| 1 | 1 | | I |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION H. R. 1235 |
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| 5 | 5 | | To establish the Federal Infrastructure Bank to facilitate investment in, |
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| 6 | 6 | | and the long-term financing of, economically viable United States infra- |
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| 7 | 7 | | structure projects that provide a public benefit, and for other purposes. |
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| 8 | 8 | | IN THE HOUSE OF REPRESENTATIVES |
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| 9 | 9 | | FEBRUARY12, 2025 |
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| 10 | 10 | | Mr. W |
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| 11 | 11 | | EBSTERof Florida (for himself and Mr. CARBAJAL) introduced the fol- |
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| 12 | 12 | | lowing bill; which was referred to the Committee on Transportation and |
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| 13 | 13 | | Infrastructure, and in addition to the Committees on Financial Services, |
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| 14 | 14 | | and Ways and Means, for a period to be subsequently determined by the |
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| 15 | 15 | | Speaker, in each case for consideration of such provisions as fall within |
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| 16 | 16 | | the jurisdiction of the committee concerned |
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| 17 | 17 | | A BILL |
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| 18 | 18 | | To establish the Federal Infrastructure Bank to facilitate |
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| 19 | 19 | | investment in, and the long-term financing of, economi- |
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| 20 | 20 | | cally viable United States infrastructure projects that |
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| 21 | 21 | | provide a public benefit, and for other purposes. |
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| 22 | 22 | | Be it enacted by the Senate and House of Representa-1 |
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| 23 | 23 | | tives of the United States of America in Congress assembled, 2 |
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| 24 | 24 | | SECTION 1. SHORT TITLE. 3 |
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| 25 | 25 | | This Act may be cited as the ‘‘Federal Infrastructure 4 |
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| 26 | 26 | | Bank Act of 2025’’. 5 |
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| 28 | 28 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 2 |
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| 29 | 29 | | •HR 1235 IH |
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| 30 | 30 | | SEC. 2. DEFINITIONS. 1 |
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| 31 | 31 | | For the purposes of this Act: 2 |
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| 32 | 32 | | (1) B |
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| 33 | 33 | | ANK.—The term ‘‘Bank’’ means the Fed-3 |
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| 34 | 34 | | eral Infrastructure Bank established under section 4 |
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| 35 | 35 | | 4. 5 |
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| 36 | 36 | | (2) E |
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| 37 | 37 | | LIGIBLE ENTITY.—The term ‘‘eligible enti-6 |
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| 38 | 38 | | ty’’ means— 7 |
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| 39 | 39 | | (A) a corporation, limited liability com-8 |
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| 40 | 40 | | pany, or any other legally established corporate 9 |
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| 41 | 41 | | form; 10 |
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| 42 | 42 | | (B) a partnership, including a public-pri-11 |
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| 43 | 43 | | vate partnership; 12 |
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| 44 | 44 | | (C) a joint venture; 13 |
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| 45 | 45 | | (D) a trust; 14 |
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| 46 | 46 | | (E) a State; 15 |
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| 47 | 47 | | (F) any other governmental entity, includ-16 |
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| 48 | 48 | | ing a political subdivision or any other instru-17 |
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| 49 | 49 | | mentality of a State; 18 |
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| 50 | 50 | | (G) a revolving fund; or 19 |
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| 51 | 51 | | (H) a State infrastructure bank. 20 |
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| 52 | 52 | | (3) H |
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| 53 | 53 | | OLDING COMPANY .—The term ‘‘Holding 21 |
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| 54 | 54 | | Company’’ means the ‘‘Federal Infrastructure Bank 22 |
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| 55 | 55 | | Holding Company’’ established under section 3. 23 |
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| 56 | 56 | | (4) I |
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| 57 | 57 | | NFRASTRUCTURE PROJECT .—The term 24 |
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| 58 | 58 | | ‘‘infrastructure project’’ means the construction, 25 |
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| 59 | 59 | | consolidation, alteration, operations, maintenance, or 26 |
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| 62 | 62 | | •HR 1235 IH |
