113 HR 4550 IH: Emergency Unemployment Compensation Extension Act of 2014
U.S. House of Representatives
2014-05-01
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
1.Short title; table of contents
(a)This Act may be cited as the Emergency Unemployment Compensation Extension Act of 2014
.
(b)The table of contents of this Act is as follows:
Sec. 1. Short title; table of contents.
Title I—Provisions relating to unemployment compensation
Sec. 101. Extension of emergency unemployment compensation program.
Sec. 102. Temporary extension of extended benefit provisions.
Sec. 103. Extension of funding for reemployment services and reemployment and eligibility
assessment activities.
Sec. 104. Additional extended unemployment benefits under the Railroad Unemployment Insurance Act.
Sec. 105. Flexibility for unemployment program agreements.
Sec. 106. Ending unemployment payments to jobless millionaires and billionaires.
Sec. 107. GAO study on the use of work suitability requirements in unemployment insurance programs.
Sec. 108. Funding stabilization.
Sec. 109. Prepayment of certain PBGC premiums.
Sec. 110. Extension of customs user fees.
Sec. 111. Emergency services, government, and certain nonprofit volunteers.
Title II—Provisions relating to job creation
Sec. 201. Treatment of employment assistance voucher programs.
Sec. 202. Disadvantaged business enterprises.
Sec. 203. America Star Program.
Sec. 204. Fostering innovation.
Sec. 205. Partnership To Build America.
Sec. 206. Keystone XL pipeline.
<enum>I</enum><header>Provisions relating to unemployment compensation</header>
<section id="H4B85BE3414A945378C047FDFCF4959D7"><enum>101.</enum><header>Extension of emergency unemployment compensation program</header>
<subsection id="H727A5F1E0D5649B4967E5061DE3D9215"><enum>(a)</enum><header>Extension</header><text>Section 4007(a)(2) of the Supplemental Appropriations Act, 2008 (<external-xref legal-doc="public-law" parsable-cite="pl/110/252">Public Law 110–252</external-xref>; 26 U.S.C. 3304
note) is amended by striking <quote>January 1, 2014</quote> and inserting <quote>June 1, 2014</quote>.</text>
</subsection><subsection id="HDEC0F3727EC0479084EAF36E31CD0087"><enum>(b)</enum><header>Funding</header><text>Section 4004(e)(1) of the Supplemental Appropriations Act, 2008 (<external-xref legal-doc="public-law" parsable-cite="pl/110/252">Public Law 110–252</external-xref>; 26 U.S.C. 3304
note) is amended—</text>
<paragraph id="H8C8A4BF867DE45A6A8AB60282264FCF2"><enum>(1)</enum><text>in subparagraph (I), by striking <quote>and</quote> at the end;</text>
</paragraph><paragraph id="HA90673615F8C4459940A821A5DFA8442"><enum>(2)</enum><text>in subparagraph (J), by inserting <quote>and</quote> at the end; and</text>
</paragraph><paragraph id="HFBD0E30989F940C6BDB8D4F9BA172E0D"><enum>(3)</enum><text>by inserting after subparagraph (J) the following:</text>
<quoted-block id="H6AA3333D4E9A4764A2FA9551D4514EDF" style="OLC">
<subparagraph id="HA62445D73A334A4F9B9DC52ED6C50467"><enum>(K)</enum><text display-inline="yes-display-inline">the amendment made by section 101(a) of the <short-title>Emergency Unemployment Compensation Extension Act of 2014</short-title>;</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="H409680CBFD66486290585F03362A6F10"><enum>(c)</enum><header>Effective date</header><text display-inline="yes-display-inline">The amendments made by this section shall take effect as if included in the enactment of the
American Taxpayer Relief Act of 2012 (<external-xref legal-doc="public-law" parsable-cite="pl/112/240">Public Law 112–240</external-xref>).</text>
</subsection></section><section id="H09A8A234A4BC494293C8ECEE5F907DCA"><enum>102.</enum><header>Temporary extension of extended benefit provisions</header>
<subsection id="H30F65D256AAF4B109D0BAAC58ADDB058"><enum>(a)</enum><header>In general</header><text>Section 2005 of the Assistance for Unemployed Workers and Struggling Families Act, as contained in
<external-xref legal-doc="public-law" parsable-cite="pl/111/5">Public Law 111–5</external-xref> (<external-xref legal-doc="usc" parsable-cite="usc/26/3304">26 U.S.C. 3304</external-xref> note), is amended—</text>
<paragraph id="H7EFA5D2326D64166AEA23B595905D907"><enum>(1)</enum><text>by striking <quote>December 31, 2013</quote> each place it appears and inserting <quote>May 31, 2014</quote>; and</text>
</paragraph><paragraph id="H2296B15F148F4465BAE6EB82C32ADA1F"><enum>(2)</enum><text>in subsection (c), by striking <quote>June 30, 2014</quote> and inserting <quote>November 30, 2014</quote>.</text>
</paragraph></subsection><subsection id="H780DA93528F64F77A75BC6B2DBB3835F"><enum>(b)</enum><header>Extension of matching for states with no waiting week</header><text>Section 5 of the Unemployment Compensation Extension Act of 2008 (<external-xref legal-doc="public-law" parsable-cite="pl/110/449">Public Law 110–449</external-xref>; 26 U.S.C.
3304 note) is amended by striking <quote>June 30, 2014</quote> and inserting <quote>November 30, 2014</quote>.</text>
</subsection><subsection id="H1886ADC9F98C43DEBAB9DA12FA4D565E"><enum>(c)</enum><header>Extension of modification of indicators under the extended benefit program</header><text>Section 203 of the Federal-State Extended Unemployment Compensation Act of 1970 (26 U.S.C. 3304
note) is amended—</text>
<paragraph id="H9AA2714FF7A74C20A2F5E0E27D461F4A"><enum>(1)</enum><text>in subsection (d), by striking <quote>December 31, 2013</quote> and inserting <quote>May 31, 2014</quote>; and</text>
</paragraph><paragraph id="H54DF2A58A7044C0DA88656B5EB2DBF37"><enum>(2)</enum><text>in subsection (f)(2), by striking <quote>December 31, 2013</quote> and inserting <quote>May 31, 2014</quote>.</text>
</paragraph></subsection><subsection id="HA05FCA7709F848C98E323B87E2C9F44C"><enum>(d)</enum><header>Effective date</header><text display-inline="yes-display-inline">The amendments made by this section shall take effect as if included in the enactment of the
American Taxpayer Relief Act of 2012 (<external-xref legal-doc="public-law" parsable-cite="pl/112/240">Public Law 112–240</external-xref>).</text>
</subsection></section><section id="H819BD3DF8CFC4923A2A09CE8153797A6"><enum>103.</enum><header>Extension of funding for reemployment services and reemployment and eligibility assessment
activities</header>
<subsection id="H7F726037D7714508BB497A381D641916"><enum>(a)</enum><header>Extension</header>
<paragraph id="H1FEE645633C6432D8A5C535464C0848A"><enum>(1)</enum><header>In general</header><text>Section 4004(c)(2)(A) of the Supplemental Appropriations Act, 2008 (<external-xref legal-doc="public-law" parsable-cite="pl/110/252">Public Law 110–252</external-xref>; 26 U.S.C.
3304 note) is amended by striking <quote>through fiscal year 2014</quote> and inserting <quote>through the first five months of fiscal year 2015</quote>.</text>
</paragraph><paragraph id="H6B2F01CBD2F0434EAFF49577CBB9B8CF"><enum>(2)</enum><header>Effective date</header><text display-inline="yes-display-inline">The amendment made by this subsection shall take effect as if included in the enactment of the
American Taxpayer Relief Act of 2012 (<external-xref legal-doc="public-law" parsable-cite="pl/112/240">Public Law 112–240</external-xref>).</text>
</paragraph></subsection><subsection id="HFFB8D39BEC5F42EBB2DFF9DDBD6049C9"><enum>(b)</enum><header>Timing for services and activities</header>
<paragraph id="H97C4CFDC1C6642BDB2009EBDB40031DA"><enum>(1)</enum><header>In general</header><text>Section 4001(i)(1)(A) of the Supplemental Appropriations Act, 2008 (<external-xref legal-doc="public-law" parsable-cite="pl/110/252">Public Law 110–252</external-xref>; 26 U.S.C.
3304 note) is amended by adding at the end the following new sentence:</text>
<quoted-block display-inline="no-display-inline" id="HDEA2A626351F4946B4BA34A222C22674" style="OLC">
<quoted-block-continuation-text quoted-block-continuation-text-level="subparagraph">At a minimum, such reemployment services and reemployment and eligibility assessment activities
shall be provided to an individual within a time period (determined
appropriate by the Secretary) after the date the individual begins to
receive amounts under section 4002(b) (first tier benefits) and, if
applicable, again within a time period (determined appropriate by the
Secretary) after the date the individual begins to receive amounts under
section 4002(d) (third tier benefits).</quoted-block-continuation-text><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="HAB3D35F8DE7F4A67BCC48FA96256CB0B"><enum>(2)</enum><header>Effective date</header><text>The amendment made by this subsection shall apply on and after the date of the enactment of this
Act.</text>
</paragraph></subsection><subsection id="H06074C88747A455CAB8E8F46B4FC21C4"><enum>(c)</enum><header>Purposes of services and activities</header><text>The purposes of the reemployment services and reemployment and eligibility assessment activities
under section 4001(i) of the Supplemental Appropriations Act, 2008 (Public
Law 110–252; <external-xref legal-doc="usc" parsable-cite="usc/26/3304">26 U.S.C. 3304</external-xref> note) are—</text>
<paragraph id="H0F34C58008564B2698B53F1E631031D1"><enum>(1)</enum><text>to better link the unemployed with the overall workforce system by bringing individuals receiving
unemployment insurance benefits in for personalized assessments and
referrals to reemployment services; and</text>
</paragraph><paragraph id="H640C38A739FE42C89BD7DBC7E8883B03"><enum>(2)</enum><text>to provide individuals receiving unemployment insurance benefits with early access to specific
strategies that can help get them back into the workforce faster,
including through—</text>
<subparagraph id="HA720A528ADDE4361B7D3582EAAB2B028"><enum>(A)</enum><text>the development of a reemployment plan;</text>
</subparagraph><subparagraph id="HE7E1A2BE21E24AE288833A54F28CF30A"><enum>(B)</enum><text>the provision of access to relevant labor market information;</text>
</subparagraph><subparagraph id="HDE42A1591E764E0A8689A0E0CD75642D"><enum>(C)</enum><text>the provision of access to information about industry-recognized credentials that are regionally
relevant or nationally portable;</text>
</subparagraph><subparagraph id="H66F22B651D454A47868B41C4CFE04005"><enum>(D)</enum><text>the provision of referrals to reemployment services and training; and</text>
</subparagraph><subparagraph id="H6A649466A6524EBFB6039B5304A3F5AD"><enum>(E)</enum><text>an assessment of the individual's on-going eligibility for unemployment insurance benefits.</text>
</subparagraph></paragraph></subsection></section><section id="H5AB6F896D5464CD7B13A06DE9D42FF01"><enum>104.</enum><header>Additional extended unemployment benefits under the Railroad Unemployment Insurance Act</header>
<subsection id="H581656CE62FB4E9396365F1B826DC279"><enum>(a)</enum><header>Extension</header><text display-inline="yes-display-inline">Section 2(c)(2)(D)(iii) of the Railroad Unemployment Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/45/352">45 U.S.C. 352(c)(2)(D)(iii)</external-xref>) is
amended—</text>
<paragraph id="H5BD66C2DCA3144D7A967419EF0A618FC"><enum>(1)</enum><text>by striking <quote>June 30, 2013</quote> and inserting <quote>November 30, 2013</quote>; and</text>
</paragraph><paragraph id="HB21950BCC4344E41A78FF9307276C0BB"><enum>(2)</enum><text>by striking <quote>December 31, 2013</quote> and inserting <quote>May 31, 2014</quote>.</text>
</paragraph></subsection><subsection commented="no" id="H745A29BE17DD4CE7968F878BD1FE8A75"><enum>(b)</enum><header>Clarification on authority To use funds</header><text>Funds appropriated under either the first or second sentence of clause (iv) of section 2(c)(2)(D)
of the Railroad Unemployment Insurance Act shall be available to cover the
cost of additional extended unemployment benefits provided under such
section 2(c)(2)(D) by reason of the amendments made by subsection (a) as
well as to cover the cost of such benefits provided under such section
2(c)(2)(D), as in effect on the day before the date of enactment of this
Act.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="HBF3A23C96B0848D184FBE04C2DE1EFE6"><enum>(c)</enum><header>Funding for administration</header><text>Out of any funds in the Treasury not otherwise appropriated, there are appropriated to the Railroad
Retirement Board $105,000 for administrative expenses associated with the
payment of additional extended unemployment benefits provided under
section 2(c)(2)(D) of the Railroad Unemployment Insurance Act by reason of
the amendments made by subsection (a), to remain available until expended.</text>
</subsection></section><section id="HC672BF76C96F4FF6946BEAD836BE3B11"><enum>105.</enum><header>Flexibility for unemployment program agreements</header>
<subsection id="H4888037E78A9449C9ED6035DB16EB92C"><enum>(a)</enum><header>Flexibility</header>
<paragraph id="H159AEBCB492048B586AC9DD068DB10F9"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Subsection (g) of section 4001 of the Supplemental Appropriations Act, 2008 (<external-xref legal-doc="public-law" parsable-cite="pl/110/252">Public Law 110–252</external-xref>; 26
U.S.C. 3304 note) shall not apply with respect to a State that has enacted
a law before December 1, 2013, that, upon taking effect, would violate
such subsection.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="HFD7A5AE9746543D3ABF4363F6E8C96C6"><enum>(2)</enum><header>Effective date</header><text>Paragraph (1) is effective with respect to weeks of unemployment beginning on or after December 29,
2013.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="H8997FF2149D4487F87B0B2D9600B51E6"><enum>(b)</enum><header>Permitting a subsequent agreement</header><text>Nothing in title IV of the Supplemental Appropriations Act, 2008 (<external-xref legal-doc="public-law" parsable-cite="pl/110/252">Public Law 110–252</external-xref>; 26 U.S.C.
