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 123STA T . 3 46PUBLIC LA W 111 –5—FE B.1 7, 2 0 0 9‘ ‘ (V)pro p e r tyd e sign edtore f ine or bl end rene wa ble f u els or to produ c e energy conser v ation tec h nologies (including energy - conserving lighting technologies and s m art grid technologies) , ‘‘(V I ) new q ualified 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 S ecretary, 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 por- tion of a pro j ect for the production of any property which is used in the refining or blending of any transportation fuel (other than renewable fuels). ‘‘( 2 )E L I G I B LEP R OPERT Y .— T he 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 amorti z ation in lieu of depreciation) is allowable. ‘‘(d) QUA LI F YING A DV ANCED ENERGY P RO J ECT PROGRA M .— ‘‘(1) E S TABLIS H MENT.— ‘‘(A) IN GENERAL.— N ot later than 1 8 0 days after the date of enactment of this section, the Secretary, in consulta- tion with the Secretary of Energy, shall establish a quali- fying 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) L IMITATION.—The total amount of credits that may be allocated under the program shall not e x ceed $ 2,300,000,000. ‘‘(2) CERTIFICATION.— ‘‘(A) APPLICATION PERIOD.—Each applicant for certifi- cation 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 Sec- retary 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 require- ments 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 Deadlin e . Deadline. Deadline.


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 123STA T . 3 47PUBLIC LA W 111 –5—FE B. 17 , 2 0 0 9ofthec e r t i fic a tio n in or d er to pl ace the pro j ect in s er v ice andifs u ch project is not placed in service by that ti m e period , then the certification shall no lon g er be valid .‘ ‘ (3)SEL E CTION C R ITERI A . —I n determining w hich q ualifying advanced energy projects to certify under this section, the Sec - retary— ‘‘( A ) shall ta k e into consideration only those projects where there is a reasonable e x pectation 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 leveli z ed 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 certifi- cation to completion. ‘‘( 4 ) R E V IE W AN D REDI S TRI BU TION.— ‘‘(A) REVIEW.— N ot 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.— T he Secretary may reallocate credits awarded under this section if the Secretary deter- mines 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 litiga- tion 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 pro- gram for applications for certification. ‘‘( 5 ) D ISCLOSURE O F 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 4 8, 48A, or 48B. ’ ’. (c) CONFOR M IN G AMENDMENTS.— ( 1 ) Section 4 9 (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
 * 26USC49.Deadlin

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license: Creative Commons - Attribution Share-Alike - https://creativecommons.org/licenses/by-sa/4.0/


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 123STA T . 3 48PUBLIC LA W 111 –5—FE B.1 7, 2 0 0 9‘ ‘ (v)thebasi s of a nypr operty w hi c hispartof a qu a l ifyin g a d vanced energy pro j ect under section 48C.’ ’. ( 2 ) T he table of sections for subpart E of part IV of sub - chapter A of chapter 1 isa m ended by inserting after the item relating to section 48 B the following new item

‘ 48C.Qualify i ng a dv an ce d ene r gy p r oj ec t credit. ’ ’. (d) E F F ECTIV E DA TE. — 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 R evenue Code of 1 9 8 6 (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 199 0 ). Subti t leE— E con o m ic R eco v e ryT ool sSEC.140 1. R EC OV ER YZ O N E B ON D S. (a) I NG ENE R A L .— S ubchapter Y of chapter 1 is amended by adding at the end the following new part: ‘ ‘ PARTI II — R ECOV ER YZ O N E B ON DS ‘‘ S ec. 1 4 0 0 U– 1. A llocation of recovery z one b ond s . ‘‘Sec. 1400U– 2 . R ecovery zone econo m ic development bonds. ‘‘Sec. 1400U– 3 . Recovery zone facility bonds. ‘ ‘SEC. 1400 U– 1. AL LOCA TI ONO F RECOVERY ZONE BONDS. ‘‘(a) ALL O CATION S .— ‘‘(1) IN G ENERAL.— ‘‘(A) GENERAL ALLOCATION.—The Secretary shall allo- cate the national recovery z one 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) M INI MU M ALLOCATION.—The Secretary shall adjust the allocations under subparagraph (A) for any calendar year for each State to the e x tent 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 EM P LO Y MENT D ECLINE.— F or 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 200 7, over ‘‘(B) the number of individuals employed in such State determined for December 2008. ‘‘( 3 ) ALLOCATIONS B Y 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 aggre- gate of the 2008 employment declines for all the counties and municipalities in such State. A county or municipality Waiver a utho rit y.26USC4 6 n ote.


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 123STA T . 3 49PUBLIC LA W 111 –5—FE B.1 7, 2 0 09 mayw a ive a n y port ion o f ana l lo c ation ma d e u nder t h i s su b para g raph .‘ ‘ (B)LARGEMUNIC I P A L I T IE S . —F or purposes of subpara - graph ( A ) , the term ‘large municipality ’ means a munici- pality with a population of more than 10 0,000. ‘‘( C ) D ETERMINATI O NO F LOCAL EMPLO Y MENT D ECLINES.—For purposes of this paragraph, the employ- ment decline of any municipality or county shall be deter- mined in the same manner as determining the S tate employment decline under paragraph ( 2 ),e x cept that in the case of a municipality any portion of which is in a county, such portion shall be treated as part of such munici- pality and not part of such county. ‘‘( 4 ) N ATIONAL LIMITATIONS.— ‘‘(A) R ECO V ERY Z ONE ECONOMIC DEVELOPMENT B ONDS.— T here is a national recovery z one economic development bond limitation of $ 10,000,000,000. ‘‘(B) RECOVERY ZONE FACILITY BONDS.—There is a national recovery zone facility bond limitation of $1 5 ,000,000,000. ‘‘(b) RECOVERY Z ONE.—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 Realign- ment Act of 1 9 90, and ‘‘( 3 ) any area for which a designation as an empowerment zone or renewal community is in effect. ‘ ‘ SEC.140 0 U–2 . R EC OV ER YZ O N E ECONO MI C D EVE L O P MEN TB ONDS. ‘‘(a) I N G ENERAL.—In the case of a recovery zone economic development bond— ‘‘(1) such bond shall be treated as a q ualified bond for purposes of section 6 431, and ‘‘(2) subsection (b) of such section shall be applied by sub- stituting ‘45 percent’ for ‘35 percent’. ‘‘(b) RECOVERY ZONE E CONOMIC 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 J anuary 1, 2011, as part of issue if— ‘‘(A) 100 percent of the excess of— ‘‘(i) the available pro j ect 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 develop- ment 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 des- ignated by any issuer under paragraph (1) shall not exceed Ap p licab ili ty.


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 123STA T . 3 50PUBLIC LA W 111 – 5 —FE B.1 7, 200 9theamoun to f the r e c o v er yz one econom i c d eve l o p ment b ond limitation allocated to s uch issuer under section 140 0 U– 1 .‘ ‘ ( c )QUALIF I EDECON O M IC D E V ELO P MEN TP U R PO S E. —F or pur - poses of this section , the term ‘ q ualified economic development purpose ’ means e x penditures for purposes of promotin g development or other economic activity in a recovery zone, including— ‘‘(1) capital expenditures paid or incurred w ith respect to property located in such zone, ‘‘( 2 ) expenditures for public infrastructure and construction of public facilities, and ‘‘( 3 ) expenditures for j ob training and educational programs. ‘ ‘ SEC.140 0 U–3 . R EC OV ER YZ O N E FA C IL I T Y B ON D S. ‘‘(a) I N G ENERAL.—For purposes of part I V of subchapter B (relating to tax exemption requirements for S tate and local bonds), the term ‘exempt facility bond’ includes any recovery zone facility bond. ‘‘(b) R ECOVER YZ ONE FACILITY BOND.— ‘‘(1) IN G ENERAL.—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 J anuary 1, 2011, and ‘‘( C ) the issuer designates such bond for purposes of this section. ‘‘(2) L IMITATION ON AMOUNT OF B ONDS DESIGNATED.— T he maximum aggregate face amount of bonds which may be des- ignated 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 1 68 applies (or would apply but for section 1 7 9) if— ‘‘(A) such property was constructed, reconstructed, ren- ovated, 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 too k 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 sec- tion 144(c)(6)(B). ‘‘(3) SPECIAL RULES FOR SUBSTANTIAL RENOVATIONS AND SALE-LEASEBAC K .—Rules similar to the rules of subsections Ap p licab ili ty.