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| 63 | 63 | | repair of projects, which provide public benefit or 1 |
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| 64 | 64 | | use, in the following categories: 2 |
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| 65 | 65 | | (A) Highway and roadway facilities, in-3 |
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| 66 | 66 | | cluding bridges and tunnels. 4 |
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| 67 | 67 | | (B) Port or marine terminal facilities, in-5 |
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| 68 | 68 | | cluding approaches to marine terminal facilities 6 |
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| 69 | 69 | | or inland port facilities, and port or marine 7 |
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| 70 | 70 | | equipment including fixed equipment to serve 8 |
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| 71 | 71 | | approaches to marine terminals or inland ports. 9 |
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| 72 | 72 | | (C) Airports, heliports, vertiports, space-10 |
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| 73 | 73 | | ports, or air traffic control systems and facili-11 |
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| 74 | 74 | | ties. 12 |
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| 75 | 75 | | (D) Transmission or distribution pipelines. 13 |
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| 76 | 76 | | (E) Facilities or equipment for energy 14 |
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| 77 | 77 | | transmission, distribution, or storage. 15 |
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| 78 | 78 | | (F) Intercity passenger or freight rail 16 |
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| 79 | 79 | | lines, facilities, or equipment. 17 |
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| 80 | 80 | | (G) Intercity passenger bus facilities or 18 |
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| 81 | 81 | | equipment. 19 |
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| 82 | 82 | | (H) Public transportation facilities or 20 |
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| 83 | 83 | | equipment. 21 |
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| 84 | 84 | | (I) Inland waterways. 22 |
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| 85 | 85 | | (J) Intermodal facilities or equipment. 23 |
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| 88 | 88 | | •HR 1235 IH |
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| 89 | 89 | | (K) Water treatment and solid waste dis-1 |
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| 90 | 90 | | posal facilities and associated infrastructure 2 |
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| 91 | 91 | | such as pipes. 3 |
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| 92 | 92 | | (L) Storm water management systems. 4 |
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| 93 | 93 | | (M) Dams and levees. 5 |
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| 94 | 94 | | (N) Any other infrastructure project which 6 |
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| 95 | 95 | | the Bank identifies as providing a public benefit 7 |
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| 96 | 96 | | with regards to infrastructure. 8 |
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| 97 | 97 | | (5) R |
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| 98 | 98 | | ISK-BASED CAPITAL.—The term ‘‘risk- 9 |
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| 99 | 99 | | based capital’’ shall have the meaning given that 10 |
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| 100 | 100 | | term by the Board of Governors of the Federal Re-11 |
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| 101 | 101 | | serve System. 12 |
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| 102 | 102 | | (6) R |
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| 103 | 103 | | URAL.—The term ‘‘rural’’ means any area 13 |
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| 104 | 104 | | not in a metropolitan statistical area with a popu-14 |
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| 105 | 105 | | lation of 50,000 or greater. 15 |
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| 106 | 106 | | (7) S |
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| 107 | 107 | | TATE.—The term ‘‘State’’ means each of 16 |
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| 108 | 108 | | the 50 several States of the United States, the Dis-17 |
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| 109 | 109 | | trict of Columbia, the Commonwealth of Puerto 18 |
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| 110 | 110 | | Rico, American Samoa, Guam, the United States 19 |
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| 111 | 111 | | Virgin Islands, the Commonwealth of the Northern 20 |
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| 112 | 112 | | Mariana Islands, and each federally recognized In-21 |
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| 113 | 113 | | dian Tribe. 22 |
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| 114 | 114 | | (8) S |
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| 115 | 115 | | TATE INFRASTRUCTURE BANK .—The term 23 |
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| 116 | 116 | | ‘‘State infrastructure bank’’ means a State infra-24 |
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| 118 | 118 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 5 |
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| 119 | 119 | | •HR 1235 IH |
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| 120 | 120 | | structure bank or multi-State infrastructure bank 1 |
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| 121 | 121 | | established pursuant to— 2 |
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| 122 | 122 | | (A) section 350 of the National Highway 3 |