3304 note) shall preclude a State whose agreement under such title was
terminated from entering into a subsequent agreement under such title on
or after the date of the enactment of this Act if the State, taking into
account the application of subsection (a), would otherwise meet the
requirements for an agreement under such title.</text>
</subsection></section><section id="H9A3D5FDC81FE44FC9817F731C30B5C3E"><enum>106.</enum><header>Ending unemployment payments to jobless millionaires and billionaires</header>
<subsection id="HE8087B2C290C4EAEB60F935817395411"><enum>(a)</enum><header>Prohibition</header><text>Notwithstanding any other provision of law, no Federal funds may be used for payments of
unemployment compensation under the emergency unemployment compensation
program under title IV of the Supplemental Appropriations Act, 2008
(<external-xref legal-doc="public-law" parsable-cite="pl/110/252">Public Law 110–252</external-xref>; <external-xref legal-doc="usc" parsable-cite="usc/26/3304">26 U.S.C. 3304</external-xref> note) to an individual whose adjusted
gross income in the preceding year was equal to or greater than
$1,000,000.</text>
</subsection><subsection id="HC7846E4223FF4C858974542B1E6689A4"><enum>(b)</enum><header>Compliance</header><text>Unemployment Insurance applications shall include a form or procedure for an individual applicant
to certify the individual’s adjusted gross income was not equal to or
greater than $1,000,000 in the preceding year.</text>
</subsection><subsection id="H9773B965C4D14C48808078646632305B"><enum>(c)</enum><header>Audits</header><text>The certifications required by subsection (b) shall be auditable by the U.S. Department of Labor or
the U.S. Government Accountability Office.</text>
</subsection><subsection id="H0395106702144AF8B082213778EBB3B8"><enum>(d)</enum><header>Status of applicants</header><text>It is the duty of the States to verify the residency, employment, legal, and income status of
applicants for Unemployment Insurance and no Federal funds may be expended
for purposes of determining whether or not the prohibition under
subsection (a) applies with respect to an individual.</text>
</subsection><subsection id="H54F4281E909E44F392048F49E61D10F4"><enum>(e)</enum><header>Effective date</header><text>The prohibition under subsection (a) shall apply to weeks of unemployment beginning on or after the
date of the enactment of this Act.</text>
</subsection></section><section id="HA824323E128E4AAAAA3DD5AE67A45997"><enum>107.</enum><header>GAO study on the use of work suitability requirements in unemployment insurance programs</header>
<subsection id="H3730F893EF4F4514A10D66D295440988"><enum>(a)</enum><header>Study</header><text display-inline="yes-display-inline">The Comptroller General of the United States shall conduct a study on the use of work suitability
requirements to strengthen requirements to ensure that unemployment
insurance benefits are being provided to individuals who are actively
looking for work and who truly want to return to the labor force. Such
study shall include an analysis of—</text>
<paragraph id="HD7751EF6257A4E1387EA939C45B5FDAF"><enum>(1)</enum><text display-inline="yes-display-inline">how work suitability requirements work under both State and Federal unemployment insurance
programs; and</text>
</paragraph><paragraph id="H685A9672F1B244B0A356C670F6C8B981"><enum>(2)</enum><text>how to incorporate and improve such requirements under Federal unemployment insurance programs; and</text>
</paragraph><paragraph id="HA73BFB96C8EA4A88971EEAA6D07FE31D"><enum>(3)</enum><text>other items determined appropriate by the Comptroller General.</text>
</paragraph></subsection><subsection id="H0BFACBCC909048608DBF8F19214E8600"><enum>(b)</enum><header>Briefing</header><text>Not later than 90 days after the date of the enactment of this Act, the Comptroller General of the
United States shall brief Congress on the ongoing study required under
subsection (a). Such briefing shall include preliminary recommendations
for such legislation and administrative action as the Comptroller General
determines appropriate.</text>
</subsection></section><section id="HBA109F869ED7454FBAB68EC0CF0CE95A"><enum>108.</enum><header>Funding stabilization</header>
<subsection id="HE9AFC07272434020999A2DF33C6F22F7"><enum>(a)</enum><header>Funding stabilization under the Internal Revenue Code</header><text>The table in subclause (II) of <external-xref legal-doc="usc" parsable-cite="usc/26/430">section 430(h)(2)(C)(iv)</external-xref> of the Internal Revenue Code of 1986 is
amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="H69BD2661541946BEAA6A0DC6E09B41EF" style="OLC">
<table align-to-level="section" blank-lines-before="1" colsep="1" frame="topbot" line-rules="hor-ver" rowsep="0" rule-weights="4.4.4.0.0.0" table-template-name="Generic: 3 text, even cols" table-type="">
<tgroup cols="3" grid-typeface="1.1" rowsep="0" thead-tbody-ldg-size="10.10.10"><colspec coldef="txt" colname="column1" colwidth="105pts" min-data-value="95" rowsep="0"></colspec><colspec coldef="txt" colname="column2" colwidth="105pts" min-data-value="95" rowsep="0"></colspec><colspec coldef="txt-no-ldr" colname="column3" colwidth="105pts" min-data-value="95" rowsep="0"></colspec><thead>
<row><entry align="center" colname="column1" morerows="0" namest="column1" rowsep="1">If the calendar year is:</entry><entry align="center" colname="column2" morerows="0" namest="column2" rowsep="1">The applicable minimum percentage is:</entry><entry align="center" colname="column3" morerows="0" namest="column3" rowsep="1">The applicable maximum percentage is:</entry></row></thead>
<tbody>
<row><entry align="left" colname="column1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-ldr" stub-hierarchy="1">2012, 2013, 2014, 2015, 2016, or 2017</entry><entry align="left" colname="column2" leader-modify="force-ldr" rowsep="0">90%</entry><entry align="left" colname="column3" leader-modify="clr-ldr" rowsep="0">110%</entry></row>
<row><entry align="left" colname="column1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-ldr" stub-hierarchy="1">2018</entry><entry align="left" colname="column2" leader-modify="force-ldr" rowsep="0">85%</entry><entry align="left" colname="column3" leader-modify="clr-ldr" rowsep="0">115%</entry></row>
<row><entry align="left" colname="column1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-ldr" stub-hierarchy="1">2019</entry><entry align="left" colname="column2" leader-modify="force-ldr" rowsep="0">80%</entry><entry align="left" colname="column3" leader-modify="clr-ldr" rowsep="0">120%</entry></row>
<row><entry align="left" colname="column1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-ldr" stub-hierarchy="1">2020</entry><entry align="left" colname="column2" leader-modify="force-ldr" rowsep="0">75%</entry><entry align="left" colname="column3" leader-modify="clr-ldr" rowsep="0">125%</entry></row>
<row><entry align="left" colname="column1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-ldr" stub-hierarchy="1">After 2020</entry><entry align="left" colname="column2" leader-modify="force-ldr" rowsep="0">70%</entry><entry align="left" colname="column3" leader-modify="clr-ldr" rowsep="0">130%</entry></row></tbody></tgroup></table><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H40A92D39D3674524A9A7C5623CE39854"><enum>(b)</enum><header>Funding stabilization under ERISA</header>
<paragraph id="H5B98CC5171A34534B5843CBE4DDE4A05"><enum>(1)</enum><header>In general</header><text>The table in subclause (II) of section 303(h)(2)(C)(iv) of the Employee Retirement Income Security
Act of 1974 is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="H80596E57FF604321A778E2E83C3F5BBD" style="OLC">
<table align-to-level="section" blank-lines-before="1" colsep="1" frame="topbot" line-rules="hor-ver" rowsep="0" rule-weights="4.4.4.0.0.0" table-template-name="Generic: 3 text, even cols" table-type="">
<tgroup cols="3" grid-typeface="1.1" rowsep="0" thead-tbody-ldg-size="10.10.10"><colspec coldef="txt" colname="column1" colwidth="105pts" min-data-value="95" rowsep="0"></colspec><colspec coldef="txt" colname="column2" colwidth="105pts" min-data-value="95" rowsep="0"></colspec><colspec coldef="txt-no-ldr" colname="column3" colwidth="105pts" min-data-value="95" rowsep="0"></colspec><thead>
<row><entry align="center" colname="column1" morerows="0" namest="column1" rowsep="1">If the calendar year is:</entry><entry align="center" colname="column2" morerows="0" namest="column2" rowsep="1">The applicable minimum percentage is:</entry><entry align="center" colname="column3" morerows="0" namest="column3" rowsep="1">The applicable maximum percentage is:</entry></row></thead>
<tbody>
<row><entry align="left" colname="column1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-ldr" stub-hierarchy="1">2012, 2013, 2014, 2015, 2016, or 2017</entry><entry align="left" colname="column2" leader-modify="force-ldr" rowsep="0">90%</entry><entry align="left" colname="column3" leader-modify="clr-ldr" rowsep="0">110%</entry></row>
<row><entry align="left" colname="column1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-ldr" stub-hierarchy="1">2018</entry><entry align="left" colname="column2" leader-modify="force-ldr" rowsep="0">85%</entry><entry align="left" colname="column3" leader-modify="clr-ldr" rowsep="0">115%</entry></row>
<row><entry align="left" colname="column1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-ldr" stub-hierarchy="1">2019</entry><entry align="left" colname="column2" leader-modify="force-ldr" rowsep="0">80%</entry><entry align="left" colname="column3" leader-modify="clr-ldr" rowsep="0">120%</entry></row>
<row><entry align="left" colname="column1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-ldr" stub-hierarchy="1">2020</entry><entry align="left" colname="column2" leader-modify="force-ldr" rowsep="0">75%</entry><entry align="left" colname="column3" leader-modify="clr-ldr" rowsep="0">125%</entry></row>
<row><entry align="left" colname="column1" leader-modify="force-ldr" rowsep="0" stub-definition="txt-ldr" stub-hierarchy="1">After 2020</entry><entry align="left" colname="column2" leader-modify="force-ldr" rowsep="0">70%</entry><entry align="left" colname="column3" leader-modify="clr-ldr" rowsep="0">130%</entry></row></tbody></tgroup></table><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="H515CDAD5B5D4445E8537C981EF007DAE"><enum>(2)</enum><header>Conforming amendment</header>
<subparagraph id="HA8B4933E435D431D82847A0D7EECBF0D"><enum>(A)</enum><header>In general</header><text>Clause (ii) of section 101(f)(2)(D) of such Act is amended by striking <quote>2015</quote> and inserting <quote>2020</quote>.</text>
</subparagraph><subparagraph id="HA7BE41F8BCAF4D0398D04B0E29AAB39D"><enum>(B)</enum><header>Statements</header><text>The Secretary of Labor shall modify the statements required under subclauses (I) and (II) of
section 101(f)(2)(D)(i) of such Act to conform to the amendments made by
this section.</text>
</subparagraph></paragraph></subsection><subsection id="HFE4DEFE0E99D434FB4DE2BA6820AC984"><enum>(c)</enum><header>Stabilization not To apply for purposes of certain accelerated benefit distribution rules</header>
<paragraph id="HA0081DAA59F54C8691B16F8228028430"><enum>(1)</enum><header>Internal Revenue Code of 1986</header><text>The second sentence of paragraph (2) of <external-xref legal-doc="usc" parsable-cite="usc/26/436">section 436(d)</external-xref> of the Internal Revenue Code of 1986 is
amended by striking <quote>of such plan</quote> and inserting <quote>of such plan (determined by not taking into account any adjustment of segment rates under section
430(h)(2)(C)(iv))</quote>.</text>
</paragraph><paragraph id="H6FFAC2ADD2844E9FA31976E739A06403"><enum>(2)</enum><header>Employee Retirement Income Security Act of 1974</header><text>The second sentence of subparagraph (B) of section 206(g)(3) of the Employee Retirement Income
Security Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/29/1056">29 U.S.C. 1056(g)(3)(B)</external-xref>) is amended by striking <quote>of such plan</quote> and inserting <quote>of such plan (determined by not taking into account any adjustment of segment rates under section
303(h)(2)(C)(iv))</quote>.</text>
</paragraph><paragraph id="H785760B5B32E4ECD84369CB90AC8555E"><enum>(3)</enum><header>Effective date</header>
<subparagraph id="HF0A6210EE86C4E4BB18E5E88CE5F35C1"><enum>(A)</enum><header>In general</header><text>Except as provided in subparagraph (B), the amendments made by this subsection shall apply to plan
years beginning after December 31, 2014.</text>
</subparagraph><subparagraph id="H3E06BED86B3D4A308AE9A5A34393529A"><enum>(B)</enum><header>Collectively bargained plans</header><text>In the case of a plan maintained pursuant to 1 or more collective bargaining agreements, the
amendments made by this subsection shall apply to plan years beginning
after December 31, 2015.</text>
</subparagraph></paragraph><paragraph id="H2830789766DD44CD85CD170BF7753AFB"><enum>(4)</enum><header>Provisions relating to plan amendments</header>
<subparagraph id="H40AC614CD2C642B7B90D6F555FB9FB68"><enum>(A)</enum><header>In general</header><text>If this paragraph applies to any amendment to any plan or annuity contract, such plan or contract
shall be treated as being operated in accordance with the terms of the
plan during the period described in subparagraph (B)(ii).</text>
</subparagraph><subparagraph id="HE91BFF59FE4D48C29C4076FCA6AFDAE2"><enum>(B)</enum><header>Amendments to which paragraph applies</header>
<clause id="H02E55141964D43E88967A1F730D931DD"><enum>(i)</enum><header>In general</header><text>This paragraph shall apply to any amendment to any plan or annuity contract which is made—</text>
