalink
(11) encourages use of innovative procurement, asset management, or financing to minimize the all-in-life-cycle cost, and improve the cost-effectiveness of a project.CommentsClose CommentsPermalink
(c) Application-CommentsClose CommentsPermalink
(1) IN GENERAL- Any eligible entity seeking assistance from AIFA under this Act for an eligible infrastructure project shall submit an application to AIFA at such time, in such manner, and containing such information as the Board of Directors or the chief executive officer may require.CommentsClose CommentsPermalink
(2) REVIEW OF APPLICATIONS- AIFA shall review applications for assistance under this Act on an ongoing basis. The chief executive officer, working with the senior management, shall prepare eligible infrastructure projects for review and approval by the Board of Directors.CommentsClose CommentsPermalink
(3) DEDICATED REVENUE SOURCES- The Federal credit instrument shall be repayable, in whole or in part, from tolls, user fees, or other dedicated revenue sources that also secure the infrastructure project obligations.CommentsClose CommentsPermalink
(d) Eligible Infrastructure Project Costs-CommentsClose CommentsPermalink
(1) IN GENERAL- Except as provided in paragraph (2), to be eligible for assistance under this subtitle, an infrastructure project shall have project costs that are reasonably anticipated to equal or exceed $100,000,000.CommentsClose CommentsPermalink
(2) RURAL INFRASTRUCTURE PROJECTS- To be eligible for assistance under this subtitle, a rural infrastructure project shall have project costs that are reasonably anticipated to equal or exceed $25,000,000.CommentsClose CommentsPermalink
(e) Loan Eligibility and Maximum Amounts-CommentsClose CommentsPermalink
(1) IN GENERAL- The amount of a direct loan or loan guarantee under this subtitle may not exceed the lesser of 50 percent of the reasonably anticipated eligible infrastructure project costs or, if the direct loan or loan guarantee does not receive an investment grade rating, the amount of the senior project obligations.CommentsClose CommentsPermalink
(2) MAXIMUM ANNUAL LOAN AND LOAN GUARANTEE VOLUME- The aggregate amount of direct loans and loan guarantees made by AIFA in any single fiscal year may not exceed--CommentsClose CommentsPermalink
(A) during the first 2 fiscal years of the operations of AIFA, $10,000,000,000;CommentsClose CommentsPermalink
(B) during fiscal years 3 through 9 of the operations of AIFA, $20,000,000,000; orCommentsClose CommentsPermalink
(C) during any fiscal year thereafter, $50,000,000,000.CommentsClose CommentsPermalink
(f) State and Local Permits Required- The provision of assistance by the Board of Directors pursuant to this subtitle shall not be deemed to relieve any recipient of such assistance, or the related infrastructure project, of any obligation to obtain required State and local permits and approvals.CommentsClose CommentsPermalink
SEC. 133. LOAN TERMS AND REPAYMENT.
(a) In General- A direct loan or loan guarantee under this subtitle with respect to an eligible infrastructure project shall be on such terms, subject to such conditions, and contain such covenants, representations, warranties, and requirements (including requirements for audits) as the chief executive officer determines appropriate.CommentsClose CommentsPermalink
(b) Terms- A direct loan or loan guarantee under this subtitle--CommentsClose CommentsPermalink
(1) shall--CommentsClose CommentsPermalink
(A) be payable, in whole or in part, from tolls, user fees, or other dedicated revenue sources that also secure the senior project obligations (such as availability payments and dedicated State or local revenues); andCommentsClose CommentsPermalink
(B) include a rate covenant, coverage requirement, or similar security feature supporting the project obligations; andCommentsClose CommentsPermalink
(2) may have a lien on revenues described in paragraph (1), subject to any lien securing project obligations.CommentsClose CommentsPermalink
(c) Base Interest Rate- The base interest rate on a direct loan under this subtitle shall be not less than the yield on United States Treasury obligations of a similar maturity to the maturity of the direct loan.CommentsClose CommentsPermalink
(d) Risk Assessment- Before entering into an agreement for assistance under this subtitle, the chief executive officer, in consultation with the Director of the Office of Management and Budget and considering rating agency preliminary or final rating opinion letters of the project under this subtitle, shall estimate an appropriate Federal credit subsidy amount for each direct loan and loan guarantee, taking into account such letter, as well as any comparable market rates available for such a loan or loan guarantee, should any exist. The final credit subsidy cost for each loan and loan guarantee shall be determined consistent with the Federal Credit Reform Act,