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 123STA T . 3 5 1 PUBLIC LA W 111 – 5 —FE B.1 7, 2 0 0 9(a) ( 2 )a nd ( b ) ofsecti on 1397D s h a l la p pl y fo r p u rposes of this subsection .‘ ‘(d) NONAP P LIC A T ION O FCER TAIN RU LE S . —S ections 1 46 (relatin g to v olu m e cap) and 147(d) (relating to ac q uisition of e x isting property not permitted) shall not apply to any recovery z one facility bond. ’ ’. (b) CLERICAL AM EN D MENT.— T he table of parts for subchapter Y of chapter 1 of such Code is amended by adding at the end the follo w ing new item

‘ PARTI II .RECOV ER YZ O N E B ON DS . ’ ’. (c) E FFECTI V E DATE.—The amendments made by this section shall apply to obligations issued after the date of the enactment of this Act. SEC.1402 . TRIBAL EC ON O M IC D E V ELO P MENT BONDS. (a) I N G ENERAL.—Section 7 8 71 is amended by adding at the end the following new subsection: ‘‘(f) TRI B AL ECONOMIC DEVELOPMENT B ONDS.— ‘‘(1) ALLOCATION OF LIMITATION.— ‘‘(A) IN G ENERAL.—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, 0 00,000,000. ‘‘(2) BONDS TREATED AS E X EMPT 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.— F or 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 reserva - tion (as defined in section 168( j )(6)). 26USC78 7 1. 26USC1 40 0U – 1 note .


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 123STA T . 3 5 2 PUBLIC LA W 111 – 5 —FE B.1 7, 2 0 0 9‘ ‘ (C)LIM I TA TI ON ON AMO U NTO FB ON DS D E SI G NATED .—Themaxi m u ma g g r ega t e f a c eam o u n tof b on dsw hich ma y be designated by any I ndian triba l go v ernment under sub p aragraph ( A ) shall not exceed the amount of national tribal economic development bond limitation allocated to such government under paragraph ( 1 ). ’ ’. (b) S TUD Y .—The Secretary of the Treasury , or the Secretary’s delegate, shall conduct a study of the effects of the amendment made by subsection (a). N ot 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) E FFE C TI V E D ATE.—The amendment made by subsection (a) shall apply to obligations issued after the date of the enactment of this Act. SEC.1403 . IN C R E A SEINNE WM AR K E T STA X CRE D IT. (a) IN G ENE R A L .—Section 45 D(f)(1) is amended— (1) by stri k ing ‘‘and’’ at the end of subparagraph (C), ( 2 ) by striking ‘‘, 2 0 0 7, 200 8 , and 200 9 .’’ 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) S P ECIAL R ULE FOR ALLOCATION OF INCREASED 2008 LIMITA - TION.—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 198 6 to q ualified commu- nity development entities (as defined in section 45D(c) of such Code) which— (1) submitted an allocation application with respect to cal- endar 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. C O ORDINATION O FL OW - INCOME H O U SIN G CREDIT AND LOW-INCOME HOUSING GRANTS. Subsection (i) of section 42 is amended by adding at the end the following new paragraph: ‘‘(9) COORDINATION W IT H LOW-INCOME HOUSING GRANTS.— ‘‘(A) REDUCTION IN STATE HOUSING CREDIT CEILING FOR LOW-INCOME HOUSING GRANTS RECEIVED IN 20 0 9 .—For pur- poses 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 Amer- ican 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).’’. 26USC45Dnote. 26 USC 45. 26 USC 78 7 1 note. De adli ne. R e p o r t s .


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 123STA T . 3 5 3 PUBLIC LA W 111 – 5 —FE B.1 7, 2 0 0 9Subti t leF—Infras tru c ture Financin gTo ols PARTI— I M PR OVED MAR K ETA B I L IT YF OR TA X- EXEMPT BO N D SSEC.150 1. D E MIN IMIS S AF E H A RBO RE X CE PT ION FOR TAX - EXEMPT INTEREST EXPENSE OF FINANCIA L INSTIT U TIONS. (a)INGE NE RAL.—Subsection (b) o f section 265 isa m en d ed b y addin g att h eendthefo l lo w ing new p a r agraph

‘( 7 ) D E MI NIMI S E XC E PT I O N F OR B ON D S ISS U ED DURIN G20 0 9 OR 20 1 0.— ‘‘( A ) IN GENERAL.—In applying paragraph (2)(A) , there shall not be ta k en into account ta x- exempt obligations issued during 2 0 0 9 or 20 1 0. ‘‘( B ) L IMITATION.— T he amount of tax-exempt obliga- tions not taken into account by reason of subparagraph (A) shall not exceed 2 percent of the amount determined under paragraph (2)(B). ‘‘( C ) R EFUNDINGS.— F or purposes of this paragraph, a refunding bond (whether a current or ad v ance 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 P REFERENCE 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 para- graph (7) of such section shall be treated for purposes of this section as having been ac q uired on August 7, 19 8 6.’’. (c) E FFECTI V E DATE.—The amendments made by this section shall apply to obligations issued after December 3 1, 2008. SEC. 150 2 . 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 obliga- tions issued during 2009 or 2010, subparagraphs (C)(i), (D)(i), and (D)(iii)(II) shall each be applied by sub- stituting ‘ $ 30,000,000’ for ‘$10,000,000’. ‘‘(ii) Q UALIFIED 5 01 ( C ) ( 3 ) BONDS TREATED AS ISSUED B Y EXEMPT ORGANI Z ATION.—In the case of a qualified 501(c)(3) bond (as defined in section 1 4 5) issued during 2009 or 2010, this paragraph shall be applied by treating the 501(c)(3) organi z ation for whose benefit such bond was issued as the issuer. ‘‘(iii) SPECIAL RULE FOR Q UALIFIED 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 Ap p licab ili ty. Applicability. 26USC 26 5no t e . 26 USC 265.


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 123STA T . 3 54PUBLIC LA W 111 – 5 —FE B.1 7, 2 0 0 9obligat io n i f t her e qu ire m ent s of this p aragraph are met w ith respe c t to each qualifie d portion of the issue ( determined b y treating each qualified portion as a separate issue which is issued by the qualified borrower with respect to which such portion relates ).‘ ‘(i v ) QUALIF I ED FI N AN C IN G I S SUE. —F or 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 ma k e or finance loans to 1 or more ultimate borrowers each of whom is a qualified bor - rower. ‘‘(v) QUALIFIED PORT ION.—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 B ORRO W ER.—For purposes of this subparagraph, the term ‘qualified borrower’ means a borrower which is a S tate or political subdivision thereof or an organi z ation described in section 50 1(c)( 3 ) and e x empt from taxation under section 501(a).’’. (b) E FFECTI V E D ATE.— T he amendment made by this section shall apply to obligations issued after December 31, 2 00 8 . SEC.1503 . T E MPORA R Y MO DIF ICATIO N OFA L TERNATI V E MINIM U M TA X LIMITATIONS ON TAX - EXEMPT B ONDS. (a) I NTEREST ON P RIVATE A CTIVIT YB ONDS ISSUED DURING 200 9 AND 2010 N OT TREATED AS TA X PREFERENCE ITE M .—Subparagraph ( C ) of section 5 7 (a)(5) is amended by adding at the end a new clause ‘‘(vi) EXCEPTION FOR BONDS ISSUED IN 20 0 9 AND 20 1 0.— ‘‘(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 J anuary 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 AD J USTMENT TO ADJUSTED CURRENT EARNINGS FOR INTEREST ON TAX-EXEMPT BONDS ISSUED DURING 2009 AND 2010.— Subparagraph (B) of section 5 6 (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. 26USC57. 26 USC 265 note .