<subclause id="HC4CE5F87FA574F6DB29A9B0CE8957958"><enum>(I)</enum><text>pursuant to the amendments made by this subsection, or pursuant to any regulation issued by the
Secretary of the Treasury or the Secretary of Labor under any provision as
so amended, and</text>
</subclause><subclause id="H78ED0F940B7D4E64B8918E84BF60A19E"><enum>(II)</enum><text>on or before the last day of the first plan year beginning on or after January 1, 2016, or such
later date as the Secretary of the Treasury may prescribe.</text>
</subclause></clause><clause id="HA0D4C8AF88BC4E938D2F6BCD827A6241"><enum>(ii)</enum><header>Conditions</header><text>This subsection shall not apply to any amendment unless, during the period—</text>
<subclause id="H042938BED00E4728AD72FCF9C386EEFE"><enum>(I)</enum><text>beginning on the date that the amendments made by this subsection or the regulation described in
clause (i)(I) takes effect (or in the case of a plan or contract amendment
not required by such amendments or such regulation, the effective date
specified by the plan), and</text>
</subclause><subclause id="HC8FD5C8331534B57AA03ADCE237B6DA7"><enum>(II)</enum><text>ending on the date described in clause (i)(II) (or, if earlier, the date the plan or contract
amendment is adopted),</text></subclause><continuation-text continuation-text-level="clause">the plan or contract is operated as if such plan or contract amendment were in effect, and such
plan or contract amendment applies retroactively for such period.</continuation-text></clause></subparagraph><subparagraph id="H286EC15524BD4705BAF1CDE15F89B749"><enum>(C)</enum><header>Anti-cutback relief</header><text>A plan shall not be treated as failing to meet the requirements of section 204(g) of the Employee
Retirement Income Security Act of 1974 and section 411(d)(6) of the
Internal Revenue Code of 1986 solely by reason of a plan amendment to
which this paragraph applies.</text>
</subparagraph></paragraph></subsection><subsection id="H58DC699965574B24B88DC155C9E0FFE6"><enum>(d)</enum><header>Modification of funding target determination periods</header>
<paragraph id="HB21E682704154DED9A2357CE789FC942"><enum>(1)</enum><header>Internal Revenue Code of 1986</header><text>Clause (i) of <external-xref legal-doc="usc" parsable-cite="usc/26/430">section 430(h)(2)(B)</external-xref> of the Internal Revenue Code of 1986 is amended by striking <quote>the first day of the plan year</quote> and inserting <quote>the valuation date for the plan year</quote>.</text>
</paragraph><paragraph id="H59FD037BCA984797B155B63D32DA51D3"><enum>(2)</enum><header>Employee Retirement Income Security Act of 1974</header><text>Clause (i) of section 303(h)(2)(B) of the Employee Retirement Income Security Act of 1974 (29
U.S.C. 1083(h)(2)(B)(i)) is amended by striking <quote>the first day of the plan year</quote> and inserting <quote>the valuation date for the plan year</quote>.</text>
</paragraph></subsection><subsection id="H32EC902FE9184D05B13CF2A44DA43A1A"><enum>(e)</enum><header>Effective date</header>
<paragraph id="H41CE7EE0CA164F76BCCD4C3A6A19FC4E"><enum>(1)</enum><header>In general</header><text>The amendments made by subsections (a), (b), and (d) shall apply with respect to plan years
beginning after December 31, 2012.</text>
</paragraph><paragraph id="H11E0DD86CB6848A1A63965561B33206E"><enum>(2)</enum><header>Elections</header><text>A plan sponsor may elect not to have the amendments made by subsections (a), (b), and (d) apply to
any plan year beginning before January 1, 2014, either (as specified in
the election)—</text>
<subparagraph id="H00FB68DFB1D84734929E3BA58E8AFCAE"><enum>(A)</enum><text>for all purposes for which such amendments apply, or</text>
</subparagraph><subparagraph id="H124818DA82F54E79AFF541757FC9A70B"><enum>(B)</enum><text>solely for purposes of determining the adjusted funding target attainment percentage under sections
436 of the Internal Revenue Code of 1986 and 206(g) of the Employee
Retirement Income Security Act of 1974 for such plan year.</text></subparagraph><continuation-text commented="no" continuation-text-level="paragraph">A plan shall not be treated as failing to meet the requirements of section 204(g) of such Act and
section 411(d)(6) of such Code solely by reason of an election under this
paragraph.</continuation-text></paragraph></subsection></section><section id="H296927A27D8A4BC3BBF33449306701B2" section-type="subsequent-section"><enum>109.</enum><header>Prepayment of certain PBGC premiums</header>
<subsection id="H1776219B0CCD428BA2C435F37CD8C008"><enum>(a)</enum><header>In general</header><text>Section 4007 of the Employee Retirement Income Security Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/29/1307">29 U.S.C. 1307</external-xref>) is amended by
adding at the end the following new subsection:</text>
<quoted-block act-name="" id="H29F593D98A3F48F880FC6FECA1319571" style="OLC">
<subsection id="HBBA1713A6D4F486C8C77D3DA8605E156"><enum>(f)</enum><header>Election To prepay flat dollar premiums</header>
<paragraph id="H16E675FD754341C494452C45A53631B5"><enum>(1)</enum><header>In general</header><text>The designated payor may elect to prepay during any plan year the premiums due under clause (i) or
(v), whichever is applicable, of section 4006(a)(3)(A) for the number of
consecutive subsequent plan years (not greater than 5) specified in the
election.</text>
</paragraph><paragraph id="HA150A433E2BA4696A1D2FE81E3154080"><enum>(2)</enum><header>Amount of prepayment</header>
<subparagraph id="HAAB87604035B4E64A45E317A7BD6A79D"><enum>(A)</enum><header>In general</header><text>The amount of the prepayment for any subsequent plan year under paragraph (1) shall be equal to the
amount of the premium determined under clause (i) or (v), whichever is
applicable, of section 4006(a)(3)(A) for the plan year in which the
prepayment is made.</text>
</subparagraph><subparagraph id="HD5E7C02941A74A07B60C091D84693589"><enum>(B)</enum><header>Additional participants</header><text>If there is an increase in the number of participants in the plan during any plan year with respect
to which a prepayment has been made, the designated payor shall pay a
premium for such additional participants at the premium rate in effect
under clause (i) or (v), whichever is applicable, of section 4006(a)(3)(A)
for such plan year. No credit or other refund shall be granted in the case
of a plan that has a decrease in number of participants during a plan year
with respect to which a prepayment has been made.</text>
</subparagraph><subparagraph id="H792869C6DD4E470892007544A1FD5FC1"><enum>(C)</enum><header>Coordination with premium for unfunded vested benefits</header><text>The amount of the premium determined under section 4006(a)(3)(A)(i) for the purpose of determining
the prepayment amount for any plan year shall be determined without regard
to the increase in such premium under section 4006(a)(3)(E). Such increase
shall be paid in the same amount and at the same time as it would
otherwise be paid without regard to this subsection.</text>
</subparagraph></paragraph><paragraph id="HABE1C324C3FD490B91FB25804A5A5906"><enum>(3)</enum><header>Election</header><text>The election under this subsection shall be made at such time and in such manner as the corporation
may prescribe.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HC9122C9444754EEF8C9371531BF83750"><enum>(b)</enum><header>Conforming amendment</header><text>The second sentence of subsection (a) of section 4007 of the Employee Retirement Income Security
Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/29/1307">29 U.S.C. 1307</external-xref>) is amended by striking <quote>Premiums</quote> and inserting <quote>Except as provided in subsection (f), premiums</quote>.</text>
</subsection><subsection id="H05C074D53CB2443A813D5EE8DE28C01D"><enum>(c)</enum><header>Effective date</header><text>The amendments made by this section shall apply to plan years beginning after the date of the
enactment of this Act.</text>
</subsection></section><section id="H461DA0DDA81243439C17F8CCFD6D683C"><enum>110.</enum><header>Extension of customs user fees</header><text display-inline="no-display-inline">Section 13031(j)(3) of the Consolidated Omnibus Budget Reconciliation Act of 1985 (19 U.S.C.
58c(j)(3)) is amended—</text>
<paragraph id="HC501634F2F4B47D19AB78B4AB7543E3B"><enum>(1)</enum><text>in subparagraph (A), by striking <quote>September 30, 2023</quote> and inserting <quote>September 30, 2024</quote>; and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="H0488A97BF13F4CE2A40E70FE714A12FC"><enum>(2)</enum><text>in subparagraph (B)(i), by striking <quote>September 30, 2023</quote> and inserting <quote>September 30, 2024</quote>.</text>
</paragraph></section><section id="HE312B088423648E7852AECFF814B89A2"><enum>111.</enum><header>Emergency services, government, and certain nonprofit volunteers</header>
<subsection id="H5C8FB2FCC2F44C9F9DD5DB520ABBE9EF"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline"><external-xref legal-doc="usc" parsable-cite="usc/26/4980H">Section 4980H(c)</external-xref> of the Internal Revenue Code of 1986 is amended by redesignating paragraphs (5),
(6), and (7) as paragraphs (6), (7), and (8), respectively, and by
inserting after paragraph (4) the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="HE65D78E0AEAF49118A97B1876EE75023" style="OLC">
<paragraph id="HE4C2D4EF23DE4AEE860C79CEC1637F22"><enum>(5)</enum><header>Special rules for certain emergency services, government, and nonprofit volunteers</header>
<subparagraph id="HE1AA543F50AD496AAAB85D40B263D826"><enum>(A)</enum><header>Emergency services volunteers</header><text>Qualified services rendered as a bona fide volunteer to an eligible employer shall not be taken
into account under this section as service provided by an employee. For
purposes of the preceding sentence, the terms <term>qualified services</term>, <term>bona fide volunteer</term>, and <term>eligible employer</term> shall have the respective meanings given such terms under section 457(e).</text>
</subparagraph><subparagraph id="HACC14EBB739548C8BCB2DEDB43DC2435"><enum>(B)</enum><header>Certain other government and nonprofit volunteers</header>
<clause id="H5A3D33125FE845EBB9B3482E6BB12659"><enum>(i)</enum><header>In general</header><text>Services rendered as a bona fide volunteer to a specified employer shall not be taken into account
under this section as service provided by an employee.</text>
</clause><clause id="HF994777F62524F458D437023C17E5F80"><enum>(ii)</enum><header>Bona fide volunteer</header><text>For purposes of this subparagraph, the term <term>bona fide volunteer</term> means an employee of a specified employer whose only compensation from such employer is in the
form of—</text>
<subclause id="HCBF430FDD29C460C80C059645115620E"><enum>(I)</enum><text display-inline="yes-display-inline">reimbursement for (or reasonable allowance for) reasonable expenses incurred in the performance of
services by volunteers, or</text>
</subclause><subclause id="H55CE2924D7DD42B4982CED7BBE69273A"><enum>(II)</enum><text>reasonable benefits (including length of service awards), and nominal fees, customarily paid by
similar entities in connection with the performance of services by
volunteers.</text>
</subclause></clause><clause id="H98D994E71B824606BFCD533C8D5F37BA"><enum>(iii)</enum><header>Specified employer</header><text>For purposes of this subparagraph, the term <term>specified employer</term> means—</text>
<subclause id="H008C03EB12AD4B2FB52A6F88E2C9D82B"><enum>(I)</enum><text display-inline="yes-display-inline">any government entity, and</text>
</subclause><subclause id="H969A797A42F0446AB279ABB0203088F3"><enum>(II)</enum><text>any organization described in section 501(c) and exempt from tax under section 501(a).</text>
</subclause></clause><clause id="HD8627417EB84447EBD38051EDFEB7E36"><enum>(iv)</enum><header>Coordination with subparagraph (A)</header><text>This subparagraph shall not fail to apply with respect to services merely because such services are
qualified services (as defined in section 457(e)(11)(C)).</text></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" display-inline="no-display-inline" id="HB56EEF5459E947F5B1D41E30459B933E"><enum>(b)</enum><header>Effective date</header><text>The amendments made by this section shall apply to months beginning after December 31, 2013.</text>
</subsection></section><enum>II</enum><header>Provisions relating to job creation</header>
<section id="H9A6CA32BED4447C2A9DCC2189F4F4F24"><enum>201.</enum><header>Treatment of employment assistance voucher programs</header>
<subsection id="HB0712F8C90FC4F7A9335A8055C3A9BA8"><enum>(a)</enum><header>Use of unemployment fund for employment assistance voucher program</header>
<paragraph id="HA13145FD5AD14783B723D1A109C9C3B2"><enum>(1)</enum><header>State law</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/3304">Section 3304(a)(4)</external-xref> of the Internal Revenue Code of 1986 is amended by striking <quote>and</quote> at the end of subparagraph (F), by inserting <quote>and</quote> at the end of subparagraph (G), and by adding at the end the following new subparagraph:</text>
<quoted-block id="H6EC4ACF8BB1E410E8FAD5BD999463046" style="OLC">
<subparagraph id="H84126B6ACF6A467D94306CC94EC52102"><enum>(H)</enum><text>during the 120-day period beginning on the date of the enactment of the <short-title>Emergency Unemployment Compensation Extension Act of 2014</short-title>, amounts may be withdrawn for the payment of allowances under an employment assistance voucher
program (as defined in section 3306(v));</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="H24536D1DA92943779DEAAF275AC69401"><enum>(2)</enum><header>Permissible expenditures</header><text>Section 3306(f) of such Code is amended—</text>