(e) Credit Fee- With respect to each agreement for assistance under this subtitle, the chief executive officer may charge a credit fee to the recipient of such assistance to pay for, over time, all or a portion of the Federal credit subsidy determined under subsection (d), with the remainder paid by the account established for AIFA; provided, that the source of fees paid under this subtitle shall not be a loan or debt obligation guaranteed by the Federal Government. In the case of a direct loan, such credit fee shall be in addition to the base interest rate established under subsection (c).CommentsClose CommentsPermalink
(f) Maturity Date- The final maturity date of a direct loan or loan guaranteed by AIFA under this subtitle shall be not later than 35 years after the date of substantial completion of the infrastructure project, as determined by the chief executive officer.CommentsClose CommentsPermalink
(g) Rating Opinion Letter-CommentsClose CommentsPermalink
(1) IN GENERAL- The chief executive officer shall require each applicant for assistance under this subtitle to provide a rating opinion letter from at least 1 ratings agency, indicating that the senior obligations of the infrastructure project, which may be the Federal credit instrument, have the potential to achieve an investment-grade rating.CommentsClose CommentsPermalink
(2) RURAL INFRASTRUCTURE PROJECTS- With respect to a rural infrastructure project, a rating agency opinion letter described in paragraph (1) shall not be required, except that the loan or loan guarantee shall receive an internal rating score, using methods similar to the ratings agencies generated by AIFA, measuring the proposed direct loan or loan guarantee against comparable direct loans or loan guarantees of similar credit quality in a similar sector.CommentsClose CommentsPermalink
(h) Investment-grade Rating Requirement-CommentsClose CommentsPermalink
(1) LOANS AND LOAN GUARANTEES- The execution of a direct loan or loan guarantee under this subtitle shall be contingent on the senior obligations of the infrastructure project receiving an investment-grade rating.CommentsClose CommentsPermalink
(2) RATING OF AIFA OVERALL PORTFOLIO- The average rating of the overall portfolio of AIFA shall be not less than investment grade after 5 years of operation.CommentsClose CommentsPermalink
(i) Terms and Repayment of Direct Loans-CommentsClose CommentsPermalink
(1) SCHEDULE- The chief executive officer shall establish a repayment schedule for each direct loan under this subtitle, based on the projected cash flow from infrastructure project revenues and other repayment sources.CommentsClose CommentsPermalink
(2) COMMENCEMENT- Scheduled loan repayments of principal or interest on a direct loan under this subtitle shall commence not later than 5 years after the date of substantial completion of the infrastructure project, as determined by the chief executive officer of AIFA.CommentsClose CommentsPermalink
(3) DEFERRED PAYMENTS OF DIRECT LOANS-CommentsClose CommentsPermalink
(A) AUTHORIZATION- If, at any time after the date of substantial completion of an infrastructure project assisted under this subtitle, the infrastructure project is unable to generate sufficient revenues to pay the scheduled loan repayments of principal and interest on the direct loan under this subtitle, the chief executive officer may allow the obligor to add unpaid principal and interest to the outstanding balance of the direct loan, if the result would benefit the taxpayer.CommentsClose CommentsPermalink
(B) INTEREST- Any payment deferred under subparagraph (A) shall--CommentsClose CommentsPermalink
(i) continue to accrue interest, in accordance with the terms of the obligation, until fully repaid; andCommentsClose CommentsPermalink
(ii) be scheduled to be amortized over the remaining term of the loan.CommentsClose CommentsPermalink
(C) CRITERIA-CommentsClose CommentsPermalink
(i) IN GENERAL- Any payment deferral under subparagraph (A) shall be contingent on the infrastructure project meeting criteria established by the Board of Directors.CommentsClose CommentsPermalink
(ii) REPAYMENT STANDARDS- The criteria established under clause (i) shall include standards for reasonable assurance of repayment.CommentsClose CommentsPermalink
(4) PREPAYMENT OF DIRECT LOANS-CommentsClose CommentsPermalink
(A) USE OF EXCESS REVENUES- Any excess revenues that remain after satisfying scheduled debt service requirements on the infrastructure project obligations and direct loan and all deposit requirements under the terms of any trust agreement, bond resolution, or similar agreement securing project obligations under this subtitle may be applied annually to prepay the direct loan, without penalty.CommentsClose CommentsPermalink
(B) USE OF PROCEEDS OF REFINANCING- A direct loan under this subtitle may be prepaid at any time, without penalty, from the proceeds of refinancing from non-Federal funding sources.CommentsClose CommentsPermalink
(5) SALE OF DIRECT LOANS-CommentsClose CommentsPermalink
(A) IN GENERAL- As soon as is practicable after substantial completion of an infrastructure project assisted under this subtitle, and after notifying the obligor, the chief executive officer may sell to another entity, or reoffer into the capital markets, a direct loan for the infrastructure project, if the chief executive officer determines that the sale or reoffering can be made on favorable terms for the taxpayer.CommentsClose CommentsPermalink
