[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6367 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 6367

           To restore American jobs, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 29, 2010

 Mr. Moran of Kansas introduced the following bill; which was referred 
 to the Committee on Ways and Means, and in addition to the Committees 
   on Energy and Commerce, Education and Labor, the Judiciary, House 
  Administration, Rules, Natural Resources, Appropriations, Financial 
  Services, and Transportation and Infrastructure, for a period to be 
subsequently determined by the Speaker, in each case for consideration 
  of such provisions as fall within the jurisdiction of the committee 
                               concerned

_______________________________________________________________________

                                 A BILL


 
           To restore American jobs, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Restore American 
Jobs Act of 2010''.
    (b) Table of Contents.--

Sec. 1. Short title; table of contents.
              TITLE I--SMALL BUSINESS JOBS AND TAX RELIEF

Sec. 101. Extend temporary bonus depreciation for certain property.
Sec. 102. Increase in amount allowed as deduction for start-up 
                            expenditures.
Sec. 103. Removal of cellular telephones (or similar telecommunications 
                            equipment) from listed property.
Sec. 104. Nonrecourse Small Business Investment Company loans from the 
                            Small Business Administration treated as 
                            amounts at risk.
Sec. 105. Temporary exclusion of 100 percent of gain on certain small 
                            business stock.
         TITLE II--SMALL BUSINESS PAPERWORK MANDATE ELIMINATION

Sec. 201. Repeal of expansion of information reporting requirements.
                   TITLE III--SMALL BUSINESS LENDING

Sec. 301. Research credit.
                    TITLE IV--NATIONAL RIGHT-TO-WORK

Sec. 401. Amendments to the national labor relations Act.
Sec. 402. Amendment to the Railway Labor Act.
                       TITLE V--ECONOMIC FREEDOM

Sec. 501. Zero percent capital gains rate for individuals and 
                            corporations.
Sec. 502. Reduction in corporate income tax rates.
Sec. 503. Estate tax repeal made permanent.
Sec. 504. Election to expense business assets.
Sec. 505. Payroll Tax Decrease for 2010.
Sec. 506. Rescission and repeal in ARRA.
Sec. 507. Termination of TARP authority.
Sec. 508. Requiring the sale of stock and warrants received under TARP.
       TITLE VI--UNITED STATES-COLOMBIA TRADE PROMOTION AGREEMENT

                     Subtitle A--General Provisions

Sec. 601. Short title.
Sec. 602. Purposes.
Sec. 603. Definitions.
   Subtitle B--Approval of, and General Provisions Relating to, the 
                               Agreement

Sec. 611. Approval and entry into force of the agreement.
Sec. 612. Relationship of the Agreement to United States and State law.
Sec. 613. Implementing actions in anticipation of entry into force and 
                            initial regulations.
Sec. 614. Consultation and layover provisions for, and effective date 
                            of, proclaimed actions.
Sec. 615. Administration of Dispute Settlement proceedings.
Sec. 616. Arbitration of claims.
Sec. 617. Effective dates; effect of termination.
                     Subtitle C--Customs Provisions

Sec. 621. Tariff modifications.
Sec. 622. Additional duties on certain agricultural goods.
Sec. 623. Rules of origin.
Sec. 624. Customs user fees.
Sec. 625. Disclosure of incorrect information; false certifications of 
                            origin; denial of preferential tariff 
                            treatment.
Sec. 626. Reliquidation of entries.
Sec. 627. Recordkeeping requirements.
Sec. 628. Enforcement relating to trade in textile or apparel goods.
Sec. 629. Regulations.
                    Subtitle D--Relief From Imports

Sec. 631. Definitions.
      Chapter 1--Relief From Imports Benefiting From the Agreement

Sec. 641. Commencing of action for relief.
Sec. 642. Commission action on petition.
Sec. 643. Provision of relief.
Sec. 644. Termination of relief authority.
Sec. 645. Compensation authority.
Sec. 646. Confidential business information.
           Chapter 2--Textile and Apparel Safeguard Measures

Sec. 651. Commencement of action for relief.
Sec. 652. Determination and provision of relief.
Sec. 653. Period of relief.
Sec. 654. Articles exempt from relief.
Sec. 655. Rate after termination of import relief.
Sec. 656. Termination of relief authority.
Sec. 657. Compensation authority.
Sec. 658. Confidential business information.
        Chapter 3--Cases Under Title II of the Trade Act of 1974

Sec. 661. Findings and action on goods of Colombia.
                        Subtitle E--Procurement

Sec. 671. Eligible products.
                          Subtitle F--Offsets

Sec. 681. Customs user fees.
Sec. 682. Time for payment of corporate estimated taxes.
TITLE VII--UNITED STATES-PANAMA FREE TRADE AGREEMENT AND UNITED STATES-
                       KOREA FREE TRADE AGREEMENT

Sec. 701. Sense of Congress.
    TITLE VIII--REPEAL OF PATIENT PROTECTION AND AFFORDABLE CARE ACT

Sec. 801. Repeal.

              TITLE I--SMALL BUSINESS JOBS AND TAX RELIEF

SEC. 101. EXTEND TEMPORARY BONUS DEPRECIATION FOR CERTAIN PROPERTY.

    (a) Extension of Special Allowance.--
            (1) In general.--Paragraph (2) of section 168(k) of the 
        Internal Revenue Code of 1986 is amended--
                    (A) by striking ``January 1, 2011'' and inserting 
                ``January 1, 2012'', and
                    (B) by striking ``January 1, 2010'' each place it 
                appears and inserting ``January 1, 2011''.
            (2) Conforming amendments.--
                    (A) The heading for subsection (k) of section 168 
                of such Code is amended by striking ``January 1, 2010'' 
                and inserting ``January 1, 2011''.
                    (B) The heading for clause (ii) of section 
                168(k)(2)(B) of such Code is amended by striking ``pre-
                january 1, 2010'' and inserting ``pre-january 1, 
                2011''.
                    (C) Subparagraph (B) of section 168(l)(5) of such 
                Code is amended by striking ``January 1, 2010'' and 
                inserting ``January 1, 2011''.
                    (D) Subparagraph (C) of section 168(n)(2) of such 
                Code is amended by striking ``January 1, 2010'' and 
                inserting ``January 1, 2011''.
                    (E) Subparagraph (B) of section 1400N(d)(3) of such 
                Code is amended by striking ``January 1, 2010'' and 
                inserting ``January 1, 2011''.
    (b) Extension of Election To Accelerate the AMT and Research 
Credits in Lieu of Bonus Depreciation.--Section 168(k)(4) of such Code 
(relating to election to accelerate the AMT and research credits in 
lieu of bonus depreciation) is amended--
            (1) by striking ``2009'' and inserting ``2010'' in 
        subparagraph (D)(iii) (as redesignated by subsection (a)(3)), 
        and
            (2) by adding at the end the following new subparagraph:
                    ``(I) Special rules for extension property.--
                            ``(i) Taxpayers previously electing 
                        acceleration.--In the case of a taxpayer who 
                        made the election under subparagraph (A) for 
                        its first taxable year ending after March 31, 
                        2008--
                                    ``(I) the taxpayer may elect not to 
                                have this paragraph apply to extension 
                                property, but
                                    ``(II) if the taxpayer does not 
                                make the election under subclause (I), 
                                in applying this paragraph to the 
                                taxpayer a separate bonus depreciation 
                                amount, maximum amount, and maximum 
                                increase amount shall be computed and 
                                applied to eligible qualified property 
                                which is extension property and to 
                                eligible qualified property which is 
                                not extension property.
                            ``(ii) Taxpayers not previously electing 
                        acceleration.--In the case of a taxpayer who 
                        did not make the election under subparagraph 
                        (A) for its first taxable year ending after 
                        March 31, 2008--
                                    ``(I) the taxpayer may elect to 
                                have this paragraph apply to its first 
                                taxable year ending after December 31, 
                                2009, and each subsequent taxable year, 
                                and
                                    ``(II) if the taxpayer makes the 
                                election under subclause (I), this 
                                paragraph shall only apply to eligible 
                                qualified property which is extension 
                                property.
                            ``(iii) Extension property.--For purposes 
                        of this subparagraph, the term `extension 
                        property' means property which is eligible 
                        qualified property solely by reason of the 
                        extension of the application of the special 
                        allowance under paragraph (1) pursuant to the 
                        amendments made by section 101(a) of the 
                        Restore American Jobs Act of 2010 (and the 
                        application of such extension to this paragraph 
                        pursuant to the amendment made by section 
                        3(b)(1) of such Act).''.
    (c) Effective Dates.--The amendments made by this section shall 
apply to property placed in service after December 31, 2009, in taxable 
years ending after such date.