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 123STA T . 3 5 5 PUBLIC LA W 111 – 5 —FE B.1 7, 2 0 0 9‘ ‘ (I I )TREATM E N T OF REF U N DI N GB OND S.—Forpu rpo se so f su bcla use (I) , a refu ndi n g bond ( wh e t her a current or ad v ance 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) EXC E P TION FOR CERTAIN REFUNDING BONDS.— S ubclause (II) shall not appl y to any refunding bond which is issued to refund any bond which was issued after D ece m ber 31, 20 03, and before J anuary 1, 200 9 . ’ ’. (c) EFFECTI V E DATE.—The amendments made by this section shall apply to obligations issued after December 31, 200 8 . SEC.1504 . MODIF IC AT IO N TO H I G HS P EED INTE R CIT Y RAI L FACILITY B ONDS. (a) IN G ENERA L .— P aragraph (1) of section 1 4 2(i) is amended by stri k ing ‘‘operate at speeds in e x cess 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 A ct. PARTI I —DEL A Y I N APPLI C ATI O NO FW IT H- HOLDIN G TA X ON GO V ERN M ENT CONTRAC- TOR S SEC. 1511. DELAY IN APPLICATION OF W ITHHOLDING TA X ON GO V ERN - MENT CONTRACTORS. Subsection (b) of section 5 11 of the Tax Increase Prevention and R econciliation Act of 2005 is amended by striking ‘‘December 31, 2010’’ and inserting ‘‘December 31, 2011’’. PART III—TAX CREDIT B ONDS FOR SCHOOLS SEC. 15 2 1. QU ALIFIED SCHOOL CONSTRUCTION BONDS. (a) IN GENERAL.—Subpart I of part I V of subchapter A of chapter 1 is amended by adding at the end the following new section

‘SEC. 54F. QUALIFIED SCHOOL CONSTRUCTION BONDS. ‘‘(a) Q UALIFIED SC H OOL C ONSTRUCTION B OND.—For purposes of this subchapter, the term ‘ q ualified school construction bond’ means any bond issued as part of an issue if— ‘‘(1) 100 percent of the available pro j ect 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) L IMITATION ON AMOUNT OF BONDS DESIGNATED.—The max - imum aggregate face amount of bonds issued during any calendar year which may be designated under subsection (a) by any issuer 26USC340 2 . 26 USC 3402 note . 26 USC 1 42 note. 26 USC 142. 26 USC 5 6 note.


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 123STA T . 3 56PUBLIC LA W 111 – 5 —FE B.1 7, 2 0 0 9shal l notexc ee d the l im itation amo u nt allocated unde r su b section ( d )f or such calendar y ear to such issuer .‘ ‘(c) NATION A LL I M ITATION ON A MO U NTO FB ON DSDE S - I G NATED. —T here is a national q ualified school construction bond limitation for each calendar year. S uch limitation is— ‘‘( 1 ) $ 11 ,0 00,000,000 for 2 00 9, ‘‘(2) $11,000,000,000 for 2010, and ‘‘( 3 ) exce p taspro v ided in subsection (e), z ero after 2010. ‘‘(d) ALLO C ATION OF LIMITATION.— ‘‘(1) ALLOCATION AMONG STATES.— E xcept as provided in para g raph (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 112 4 of the Elementary and Secondary Education Act of 19 65 (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 w ithin such State. ‘‘(2) 40 P E R CENT OF LIMITATION ALLOCATED AMONG LARGEST SC H OOL DISTRICTS.— ‘‘(A) I N 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 allo- cated 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 Sec- ondary Education Act of 1965 (20 U.S.C. 6333) for the most recent fiscal year ending before such calendar year. ‘‘(C) R EDUCTION IN STATE ALLOCATION.—The allocation to any State under paragraph (1) shall be reduced by the aggregate amount of the allocations under this para- graph 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 AGENC Y .— F or pur- poses 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 1 7 from families living below the poverty level, as deter- mined 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 agen- cies (other than those described in clause (i)) that the Secretary of Education determines (based on the


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 123STA T . 3 57PUBLIC LA W 111 – 5 —FE B. 17 , 2 0 0 9mostrec e n t da taa v a il a b le satis f actor y tot h e S ec - retary ) are in p artic u lar need of assistance, based on alo w level of resources for school construction, a hi g h level of enrollment growth, or such other factors as the Secretary deems appropriate .‘ ‘ (3 ) AL L OCATI O NS TOC ER TAIN P OSSESSIONS. —T he amount to be allocated under paragraph ( 1 ) to any possession of the U nited States other than P uerto R ico shall be the amount which would have been allocated if all allocations under para- graph (1) were made on the basis of respective populations of individuals below the poverty line (as defined by the O ffice of M anagement and B udget). I nma k ing 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 F OR IN D IAN SC H OOLS.—In addition to the amounts otherwise allocated under this subsection, $20 0,000,000 for calendar year 200 9, and $200,000,000 for cal- endar 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 7 701(a)(40)) shall be treated as q ualified issuers for purposes of this sub- chapter. ‘‘(e) C ARR Y O V EROFUN U SED L I M ITATION.—If for any calendar year— ‘‘(1) the amount allocated under subsection (d) to any State, e x ceeds ‘‘(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) CONFORMIN G AMENDMENTS.— (1) Paragraph (1) of section 5 4A(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 54 F (a)(1).’’. (3) The table of sections for subpart I of part I V of sub- chapter A of chapter 1 is amended by adding at the end the following new item: ‘ ‘ Sec.54F . Qualif ie ds c ho ol co n s tr uction b onds. ’ ’. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to obligations issued after the date of the enactment of this Act. 26USC54Anote. 26 USC 54. A p p licab ilit y.


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 123STA T . 3 58PUBLIC LA W 111 – 5 —FE B.1 7, 2 0 0 9SEC.152 2.E XT E N S IO N A N D EX P ANSION O FQU A L IFIED Z ONE ACADE MYB ONDS. (a)INGE NE RAL.—Section54E (c)( 1 )i s a m en d ed by st r i k in g‘ ‘and 20 0 9’ ’ and inserting ‘‘and $ 1, 400,000,000 f or 2009 and 2010’’. (b) E F FE CTIV E D ATE.— Th e amendment made by this section sha l la p ply to obligations iss u ed after December 3 1, 200 8 . PARTIV—BU I LD A ME RI C AB ON D S SEC. 15 3 1. BUILD AME R ICA BONDS. (a) IN GENERAL.— P art I V of subchapter A of chapter 1 is amended by adding at the end the follo w ing new subpart

‘S ubpartJ —Bu ild A me ri c aB on d s‘ ‘ Sec.54A A. Build A m e r ic abon d s . ‘ ‘SEC. 5 4 AA. BUILD AMERICA BONDS. ‘‘(a) IN GENERAL.—If a ta x payer 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 e q ual to the sum of the credits determined under subsection (b) with respect to such dates. ‘‘(b) A MOU NT OF C RE D IT.—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) L IMITATION B A S ED ON AMOUNT OF TA X .— ‘‘(1) IN G ENERAL.—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 2 6 (b)) plus the tax imposed by section 55, o v er ‘‘(B) the sum of the credits allowable under this part (other than subpart C and this subpart). ‘‘(2) CARR Y OVER OF UNUSED CREDIT.—If the credit allowable under subsection (a) exceeds the limitation imposed by para - graph (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.— F or 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 J anuary 1, 2011, and ‘‘(C) the issuer makes an irrevocable election to have this section apply. ‘‘(2) A P PLICA B LE RULES.—For purposes of applying para- graph (1)— 26USC54Enote. 26 USC 54.


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 123STA T . 3 59PUBLIC LA W 111 – 5 —FE B.1 7, 2 0 09 ‘ ‘ (A)forpu rpo se sofse cti o n149 ( b ) ,a bui ld A m erica bond s h all not be treated as federall yg uaranteed by reason of the credit allo w ed under subsection (a) or section 6 4 3 1, ‘‘( B ) for purposes of section 14 8, 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 1 27 3(a)(3)) of premium o v er the stated principal amount of the bond . ‘‘(e) INTER E S T PAYM ENT D ATE. —F or 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) SP E CI A LRU LES.— ‘‘(1) INTEREST O N B UIL D AMERICA BONDS INCLUDIBLE IN G ROSS INCOME F OR FEDERAL INCOME TA X PURPOSES.—For pur - poses 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 5 4A shall apply for purposes of the credit allowed under subsection (a). ‘‘(g) SPECIAL RULE FOR Q UALIFIED BONDS ISSUED BEFORE 2 0 11.—In the case of a q ualified bond issued before J anuary 1, 2011— ‘‘(1) ISSUER ALLO W ED 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 e x cess of— ‘‘(i) the available pro j ect 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 ma k es an irrevocable election to have this subsection apply. ‘‘(h) REGULATIONS.— T he Secretary may prescribe such regula- tions 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.—Sub- chapter B of chapter 65 is amended by adding at the end the following new section

