(d) Treatment of Deduction Under Alternative Minimum Tax- The last sentence of section 56(b)(1)(E) is amended by striking `section 63(c)(1)(D)' and inserting `subparagraphs (D) and (E) of section 63(c)(1)'.

(e) Effective Date- The amendments made by this section shall apply to purchases on or after the date of the enactment of this Act in taxable years ending after such date.

PART II--ALTERNATIVE MINIMUM TAX RELIEF

SEC. 1011. EXTENSION OF ALTERNATIVE MINIMUM TAX RELIEF FOR NONREFUNDABLE PERSONAL CREDITS.

(a) In General- Paragraph (2) of section 26(a) (relating to special rule for taxable years 2000 through 2008) is amended--

(1) by striking `or 2008' and inserting `2008, or 2009', and

(2) by striking `2008' in the heading thereof and inserting `2009'.

(b) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2008.

SEC. 1012. EXTENSION OF INCREASED ALTERNATIVE MINIMUM TAX EXEMPTION AMOUNT.

(a) In General- Paragraph (1) of section 55(d) (relating to exemption amount) is amended--

(1) by striking `($69,950 in the case of taxable years beginning in 2008)' in subparagraph (A) and inserting `($70,950 in the case of taxable years beginning in 2009)', and

(2) by striking `($46,200 in the case of taxable years beginning in 2008)' in subparagraph (B) and inserting `($46,700 in the case of taxable years beginning in 2009)'.

(b) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2008.

PART I--RENEWABLE ENERGY INCENTIVES

SEC. 1101. EXTENSION OF CREDIT FOR ELECTRICITY PRODUCED FROM CERTAIN RENEWABLE RESOURCES.

(a) In General- Subsection (d) of section 45 is amended--

(1) by striking `2010' in paragraph (1) and inserting `2013',

(2) by striking `2011' each place it appears in paragraphs (2), (3), (4), (6), (7) and (9) and inserting `2014', and

(3) by striking `2012' in paragraph (11)(B) and inserting `2014'.

(b) Technical Amendment- Paragraph (5) of section 45(d) is amended by striking `and before' and all that follows and inserting ` and before October 3, 2008.'.

(c) Effective Date-

(1) IN GENERAL- The amendments made by subsection (a) shall apply to property placed in service after the date of the enactment of this Act.

(2) TECHNICAL AMENDMENT- The amendment made by subsection (b) shall take effect as if included in section 102 of the Energy Improvement and Extension Act of 2008.

SEC. 1102. ELECTION OF INVESTMENT CREDIT IN LIEU OF PRODUCTION CREDIT.

(a) In General- Subsection (a) of section 48 is amended by adding at the end the following new paragraph:

`(5) ELECTION TO TREAT QUALIFIED FACILITIES AS ENERGY PROPERTY-

`(A) IN GENERAL- In the case of any qualified property which is part of a qualified investment credit facility--

`(i) such property shall be treated as energy property for purposes of this section, and

`(ii) the energy percentage with respect to such property shall be 30 percent.

`(B) DENIAL OF PRODUCTION CREDIT- No credit shall be allowed under section 45 for any taxable year with respect to any qualified investment credit facility.

`(C) QUALIFIED INVESTMENT CREDIT FACILITY- For purposes of this paragraph, the term `qualified investment credit facility' means any of the following facilities if no credit has been allowed under section 45 with respect to such facility and the taxpayer makes an irrevocable election to have this paragraph apply to such facility:

`(i) WIND FACILITIES- Any qualified facility (within the meaning of section 45) described in paragraph (1) of section 45(d) if such facility is placed in service in 2009, 2010, 2011, or 2012.

`(ii) OTHER FACILITIES- Any qualified facility (within the meaning of section 45) described in paragraph (2), (3), (4), (6), (7), (9), or (11) of section 45(d) if such facility is placed in service in 2009, 2010, 2011, 2012, or 2013.

`(D) QUALIFIED PROPERTY- For purposes of this paragraph, the term `qualified property' means property--

`(i) which is--

`(I) tangible personal property, or

`(II) other tangible property (not including a building or its structural components), but only if such property is used as an integral part of the qualified investment credit facility, and

`(ii) with respect to which depreciation (or amortization in lieu of depreciation) is allowable.'.

(b) Effective Date- The amendments made by this section shall apply to facilities placed in service after December 31, 2008.

SEC. 1103. REPEAL OF CERTAIN LIMITATIONS ON CREDIT FOR RENEWABLE ENERGY PROPERTY.

(a) Repeal of Limitation on Credit for Qualified Small Wind Energy Property- Paragraph (4) of section 48(c) is amended by striking subparagraph (B) and by redesignating subparagraphs (C) and (D) as subparagraphs (B) and (C).

(b) Repeal of Limitation on Property Financed by Subsidized Energy Financing-

(1) IN GENERAL- Section 48(a)(4) is amended by adding at the end the following new subparagraph:

`(D) TERMINATION- This paragraph shall not apply to periods after December 31, 2008, under rules similar to the rules of section 48(m) (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990).'.

(2) CONFORMING AMENDMENTS-

(A) Section 25C(e)(1) is amended by striking `(8), and (9)' and inserting `and (8)'.

(B) Section 25D(e) is amended by striking paragraph (9).

(C) Section 48A(b)(2) is amended by inserting `(without regard to subparagraph (D) thereof)' after `section 48(a)(4)'.

(D) Section 48B(b)(2) is amended by inserting `(without regard to subparagraph (D) thereof)' after `section 48(a)(4)'.

(c) Effective Date-

(1) IN GENERAL- Except as provided in paragraph (2), the amendment made by this section shall apply to periods after December 31, 2008, under rules similar to the rules of section 48(m) of the Internal Revenue Code of 1986 (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990).

(2) CONFORMING AMENDMENTS- The amendments made by subparagraphs (A) and (B) of subsection (b)(2) shall apply to taxable years beginning after December 31, 2008.

SEC. 1104. COORDINATION WITH RENEWABLE ENERGY GRANTS.

Section 48 is amended by adding at the end the following new subsection:

`(d) Coordination With Department of Treasury Grants- In the case of any property with respect to which the Secretary makes a grant under section 1603 of the American Recovery and Reinvestment Tax Act of 2009--

`(1) DENIAL OF PRODUCTION AND INVESTMENT CREDITS- No credit shall be determined under this section or section 45 with respect to such property for the taxable year in which such grant is made or any subsequent taxable year.

`(2) RECAPTURE OF CREDITS FOR PROGRESS EXPENDITURES MADE BEFORE GRANT- If a credit was determined under this section with respect to such property for any taxable year ending before such grant is made--

`(A) the tax imposed under subtitle A on the taxpayer for the taxable year in which such grant is made shall be increased by so much of such credit as was allowed under section 38,

`(B) the general business carryforwards under section 39 shall be adjusted so as to recapture the portion of such credit which was not so allowed, and

`(C) the amount of such grant shall be determined without regard to any reduction in the basis of such property by reason of such credit.

`(3) TREATMENT OF GRANTS- Any such grant shall--

`(A) not be includible in the gross income of the taxpayer, but

`(B) shall be taken into account in determining the basis of the property to which such grant relates, except that the basis of such property shall be reduced under section 50(c) in the same manner as a credit allowed under subsection (a).'.

PART II--INCREASED ALLOCATIONS OF NEW CLEAN RENEWABLE ENERGY BONDS AND QUALIFIED ENERGY CONSERVATION BONDS

SEC. 1111. INCREASED LIMITATION ON ISSUANCE OF NEW CLEAN RENEWABLE ENERGY BONDS.

Subsection (c) of section 54C is amended by adding at the end the following new paragraph:

`(4) ADDITIONAL LIMITATION- The national new clean renewable energy bond limitation shall be increased by $1,600,000,000. Such increase shall be allocated by the Secretary consistent with the rules of paragraphs (2) and (3).'.

SEC. 1112. INCREASED LIMITATION ON ISSUANCE OF QUALIFIED ENERGY CONSERVATION BONDS.

(a) In General- Section 54D(d) is amended by striking `$800,000,000' and inserting `$3,200,000,000'.

(b) Clarification With Respect to Green Community Programs-

(1) IN GENERAL- Clause (ii) of section 54D(f)(1)(A) is amended by inserting `(including the use of loans, grants, or other repayment mechanisms to implement such programs)' after `green community programs'.

(2) SPECIAL RULES FOR BONDS FOR IMPLEMENTING GREEN COMMUNITY PROGRAMS- Subsection (e) of section 54D is amended by adding at the end the following new paragraph:

`(4) SPECIAL RULES FOR BONDS TO IMPLEMENT GREEN COMMUNITY PROGRAMS- In the case of any bond issued for the purpose of providing loans, grants, or other repayment mechanisms for capital expenditures to implement green community programs, such bond shall not be treated as a private activity bond for purposes of paragraph (3).'.

PART III--ENERGY CONSERVATION INCENTIVES

SEC. 1121. EXTENSION AND MODIFICATION OF CREDIT FOR NONBUSINESS ENERGY PROPERTY.

(a) In General- Section 25C is amended by striking subsections (a) and (b) and inserting the following new subsections:

`(a) Allowance of Credit- In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to 30 percent of the sum of--

`(1) the amount paid or incurred by the taxpayer during such taxable year for qualified energy efficiency improvements, and

`(2) the amount of the residential energy property expenditures paid or incurred by the taxpayer during such taxable year.

`(b) Limitation- The aggregate amount of the credits allowed under this section for taxable years beginning in 2009 and 2010 with respect to any taxpayer shall not exceed $1,500.'.

(b) Modifications of Standards for Energy-Efficient Building Property-

(1) ELECTRIC HEAT PUMPS- Subparagraph (B) of section 25C(d)(3) is amended to read as follows:

`(B) an electric heat pump which achieves the highest efficiency tier established by the Consortium for Energy Efficiency, as in effect on January 1, 2009.'.

(2) CENTRAL AIR CONDITIONERS- Subparagraph (C) of section 25C(d)(3) is amended by striking `2006' and inserting `2009'.

(3) WATER HEATERS- Subparagraph (D) of section 25C(d)(3) is amended to read as follows:

`(D) a natural gas, propane, or oil water heater which has either an energy factor of at least 0.82 or a thermal efficiency of at least 90 percent.'.

(4) WOOD STOVES- Subparagraph (E) of section 25C(d)(3) is amended by inserting `, as measured using a lower heating value' after `75 percent'.

(c) Modifications of Standards for Oil Furnaces and Hot Water Boilers-

(1) IN GENERAL- Paragraph (4) of section 25C(d) is amended to read as follows:

`(4) QUALIFIED NATURAL GAS, PROPANE, AND OIL FURNACES AND HOT WATER BOILERS-

`(A) QUALIFIED NATURAL GAS FURNACE- The term `qualified natural gas furnace' means any natural gas furnace which achieves an annual fuel utilization efficiency rate of not less than 95.

`(B) QUALIFIED NATURAL GAS HOT WATER BOILER- The term `qualified natural gas hot water boiler' means any natural gas hot water boiler which achieves an annual fuel utilization efficiency rate of not less than 90.

`(C) QUALIFIED PROPANE FURNACE- The term `qualified propane furnace' means any propane furnace which achieves an annual fuel utilization efficiency rate of not less than 95.

`(D) QUALIFIED PROPANE HOT WATER BOILER- The term `qualified propane hot water boiler' means any propane hot water boiler which achieves an annual fuel utilization efficiency rate of not less than 90.

`(E) QUALIFIED OIL FURNACES- The term `qualified oil furnace' means any oil furnace which achieves an annual fuel utilization efficiency rate of not less than 90.

`(F) QUALIFIED OIL HOT WATER BOILER- The term `qualified oil hot water boiler' means any oil hot water boiler which achieves an annual fuel utilization efficiency rate of not less than 90.'.

(2) CONFORMING AMENDMENT- Clause (ii) of section 25C(d)(2)(A) is amended to read as follows:

`(ii) any qualified natural gas furnace, qualified propane furnace, qualified oil furnace, qualified natural gas hot water boiler, qualified propane hot water boiler, or qualified oil hot water boiler, or'.

(d) Modifications of Standards for Qualified Energy Efficiency Improvements-

(1) QUALIFICATIONS FOR EXTERIOR WINDOWS, DOORS, AND SKYLIGHTS- Subsection (c) of section 25C is amended by adding at the end the following new paragraph:

`(4) QUALIFICATIONS FOR EXTERIOR WINDOWS, DOORS, AND SKYLIGHTS- Such term shall not include any component described in subparagraph (B) or (C) of paragraph (2) unless such component is equal to or below a U factor of 0.30 and SHGC of 0.30.'.