SEC. 102. INCREASE IN AMOUNT ALLOWED AS DEDUCTION FOR START-UP 
              EXPENDITURES.

    (a) In General.--Subsection (b) of section 195 of the Internal 
Revenue Code of 1986 is amended by adding at the end the following:
            ``(3) Special rule for taxable years beginning in 2009, 
        2010, or 2011.--In the case of a taxable year beginning in 
        2010, 2011, or 2012, paragraph (1)(A)(ii) shall be applied--
                    ``(A) by substituting `$20,000' for `$5,000', and
                    ``(B) by substituting `$75,000' for `$50,000'.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to amounts paid or incurred in taxable years beginning after the 
date of the enactment of this Act.

SEC. 103. REMOVAL OF CELLULAR TELEPHONES (OR SIMILAR TELECOMMUNICATIONS 
              EQUIPMENT) FROM LISTED PROPERTY.

    (a) In General.--Subparagraph (A) of section 280F(d)(4) of the 
Internal Revenue Code (defining listed property) is amended by 
inserting ``and'' at the end of clause (iv), by striking clause (v), 
and by redesignating clause (vi) as clause (v).
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning after January 1, 2009.

SEC. 104. NONRECOURSE SMALL BUSINESS INVESTMENT COMPANY LOANS FROM THE 
              SMALL BUSINESS ADMINISTRATION TREATED AS AMOUNTS AT RISK.

    (a) In General.--Subparagraph (B) of section 465(b)(6) of the 
Internal Revenue Code of 1986 is amended to read as follows:
                    ``(B) Qualified nonrecourse financing.--For 
                purposes of this paragraph--
                            ``(i) In general.--The term `qualified 
                        nonrecourse financing' means any financing--
                                    ``(I) which is qualified real 
                                property financing or qualified SBIC 
                                financing,
                                    ``(II) except to the extent 
                                provided in regulations, with respect 
                                to which no person is personally liable 
                                for repayment, and
                                    ``(III) which is not convertible 
                                debt.
                            ``(ii) Qualified real property financing.--
                        The term `qualified real property financing' 
                        means any financing which--
                                    ``(I) is borrowed by the taxpayer 
                                with respect to the activity of holding 
                                real property,
                                    ``(II) is secured by real property 
                                used in such activity, and
                                    ``(III) is borrowed by the taxpayer 
                                from a qualified person or represents a 
                                loan from any Federal, State, or local 
                                government or instrumentality thereof, 
                                or is guaranteed by any Federal, State, 
                                or local government.
                            ``(iii) Qualified sbic financing.--The term 
                        `qualified SBIC financing' means any financing 
                        which--
                                    ``(I) is borrowed by a small 
                                business investment company (within the 
                                meaning of section 301 of the Small 
                                Business Investment Act of 1958),
                                    ``(II) is secured by property used 
                                or held, directly or indirectly, by 
                                such small business investment company, 
                                and
                                    ``(III) is borrowed from, or 
                                guaranteed by, the Small Business 
                                Administration under the authority of 
                                section 303(b) of such Act.''.
    (b) Conforming Amendments.--Subparagraph (A) of section 465(b)(6) 
of such Code is amended--
            (1) by striking ``in the case of an activity of holding 
        real property,'', and
            (2) by striking ``which is secured by real property used in 
        such activity''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.

SEC. 105. TEMPORARY EXCLUSION OF 100 PERCENT OF GAIN ON CERTAIN SMALL 
              BUSINESS STOCK.

    (a) In General.--Subsection (a) of section 1202 of the Internal 
Revenue Code of 1986 (relating partial exclusion for gain from certain 
small business stock) is amended by adding at the end the following new 
paragraph:
            ``(4) 100 percent exclusion for stock acquired during 2010 
        and 2011.--In the case of qualified small business stock 
        acquired during 2010 or 2011--
                    ``(A) paragraph (1) shall be applied by 
                substituting `100 percent' for `50 percent',
                    ``(B) paragraph (2) shall not apply, and
                    ``(C) paragraph (7) of section 57(a) shall not 
                apply.''.
    (b) Conforming Amendment.--Paragraph (3) of section 1202(a) of such 
Code is amended--
            (1) by striking ``and 2010'' in the heading, and
            (2) by striking ``January 1, 2011'' and inserting ``January 
        1, 2010''.
    (c) Effective Date.--The amendments made by this section shall 
apply to stock acquired after December 31, 2009.

         TITLE II--SMALL BUSINESS PAPERWORK MANDATE ELIMINATION

SEC. 201. REPEAL OF EXPANSION OF INFORMATION REPORTING REQUIREMENTS.

    Section 9006 of the Patient Protection and Affordable Care Act, and 
the amendments made thereby, are hereby repealed; and the Internal 
Revenue Code of 1986 shall be applied as if such section, and 
amendments, had never been enacted.

                   TITLE III--SMALL BUSINESS LENDING

SEC. 301. RESEARCH CREDIT.

    (a) In General.--Subparagraph (B) of section 41(h)(1) of the 
Internal Revenue Code of 1986 is amended by striking ``December 31, 
2009'' and inserting ``December 31, 2011''.
    (b) Conforming Amendment.--Subparagraph (D) of section 45C(b)(1) of 
such Code is amended by striking ``December 31, 2009'' and inserting 
``December 31, 2011''.
    (c) Effective Date.--The amendments made by this section shall 
apply to amounts paid or incurred after December 31, 2009.

                    TITLE IV--NATIONAL RIGHT-TO-WORK

SEC. 401. AMENDMENTS TO THE NATIONAL LABOR RELATIONS ACT.