‘ SEC.6431 .C R E DITFO R QUAL IFIED B O N DS ALLO W ED TO ISSUER. ‘‘(a) IN G ENERAL.—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 (contem- poraneously with each interest payment date under such bond) to the issuer of such bond (or to any person who makes such


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 123STA T . 3 60PUBLIC LA W 111 –5—FE B.1 7, 200 9inter e s t paym ents o n b e h a lf of the iss u er )35 per c ent of the interest payable un d er such bond on such date .‘ ‘ ( c) AP P LICAT I ON O F A RB ITRA GERU LE S . —F or purposes of section 148, the yield on a q ualified bond shall be reduced by the credit allo w ed under this section. ‘‘(d) I NTEREST P A YM ENT D ATE.—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) Q UALIFIE DB OND.—For purposes of this subsection, the term ‘qualified bond’ has the meanin g gi v en such term in section 54AA(g).’’. (c) C ONFORMING AMENDMENTS.— (1) S ection 13 2 4(b)(2) of title 31, U nited States Code, is amended by stri k ing ‘‘or 6 428’’ 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), 13 97E (c)(2), and 14 0 0 N (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) T he table of subparts for part I V of subchapter A of chapter 1 is amended by adding at the end the following new item

‘ SUBPARTJ. BU ILD A ME RI C AB ON DS. ’ ’. (7) The table of section for subchapter B of chapter 65 is amended by adding at the end the following new item: ‘‘ Sec . 6431 . Cr e ditfo r qual ified b o n d s allo w ed to issuer.’’. (d) TRANSITIONAL COORDINATION W IT H STATE L A W .—E x cept 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) EFFECTI V E DATE.—The amendments made by this section shall apply to obligations issued after the date of the enactment of this Act. PARTV— R EGUL ATE DIN VE S T M ENT CO MPA - NIES ALLO W ED TO PASS-T H RU TA X CREDIT B OND CREDITS SEC.154 1. R E GULAT E DINV EST M ENT C O M P ANIES ALLO W ED TO PASS - T H RU TA X CREDIT B OND CREDITS. (a) IN G ENERAL.—Part I of subchapter M of chapter 1 is amended by inserting after section 853 the following new section: ‘ ‘SEC. 8 5 3 A. CREDITS F ROM TAX CREDIT BONDS ALLOWED TO SHARE- HOLDERS. ‘‘(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 26USC54note. 26 USC 54 A A note. 26 USC 54.


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 123STA T . 3 6 1 PUBLIC LA W 111 –5—FE B.1 7, 2 0 0 9‘ ‘ (2)whic h me e ts the r e qu ireme n ts of section 85 2( a ) for the ta x a bl e y ear , may elect the a p plication of this section with respect to cre d its allowable to the in v estment company durin g such taxable year with respect to such bonds . ‘‘(b) EF F ECTO FE L ECT I O N . —I f the election provided in sub - section (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 tax- able year an amount equal to the amount that such invest- ment 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 deduc- tion 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) N OTICE TO SHAR EHOL D ER S .— F or 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 invest- ment company in a written notice mailed to its shareholders not later than 60 days after the close of its taxable year. ‘‘(d) M ANNER OF MA K IN G ELECTION AND NOTIF Y ING SHARE- HOLDERS.— T he 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) D EFINITIONS AND S P ECIAL RU LES.— ‘‘(1) DEFINITIONS.—For purposes of this subsection— ‘‘(A) TA X CREDIT B OND.—The term ‘tax credit bond’ means— ‘‘(i) a qualified tax credit bond (as defined in section 5 4 A(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 I V 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 Ap p licab ili ty.De a d li n e.


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 123STA T . 3 6 2 PUBLIC LA W 111 –5—FE B.1 7, 2 0 0 9instrume nts e v i d en c in g t h e entit l ement t o the credit r a ther than the ta x credit b ond .‘ ‘ (f)REGULATIONS, ET C . —T he S ecretar y shall p rescribe 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) C ON F O RM ING A MEN D MENTS.— ( 1 ) Section 54 (l) is amended by stri k ing paragraph (4) and by redesignating paragraphs (5) and ( 6 ) as paragraphs (4) and (5), respectively. ( 2 ) Section 54A(h) is amended to read as follo w s ‘‘(h) B ONDS H ELD BY REAL E STATE I N V ESTMENT TRUSTS.—If any q ualified 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 8 53 the following new item: ‘ ‘ Sec.853A . Cr e ditsf r om t ax credit b o n dsa l lo w edtos h areholders. ’ ’. (c) EFFECTIVE D ATE.—The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act. Subti t leG—O t h e rP r ov i s io n s SEC.160 1. AP P LI CA T I ON O F CE R TAIN LA B OR STAN D ARDS TO PRO J ECTS FINANCED W IT H CERTAIN TA X- FA V ORED BONDS. Subchapter I V of chapter 31 of the title 4 0, U nited States Code, shall apply to pro j ects financed with the proceeds of— (1) any new clean renewable energy bond (as defined in section 54C of the Internal Revenue Code of 1 9 86) 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 z one 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 54 F 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. 160 2 . G RANTS TO STATES FOR LOW-INCO M EHO U SING PROJECTS IN LIEU OF LOW-INCOME HOUSING CREDIT ALLOCA- TIONS FOR 200 9 . (a) IN G ENERAL.—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) L O W -INCOME HOUSING GRANT ELECTION AMOUNT.—For pur- poses of this section, the term ‘‘low-income housing grant election amount’’ means, with respect to any State, such amount as the 26USC4 2 note. 26 USC 5 4C note. 26 USC 54 note. Pr o c e du re s . 26 USC 54.


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 123STA T . 3 6 3 PUBLIC LA W 111 –5—FE B.1 7, 2 0 0 9Sta t em a y e l e c t whi ch do e sn ote x ceed 85p e r cent o f the prod u ct of —(1) the sum of— ( A )1 0 0 percent of the State housin g credit ceiling for 2 00 9 which is attri b utable to amounts described in clauses (i) and (iii) of section 4 2(h)( 3 )( C ) of the I nternal R e v enue Code of 198 6, 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) S UBAW A RDSFO R L OW - I NC O ME BU IL DIN G S.— (1) IN GENERAL.—A State housing credit agency receiving a grant under this section shall use such grant to ma k e sub- awards to finance the construction or ac q uisition and rehabilita- tion 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 SUB J EC T TO SAME RE Q UIREMENTS AS LOW- INCOME H OUSING CREDIT ALLOCATIONS.—Any such subaward with respect to any qualified low-income building shall be made in the same manner and shall be sub j ect 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) COM P LIANCE AND ASSET MANAGEMENT.— T he State housing credit agency shall perform asset management func- tions 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 pro- viding 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 Procedu re s.


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 123STA T . 3 64PUBLIC LA W 111 –5—FE B.1 7, 2 0 0 9ofliens o r s uch o t her m etho d s a s the S ecretar y of the T reasury determines a p propriate .( d )RETURNOFU NU S E DG R A NT F UNDS. —A ny g rant funds not used to ma k esu b a w ards under this section before J anuary 1,20 11, 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) D EF I NITIONS.—Any term used in this section which is also used in section 4 2ofthe I nternal Re v enue C odeof1 986 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 dele - gate. (f) A P PROPRIATIONS.—There is hereby appropriated to the Sec- retary of the Treasury such sums as may be necessary to carry out this section. SEC.1603 . GRANT S FO RS P EC I FIE D ENERG Y PROPERTY IN L IE U OF TA X CREDITS. (a) IN GENERA L .—Upon application, the Secretary of the Treasury shall, sub j ect to the re q uirements of this section, provide a grant to each person who places in service specified energy prop- erty to reimburse such person for a portion of the e x pense of such property as provided in subsection (b). N o 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 A M OUNT.— (1) IN G ENERAL.—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) APPLI C A B LE PERCENTAGE.—For purposes of paragraph (1), the term ‘ ‘applicable percentage’’ means— (A) 3 0 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 P A Y MENT 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 E NERGY PROPERTY.—For purposes of this section, the term ‘‘specified energy property’’ means any of the following
 * 26USC48note.D

e adli ne.


