Sec. 6. Budgetary treatment of equity investments by the Corporation

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Section 1421(c) of the BUILD Act of 2018 (22 U.S.C. 9521 (c)) is amended by adding at the end the following: There is established as a subaccount within the Corporate Capital Account a fund to be known as the Corporate Equity Account to carry out this subsection. The cost of support provided under paragraph

(1)with respect to a project shall be the net present value, at the time when funds are disbursed to provide the support, excluding administrative costs and any incidental effects on governmental receipts or outlays, of the following estimated cash flows: The purchase price of the investment. Dividends, redemptions, and other shareholder distributions during the term of the support. Proceeds received upon a sale, redemption, or other liquidation of the investment. Foreign currency fluctuations, for support denominated in foreign currencies. Any other relevant cashflow. The estimated cash flows described in subclauses

(I)through

(V)of clause

(i)shall include the effects of changes in terms resulting from the exercise of options included in the agreement to provide the support. The discount rate shall be the average interest rate on marketable Treasury securities of similar maturity to the support provided under paragraph (1). Subject to the availability of appropriations, an amount equal to the cost of support determined under subparagraph

(A)shall be transferred from the Corporate Capital Account to the Corporate Equity Account. For any fiscal year, upon the transfer of an amount pursuant to subparagraph (B), an amount equal to the differential amount shall be appropriated, out of any money in the Treasury not otherwise appropriated, to the Corporate Equity Account. An amount appropriated pursuant to clause

(i)shall be recorded as direct spending (as defined by section 250(c)(8) of the Balanced Budget and Emergency Deficit Control Act of 1985 ( 2 U.S.C. 900(c)(8) ). The following shall apply to budget enforcement under the Congressional Budget Act of 1974 ( 2 U.S.C. 601 et seq. ), the Balanced Budget and Emergency Deficit Control Act of 1985 ( 2 U.S.C. 900 et seq. ), and the Statutory Pay-As-You-Go Act of 2010 ( 2 U.S.C. 931 et seq. ): Any amount appropriated pursuant to clause

(i)shall not be recorded as budget authority or outlays for purposes of any estimate under the Congressional Budget Act of 1974 or the Balanced Budget and Emergency Deficit Control Act of 1985. The budgetary effects of any amounts appropriated pursuant to clause

(i)shall not be entered on either PAYGO scorecard maintained pursuant to section 4(d) of the Statutory Pay As-You-Go Act of 2010 ( 2 U.S.C. 933(d) ). The budgetary effects of any amounts appropriated pursuant to clause

(i)shall not be entered on any PAYGO scorecard maintained for purposes of section 4106 of H. Con. Res. 71 (115th Congress). If there is enacted into law an Act that rescinds or reduces an amount appropriated pursuant to clause (i), the amount of any such rescission or reduction shall not be— estimated as a reduction in direct spending under the Congressional Budget Act of 1974 or the Balanced Budget and Emergency Deficit Control Act of 1985; or entered on either PAYGO scorecard maintained pursuant to section 4(d) of the Statutory Pay As-You-Go Act of 2010 or any PAYGO scorecard maintained for purposes of section 4106 of H. Con. Res. 71 (115th Congress). In this subparagraph, the term differential amount means the difference between the cost of support provided under paragraph (1), as determined under subparagraph (A), and the purchase price of the equity investment involved. The Director of the Office of Management and Budget, in consultation with the Corporation, shall be responsible for coordinating the cost estimates required by this paragraph. Nothing in this subparagraph shall be construed to change the authority or responsibility of the Corporation to determine the terms and conditions of eligibility for, or the amount of support provided by, the Corporation. .