    (a) Section 7 of the National Labor Relations Act (the ``Act'') (29 
U.S.C. 157) is amended by striking ``except to'' and all that follows 
through ``authorized in section 8(a)(3)''.
    (b) Section 8(a) of the Act (29 U.S.C. 158(a)) is amended by 
striking ``: Provided, That'' and all that follows through ``retaining 
membership'' in paragraph (3).
    (c) Section 8(b) of the Act (29 U.S.C. 158(b)) is amended by 
striking ``or to discriminate'' and all that follows through 
``retaining membership'' in paragraph (2) and by striking ``covered by 
an agreement authorized under subsection (a)(3) of this section'' in 
paragraph (5).
    (d) Section 8(f) of the Act (29 U.S.C. 158(f)) is amended by 
striking clause (2) and by redesignating clauses (3) and (4) as (2) and 
(3), respectively.

SEC. 402. AMENDMENT TO THE RAILWAY LABOR ACT.

    Section 2 of the Railway Labor Act (45 U.S.C. 152) is amended by 
striking paragraph Eleventh.

                       TITLE V--ECONOMIC FREEDOM

SEC. 501. ZERO PERCENT CAPITAL GAINS RATE FOR INDIVIDUALS AND 
              CORPORATIONS.

    (a) Zero Percent Capital Gains Rate for Individuals.--
            (1) In general.--Paragraph (1) of section 1(h) of the 
        Internal Revenue Code of 1986 is amended by striking 
        subparagraph (C), by redesignating subparagraphs (D) and (E) 
        and subparagraphs (C) and (D), respectively, and by amending 
        subparagraph (B) to read as follows:
                    ``(B) 0 percent of the adjusted net capital gain 
                (or, if less, taxable income);''.
            (2) Alternative minimum tax.--Paragraph (3) of section 
        55(b) is amended by striking subparagraph (C), by redesignating 
        subparagraph (D) as subparagraph (C), and by amending 
        subparagraph (B) to read as follows:
                    ``(B) 0 percent of the adjusted net capital gain 
                (or, if less, taxable excess), plus''.
            (3) Repeal of sunset of reduction in capital gains rates 
        for individuals.--Section 303 of the Jobs and Growth Tax Relief 
        Reconciliation Act of 2003 shall not apply to section 301 of 
        such Act.
    (b) Zero Percent Capital Gains Rate for Corporations.--
            (1) In general.--Section 1201 of the Internal Revenue Code 
        of 1986 is amended by redesignating subsection (b) as 
        subsection (c), and by striking subsection (a) and inserting 
        the following new subsections:
    ``(a) General Rule.--If for any taxable year a corporation has a 
net capital gain, then, in lieu of the tax imposed by sections 11, 511, 
821(a) or (c), and 831(a), there is hereby imposed a tax (if such tax 
is less than the tax imposed by such sections) which shall consist of 
the sum of--
            ``(1) a tax computed on the taxable income reduced by the 
        amount of the net capital gain, at the rates and in the manner 
        as if this subsection had not been enacted,
            ``(2) 0 percent of the adjusted net capital gain (or, if 
        less, taxable income),
            ``(3) 25 percent of the excess (if any) of--
                    ``(A) the unrecaptured section 1250 gain (or, if 
                less, the net capital gain (determined without regard 
                to subsection (b)(2))), over
                    ``(B) the excess (if any) of--
                            ``(i) the sum of the amount on which tax is 
                        determined under paragraph (1) plus the net 
                        capital gain, over
                            ``(ii) taxable income, plus
            ``(4) 28 percent of the amount of taxable income in excess 
        of the sum of the amounts on which tax is determined under the 
        preceding paragraphs of this subsection.
    ``(b) Definitions and Special Rules.--For purposes of this 
section--
            ``(1) In general.--The terms `adjusted net capital gain' 
        and `unrecaptured section 1250 gain' shall have the respective 
        meanings given such terms in section 1(h).
            ``(2) Dividends taxed at net capital gain.--Except as 
        otherwise provided in this section, the term `net capital gain' 
        has the meaning given such term in section 1(h)(11).''.
            (2) Alternative minimum tax.--Section 55(b) of such Code is 
        amended by adding at the end the following new paragraph:
            ``(4) Maximum rate of tax on net capital gain of 
        corporations.--The amount determined under paragraph (1)(B)(i) 
        shall not exceed the sum of--
                    ``(A) the amount determined under such paragraph 
                computed at the rates and in the same manner as if this 
                paragraph had not been enacted on the taxable excess 
                reduced by the net capital gain, plus
                    ``(B) the amount determined under section 1201.''.
            (3) Technical amendments.--
                    (A) Section 1202(a) of such Code is amended by 
                striking ``50 percent'' and inserting ``100 percent''.
                    (B) Section 1445(e)(1) of such Code is amended by 
                striking ``35 percent (or, to the extent provided in 
                regulations, 15 percent)'' and inserting ``0 percent''.
                    (C) Section 1445(e)(2) of such Code is amended by 
                striking ``35 percent'' and inserting ``0 percent''.
                    (D) Section 7518(g)(6)(A) of such Code is amended 
                by striking ``15 percent (34 percent in the case of a 
                corporation)'' and inserting ``0 percent''.
                    (E) Section 607(h)(6)(A) of the Merchant Marine 
                Act, 1936 is amended by striking ``15 percent (34 
                percent in the case of a corporation)'' and inserting 
                ``0 percent''.
    (c) Effective Date.--
            (1) In general.--Except as provided in paragraph (2), the 
        amendments made by this section shall apply to taxable years 
        beginning after December 31, 2009.
            (2) Withholding.--The amendments made by subparagraphs (A) 
        and (B) of subsection (b)(3) shall apply to dispositions and 
        distributions after the date of the enactment of this Act.

SEC. 502. REDUCTION IN CORPORATE INCOME TAX RATES.