<subparagraph id="H413CD7342A5A4929BB306F93577BDBEF"><enum>(A)</enum><text>by striking <quote>and</quote> at the end of paragraph (5),</text>
</subparagraph><subparagraph id="H39D295E615C74E9C8D876511623F2E27"><enum>(B)</enum><text>by redesignating the paragraph relating to the self-employment assistance program as paragraph (6)
and striking the period at the end of such paragraph and inserting <quote>; and</quote>, and</text>
</subparagraph><subparagraph id="HEBC7D08AA60C419CACBC1731065B69F5"><enum>(C)</enum><text>by adding at the end the following new paragraph:</text>
<quoted-block id="H07752964AF684369A4DB4B9ABCB33193" style="OLC">
<paragraph id="HC7F31D599A1A4F6A9515F21066894F5E"><enum>(7)</enum><text display-inline="yes-display-inline">during the 120-day period beginning on the date of the enactment of the <short-title>Emergency Unemployment Compensation Extension Act of 2014</short-title>, amounts may be withdrawn for the payment of allowances under an employment assistance voucher
program (as defined in subsection (v)).</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph></subsection><subsection id="HC6AEC90AD3EB45A0999FD409EF1438B9"><enum>(b)</enum><header>Employment assistance voucher program defined</header><text>Section 3306 of such Code is amended by adding at the end the following new subsection:</text>
<quoted-block id="H90356F42E3974C9CB71A97DE5B811C3F" style="OLC">
<subsection id="HCFA447F560C1402CA777C282663BC2B2"><enum>(v)</enum><header>Employment assistance voucher program</header><text>For the purposes of this chapter—</text>
<paragraph id="H4FDF7CFA442247EEA67CA00E0F3880C7"><enum>(1)</enum><header>In general</header><text>The term <term>employment assistance voucher program</term> means a program under which—</text>
<subparagraph id="H65F7DDC740824826BD670DB9C69E0239"><enum>(A)</enum><text>an eligible individual is issued an employment assistance voucher,</text>
</subparagraph><subparagraph id="H58CE963DDFF1420EA77C8331C9F80E9A"><enum>(B)</enum><text>upon employment with an employer described in paragraph (5)—</text>
<clause id="HA65C7F736E264C3783F505E0942482F0"><enum>(i)</enum><text>the eligible individual transfers the employment assistance voucher to the employer,</text>
</clause><clause id="H804DA5B6274145E79680577F998E3E80"><enum>(ii)</enum><text>the individual ceases to receive unemployment compensation and is paid wages by the employer, and</text>
</clause><clause id="HA03FA2B55AE546FC81997C2AC0FD3ECC"><enum>(iii)</enum><text>the employer receives payments upon presenting the voucher to the State, and</text>
</clause></subparagraph><subparagraph id="HA2088D660B5F478AA3400BF714909E20"><enum>(C)</enum><text>the program meets such other requirements as the Secretary of Labor determines to be appropriate.</text>
</subparagraph></paragraph><paragraph id="H7F1487C9B473412FAF926B339FA2C864"><enum>(2)</enum><header>Rules relating to unemployed individuals</header><text>For purposes of paragraph (1)—</text>
<subparagraph id="H2CEC3F4ECC8E4E178E8655DC721AB24E"><enum>(A)</enum><header>Compensation</header><text display-inline="yes-display-inline">Compensation pursuant to paragraph (1)(B)(ii) shall—</text>
<clause id="HB611A7DBFC474CAFB8907887DE8C877E"><enum>(i)</enum><text>not be less than 200 percent of the unemployment compensation otherwise payable to the individual
on the date of the individual’s employment under the employment assistance
voucher program,</text>
</clause><clause id="H33A6275DA23B489D85C5E5BF4D46EBF8"><enum>(ii)</enum><text display-inline="yes-display-inline">not be less than the minimum wage (as specified in section 6 of the Fair Labor Standards Act of
1938), and</text>
</clause><clause id="HB867AAC155144201992D2E6FC67133F8"><enum>(iii)</enum><text>be payable for a period not to exceed the maximum number of remaining weeks of unemployment
compensation (including supplemental and emergency) to which the employee
would be entitled (but for participating in the employment assistance
voucher program), determined as of the date of employment.</text>
</clause></subparagraph><subparagraph id="H7AC7F26441544A4BB226162822DBABC4"><enum>(B)</enum><header>Termination of employment</header><text>If, before the end of the period referred to in subparagraph (A)(iii), an individual’s employment
with an employer under the employment assistance voucher program is
terminated for reasons other than cause, the individual is entitled to the
remaining period of entitlement referred to in subparagraph (A)(iii) less
the number of weeks of such employment.</text>
</subparagraph><subparagraph id="H06A6EE16CD6948CDB6911EB761ACF336"><enum>(C)</enum><header>Certain requirements not to apply</header><text>State requirements relating to availability for work, active search for work, and refusal to accept
work are not applicable to individuals participating in the employment
assistance voucher program.</text>
</subparagraph></paragraph><paragraph id="H598B5A4BDA604605A2D4EA67BE6BB230"><enum>(3)</enum><header>Employment assistance voucher</header><text>The term <term>employment assistance voucher</term> means a voucher—</text>
<subparagraph id="HCE750910AC824883A17A0576C4E4F1A7"><enum>(A)</enum><text>obtained by an eligible individual pursuant to the State law, and</text>
</subparagraph><subparagraph id="H1A32E43774314671AD8BA8FDD614AF62"><enum>(B)</enum><text>payable to the employer of the eligible individual—</text>
<clause id="HBA36B74373444F00BFB3B8E11504DFD7"><enum>(i)</enum><text>at a rate determined under State law but not to exceed 90 percent of the amount of unemployment
compensation to which the eligible individual is entitled, and</text>
</clause><clause id="HFF0C494D8403448E8FA7D2EB5CE382EB"><enum>(ii)</enum><text>on the same schedule as unemployment compensation would be payable to the individual but for
employment under the employment assistance voucher program.</text>
</clause></subparagraph></paragraph><paragraph id="H4AF52D1376154CDE9E726924DC92CA20"><enum>(4)</enum><header>Eligible individual</header><text>The term <term>eligible individual</term> means an individual who—</text>
<subparagraph id="H346A50314C084C3F8122204235F8352D"><enum>(A)</enum><text>is eligible to receive regular unemployment compensation under the State law, extended
unemployment, or emergency unemployment or would be eligible to receive
such compensation except for the requirements described in paragraph
(1)(B),</text>
</subparagraph><subparagraph id="H86A929C011DF44F7B8D7A8B20989EA09"><enum>(B)</enum><text>is identified pursuant to a State worker profiling system as an individual likely to exhaust
regular unemployment compensation,</text>
</subparagraph><subparagraph display-inline="no-display-inline" id="H79704EB5F5B34BC98D8C8D879E73C035"><enum>(C)</enum><text display-inline="yes-display-inline">immediately prior to employment by the eligible employer, was unemployed for not less than 6
months, and</text>
</subparagraph><subparagraph id="H570F4849607347A38DD8F60CA58FC27C"><enum>(D)</enum><text>is employed by an eligible employer.</text>
</subparagraph></paragraph><paragraph id="H5FC32853CE114B1F95B033F21B56BEF1"><enum>(5)</enum><header>Eligible employer</header><text>The term <term>eligible employer</term> means an employer who agrees to the terms and conditions of employment under the unemployment
assistance voucher program and who is approved by the State agency.</text>
</paragraph><paragraph id="H9776B2D3BECF405B88E3E527AD077A88"><enum>(6)</enum><header>Treatment of participating individuals under Federal and State law</header><text>Individuals participating in an unemployment assistance voucher program shall be treated as
unemployed for the purposes of Federal and State laws applicable to
unemployment compensation, except that wages paid to the employee under
such program shall be subject to Federal and State taxation to the same
extent and in the same manner as wages generally.</text>
</paragraph><paragraph id="H3BB8B5EFDFF54F75B8089C3A36284E67"><enum>(7)</enum><header>Cost limiter</header><text>A State program shall not be treated as an employment assistance voucher program for purposes of
this chapter unless the program does not result in any cost to the
Unemployment Trust Fund (established by section 904(a) of the Social
Security Act) in excess of the cost that would be incurred by such State
and charged to such Fund, or to any Federal funds in the system if the
State had not participated in such program.</text>
</paragraph><paragraph id="HF425076DA7F541FC8487CF93894C2383"><enum>(8)</enum><header>Prevention of employment termination to participate in program</header><text display-inline="yes-display-inline">A State program shall not be treated as an employment assistance voucher program for purposes of
this chapter unless the State has in effect measures to prevent employers
from terminating employment for purposes of participating in the
employment assistance voucher program.</text>
</paragraph><paragraph id="H826BC7D7B4E047DD9ABEE5AAEF923DD3"><enum>(9)</enum><header>Prevention in terminating employees during program</header><text display-inline="yes-display-inline">A State program shall not be treated as an employment assistance voucher program for purposes of
this chapter unless the State has in effect measures to recoup payments
made to an employer under the program if the employer has terminated from
employment more employees during the 120-day period referred to in section
3304(a)(4)(H) than the employer has hired under the program.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HA05D109A9A0F40C4A0F30915A2272D34"><enum>(c)</enum><header>Conforming amendment</header><text>Section 303(a)(5) of the Social Security Act (<external-xref legal-doc="usc" parsable-cite="usc/42/503">42 U.S.C. 503(a)(5)</external-xref>) is amended by striking <quote>; and</quote> and inserting <quote>: <italic>Provided further</italic>, That amounts may be withdrawn for the payment of allowances under an employment assistance
voucher program (as defined in section 3306(v) of the Internal Revenue
Code of 1986); and</quote>.</text>
</subsection><subsection id="HC7BFD1D472354FD2B95C1E0691761141"><enum>(d)</enum><header>State reports</header><text display-inline="yes-display-inline">Any State operating an employment assistance voucher program approved by the Secretary of Labor
pursuant to <external-xref legal-doc="usc" parsable-cite="usc/26/3304">section 3304(a)(4)(H)</external-xref> of the Internal Revenue Code of 1986 (as
added by this section) shall report annually to the Secretary on the
number of individuals who participate in the program, the operating costs
of the program, compliance with program requirements, and any other
relevant aspects of program operations requested by the Secretary.</text>
</subsection><subsection id="H6BC50EBA16F64037ABA2D2B49F0BD216"><enum>(e)</enum><header>Report to congress</header><text display-inline="yes-display-inline">Not later than 1 year after the date of the enactment of this Act, the Secretary of Labor shall
submit a report to the Congress with respect to the operation of the
employment assistance voucher program. Such report shall be based on the
reports received from the States pursuant to subsection (d) and include
such other information as the Secretary of Labor determines is
appropriate.</text>
</subsection><subsection id="HAB9D5568F94146F9A0095A3EFD4503F5"><enum>(f)</enum><header>Effective date</header><text>The provisions of this section and the amendments made by this section shall take effect on the
date of the enactment of this Act.</text>
</subsection></section><section id="H3D0FD0F7B82D446E8AB8F983483ED7BB"><enum>202.</enum><header>Disadvantaged business enterprises</header><text display-inline="no-display-inline">Section 1101(b) of MAP–21 (<external-xref legal-doc="usc" parsable-cite="usc/23/101">23 U.S.C. 101</external-xref> note) is amended—</text>
<paragraph id="H98C4239D849A45618998A9DA428DB5CA"><enum>(1)</enum><text>in paragraph (2) by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="H7AFA13A5ACE34454AC791E57C75F167F" style="OLC">
<subparagraph id="H0392D52D6B324AA99744B7F644455F51"><enum>(C)</enum><header>Veteran-owned small business concern</header><text display-inline="yes-display-inline">The term <term>veteran-owned small business concern</term> has the meaning given the term <term>small business concern owned and controlled by veterans</term> in section 3(q) of the Small Business Act (<external-xref legal-doc="usc" parsable-cite="usc/15/632">15 U.S.C. 632(q)</external-xref>).</text></subparagraph><after-quoted-block>;</after-quoted-block></quoted-block>
</paragraph><paragraph id="H12ECC51803BE473C91296CF18438B46A"><enum>(2)</enum><text>in paragraph (3) by inserting <quote>and veteran-owned small business concerns</quote> before the period at the end; and</text>
</paragraph><paragraph id="HEB7DC1B6671844F7BCC3A5E2D229ADFD"><enum>(3)</enum><text display-inline="yes-display-inline">in paragraph (4)(B)—</text>
<subparagraph id="HEE6C26AA9BDD41A8ADB0986A575C0FCC"><enum>(A)</enum><text>in clause (ii) by striking <quote>and</quote> at the end;</text>
</subparagraph><subparagraph id="H92D035976B62456E9C23BF8C1F3452EB"><enum>(B)</enum><text>in clause (iii) by striking the period at the end and inserting <quote>; and</quote>; and</text>
</subparagraph><subparagraph id="HE8479F69FDE442F89546BBE1F0BE5479"><enum>(C)</enum><text>by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="H7020FC0A3E254162A96322DC2635287B" style="OLC">
<clause id="H3A96071847424678BD79E38E04FC77A1"><enum>(iv)</enum><text display-inline="yes-display-inline">veterans.</text></clause><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph></section><section id="HD7868B9B0D484062A5B26DA5F2B64459"><enum>203.</enum><header>America Star Program</header>