(2) ADDITIONAL QUALIFICATION FOR INSULATION- Subparagraph (A) of section 25C(c)(2) is amended by inserting `and meets the prescriptive criteria for such material or system established by the 2009 International Energy Conservation Code, as such Code (including supplements) is in effect on the date of the enactment of the American Recovery and Reinvestment Tax Act of 2009' after `such dwelling unit'.

(e) Extension- Section 25C(g)(2) is amended by striking `December 31, 2009' and inserting `December 31, 2010'.

(f) Effective Dates-

(1) IN GENERAL- Except as provided in paragraph (2), the amendments made by this section shall apply to taxable years beginning after December 31, 2008.

(2) EFFICIENCY STANDARDS- The amendments made by paragraphs (1), (2), and (3) of subsection (b) and subsections (c) and (d) shall apply to property placed in service after the date of the enactment of this Act.

SEC. 1122. MODIFICATION OF CREDIT FOR RESIDENTIAL ENERGY EFFICIENT PROPERTY.

(a) Removal of Credit Limitation for Property Placed in Service-

(1) IN GENERAL- Paragraph (1) of section 25D(b) is amended to read as follows:

`(1) MAXIMUM CREDIT FOR FUEL CELLS- In the case of any qualified fuel cell property expenditure, the credit allowed under subsection (a) (determined without regard to subsection (c)) for any taxable year shall not exceed $500 with respect to each half kilowatt of capacity of the qualified fuel cell property (as defined in section 48(c)(1)) to which such expenditure relates.'.

(2) CONFORMING AMENDMENT- Paragraph (4) of section 25D(e) is amended--

(A) by striking all that precedes subparagraph (B) and inserting the following:

`(4) FUEL CELL EXPENDITURE LIMITATIONS IN CASE OF JOINT OCCUPANCY- In the case of any dwelling unit with respect to which qualified fuel cell property expenditures are made and which is jointly occupied and used during any calendar year as a residence by two or more individuals, the following rules shall apply:

`(A) MAXIMUM EXPENDITURES FOR FUEL CELLS- The maximum amount of such expenditures which may be taken into account under subsection (a) by all such individuals with respect to such dwelling unit during such calendar year shall be $1,667 in the case of each half kilowatt of capacity of qualified fuel cell property (as defined in section 48(c)(1)) with respect to which such expenditures relate.', and

(B) by striking subparagraph (C).

(b) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2008.

SEC. 1123. TEMPORARY INCREASE IN CREDIT FOR ALTERNATIVE FUEL VEHICLE REFUELING PROPERTY.

(a) In General- Section 30C(e) is amended by adding at the end the following new paragraph:

`(6) SPECIAL RULE FOR PROPERTY PLACED IN SERVICE DURING 2009 AND 2010- In the case of property placed in service in taxable years beginning after December 31, 2008, and before January 1, 2011--

`(A) in the case of any such property which does not relate to hydrogen--

`(i) subsection (a) shall be applied by substituting `50 percent' for `30 percent',

`(ii) subsection (b)(1) shall be applied by substituting `$50,000' for `$30,000', and

`(iii) subsection (b)(2) shall be applied by substituting `$2,000' for `$1,000', and

`(B) in the case of any such property which relates to hydrogen, subsection (b)(1) shall be applied by substituting `$200,000' for `$30,000'.'.

(b) Effective Date- The amendment made by this section shall apply to taxable years beginning after December 31, 2008.

PART IV--MODIFICATION OF CREDIT FOR CARBON DIOXIDE SEQUESTRATION

SEC. 1131. APPLICATION OF MONITORING REQUIREMENTS TO CARBON DIOXIDE USED AS A TERTIARY INJECTANT.

(a) In General- Section 45Q(a)(2) is amended by striking `and' at the end of subparagraph (A), by striking the period at the end of subparagraph (B) and inserting `, and', and by adding at the end the following new subparagraph:

`(C) disposed of by the taxpayer in secure geological storage.'.

(b) Conforming Amendments-

(1) Section 45Q(d)(2) is amended--

(A) by striking `subsection (a)(1)(B)' and inserting `paragraph (1)(B) or (2)(C) of subsection (a)',

(B) by striking `and unminable coal seems' and inserting `, oil and gas reservoirs, and unminable coal seams', and

(C) by inserting `the Secretary of Energy, and the Secretary of the Interior,' after `Environmental Protection Agency'.

(2) Section 45Q(a)(1)(B) is amended by inserting `and not used by the taxpayer as described in paragraph (2)(B)' after `storage'.

(3) Section 45Q(e) is amended by striking `captured and disposed of or used as a tertiary injectant' and inserting `taken into account in accordance with subsection (a)'.

(c) Effective Date- The amendments made by this section shall apply to carbon dioxide captured after the date of the enactment of this Act.

PART V--PLUG-IN ELECTRIC DRIVE MOTOR VEHICLES

SEC.

`(3) APPLICABLE DEBT INSTRUMENT- For purposes of this subsection--

`(A) APPLICABLE DEBT INSTRUMENT- The term `applicable debt instrument' means any debt instrument which was issued by--

`(i) a C corporation, or

`(ii) any other person in connection with the conduct of a trade or business by such person.

`(B) DEBT INSTRUMENT- The term `debt instrument' means a bond, debenture, note, certificate, or any other instrument or contractual arrangement constituting indebtedness (within the meaning of section 1275(a)(1)).

`(4) REACQUISITION- For purposes of this subsection--

`(A) IN GENERAL- The term `reacquisition' means, with respect to any applicable debt instrument, any acquisition of the debt instrument by--

`(i) the debtor which issued (or is otherwise the obligor under) the debt instrument, or

`(ii) a related person to such debtor.

`(B) ACQUISITION- The term `acquisition' shall, with respect to any applicable debt instrument, include an acquisition of the debt instrument for cash, the exchange of the debt instrument for another debt instrument (including an exchange resulting from a modification of the debt instrument), the exchange of the debt instrument for corporate stock or a partnership interest, and the contribution of the debt instrument to capital. Such term shall also include the complete forgiveness of the indebtedness by the holder of the debt instrument.

`(5) OTHER DEFINITIONS AND RULES- For purposes of this subsection--

`(A) RELATED PERSON- The determination of whether a person is related to another person shall be made in the same manner as under subsection (e)(4).

`(B) ELECTION-

`(i) IN GENERAL- An election under this subsection with respect to any applicable debt instrument shall be made by including with the return of tax imposed by chapter 1 for the taxable year in which the reacquisition of the debt instrument occurs a statement which--

`(I) clearly identifies such instrument, and

`(II) includes the amount of income to which paragraph (1) applies and such other information as the Secretary may prescribe.

`(ii) ELECTION IRREVOCABLE- Such election, once made, is irrevocable.

`(iii) PASS-THRU ENTITIES- In the case of a partnership, S corporation, or other pass-thru entity, the election under this subsection shall be made by the partnership, the S corporation, or other entity involved.

`(C) COORDINATION WITH OTHER EXCLUSIONS- If a taxpayer elects to have this subsection apply to an applicable debt instrument, subparagraphs (A), (B), (C), and (D) of subsection (a)(1) shall not apply to the income from the discharge of such indebtedness for the taxable year of the election or any subsequent taxable year.

`(D) ACCELERATION OF DEFERRED ITEMS-

`(i) IN GENERAL- In the case of the death of the taxpayer, the liquidation or sale of substantially all the assets of the taxpayer (including in a title 11 or similar case), the cessation of business by the taxpayer, or similar circumstances, any item of income or deduction which is deferred under this subsection (and has not previously been taken into account) shall be taken into account in the taxable year in which such event occurs (or in the case of a title 11 or similar case, the day before the petition is filed).

`(ii) SPECIAL RULE FOR PASS-THRU ENTITIES- The rule of clause (i) shall also apply in the case of the sale or exchange or redemption of an interest in a partnership, S corporation, or other pass- thru entity by a partner, shareholder, or other person holding an ownership interest in such entity.

`(6) SPECIAL RULE FOR PARTNERSHIPS- In the case of a partnership, any income deferred under this subsection shall be allocated to the partners in the partnership immediately before the discharge in the manner such amounts would have been included in the distributive shares of such partners under section 704 if such income were recognized at such time. Any decrease in a partner's share of partnership liabilities as a result of such discharge shall not be taken into account for purposes of section 752 at the time of the discharge to the extent it would cause the partner to recognize gain under section 731. Any decrease in partnership liabilities deferred under the preceding sentence shall be taken into account by such partner at the same time, and to the extent remaining in the same amount, as income deferred under this subsection is recognized.

`(7) SECRETARIAL AUTHORITY- The Secretary may prescribe such regulations, rules, or other guidance as may be necessary or appropriate for purposes of applying this subsection, including--

`(A) extending the application of the rules of paragraph (5)(D) to other circumstances where appropriate,

`(B) requiring reporting of the election (and such other information as the Secretary may require) on returns of tax for subsequent taxable years, and

`(C) rules for the application of this subsection to partnerships, S corporations, and other pass-thru entities, including for the allocation of deferred deductions.'.

(b) Effective Date- The amendments made by this section shall apply to discharges in taxable years ending after December 31, 2008.

SEC. 1232. MODIFICATIONS OF RULES FOR ORIGINAL ISSUE DISCOUNT ON CERTAIN HIGH YIELD OBLIGATIONS.

(a) Suspension of Special Rules- Section 163(e)(5) (relating to special rules for original issue discount on certain high yield obligations) is amended by redesignating subparagraph (F) as subparagraph (G) and by inserting after subparagraph (E) the following new subparagraph:

`(F) SUSPENSION OF APPLICATION OF PARAGRAPH-

`(i) TEMPORARY SUSPENSION- This paragraph shall not apply to any applicable high yield discount obligation issued during the period beginning on September 1, 2008, and ending on December 31, 2009, in exchange (including an exchange resulting from a modification of the debt instrument) for an obligation which is not an applicable high yield discount obligation and the issuer (or obligor) of which is the same as the issuer (or obligor) of such applicable high yield discount obligation. The preceding sentence shall not apply to any obligation the interest on which is interest described in section 871(h)(4) (without regard to subparagraph (D) thereof) or to any obligation issued to a related person (within the meaning of section 108(e)(4)).

`(ii) SUCCESSIVE APPLICATION- Any obligation to which clause (i) applies shall not be treated as an applicable high yield discount obligation for purposes of applying this subparagraph to any other obligation issued in exchange for such obligation.

`(iii) SECRETARIAL AUTHORITY TO SUSPEND APPLICATION- The Secretary may apply this paragraph with respect to debt instruments issued in periods following the period described in clause (i) if the Secretary determines that such application is appropriate in light of distressed conditions in the debt capital markets.'.

(b) Interest Rate Used in Determining High Yield Obligations- The last sentence of section 163(i)(1) is amended--

(1) by inserting `(i)' after `regulation', and

(2) by inserting `, or (ii) permit, on a temporary basis, a rate to be used with respect to any debt instrument which is higher than the applicable Federal rate if the Secretary determines that such rate is appropriate in light of distressed conditions in the debt capital markets' before the period at the end.

(c) Effective Date-

(1) SUSPENSION- The amendments made by subsection (a) shall apply to obligations issued after August 31, 2008, in taxable years ending after such date.

(2) INTEREST RATE AUTHORITY- The amendments made by subsection (b) shall apply to obligations issued after December 31, 2009, in taxable years ending after such date.

PART V--QUALIFIED SMALL BUSINESS STOCK

SEC. 1241. SPECIAL RULES APPLICABLE TO QUALIFIED SMALL BUSINESS STOCK FOR 2009 AND 2010.

(a) In General- Section 1202(a) is amended by adding at the end the following new paragraph:

`(3) SPECIAL RULES FOR 2009 AND 2010- In the case of qualified small business stock acquired after the date of the enactment of this paragraph and before January 1, 2011--

`(A) paragraph (1) shall be applied by substituting `75 percent' for `50 percent', and

`(B) paragraph (2) shall not apply.'.

(b) Effective Date- The amendment made by this section shall apply to stock acquired after the date of the enactment of this Act.

PART VI--S CORPORATIONS

SEC. 1251. TEMPORARY REDUCTION IN RECOGNITION PERIOD FOR BUILT-IN GAINS TAX.

(a) In General- Paragraph (7) of section 1374(d) (relating to definitions and special rules) is amended to read as follows:

`(7) RECOGNITION PERIOD-

`(A) IN GENERAL- The term `recognition period' means the 10-year period beginning with the 1st day of the 1st taxable year for which the corporation was an S corporation.