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| 123 | 123 | | System Designation Act of 1995; 4 |
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| 124 | 124 | | (B) section 1511(l) of the Transportation 5 |
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| 125 | 125 | | Equity Act for the 21st Century; 6 |
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| 126 | 126 | | (C) section 610 of title 23, United States 7 |
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| 127 | 127 | | Code; or 8 |
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| 128 | 128 | | (D) any State law as an agency, compo-9 |
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| 129 | 129 | | nent unit, or other governmental entity of the 10 |
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| 130 | 130 | | State. 11 |
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| 131 | 131 | | SEC. 3. SELECTION OF THE FORMATION AGENT. 12 |
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| 132 | 132 | | (a) I |
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| 133 | 133 | | NGENERAL.—Within 60 days of the date of en-13 |
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| 134 | 134 | | actment of this Act, the Secretary of the Treasury, in con-14 |
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| 135 | 135 | | sultation with the Chairman of the Board of Governors 15 |
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| 136 | 136 | | of the Federal Reserve System, shall select a Formation 16 |
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| 137 | 137 | | Agent which shall— 17 |
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| 138 | 138 | | (1) make and file with the Secretary of the 18 |
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| 139 | 139 | | Treasury an organization certificate for the Bank in 19 |
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| 140 | 140 | | accordance with such rules and regulations as the 20 |
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| 141 | 141 | | Secretary may prescribe, including the establishment 21 |
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| 142 | 142 | | of the Holding Company; and 22 |
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| 143 | 143 | | (2) have significant experience in infrastructure 23 |
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| 144 | 144 | | and infrastructure finance. 24 |
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| 147 | 147 | | •HR 1235 IH |
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| 148 | 148 | | (b) ESTABLISHMENT OF THE FEDERALINFRA-1 |
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| 149 | 149 | | STRUCTUREBANKHOLDINGCOMPANY.—Within 30 days 2 |
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| 150 | 150 | | after being selected under subsection (a), the Formation 3 |
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| 151 | 151 | | Agent shall establish the Federal Infrastructure Bank 4 |
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| 152 | 152 | | Holding Company, prescribe the governing structure of 5 |
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| 153 | 153 | | the Holding Company, and establish the Federal Infra-6 |
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| 154 | 154 | | structure Bank Holding Company Board of Directors, 7 |
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| 155 | 155 | | which shall— 8 |
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| 156 | 156 | | (1) initially consist of 7 members; 9 |
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| 157 | 157 | | (2) be elected by the shareholders of the Hold-10 |
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| 158 | 158 | | ing Company; 11 |
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| 159 | 159 | | (3) serve 4-year terms, only 2 of which may be 12 |
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| 160 | 160 | | consecutive; 13 |
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| 161 | 161 | | (4) within the limitations of law and regulation, 14 |
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| 162 | 162 | | determine and sign the articles of association that 15 |
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| 163 | 163 | | govern the operations of the Holding Company, and 16 |
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| 164 | 164 | | have the power to adopt, amend, and repeal bylaws 17 |
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| 165 | 165 | | governing the performance of the powers and duties 18 |
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| 166 | 166 | | granted to or imposed upon the Holding Company 19 |
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| 167 | 167 | | by law; and 20 |
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| 168 | 168 | | (5) select and effect the appointment of quali-21 |
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| 169 | 169 | | fied persons to fill the office of the Chief Executive 22 |
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| 170 | 170 | | Officer of the Bank and such other offices as may 23 |
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| 171 | 171 | | be provided for in the bylaws of the Holding Com-24 |
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| 172 | 172 | | pany and the Federal Infrastructure Bank. 25 |
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| 175 | 175 | | •HR 1235 IH |
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| 176 | 176 | | (c) EARNINGSANDRESERVESNOTGOVERNMENT 1 |
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| 177 | 177 | | F |
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| 178 | 178 | | UNDS.—The earnings and reserves of the Holding Com-2 |
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| 179 | 179 | | pany shall be the sole property of the Holding Company 3 |