<subsection id="H61329C94221C4359BCAEDA86CF0CDC91"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The Secretary shall establish a voluntary program, to be known as the <quote>America Star Program</quote>, under which manufacturers may have products certified as meeting the standards of labels that
indicate to consumers the extent to which the products are manufactured in
the United States.</text>
</subsection><subsection id="H94ABFBFBE85942408F3E66964E1CADAB"><enum>(b)</enum><header>Establishment of labels</header>
<paragraph id="HF452C883CDE3416A8597841E89779A96"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">The Secretary shall by rule establish such America Star labels as the Secretary considers
appropriate, including the content of the labels and the standards that a
product shall meet in order to bear a particular America Star label. The
labels shall be consistent with public perceptions of the meaning of
descriptions of the extent to which a product is manufactured in the
United States.</text>
</paragraph><paragraph id="HD216372194F444439D83BFB9C67612C2"><enum>(2)</enum><header>Goals</header><text>The America Star labels shall be designed to achieve the following goals:</text>
<subparagraph id="H7D487F69A0DF4580B29703972F8BB35A"><enum>(A)</enum><text display-inline="yes-display-inline">Providing clarity for consumers about the extent to which products are manufactured in the United
States.</text>
</subparagraph><subparagraph commented="no" id="H89CE4D645F8046C5B013F474CD2E56B5"><enum>(B)</enum><text>Encouraging manufacturers to manufacture more products in the United States.</text>
</subparagraph><subparagraph id="HFA671E3D0C2C4D7584930F3B99B691DB"><enum>(C)</enum><text>Highlighting the importance of domestic manufacturing for the economy of the United States.</text>
</subparagraph></paragraph></subsection><subsection id="H12D0565D86A945C1B701C4E935FB268B"><enum>(c)</enum><header>Certification of products</header>
<paragraph id="H8E4041893A21417B9C8C190A16385844"><enum>(1)</enum><header>Application procedures</header><text>A manufacturer that wishes to have a product certified as meeting the standards of an America Star
label may apply to the Secretary for certification in accordance with such
procedures as the Secretary shall by rule establish.</text>
</paragraph><paragraph id="H97ED2CF83223434A9BCC4928DA3CA3D1"><enum>(2)</enum><header>Action by Secretary</header><text>After receiving an application for certification under paragraph (1), the Secretary shall, not
later than a reasonable time to be specified by the Secretary by rule—</text>
<subparagraph id="H49761891B271487D88337E43A7ECE18E"><enum>(A)</enum><text>determine whether the product meets the standards of the label;</text>
</subparagraph><subparagraph id="H9143531E88104F1C9AF4E47D6C171785"><enum>(B)</enum><text>if the product meets such standards, certify the product; and</text>
</subparagraph><subparagraph id="H26A54E8575A44C05AAA461C3378CFB65"><enum>(C)</enum><text>notify the manufacturer of the determination and whether the product has been certified.</text>
</subparagraph></paragraph></subsection><subsection id="H43BA8152572B4D788870BDA1E966B739"><enum>(d)</enum><header>Monitoring; withdrawal of certification</header>
<paragraph id="H20C88F8B183B4485A01BB11183F81B4B"><enum>(1)</enum><header>Monitoring</header><text display-inline="yes-display-inline">The Secretary shall conduct such monitoring and compliance review as the Secretary considers
necessary to—</text>
<subparagraph id="H9A6924AD2B154D8E8B9ADAFB9AEDA872"><enum>(A)</enum><text display-inline="yes-display-inline">detect violations of subsection (h); and</text>
</subparagraph><subparagraph id="HC7342EE435064EA4AD9C8803C4397A81"><enum>(B)</enum><text>ensure that products certified as meeting the standards of America Star labels continue to meet
such standards.</text>
</subparagraph></paragraph><paragraph id="H68EBCF8D4DA74166809A7AECD3AF783B"><enum>(2)</enum><header>Withdrawal of certification</header>
<subparagraph id="H7537FC110C874FE397F238A2B057DC75"><enum>(A)</enum><header>On initiative of Secretary</header><text display-inline="yes-display-inline">If the Secretary determines that a product certified as meeting the standards of an America Star
label no longer meets such standards, the Secretary shall—</text>
<clause id="H840ACE07594C438EBBD0CE312C062A39"><enum>(i)</enum><text>notify the manufacturer of the determination and any corrective action that would enable the
product to meet such standards; and</text>
</clause><clause id="HC94A4E9F9FBF4F0BB2B83AE0B8555A1D"><enum>(ii)</enum><text>if the manufacturer does not take such action within a reasonable time after receiving notification
under clause (i), to be specified by the Secretary by rule, the Secretary
shall withdraw the certification of the product and notify the
manufacturer of the withdrawal.</text>
</clause></subparagraph><subparagraph id="H9D8CCAE96CFF4670BCFB36E58713FAD9"><enum>(B)</enum><header>At request of manufacturer</header><text display-inline="yes-display-inline">At the request of the manufacturer of a product, the Secretary shall withdraw the certification of
the product and notify the manufacturer of the withdrawal.</text>
</subparagraph></paragraph></subsection><subsection id="H449D4D6C3A724FC6B882DC27A6B90702"><enum>(e)</enum><header>Regulations</header>
<paragraph id="H192DC778B5054D10B10A7C5B067A5188"><enum>(1)</enum><header>In general</header><text>The Secretary may promulgate such regulations as are necessary to implement this section.</text>
</paragraph><paragraph id="HFE186559AB68465ABD0614A02AB8D5A0"><enum>(2)</enum><header>Deadline</header><text>Not later than 2 years after the date of the enactment of this Act, the Secretary shall promulgate
such regulations as are necessary to begin certifying products under the
America Star Program.</text>
</paragraph></subsection><subsection id="H55C9A9E1E79E4A559CDFE8F74E1CE0EA"><enum>(f)</enum><header>Administration by contract</header><text display-inline="yes-display-inline">The Secretary may enter into a contract with a person under which such person carries out
certification determinations under subsection (c), monitoring activities
and withdrawal determinations under subsection (d), collection of fees
under subsection (k)(1) and the remission of such fees to the Secretary
(but not the establishment of the amounts of such fees), and related
administrative activities. For purposes of subsections (h) and (j), such a
determination, activity, or collection by such person shall be considered
to be an action of the Secretary.</text>
</subsection><subsection id="HDFD6C2845504437F971424BC36F1B63B"><enum>(g)</enum><header>Consultation</header>
<paragraph id="HE28AFBC96D874E13A9B1CF261DC052F0"><enum>(1)</enum><header>With Federal Trade Commission</header><text>In establishing the America Star labels and operating the America Star Program, the Secretary shall
consult with the Federal Trade Commission to ensure consistency with the
requirements enforced by the Commission with respect to representations of
the extent to which products are manufactured in the United States.</text>
</paragraph><paragraph id="H4CED58C4ABF4469CAC7A6C9B84A2FACE"><enum>(2)</enum><header>With private-sector companies</header><text display-inline="yes-display-inline">In establishing the America Star labels and operating the America Star Program, the Secretary
should consult with private-sector companies that have developed labeling
programs to verify or certify to consumers the extent to which products
are manufactured in the United States.</text>
</paragraph></subsection><subsection id="H66AA0BB5BA7E4235B663B87F4B9D0E2C"><enum>(h)</enum><header>Prohibited conduct</header><text display-inline="yes-display-inline">Unless there is in effect a certification by the Secretary that a product meets the standards of an
America Star label, a person may not place such label on such product, use
such label in any marketing materials for such product, or in any other
way represent that such product meets or is certified as meeting the
standards of such label.</text>
</subsection><subsection id="H83DB14D990B0443CA5ABAA0A0862B268"><enum>(i)</enum><header>Enforcement</header>
<paragraph id="HA2ED9F94C4E54A2EB8108713E112FFCE"><enum>(1)</enum><header>Civil penalty</header><text display-inline="yes-display-inline">Any person who knowingly violates subsection (h) shall be subject to a civil penalty of not more
than $10,000.</text>
</paragraph><paragraph id="HF2EC51CAA9CD45F1820F937887EA0A6D"><enum>(2)</enum><header>Ineligibility</header>
<subparagraph id="H355C2A0F17F44AE3BAD9D60632A0BFD7"><enum>(A)</enum><header>In general</header><text>Except as provided in subparagraph (C), if the Secretary determines that a manufacturer—</text>
<clause id="H4F4FE799671546B893BBD5976F5FF7C9"><enum>(i)</enum><text>has made a false statement to the Secretary in connection with the America Star Program;</text>
</clause><clause id="H18C1E1845AD941F1947DED076F7BF0C5"><enum>(ii)</enum><text>knowing, or having reason to know, that a product does not meet the standards of an America Star
label, has placed such label on such product, has used such label in any
marketing materials for such product, or in any other way has represented
that such product meets or is certified as meeting the standards of such
label; or</text>
</clause><clause id="HBE74B46C888F478DB054DB1096682D2E"><enum>(iii)</enum><text>has otherwise violated the purposes of the America Star Program;</text>
</clause><continuation-text continuation-text-level="subparagraph">the Secretary may not, for a period of 5 years after the conduct described in clause (i), (ii), or
(iii), certify the product to which such conduct relates as meeting the
standards of an America Star label.</continuation-text></subparagraph><subparagraph id="H6290741C6CFA42CDBDB3AF3B263B1062"><enum>(B)</enum><header>Effect on existing certification</header><text display-inline="yes-display-inline">In the case of a product with respect to which, at the time of the determination of the Secretary
under subparagraph (A), there is in effect a certification by the
Secretary that the product meets the standards of an America Star label—</text>
<clause id="H886A387BC79941F6BAB410E5691BD524"><enum>(i)</enum><text>if the product continues to meet such standards, the Secretary may either withdraw the
certification or allow the certification to continue in effect, as the
Secretary considers appropriate; and</text>
</clause><clause id="HDF523D8CE5D14810A63BFC09A02EBA9F"><enum>(ii)</enum><text>if the product no longer meets such standards, the Secretary shall withdraw the certification.</text>
</clause></subparagraph><subparagraph id="H67EB42DB69F24ED995F47997C86BB26B"><enum>(C)</enum><header>Waiver</header><text>Notwithstanding subparagraph (A), the Secretary may waive or reduce the period referred to in such
subparagraph if the Secretary determines that the waiver or reduction is
in the best interests of the America Star Program.</text>
</subparagraph></paragraph><paragraph id="H01CE8123755142889844F48DF6116D7F"><enum>(3)</enum><header>False statements</header><text>A false statement in connection with the America Star Program to a person with whom the Secretary
contracts under subsection (f) shall be considered a false statement to
the Secretary for purposes of paragraph (2)(A)(i) and section 1001 of
title 18, United States Code.</text>
</paragraph></subsection><subsection id="H36505580766A447293176281988E4B96"><enum>(j)</enum><header>Administrative appeal</header>
<paragraph id="HE76C15303AD940CB983ACA4BBD55A956"><enum>(1)</enum><header>Expedited appeals procedure</header><text>The Secretary shall establish an expedited administrative appeals procedure under which persons may
appeal an action of the Secretary under this section that—</text>
<subparagraph id="HB0131974CA464EACA3E48CE274B844A0"><enum>(A)</enum><text>adversely affects such person; or</text>
</subparagraph><subparagraph id="H5BF4FE7E974D48F4897FC86A830FA0E8"><enum>(B)</enum><text>is inconsistent with the America Star Program.</text>
</subparagraph></paragraph><paragraph id="H0A6A819F25B74E15B3CEDCA25475DC91"><enum>(2)</enum><header>Appeal of final decision</header><text>A final decision of the Secretary under paragraph (1) may be appealed to the United States district
court for the district in which the person is located.</text>
</paragraph></subsection><subsection id="H798F3BDB3B3B42F68F2C60C41C302691"><enum>(k)</enum><header>Offsetting collections</header>
<paragraph id="H12810B375EEB43AC8448112227659A09"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">The Secretary may collect reasonable fees from—</text>
<subparagraph id="HA26F35469D534E55B39E30B197E3A74E"><enum>(A)</enum><text>manufacturers that apply for certification of products as meeting the standards of America Star
labels; and</text>
</subparagraph><subparagraph id="H62D9FAE7409143C19DC97B928A387AC3"><enum>(B)</enum><text display-inline="yes-display-inline">manufacturers of products for which such certifications are in effect.</text>
</subparagraph></paragraph><paragraph id="H5CCFA3DFD3264A8A9E9754D1CAF7470E"><enum>(2)</enum><header>Account</header><text display-inline="yes-display-inline">The fees collected under paragraph (1) shall be credited to the account that incurs the cost of the
certification services provided under this section.</text>
</paragraph><paragraph id="H9F1CB98A36B1415E9D85B653014F1F5C"><enum>(3)</enum><header>Use</header><text display-inline="yes-display-inline">The fees collected under paragraph (1) shall be available to the Secretary, without further
appropriation or fiscal-year limitation, to pay the expenses of the
Secretary incurred in providing certification services under this section.</text>