(B) CONSENT OF OBLIGOR- In making a sale or reoffering under subparagraph (A), the chief executive officer may not change the original terms and conditions of the direct loan, without the written consent of the obligor.CommentsClose CommentsPermalink
(j) Loan Guarantees-CommentsClose CommentsPermalink
(1) TERMS- The terms of a loan guaranteed by AIFA under this subtitle shall be consistent with the terms set forth in this subtitle for a direct loan, except that the rate on the guaranteed loan and any payment, pre-payment, or refinancing features shall be negotiated between the obligor and the lender, with the consent of the chief executive officer.CommentsClose CommentsPermalink
(2) GUARANTEED LENDER- A guaranteed lender shall be limited to those lenders meeting the definition of that term in
(k) Compliance With FCRA--In General- Direct loans and loan guarantees authorized by this subtitle shall be subject to the provisions of the Federal Credit Reform Act of 1990 (
SEC. 134. COMPLIANCE AND ENFORCEMENT.
(a) Credit Agreement- Notwithstanding any other provision of law, each eligible entity that receives assistance under this subtitle from AIFA shall enter into a credit agreement that requires such entity to comply with all applicable policies and procedures of AIFA, in addition to all other provisions of the loan agreement.CommentsClose CommentsPermalink
(b) AIFA Authority on Noncompliance- In any case in which a recipient of assistance under this subtitle is materially out of compliance with the loan agreement, or any applicable policy or procedure of AIFA, the Board of Directors may take action to cancel unutilized loan amounts, or to accelerate the repayment terms of any outstanding obligation.CommentsClose CommentsPermalink
(c) Rule of Construction- Nothing in this subtitle is intended to affect existing provisions of law applicable to the planning, development, construction, or operation of projects funded under this subtitle.CommentsClose CommentsPermalink
SEC. 135. AUDITS; REPORTS TO THE PRESIDENT AND CONGRESS.
(a) Accounting- The books of account of AIFA shall be maintained in accordance with generally accepted accounting principles, and shall be subject to an annual audit by independent public accountants of nationally recognized standing appointed by the Board of Directors.CommentsClose CommentsPermalink
(b) Reports-CommentsClose CommentsPermalink
(1) BOARD OF DIRECTORS- Not later than 90 days after the last day of each fiscal year, the Board of Directors shall submit to the President and Congress a complete and detailed report with respect to the preceding fiscal year, setting forth--CommentsClose CommentsPermalink
(A) a summary of the operations of AIFA, for such fiscal year;CommentsClose CommentsPermalink
(B) a schedule of the obligations of AIFA and capital securities outstanding at the end of such fiscal year, with a statement of the amounts issued and redeemed or paid during such fiscal year;CommentsClose CommentsPermalink
(C) the status of infrastructure projects receiving funding or other assistance pursuant to this subtitle during such fiscal year, including all nonperforming loans, and including disclosure of all entities with a development, ownership, or operational interest in such infrastructure projects;CommentsClose CommentsPermalink
(D) a description of the successes and challenges encountered in lending to rural communities, including the role of the Center for Excellence and the Office of Rural Assistance established under this subtitle; andCommentsClose CommentsPermalink
(E) an assessment of the risks of the portfolio of AIFA, prepared by an independent source.CommentsClose CommentsPermalink
(2) GAO- Not later than 5 years after the date of the enactment of this Act, the Comptroller General of the United States shall conduct an evaluation of, and shall submit to Congress a report on, activities of AIFA for the fiscal years covered by the report that includes an assessment of the impact and benefits of each funded infrastructure project, including a review of how effectively each such infrastructure project accomplished the goals prioritized by the infrastructure project criteria of AIFA.CommentsClose CommentsPermalink
(c) Books and Records-CommentsClose CommentsPermalink
(1) IN GENERAL- AIFA shall maintain adequate books and records to support the financial transactions of AIFA, with a description of financial transactions and infrastructure projects receiving funding, and the amount of funding for each such project maintained on a publically accessible database.CommentsClose CommentsPermalink
(2) AUDITS BY THE SECRETARY AND GAO- The books and records of AIFA shall at all times be open to inspection by the Secretary of the Treasury, the Special Inspector General, and the Comptroller General of the United States.CommentsClose CommentsPermalink
SEC. 136. ADMINISTRATIVE FEES.