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 123STA T . 3 65PUBLIC LA W 111 – 5 —FE B.1 7, 2 0 0 9(1)QUALIF I ED FA C ILI T IE S.—Anyqualif i edpro per t y(a s defined in se c tion 48 (a)( 5 )( D )oft h e I nternal R e v enue C ode of1 9 8 6 ) w hich is part of a qualified facility (within the m eanin g of section 45 of such Code) descri b ed in paragraph (1) , ( 2 ), ( 3 ), (4), (6), ( 7 ), (9), or (11) of section 45(d) of such Code. (2) QUALIFIED FUEL CELL PRO PERT Y .—Any qualified fuel cell property (as defined in section 48(c)(1) of such Code). (3) S OLAR PROPERTY.—Any property described in clause (i) or (ii) of section 48(a)(3)(A) of such Code. (4) QUALIFIED S M ALL W I N D ENER G Y PROPERTY.—Any quali - fied small wind energy property (as defined in section 48(c)(4) of such Code). (5) G EOT H ERMAL PROPERTY.—Any property described in clause (iii) of section 48(a)(3)(A) of such Code. (6) QUALIFIED MICROTUR B INE 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 amorti z ation in lieu of depreciation) is allowable with respect to such property. (e) CREDIT T ERMINATION DATE.— F or 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, J anuary 1, 2 0 13, (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 ma k ing 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) EX CEPTION FOR CERTAIN N ON-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 e x empt 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 Ap p licab ili ty.


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 123STA T . 3 6 6 PUBLIC LA W 111 –5—FE B.1 7, 2 0 0 9(4)anyp a rt n e r shi p o r other pass - thr u entity any partner (or other ho ld ero f ane q uity or profits interest) of w hi c his descri b ed in para g raph ( 1 ) , ( 2 )or( 3 ) . (h) DEFIN I T I O N S . —T er m s used in this section which are also used in section 4 5 or4 8 of the I nternal R e v enue C odeof1 9 8 6 shall have the same meaning for purposes of this section as when used in such section 45 or 48. A ny reference in this section to the S ecretary of the Treasury shall be treated as including the Secretary ’ s delegate. (i) A P P R OPRI A TIONS.—There is hereby appropriated to the Sec- retary of the Treasury such sums as may be necessary to carry out this section. ( j ) TER M INATION.—The Secretary of the Treasury shall not ma k e any grant to any person under this section unless the application of such person for such grant is received before O ctober 1, 2 0 11. SEC.1604 . IN C R E A SE IN PUBL IC D EB T LI M IT. Subsection (b) of section 3101 of title 31, U nited States Code, is amended by striking out the dollar limitation contained in such subsection and inserting ‘ ‘ $ 12,104,000,000,000’’. Subti t leH—Proh ibitio n on C olle c tion o f Cert a in Pa ym ent sM a d e U nder the Con - tinued D um p in g and Subsidy O ffset A ct of 20 00 SEC. 1 7 01. PR OH IBITION ON COLLECTION O F CERTAIN PA Y MENTS MADE UNDER THE CONTINUED DUMPIN G AND SUBSIDY OFFSET ACT OF 2 000. (a) IN G ENERA L .— N otwithstanding any other provision of law, neither the Secretary of H omeland 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 anti- dumping or countervailing duties assessed with respect to imports from countries that are not parties to the North Amer- ican F ree Trade Agreement in an attempt to recoup any pay- ments described in subsection (b). (b) P A Y MENTS DES C RI B E D .—Payments described in this sub- section are payments of antidumping or countervailing duties made pursuant to the Continued Dumping and Subsidy Offset Act of 2000 (section 7 54 of the Tariff Act of 1930 (19 U.S.C. 1675c; repealed by subtitle F of title V II of the Deficit Reduction Act of 2005 (Public L aw 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 J anuary 1, 2001, and before January 1, 2006. (c) PAYMENT OF F U NDS COLLECTED OR W IT H HELD.—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 Deadlin e .19USC 1 675c n ot e. 3 1USC31 0 1. Deadline.


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 123STA T . 3 67PUBLIC LA W 111 –5—FE B. 17 , 2 0 0 9(2)ful l ydistr i b ut ean y antidu mp in go r c ounter v ailing duties t h at the U.S. C ustoms and B order P rotection is w ith - holding as an offset as described in subsection (a)(2). (d) LIM I TA TI ON . —N othing in this section shall be construed to prevent the Secretary of H omeland Security , or any other person, from re q uiring 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. Subti t leI—Trad e A d j u s t m e n t Assistan c e SEC.180 0.S HORT T I T L E. T his subtitle may be cited as the ‘ ‘Trade and G lobali z ation A d j ustment Assistance Act of 2 0 0 9’ ’. PARTI— TRA DE AD JUS T M E N T ASSISTAN C E FO R W OR K ERS S ubpart A—Tra de Ad j u s t m e n t Ass i stan c e fo r Ser v ice Sector Wor k ers SEC. 1801. E X TE N SION O F TR AD EAD JU ST M ENT ASSISTANCE TO SER V ICE SECTOR AND P U B LIC A G ENC YW OR K ERS SHIFTS IN PRODUCTION. (a) DEF INITION S .—Section 2 47 of the Trade Act of 1974 (19 U.S.C. 2 3 19) is amended— (1) in paragraph (1)— (A) by stri k ing ‘‘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 F ederal 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: ‘‘(1 8 ) The term ‘service sector firm’ means a firm engaged in the business of supplying services.’’. (b) G R O UPEL I G I B ILIT YR E Q UIREMENTS.—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 fol- lows: Trade a n d Glob al iz a t ion A d jus t m ent Assistan c e Act o f20 0 9.1 9 USC 2101 note.


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 123STA T . 3 68PUBLIC LA W 111 –5—FE B.1 7, 2 0 0 9‘ ‘ (i i ) ( I )i mports o fa rti cle sorser v ices li k eor d irectl y competitive w it h articles prod u ced or services supplied b y such firm have i n creased ‘‘(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 usin g services sup - plied by such firm, have increased; or ‘‘(III) imports of articles directly incorporating one or more component parts produced outside the U nited S tates that are like or directly competitive with imports of articles incor- porating 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 ac q uired 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 separa- tion . ’’; ( 2 ) by redesignating subsections (b) and (c) as subsections (c) and (d), respectively; and ( 3 ) by inserting after subsection (a) the following: ‘‘(b) ADVERS E LY A F FE CT ED WO R K ERS INPUB LIC A G ENCIES.— A group of workers in a public agency shall be certified by the Secretary as eligible to apply for ad j ustment assistance under this chapter pursuant to a petition filed under section 22 1 if the Sec- retary 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) B A SIS FOR SECRETARY’S D ETER M INATIONS.—Section 222 of the T rade Act of 1 974 (19 U.S. C . 2272), as amended, is further amended by adding at the end the following: ‘‘(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. Certif i ca ti on.


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 123STA T . 3 69PUBLIC LA W 111 –5—FE B.1 7, 2 0 09 ‘ ‘ (2)AD D IT I ONAL IN F O RM ATION .—TheS e cr e ta r ym ay s ee k a d d i ti on a l in f ormation to determine w hether to certify a g ro up of workers under su b section (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 recogni z ed unions or other duly authorized representati v es of the group of workers; or ‘‘(iv) one - stop operators or one-stop partners (as defined in section 10 1 of the W orkforce I nvestment Actof1 9 9 8 (29 U .S. C . 2801)); or ‘‘( B ) by using other available sources of information. ‘‘( 3 ) VE RIFI C ATION OF INFORMATION.— ‘‘(A) CERTIFICATION.—The Secretary shall re q uire 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 para- graph (1) from the firm or customer (as the case may be) on which the Secretary relies in making a deter- mination under section 223, unless the Secretary has a reasonable basis for determining that such informa- tion is accurate and complete without being certified. ‘‘(B) U S EOFS UBP OENAS.—The Secretary shall require the workers’ firm or a customer of the workers’ firm to provide information requested by the Secretary under para- graph (1) by subpoena pursuant to section 2 4 9 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) P ROTECTION OF CONFIDENTIAL INFORMATION.—The Secretary may not release information obtained under para- graph (1) that the Secretary considers to be confidential business information unless the firm or customer (as the case may be) submitting the confidential business informa- tion had notice, at the time of submission, that the informa- tion would be released by the Secretary, or the firm or customer (as the case may be) subsequently consents to the release of the information. N othing in this subpara- graph 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 19 7 4 (19 U.S.C. 231 6 ) is amended to read as follows

‘ SEC.24 4. P E NALTI ES. ‘‘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 Deadlin e .