</paragraph></subsection><subsection id="HC34EB6CB8C6946C1BE30732AF284C78A"><enum>(l)</enum><header>Definitions</header><text>In this section:</text>
<paragraph id="H55D2C3203CCC43699C1158BB937EE97D"><enum>(1)</enum><header>America Star label</header><text>The term <term>America Star label</term> means a label described in subsection (a) and established by the Secretary under subsection
(b)(1).</text>
</paragraph><paragraph id="H0506A5FB20A14EC19108A4171F6AB0F4"><enum>(2)</enum><header>America Star Program</header><text>The term <term>America Star Program</term> means the voluntary labeling program established under this section.</text>
</paragraph><paragraph id="H5843BABBE872436FAAF025183D808919"><enum>(3)</enum><header>Secretary</header><text>The term <term>Secretary</term> means the Secretary of Commerce.</text>
</paragraph></subsection></section><section id="H39E6E969F2A441CB8AFAE603ADD23467"><enum>204.</enum><header>Fostering innovation</header><text display-inline="no-display-inline">Not later than 180 days after the date of the enactment of this Act, the Securities and Exchange
Commission shall revise the definition of <term>accelerated filer</term>, as such term is defined in Rule 12b–2 of the Commission (17 C.F.R. 240.12b–2), to include issuers
that have annual revenues of greater than $100,000,000 during the most
recently completed fiscal year for which audited financial statements are
available and have an aggregated worldwide market value of the voting and
non-voting common equity held by its non-affiliates of $250,000,000 or
more, but less than $700,000,000, as of the last business day of the
issuer’s most recently completed second fiscal quarter.</text>
</section><section id="HEB8E1669788D4C2B84DC653264FAE6CD"><enum>205.</enum><header>Partnership To Build America</header>
<subsection id="H8FD4B83ED3554C7D808D7DF2AAEB0F88"><enum>(a)</enum><header>American Infrastructure Fund</header>
<paragraph id="HF407D2FC14D442C39DAB73458897285F"><enum>(1)</enum><header>American Infrastructure Fund</header>
<subparagraph id="H8DC3BDB7C1E64585879AEC1970E16B51"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">There is established a wholly owned Government corporation to be called the American Infrastructure
Fund (<term>AIF</term>)—</text>
<clause id="H29FE7F9A108A44DCA1183E520150084B"><enum>(i)</enum><text>which shall be headed by the Board of Trustees established under paragraph (2);</text>
</clause><clause id="HE165AB1132604C31B1A7BE034A1231B9"><enum>(ii)</enum><text>which may have separate sub-accounts or subsidiaries for funds used to make loans, bond guarantees,
and equity investments under this subsection and funds used to make bond
guarantees under this subsection;</text>
</clause><clause id="H943897A2C35C424AB703F5875EEFBF55"><enum>(iii)</enum><text>which shall be available to the AIF to pay for the costs of carrying out this subsection, including
the compensation of the Board and other employees of the AIF; and</text>
</clause><clause id="HCB4457EDD6854E7AB2006F853570A234"><enum>(iv)</enum><text>the funds of which may be invested by the Board in such manner as the Board determines appropriate.</text>
</clause></subparagraph><subparagraph id="HABD3DDDE24AD410EAC505BA6311D3B26"><enum>(B)</enum><header>Deposits to AIF</header><text>All funds received from bond issuances, loan payments, bond guarantee fees, and any other funds
received in carrying out this subsection shall be held by AIF.</text>
</subparagraph><subparagraph id="HA0240B0A058B412C98F764FB51103B77"><enum>(C)</enum><header>Limitations</header><text display-inline="yes-display-inline">The charter of the AIF shall limit its activities to those activities described as the mission of
the Board under paragraph (2)(B).</text>
</subparagraph><subparagraph id="HB525C20B9F2B4F0E96CD2E477EE4DEF4"><enum>(D)</enum><header>Oversight</header><text display-inline="yes-display-inline">The AIF shall register with the Securities and Exchange Commission and the Secretary shall report
to Congress annually as to whether the AIF is fulfilling the mission of
the Board under paragraph (2)(B).</text>
</subparagraph><subparagraph id="H07992748B1F54A49B5F9E93311AF1957"><enum>(E)</enum><header>Treatment of AIF</header><text>Title 31, United States Code, is amended in each of sections 9107(c)(3) and 9108(d)(2)—</text>
<clause id="H3ED6DE867B4142D98502A66AD1E312F6"><enum>(i)</enum><text>by inserting <quote>the American Infrastructure Fund,</quote> after <quote>the Regional Banks for Cooperatives,</quote>; and</text>
</clause><clause id="H8625DBBD11564D83899C3F775AF9D523"><enum>(ii)</enum><text>by striking <quote>those banks</quote> and inserting <quote>those entities</quote>.</text>
</clause></subparagraph></paragraph><paragraph id="H1E4773F9DA744379AFA8320790C84808"><enum>(2)</enum><header>Board of Trustees</header>
<subparagraph id="H00CDA570B6A64F46B9D0084BCC2E8023"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">There is established a Board of Trustees of the AIF (the <term>Board</term>), which shall be composed of 11 members, of which at least 4 must be risk management experts, as
certified by the Board, having substantial experience in bond guarantees
or municipal credit.</text>
</subparagraph><subparagraph id="H1D8A229F7CD4464BA726AC28120EC014"><enum>(B)</enum><header>Mission</header><text display-inline="yes-display-inline">The Mission of the Board is—</text>
<clause id="HB94FE661EB014B5395E6056E0925FC6E"><enum>(i)</enum><text display-inline="yes-display-inline">to operate the AIF and its subsidiaries to be a low cost provider of bond guarantees, loans, and
equity investments to State and local governments and non-profit
infrastructure providers for both urban and rural non-profit
infrastructure projects that provide a positive economic impact and to
meet such other standards as the Board may develop;</text>
</clause><clause id="H83AD0C453C95403E9383514670D49237"><enum>(ii)</enum><text>to operate the AIF in a self-sustaining manner so as to allow the AIF to repay its infrastructure
bonds when due;</text>
</clause><clause id="HBE580ED8401C4118B01A27547BC89891"><enum>(iii)</enum><text>to not have a profit motive, but seek at all times to pursue its mission of providing low cost bond
guarantees and loans while covering its costs, reserves as may be needed,
and applying prudent underwriting standards;</text>
</clause><clause id="H077A0706B8F9493D99994F480D425561"><enum>(iv)</enum><text>to only consider projects put forth by State and local governments and not to seek projects
directly;</text>
</clause><clause id="HAEB8FE82B14D44238CBC359F5A25E232"><enum>(v)</enum><text>to at all times make clear that no taxpayer money supports the AIF or ever will; and</text>
</clause><clause id="HD087E5CDC86E47CFA7AAEBD56336CA1A"><enum>(vi)</enum><text display-inline="yes-display-inline">to engage in no other activities other than those permitted under this subsection.</text>
</clause></subparagraph><subparagraph id="H86BDF26958824CC1A97F87510FC2BA84"><enum>(C)</enum><header>Membership</header>
<clause id="HB16D0996221A4CF38312EAA45EB1917F"><enum>(i)</enum><header>Presidentially appointed members</header><text display-inline="yes-display-inline">Except as provided under clause (iii), 4 members of the Board shall be appointed by the President,
by and with the advice and consent of the Senate, and serve for a term of
7 years.</text>
</clause><clause id="HD68F728B93214B7FBE9996C563877C1A"><enum>(ii)</enum><header>Additional members</header><text display-inline="yes-display-inline">Except as provided under clause (iii), 7 members of the Board shall be appointed by the current
members of the Board appointed pursuant to this clause or clause
(iii)(II), and serve for a term of 7 years.</text>
</clause><clause commented="no" id="H0455D21A086E48F5A792B69DE67F449C"><enum>(iii)</enum><header>Initial members</header><text>The Board shall initially consist of the following members, who shall be appointed not later than
the end of the 60-day period beginning on the date that bonds are issued
under paragraph (5):</text>
<subclause commented="no" id="H0FB1C9D875D141F4A38AF0BF1264283E"><enum>(I)</enum><text display-inline="yes-display-inline">Four members, appointed by the President, by and with the advice and consent of the Senate.</text>
</subclause><subclause commented="no" id="H3F999D415CE74056923777400609334A"><enum>(II)</enum><text display-inline="yes-display-inline">Seven additional members, appointed one each by the seven entities purchasing the largest amount of
bonds (by aggregate face amount of bonds purchased) under paragraph (5).</text>
</subclause></clause><clause id="HDF4C552B1DF3424688E876D3AB509AE9"><enum>(iv)</enum><header>Staggered terms</header><text display-inline="yes-display-inline">The members of the Board shall serve staggered terms, with 2 each of the initial members of the
Board serving for terms of 4, 5, 6, 7, and 8 years, respectively, and the
initial Chair selected under clause (v) serving for 9 years. The decision
of which Board members, other than the Chair, serve for which initial
terms shall be made by the members of the Board drawing lots.</text>
</clause><clause id="H8AD31A47E3DF4CB2B4DF917EE3D92603"><enum>(v)</enum><header>Chair</header><text>The members of the Board shall choose 1 member to serve as the Chair of the Board for a term of 7
years, except that the initial Chair shall serve for a term of 7 years, as
described under clause (iv).</text>
</clause><clause id="HD34EB7650FE842B186BEC4AC0A35AD7E"><enum>(vi)</enum><header>Vacancies</header><text display-inline="yes-display-inline">Any member of the Board appointed to fill a vacancy occurring before the expiration of the term to
which that member's predecessor was appointed shall be appointed only for
the remainder of the term.</text>
</clause><clause id="H97A6AFF644124741AC7E2CDB1E65B816"><enum>(vii)</enum><header>Continuation of service</header><text>Each member of the Board may continue to serve after the expiration of the term of office to which
that member was appointed until a successor has been appointed.</text>
</clause><clause id="HA096FCB94DDF4199BF51601E3E0E13AA"><enum>(viii)</enum><header>Conflicts of interest</header><text display-inline="yes-display-inline">No member of the Board may have a financial interest in, or be employed by, a Qualified
Infrastructure Project (<term>QIP</term>) related to assistance provided under this subsection or any entity that has purchased bonds under
paragraph (5). Owning municipal credit of any State or local government or
owning the securities of a diversified company that engages in
infrastructure activities, provided those activities constitute less than
20 percent of the company’s revenues, or investing in broadly held
investment funds shall not be deemed to create a conflict of interest. The
Board may issue regulations to define terms used under this clause.</text>
</clause></subparagraph><subparagraph id="H10B0F721D17E434C91F2A6516E93F0AF"><enum>(D)</enum><header>Compensation</header><text display-inline="yes-display-inline">The members of the Board shall be compensated at an amount to be set by the Board, but under no
circumstances may such compensation be higher than the rate prescribed for
level IV of the Executive Schedule under <external-xref legal-doc="usc" parsable-cite="usc/5/5315">section 5315</external-xref> of title 5, United
States Code.</text>
</subparagraph><subparagraph id="HD5477269D02C4A77BAC9170D5289DF41"><enum>(E)</enum><header>Staff</header><text display-inline="yes-display-inline">The Board shall employ and set compensation for such staff as the Board determines as is necessary
to carry out the activities and mission of the AIF, and such staff may be
paid without regard to the provisions of chapter 51 and subchapter III of
chapter 53, United States Code, relating to classification and General
Schedule pay rates.</text>
</subparagraph><subparagraph id="HC3C8EA40B0494861B43B5C8B162801A8"><enum>(F)</enum><header>Procedures</header><text>The Board shall establish such procedures as are necessary to carry out this subsection.</text>
</subparagraph><subparagraph id="H134F216CEA0E44F082995E43044AA176"><enum>(G)</enum><header>Corporate governance standards</header>
<clause id="H69186C33DECB4453933EA48271DDCDE5"><enum>(i)</enum><header>Board committees generally</header><text display-inline="yes-display-inline">The Board shall maintain all of the committees required to be maintained by the board of directors
of an issuer listed on the New York Stock Exchange as of the date of the
enactment of this subsection.</text>
</clause><clause id="HB3011E099DEB4528A92DB4F09FB3D811"><enum>(ii)</enum><header>Risk management committee</header><text>The Board shall maintain a risk management committee, which shall—</text>
<subclause id="H73BDC0FBE59E4465805EEB665779517F"><enum>(I)</enum><text>consist of 4 members of the Board, with the initial 4 members consisting of 2 members appointed
under paragraph (3)(C)(i) and 2 members appointed under subparagraph
(C)(iii)(II);</text>
</subclause><subclause id="H3478E96E75764589AF679430C5122863"><enum>(II)</enum><text display-inline="yes-display-inline">employ additional staff who are certified by the Board as having significant and relevant
experience in insurance underwriting and credit risk management; and</text>
</subclause><subclause id="H068F731C164246D08CF52C106ABC0271"><enum>(III)</enum><text>establish the risk management policies used by the Board.</text>
</subclause></clause><clause id="H845F9EEB8A724C14940504B40E35B341"><enum>(iii)</enum><header>Standards</header><text display-inline="yes-display-inline">The Board shall, to the extent practicable, follow all standards with respect to corporate
governance that are required to be followed by the board of directors of
an issuer listed on the New York Stock Exchange as of the date of the