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| 180 | 180 | | and are not Government funds or public funds. 4 |
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| 181 | 181 | | (d) T |
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| 182 | 182 | | REATMENT OFSHAREHOLDERS OF THE FORMA-5 |
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| 183 | 183 | | TIONAGENT.—The Formation Agent shall issue equity se-6 |
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| 184 | 184 | | curities of the Holding Company to each shareholder of 7 |
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| 185 | 185 | | the Formation Agent, in an amount that the Formation 8 |
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| 186 | 186 | | Agent determines has a value equal to the value of equity 9 |
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| 187 | 187 | | securities of the Formation Agent held by such share-10 |
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| 188 | 188 | | holder upon the establishment of the Holding Company. 11 |
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| 189 | 189 | | SEC. 4. ESTABLISHMENT OF THE FEDERAL INFRASTRUC-12 |
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| 190 | 190 | | TURE BANK. 13 |
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| 191 | 191 | | (a) I |
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| 192 | 192 | | NGENERAL.—The Formation Agent shall estab-14 |
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| 193 | 193 | | lish the Federal Infrastructure Bank as a Delaware cor-15 |
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| 194 | 194 | | poration and the Bank shall be a wholly owned subsidiary 16 |
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| 195 | 195 | | of the Holding Company. 17 |
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| 196 | 196 | | (b) F |
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| 197 | 197 | | EDERALBANKINGCHARTER.—The Comptroller 18 |
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| 198 | 198 | | of the Currency shall grant a national bank charter to the 19 |
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| 199 | 199 | | Bank. 20 |
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| 200 | 200 | | (c) R |
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| 201 | 201 | | EGIONALOFFICES.—Within 5 years of the date 21 |
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| 202 | 202 | | of enactment of this Act, the Bank shall establish regional 22 |
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| 203 | 203 | | offices for the purpose of focusing on infrastructure 23 |
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| 204 | 204 | | projects in different areas of the United States. 24 |
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| 207 | 207 | | •HR 1235 IH |
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| 208 | 208 | | (d) BOARD OFDIRECTORS.—The Board of Directors 1 |
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| 209 | 209 | | of the Holding Company established under section 3 shall 2 |
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| 210 | 210 | | be the initial Board of Directors of the Bank. 3 |
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| 211 | 211 | | (e) E |
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| 212 | 212 | | ARNINGS AND RESERVESNOTGOVERNMENT 4 |
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| 213 | 213 | | F |
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| 214 | 214 | | UNDS.—The earnings and reserves of the Bank are not 5 |
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| 215 | 215 | | Government funds or public funds. 6 |
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| 216 | 216 | | SEC. 5. FUNCTIONS OF THE BANK. 7 |
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| 217 | 217 | | (a) I |
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| 218 | 218 | | NGENERAL.—The Bank shall provide equity in-8 |
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| 219 | 219 | | vestments, direct loans, indirect loans, and loan guaran-9 |
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| 220 | 220 | | tees to eligible entities for the planning, pre-development, 10 |
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| 221 | 221 | | design, construction, operations or maintenance of rev-11 |
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| 222 | 222 | | enue-producing infrastructure projects in the United 12 |
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| 223 | 223 | | States with sufficient revenue sources and guarantees to 13 |
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| 224 | 224 | | support the interest and principal payments to the Bank. 14 |
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| 225 | 225 | | (b) S |
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| 226 | 226 | | UPPORT FORRURALPROJECTS.—Not less than 15 |
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| 227 | 227 | | 10 percent of the dollar amount of loans, equity invest-16 |
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| 228 | 228 | | ments, and loan guarantees provided by the Bank shall 17 |
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| 229 | 229 | | be with respect to infrastructure projects in rural areas. 18 |
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| 230 | 230 | | (c) L |
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| 231 | 231 | | EVERAGINGBANKINVESTMENTS.—The Bank 19 |
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| 232 | 232 | | shall attempt to cross subsidize non-revenue infrastructure 20 |
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| 233 | 233 | | projects with revenue generating infrastructure projects to 21 |
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| 234 | 234 | | diversify the loan portfolio. 22 |
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| 235 | 235 | | (d) N |