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 123STA T . 3 70PUBLIC LA W 111 –5—FE B. 17 , 200 9underthisc h ap ter o r pursuant to an a g ree m ent under section 239, or ‘ ‘ ( 2 ) ma k esa f a l se statement of a material fact kno w ing it to b e false, or knowingl y fails to disclose a material fact, when pro v iding information to the S ecretary during an inves - tigation of a petition under section 22 1, shall be imprisoned for not more than one year, or fined under title 1 8, U nited States C ode, or both .’ ’. (e) C ONF O RMI N GA M E N D MEN TS . — (1) Section 221(a) of the T rade Act of 19 74 (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 ‘‘Sec- retary of L abor’’ 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 D epartment of Labor’’ after ‘‘ F ederal R egister’’. (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) DO W NSTRE A M P ROD UC ER.— ‘‘(A) IN GENERA L .—The term ‘downstream producer’ means a firm that performs additional, value-added produc- tion processes or services directly for another firm for arti- cles or services with respect to which a group of workers in such other firm has been certified under subsection (a).


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 123STA T . 3 7 1 PUBLIC LA W 111 –5—FE B. 17 , 2 0 0 9‘ ‘ (B)VALUE- A D DED PRO DU CTI O N PROCE S SES OR SER V - ICES .—Forpu rpo se so f su b p a ra g rap h ( A ) ,v a l ue-a d ded produ cti o n processes or services include final asse m bl y , finishing, testing, pac k aging, or maintenance or transpor- tation 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 follo w ing ‘‘( 5 ) R E F ERENCE TO FIR M .—For purposes of subsection (a), the term ‘firm’ does not include a public agency.’’. ( 3 ) S ection 2 3 1 (a)(2) of the T rade Act of 1 97 4 (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 .SE PAR A T E B AS I S FO R CERTIFICATIO N . 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 T H E INTERNATIONAL TRADE COMMIS- SION.— N otwithstanding 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 ad j ustment 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 2 0 2(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. 1 6 71d(b)(1)(A) and 1673d(b)(1)(A)); ‘‘(2) the petition is filed during the one-year period begin- ning on the date on which— ‘‘(A) a summary of the report submitted to the P resi- dent 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 para- graph (2).’’. Timep e r i od.N o t i c e. F eder alR e g i s ter , p ub licatio n .


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 123STA T . 3 7 2 PUBLIC LA W 111 –5—FE B. 17 , 2 0 0 9SEC.1803 . D E T E RMINA TI O NS BY SECRETARY O FL ABOR. Section2 2 3 o f t h e Trad e A ct of 1974( 19 U. S. C . 2273 ) i s a m ended — (1)ins ub section (b) , b y stri k in g‘ ‘or a p propriate subdi v ision of the firm before his app l ication ’ ’ and all that follo w s 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 D epartment of L abor, 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 attrib - utable to the conditions specified in section 222, the Sec- retary 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) S TAND A R D SFO R I N VE ST IG ATIONS AND DETER M INATIONS.— ‘‘(1) IN GENERA L .—The Secretary shall establish standards, including data re q uirements, for investigations of petitions filed under section 221 and criteria for making determinations under subsection (a). ‘‘(2) CONS U LTATIONS.— N ot less than 9 0 days before issuing a final rule with respect to the standards required under para- graph (1), the Secretary shall consult with the Committee on F inance of the Senate and the Committee on W ays and M eans of the H ouse of R epresentatives with respect to such rule.’’. SEC. 180 4 . MONITORIN G AND RE P ORTING RELATING TO SER V ICE SECTOR. (a) IN G ENERAL.—Section 2 8 2 of the Trade Act of 1974 (19 U.S.C. 2393) is amended— (1) in the heading, by striking ‘‘ SY S TEM ’’ and inserting ‘‘ AND DATA COL LECT I ON’’; (2) in the first sentence— (A) by striking ‘‘The Secretary’’ and inserting ‘‘(a) MON- ITORING P ROGRAMS.—The Secretary’’; (B) by inserting ‘‘and services’’ after ‘‘imports of arti- cles’’; (C) by inserting ‘‘and domestic supply of services’’ after ‘‘domestic production’’; (D) by inserting ‘‘or supplying services’’ after ‘‘pro- ducing articles’’; and ( E ) by inserting ‘‘, or supply of services,’’ after ‘‘changes in production’’; and (3) by adding at the end the following: ‘‘(b) COLLE C TION OF DATA AND RE P ORTS ON SERVICE SECTOR.— ‘‘(1) SECRETAR Y OF LA B OR.—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 System.D e adlin e. Cr iteria.


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 123STA T . 3 7 3 PUBLIC LA W 111 –5—FE B. 17 , 2 0 0 9causeofth e di s l ocatio n of each w o rk er , as identified in the certification .‘ ‘ (2)SECR E TA R YOF CO M MERCE. —N ot later than 1y ear after such date of enact m ent, the Secretary of C ommerce shall, in consultation with the Secretary of L a b or, conduct a study and submit to the Committee on F inance of the Senate and the Committee on W ays and M eans of the H ouse of R e p resentati v es a report on ways to improve the timeliness and covera g eof data on trade in services, including methods to identify increased imports due to the relocation of U nited States firms to foreign countries, and increased imports due to United States firms ac q uiring services from firms in foreign countries. ’ ’. (b) C L ER I CAL A ME ND MENT.— T he table of contents of the Trade Actof1 974 is amended by striking the item relating to section 2 8 2 and inserting the following

‘ Sec.28 2. Trad e monit orin g and data co l lection. ’ ’. (c) E FFECTI V E D ATE.—The amendments made by this section shall take effect on the date of the enactment of this Act. SubpartB—Ind u s tr yNo t if i c ations F o l lo w in gCe rtain A ffir m ati v e D eterminations SEC.18 11. NOTIF IC A TIONS FO L LO W IN G CE R TAIN AFFIR M ATI V E D ETERMINATIONS. (a) I N G ENERAL.—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. 2 2 4 .ST U D Y AND NOTIFICATIONS REGARDING CERTAIN AFFIRMA - TIVE DETERMINATIONS INDUSTRY NOTIFICATION OF ASSISTANCE. ’ ’; (2) in subsection (a), by striking ‘‘Whenever’’ and inserting ‘‘ST U DY OF DOME S TIC INDUSTRY.—Whenever’’ ( 3 ) in subsection (b)— (A) by striking ‘‘The report’’ and inserting ‘‘RE P ORT B YT H E 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 FOLLO W IN G AFFIRMATIVE GLOBAL SAFE - GUARD DETERMINATIONS.—Upon making an affirmative determina- tion under section 2 0 2(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 com- modity, the Secretary of Agriculture, of the determination. ‘‘(d) NOTIFICATIONS FOLLOWING AFFIRMATIVE BILATERAL OR P LURILATERAL SAFEGUARD DETERMINATIONS.— ‘‘(1) NOTIFICATIONS OF DETERMINATIONS OF MAR K ET DISRUP- TION.—Upon making an affirmative determination under sec- tion 421(b)(1), the Commission shall promptly notify the Sec- retary of Labor and the Secretary of Commerce and, in the case of a determination with respect to an agricultural com- modity, the Secretary of Agriculture, of the determination. ‘‘(2) NOTIFICATIONS REGARDING TRADE AGREEMENT SAFE- GUARDS.—Upon making an affirmative determination in a pro- ceeding initiated under an applicable safeguard provision (other than a provision described in paragraph (3)) that is enacted 19USC23 93 note. St udy .