`(B) SPECIAL RULE FOR 2009 AND 2010- In the case of any taxable year beginning in 2009 or 2010, no tax shall be imposed on the net recognized built-in gain of an S corporation if the 7th taxable year in the recognition period preceded such taxable year. The preceding sentence shall be applied separately with respect to any asset to which paragraph (8) applies.

`(C) SPECIAL RULE FOR DISTRIBUTIONS TO SHAREHOLDERS- For purposes of applying this section to any amount includible in income by reason of distributions to shareholders pursuant to section 593(e)--

`(i) subparagraph (A) shall be applied without regard to the phrase `10-year', and

`(ii) subparagraph (B) shall not apply.'.

(b) Effective Date- The amendment made by this section shall apply to taxable years beginning after December 31, 2008.

PART VII--RULES RELATING TO OWNERSHIP CHANGES

SEC. 1261. CLARIFICATION OF REGULATIONS RELATED TO LIMITATIONS ON CERTAIN BUILT-IN LOSSES FOLLOWING AN OWNERSHIP CHANGE.

(a) Findings- Congress finds as follows:

(1) The delegation of authority to the Secretary of the Treasury under section 382(m) of the Internal Revenue Code of 1986 does not authorize the Secretary to provide exemptions or special rules that are restricted to particular industries or classes of taxpayers.

(2) Internal Revenue Service Notice 2008-83 is inconsistent with the congressional intent in enacting such section 382(m).

(3) The legal authority to prescribe Internal Revenue Service Notice 2008-83 is doubtful.

(4) However, as taxpayers should generally be able to rely on guidance issued by the Secretary of the Treasury legislation is necessary to clarify the force and effect of Internal Revenue Service Notice 2008-83 and restore the proper application under the Internal Revenue Code of 1986 of the limitation on built-in losses following an ownership change of a bank.

(b) Determination of Force and Effect of Internal Revenue Service Notice 2008-83 Exempting Banks From Limitation on Certain Built-in Losses Following Ownership Change-

(1) IN GENERAL- Internal Revenue Service Notice 2008-83--

(A) shall be deemed to have the force and effect of law with respect to any ownership change (as defined in section 382(g) of the Internal Revenue Code of 1986) occurring on or before January 16, 2009, and

(B) shall have no force or effect with respect to any ownership change after such date.

(2) BINDING CONTRACTS- Notwithstanding paragraph (1), Internal Revenue Service Notice 2008-83 shall have the force and effect of law with respect to any ownership change (as so defined) which occurs after January 16, 2009, if such change--

(A) is pursuant to a written binding contract entered into on or before such date, or

(B) is pursuant to a written agreement entered into on or before such date and such agreement was described on or before such date in a public announcement or in a filing with the Securities and Exchange Commission required by reason of such ownership change.

SEC. 1262. TREATMENT OF CERTAIN OWNERSHIP CHANGES FOR PURPOSES OF LIMITATIONS ON NET OPERATING LOSS CARRYFORWARDS AND CERTAIN BUILT-IN LOSSES.

(a) In General- Section 382 is amended by adding at the end the following new subsection:

`(n) Special Rule for Certain Ownership Changes-

`(1) IN GENERAL- The limitation contained in subsection (a) shall not apply in the case of an ownership change which is pursuant to a restructuring plan of a taxpayer which--

`(A) is required under a loan agreement or a commitment for a line of credit entered into with the Department of the Treasury under the Emergency Economic Stabilization Act of 2008, and

`(B) is intended to result in a rationalization of the costs, capitalization, and capacity with respect to the manufacturing workforce of, and suppliers to, the taxpayer and its subsidiaries.

`(2) SUBSEQUENT ACQUISITIONS- Paragraph (1) shall not apply in the case of any subsequent ownership change unless such ownership change is described in such paragraph.

`(3) LIMITATION BASED ON CONTROL IN CORPORATION-

`(A) IN GENERAL- Paragraph (1) shall not apply in the case of any ownership change if, immediately after such ownership change, any person (other than a voluntary employees' beneficiary association under section 501(c)(9)) owns stock of the new loss corporation possessing 50 percent or more of the total combined voting power of all classes of stock entitled to vote, or of the total value of the stock of such corporation.

`(B) TREATMENT OF RELATED PERSONS-

`(i) IN GENERAL- Related persons shall be treated as a single person for purposes of this paragraph.

`(ii) RELATED PERSONS- For purposes of clause (i), a person shall be treated as related to another person if--

`(I) such person bears a relationship to such other person described in section 267(b) or 707(b), or

`(II) such persons are members of a group of persons acting in concert.'.

(b) Effective Date- The amendment made by this section shall apply to ownership changes after the date of the enactment of this Act.

SEC. 1301. TEMPORARY EXPANSION OF AVAILABILITY OF INDUSTRIAL DEVELOPMENT BONDS TO FACILITIES MANUFACTURING INTANGIBLE PROPERTY.

(a) In General- Subparagraph (C) of section 144(a)(12) is amended--

(1) by striking `For purposes of this paragraph, the term' and inserting `For purposes of this paragraph--

`(i) IN GENERAL- The term', and

(2) by striking the last sentence and inserting the following new clauses:

`(ii) CERTAIN FACILITIES INCLUDED- Such term includes facilities which are directly related and ancillary to a manufacturing facility (determined without regard to this clause) if--

`(I) such facilities are located on the same site as the manufacturing facility, and

`(II) not more than 25 percent of the net proceeds of the issue are used to provide such facilities.

`(iii) SPECIAL RULES FOR BONDS ISSUED IN 2009 AND 2010- In the case of any issue made after the date of enactment of this clause and before January 1, 2011, clause (ii) shall not apply and the net proceeds from a bond shall be considered to be used to provide a manufacturing facility if such proceeds are used to provide--

`(I) a facility which is used in the creation or production of intangible property which is described in section 197(d)(1)(C)(iii), or

`(II) a facility which is functionally related and subordinate to a manufacturing facility (determined without regard to this subclause) if such facility is located on the same site as the manufacturing facility.'.

(b) Effective Date- The amendments made by this section shall apply to obligations issued after the date of the enactment of this Act.

SEC. 1302. CREDIT FOR INVESTMENT IN ADVANCED ENERGY FACILITIES.

(a) In General- Section 46 (relating to amount of credit) is amended by striking `and' at the end of paragraph (3), by striking the period at the end of paragraph (4), and by adding at the end the following new paragraph:

`(5) the qualifying advanced energy project credit.'.

(b) Amount of Credit- Subpart E of part IV of subchapter A of chapter 1 (relating to rules for computing investment credit) is amended by inserting after section 48B the following new section:

`SEC. 48C. QUALIFYING ADVANCED ENERGY PROJECT CREDIT.

`(a) In General- For purposes of section 46, the qualifying advanced energy project credit for any taxable year is an amount equal to 30 percent of the qualified investment for such taxable year with respect to any qualifying advanced energy project of the taxpayer.

`(b) Qualified Investment-

`(1) IN GENERAL- For purposes of subsection (a), the qualified investment for any taxable year is the basis of eligible property placed in service by the taxpayer during such taxable year which is part of a qualifying advanced energy project.

`(2) CERTAIN QUALIFIED PROGRESS EXPENDITURES RULES MADE APPLICABLE- Rules similar to the rules of subsections (c)(4) and (d) of section 46 (as in effect on the day before the enactment of the Revenue Reconciliation Act of 1990) shall apply for purposes of this section.

`(3) LIMITATION- The amount which is treated for all taxable years with respect to any qualifying advanced energy project shall not exceed the amount designated by the Secretary as eligible for the credit under this section.

`(c) Definitions-

`(1) QUALIFYING ADVANCED ENERGY PROJECT-

`(A) IN GENERAL- The term `qualifying advanced energy project' means a project--

`(i) which re-equips, expands, or establishes a manufacturing facility for the production of--

`(I) property designed to be used to produce energy from the sun, wind, geothermal deposits (within the meaning of section 613(e)(2)), or other renewable resources,

`(II) fuel cells, microturbines, or an energy storage system for use with electric or hybrid-electric motor vehicles,

`(III) electric grids to support the transmission of intermittent sources of renewable energy, including storage of such energy,

`(IV) property designed to capture and sequester carbon dioxide emissions,

`(V) property designed to refine or blend renewable fuels or to produce energy conservation technologies (including energy-conserving lighting technologies and smart grid technologies),

`(VI) new qualified plug-in electric drive motor vehicles (as defined by section 30D), qualified plug-in electric vehicles (as defined by section 30(d)), or components which are designed specifically for use with such vehicles, including electric motors, generators, and power control units, or

`(VII) other advanced energy property designed to reduce greenhouse gas emissions as may be determined by the Secretary, and

`(ii) any portion of the qualified investment of which is certified by the Secretary under subsection (d) as eligible for a credit under this section.

`(B) EXCEPTION- Such term shall not include any portion of a project for the production of any property which is used in the refining or blending of any transportation fuel (other than renewable fuels).

`(2) ELIGIBLE PROPERTY- The term `eligible property' means any property--

`(A) which is necessary for the production of property described in paragraph (1)(A)(i),

`(B) which is--

`(i) tangible personal property, or

`(ii) other tangible property (not including a building or its structural components), but only if such property is used as an integral part of the qualified investment credit facility, and

`(C) with respect to which depreciation (or amortization in lieu of depreciation) is allowable.

`(d) Qualifying Advanced Energy Project Program-

`(1) ESTABLISHMENT-

`(A) IN GENERAL- Not later than 180 days after the date of enactment of this section, the Secretary, in consultation with the Secretary of Energy, shall establish a qualifying advanced energy project program to consider and award certifications for qualified investments eligible for credits under this section to qualifying advanced energy project sponsors.

`(B) LIMITATION- The total amount of credits that may be allocated under the program shall not exceed $2,300,000,000.

`(2) CERTIFICATION-

`(A) APPLICATION PERIOD- Each applicant for certification under this paragraph shall submit an application containing such information as the Secretary may require during the 2-year period beginning on the date the Secretary establishes the program under paragraph (1).

`(B) TIME TO MEET CRITERIA FOR CERTIFICATION- Each applicant for certification shall have 1 year from the date of acceptance by the Secretary of the application during which to provide to the Secretary evidence that the requirements of the certification have been met.

`(C) PERIOD OF ISSUANCE- An applicant which receives a certification shall have 3 years from the date of issuance of the certification in order to place the project in service and if such project is not placed in service by that time period, then the certification shall no longer be valid.

`(3) SELECTION CRITERIA- In determining which qualifying advanced energy projects to certify under this section, the Secretary--

`(A) shall take into consideration only those projects where there is a reasonable expectation of commercial viability, and

`(B) shall take into consideration which projects--

`(i) will provide the greatest domestic job creation (both direct and indirect) during the credit period,

`(ii) will provide the greatest net impact in avoiding or reducing air pollutants or anthropogenic emissions of greenhouse gases,

`(iii) have the greatest potential for technological innovation and commercial deployment,

`(iv) have the lowest levelized cost of generated or stored energy, or of measured reduction in energy consumption or greenhouse gas emission (based on costs of the full supply chain), and

`(v) have the shortest project time from certification to completion.

`(4) REVIEW AND REDISTRIBUTION-

`(A) REVIEW- Not later than 4 years after the date of enactment of this section, the Secretary shall review the credits allocated under this section as of such date.

`(B) REDISTRIBUTION- The Secretary may reallocate credits awarded under this section if the Secretary determines that--

`(i) there is an insufficient quantity of qualifying applications for certification pending at the time of the review, or

`(ii) any certification made pursuant to paragraph (2) has been revoked pursuant to paragraph (2)(B) because the project subject to the certification has been delayed as a result of third party opposition or litigation to the proposed project.

`(C) REALLOCATION- If the Secretary determines that credits under this section are available for reallocation pursuant to the requirements set forth in paragraph (2), the Secretary is authorized to conduct an additional program for applications for certification.

`(5) DISCLOSURE OF ALLOCATIONS- The Secretary shall, upon making a certification under this subsection, publicly disclose the identity of the applicant and the amount of the credit with respect to such applicant.

`(e) Denial of Double Benefit- A credit shall not be allowed under this section for any qualified investment for which a credit is allowed under section 48, 48A, or 48B.'.

(c) Conforming Amendments-

(1) Section 49(a)(1)(C) is amended by striking `and' at the end of clause (iii), by striking the period at the end of clause (iv) and inserting `, and', and by adding after clause (iv) the following new clause:

`(v) the basis of any property which is part of a qualifying advanced energy project under section 48C.'.