(a) In General- In addition to fees that may be collected under section 133(e), the chief executive officer shall establish and collect fees from eligible funding recipients with respect to loans and loan guarantees under this subtitle that--CommentsClose CommentsPermalink
(1) are sufficient to cover all or a portion of the administrative costs to the Federal Government for the operations of AIFA, including the costs of expert firms, including counsel in the field of municipal and project finance, and financial advisors to assist with underwriting, credit analysis, or other independent reviews, as appropriate;CommentsClose CommentsPermalink
(2) may be in the form of an application or transaction fee, or other form established by the CEO; andCommentsClose CommentsPermalink
(3) may be based on the risk premium associated with the loan or loan guarantee, taking into consideration--CommentsClose CommentsPermalink
(A) the price of United States Treasury obligations of a similar maturity;CommentsClose CommentsPermalink
(B) prevailing market conditions;CommentsClose CommentsPermalink
(C) the ability of the infrastructure project to support the loan or loan guarantee; andCommentsClose CommentsPermalink
(D) the total amount of the loan or loan guarantee.CommentsClose CommentsPermalink
(b) Availability of Amounts- Amounts collected under paragraphs (1), (2), and (3) of subsection (a) shall be available without further action; provided further, that the source of fees paid under this section shall not be a loan or debt obligation guaranteed by the Federal Government.CommentsClose CommentsPermalink
SEC. 137. EFFICIENCY OF AIFA.
The chief executive officer shall, to the extent possible, take actions consistent with this subtitle to minimize the risk and cost to the taxpayer of AIFA activities. Fees and premiums for loan guarantee or insurance coverage will be set at levels that minimize administrative and Federal credit subsidy costs to the Government (as defined in section 502 of the Federal Credit Reform Act of 1990) of such coverage, while supporting achievement of the program’s objectives, consistent with policies as set forth in the Business Plan.CommentsClose CommentsPermalink
SEC. 138. FUNDING.
There is appropriated to AIFA to carry out this subtitle, for the cost of direct loans and loan guarantees subject to the limitations under section 132, and for administrative costs, $10,000,000,000, to remain available until expended. Such costs, including the costs of modifying such loans, shall be as defined in section 502 of the Federal Credit Reform Act of 1990. Of this amount, not more than $25,000,000 for each of fiscal years 2012 through 2013, and not more than $50,000,000 for fiscal year 2014 may be used for administrative costs of AIFA. Not more than 5 percent of such amount shall be used to offset subsidy costs associated with rural projects. Amounts authorized shall be available without further action.CommentsClose CommentsPermalink
Subtitle C--Extension of Exemption From Alternative Minimum Tax Treatment for Certain Tax-exempt BondsCommentsClose CommentsPermalink
Subtitle C--Extension of Exemption From Alternative Minimum Tax Treatment for Certain Tax-exempt BondsCommentsClose CommentsPermalink
SEC. 141. EXTENSION OF EXEMPTION FROM ALTERNATIVE MINIMUM TAX TREATMENT FOR CERTAIN TAX-EXEMPT BONDS.
(a) In General- Clause (vi) of section 57(a)(5)(C) of the Internal Revenue Code of 1986 is amended--CommentsClose CommentsPermalink
(1) by striking ‘January 1, 2011’ in subclause (I) and inserting ‘January 1, 2013’; andCommentsClose CommentsPermalink
(2) by striking ‘AND 2010’ in the heading and inserting ‘, 2010, 2011, AND 2012’.CommentsClose CommentsPermalink
(b) Adjusted Current Earnings- Clause (iv) of section 56(g)(4)(B) of the Internal Revenue Code of 1986 is amended--CommentsClose CommentsPermalink
(1) by striking ‘January 1, 2011’ in subclause (I) and inserting ‘January 1, 2013’; andCommentsClose CommentsPermalink
(2) by striking ‘AND 2010’ in the heading and inserting ‘, 2010, 2011, AND 2012’.CommentsClose CommentsPermalink
(c) Effective Date- The amendments made by this section shall apply to obligations issued after December 31, 2010.CommentsClose CommentsPermalink
TITLE II--SURTAX ON MILLIONAIRESCommentsClose CommentsPermalink
TITLE II--SURTAX ON MILLIONAIRESCommentsClose CommentsPermalink
SEC. 201. SURTAX ON MILLIONAIRES.