    (a) In General.--Subsection (b) of section 11 of the Internal 
Revenue Code of 1986 is amended to read as follows:
    ``(b) Amount of Tax.--The amount of the tax imposed by subsection 
(a) shall be 12.5 percent of taxable income.''.
    (b) Conforming Amendments.--
            (1) Section 55(b)(1)(B)(i) of such Code is amended by 
        striking ``20 percent'' and inserting ``12.5 percent''.
            (2) Section 280C(c)(3)(B)(ii)(II) of such Code is amended 
        by striking ``maximum rate of tax under section 11(b)(1)'' and 
        inserting ``rate of tax under section 11(b)''.
            (3) Section 832(b)(1) of such Code is amended by striking 
        ``rates provided in section 11(b)'' and inserting ``rate 
        provided in section 11(b)''.
            (4) Sections 244(a)(2)(B), 247(a)(2)(B), 527(b)(1), 835(e), 
        852(b)(1), 857(b)(4)(A), 860G(c)(1), 904(b)(3)(E)(ii)(II), and 
        1375(a) of such Code is amended by striking ``highest rate of 
        tax'' and inserting ``rate of tax''.
            (5) Sections 860E(e)(2)(B), 860E(e)(6)(A)(ii), 
        860K(d)(2)(A)(ii), 860K(e)(1)(B)(ii), 1446(b)(2)(B), and 
        7874(e)(1)(B) of such Code are each amended by striking 
        ``highest rate of tax specified in section 11(b)(1)'' and 
        inserting ``rate of tax specified in section 11(b)''.
            (6) Section 904(b)(3)(D)(ii) of such Code is amended by 
        striking ``(determined without regard to the last sentence of 
        section 11(b)(1))''.
            (7) Section 962 of such Code is amended by striking 
        subsection (c) and by redesignating subsection (d) as 
        subsection (c).
            (8) Section 1201(a) of such Code is amended--
                    (A) by striking ``35 percent (determined without 
                regard to the last 2 sentences of section 11(b)(1))'' 
                and inserting ``15 percent'', and
                    (B) by striking ``35 percent'' in paragraph (2) and 
                inserting ``15 percent''.
            (9) Section 1561(a) of such Code is amended--
                    (A) by striking paragraph (1) and by redesignating 
                paragraphs (2), (3), and (4) as paragraphs (1), (2), 
                and (3), respectively,
                    (B) by striking ``The amounts specified in 
                paragraph (1), the'' and inserting ``The'',
                    (C) by striking ``paragraph (2)'' and inserting 
                ``paragraph (1)'',
                    (D) by striking ``paragraph (3)'' both places it 
                appears and inserting ``paragraph (2)'',
                    (E) by striking ``paragraph (4)'' and inserting 
                ``paragraph (3)'', and
                    (F) by striking the fourth sentence.
            (10) Subsection (b) of section 1561 of such Code is amended 
        to read as follows:
    ``(b) Certain Short Taxable Years.--If a corporation has a short 
taxable year which does not include a December 31 and is a component 
member of a controlled group of corporations with respect to such 
taxable year, then for purposes of this subtitle, the amount to be used 
in computing the accumulated earnings credit under section 535(c)(2) 
and (3) of such corporation for such taxable year shall be the amount 
specified in subsection (a)(1) divided by the number of corporations 
which are component members of such group on the last day of such 
taxable year. For purposes of the preceding sentence, section 1563(b) 
shall be applied as if such last day were substituted for December 
31.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2009.

SEC. 503. ESTATE TAX REPEAL MADE PERMANENT.

    Section 901 of the Economic Growth and Tax Relief Reconciliation 
Act of 2001 shall not apply to title V of such Act.

SEC. 504. ELECTION TO EXPENSE BUSINESS ASSETS.

    (a) In General.--Section 179 of the Internal Revenue Code of 1986 
is amended to read as follows:

``SEC. 179. ELECTION TO EXPENSE CERTAIN DEPRECIABLE BUSINESS ASSETS.

    ``(a) Treatment as Expenses.--A taxpayer may elect to treat the 
cost of any property to which this section applies as an expense which 
is not chargeable to capital account. Any cost so treated shall be 
allowed as a deduction for the taxable year in which such property is 
placed in service.
    ``(b) Property to Which Section Applies.--
            ``(1) In general.--This section shall apply to property--
                    ``(A) which is--
                            ``(i) tangible property (to which section 
                        168 applies), or
                            ``(ii) computer software (as defined in 
                        section 197(e)(3)(B)) which is described in 
                        section 197(e)(3)(A)(i), to which section 167 
                        applies,
                    ``(B) which is section 1245 property (as defined in 
                section 1245(a)(3)) or 1250 property (as defined in 
                section 1250(c)), and
                    ``(C) which is acquired by purchase for use in the 
                active conduct of a trade or business.
        Such term shall not include any property described in section 
        50(b) and shall not include air conditioning or heating units.
            ``(2) Purchase defined.--For purposes of paragraph (1), the 
        term `purchase' means any acquisition of property, but only 
        if--
                    ``(A) the property is not acquired from a person 
                whose relationship to the person acquiring it would 
                result in the disallowance of losses under section 267 
                or 707(b) (but, in applying section 267(b) and (c) for 
                purposes of this section, paragraph (4) of section 
                267(c) shall be treated as providing that the family of 
                an individual shall include only his spouse, ancestors, 
                and lineal descendants),
                    ``(B) the property is not acquired by one component 
                member of a controlled group from another component 
                member of the same controlled group, and
                    ``(C) the basis of the property in the hands of the 
                person acquiring it is not determined--
                            ``(i) in whole or in part by reference to 
                        the adjusted basis of such property in the 
                        hands of the person from whom acquired, or
                            ``(ii) under section 1014(a) (relating to 
                        property acquired from a decedent).
            ``(3) Cost.--For purposes of this section, the cost of 
        property does not include so much of the basis of such property 
        as is determined by reference to the basis of other property 
        held at any time by the person acquiring such property.
            ``(4) Controlled group defined.--For purposes of this 
        section, the term `controlled group' has the meaning assigned 
        to it by section 1563(a), except that, for such purposes, the 
        phrase `more than 50 percent' shall be substituted for the 
        phrase `at least 80 percent' each place it appears in section 
        1563(a)(1).
            ``(5) Coordination with section 38.--No credit shall be 
        allowed under section 38 with respect to any amount for which a 
        deduction is allowed under subsection (a).
            ``(6) Recapture in certain cases.--The Secretary shall, by 
        regulations, provide for recapturing the benefit under any 
        deduction allowable under subsection (a) with respect to any 
        property which is not used predominantly in a trade or business 
        at any time.
    ``(c) Election.--
            ``(1) In general.--An election under this section for any 
        taxable year shall--
                    ``(A) specify the items of property to which the 
                election applies, and
                    ``(B) be made on the taxpayer's return of the tax 
                imposed by this chapter for the taxable year.
        Such election shall be made in such manner as the Secretary may 
        by regulations prescribe.
            ``(2) Election irrevocable.--Any election made under this 
        section, and any specification contained in any such election, 
        may not be revoked except with the consent of the Secretary.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to property placed in service after the date of the enactment of this 
Act.

SEC. 505. PAYROLL TAX DECREASE FOR 2010.

    (a) Employees.--Section 3101 of the Internal Revenue Code of 1986 
is amended by adding at the end the following new subsection:
    ``(d) Reduction in Tax Rate for 2010.--In the case of wages 
received during calendar year 2010--
            ``(1) subsection (a) shall be applied by substituting `3.1 
        percent' for `6.2 percent' in the table contained therein, and
            ``(2) subsection (b) shall be applied by substituting 
        `0.725 percent' for `1.45 percent' in paragraph (6) thereof.''.
    (b) Employers.--Section 3111 of such Code is amended by adding at 
the end the following new subsection:
    ``(d) Reduction in Tax Rate for 2010.--In the case of wages paid 
during calendar year 2010--
            ``(1) subsection (a) shall be applied by substituting `3.1 
        percent' for `6.2 percent' in the table contained therein, and
            ``(2) subsection (b) shall be applied by substituting 
        `0.725 percent' for `1.45 percent' in paragraph (6) thereof.''.
    (c) Self-Employment.--Section 1401 of such Code is amended by 
adding at the end the following new subsection:
    ``(d) Reduction in Tax Rate for 2010.--In the case of a taxable 
year beginning in 2010--
            ``(1) subsection (a) shall be applied by substituting `6.2 
        percent' for `12.4 percent' in the table contained therein, and
            ``(2) subsection (b) shall be applied by substituting `1.45 
        percent' for `2.90 percent' in paragraph (6) thereof.''.
    (d) Effective Date.--
            (1) In general.--Except as provided by paragraph (2), the 
        amendments made by this section shall apply with respect to 
        remuneration paid after December 31, 2009.
            (2) Self-employment.--The amendment made by subsection (c) 
        shall apply to taxable years beginning after December 31, 2009.