(2) The table of sections for subpart E of part IV of subchapter A of chapter 1 is amended by inserting after the item relating to section 48B the following new item:

`48C.
Qualifying advanced energy project credit.'.
 
(d) Effective Date- The amendments made by this section shall apply to periods after the date of the enactment of this Act, under rules similar to the rules of section 48(m) of the Internal Revenue Code of 1986 (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990).
 
 
Subtitle E--Economic Recovery Tools
 
 
SEC. 1401. RECOVERY ZONE BONDS.
 
(a) In General- Subchapter Y of chapter 1 is amended by adding at the end the following new part:
 
`PART III--RECOVERY ZONE BONDS
 
`Sec. 1400U-1. Allocation of recovery zone bonds.
 
`Sec. 1400U-2. Recovery zone economic development bonds.
 
`Sec. 1400U-3. Recovery zone facility bonds.
 
`SEC. 1400U-1. ALLOCATION OF RECOVERY ZONE BONDS.
 
`(a) Allocations-
 
`(1) IN GENERAL-
 
`(A) GENERAL ALLOCATION- The Secretary shall allocate the national recovery zone economic development bond limitation and the national recovery zone facility bond limitation among the States in the proportion that each such State's 2008 State employment decline bears to the aggregate of the 2008 State employment declines for all of the States.
 
`(B) MINIMUM ALLOCATION- The Secretary shall adjust the allocations under subparagraph (A) for any calendar year for each State to the extent necessary to ensure that no State receives less than 0.9 percent of the national recovery zone economic development bond limitation and 0.9 percent of the national recovery zone facility bond limitation.
 
`(2) 2008 STATE EMPLOYMENT DECLINE- For purposes of this subsection, the term `2008 State employment decline' means, with respect to any State, the excess (if any) of--
 
`(A) the number of individuals employed in such State determined for December 2007, over
 
`(B) the number of individuals employed in such State determined for December 2008.
 
`(3) ALLOCATIONS BY STATES-
 
`(A) IN GENERAL- Each State with respect to which an allocation is made under paragraph (1) shall reallocate such allocation among the counties and large municipalities in such State in the proportion to each such county's or municipality's 2008 employment decline bears to the aggregate of the 2008 employment declines for all the counties and municipalities in such State. A county or municipality may waive any portion of an allocation made under this subparagraph.
 
`(B) LARGE MUNICIPALITIES- For purposes of subparagraph (A), the term `large municipality' means a municipality with a population of more than 100,000.
 
`(C) DETERMINATION OF LOCAL EMPLOYMENT DECLINES- For purposes of this paragraph, the employment decline of any municipality or county shall be determined in the same manner as determining the State employment decline under paragraph (2), except that in the case of a municipality any portion of which is in a county, such portion shall be treated as part of such municipality and not part of such county.
 
`(4) NATIONAL LIMITATIONS-
 
`(A) RECOVERY ZONE ECONOMIC DEVELOPMENT BONDS- There is a national recovery zone economic development bond limitation of $10,000,000,000.
 
`(B) RECOVERY ZONE FACILITY BONDS- There is a national recovery zone facility bond limitation of $15,000,000,000.
 
`(b) Recovery Zone- For purposes of this part, the term `recovery zone' means--
 
`(1) any area designated by the issuer as having significant poverty, unemployment, rate of home foreclosures, or general distress,
 
`(2) any area designated by the issuer as economically distressed by reason of the closure or realignment of a military installation pursuant to the Defense Base Closure and Realignment Act of 1990, and
 
`(3) any area for which a designation as an empowerment zone or renewal community is in effect.
 
`SEC. 1400U-2. RECOVERY ZONE ECONOMIC DEVELOPMENT BONDS.
 
`(a) In General- In the case of a recovery zone economic development bond--
 
`(1) such bond shall be treated as a qualified bond for purposes of section 6431, and
 
`(2) subsection (b) of such section shall be applied by substituting `45 percent' for `35 percent'.
 
`(b) Recovery Zone Economic Development Bond-
 
`(1) IN GENERAL- For purposes of this section, the term `recovery zone economic development bond' means any build America bond (as defined in section 54AA(d)) issued before January 1, 2011, as part of issue if--
 
`(A) 100 percent of the excess of--
 
`(i) the available project proceeds (as defined in section 54A) of such issue, over
 
`(ii) the amounts in a reasonably required reserve (within the meaning of section 150(a)(3)) with respect to such issue,
 
are to be used for one or more qualified economic development purposes, and
 
`(B) the issuer designates such bond for purposes of this section.
 
`(2) LIMITATION ON AMOUNT OF BONDS DESIGNATED- The maximum aggregate face amount of bonds which may be designated by any issuer under paragraph (1) shall not exceed the amount of the recovery zone economic development bond limitation allocated to such issuer under section 1400U-1.
 
`(c) Qualified Economic Development Purpose- For purposes of this section, the term `qualified economic development purpose' means expenditures for purposes of promoting development or other economic activity in a recovery zone, including--
 
`(1) capital expenditures paid or incurred with respect to property located in such zone,
 
`(2) expenditures for public infrastructure and construction of public facilities, and
 
`(3) expenditures for job training and educational programs.
 
`SEC. 1400U-3. RECOVERY ZONE FACILITY BONDS.
 
`(a) In General- For purposes of part IV of subchapter B (relating to tax exemption requirements for State and local bonds), the term `exempt facility bond' includes any recovery zone facility bond.
 
`(b) Recovery Zone Facility Bond-
 
`(1) IN GENERAL- For purposes of this section, the term `recovery zone facility bond' means any bond issued as part of an issue if--
 
`(A) 95 percent or more of the net proceeds (as defined in section 150(a)(3)) of such issue are to be used for recovery zone property,
 
`(B) such bond is issued before January 1, 2011, and
 
`(C) the issuer designates such bond for purposes of this section.
 
`(2) LIMITATION ON AMOUNT OF BONDS DESIGNATED- The maximum aggregate face amount of bonds which may be designated by any issuer under paragraph (1) shall not exceed the amount of recovery zone facility bond limitation allocated to such issuer under section 1400U-1.
 
`(c) Recovery Zone Property- For purposes of this section--
 
`(1) IN GENERAL- The term `recovery zone property' means any property to which section 168 applies (or would apply but for section 179) if--
 
`(A) such property was constructed, reconstructed, renovated, or acquired by purchase (as defined in section 179(d)(2)) by the taxpayer after the date on which the designation of the recovery zone took effect,
 
`(B) the original use of which in the recovery zone commences with the taxpayer, and
 
`(C) substantially all of the use of which is in the recovery zone and is in the active conduct of a qualified business by the taxpayer in such zone.
 
`(2) QUALIFIED BUSINESS- The term `qualified business' means any trade or business except that--
 
`(A) the rental to others of real property located in a recovery zone shall be treated as a qualified business only if the property is not residential rental property (as defined in section 168(e)(2)), and
 
`(B) such term shall not include any trade or business consisting of the operation of any facility described in section 144(c)(6)(B).
 
`(3) SPECIAL RULES FOR SUBSTANTIAL RENOVATIONS AND SALE-LEASEBACK- Rules similar to the rules of subsections (a)(2) and (b) of section 1397D shall apply for purposes of this subsection.
 
`(d) Nonapplication of Certain Rules- Sections 146 (relating to volume cap) and 147(d) (relating to acquisition of existing property not permitted) shall not apply to any recovery zone facility bond.'.
 
(b) Clerical Amendment- The table of parts for subchapter Y of chapter 1 of such Code is amended by adding at the end the following new item:
 
`Part III. Recovery Zone Bonds.'.
 
(c) Effective Date- The amendments made by this section shall apply to obligations issued after the date of the enactment of this Act.
 
SEC. 1402. TRIBAL ECONOMIC DEVELOPMENT BONDS.
 
(a) In General- Section 7871 is amended by adding at the end the following new subsection:
 
`(f) Tribal Economic Development Bonds-
 
`(1) ALLOCATION OF LIMITATION-
 
`(A) IN GENERAL- The Secretary shall allocate the national tribal economic development bond limitation among the Indian tribal governments in such manner as the Secretary, in consultation with the Secretary of the Interior, determines appropriate.
 
`(B) NATIONAL LIMITATION- There is a national tribal economic development bond limitation of $2,000,000,000.
 
`(2) BONDS TREATED AS EXEMPT FROM TAX- In the case of a tribal economic development bond--
 
`(A) notwithstanding subsection (c), such bond shall be treated for purposes of this title in the same manner as if such bond were issued by a State,
 
`(B) the Indian tribal government issuing such bond and any instrumentality of such Indian tribal government shall be treated as a State for purposes of section 141, and
 
`(C) section 146 shall not apply.
 
`(3) TRIBAL ECONOMIC DEVELOPMENT BOND-
 
`(A) IN GENERAL- For purposes of this section, the term `tribal economic development bond' means any bond issued by an Indian tribal government--
 
`(i) the interest on which would be exempt from tax under section 103 if issued by a State or local government, and
 
`(ii) which is designated by the Indian tribal government as a tribal economic development bond for purposes of this subsection.
 
`(B) EXCEPTIONS- Such term shall not include any bond issued as part of an issue if any portion of the proceeds of such issue are used to finance--
 
`(i) any portion of a building in which class II or class III gaming (as defined in section 4 of the Indian Gaming Regulatory Act) is conducted or housed or any other property actually used in the conduct of such gaming, or
 
`(ii) any facility located outside the Indian reservation (as defined in section 168(j)(6)).
 
`(C) LIMITATION ON AMOUNT OF BONDS DESIGNATED- The maximum aggregate face amount of bonds which may be designated by any Indian tribal government under subparagraph (A) shall not exceed the amount of national tribal economic development bond limitation allocated to such government under paragraph (1).'.
 
(b) Study- The Secretary of the Treasury, or the Secretary's delegate, shall conduct a study of the effects of the amendment made by subsection (a). Not later than 1 year after the date of the enactment of this Act, the Secretary of the Treasury, or the Secretary's delegate, shall report to Congress on the results of the study conducted under this paragraph, including the Secretary's recommendations regarding such amendment.
 
(c) Effective Date- The amendment made by subsection (a) shall apply to obligations issued after the date of the enactment of this Act.
 
SEC. 1403. INCREASE IN NEW MARKETS TAX CREDIT.
 
(a) In General- Section 45D(f)(1) is amended--
 
(1) by striking `and' at the end of subparagraph (C),
 
(2) by striking `, 2007, 2008, and 2009.' in subparagraph (D), and inserting `and 2007,', and
 
(3) by adding at the end the following new subparagraphs:
 
`(E) $5,000,000,000 for 2008, and
 
`(F) $5,000,000,000 for 2009.'.
 
(b) Special Rule for Allocation of Increased 2008 Limitation- The amount of the increase in the new markets tax credit limitation for calendar year 2008 by reason of the amendments made by subsection (a) shall be allocated in accordance with section 45D(f)(2) of the Internal Revenue Code of 1986 to qualified community development entities (as defined in section 45D(c) of such Code) which--
 
(1) submitted an allocation application with respect to calendar year 2008, and
 
(2)(A) did not receive an allocation for such calendar year, or
 
(B) received an allocation for such calendar year in an amount less than the amount requested in the allocation application.
 
SEC. 1404. COORDINATION OF LOW-INCOME HOUSING CREDIT AND LOW-INCOME HOUSING GRANTS.
 
Subsection (i) of section 42 is amended by adding at the end the following new paragraph:
 
`(9) COORDINATION WITH LOW-INCOME HOUSING GRANTS-
 
`(A) REDUCTION IN STATE HOUSING CREDIT CEILING FOR LOW-INCOME HOUSING GRANTS RECEIVED IN 2009- For purposes of this section, the amounts described in clauses (i) through (iv) of subsection (h)(3)(C) with respect to any State for 2009 shall each be reduced by so much of such amount as is taken into account in determining the amount of any grant to such State under section 1602 of the American Recovery and Reinvestment Tax Act of 2009.
 
`(B) SPECIAL RULE FOR BASIS- Basis of a qualified low-income building shall not be reduced by the amount of any grant described in subparagraph (A).'.
 
 
Subtitle F--Infrastructure Financing Tools
 
 
PART I--IMPROVED MARKETABILITY FOR TAX-EXEMPT BONDS
 
SEC. 1501. DE MINIMIS SAFE HARBOR EXCEPTION FOR TAX-EXEMPT INTEREST EXPENSE OF FINANCIAL INSTITUTIONS.
 