(a) In General- Subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part:CommentsClose CommentsPermalink
‘PART VIII--SURTAX ON MILLIONAIRES
‘Sec. 59B. Surtax on millionaires.CommentsClose CommentsPermalink
‘SEC. 59B. SURTAX ON MILLIONAIRES.
‘(a) General Rule- In the case of a taxpayer other than a corporation for any taxable year beginning after 2012, there is hereby imposed (in addition to any other tax imposed by this subtitle) a tax equal to 0.7 percent of so much of the modified adjusted gross income of the taxpayer for such taxable year as exceeds $1,000,000 ($500,000, in the case of a married individual filing a separate return).CommentsClose CommentsPermalink
‘(b) Inflation Adjustment-CommentsClose CommentsPermalink
‘(1) IN GENERAL- In the case of any taxable year beginning after 2013, each dollar amount under subsection (a) shall be increased by an amount equal to--CommentsClose CommentsPermalink
‘(A) such dollar amount, multiplied byCommentsClose CommentsPermalink
‘(B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting ‘calendar year 2011’ for ‘calendar year 1992’ in subparagraph (B) thereof.CommentsClose CommentsPermalink
‘(2) ROUNDING- If any amount as adjusted under paragraph (1) is not a multiple of $10,000, such amount shall be rounded to the next highest multiple of $10,000.CommentsClose CommentsPermalink
‘(c) Modified Adjusted Gross Income- For purposes of this section, the term ‘modified adjusted gross income’ means adjusted gross income reduced by any deduction (not taken into account in determining adjusted gross income) allowed for investment interest (as defined in section 163(d)). In the case of an estate or trust, adjusted gross income shall be determined as provided in section 67(e).CommentsClose CommentsPermalink
‘(d) Special Rules-CommentsClose CommentsPermalink
‘(1) NONRESIDENT ALIEN- In the case of a nonresident alien individual, only amounts taken into account in connection with the tax imposed under section 871(b) shall be taken into account under this section.CommentsClose CommentsPermalink
‘(2) CITIZENS AND RESIDENTS LIVING ABROAD- The dollar amount in effect under subsection (a) shall be decreased by the excess of--CommentsClose CommentsPermalink
‘(A) the amounts excluded from the taxpayer’s gross income under section 911, overCommentsClose CommentsPermalink
‘(B) the amounts of any deductions or exclusions disallowed under section 911(d)(6) with respect to the amounts described in subparagraph (A).CommentsClose CommentsPermalink
‘(3) CHARITABLE TRUSTS- Subsection (a) shall not apply to a trust all the unexpired interests in which are devoted to one or more of the purposes described in section 170(c)(2)(B).CommentsClose CommentsPermalink
‘(4) NOT TREATED AS TAX IMPOSED BY THIS CHAPTER FOR CERTAIN PURPOSES- The tax imposed under this section shall not be treated as tax imposed by this chapter for purposes of determining the amount of any credit under this chapter or for purposes of section 55.’.CommentsClose CommentsPermalink
(b) Clerical Amendment- The table of parts for subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new item:CommentsClose CommentsPermalink
‘part viii. surtax on millionaires.’.
(c) Section 15 Not to Apply- The amendment made by subsection (a) shall not be treated as a change in a rate of tax for purposes of section 15 of the Internal Revenue Code of 1986.CommentsClose CommentsPermalink
(d) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2012.CommentsClose CommentsPermalink
Calendar No. 213CommentsClose CommentsPermalink
112th CONGRESSCommentsClose CommentsPermalink
1st SessionCommentsClose CommentsPermalink
S. 1769CommentsClose CommentsPermalink
A BILLCommentsClose CommentsPermalink
To put workers back on the job while rebuilding and modernizing America.CommentsClose CommentsPermalink
November 1, 2011CommentsClose CommentsPermalink
November 1, 2011CommentsClose CommentsPermalink
Read the second time and placed on the calendarCommentsClose CommentsPermalink
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