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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
4/30/2014--Introduced. Establishes the Green Bank as a federally-owned independent corporation with a 20-year charter. Requires the Secretary of the Treasury to issue Green Bonds in order to provide the Bank with an initial capitalization of $10 billion and to provide additional capitalization of up to $50 billion upon request of the Bank.
Requires the Bank to establish a program to provide financial support or risk management for qualifying clean energy or energy efficiency projects.
Authorizes the Bank to provide funding for low-interest loans to establish state clean energy financing institutions and to co-fund the projects with an institution.
Gives the Bank immunity from impairment, limitations, or restrictions under laws. Authorizes the Bank to conduct its business without regard to state law relating to incorporation.
Exempts the Bank from all state or local taxation except real property taxation.
Requires the Chief Executive Officer of the Bank to set forth spending safeguards, including: (1) deobligating financial support to entities that demonstrate an insufficient level of performance or wasteful or fraudulent spending, and (2) creating a publicly available online database with information about financing support or risk management.
Amends the Internal Revenue Code to limit and defer tax deduction amounts for foreign-related interest expense (i.e., interest expense allocated and apportioned to income from sources outside the United States).