Sec. 4. Federal grants to match State incentives
903 words·~4 min read·
/bill/116/s/3933/is/section-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In this section— the term appropriate committees of Congress means— the Select Committee on Intelligence, the Committee on Commerce, Science, and Transportation, the Committee on Foreign Relations, the Committee on Armed Services, and the Committee on Homeland Security and Governmental Affairs of the Senate; and the Permanent Select Committee on Intelligence, the Committee on Energy and Commerce, the Committee on Foreign Affairs, the Committee on Armed Services, the Committee on Science, Space, and Technology, and the Committee on Homeland Security of the House of Representatives; the term covered incentive — means an incentive offered by a governmental entity to a private entity for the purposes of building within the jurisdiction of the governmental entity a fabrication (or other essential) facility relating to the manufacturing of semiconductors; and includes any tax incentive (such as an incentive or reduction with respect to employment or payroll taxes or a tax abatement with respect to personal or real property), a workforce-related incentive (including a grant agreement relating to workforce training or vocational education), any concession with respect to real property, and any other incentive determined appropriate by the Secretary, in consultation with the Secretary of State; the term governmental entity means a State or local government; and the term Secretary means the Secretary of Commerce.
The Secretary shall establish in the Department of Commerce a program that, in accordance with the requirements of this section, provides grants to governmental entities that offer covered incentives. A governmental entity that offers a covered incentive and that desires to receive a grant under this subsection shall submit to the Secretary an application that describes the covered incentive offered by the governmental entity. The Secretary shall approve an application submitted by a governmental entity under subparagraph (A)— upon confirmation by the Secretary that the private entity to which the governmental entity has offered the covered incentive to which the application relates has agreed to build in the applicable jurisdiction a facility described in subsection (a)(2)(A); and if the Secretary determines that building the facility described in clause
(i)is in the interest of the United States. The amount of a grant provided by the Secretary to a governmental entity under this subsection shall be in an amount that is not less than the value of the applicable covered incentive offered by the governmental entity, as determined by the Secretary. The Secretary shall recover the full amount of a grant made to a governmental entity under this subsection with respect to a covered incentive offered by the governmental entity if— as of the date that is 5 years after the date on which the Secretary makes the grant, the facility to which the covered incentive relates has not been completed; or during the term of the grant, the private entity to which the covered incentive was offered engages in any joint research or technology licensing effort— with the Government of the People’s Republic of China, the Government of the Russian Federation, the Government of Iran, or the Government of North Korea; and that relates to a sensitive technology or product, as determined by the Secretary. In carrying out the program established under subsection (b), the Secretary shall consult and coordinate with the Secretary of State. The Comptroller General of the United States shall— not later than 2 years after the date of enactment of this Act, and biennially thereafter until the date that is 10 years after that date of enactment, conduct a review of the program established under subsection (b), which shall include a determination of the number of grants made under that program during the period covered by the review that failed to comply with a requirement under this section; and submit to the appropriate committees of Congress the results of each review conducted under paragraph (1). There is established in the Treasury of the United States a trust fund (referred to in this subsection as the Trust Fund ), consisting of amounts transferred to the Trust Fund under paragraph
(2)and any amounts that may be credited to the Trust Fund under paragraph (3). Subject to subparagraph (B), the Secretary of the Treasury shall transfer to the Trust Fund, from the general fund of the Treasury, for fiscal year 2021 and each fiscal year thereafter, an amount equivalent to the amount received into the general fund during that fiscal year and attributable to duties imposed under section 301 of the Trade Act of 1974 ( 19 U.S.C. 2411 ). The amount transferred to the Trust Fund under subparagraph
(A)in a fiscal year may not exceed $10,000,000,000. The total amount in the Trust Fund at any one time may not exceed $10,000,000,000. The Secretary shall transfer amounts required to be transferred to the Trust Fund under this paragraph not less frequently than quarterly from the general fund of the Treasury to the Trust Fund. The Secretary shall invest such portion of the Trust Fund as is not required to meet current withdrawals in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States. The interest on, and the proceeds from the sale or redemption of, any obligations held in the Trust Fund shall be credited to and form a part of the Trust Fund. Amounts in the Trust Fund shall be available, as provided in advance in an appropriations Act, to the Secretary to make grants under this section.
Connectionstraces to 1
Traces to 1 document
Citation graph
cites case law
Sec. 4
Federal grants to match State incentives
Cites 1Cited by 0 across 0 sources