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 123STA T . 3 74PUBLIC LA W 111 –5—FE B. 17 , 2 0 0 9toimple me n t a t r a d ea g reement to wh i c h the U nited S tate s is a part y, the C ommission shall promptly noti f y the Secretary of L a b or and the Secretary of Commerce and, in the case of a determination with respect to an agric u ltural commodity, the Secretary of A griculture, of the determination .‘ ‘ (3)NOTIF I CA TIO NSREG AR D ING TE X TI L EANDA P PAREL SAFE - G U ARDS. — Upon ma k ing an affirmati v e determination in a pro- ceeding initiated under any safeguard provision relating to te x tile and apparel articles that is enacted to implement a trade agreement to which the United States is a party, the P resident shall promptly notify the Secretary of Labor and the Secretary of Commerce of the determination. ‘‘(e) NOTIFICATIONS F OLLO W ING CERTAIN AFFIR M ATI V E D ETER- MINATIONS UNDER T ITLE V IIOFT H E TARIFF ACT OF 19 3 0 .—Upon making an affirmative determination under section 7 0 5 (b)(1)(A) or 735(b)(1)(A) of the Tariff Act of 1930 (19 U.S.C. 1 6 71d(b)(1)(A) and 1673d(b)(1)(A)), the Commission shall promptly notify the Sec- retary 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. ‘‘(f) I NDUSTR Y NOTIFICATION OF ASSISTANCE.—Upon receiving a notification of a determination under subsection (c), (d), or (e) with respect to a domestic industry— ‘‘(1) the Secretary of Labor shall— ‘‘(A) notify the representatives of the domestic industry affected by the determination, firms publicly identified by name during the course of the proceeding relating to the determination, and any certified or recogni z ed union or, to the extent practicable, other duly authorized representa- tive of workers employed by such representatives of the domestic industry, of— ‘‘(i) the allowances, training, employment services, and other benefits available under this chapter ‘‘(ii) the manner in which to file a petition and apply for such benefits; and ‘‘(iii) the availability of assistance in filing such petitions; ‘‘( B ) notify the G overnor of each State in which one or more firms in the industry described in subparagraph (A) are located of the Commission ’ s determination and the identity of the firms; and ‘‘(C) upon re q uest, provide any assistance that is nec- essary to file a petition under section 2 21; ‘‘(2) the Secretary of Commerce shall— ‘‘(A) notify the representatives of the domestic industry affected by the determination and any firms publicly identi- fied by name during the course of the proceeding relating to the determination of— ‘‘(i) the benefits available under chapter 3; ‘‘(ii) the manner in which to file a petition and apply for such benefits; and ‘‘(iii) the availability of assistance in filing such petitions; and ‘‘(B) upon request, provide any assistance that is nec- essary to file a petition under section 251; and


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 123STA T . 3 75PUBLIC LA W 111 – 5 —FE B. 17 , 2 0 0 9‘ ‘ (3)inthecas e of an affi rm ati v e d etermination b ased up on imports of an a g ricu l tural commodit y, the S ecretary of A gri - culture shall — ‘‘(A) notify representatives of the domestic industry affected by the determination and any agricultural com- modity producers publicly identified by name during the course of the proceeding relating to the determination of— ‘‘(i) the benefits available under chapter 6; ‘‘(ii) the manner in w hich to file a petition and apply for such benefits; and ‘‘(iii) the availability of assistance in filing such petitions; and ‘‘( B ) upon re q uest, provide any assistance that is nec- essary to file a petition under section 29 2 . ‘‘(g) REPR E S E NTA T IV ES OF T H E D O M ESTI CI N DU STR Y .— F or pur- poses of subsection (f), the term ‘representatives of the domestic industry ’ means the persons that petitioned for relief in connection with— ‘‘( 1 ) a proceeding under section 2 0 2or 4 21 of this Act; ‘‘(2) a proceeding under section 7 02(b) or 732(b) of the T ariff Act of 1930 (19 U .S. C . 1671d(b) and 1673d(b)); or ‘‘(3) any safeguard investigation described in subsection (d)(2) or (d)(3).’’. (b) C L ERICAL AMENDMENT.—The table of contents of the Trade Act of 1974 is amended by stri k ing the item relating to section 224 and inserting the following

‘ Sec.2 2 4 . S tudyan dn o t if ication sr e g arding certain affir m ati v e determinations in - dustry notification of assistance. ’ ’. SEC.18 1 2 . NOTIF IC A TION TO SEC R ETAR Y OF CO M MERCE. Section 22 5 of the Trade Act of 1974 (19 U.S.C. 2275) is amended by adding at the end the following: ‘‘(c) Upon issuing a certification under section 223, the Secretary shall notify the Secretary of Commerce of the identity of each firm covered by the certification.’’. SubpartC—P r og ra mBen e fi t s SEC. 1821. QU A L IFYIN G REQUIREMENTS FOR W OR K ERS. (a) IN G ENERAL.—Section 231(a)(5)(A)(ii) of the Trade Act of 1974 (19 U.S.C. 2291 (a)(5)(A)(ii)) is amended— (1) by striking subclauses (I) and (II) and inserting the following: ‘‘(I) in the case of a worker whose most recent total separation from adversely affected employment that meets the requirements of paragraphs (1) and (2) occurs after the date on which the Secretary issues a certification covering the worker, the last day of the 26th week after such total separation, ‘‘(II) in the case of a worker whose most recent total separation from adversely affected employment that meets the requirements of paragraphs (1) and (2) occurs before the date on which the Secretary issues a certification covering the worker, the last day of the 26th week after the date of such certification,’’; (2) in subclause (III)— Certif i ca ti on.


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 123STA T . 3 76PUBLIC LA W 111 –5—FE B. 17 , 2 0 0 9(A)bystrik i ng‘ ‘ la t e r of t h e d ates s p e c ified in s u bclause ( I ) or (II) ’ ’ and inserting ‘‘date specified in subclause (I) or (II) , as the case m ay be’’ and ( B ) by striking ‘‘or’’ at the end; ( 3 ) by redesignating subclause (I V ) as subclause (V); and ( 4 ) by inserting after subclause (III) the follo w ing ‘‘(IV) in the case of a worker who fails to enroll by the date re q uired by subclause (I), (II), or (III), as the case may be, due to the failure to pro v ide the worker with timely information regarding the date specified in such subclause, the last day of a period determined by the S ecretary, or’’ . (b) WAIVERSOFT RAI N IN GR E QU IRE M EN T S. — Section 2 3 1 (c) of the Trade Act of 1 97 4 (19 U .S. C . 2291(c)) is amended— (1) in paragraph (1)(B)— (A) by striking ‘‘The worker possesses’’ and inserting the following: ‘‘(i) IN GENERA L .—The worker possesses’’; and (B) by adding at the end the following: ‘‘(ii) M AR K ETA B LE SKILLS D EFINED.— F or purposes of clause (i), the term ‘marketable skills’ may include the possession of a postgraduate degree from an institution of higher education (as defined in section 1 0 2ofthe H igher E ducation Act of 19 65 (20 U.S.C. 1002)) or an equivalent institution, or the possession of an equivalent postgraduate certification in a special - i z ed field.’’; (2) in paragraph (2)(A), by striking ‘‘A waiver’’ and inserting ‘‘E x cept as provided in paragraph (3)(B), a waiver’’; and (3) in paragraph (3)— (A) in subparagraph (A), by striking ‘‘ P ursuant to an agreement under section 239, the Secretary may authorize a’’ and inserting ‘‘An agreement under section 239 shall authorize a’’; (B) by redesignating subparagraph (B) as subpara- graph (C); and (C) by inserting after subparagraph (A) the following: ‘‘(B) REVIE W OF WAIVERS.—An agreement under section 239 shall require a cooperating State to review each waiver issued by the State under subparagraph (A), (B), ( D ), (E), or (F) of paragraph (1)— ‘‘(i) 3 months after the date on which the State issues the waiver; and ‘‘(ii) on a monthly basis thereafter.’’. (c) CONFORMING AMENDMENTS.— (1) Section 231 of the Trade Act of 1974 (19 U.S.C. 2291), as amended, is further amended— (A) in subsection (a), in the matter preceding paragraph (1), by striking ‘‘more than 60 days’’ and all that follows through ‘‘section 221’’ and inserting ‘‘on or after the date of such certification’’; and (B) in subsection (b)— (i) by striking paragraph (2); and (ii) in paragraph (1)— (I) by striking ‘‘(1)’’; (II) by redesignating subparagraphs (A) and (B) as paragraphs (1) and (2), respectively; Deadlin e s.