(a) In General- Subsection (b) of section 265 is amended by adding at the end the following new paragraph:
 
`(7) DE MINIMIS EXCEPTION FOR BONDS ISSUED DURING 2009 OR 2010-
 
`(A) IN GENERAL- In applying paragraph (2)(A), there shall not be taken into account tax-exempt obligations issued during 2009 or 2010.
 
`(B) LIMITATION- The amount of tax-exempt obligations not taken into account by reason of subparagraph (A) shall not exceed 2 percent of the amount determined under paragraph (2)(B).
 
`(C) REFUNDINGS- For purposes of this paragraph, a refunding bond (whether a current or advance refunding) shall be treated as issued on the date of the issuance of the refunded bond (or in the case of a series of refundings, the original bond).'.
 
(b) Treatment as Financial Institution Preference Item- Clause (iv) of section 291(e)(1)(B) is amended by adding at the end the following: `That portion of any obligation not taken into account under paragraph (2)(A) of section 265(b) by reason of paragraph (7) of such section shall be treated for purposes of this section as having been acquired on August 7, 1986.'.
 
(c) Effective Date- The amendments made by this section shall apply to obligations issued after December 31, 2008.
 
SEC. 1502. MODIFICATION OF SMALL ISSUER EXCEPTION TO TAX-EXEMPT INTEREST EXPENSE ALLOCATION RULES FOR FINANCIAL INSTITUTIONS.
 
(a) In General- Paragraph (3) of section 265(b) (relating to exception for certain tax-exempt obligations) is amended by adding at the end the following new subparagraph:
 
`(G) SPECIAL RULES FOR OBLIGATIONS ISSUED DURING 2009 AND 2010-
 
`(i) INCREASE IN LIMITATION- In the case of obligations issued during 2009 or 2010, subparagraphs (C)(i), (D)(i), and (D)(iii)(II) shall each be applied by substituting `$30,000,000' for `$10,000,000'.
 
`(ii) QUALIFIED 501(C)(3) BONDS TREATED AS ISSUED BY EXEMPT ORGANIZATION- In the case of a qualified 501(c)(3) bond (as defined in section 145) issued during 2009 or 2010, this paragraph shall be applied by treating the 501(c)(3) organization for whose benefit such bond was issued as the issuer.
 
`(iii) SPECIAL RULE FOR QUALIFIED FINANCINGS- In the case of a qualified financing issue issued during 2009 or 2010--
 
`(I) subparagraph (F) shall not apply, and
 
`(II) any obligation issued as a part of such issue shall be treated as a qualified tax-exempt obligation if the requirements of this paragraph are met with respect to each qualified portion of the issue (determined by treating each qualified portion as a separate issue which is issued by the qualified borrower with respect to which such portion relates).
 
`(iv) QUALIFIED FINANCING ISSUE- For purposes of this subparagraph, the term `qualified financing issue' means any composite, pooled, or other conduit financing issue the proceeds of which are used directly or indirectly to make or finance loans to 1 or more ultimate borrowers each of whom is a qualified borrower.
 
`(v) QUALIFIED PORTION- For purposes of this subparagraph, the term `qualified portion' means that portion of the proceeds which are used with respect to each qualified borrower under the issue.
 
`(vi) QUALIFIED BORROWER- For purposes of this subparagraph, the term `qualified borrower' means a borrower which is a State or political subdivision thereof or an organization described in section 501(c)(3) and exempt from taxation under section 501(a).'.
 
(b) Effective Date- The amendment made by this section shall apply to obligations issued after December 31, 2008.
 
SEC. 1503. TEMPORARY MODIFICATION OF ALTERNATIVE MINIMUM TAX LIMITATIONS ON TAX-EXEMPT BONDS.
 
(a) Interest on Private Activity Bonds Issued During 2009 and 2010 Not Treated as Tax Preference Item- Subparagraph (C) of section 57(a)(5) is amended by adding at the end a new clause:
 
`(vi) EXCEPTION FOR BONDS ISSUED IN 2009 AND 2010-
 
`(I) IN GENERAL- For purposes of clause (i), the term `private activity bond' shall not include any bond issued after December 31, 2008, and before January 1, 2011.
 
`(II) TREATMENT OF REFUNDING BONDS- For purposes of subclause (I), a refunding bond (whether a current or advance refunding) shall be treated as issued on the date of the issuance of the refunded bond (or in the case of a series of refundings, the original bond).
 
`(III) EXCEPTION FOR CERTAIN REFUNDING BONDS- Subclause (II) shall not apply to any refunding bond which is issued to refund any bond which was issued after December 31, 2003, and before January 1, 2009.'.
 
(b) No Adjustment to Adjusted Current Earnings for Interest on Tax-Exempt Bonds Issued During 2009 and 2010- Subparagraph (B) of section 56(g)(4) is amended by adding at the end the following new clause:
 
`(iv) TAX EXEMPT INTEREST ON BONDS ISSUED IN 2009 AND 2010-
 
`(I) IN GENERAL- Clause (i) shall not apply in the case of any interest on a bond issued after December 31, 2008, and before January 1, 2011.
 
`(II) TREATMENT OF REFUNDING BONDS- For purposes of subclause (I), a refunding bond (whether a current or advance refunding) shall be treated as issued on the date of the issuance of the refunded bond (or in the case of a series of refundings, the original bond).
 
`(III) EXCEPTION FOR CERTAIN REFUNDING BONDS- Subclause (II) shall not apply to any refunding bond which is issued to refund any bond which was issued after December 31, 2003, and before January 1, 2009.'.
 
(c) Effective Date- The amendments made by this section shall apply to obligations issued after December 31, 2008.
 
SEC.
1504. MODIFICATION TO HIGH SPEED INTERCITY RAIL FACILITY BONDS.
 
 
(a) In General- Paragraph (1) of section 142(i) is amended by striking `operate at speeds in excess of' and inserting `be capable of attaining a maximum speed in excess of'.
 
(b) Effective Date- The amendment made by this section shall apply to obligations issued after the date of the enactment of this Act.
 
PART II--DELAY IN APPLICATION OF WITHHOLDING TAX ON GOVERNMENT CONTRACTORS
 
SEC. 1511. DELAY IN APPLICATION OF WITHHOLDING TAX ON GOVERNMENT CONTRACTORS.
 
Subsection (b) of section 511 of the Tax Increase Prevention and Reconciliation Act of 2005 is amended by striking `December 31, 2010' and inserting `December 31, 2011'.
 
PART III--TAX CREDIT BONDS FOR SCHOOLS
 
SEC. 1521. QUALIFIED SCHOOL CONSTRUCTION BONDS.
 
(a) In General- Subpart I of part IV of subchapter A of chapter 1 is amended by adding at the end the following new section:
 
`SEC. 54F. QUALIFIED SCHOOL CONSTRUCTION BONDS.
 
`(a) Qualified School Construction Bond- For purposes of this subchapter, the term `qualified school construction bond' means any bond issued as part of an issue if--
 
`(1) 100 percent of the available project proceeds of such issue are to be used for the construction, rehabilitation, or repair of a public school facility or for the acquisition of land on which such a facility is to be constructed with part of the proceeds of such issue,
 
`(2) the bond is issued by a State or local government within the jurisdiction of which such school is located, and
 
`(3) the issuer designates such bond for purposes of this section.
 
`(b) Limitation on Amount of Bonds Designated- The maximum aggregate face amount of bonds issued during any calendar year which may be designated under subsection (a) by any issuer shall not exceed the limitation amount allocated under subsection (d) for such calendar year to such issuer.
 
`(c) National Limitation on Amount of Bonds Designated- There is a national qualified school construction bond limitation for each calendar year. Such limitation is--
 
`(1) $11,000,000,000 for 2009,
 
`(2) $11,000,000,000 for 2010, and
 
`(3) except as provided in subsection (e), zero after 2010.
 
`(d) Allocation of Limitation-
 
`(1) ALLOCATION AMONG STATES- Except as provided in paragraph (2)(C), the limitation applicable under subsection (c) for any calendar year shall be allocated by the Secretary among the States in proportion to the respective amounts each such State is eligible to receive under section 1124 of the Elementary and Secondary Education Act of 1965 (20 U.S.C. 6333) for the most recent fiscal year ending before such calendar year. The limitation amount allocated to a State under the preceding sentence shall be allocated by the State to issuers within such State.
 
`(2) 40 PERCENT OF LIMITATION ALLOCATED AMONG LARGEST SCHOOL DISTRICTS-
 
`(A) IN GENERAL- 40 percent of the limitation applicable under subsection (c) for any calendar year shall be allocated under subparagraph (B) by the Secretary among local educational agencies which are large local educational agencies for such year.
 
`(B) ALLOCATION FORMULA- The amount to be allocated under subparagraph (A) for any calendar year shall be allocated among large local educational agencies in proportion to the respective amounts each such agency received under section 1124 of the Elementary and Secondary Education Act of 1965 (20 U.S.C. 6333) for the most recent fiscal year ending before such calendar year.
 
`(C) REDUCTION IN STATE ALLOCATION- The allocation to any State under paragraph (1) shall be reduced by the aggregate amount of the allocations under this paragraph to large local educational agencies within such State.
 
`(D) ALLOCATION OF UNUSED LIMITATION TO STATE- The amount allocated under this paragraph to a large local educational agency for any calendar year may be reallocated by such agency to the State in which such agency is located for such calendar year. Any amount reallocated to a State under the preceding sentence may be allocated as provided in paragraph (1).
 
`(E) LARGE LOCAL EDUCATIONAL AGENCY- For purposes of this paragraph, the term `large local educational agency' means, with respect to a calendar year, any local educational agency if such agency is--
 
`(i) among the 100 local educational agencies with the largest numbers of children aged 5 through 17 from families living below the poverty level, as determined by the Secretary using the most recent data available from the Department of Commerce that are satisfactory to the Secretary, or
 
`(ii) 1 of not more than 25 local educational agencies (other than those described in clause (i)) that the Secretary of Education determines (based on the most recent data available satisfactory to the Secretary) are in particular need of assistance, based on a low level of resources for school construction, a high level of enrollment growth, or such other factors as the Secretary deems appropriate.
 
`(3) ALLOCATIONS TO CERTAIN POSSESSIONS- The amount to be allocated under paragraph (1) to any possession of the United States other than Puerto Rico shall be the amount which would have been allocated if all allocations under paragraph (1) were made on the basis of respective populations of individuals below the poverty line (as defined by the Office of Management and Budget). In making other allocations, the amount to be allocated under paragraph (1) shall be reduced by the aggregate amount allocated under this paragraph to possessions of the United States.
 
`(4) ALLOCATIONS FOR INDIAN SCHOOLS- In addition to the amounts otherwise allocated under this subsection, $200,000,000 for calendar year 2009, and $200,000,000 for calendar year 2010, shall be allocated by the Secretary of the Interior for purposes of the construction, rehabilitation, and repair of schools funded by the Bureau of Indian Affairs. In the case of amounts allocated under the preceding sentence, Indian tribal governments (as defined in section 7701(a)(40)) shall be treated as qualified issuers for purposes of this subchapter.
 
`(e) Carryover of Unused Limitation- If for any calendar year--
 
`(1) the amount allocated under subsection (d) to any State, exceeds
 
`(2) the amount of bonds issued during such year which are designated under subsection (a) pursuant to such allocation,
 
the limitation amount under such subsection for such State for the following calendar year shall be increased by the amount of such excess. A similar rule shall apply to the amounts allocated under subsection (d)(4).'.
 
(b) Conforming Amendments-
 
(1) Paragraph (1) of section 54A(d) is amended by striking `or' at the end of subparagraph (C), by inserting `or' at the end of subparagraph (D), and by inserting after subparagraph (D) the following new subparagraph:
 
`(E) a qualified school construction bond,'.
 
(2) Subparagraph (C) of section 54A(d)(2) is amended by striking `and' at the end of clause (iii), by striking the period at the end of clause (iv) and inserting `, and', and by adding at the end the following new clause:
 
`(v) in the case of a qualified school construction bond, a purpose specified in section 54F(a)(1).'.
 
(3) The table of sections for subpart I of part IV of subchapter A of chapter 1 is amended by adding at the end the following new item:
 
`Sec. 54F. Qualified school construction bonds.'.
 
(c) Effective Date- The amendments made by this section shall apply to obligations issued after the date of the enactment of this Act.
 
SEC. 1522. EXTENSION AND EXPANSION OF QUALIFIED ZONE ACADEMY BONDS.
 
(a) In General- Section 54E(c)(1) is amended by striking `and 2009' and inserting `and $1,400,000,000 for 2009 and 2010'.
 
