Sec. 611. Regional innovation program
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Section 27(d) of the Stevenson-Wydler Technology Innovation Act of 1980 (15 U.S.C. 3722(d)) is amended— by striking paragraphs
(1)and
(2)and inserting the following: Subject to paragraph (2), the Secretary may guarantee 1 or more loans for projects for the construction or expansion, including renovation and modernization, of science park infrastructure. In guaranteeing a loan under paragraph (1), the Secretary may only guarantee 1 of the following: Payment of up to 80 percent of the loan principal. Not more than 3 years of debt service payments on the loan. The maximum amount of loan principal guaranteed under this subsection may not exceed— $50,000,000 with respect to any single project; and $300,000,000 with respect to all projects. ; in paragraph (4)— by striking subparagraph (D); and by redesignating subparagraphs
(E)through
(G)as subparagraphs
(D)through (F), respectively; by striking paragraph
(7)and inserting the following: Section 149(b) of the Internal Revenue Code of 1986 shall not apply to bonds guaranteed under this subsection. ; and by amending paragraph
(8)to read as follows: There is authorized to be appropriated for the cost (as defined in section 502 of the Congressional Budget Act of 1974 ( 2 U.S.C. 661a )) of guaranteeing loans under this section, $7,000,000 for each of fiscal years 2015 through 2019. Amounts appropriated or otherwise made available under subparagraph
(A)shall remain available for guaranteeing loans as described in such subparagraph until expended. . Section 27(i) of the Stevenson-Wydler Technology Innovation Act of 1980 ( 15 U.S.C. 3722(i) ) is amended to read as follows: Except as provided in subsection (d)(8), there is authorized to be appropriated to carry out this section, other than for loan guarantees under subsection (d), $25,000,000 for each of fiscal years 2015 through 2019. . Not later than 1 year after the date of the enactment of this Act, the Secretary of Commerce shall submit to the Committee on Commerce, Science, and Transportation of the Senate and the Committee on Energy and Commerce of the House of Representatives a report describing— the achievements of the regional innovation clusters formed or developed with the support of grants awarded under section 27(i) of the Stevenson-Wydler Technology Innovation Act of 1980 ( 15 U.S.C. 3722(i) ); and the economic benefits and job creation attributable to such regional innovation clusters with, to the extent practical, quantifiable data.
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