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 123STA T . 3 7 7 PUBLIC LA W 111 –5—FE B. 17 , 2 0 0 9(I II )byred e signat ing cl a u ses (i) and (ii) as sub p aragrap h s( A )and( B ) , respecti v ely and (I V ) by redesignating subclauses (I) and (II) as clauses (i) and (ii), respectively . ( 2 ) S ecti o n2 3 3o f the T rade Act of 1974 (19 U .S. C . 2293) isa m ended — (A) by stri k ing subsection (b); and (B) by redesignating subsections (c) through (g) as sub - sections (b) through (f), respectively. SEC.182 2. W EE KLYAMOUNT S. Section 232 of the Trade Act of 1974 (19 U.S.C. 2292) is amended— (1) in subsection (a)— (A) by striking ‘ ‘subsections (b) and (c) ’ ’ and inserting ‘‘subsections (b), (c), and (d)’’; (B) by striking ‘‘total unemployment’’ the first place it appears and inserting ‘‘unemployment’’; and (C) in paragraph (2), by inserting before the period the follo w ing ‘‘, e x cept that in the case of an adversely affected worker who is participating in training under this chapter, such income shall not include earnings from work for such week that are e q ual to or less than the most recent weekly benefit amount of the unemployment insur- ance payable to the worker for a week of total unemploy- ment preceding the worker’s first exhaustion of unemploy- ment insurance (as determined for purposes of section 231(a)(3)(B))’’; and (2) by adding at the end the following: ‘‘(d) ELECTION O F T RAD E R EAD JUS T M ENT ALLO W ANCE OR UNEM P LO Y MENT INSURANCE.— N otwithstanding section 231(a)(3)(B), an adversely affected worker may elect to receive a trade read j ust- ment allowance instead of unemployment insurance during any week with respect to which the worker— ‘‘(1) is entitled to receive unemployment insurance as a result of the establishment by the worker of a new benefit year under State law, based in whole or in part upon part- time or short-term employment in which the worker engaged after the worker’s most recent total separation from adversely affected employment; and ‘‘(2) is otherwise entitled to a trade readjustment allow- ance.’’. SEC. 182 3 . L I MITATIONS ON T R A D E READ J USTMENT ALLOWANCES ALLOWANCES F ORE X TENDED TRAININ G AND B REAKS IN TRAINING. Section 233(a) of the Trade Act of 1974 (19 U.S.C. 2293(a)) is amended— (1) in paragraph (2), by inserting ‘‘under paragraph (1)’’ after ‘‘trade readjustment allowance’’; and (2) in paragraph (3)— (A) in the matter preceding subparagraph (A)— (i) by striking ‘‘training approved for him’’ and inserting ‘‘a training program approved for the worker’’; (ii) by striking ‘‘ 5 2 additional weeks’’ and inserting ‘‘7 8 additional weeks’’; and (iii) by striking ‘‘52-week’’ and inserting ‘‘91-week’’; and


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 123STA T . 3 78PUBLIC LA W 111 –5—FE B. 17 , 2 0 0 9(B)inthema tte rfol lo w in gsubp aragraph (B) , b y stri k ing ‘ ‘ 52- week ’ ’an d inserting ‘‘ 91 -week’’ .SEC.1824 . S P EC IALRU LES FO R CALCULA T IO N OF ELI G I B ILIT Y PERIO D . S e c tion 2 3 3ofthe T rade A ctof19 74 (19 U .S. C . 2293), as amended, is further amended by adding at the end the following ‘‘(g) S PECIALRU LE FOR CALCULA T I NG SEPARATION. —N otwith- standing any other pro v ision of this chapter, any period during which a j udicial or administrative appeal is pending with respect to the denial by the Secretary of a petition under section 223 shall not be counted for purposes of calculating the period of separa- tion under subsection (a)(2). ‘‘(h) SPECIAL RULE FOR J U S TIFIA B LE CAUSE.— I f the Secretary determines that there is justifiable cause, the Secretary may e x tend the period during which trade readjustment allowances are payable to an adversely affected worker under paragraphs (2) and (3) of subsection (a) (but not the maximum amounts of such allowances that are payable under this section). ‘‘(i) SPECIAL RULE W IT H RESPECT TO M ILITAR Y SER V ICE.— ‘‘(1) IN GENERAL.—Notwithstanding any other provision of this chapter, the Secretary may waive any re q uirement of this chapter that the Secretary determines is necessary to ensure that an adversely affected worker who is a member of a reserve component of the Armed F orces and serves a period of duty described in paragraph (2) is eligible to receive a trade readjust- ment allowance, training, and other benefits under this chapter in the same manner and to the same extent as if the worker had not served the period of duty. ‘‘(2) P ERIO D OF DUTY DESCRIBED.—An adversely affected worker serves a period of duty described in this paragraph if, before completing training under section 23 6, the worker— ‘‘(A) serves on active duty for a period of more than 3 0 days under a call or order to active duty of more than 30 days or ‘‘(B) in the case of a member of the Army National G uard of the United States or Air National Guard of the United States, performs full-time National Guard duty under section 502(f) of title 32, United States Code, for 30 consecutive days or more when authori z ed by the Presi- dent or the Secretary of D efense for the purpose of responding to a national emergency declared by the Presi- dent and supported by Federal funds.’’. SEC. 182 5 . APPLICATION OF STATE LA W S AND REGULATIONS ON GOOD CAUSE FOR WAI V EROFTI M E LIMITS OR LATE FILING OF CLAIMS. Section 234 of the Trade Act of 1974 (19 U.S.C. 2294) is amended— (1) by striking ‘‘ E xcept where inconsistent’’ and inserting ‘‘(a) IN GENERAL.—Except where inconsistent’’; and (2) by adding at the end the following: ‘‘(b) SPECIAL RULE WITH RESPECT TO STATE L A W S AND REGULA- TIONS ON GOOD CAUSE FOR WAIVER OF TI M E LIMITS OR LATE FILING OF CLAIMS.—Any law, regulation, policy, or practice of a cooperating State that allows for a waiver for good cause of any time limitation relating to the administration of the State unemployment insurance law shall, in the administration of the program under this chapter Ap p licab ili ty.W ai ver a u t ho rity.


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 123STA T . 3 79PUBLIC LA W 111 –5—FE B. 17 , 2 0 09 bytheS t a te , a p p l yt o a n yt im e limitation w ith r e s pe c ttoan application f oratra d e read ju stment allowance or enrollment in trainin g under this chapter .’ ’. SEC.1826 .E MPLOY ME NTA N D CASE MANA G EMENT SE RVI CES. ( a )INGE NE RAL . — Section 235 of the T rade A ct of 1974 (19 U .S. C . 2295) is amended to read as follows

‘SEC. 2 35 . EMPLOYMENT AND CASE MANAGEMENT SERVICES. ‘ ‘The Secretary shall ma k ea v ailable, directly or through agree - ments with States under section 239, to adversely affected workers and adversely affected incumbent workers covered by a certification under subchapter A of this chapter the following employment and case management services: ‘‘(1) Comprehensive and speciali z ed assessment of skill levels and service needs, including through— ‘‘(A) diagnostic testing and use of other assessment tools and ‘‘( B ) in-depth interviewing and evaluation to identify employment barriers and appropriate employment goals. ‘‘(2) D evelopment of an individual employment plan to iden- tify employment goals and objectives, and appropriate training to achieve those goals and objectives. ‘‘(3) Information on training available in local and regional areas, information on individual counseling to determine which training is suitable training, and information on how to apply for such training. ‘‘(4) Information on how to apply for financial aid, including referring workers to educational opportunity centers described in section 4 0 2 F of the H igher E ducation Act of 19 6 5 (20 U.S.C. 1070a – 16), where applicable, and notifying workers that the workers may re q uest financial aid administrators at institu- tions of higher education (as defined in section 102 of such Act (20 U.S.C. 1002)) to use the administrators’ discretion under section 479A of such Act (20 U.S.C. 10 8 7tt) to use current year income data, rather than preceding year income data, for determining the amount of need of the workers for Federal financial assistance under title I V of such Act (20 U.S.C. 1070 et seq.). ‘‘(5) Short-term prevocational services, including develop- ment of learning skills, communications skills, interviewing skills, punctuality, personal maintenance skills, and profes- sional conduct to prepare individuals for employment or training. ‘‘(6) Individual career counseling, including job search and placement counseling, during the period in which the individual is receiving a trade adjustment allowance or training under this chapter, and after receiving such training for purposes of job placement. ‘‘(7) P rovision of employment statistics information, including the provision of accurate information relating to local, regional, and national labor market areas, including— ‘‘(A) job vacancy listings in such labor market areas; ‘‘(B) information on jobs skills necessary to obtain jobs identified in job vacancy listings described in subparagraph (A); Contrac t s.