SEC. 506. RESCISSION AND REPEAL IN ARRA.

    (a) Rescission.--Of the discretionary appropriations made available 
in division A of the American Recovery and Reinvestment Act of 2009 
(Public Law 111-5), all unobligated balances are rescinded.
    (b) Repeal.--Subtitles B and C of title II and titles III through 
VII of division B of the American Recovery and Reinvestment Act of 2009 
(Public Law 111-5) are repealed.

SEC. 507. TERMINATION OF TARP AUTHORITY.

    Section 120 of the Emergency Economic Stabilization Act of 2008 (12 
U.S.C. 5230) is amended to read as follows:

``SEC. 120. TERMINATION OF AUTHORITY.

    ``The authorities provided under sections 101(a), excluding section 
101(a)(3), and 102 shall terminate on the date of the enactment of the 
Restore American Jobs Act of 2010.''.

SEC. 508. REQUIRING THE SALE OF STOCK AND WARRANTS RECEIVED UNDER TARP.

    Not later than the end of the 1-year period beginning on the date 
of the enactment of this Act, the Secretary of the Treasury shall sell 
all stock and warrants acquired by the Secretary under the Troubled 
Asset Relief Program under title I of the Emergency Economic 
Stabilization Act of 2008 (12 U.S.C. 5211 et seq.).

       TITLE VI--UNITED STATES-COLOMBIA TRADE PROMOTION AGREEMENT

                     Subtitle A--General Provisions

SEC. 601. SHORT TITLE.

    This title may be cited as the ``United States-Colombia Trade 
Promotion Agreement Implementation Act''.

SEC. 602. PURPOSES.

    The purposes of this title are--
            (1) to approve and implement the free trade agreement 
        between the United States and Colombia entered into under the 
        authority of section 2103(b) of the Bipartisan Trade Promotion 
        Authority Act of 2002 (19 U.S.C. 3803(b));
            (2) to strengthen and develop economic relations between 
        the United States and Colombia for their mutual benefit;
            (3) to establish free trade between the United States and 
        Colombia through the reduction and elimination of barriers to 
        trade in goods and services and to investment; and
            (4) to lay the foundation for further cooperation to expand 
        and enhance the benefits of the Agreement.

SEC. 603. DEFINITIONS.

    In this title:
            (1) Agreement.--The term ``Agreement'' means the United 
        States-Colombia Trade Promotion Agreement approved by Congress 
        under section 101(a)(1).
            (2) Commission.--The term ``Commission'' means the United 
        States International Trade Commission.
            (3) HTS.--The term ``HTS'' means the Harmonized Tariff 
        Schedule of the United States.
            (4) Textile or apparel good.--The term ``textile or apparel 
        good'' means a good listed in the Annex to the Agreement on 
        Textiles and Clothing referred to in section 101(d)(4) of the 
        Uruguay Round Agreements Act (19 U.S.C. 3511(d)(4)), other than 
        a good listed in Annex 3-C of the Agreement.

   Subtitle B--Approval of, and General Provisions Relating to, the 
                               Agreement

SEC. 611. APPROVAL AND ENTRY INTO FORCE OF THE AGREEMENT.

    (a) Approval of Agreement and Statement of Administrative Action.--
Pursuant to section 2105 of the Bipartisan Trade Promotion Authority 
Act of 2002 (19 U.S.C. 3805) and section 151 of the Trade Act of 1974 
(19 U.S.C. 2191), Congress approves--
            (1) the United States-Colombia Trade Promotion Agreement 
        entered into on November 22, 2006, with the Government of 
        Colombia, as amended on June 28, 2007, by the United States and 
        Colombia, and submitted to Congress on April 8, 2008; and
            (2) the statement of administrative action proposed to 
        implement the Agreement that was submitted to Congress on April 
        8, 2008.
    (b) Conditions for Entry Into Force of the Agreement.--At such time 
as the President determines that Colombia has taken measures necessary 
to comply with those provisions of the Agreement that are to take 
effect on the date on which the Agreement enters into force, the 
President is authorized to exchange notes with the Government of 
Colombia providing for the entry into force, on or after January 1, 
2009, of the Agreement with respect to the United States.

SEC. 612. RELATIONSHIP OF THE AGREEMENT TO UNITED STATES AND STATE LAW.

    (a) Relationship of Agreement to United States Law.--
            (1) United states law to prevail in conflict.--No provision 
        of the Agreement, nor the application of any such provision to 
        any person or circumstance, which is inconsistent with any law 
        of the United States shall have effect.
            (2) Construction.--Nothing in this title shall be 
        construed--
                    (A) to amend or modify any law of the United 
                States; or
                    (B) to limit any authority conferred under any law 
                of the United States,
        unless specifically provided for in this title.
    (b) Relationship of Agreement to State Law.--
            (1) Legal challenge.--No State law, or the application 
        thereof, may be declared invalid as to any person or 
        circumstance on the ground that the provision or application is 
        inconsistent with the Agreement, except in an action brought by 
        the United States for the purpose of declaring such law or 
        application invalid.
            (2) Definition of state law.--For purposes of this 
        subsection, the term ``State law'' includes--
                    (A) any law of a political subdivision of a State; 
                and
                    (B) any State law regulating or taxing the business 
                of insurance.
    (c) Effect of Agreement With Respect to Private Remedies.--No 
person other than the United States--
            (1) shall have any cause of action or defense under the 
        Agreement or by virtue of congressional approval thereof; or
            (2) may challenge, in any action brought under any 
        provision of law, any action or inaction by any department, 
        agency, or other instrumentality of the United States, any 
        State, or any political subdivision of a State, on the ground 
        that such action or inaction is inconsistent with the 
        Agreement.

SEC. 613. IMPLEMENTING ACTIONS IN ANTICIPATION OF ENTRY INTO FORCE AND 
              INITIAL REGULATIONS.

    (a) Implementing Actions.--
            (1) Proclamation authority.--After the date of the 
        enactment of this Act--
                    (A) the President may proclaim such actions, and
                    (B) other appropriate officers of the United States 
                Government may issue such regulations,
        as may be necessary to ensure that any provision of this title, 
        or amendment made by this title, that takes effect on the date 
        on which the Agreement enters into force is appropriately 
        implemented on such date, but no such proclamation or 
        regulation may have an effective date earlier than the date on 
        which the Agreement enters into force.
            (2) Effective date of certain proclaimed actions.--Any 
        action proclaimed by the President under the authority of this 
        title that is not subject to the consultation and layover 
        provisions under section 614 may not take effect before the 
        15th day after the date on which the text of the proclamation 
        is published in the Federal Register.
            (3) Waiver of 15-day restriction.--The 15-day restriction 
        contained in paragraph (2) on the taking effect of proclaimed 
        actions is waived to the extent that the application of such 
        restriction would prevent the taking effect on the date the 
        Agreement enters into force of any action proclaimed under this 
        section.
    (b) Initial Regulations.--Initial regulations necessary or 
appropriate to carry out the actions required by or authorized under 
this title or proposed in the statement of administrative action 
submitted under section 611(a)(2) to implement the Agreement shall, to 
the maximum extent feasible, be issued within 1 year after the date on 
which the Agreement enters into force. In the case of any implementing 
action that takes effect on a date after the date on which the 
Agreement enters into force, initial regulations to carry out that 
action shall, to the maximum extent feasible, be issued within 1 year 
after such effective date.