enactment of this subsection.</text>
</clause></subparagraph></paragraph><paragraph id="H76A6F6F8C8384378AC4AAA05BA8BBB4D"><enum>(3)</enum><header>Infrastructure investment</header>
<subparagraph id="HB5807A5D59A243EA837FCFF2559EC37B"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">The AIF shall provide bond guarantees to debt issued by State and local governments and non-profit
infrastructure providers, make loans to States, local governments, and
non-profit infrastructure providers, and make equity investments in
projects sponsored by State and local governments and non-profit
infrastructure provider to help Qualified Infrastructure Projects (<term>QIPs</term>). The AIF may not make any loans or provide bond guaranties to for-profit entities.</text>
</subparagraph><subparagraph id="H82091DD4454249B1B9B2F2A0462BFBA6"><enum>(B)</enum><header>Qualified Infrastructure Projects</header><text>A project qualifies as a QIP under this subsection if—</text>
<clause id="HB985946DD3744F88A47333F00C19B585"><enum>(i)</enum><text>the project involves the construction, maintenance, improvement, or repair of a transportation,
energy, water, communications, or educational facility; and</text>
</clause><clause id="HE8933806A68F40E2A5DB92CA03861AFE"><enum>(ii)</enum><text display-inline="yes-display-inline">the recipient of bond guarantees, loans, equity investments, or any other financing technique
authorized under this Act provides written assurances prescribed by the
AIF that the project will be performed in compliance with the requirements
of all Federal laws that would otherwise apply to similar projects to
which the United States is a party.</text>
</clause></subparagraph><subparagraph id="H5F8BD9C4AD7942EBAD24913F82DAF9C1"><enum>(C)</enum><header>Application for assistance</header>
<clause id="H82542DAF26844FFAB5008D6059AABFE7"><enum>(i)</enum><header>In general</header><text display-inline="yes-display-inline">A State or local government that wishes to receive a loan or bond guarantee under this subsection
shall submit an application to the Board in such form and manner and
containing such information as the Board may require.</text>
</clause><clause display-inline="no-display-inline" id="H2DFFFCC729CC45559353B05C0FD8B2F4"><enum>(ii)</enum><header>Requirement for non-profit infrastructure providers to apply through State or local governments</header><text>A non-profit infrastructure provider may only receive a bond guarantee, loan, or equity investment
under this subsection if the State or local government for the
jurisdiction in which the non-profit infrastructure provider is located
submits an application pursuant to clause (i) on behalf of such non-profit
infrastructure provider.</text>
</clause></subparagraph><subparagraph id="H8D28E25418D24DD68C26C250020D175C"><enum>(D)</enum><header>Limitations on single State awards</header>
<clause id="H19AAB4FD41AC40EFA9C12F4A51E38F8C"><enum>(i)</enum><header>Annual limitation</header><text display-inline="yes-display-inline">The Board shall set an annual limit, as a percentage of total assistance provided under this
subsection during a year, on the amount of assistance a single State
(including local governments and other non-profit infrastructure providers
within such State) may receive in assistance provided under this
subsection.</text>
</clause><clause id="H0F90F49E252F48FB9D0AF137EED75578"><enum>(ii)</enum><header>Cumulative limitation</header><text display-inline="yes-display-inline">The Board shall set a limit, as a percentage of total assistance provided under this subsection
outstanding at any one time, on the amount of assistance a single State
(including local governments and other non-profit infrastructure providers
within such State) may receive in assistance provided under this
subsection.</text>
</clause></subparagraph><subparagraph id="HEDECE9C4420E45BEAE547BAA35D98F57"><enum>(E)</enum><header>Loan specifications</header><text display-inline="yes-display-inline">Loans made under this subsection shall have such maturity and carry such interest rate as the Board
determines appropriate.</text>
</subparagraph><subparagraph id="HB055843AB14542D391FAE793E0E6BEB6"><enum>(F)</enum><header>Bond guarantee</header><text>The Board shall charge such fees for Bond guarantees made under this subsection as the Board
determines appropriate.</text>
</subparagraph><subparagraph id="H55841CD24EB64B4484965FA028203285"><enum>(G)</enum><header>Equity investments</header><text>With respect to a QIP, the amount of an equity investment made by the AIF in such QIP may not
exceed 20 percent of the total cost of the QIP.</text>
</subparagraph><subparagraph id="H31A2BB3959A840D6B3471FD74D97E59E"><enum>(H)</enum><header>Public-private partnership requirements</header><text>At least 25 percent of the assistance provided under this subsection shall be provided to QIPs for
which at least 20 percent of the financing for such QIPs comes from
private debt or equity.</text>
</subparagraph><subparagraph id="H5C521422087D40CC869A23ABF2C7CA17"><enum>(I)</enum><header>Prohibition on principal forgiveness</header><text>With respect to a loan made under this subsection, the Board may not forgive any amount of
principal on such loan.</text>
</subparagraph></paragraph><paragraph id="HFE5A62822D244C658592EBA88D4D659A"><enum>(4)</enum><header>American Infrastructure Bonds</header>
<subparagraph id="H8D6402AFAA72476082E36737F042DEC8"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">The Secretary shall, not later than the end of the 90-day period following the date of the
enactment of this subsection and acting through the AIF, issue bonds, to
be called <term>American Infrastructure Bonds</term>, the proceeds from which shall be deposited into the AIF.</text>
</subparagraph><subparagraph commented="no" id="HF2CEBAFC9FC1493F9C1B2A24CB3B4622"><enum>(B)</enum><header>Forms and denominations; interest</header><text display-inline="yes-display-inline">American Infrastructure Bonds shall—</text>
<clause commented="no" id="H8D580C0D7B194264940068D340E2E379"><enum>(i)</enum><text>be in such forms and denominations as determined by the Secretary, and shall have a 50-year
maturity; and</text>
</clause><clause commented="no" id="HD303BDFDA7EF468BB66C0CFF7C88E4CE"><enum>(ii)</enum><text display-inline="yes-display-inline">bear interest of 1 percent.</text>
</clause></subparagraph><subparagraph id="HA18348E98D88416DB97C11994FF55999"><enum>(C)</enum><header>No full faith and credit</header><text display-inline="yes-display-inline">Interest and principal payments paid to holders of American Infrastructure Bonds shall be paid from
the AIF, to the extent funds are available, and shall not be backed by the
full faith and credit of the United States.</text>
</subparagraph><subparagraph id="H6B51EB2DE6A9420CBEB525EB138A3895"><enum>(D)</enum><header>Amount of bonds</header><text display-inline="yes-display-inline">The aggregate face amount of the bonds issued under this paragraph shall be $50,000,000,000.</text>
</subparagraph><subparagraph id="H9491CAC702AC4634ABA96FB0D5463DC3"><enum>(E)</enum><header>Sale of American Infrastructure Bonds</header>
<clause id="H626041859FCD4FDA919FA9D5FA81BC62"><enum>(i)</enum><header>Competitive bidding process</header><text>The Secretary shall sell the $50,000,000,000 of American Infrastructure Bonds—</text>
<subclause id="H36BF6AD8516F40FDB3B3F6524D048390"><enum>(I)</enum><text>through a competitive bidding process that encourages aggressive bidding;</text>
</subclause><subclause id="H2C92D5C14CE046CE8302C360B6403D65"><enum>(II)</enum><text>in a manner so as to ensure that there are at least 7 different un-affiliated purchasers; and</text>
</subclause><subclause id="H28668D385C1B481CB8F013845B5904AE"><enum>(III)</enum><text>with prospective purchasers bidding on how low of a multiplier they will accept (for purposes of
subsection (b)(1) of <external-xref legal-doc="usc" parsable-cite="usc/26/966">section 966</external-xref> of the Internal Revenue Code of 1986)
when purchasing the American Infrastructure Bonds, for purposes of
applying the foreign earnings exclusion described under that section.</text>
</subclause></clause><clause id="HB07FF8D458DD40CF9A288EC8D9B05AB5"><enum>(ii)</enum><header>Limitation</header><text>The multiplier described under clause (i)(III) may not be greater than 6.</text>
</clause></subparagraph><subparagraph id="H02BFA73ED88E4FE3B9D552791DD88C5A"><enum>(F)</enum><header>Reimbursement of costs</header><text>The Board shall repay the Secretary, from funds in the AIF, for the costs to the Secretary in
carrying out this paragraph.</text>
</subparagraph></paragraph><paragraph id="HECFD521E0CCA4FDE859E59B4E85C183D"><enum>(5)</enum><header>Additional bonds</header>
<subparagraph id="H0D53B64602C14C23A77C2E2F9054992F"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">The Board may issue such other bonds as the Board determines appropriate, the proceeds from which
shall be deposited into the AIF.</text>
</subparagraph><subparagraph id="H84C562BD44DC40FABA55DD61C55131B5"><enum>(B)</enum><header>No full faith and credit</header><text>Interest and principal payments paid to holders of bonds issued pursuant to subparagraph (A) shall
be paid from the AIF, to the extent funds are available, and shall not be
backed by the full faith and credit of the United States.</text>
</subparagraph></paragraph><paragraph id="H20AFBC9B13084EC2930E3F259D6A2755"><enum>(6)</enum><header>Definitions</header><text>For purposes of this subsection—</text>
<subparagraph id="H70BB12E356AF4BCDA914E9C393A4965C"><enum>(A)</enum><header>Bond guarantee</header><text display-inline="yes-display-inline">The term <term>bond guarantee</term> has the meaning given the term <term>loan guarantee</term> under section 502 of the Federal Credit Reform Act of 1990 (<external-xref legal-doc="usc" parsable-cite="usc/2/661a">2 U.S.C. 661a</external-xref>).</text>
</subparagraph><subparagraph id="H5C2D7141BEB64D1E8F53AD7F64B991AD"><enum>(B)</enum><header>Cost</header><text display-inline="yes-display-inline">With respect to a loan or a bond guarantee, the term <term>cost</term> has the meaning given such term under section 502 of the Federal Credit Reform Act of 1990 (2
U.S.C. 661a).</text>
</subparagraph><subparagraph id="HCBDD47B5B62246D891F7E7F1721F63CB"><enum>(C)</enum><header>Non-profit infrastructure provider</header><text>The term <term>non-profit infrastructure provider</term> means a non-profit entity that seeks to finance a QIP.</text>
</subparagraph><subparagraph id="H6F92ACBDE2404AEF97FF563361C9AA55"><enum>(D)</enum><header>Loan</header><text display-inline="yes-display-inline">The term <term>loan</term> has the meaning given the term <term>direct loan</term> under section 502 of the Federal Credit Reform Act of 1990 (<external-xref legal-doc="usc" parsable-cite="usc/2/661a">2 U.S.C. 661a</external-xref>).</text>
</subparagraph><subparagraph id="H81B2D22921394CC7AD18498B94DD3EF9"><enum>(E)</enum><header>Secretary</header><text>The term <term>Secretary</term> means the Secretary of the Treasury.</text>
</subparagraph><subparagraph id="H26BDB18A7CE24E07900EC376BD80EE62"><enum>(F)</enum><header>State</header><text>The term <term>State</term> means each of the several States, the District of Columbia, any territory or possession of the
United States, and each federally recognized Indian tribe.</text>
</subparagraph></paragraph></subsection><subsection id="H716BD8863CC74B36ABDE3736A8CC4BE4"><enum>(b)</enum><header>Foreign earnings exclusion for purchase of infrastructure bonds</header>
<paragraph id="HCFC94C9E5B8E46159DA3925D23FC11F7"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Subpart F of part III of subchapter N of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/26/1">chapter 1</external-xref> of the Internal Revenue Code of 1986 is amended
by adding at the end the following new section:</text>
<quoted-block display-inline="no-display-inline" id="HC47D76BCBAB54EDAB17EC0E5EE22C0D6" style="OLC">
<section id="HBD6BC24280E446358E67D6EF43ED660D"><enum>966.</enum><header>Foreign earnings exclusion for purchase of infrastructure bonds</header>
<subsection id="HC8293B4DC912439D80754F2162257936"><enum>(a)</enum><header>Exclusion</header><text>In the case of a corporation which is a United States shareholder and for which the election under
this section is in effect for the taxable year, gross income does not
include an amount equal to the qualified cash dividend amount.</text>
</subsection><subsection id="HC3F5E26635C44C71ADFBAD7D9BB6B883"><enum>(b)</enum><header>Qualified cash dividend amount</header><text display-inline="yes-display-inline">For purposes of this section, the term <term>qualified cash dividend amount</term> means an amount of the cash dividends which are received during a taxable year by such shareholder
from controlled foreign corporations equal to—</text>
<paragraph id="HB741CD890ABC47A2ACF9C0812B01D101"><enum>(1)</enum><text display-inline="yes-display-inline">the multiplier determined under section 205(a)(4)(E) of the Emergency Unemployment Compensation
Extension Act of 2014 for such shareholder, multiplied by</text>
</paragraph><paragraph id="HAC64960A8D0A4F62961A9FA58227614A"><enum>(2)</enum><text>the face amount of qualified infrastructure bonds acquired at its original issue (directly or
through an underwriter) by such shareholder.</text>
</paragraph></subsection><subsection id="H191AE6A3CF944BD4AD3E5CE10B391277"><enum>(c)</enum><header>Limitations</header>
<paragraph id="HE919697348FC432E8E79AA1924658355"><enum>(1)</enum><header>In general</header><text>The amount of dividends taken into account under subsection (a) for a taxable year shall not exceed
the lesser of—</text>