(b) Effective Date- The amendment made by this section shall apply to obligations issued after December 31, 2008.
 
PART IV--BUILD AMERICA BONDS
 
SEC. 1531. BUILD AMERICA BONDS.
 
(a) In General- Part IV of subchapter A of chapter 1 is amended by adding at the end the following new subpart:
 
`Subpart J--Build America Bonds
 
`Sec. 54AA. Build America bonds.
 
`SEC. 54AA. BUILD AMERICA BONDS.
 
`(a) In General- If a taxpayer holds a build America bond on one or more interest payment dates of the bond during any taxable year, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the sum of the credits determined under subsection (b) with respect to such dates.
 
`(b) Amount of Credit- The amount of the credit determined under this subsection with respect to any interest payment date for a build America bond is 35 percent of the amount of interest payable by the issuer with respect to such date .
 
`(c) Limitation Based on Amount of Tax-
 
`(1) IN GENERAL- The credit allowed under subsection (a) for any taxable year shall not exceed the excess of--
 
`(A) the sum of the regular tax liability (as defined in section 26(b)) plus the tax imposed by section 55, over
 
`(B) the sum of the credits allowable under this part (other than subpart C and this subpart).
 
`(2) CARRYOVER OF UNUSED CREDIT- If the credit allowable under subsection (a) exceeds the limitation imposed by paragraph (1) for such taxable year, such excess shall be carried to the succeeding taxable year and added to the credit allowable under subsection (a) for such taxable year (determined before the application of paragraph (1) for such succeeding taxable year).
 
`(d) Build America Bond-
 
`(1) IN GENERAL- For purposes of this section, the term `build America bond' means any obligation (other than a private activity bond) if--
 
`(A) the interest on such obligation would (but for this section) be excludable from gross income under section 103,
 
`(B) such obligation is issued before January 1, 2011, and
 
`(C) the issuer makes an irrevocable election to have this section apply.
 
`(2) APPLICABLE RULES- For purposes of applying paragraph (1)--
 
`(A) for purposes of section 149(b), a build America bond shall not be treated as federally guaranteed by reason of the credit allowed under subsection (a) or section 6431,
 
`(B) for purposes of section 148, the yield on a build America bond shall be determined without regard to the credit allowed under subsection (a), and
 
`(C) a bond shall not be treated as a build America bond if the issue price has more than a de minimis amount (determined under rules similar to the rules of section 1273(a)(3)) of premium over the stated principal amount of the bond.
 
`(e) Interest Payment Date- For purposes of this section, the term `interest payment date' means any date on which the holder of record of the build America bond is entitled to a payment of interest under such bond.
 
`(f) Special Rules-
 
`(1) INTEREST ON BUILD AMERICA BONDS INCLUDIBLE IN GROSS INCOME FOR FEDERAL INCOME TAX PURPOSES- For purposes of this title, interest on any build America bond shall be includible in gross income.
 
`(2) APPLICATION OF CERTAIN RULES- Rules similar to the rules of subsections (f), (g), (h), and (i) of section 54A shall apply for purposes of the credit allowed under subsection (a).
 
`(g) Special Rule for Qualified Bonds Issued Before 2011- In the case of a qualified bond issued before January 1, 2011--
 
`(1) ISSUER ALLOWED REFUNDABLE CREDIT- In lieu of any credit allowed under this section with respect to such bond, the issuer of such bond shall be allowed a credit as provided in section 6431.
 
`(2) QUALIFIED BOND- For purposes of this subsection, the term `qualified bond' means any build America bond issued as part of an issue if--
 
`(A) 100 percent of the excess of--
 
`(i) the available project proceeds (as defined in section 54A) of such issue, over
 
`(ii) the amounts in a reasonably required reserve (within the meaning of section 150(a)(3)) with respect to such issue,
 
are to be used for capital expenditures, and
 
`(B) the issuer makes an irrevocable election to have this subsection apply.
 
`(h) Regulations- The Secretary may prescribe such regulations and other guidance as may be necessary or appropriate to carry out this section and section 6431.'.
 
(b) Credit for Qualified Bonds Issued Before 2011- Subchapter B of chapter 65 is amended by adding at the end the following new section:
 
`SEC. 6431. CREDIT FOR QUALIFIED BONDS ALLOWED TO ISSUER.
 
`(a) In General- In the case of a qualified bond issued before January 1, 2011, the issuer of such bond shall be allowed a credit with respect to each interest payment under such bond which shall be payable by the Secretary as provided in subsection (b).
 
`(b) Payment of Credit- The Secretary shall pay (contemporaneously with each interest payment date under such bond) to the issuer of such bond (or to any person who makes such interest payments on behalf of the issuer) 35 percent of the interest payable under such bond on such date.
 
`(c) Application of Arbitrage Rules- For purposes of section 148, the yield on a qualified bond shall be reduced by the credit allowed under this section.
 
`(d) Interest Payment Date- For purposes of this subsection, the term `interest payment date' means each date on which interest is payable by the issuer under the terms of the bond.
 
`(e) Qualified Bond- For purposes of this subsection, the term `qualified bond' has the meaning given such term in section 54AA(g).'.
 
(c) Conforming Amendments-
 
(1) Section 1324(b)(2) of title 31, United States Code, is amended by striking `or 6428' and inserting `6428, or 6431,'.
 
(2) Section 54A(c)(1)(B) is amended by striking `subpart C' and inserting `subparts C and J'.
 
(3) Sections 54(c)(2), 1397E(c)(2), and 1400N(l)(3)(B) are each amended by striking `and I' and inserting `, I, and J'.
 
(4) Section 6211(b)(4)(A) is amended by striking `and 6428' and inserting `6428, and 6431'.
 
(5) Section 6401(b)(1) is amended by striking `and I' and inserting `I, and J'.
 
(6) The table of subparts for part IV of subchapter A of chapter 1 is amended by adding at the end the following new item:
 
`subpart j. build america bonds.'.
 
(7) The table of section for subchapter B of chapter 65 is amended by adding at the end the following new item:
 
`Sec. 6431. Credit for qualified bonds allowed to issuer.'.
 
(d) Transitional Coordination With State Law- Except as otherwise provided by a State after the date of the enactment of this Act, the interest on any build America bond (as defined in section 54AA of the Internal Revenue Code of 1986, as added by this section) and the amount of any credit determined under such section with respect to such bond shall be treated for purposes of the income tax laws of such State as being exempt from Federal income tax.
 
(e) Effective Date- The amendments made by this section shall apply to obligations issued after the date of the enactment of this Act.
 
PART V--REGULATED INVESTMENT COMPANIES ALLOWED TO PASS-THRU TAX CREDIT BOND CREDITS
 
SEC. 1541. REGULATED INVESTMENT COMPANIES ALLOWED TO PASS-THRU TAX CREDIT BOND CREDITS.
 
(a) In General- Part I of subchapter M of chapter 1 is amended by inserting after section 853 the following new section:
 
`SEC. 853A. CREDITS FROM TAX CREDIT BONDS ALLOWED TO SHAREHOLDERS.
 
`(a) General Rule- A regulated investment company--
 
`(1) which holds (directly or indirectly) one or more tax credit bonds on one or more applicable dates during the taxable year, and
 
`(2) which meets the requirements of section 852(a) for the taxable year,
 
may elect the application of this section with respect to credits allowable to the investment company during such taxable year with respect to such bonds.
 
`(b) Effect of Election- If the election provided in subsection (a) is in effect for any taxable year--
 
`(1) the regulated investment company shall not be allowed any credits to which subsection (a) applies for such taxable year,
 
`(2) the regulated investment company shall--
 
`(A) include in gross income (as interest) for such taxable year an amount equal to the amount that such investment company would have included in gross income with respect to such credits if this section did not apply, and
 
`(B) increase the amount of the dividends paid deduction for such taxable year by the amount of such income, and
 
`(3) each shareholder of such investment company shall--
 
`(A) include in gross income an amount equal to such shareholder's proportionate share of the interest income attributable to such credits, and
 
`(B) be allowed the shareholder's proportionate share of such credits against the tax imposed by this chapter.
 
`(c) Notice to Shareholders- For purposes of subsection (b)(3), the shareholder's proportionate share of--
 
`(1) credits described in subsection (a), and
 
`(2) gross income in respect of such credits,
 
shall not exceed the amounts so designated by the regulated investment company in a written notice mailed to its shareholders not later than 60 days after the close of its taxable year.
 
`(d) Manner of Making Election and Notifying Shareholders- The election provided in subsection (a) and the notice to shareholders required by subsection (c) shall be made in such manner as the Secretary may prescribe.
 
`(e) Definitions and Special Rules-
 
`(1) DEFINITIONS- For purposes of this subsection--
 
`(A) TAX CREDIT BOND- The term `tax credit bond' means--
 
`(i) a qualified tax credit bond (as defined in section 54A(d)),
 
`(ii) a build America bond (as defined in section 54AA(d)), and
 
`(iii) any bond for which a credit is allowable under subpart H of part IV of subchapter A of this chapter.
 
`(B) APPLICABLE DATE- The term `applicable date' means--
 
`(i) in the case of a qualified tax credit bond or a bond described in subparagraph (A)(iii), any credit allowance date (as defined in section 54A(e)(1)), and
 
`(ii) in the case of a build America bond (as defined in section 54AA(d)), any interest payment date (as defined in section 54AA(e)).
 
`(2) STRIPPED TAX CREDIT BONDS- If the ownership of a tax credit bond is separated from the credit with respect to such bond, subsection (a) shall be applied by reference to the instruments evidencing the entitlement to the credit rather than the tax credit bond.
 
`(f) Regulations, etc- The Secretary shall prescribe such regulations or other guidance as may be necessary or appropriate to carry out the purposes of this section, including methods for determining a shareholder's proportionate share of credits.'.
 
(b) Conforming Amendments-
 
(1) Section 54(l) is amended by striking paragraph (4) and by redesignating paragraphs (5) and (6) as paragraphs (4) and (5), respectively.
 
(2) Section 54A(h) is amended to read as follows:
 
`(h) Bonds Held by Real Estate Investment Trusts- If any qualified tax credit bond is held by a real estate investment trust, the credit determined under subsection (a) shall be allowed to beneficiaries of such trust (and any gross income included under subsection (f) with respect to such credit shall be distributed to such beneficiaries) under procedures prescribed by the Secretary.'.
 
(3) The table of sections for part I of subchapter M of chapter 1 is amended by inserting after the item relating to section 853 the following new item:
 
`Sec.
853A. Credits from tax credit bonds allowed to shareholders.'.
 
(c) Effective Date- The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act.
 
 
Subtitle G--Other Provisions
 
 
SEC. 1601. APPLICATION OF CERTAIN LABOR STANDARDS TO PROJECTS FINANCED WITH CERTAIN TAX-FAVORED BONDS.
 
Subchapter IV of chapter 31 of the title 40, United States Code, shall apply to projects financed with the proceeds of--
 
(1) any new clean renewable energy bond (as defined in section 54C of the Internal Revenue Code of 1986) issued after the date of the enactment of this Act,
 
(2) any qualified energy conservation bond (as defined in section 54D of the Internal Revenue Code of 1986) issued after the date of the enactment of this Act,
 
(3) any qualified zone academy bond (as defined in section 54E of the Internal Revenue Code of 1986) issued after the date of the enactment of this Act,
 
(4) any qualified school construction bond (as defined in section 54F of the Internal Revenue Code of 1986), and
 
(5) any recovery zone economic development bond (as defined in section 1400U-2 of the Internal Revenue Code of 1986).
 
SEC. 1602. GRANTS TO STATES FOR LOW-INCOME HOUSING PROJECTS IN LIEU OF LOW-INCOME HOUSING CREDIT ALLOCATIONS FOR 2009.
 
(a) In General- The Secretary of the Treasury shall make a grant to the housing credit agency of each State in an amount equal to such State's low-income housing grant election amount.
 
(b) Low-Income Housing Grant Election Amount- For purposes of this section, the term `low-income housing grant election amount' means, with respect to any State, such amount as the State may elect which does not exceed 85 percent of the product of--
 
(1) the sum of--
 
(A) 100 percent of the State housing credit ceiling for 2009 which is attributable to amounts described in clauses (i) and (iii) of section 42(h)(3)(C) of the Internal Revenue Code of 1986, and
 
(B) 40 percent of the State housing credit ceiling for 2009 which is attributable to amounts described in clauses (ii) and (iv) of such section, multiplied by
 
(2) 10.
 