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| 236 | 236 | | OCOMMERCIAL ORINVESTMENTBANKINGAC-23 |
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| 237 | 237 | | TIVITIES.—Notwithstanding any other provision of law, 24 |
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| 238 | 238 | | the Bank is prohibited from— 25 |
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| 240 | 240 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 9 |
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| 241 | 241 | | •HR 1235 IH |
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| 242 | 242 | | (1) accepting customer deposits; or 1 |
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| 243 | 243 | | (2) engaging in financial or investment banking 2 |
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| 244 | 244 | | activities, except with respect to the Bank’s own rev-3 |
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| 245 | 245 | | enues. 4 |
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| 246 | 246 | | (e) P |
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| 247 | 247 | | LEDGE ANDCREDITFACILITIES.— 5 |
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| 248 | 248 | | (1) P |
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| 249 | 249 | | LEDGE.—The Bank shall have the author-6 |
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| 250 | 250 | | ity to pledge its loans to the discount window of the 7 |
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| 251 | 251 | | Board of Governors of the Federal Reserve System. 8 |
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| 252 | 252 | | (2) P |
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| 253 | 253 | | URCHASE OF OBLIGATIONS .—The Sec-9 |
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| 254 | 254 | | retary of the Treasury may purchase obligations 10 |
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| 255 | 255 | | issued by the Bank in the same manner and under 11 |
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| 256 | 256 | | the same requirements that the Secretary purchases 12 |
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| 257 | 257 | | obligations under section 306(c) of the Federal 13 |
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| 258 | 258 | | Home Loan Mortgage Corporation Act (12 U.S.C. 14 |
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| 259 | 259 | | 1455(c)). 15 |
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| 260 | 260 | | (f) L |
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| 261 | 261 | | EVERAGELIMITATION.—The Bank shall main-16 |
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| 262 | 262 | | tain risk-based capital at no less than 10 percent, collec-17 |
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| 263 | 263 | | tively for the Bank and the Holding Company. 18 |
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| 264 | 264 | | (g) L |
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| 265 | 265 | | IFECYCLE.—The Bank shall ensure that infra-19 |
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| 266 | 266 | | structure projects account for long-term operations, main-20 |
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| 267 | 267 | | tenance, and life-cycle costs and obligations to ensure that 21 |
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| 268 | 268 | | the infrastructure projects maximize the useful life of each 22 |
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| 269 | 269 | | applicable asset. 23 |
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| 270 | 270 | | (h) I |
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| 271 | 271 | | NFRASTRUCTURE DELIVERY.—The Bank, as a 24 |
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| 272 | 272 | | clearinghouse for infrastructure finance, may provide im-25 |
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| 275 | 275 | | •HR 1235 IH |
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| 276 | 276 | | plementation advisory assistance, directly or indirectly, to 1 |
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| 277 | 277 | | infrastructure projects. 2 |
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| 278 | 278 | | (i) C |
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| 279 | 279 | | REDITRATING.—The Bank shall accept credit 3 |
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| 280 | 280 | | ratings consistent with typical infrastructure market prac-4 |
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| 281 | 281 | | tice to enhance deployment of capital. 5 |
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| 282 | 282 | | (j) P |
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| 283 | 283 | | ROHIBITION ON FUNDING OF FOREIGN 6 |
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| 284 | 284 | | P |
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| 285 | 285 | | ROJECTS.—The Bank is prohibited from providing eq-7 |
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| 286 | 286 | | uity investments, direct loans, indirect loans, and loan 8 |
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| 287 | 287 | | guarantees for infrastructure projects not located within 9 |
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| 288 | 288 | | the United States. 10 |
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| 289 | 289 | | (k) P |
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| 290 | 290 | | ROHIBITIONWITHRESPECT TOCHINA.—The 11 |
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| 291 | 291 | | Bank is prohibited from providing equity investments, di-12 |
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| 292 | 292 | | rect loans, indirect loans, and loan guarantees for infra-13 |
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| 293 | 293 | | structure projects that are owned, directed, controlled, fi-14 |