SEC. 614. CONSULTATION AND LAYOVER PROVISIONS FOR, AND EFFECTIVE DATE 
              OF, PROCLAIMED ACTIONS.

    If a provision of this title provides that the implementation of an 
action by the President by proclamation is subject to the consultation 
and layover requirements of this section, such action may be proclaimed 
only if--
            (1) the President has obtained advice regarding the 
        proposed action from--
                    (A) the appropriate advisory committees established 
                under section 135 of the Trade Act of 1974 (19 U.S.C. 
                2155); and
                    (B) the Commission;
            (2) the President has submitted to the Committee on Finance 
        of the Senate and the Committee on Ways and Means of the House 
        of Representatives a report that sets forth--
                    (A) the action proposed to be proclaimed and the 
                reasons therefor; and
                    (B) the advice obtained under paragraph (1);
            (3) a period of 60 calendar days, beginning on the first 
        day on which the requirements set forth in paragraphs (1) and 
        (2) have been met, has expired; and
            (4) the President has consulted with the committees 
        referred to in paragraph (2) regarding the proposed action 
        during the period referred to in paragraph (3).

SEC. 615. ADMINISTRATION OF DISPUTE SETTLEMENT PROCEEDINGS.

    (a) Establishment or Designation of Office.--The President is 
authorized to establish or designate within the Department of Commerce 
an office that shall be responsible for providing administrative 
assistance to panels established under chapter 21 of the Agreement. The 
office shall not be considered to be an agency for purposes of section 
552 of title 5, United States Code.
    (b) Authorization of Appropriations.--There are authorized to be 
appropriated for each fiscal year after fiscal year 2008 to the 
Department of Commerce such sums as may be necessary for the 
establishment and operations of the office established or designated 
under subsection (a) and for the payment of the United States share of 
the expenses of panels established under chapter 21 of the Agreement.

SEC. 616. ARBITRATION OF CLAIMS.

    The United States is authorized to resolve any claim against the 
United States covered by article 10.16.1(a)(i)(C) or article 
10.16.1(b)(i)(C) of the Agreement, pursuant to the Investor-State 
Dispute Settlement procedures set forth in section B of chapter 10 of 
the Agreement.

SEC. 617. EFFECTIVE DATES; EFFECT OF TERMINATION.

    (a) Effective Dates.--Except as provided in subsection (b), this 
title and the amendments made by this title take effect on the date on 
which the Agreement enters into force.
    (b) Exceptions.--Sections 601 through 603 and this subtitle take 
effect on the date of the enactment of this Act.
    (c) Termination of the Agreement.--On the date on which the 
Agreement terminates, this title (other than this subsection) and the 
amendments made by this title shall cease to have effect.

                     Subtitle C--Customs Provisions

SEC. 621. TARIFF MODIFICATIONS.

    (a) Tariff Modifications Provided for in the Agreement.--
            (1) Proclamation authority.--The President may proclaim--
                    (A) such modifications or continuation of any duty,
                    (B) such continuation of duty-free or excise 
                treatment, or
                    (C) such additional duties,
        as the President determines to be necessary or appropriate to 
        carry out or apply articles 2.3, 2.5, 2.6, 3.3.13, and Annex 
        2.3 of the Agreement.
            (2) Effect on gsp status.--Notwithstanding section 
        502(a)(1) of the Trade Act of 1974 (19 U.S.C. 2462(a)(1)), the 
        President shall, on the date on which the Agreement enters into 
        force, terminate the designation of Colombia as a beneficiary 
        developing country for purposes of title V of the Trade Act of 
        1974 (19 U.S.C. 2461 et seq.).
    (b) Other Tariff Modifications.--Subject to the consultation and 
layover provisions of section 614, the President may proclaim--
            (1) such modifications or continuation of any duty,
            (2) such modifications as the United States may agree to 
        with Colombia regarding the staging of any duty treatment set 
        forth in Annex 2.3 of the Agreement,
            (3) such continuation of duty-free or excise treatment, or
            (4) such additional duties,
as the President determines to be necessary or appropriate to maintain 
the general level of reciprocal and mutually advantageous concessions 
with respect to Colombia provided for by the Agreement.
    (c) Conversion to Ad Valorem Rates.--For purposes of subsections 
(a) and (b), with respect to any good for which the base rate in the 
Schedule of the United States to Annex 2.3 of the Agreement is a 
specific or compound rate of duty, the President may substitute for the 
base rate an ad valorem rate that the President determines to be 
equivalent to the base rate.
    (d) Tariff Rate Quotas.--In implementing the tariff rate quotas set 
forth in Appendix I to the Schedule of the United States to Annex 2.3 
of the Agreement, the President shall take such action as may be 
necessary to ensure that imports of agricultural goods do not disrupt 
the orderly marketing of commodities in the United States.

SEC. 622. ADDITIONAL DUTIES ON CERTAIN AGRICULTURAL GOODS.

    (a) Definitions.--In this section:
            (1) Applicable ntr (mfn) rate of duty.--The term 
        ``applicable NTR (MFN) rate of duty'' means, with respect to a 
        safeguard good, a rate of duty equal to the lowest of--
                    (A) the base rate in the Schedule of the United 
                States to Annex 2.3 of the Agreement;
                    (B) the column 1 general rate of duty that would, 
                on the day before the date on which the Agreement 
                enters into force, apply to a good classifiable in the 
                same 8-digit subheading of the HTS as the safeguard 
                good; or
                    (C) the column 1 general rate of duty that would, 
                at the time the additional duty is imposed under 
                subsection (b), apply to a good classifiable in the 
                same 8-digit subheading of the HTS as the safeguard 
                good.
            (2) Schedule rate of duty.--The term ``schedule rate of 
        duty'' means, with respect to a safeguard good, the rate of 
        duty for that good that is set forth in the Schedule of the 
        United States to Annex 2.3 of the Agreement.
            (3) Safeguard good.--The term ``safeguard good'' means a 
        good--
                    (A) that is included in the Schedule of the United 
                States to Annex 2.18 of the Agreement;
                    (B) that qualifies as an originating good under 
                section 623, except that operations performed in or 
                material obtained from the United States shall be 
                considered as if the operations were performed in, and 
                the material was obtained from, a country that is not a 
                party to the Agreement; and
                    (C) for which a claim for preferential tariff 
                treatment under the Agreement has been made.
    (b) Additional Duties on Safeguard Goods.--
            (1) In general.--In addition to any duty proclaimed under 
        subsection (a) or (b) of section 621, the Secretary of the 
        Treasury shall assess a duty, in the amount determined under 
        paragraph (2), on a safeguard good imported into the United 
        States in a calendar year if the Secretary determines that, 
        prior to such importation, the total volume of that safeguard 
        good that is imported into the United States in that calendar 
        year exceeds 140 percent of the volume that is provided for 
        that safeguard good in the corresponding year in the applicable 
        table contained in Appendix I of the General Notes to the 
        Schedule of the United States to Annex 2.3 of the Agreement. 
        For purposes of this subsection, year 1 in that table 
        corresponds to the calendar year in which the Agreement enters 
        into force.
            (2) Calculation of additional duty.--The additional duty on 
        a safeguard good under this subsection shall be--
                    (A) in years 1 through 4, an amount equal to 100 
                percent of the excess of the applicable NTR (MFN) rate 
                of duty over the schedule rate of duty;
                    (B) in years 5 through 7, an amount equal to 75 
                percent of the excess of the applicable NTR (MFN) rate 
                of duty over the schedule rate of duty; and
                    (C) in years 8 through 9, an amount equal to 50 
                percent of the excess of the applicable NTR (MFN) rate 
                of duty over the schedule rate of duty.
            (3) Notice.--Not later than 60 days after the Secretary of 
        the Treasury first assesses an additional duty in a calendar 
        year on a good under this subsection, the Secretary shall 
        notify the Government of Colombia in writing of such action and 
        shall provide to that Government data supporting the assessment 
        of the additional duty.
    (c) Exceptions.--No additional duty shall be assessed on a good 
under subsection (b) if, at the time of entry, the good is subject to 
import relief under--
            (1) chapter 1 of subtitle D of this title; or
            (2) chapter 1 of title II of the Trade Act of 1974 (19 
        U.S.C. 2251 et seq.).
    (d) Termination.--The assessment of an additional duty on a good 
under subsection (b) shall cease to apply to that good on the date on 
which duty-free treatment must be provided to that good under the 
Schedule of the United States to Annex 2.3 of the Agreement.