(c) Subawards for Low-Income Buildings-
 
(1) IN GENERAL- A State housing credit agency receiving a grant under this section shall use such grant to make subawards to finance the construction or acquisition and rehabilitation of qualified low-income buildings. A subaward under this section may be made to finance a qualified low-income building with or without an allocation under section 42 of the Internal Revenue Code of 1986, except that a State housing credit agency may make subawards to finance qualified low-income buildings without an allocation only if it makes a determination that such use will increase the total funds available to the State to build and rehabilitate affordable housing. In complying with such determination requirement, a State housing credit agency shall establish a process in which applicants that are allocated credits are required to demonstrate good faith efforts to obtain investment commitments for such credits before the agency makes such subawards.
 
(2) SUBAWARDS SUBJECT TO SAME REQUIREMENTS AS LOW-INCOME HOUSING CREDIT ALLOCATIONS- Any such subaward with respect to any qualified low-income building shall be made in the same manner and shall be subject to the same limitations (including rent, income, and use restrictions on such building) as an allocation of housing credit dollar amount allocated by such State housing credit agency under section 42 of the Internal Revenue Code of 1986, except that such subawards shall not be limited by, or otherwise affect (except as provided in subsection (h)(3)(J) of such section), the State housing credit ceiling applicable to such agency.
 
(3) COMPLIANCE AND ASSET MANAGEMENT- The State housing credit agency shall perform asset management functions to ensure compliance with section 42 of the Internal Revenue Code of 1986 and the long-term viability of buildings funded by any subaward under this section. The State housing credit agency may collect reasonable fees from a subaward recipient to cover expenses associated with the performance of its duties under this paragraph. The State housing credit agency may retain an agent or other private contractor to satisfy the requirements of this paragraph.
 
(4) RECAPTURE- The State housing credit agency shall impose conditions or restrictions, including a requirement providing for recapture, on any subaward under this section so as to assure that the building with respect to which such subaward is made remains a qualified low-income building during the compliance period. Any such recapture shall be payable to the Secretary of the Treasury for deposit in the general fund of the Treasury and may be enforced by means of liens or such other methods as the Secretary of the Treasury determines appropriate.
 
(d) Return of Unused Grant Funds- Any grant funds not used to make subawards under this section before January 1, 2011, shall be returned to the Secretary of the Treasury on such date. Any subawards returned to the State housing credit agency on or after such date shall be promptly returned to the Secretary of the Treasury. Any amounts returned to the Secretary of the Treasury under this subsection shall be deposited in the general fund of the Treasury.
 
(e) Definitions- Any term used in this section which is also used in section 42 of the Internal Revenue Code of 1986 shall have the same meaning for purposes of this section as when used in such section 42. Any reference in this section to the Secretary of the Treasury shall be treated as including the Secretary's delegate.
 
(f) Appropriations- There is hereby appropriated to the Secretary of the Treasury such sums as may be necessary to carry out this section.
 
SEC. 1603. GRANTS FOR SPECIFIED ENERGY PROPERTY IN LIEU OF TAX CREDITS.
 
(a) In General- Upon application, the Secretary of the Treasury shall, subject to the requirements of this section, provide a grant to each person who places in service specified energy property to reimburse such person for a portion of the expense of such property as provided in subsection (b). No grant shall be made under this section with respect to any property unless such property--
 
(1) is placed in service during 2009 or 2010, or
 
(2) is placed in service after 2010 and before the credit termination date with respect to such property, but only if the construction of such property began during 2009 or 2010.
 
(b) Grant Amount-
 
(1) IN GENERAL- The amount of the grant under subsection (a) with respect to any specified energy property shall be the applicable percentage of the basis of such property.
 
(2) APPLICABLE PERCENTAGE- For purposes of paragraph (1), the term `applicable percentage' means--
 
(A) 30 percent in the case of any property described in paragraphs (1) through (4) of subsection (d), and
 
(B) 10 percent in the case of any other property.
 
(3) DOLLAR LIMITATIONS- In the case of property described in paragraph (2), (6), or (7) of subsection (d), the amount of any grant under this section with respect to such property shall not exceed the limitation described in section 48(c)(1)(B), 48(c)(2)(B), or 48(c)(3)(B) of the Internal Revenue Code of 1986, respectively, with respect to such property.
 
(c) Time for Payment of Grant- The Secretary of the Treasury shall make payment of any grant under subsection (a) during the 60-day period beginning on the later of--
 
(1) the date of the application for such grant, or
 
(2) the date the specified energy property for which the grant is being made is placed in service.
 
(d) Specified Energy Property- For purposes of this section, the term `specified energy property' means any of the following:
 
(1) QUALIFIED FACILITIES- Any qualified property (as defined in section 48(a)(5)(D) of the Internal Revenue Code of 1986) which is part of a qualified facility (within the meaning of section 45 of such Code) described in paragraph (1), (2), (3), (4), (6), (7), (9), or (11) of section 45(d) of such Code.
 
(2) QUALIFIED FUEL CELL PROPERTY- Any qualified fuel cell property (as defined in section 48(c)(1) of such Code).
 
(3) SOLAR PROPERTY- Any property described in clause (i) or (ii) of section 48(a)(3)(A) of such Code.
 
(4) QUALIFIED SMALL WIND ENERGY PROPERTY- Any qualified small wind energy property (as defined in section 48(c)(4) of such Code).
 
(5) GEOTHERMAL PROPERTY- Any property described in clause (iii) of section 48(a)(3)(A) of such Code.
 
(6) QUALIFIED MICROTURBINE PROPERTY- Any qualified microturbine property (as defined in section 48(c)(2) of such Code).
 
(7) COMBINED HEAT AND POWER SYSTEM PROPERTY- Any combined heat and power system property (as defined in section 48(c)(3) of such Code).
 
(8) GEOTHERMAL HEAT PUMP PROPERTY- Any property described in clause (vii) of section 48(a)(3)(A) of such Code.
 
Such term shall not include any property unless depreciation (or amortization in lieu of depreciation) is allowable with respect to such property.
 
(e) Credit Termination Date- For purposes of this section, the term `credit termination date' means--
 
(1) in the case of any specified energy property which is part of a facility described in paragraph (1) of section 45(d) of the Internal Revenue Code of 1986, January 1, 2013,
 
(2) in the case of any specified energy property which is part of a facility described in paragraph (2), (3), (4), (6), (7), (9), or (11) of section 45(d) of such Code, January 1, 2014, and
 
(3) in the case of any specified energy property described in section 48 of such Code, January 1, 2017.
 
In the case of any property which is described in paragraph (3) and also in another paragraph of this subsection, paragraph (3) shall apply with respect to such property.
 
(f) Application of Certain Rules- In making grants under this section, the Secretary of the Treasury shall apply rules similar to the rules of section 50 of the Internal Revenue Code of 1986. In applying such rules, if the property is disposed of, or otherwise ceases to be specified energy property, the Secretary of the Treasury shall provide for the recapture of the appropriate percentage of the grant amount in such manner as the Secretary of the Treasury determines appropriate.
 
(g) Exception for Certain Non-Taxpayers- The Secretary of the Treasury shall not make any grant under this section to--
 
(1) any Federal, State, or local government (or any political subdivision, agency, or instrumentality thereof),
 
(2) any organization described in section 501(c) of the Internal Revenue Code of 1986 and exempt from tax under section 501(a) of such Code,
 
(3) any entity referred to in paragraph (4) of section 54(j) of such Code, or
 
(4) any partnership or other pass-thru entity any partner (or other holder of an equity or profits interest) of which is described in paragraph (1), (2) or (3).
 
(h) Definitions- Terms used in this section which are also used in section 45 or 48 of the Internal Revenue Code of 1986 shall have the same meaning for purposes of this section as when used in such section 45 or 48. Any reference in this section to the Secretary of the Treasury shall be treated as including the Secretary's delegate.
 
(i) Appropriations- There is hereby appropriated to the Secretary of the Treasury such sums as may be necessary to carry out this section.
 
(j) Termination- The Secretary of the Treasury shall not make any grant to any person under this section unless the application of such person for such grant is received before October 1, 2011.
 
SEC. 1604. INCREASE IN PUBLIC DEBT LIMIT.
 
Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting `$12,104,000,000,000'.
 
 
Subtitle H--Prohibition on Collection of Certain Payments Made Under the Continued Dumping and Subsidy Offset Act of 2000
 
 
SEC. 1701. PROHIBITION ON COLLECTION OF CERTAIN PAYMENTS MADE UNDER THE CONTINUED DUMPING AND SUBSIDY OFFSET ACT OF 2000.
 
(a) In General- Notwithstanding any other provision of law, neither the Secretary of Homeland Security nor any other person may--
 
(1) require repayment of, or attempt in any other way to recoup, any payments described in subsection (b); or
 
(2) offset any past, current, or future distributions of antidumping or countervailing duties assessed with respect to imports from countries that are not parties to the North American Free Trade Agreement in an attempt to recoup any payments described in subsection (b).
 
(b) Payments Described- Payments described in this subsection are payments of antidumping or countervailing duties made pursuant to the Continued Dumping and Subsidy Offset Act of 2000 (section 754 of the Tariff Act of 1930 (19 U.S.C. 1675c; repealed by subtitle F of title VII of the Deficit Reduction Act of 2005 (Public Law 109-171; 120 Stat. 154))) that were--
 
(1) assessed and paid on imports of goods from countries that are parties to the North American Free Trade Agreement; and
 
(2) distributed on or after January 1, 2001, and before January 1, 2006.
 
(c) Payment of Funds Collected or Withheld- Not later than the date that is 60 days after the date of the enactment of this Act, the Secretary of Homeland Security shall--
 
(1) refund any repayments, or any other recoupment, of payments described in subsection (b); and
 
(2) fully distribute any antidumping or countervailing duties that the U.S. Customs and Border Protection is withholding as an offset as described in subsection (a)(2).
 
(d) Limitation- Nothing in this section shall be construed to prevent the Secretary of Homeland Security, or any other person, from requiring repayment of, or attempting to otherwise recoup, any payments described in subsection (b) as a result of--
 
(1) a finding of false statements or other misconduct by a recipient of such a payment; or
 
(2) the reliquidation of an entry with respect to which such a payment was made.
 
 
Subtitle I--Trade Adjustment Assistance
 
 
SEC. 1800. SHORT TITLE.
 
This subtitle may be cited as the `Trade and Globalization Adjustment Assistance Act of 2009'.
 
PART I--TRADE ADJUSTMENT ASSISTANCE FOR WORKERS
 
Subpart A--Trade Adjustment Assistance for Service Sector Workers
 
SEC. 1801. EXTENSION OF TRADE ADJUSTMENT ASSISTANCE TO SERVICE SECTOR AND PUBLIC AGENCY WORKERS; SHIFTS IN PRODUCTION.
 
(a) Definitions- Section 247 of the Trade Act of 1974 (19 U.S.C. 2319) is amended--
 
(1) in paragraph (1)--
 
(A) by striking `or appropriate subdivision of a firm'; and
 
(B) by striking `or subdivision';
 
(2) in paragraph (2), by striking `employment--' and all that follows and inserting `employment, has been totally or partially separated from such employment.';
 
(3) by inserting after paragraph (2) the following:
 
`(3) Subject to section 222(d)(5), the term `firm' means--
 
`(A) a firm, including an agricultural firm, service sector firm, or public agency; or
 
`(B) an appropriate subdivision thereof.';
 
(4) by inserting after paragraph (6) the following:
 
`(7) The term `public agency' means a department or agency of a State or local government or of the Federal Government, or a subdivision thereof.';
 
(5) in paragraph (11), by striking `, or in a subdivision of which,'; and
 
(6) by adding at the end the following:
 
`(18) The term `service sector firm' means a firm engaged in the business of supplying services.'.
 