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| 294 | 294 | | nanced, or influenced by the Government of the People’s 15 |
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| 295 | 295 | | Republic of China, the Chinese Communist Party, or the 16 |
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| 296 | 296 | | People’s Liberation Army. 17 |
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| 297 | 297 | | SEC. 6. HOLDING COMPANY SECURITIES. 18 |
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| 298 | 298 | | (a) E |
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| 299 | 299 | | QUITYSECURITIES.— 19 |
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| 300 | 300 | | (1) I |
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| 301 | 301 | | N GENERAL.—The Holding Company shall 20 |
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| 302 | 302 | | issue such equity securities as the Board of Direc-21 |
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| 303 | 303 | | tors of the Holding Company determines appro-22 |
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| 304 | 304 | | priate. 23 |
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| 305 | 305 | | (2) D |
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| 306 | 306 | | IVIDENDS.—The Holding Company may 24 |
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| 307 | 307 | | make such dividend payments on the equity securi-25 |
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| 310 | 310 | | •HR 1235 IH |
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| 311 | 311 | | ties of the Holding Company as the Holding Com-1 |
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| 312 | 312 | | pany determines appropriate. 2 |
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| 313 | 313 | | (3) R |
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| 314 | 314 | | ESTRICTION ON VOTING RIGHTS .—Any 3 |
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| 315 | 315 | | holder of an equity security of the Holding Company 4 |
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| 316 | 316 | | that is a non-United States individual or entity shall 5 |
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| 317 | 317 | | have no voting rights with respect to such equity se-6 |
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| 318 | 318 | | curity. 7 |
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| 319 | 319 | | (b) B |
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| 320 | 320 | | ONDS.— 8 |
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| 321 | 321 | | (1) S |
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| 322 | 322 | | TANDARD BONDS.—The Holding Company 9 |
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| 323 | 323 | | may issue standard bonds with maturities up to 30 10 |
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| 324 | 324 | | years or longer, as needed. 11 |
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| 325 | 325 | | (2) O |
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| 326 | 326 | | THER BONDS.—The Holding Company 12 |
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| 327 | 327 | | may issue other bonds, notes, and marketable securi-13 |
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| 328 | 328 | | ties with maturities and interest rates as the Hold-14 |
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| 329 | 329 | | ing Company determines appropriate. 15 |
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| 330 | 330 | | (3) A |
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| 331 | 331 | | UTHORITY TO PURCHASE BONDS .— 16 |
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| 332 | 332 | | (A) I |
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| 333 | 333 | | N GENERAL.—The Secretary of the 17 |
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| 334 | 334 | | Treasury and the Board of Governors of the 18 |
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| 335 | 335 | | Federal Reserve System may purchase bonds 19 |
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| 336 | 336 | | issued under this section. 20 |
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| 337 | 337 | | (B) L |
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| 338 | 338 | | IMITATION.—The aggregate amount 21 |
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| 339 | 339 | | of outstanding bonds purchased by the Sec-22 |
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| 340 | 340 | | retary under this paragraph may not exceed 5 23 |
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| 341 | 341 | | percent of the total amount of the outstanding 24 |
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| 342 | 342 | | bonds of the Holding Company. 25 |
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| 345 | 345 | | •HR 1235 IH |
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| 346 | 346 | | (c) LEVERAGELIMITATION.—The Holding Company 1 |
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| 347 | 347 | | shall maintain risk-based capital at no less than 10 per-2 |
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| 348 | 348 | | cent, collectively for the Bank and the Holding Company. 3 |
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| 349 | 349 | | (d) I |
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| 350 | 350 | | NVESTMENT LIMITATION ON NON-UNITED 4 |
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| 351 | 351 | | S |
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| 352 | 352 | | TATESINDIVIDUALS ANDENTITIES.— 5 |
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| 353 | 353 | | (1) Non-United States individuals and entities 6 |
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| 354 | 354 | | may not hold more than 25 percent, in the aggre-7 |
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| 355 | 355 | | gate, of the equity securities and bonds of the Hold-8 |
