of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 48C the following new item: Sec. 48D. Qualified Job Training Partnership credit. . (e) Grants for qualified investments in Qualified Job Training Partnerships in lieu of tax credits (1) In general Upon application, the Secretary of the Treasury shall, subject to the requirements of this subsection, provide a grant to each person who makes a qualified investment in a Qualified Job Training Partnership in an amount not to exceed 100 percent of such investment. (2) Application (A) In general At the stated election of the applicant, an application for certification under section 48D(d)(2) of the Internal Revenue Code of 1986 for a credit under such section for any taxable year shall be considered to be an application for a grant under paragraph (1) for such taxable year. (B) Submission date An application for a grant under paragraph (1) for any taxable year shall be submitted— (i) not earlier than the day after the last day of such taxable year, and (ii) not later than the due date (including extensions) for filing the return of tax for such taxable year. (C) Information to be submitted An application for a grant under paragraph (1) shall include such information and be in such form as the Secretary of the Treasury may require to state the amount of the credit allowable (but for the receipt of a grant under this subsection) under section 48D for the taxable year for the qualified investment with respect to which such application is made. (3) Time for payment of grant (A) In general The Secretary of the Treasury shall make payment of the amount of any grant under paragraph (1) during the 30-day period beginning on the later of— (i) the date of the application for such grant, or (ii) the date the qualified investment for which the grant is being made is made. (B) Regulations In the case of investments of an ongoing nature, the Secretary of the Treasury shall issue regulations to determine the date on which a qualified