SEC. 623. RULES OF ORIGIN.

    (a) Application and Interpretation.--In this section:
            (1) Tariff classification.--The basis for any tariff 
        classification is the HTS.
            (2) Reference to hts.--Whenever in this section there is a 
        reference to a chapter, heading, or subheading, such reference 
        shall be a reference to a chapter, heading, or subheading of 
        the HTS.
            (3) Cost or value.--Any cost or value referred to in this 
        section shall be recorded and maintained in accordance with the 
        generally accepted accounting principles applicable in the 
        territory of the country in which the good is produced (whether 
        Colombia or the United States).
    (b) Originating Goods.--For purposes of this title and for purposes 
of implementing the preferential tariff treatment provided for under 
the Agreement, except as otherwise provided in this section, a good is 
an originating good if--
            (1) the good is a good wholly obtained or produced entirely 
        in the territory of Colombia, the United States, or both;
            (2) the good--
                    (A) is produced entirely in the territory of 
                Colombia, the United States, or both, and--
                            (i) each of the nonoriginating materials 
                        used in the production of the good undergoes an 
                        applicable change in tariff classification 
                        specified in Annex 3-A or Annex 4.1 of the 
                        Agreement; or
                            (ii) the good otherwise satisfies any 
                        applicable regional value-content or other 
                        requirements specified in Annex 3-A or Annex 
                        4.1 of the Agreement; and
                    (B) satisfies all other applicable requirements of 
                this section; or
            (3) the good is produced entirely in the territory of 
        Colombia, the United States, or both, exclusively from 
        materials described in paragraph (1) or (2).
    (c) Regional Value-Content.--
            (1) In general.--For purposes of subsection (b)(2), the 
        regional value-content of a good referred to in Annex 4.1 of 
        the Agreement, except for goods to which paragraph (4) applies, 
        shall be calculated by the importer, exporter, or producer of 
        the good, on the basis of the build-down method described in 
        paragraph (2) or the build-up method described in paragraph 
        (3).
            (2) Build-down method.--
                    (A) In general.--The regional value-content of a 
                good may be calculated on the basis of the following 
                build-down method:


                         AV-VNM                   ......................
RVC =                    ----------                x  100.
                         AV                       ......................
 

                    (B) Definitions.--In subparagraph (A):
                            (i) AV.--The term ``AV'' means the adjusted 
                        value of the good.
                            (ii) RVC.--The term ``RVC'' means the 
                        regional value-content of the good, expressed 
                        as a percentage.
                            (iii) VNM.--The term ``VNM'' means the 
                        value of nonoriginating materials that are 
                        acquired and used by the producer in the 
                        production of the good, but does not include 
                        the value of a material that is self-produced.
            (3) Build-up method.--
                    (A) In general.--The regional value-content of a 
                good may be calculated on the basis of the following 
                build-up method:


                         VOM                      ......................
RVC =                    ----------                x  100.
                         AV                       ......................
 

                    (B) Definitions.--In subparagraph (A):
                            (i) AV.--The term ``AV'' means the adjusted 
                        value of the good.
                            (ii) RVC.--The term ``RVC'' means the 
                        regional value-content of the good, expressed 
                        as a percentage.
                            (iii) VOM.--The term ``VOM'' means the 
                        value of originating materials that are 
                        acquired or self-produced, and used by the 
                        producer in the production of the good.
            (4) Special rule for certain automotive goods.--
                    (A) In general.--For purposes of subsection (b)(2), 
                the regional value-content of an automotive good 
                referred to in Annex 4.1 of the Agreement shall be 
                calculated by the importer, exporter, or producer of 
                the good, on the basis of the following net cost 
                method:


                         NC-VNM                   ......................
RVC =                    ----------                x  100.
                         NC                       ...      .............
 