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| 356 | 356 | | ing Company. 9 |
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| 357 | 357 | | (2) The Formation Agent and Holding Com-10 |
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| 358 | 358 | | pany are prohibited from issuing any bond, note, 11 |
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| 359 | 359 | | marketable security, or other financial instrument to 12 |
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| 360 | 360 | | any person or entity— 13 |
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| 361 | 361 | | (A) affiliated with, owned by, or directed, 14 |
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| 362 | 362 | | controlled, financed, or influenced by the Gov-15 |
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| 363 | 363 | | ernment of the People’s Republic of China, the 16 |
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| 364 | 364 | | Chinese Communist Party, or the People’s Lib-17 |
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| 365 | 365 | | eration Army; or 18 |
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| 366 | 366 | | (B) affiliated with, owned by, or directed, 19 |
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| 367 | 367 | | controlled, financed, or influenced by a State 20 |
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| 368 | 368 | | Sponsor of Terrorism, as so designated by the 21 |
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| 369 | 369 | | Secretary of State. 22 |
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| 370 | 370 | | SEC. 7. OVERSIGHT AND REGULATION. 23 |
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| 371 | 371 | | The Board of Governors of the Federal Reserve Sys-24 |
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| 372 | 372 | | tem shall— 25 |
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| 375 | 375 | | •HR 1235 IH |
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| 376 | 376 | | (1) have oversight and supervisory authority 1 |
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| 377 | 377 | | over the Holding Company and the Bank, in order 2 |
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| 378 | 378 | | to ensure the safe and sound operation of the Hold-3 |
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| 379 | 379 | | ing Company and the Bank; and 4 |
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| 380 | 380 | | (2) shall regulate Bank activities to ensure 5 |
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| 381 | 381 | | compliance with the requirements set forth in this 6 |
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| 382 | 382 | | Act. 7 |
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| 383 | 383 | | SEC. 8. INFRASTRUCTURE GUARANTEE FUND. 8 |
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| 384 | 384 | | The Bank shall establish an Infrastructure Guar-9 |
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| 385 | 385 | | antee Fund that shall be used with respect to specific 10 |
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| 386 | 386 | | loans or loan guarantees made by the Bank in the event 11 |
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| 387 | 387 | | of any non-payment by the recipient of such loan or loan 12 |
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| 388 | 388 | | guarantee. 13 |
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| 389 | 389 | | SEC. 9. HOLDING COMPANY AND BANK EXEMPTION FROM 14 |
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| 390 | 390 | | TAXATION. 15 |
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| 391 | 391 | | Effective for taxable years ending on or after the date 16 |
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| 392 | 392 | | of enactment of this Act, the Holding Company and the 17 |
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| 393 | 393 | | Bank, including franchises, capital, reserves, surplus, ad-18 |
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| 394 | 394 | | vances, and income of the Holding Company or Bank, 19 |
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| 395 | 395 | | shall be exempt from all taxation imposed by the United 20 |
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| 396 | 396 | | States and any State, county, municipal, or local taxing 21 |
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| 397 | 397 | | authority, except that any real property of the Holding 22 |
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| 398 | 398 | | Company and the Bank shall be subject to State, county, 23 |
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| 399 | 399 | | municipal, or local taxation to the same extent according 24 |
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| 400 | 400 | | to its value as other real property is taxed. 25 |
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| 403 | 403 | | •HR 1235 IH |
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| 404 | 404 | | SEC. 10. FEDERAL INFRASTRUCTURE BANK HOLDING COM-1 |
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| 405 | 405 | | PANY CREDIT. 2 |
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| 406 | 406 | | (a) I |
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| 407 | 407 | | NGENERAL.—Subpart D of part IV of sub-3 |
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| 408 | 408 | | chapter A of chapter 1 of the Internal Revenue Code of 4 |
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| 409 | 409 | | 1986 is amended— 5 |
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| 410 | 410 | | (1) by adding at the end the following new sec-6 |
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| 411 | 411 | | tion: 7 |
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| 412 | 412 | | ‘‘SEC. 45BB. FEDERAL INFRASTRUCTURE BANK HOLDING 8 |
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| 413 | 413 | | COMPANY CREDIT. 9 |