<subparagraph id="H3854B2A4D81442B8A3503965A54504BA"><enum>(A)</enum><text>the cash dividends received by the taxpayer for such taxable year, or</text>
</subparagraph><subparagraph id="H97DA2A06865944F789D3B20DFC7EFF28"><enum>(B)</enum><text>the amount shown on the applicable financial statement as earnings permanently reinvested outside
the United States.</text>
</subparagraph></paragraph><paragraph id="HBF1F8A1512A744BFADE4F4FE65D43C88"><enum>(2)</enum><header>Dividends must be extraordinary</header><text display-inline="yes-display-inline">The amount of dividends taken into account under subsection (a) shall not exceed the excess (if
any) of—</text>
<subparagraph id="H88C6AFC8F47043CF8C6838FDA613831E"><enum>(A)</enum><text>the cash dividends received during the taxable year by such shareholder from controlled foreign
corporations, over</text>
</subparagraph><subparagraph id="H7C63F0FD0C0B43A383AF062BEC8026F2"><enum>(B)</enum><text>the annual average for the base period years of the cash dividends received during each base period
year by such shareholder from controlled foreign corporations.</text>
</subparagraph></paragraph><paragraph id="HA6AD414A8EED40A1B0485EC8C3DC0A0C"><enum>(3)</enum><header>Reduction of benefit if increase in related party indebtedness</header><text>The amount of dividends which would (but for this paragraph) be taken into account under subsection
(a) shall be reduced by the excess (if any) of—</text>
<subparagraph id="H51402B72D57A4F46BCF4294E7D1E463A"><enum>(A)</enum><text>the amount of indebtedness of the controlled foreign corporation to any related person (as defined
in section 954(d)(3)) as of the close of the taxable year for which the
election under this section is in effect, over</text>
</subparagraph><subparagraph commented="no" id="H278AA7E2314E41869AB6BEC4AA72691E"><enum>(B)</enum><text>the amount of indebtedness of the controlled foreign corporation to any related person (as so
defined) as of the close of the preceding taxable year.</text>
</subparagraph><continuation-text continuation-text-level="paragraph">All controlled foreign corporations with respect to which the taxpayer is a United States
shareholder shall be treated as 1 controlled foreign corporation for
purposes of this subsection. The Secretary may prescribe such regulations
as may be necessary or appropriate to prevent the avoidance of the
purposes of this subsection, including regulations which provide that cash
dividends shall not be taken into account under subsection (a) to the
extent such dividends are attributable to the direct or indirect transfer
(including through the use of intervening entities or capital
contributions) of cash or other property from a related person (as so
defined) to a controlled foreign corporation.</continuation-text></paragraph></subsection><subsection id="HE340E47A291243B68D7D11ADEDD654CF"><enum>(d)</enum><header>Definitions and special rules</header><text>For purposes of this section—</text>
<paragraph id="HFBE76C84FA684E88BFE26F731EB933EF"><enum>(1)</enum><header>Qualified infrastructure bonds</header><text display-inline="yes-display-inline">The term <term>qualified infrastructure bond</term> means a bond issued under section 205(a)(4) of the Emergency Unemployment Compensation Extension
Act of 2014.</text>
</paragraph><paragraph id="HF594AC95F95140EF945A9D811A8D888D"><enum>(2)</enum><header>Applicable financial statement</header><text>The term <term>applicable financial statement</term> means, with respect to a taxable year—</text>
<subparagraph id="H773E7F5233D2499FAD1BCAD38B221150"><enum>(A)</enum><text>with respect to a United States shareholder which is required to file a financial statement with
the Securities and Exchange Commission (or which is included in such a
statement so filed by another person), the most recent audited annual
financial statement (including the notes which form an integral part of
such statement) of such shareholder (or which includes such shareholder)—</text>
<clause id="H4B96D2DB5D614D2795FD0F80E06A374F"><enum>(i)</enum><text>which was so filed for such taxable year, and</text>
</clause><clause id="H7E22C67CACDA4C2A9A62CF2431712DD9"><enum>(ii)</enum><text>which is certified as being prepared in accordance with generally accepted accounting principles,
and</text>
</clause></subparagraph><subparagraph id="H17DAB7F71E2F40E3A7931F5AFAFE6580"><enum>(B)</enum><text>with respect to any other United States shareholder, the most recent audited financial statement
(including the notes which form an integral part of such statement) of
such shareholder (or which includes such shareholder)—</text>
<clause id="H52F851AECB6E4AB98289A8D19838246A"><enum>(i)</enum><text>which is certified as being prepared in accordance with generally accepted accounting principles,
and</text>
</clause><clause id="H92821907784E41F68DFBCEFAAFB04710"><enum>(ii)</enum><text>which is used for the purposes of a statement or report—</text>
<subclause id="H4AFBE5EDD78F4FCDA30A9818F9AFC977"><enum>(I)</enum><text>to creditors,</text>
</subclause><subclause id="HAF6B26B3B8994487BE5D445CD3451B61"><enum>(II)</enum><text>to shareholders, or</text>
</subclause><subclause id="H3E4D4179D098466C9DE7097E443C61DE"><enum>(III)</enum><text>for any other substantial nontax purpose.</text>
</subclause></clause></subparagraph></paragraph><paragraph id="H4631BD2D7EAE4D6E97482ABBB26A0B35"><enum>(3)</enum><header>Base period years</header>
<subparagraph id="HB2B981E84DBA47C2AD290A9DC758D123"><enum>(A)</enum><header>In general</header><text>The base period years are the 3 taxable years—</text>
<clause id="H231715B68245486687E1CD2FC04564E8"><enum>(i)</enum><text>which are among the 5 most recent preceding taxable years ending before the taxable year, and</text>
</clause><clause id="HD28830307FBB46A5ABF7B5C0A3682C47"><enum>(ii)</enum><text>which are determined by disregarding—</text>
<subclause id="HF347029A51BF4D849CF572D714FDB627"><enum>(I)</enum><text>1 taxable year for which the amount described in subsection (c)(2)(B) is the largest, and</text>
</subclause><subclause id="HE62896B7458E49E98FB8EE199CFD3D91"><enum>(II)</enum><text>1 taxable year for which such amount is the smallest.</text>
</subclause></clause></subparagraph><subparagraph id="H94E31842632C4E619C5F713AE513AD6D"><enum>(B)</enum><header>Shorter period</header><text>If the taxpayer has fewer than 5 taxable years ending before the taxable year, then in lieu of
applying subparagraph (A), the base period years shall include all the
taxable years of the taxpayer ending before such taxable year.</text>
</subparagraph><subparagraph id="HA5D2F25A1D0D490C88E9D6FBBB887379"><enum>(C)</enum><header>Mergers, acquisitions, etc</header>
<clause id="H4E06DBDBFFEE4E0EAF14159CB1DD6A90"><enum>(i)</enum><header>In general</header><text>Rules similar to the rules of subparagraphs (A) and (B) of section 41(f)(3) shall apply for
purposes of this paragraph.</text>
</clause><clause id="H7D50F7DC14274E4DAACC42B8EB301DEB"><enum>(ii)</enum><header>Spin-offs, etc</header><text>If there is a distribution to which section 355 (or so much of section 356 as relates to section
355) applies during the 5-year period referred to in subparagraph (A)(i)
and the controlled corporation (within the meaning of section 355) is a
United States shareholder—</text>
<subclause id="H39EAF991B5134566A6FFF719878B4433"><enum>(I)</enum><text>the controlled corporation shall be treated as being in existence during the period that the
distributing corporation (within the meaning of section 355) is in
existence, and</text>
</subclause><subclause id="H8495E913CA8E4D4D88D682D63BAADCA9"><enum>(II)</enum><text>for purposes of applying subsection (c)(2) to the controlled corporation and the distributing
corporation, amounts described in subsection (c)(2)(B) which are received
or includible by the distributing corporation or controlled corporation
(as the case may be) before the distribution referred to in subclause (I)
from a controlled foreign corporation shall be allocated between such
corporations in proportion to their respective interests as United States
shareholders of such controlled foreign corporation immediately after such
distribution.</text>
</subclause><continuation-text continuation-text-level="clause">Subclause (II) shall not apply if neither the controlled corporation nor the distributing
corporation is a United States shareholder of such controlled foreign
corporation immediately after such distribution.</continuation-text></clause></subparagraph></paragraph><paragraph id="HC504EA2CA6E946839C73EF2680A03728"><enum>(4)</enum><header>Dividend</header><text>The term <term>dividend</term> shall not include amounts includible in gross income as a dividend under section 78, 367, or 1248.
In the case of a liquidation under section 332 to which section 367(b)
applies, the preceding sentence shall not apply to the extent the United
States shareholder actually receives cash as part of the liquidation.</text>
</paragraph><paragraph id="H8B5363941EFA458E9E30D2CA13A9CD0A"><enum>(5)</enum><header>Coordination with dividend received deduction</header><text>No deduction shall be allowed under section 243 or 245 for any dividend which is excluded from
income by subsection (a).</text>
</paragraph><paragraph id="H5DCF27B8DAE84D508E30146A0DCD1B90"><enum>(6)</enum><header>Controlled groups</header><text>All United States shareholders which are members of an affiliated group filing a consolidated
return under section 1501 shall be treated as one United States
shareholder.</text>
</paragraph><paragraph id="HA4BFCCB076544A1DB537686318F9B817"><enum>(7)</enum><header>Reporting</header><text>The Secretary shall require by regulation or other guidance the reporting of such information as
the Secretary may require to carry out this section.</text>
</paragraph></subsection><subsection id="H555E4FD882CE43DF9BF5BEFCE3FCF4FF"><enum>(e)</enum><header>Denial of foreign tax credit; denial of certain expenses</header>
<paragraph id="H25D4A514F98D45B68E78CB9172A04709"><enum>(1)</enum><header>Foreign tax credit</header>
<subparagraph id="HBFE2C0313EBC4E97803B1D4890BA0A91"><enum>(A)</enum><header>In general</header><text>No credit shall be allowed under section 901 for any taxes paid or accrued (or treated as paid or
accrued) with respect to the excluded portion of any dividend.</text>
</subparagraph><subparagraph id="H6303375BCC6D42F3BAAF4871F063C1CA"><enum>(B)</enum><header>Denial of deduction of related tax</header><text>No deduction shall be allowed under this chapter for any tax for which credit is not allowable by
reason of the preceding sentence.</text>
</subparagraph></paragraph><paragraph id="H95EA428E106545A1AA34EB66EBE321AD"><enum>(2)</enum><header>Expenses</header><text>No deduction shall be allowed for expenses directly allocable to the excludable portion described
in paragraph (1).</text>
</paragraph><paragraph id="HC2DFF4B08792453B9F29B101CCC77BF6"><enum>(3)</enum><header>Excludable portion</header><text>For purposes of paragraph (1), unless the taxpayer otherwise specifies, the excludable portion of
any dividend or other amount is the amount which bears the same ratio to
the amount of such dividend or other amount as the amount excluded from
income under subsection (a) for the taxable year bears to the amount
described in subsection (c)(2)(A) for such year.</text>
</paragraph><paragraph id="H51143540D1A54CFFBD50FBA58211BA6C"><enum>(4)</enum><header>Coordination with section 78</header><text>Section 78 shall not apply to any tax which is not allowable as a credit under section 901 by
reason of this subsection.</text>
</paragraph></subsection><subsection id="HE7588833B1EA49548B82353F83701938"><enum>(f)</enum><header>Election To have section apply</header><text>A taxpayer may elect to have this section apply for any taxable year.</text>
</subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="H4698AA34708947899C9BA14E47CAE512"><enum>(2)</enum><header>Clerical amendment</header><text>The table of sections for subpart F of part III of subchapter N of chapter 1 of such Code is
amended by adding at the end the following new item:</text>
<quoted-block display-inline="no-display-inline" id="HBBADE74C421446F29499BBC00D9EAB37" style="OLC">
<toc container-level="quoted-block-container" idref="HC47D76BCBAB54EDAB17EC0E5EE22C0D6" lowest-bolded-level="division-lowest-bolded" lowest-level="section" quoted-block="no-quoted-block" regeneration="yes-regeneration">
<toc-entry idref="HBD6BC24280E446358E67D6EF43ED660D" level="section">Sec. 966. Foreign earnings exclusion for purchase of infrastructure bonds.</toc-entry>
</toc>
<after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="H27FEA034BB834C689B96AE8DA9883628"><enum>(3)</enum><header>Effective date</header><text>The amendments made by this section shall apply to dividends received for taxable years ending
after the date of the enactment of this Act.</text>
</paragraph></subsection></section><section commented="no" id="HA093DBD7E2434769BF6A2BD1FC275477"><enum>206.</enum><header>Keystone XL pipeline</header><text display-inline="no-display-inline">Notwithstanding Executive Order No. 13337 (<external-xref legal-doc="usc" parsable-cite="usc/3/301">3 U.S.C. 301</external-xref> note), Executive Order No. 11423 (3 U.S.C.
301 note), <external-xref legal-doc="usc" parsable-cite="usc/3/301">section 301</external-xref> of title 3, United States Code, and any other
Executive order or provision of law, no Presidential permit shall be
required to authorize the construction, connection, operation, and
maintenance of border crossing facilities for the pipeline described in
the application filed on May 4, 2012, by TransCanada Keystone Pipeline,
L.P., to the Department of State for the Keystone XL pipeline, for the
importation of crude oil to be located at the United States-Canada Border.</text>
</section>