(b) Group Eligibility Requirements- Section 222 of the Trade Act of 1974 (19 U.S.C. 2272) is amended--
 
(1) in subsection (a)(2)--
 
(A) by amending subparagraph (A)(ii) to read as follows:
 
`(ii)(I) imports of articles or services like or directly competitive with articles produced or services supplied by such firm have increased;
 
`(II) imports of articles like or directly competitive with articles--
 
`(aa) into which one or more component parts produced by such firm are directly incorporated, or
 
`(bb) which are produced directly using services supplied by such firm,
 
have increased; or
 
`(III) imports of articles directly incorporating one or more component parts produced outside the United States that are like or directly competitive with imports of articles incorporating one or more component parts produced by such firm have increased; and'; and
 
(B) by amending subparagraph (B) to read as follows:
 
`(B)(i)(I) there has been a shift by such workers' firm to a foreign country in the production of articles or the supply of services like or directly competitive with articles which are produced or services which are supplied by such firm; or
 
`(II) such workers' firm has acquired from a foreign country articles or services that are like or directly competitive with articles which are produced or services which are supplied by such firm; and
 
`(ii) the shift described in clause (i)(I) or the acquisition of articles or services described in clause (i)(II) contributed importantly to such workers' separation or threat of separation.';
 
(2) by redesignating subsections (b) and (c) as subsections (c) and (d), respectively; and
 
(3) by inserting after subsection (a) the following:
 
`(b) Adversely Affected Workers in Public Agencies- A group of workers in a public agency shall be certified by the Secretary as eligible to apply for adjustment assistance under this chapter pursuant to a petition filed under section 221 if the Secretary determines that--
 
`(1) a significant number or proportion of the workers in the public agency have become totally or partially separated, or are threatened to become totally or partially separated;
 
`(2) the public agency has acquired from a foreign country services like or directly competitive with services which are supplied by such agency; and
 
`(3) the acquisition of services described in paragraph (2) contributed importantly to such workers' separation or threat of separation.'.
 
(c) Basis for Secretary's Determinations- Section 222 of the Trade Act of 1974 (19 U.S.C.

`(e) Basis for Secretary's Determinations-

`(1) IN GENERAL- The Secretary shall, in determining whether to certify a group of workers under section 223, obtain from the workers' firm, or a customer of the workers' firm, information the Secretary determines to be necessary to make the certification, through questionnaires and in such other manner as the Secretary determines appropriate.

`(2) ADDITIONAL INFORMATION- The Secretary may seek additional information to determine whether to certify a group of workers under subsection (a), (b), or (c)--

`(A) by contacting--

`(i) officials or employees of the workers' firm;

`(ii) officials of customers of the workers' firm;

`(iii) officials of certified or recognized unions or other duly authorized representatives of the group of workers; or

`(iv) one-stop operators or one-stop partners (as defined in section 101 of the Workforce Investment Act of 1998 (29 U.S.C. 2801)); or

`(B) by using other available sources of information.

`(3) VERIFICATION OF INFORMATION-

`(A) CERTIFICATION- The Secretary shall require a firm or customer to certify--

`(i) all information obtained under paragraph (1) from the firm or customer (as the case may be) through questionnaires; and

`(ii) all other information obtained under paragraph (1) from the firm or customer (as the case may be) on which the Secretary relies in making a determination under section 223, unless the Secretary has a reasonable basis for determining that such information is accurate and complete without being certified.

`(B) USE OF SUBPOENAS- The Secretary shall require the workers' firm or a customer of the workers' firm to provide information requested by the Secretary under paragraph (1) by subpoena pursuant to section 249 if the firm or customer (as the case may be) fails to provide the information within 20 days after the date of the Secretary's request, unless the firm or customer (as the case may be) demonstrates to the satisfaction of the Secretary that the firm or customer (as the case may be) will provide the information within a reasonable period of time.

`(C) PROTECTION OF CONFIDENTIAL INFORMATION- The Secretary may not release information obtained under paragraph (1) that the Secretary considers to be confidential business information unless the firm or customer (as the case may be) submitting the confidential business information had notice, at the time of submission, that the information would be released by the Secretary, or the firm or customer (as the case may be) subsequently consents to the release of the information. Nothing in this subparagraph shall be construed to prohibit the Secretary from providing such confidential business information to a court in camera or to another party under a protective order issued by a court.'.

(d) Penalties- Section 244 of the Trade Act of 1974 (19 U.S.C. 2316) is amended to read as follows:

`SEC. 244. PENALTIES.

`Any person who--

`(1) makes a false statement of a material fact knowing it to be false, or knowingly fails to disclose a material fact, for the purpose of obtaining or increasing for that person or for any other person any payment authorized to be furnished under this chapter or pursuant to an agreement under section 239, or

`(2) makes a false statement of a material fact knowing it to be false, or knowingly fails to disclose a material fact, when providing information to the Secretary during an investigation of a petition under section 221,

shall be imprisoned for not more than one year, or fined under title 18, United States Code, or both.'.

(e) Conforming Amendments-

(1) Section 221(a) of the Trade Act of 1974 (19 U.S.C. 2271(a)) is amended--

(A) in paragraph (1)--

(i) in the matter preceding subparagraph (A)--

(I) by striking `Secretary' and inserting `Secretary of Labor'; and

(II) by striking `or subdivision' and inserting `(as defined in section 247)'; and

(ii) in subparagraph (A), by striking `(including workers in an agricultural firm or subdivision of any agricultural firm)';

(B) in paragraph (2)(A), by striking `rapid response assistance' and inserting `rapid response activities'; and

(C) in paragraph (3), by inserting `and on the website of the Department of Labor' after `Federal Register'.

(2) Section 222 of the Trade Act of 1974 (19 U.S.C. 2272), as amended, is further amended--

(A) by striking `(including workers in any agricultural firm or subdivision of an agricultural firm)' each place it appears;

(B) in subsection (a)--

(i) in paragraph (1), by striking `, or an appropriate subdivision of the firm,'; and

(ii) in paragraph (2), by striking `or subdivision' each place it appears;

(C) in subsection (c) (as redesignated)--

(i) in paragraph (2)--

(I) by striking `(or subdivision)' each place it appears;

(II) by inserting `or service' after `the article'; and

(III) by striking `(c) (3)' and inserting `(d) (3)'; and

(ii) in paragraph (3), by striking `(or subdivision)' each place it appears; and

(D) in subsection (d) (as redesignated)--

(i) by striking `For purposes' and inserting `Definitions- For purposes';

(ii) in paragraph (2), by striking `, or appropriate subdivision of a firm,' each place it appears;

(iii) by amending paragraph (3) to read as follows:

`(3) DOWNSTREAM PRODUCER-

`(A) IN GENERAL- The term `downstream producer' means a firm that performs additional, value-added production processes or services directly for another firm for articles or services with respect to which a group of workers in such other firm has been certified under subsection (a).

`(B) VALUE-ADDED PRODUCTION PROCESSES OR SERVICES- For purposes of subparagraph (A), value-added production processes or services include final assembly, finishing, testing, packaging, or maintenance or transportation services.';

(iv) in paragraph (4)--

(I) by striking `(or subdivision)'; and

(II) by inserting `, or services, used in the production of articles or in the supply of services, as the case may be,' after `for articles'; and

(v) by adding at the end the following:

`(5) REFERENCE TO FIRM- For purposes of subsection (a), the term `firm' does not include a public agency.'.

(3) Section 231(a)(2) of the Trade Act of 1974 (19 U.S.C. 2291(a)(2)) is amended--

(A) in the matter preceding subparagraph (A), by striking `or subdivision of a firm'; and

(B) in subparagraph (C), by striking `or subdivision'.

SEC. 1802. SEPARATE BASIS FOR CERTIFICATION.

Section 222 of the Trade Act of 1974 (19 U.S.C. 2272), as amended, is further amended by adding at the end the following:

`(f) Firms Identified by the International Trade Commission- Notwithstanding any other provision of this chapter, a group of workers covered by a petition filed under section 221 shall be certified under subsection (a) as eligible to apply for adjustment assistance under this chapter if--

`(1) the workers' firm is publicly identified by name by the International Trade Commission as a member of a domestic industry in an investigation resulting in--

`(A) an affirmative determination of serious injury or threat thereof under section 202(b)(1);

`(B) an affirmative determination of market disruption or threat thereof under section 421(b)(1); or

`(C) an affirmative final determination of material injury or threat thereof under section 705(b)(1)(A) or 735(b)(1)(A) of the Tariff Act of 1930 (19 U.S.C. 1671d(b)(1)(A) and 1673d(b)(1)(A));

`(2) the petition is filed during the one-year period beginning on the date on which--

`(A) a summary of the report submitted to the President by the International Trade Commission under section 202(f)(1) with respect to the affirmative determination described in paragraph (1)(A) is published in the Federal Register under section 202(f)(3); or

`(B) notice of an affirmative determination described in subparagraph (B) or (C) of paragraph (1) is published in the Federal Register; and

`(3) the workers have become totally or partially separated from the workers' firm within--

`(A) the one-year period described in paragraph (2); or

`(B) notwithstanding section 223(b), the one-year period preceding the one-year period described in paragraph (2).'.

SEC. 1803. DETERMINATIONS BY SECRETARY OF LABOR.

Section 223 of the Trade Act of 1974 (19 U.S.C. 2273) is amended--

(1) in subsection (b), by striking `or appropriate subdivision of the firm before his application' and all that follows and inserting `before the worker's application under section 231 occurred more than one year before the date of the petition on which such certification was granted.';

(2) in subsection (c), by striking `together with his reasons' and inserting `and on the website of the Department of Labor, together with the Secretary's reasons';

(3) in subsection (d)--

(A) by striking `or subdivision of the firm' and all that follows through `he shall' and inserting `, that total or partial separations from such firm are no longer attributable to the conditions specified in section 222, the Secretary shall'; and

(B) by striking `together with his reasons' and inserting `and on the website of the Department of Labor, together with the Secretary's reasons'; and

(4) by adding at the end the following:

`(e) Standards for Investigations and Determinations-

`(1) IN GENERAL- The Secretary shall establish standards, including data requirements, for investigations of petitions filed under section 221 and criteria for making determinations under subsection (a).

`(2) CONSULTATIONS- Not less than 90 days before issuing a final rule with respect to the standards required under paragraph (1), the Secretary shall consult with the Committee on Finance of the Senate and the Committee on Ways and Means of the House of Representatives with respect to such rule.'.

SEC. 1804. MONITORING AND REPORTING RELATING TO SERVICE SECTOR.

(a) In General- Section 282 of the Trade Act of 1974 (19 U.S.C. 2393) is amended--

(1) in the heading, by striking `system' and inserting `and data collection';

(2) in the first sentence--

(A) by striking `The Secretary' and inserting `(a) Monitoring Programs- The Secretary';

(B) by inserting `and services' after `imports of articles';

(C) by inserting `and domestic supply of services' after `domestic production';

(D) by inserting `or supplying services' after `producing articles'; and

(E) by inserting `, or supply of services,' after `changes in production'; and

(3) by adding at the end the following:

`(b) Collection of Data and Reports on Service Sector-

`(1) SECRETARY OF LABOR- Not later than 90 days after the date of the enactment of this subsection, the Secretary of Labor shall implement a system to collect data on adversely affected workers employed in the service sector that includes the number of workers by State and industry, and by the cause of the dislocation of each worker, as identified in the certification.

`(2) SECRETARY OF COMMERCE- Not later than 1 year after such date of enactment, the Secretary of Commerce shall, in consultation with the Secretary of Labor, conduct a study and submit to the Committee on Finance of the Senate and the Committee on Ways and Means of the House of Representatives a report on ways to improve the timeliness and coverage of data on trade in services, including methods to identify increased imports due to the relocation of United States firms to foreign countries, and increased imports due to United States firms acquiring services from firms in foreign countries.'.

(b) Clerical Amendment- The table of contents of the Trade Act of 1974 is amended by striking the item relating to section 282 and inserting the following:

`Sec. 282. Trade monitoring and data collection.'.

(c) Effective Date- The amendments made by this section shall take effect on the date of the enactment of this Act.

Subpart B--Industry Notifications Following Certain Affirmative Determinations

SEC. 1811. NOTIFICATIONS FOLLOWING CERTAIN AFFIRMATIVE DETERMINATIONS.

(a) In General- Section 224 of the Trade Act of 1974 (19 U.S.C. 2274) is amended--

(1) by amending the heading to read as follows:

`SEC. 224. STUDY AND NOTIFICATIONS REGARDING CERTAIN AFFIRMATIVE DETERMINATIONS; INDUSTRY NOTIFICATION OF ASSISTANCE.';

(2) in subsection (a), by striking `Whenever' and inserting `Study of Domestic Industry- Whenever';

(3) in subsection (b)--

(A) by striking `The report' and inserting `Report by the Secretary- The report'; and

(B) by inserting `and on the website of the Department of Labor' after `Federal Register'; and

(4) by adding at the end the following:

`(c) Notifications Following Affirmative Global Safeguard Determinations- Upon making an affirmative determination under section 202(b)(1), the Commission shall promptly notify the Secretary of Labor and the Secretary of Commerce and, in the case of a determination with respect to an agricultural commodity, the Secretary of Agriculture, of the determination.

`(d) Notifications Following Affirmative Bilateral or Plurilateral Safeguard Determinations-

`(1) NOTIFICATIONS OF DETERMINATIONS OF MA