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| 414 | 414 | | ‘‘(a) I |
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| 415 | 415 | | NGENERAL.—For purposes of section 38, in 10 |
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| 416 | 416 | | the case of a taxpayer who holds a qualified Holding Com-11 |
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| 417 | 417 | | pany equity investment on a credit allowance date of such 12 |
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| 418 | 418 | | investment which occurs during the taxable year, the Fed-13 |
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| 419 | 419 | | eral Infrastructure Bank Holding Company credit deter-14 |
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| 420 | 420 | | mined under this section for such taxable year is an 15 |
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| 421 | 421 | | amount equal to 10 percent of the amount paid to the 16 |
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| 422 | 422 | | Holding Company for such investment at its original issue. 17 |
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| 423 | 423 | | ‘‘(b) C |
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| 424 | 424 | | REDITALLOWANCEDATE.—For purposes of 18 |
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| 425 | 425 | | this section, the credit allowance date with respect to any 19 |
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| 426 | 426 | | qualified Holding Company equity investment is— 20 |
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| 427 | 427 | | ‘‘(1) the date on which such investment is ini-21 |
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| 428 | 428 | | tially made; and 22 |
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| 429 | 429 | | ‘‘(2) each of the 4 taxable years thereafter. 23 |
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| 430 | 430 | | ‘‘(c) Q |
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| 431 | 431 | | UALIFIEDHOLDINGCOMPANYEQUITYIN-24 |
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| 432 | 432 | | VESTMENT.—For purposes of this section, the term ‘quali-25 |
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| 433 | 433 | | fied Holding Company equity investment’ means any eq-26 |
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| 436 | 436 | | •HR 1235 IH |
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| 437 | 437 | | uity investment originally issued by the Holding Company 1 |
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| 438 | 438 | | to the taxpayer under section 6(a)(1) of the Federal Infra-2 |
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| 439 | 439 | | structure Bank Act of 2025 not later than 3 years after 3 |
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| 440 | 440 | | the formation of the Federal Infrastructure Bank Holding 4 |
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| 441 | 441 | | Company pursuant to section 3 of the Federal Infrastruc-5 |
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| 442 | 442 | | ture Bank Act of 2025. 6 |
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| 443 | 443 | | ‘‘(d) H |
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| 444 | 444 | | OLDINGCOMPANY.—For purposes of this sec-7 |
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| 445 | 445 | | tion, the term ‘Holding Company’ means the Federal In-8 |
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| 446 | 446 | | frastructure Bank Holding Company established by the 9 |
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| 447 | 447 | | Federal Infrastructure Bank Act of 2025.’’; and 10 |
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| 448 | 448 | | (2) in the table of contents for such subpart, by 11 |
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| 449 | 449 | | adding at the end the following: 12 |
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| 450 | 450 | | ‘‘45BB. Federal Infrastructure Bank Holding Company credit.’’. |
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| 451 | 451 | | (b) CONFORMINGAMENDMENT.—Section 38(b) of 13 |
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| 452 | 452 | | such Code is amended by striking ‘‘plus’’ at the end of 14 |
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| 453 | 453 | | paragraph (37), by striking the period at the end of para-15 |
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| 454 | 454 | | graph (38) and inserting ‘‘, plus’’, and by adding at the 16 |
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| 455 | 455 | | end the following new paragraph: 17 |
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| 456 | 456 | | ‘‘(39) the Federal Infrastructure Bank Holding 18 |
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| 457 | 457 | | Company credit determined under section 45BB.’’. 19 |
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| 458 | 458 | | (c) E |
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| 459 | 459 | | FFECTIVEDATE.—The amendments made by 20 |
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| 460 | 460 | | this section shall apply to taxable years ending after the 21 |
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| 461 | 461 | | date of the enactment of this Act. 22 |
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| 464 | 464 | | •HR 1235 IH |
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| 465 | 465 | | SEC. 11. RULE OF CONSTRUCTION. 1 |
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| 466 | 466 | | Nothing in this Act may be construed as authorizing 2 |
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| 467 | 467 | | the Federal Government to guarantee the assets of the 3 |
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| 468 | 468 | | Bank or Holding Company. 4 |
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| 469 | 469 | | Æ |
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