                    (B) Definitions.--In subparagraph (A):
                            (i) Automotive good.--The term ``automotive 
                        good'' means a good provided for in any of 
                        subheadings 8407.31 through 8407.34, subheading 
                        8408.20, heading 8409, or any of headings 8701 
                        through 8708.
                            (ii) RVC.--The term ``RVC'' means the 
                        regional value-content of the automotive good, 
                        expressed as a percentage.
                            (iii) NC.--The term ``NC'' means the net 
                        cost of the automotive good.
                            (iv) VNM.--The term ``VNM'' means the value 
                        of nonoriginating materials that are acquired 
                        and used by the producer in the production of 
                        the automotive good, but does not include the 
                        value of a material that is self-produced.
                    (C) Motor vehicles.--
                            (i) Basis of calculation.--For purposes of 
                        determining the regional value-content under 
                        subparagraph (A) for an automotive good that is 
                        a motor vehicle provided for in any of headings 
                        8701 through 8705, an importer, exporter, or 
                        producer may average the amounts calculated 
                        under the formula contained in subparagraph 
                        (A), over the producer's fiscal year--
                                    (I) with respect to all motor 
                                vehicles in any one of the categories 
                                described in clause (ii); or
                                    (II) with respect to all motor 
                                vehicles in any such category that are 
                                exported to the territory of the United 
                                States or Colombia.
                            (ii) Categories.--A category is described 
                        in this clause if it--
                                    (I) is the same model line of motor 
                                vehicles, is in the same class of motor 
                                vehicles, and is produced in the same 
                                plant in the territory of Colombia or 
                                the United States, as the good 
                                described in clause (i) for which 
                                regional value-content is being 
                                calculated;
                                    (II) is the same class of motor 
                                vehicles, and is produced in the same 
                                plant in the territory of Colombia or 
                                the United States, as the good 
                                described in clause (i) for which 
                                regional value-content is being 
                                calculated; or
                                    (III) is the same model line of 
                                motor vehicles produced in the 
                                territory of Colombia or the United 
                                States as the good described in clause 
                                (i) for which regional value-content is 
                                being calculated.
                    (D) Other automotive goods.--For purposes of 
                determining the regional value-content under 
                subparagraph (A) for automotive materials provided for 
                in any of subheadings 8407.31 through 8407.34, in 
                subheading 8408.20, or in heading 8409, 8706, 8707, or 
                8708, that are produced in the same plant, an importer, 
                exporter, or producer may--
                            (i) average the amounts calculated under 
                        the formula contained in subparagraph (A) 
                        over--
                                    (I) the fiscal year of the motor 
                                vehicle producer to whom the automotive 
                                goods are sold,
                                    (II) any quarter or month, or
                                    (III) the fiscal year of the 
                                producer of such goods,
                        if the goods were produced during the fiscal 
                        year, quarter, or month that is the basis for 
                        the calculation;
                            (ii) determine the average referred to in 
                        clause (i) separately for such goods sold to 1 
                        or more motor vehicle producers; or
                            (iii) make a separate determination under 
                        clause (i) or (ii) for such goods that are 
                        exported to the territory of Colombia or the 
                        United States.
                    (E) Calculating net cost.--The importer, exporter, 
                or producer of an automotive good shall, consistent 
                with the provisions regarding allocation of costs 
                provided for in generally accepted accounting 
                principles, determine the net cost of the automotive 
                good under subparagraph (B) by--
                            (i) calculating the total cost incurred 
                        with respect to all goods produced by the 
                        producer of the automotive good, subtracting 
                        any sales promotion, marketing, and after-sales 
                        service costs, royalties, shipping and packing 
                        costs, and nonallowable interest costs that are 
                        included in the total cost of all such goods, 
                        and then reasonably allocating the resulting 
                        net cost of those goods to the automotive good;
                            (ii) calculating the total cost incurred 
                        with respect to all goods produced by that 
                        producer, reasonably allocating the total cost 
                        to the automotive good, and then subtracting 
                        any sales promotion, marketing, and after-sales 
                        service costs, royalties, shipping and packing 
                        costs, and nonallowable interest costs that are 
                        included in the portion of the total cost 
                        allocated to the automotive good; or
                            (iii) reasonably allocating each cost that 
                        forms part of the total cost incurred with 
                        respect to the automotive good so that the 
                        aggregate of these costs does not include any 
                        sales promotion, marketing, and after-sales 
                        service costs, royalties, shipping and packing 
                        costs, or nonallowable interest costs.
    (d) Value of Materials.--
            (1) In general.--For the purpose of calculating the 
        regional value-content of a good under subsection (c), and for 
        purposes of applying the de minimis rules under subsection (f), 
        the value of a material is--
                    (A) in the case of a material that is imported by 
                the producer of the good, the adjusted value of the 
                material;
                    (B) in the case of a material acquired in the 
                territory in which the good is produced, the value, 
                determined in accordance with Articles 1 through 8, 
                Article 15, and the corresponding interpretive notes, 
                of the Agreement on Implementation of Article VII of 
                the General Agreement on Tariffs and Trade 1994 
                referred to in section 101(d)(8) of the Uruguay Round 
                Agreements Act (19 U.S.C. 3511(d)(8)), as set forth in 
                regulations promulgated by the Secretary of the 
                Treasury providing for the application of such Articles 
                in the absence of an importation by the producer; or
                    (C) in the case of a material that is self-
                produced, the sum of--
                            (i) all expenses incurred in the production 
                        of the material, including general expenses; 
                        and
                            (ii) an amount for profit equivalent to the 
                        profit added in the normal course of trade.
            (2) Further adjustments to the value of materials.--
                    (A) Originating material.--The following expenses, 
                if not included in the value of an originating material 
                calculated under paragraph (1), may be added to the 
                value of the originating material:
                            (i) The costs of freight, insurance, 
                        packing, and all other costs incurred in 
                        transporting the material within or between the 
                        territory of Colombia, the United States, or 
                        both, to the location of the producer.
                            (ii) Duties, taxes, and customs brokerage 
                        fees on the material paid in the territory of 
                        Colombia, the United States, or both, other 
                        than duties or taxes that are waived, refunded, 
                        refundable, or otherwise recoverable, including 
                        credit against duty or tax paid or payable.
                            (iii) The cost of waste and spoilage 
                        resulting from the use of the material in the 
                        production of the good, less the value of 
                        renewable scrap or byproducts.
                    (B) Nonoriginating material.--The following 
                expenses, if included in the value of a nonoriginating 
                material calculated under paragraph (1), may be 
                deducted from the value of the nonoriginating material:
                            (i) The costs of freight, insurance, 
                        packing, and all other costs incurred in 
                        transporting the material within or between the 
                        territory of Colombia, the United States, or 
                        both, to the location of the producer.
                            (ii) Duties, taxes, and customs brokerage 
                        fees on the material paid in the territory of 
                        Colombia, the United States, or both, other 
                        than duties or taxes that are waived, refunded, 
                        refundable, or otherwise recoverable, including 
                        credit against duty or tax paid or payable.
                            (iii) The cost of waste and spoilage 
                        resulting from the use of the material in the 
                        production of the good, less the value of 
                        renewable scrap or byproducts.
                            (iv) The cost of originating materials used 
                        in the production of the nonoriginating 
                        material in the territory of Colombia, the 
                        United States, or both.
    (e) Accumulation.--
            (1) Originating materials used in production of goods of 
        another country.--Originating materials from the territory of 
        Colombia or the United States that are used in the production 
        of a good in the territory of the other country shall be 
        considered to originate in the territory of such other country.
            (2) Multiple producers.--A good that is produced in the 
        territory of Colombia, the United States, or both, by 1 or more 
        producers, is an originating good if the good satisfies the 
        requirements of subsection (b) and all other applicable 
        requirements of this section.
    (f) De Minimis Amounts of Nonoriginating Materials.--
            (1) In general.--Except as provided in paragraphs (2) and 
        (3), a good that does not undergo a change in tariff 
        classification pursuant to Annex 4.1 of the Agreement is an 
        originating good if--
                    (A)(i) the value of all nonoriginating materials 
                that--
                            (I) are used in the production of the good, 
                        and
                            (II) do not undergo the applicable change 
                        in tariff classification (set forth in Annex 
                        4.1 of the Agreement),
                does not exceed 10 percent of the adjusted value of the 
                good;
                    (ii) the good meets all other applicable 
                requirements of this section; and
                    (iii) the value of such nonoriginating materials is 
                included in the value of nonoriginating materials for 
                any applicable regional value-content requirement for 
                the good; or
                    (B) the good meets the requirements set forth in 
                paragraph 2 of Annex 4.6 of the Agreement.
            (2) Exceptions.--Paragraph (1) does not apply to the 
        following:
                    (A) A nonoriginating material provided for in 
                chapter 4, or a nonoriginating dairy preparation 
                containing over 10 percent by weight of milk solids 
                provided for in subheading 1901.90 or 2106.90, that is 
                used in the production of a good provided for in 
                chapter 4.
                    (B) A nonoriginating material provided for in 
                chapter 4, or a nonoriginating dairy preparation 
                containing over 10 percent by weight of milk solids 
                provided for in subheading 1901.90, that is used in the 
                production of any of the following goods:
                            (i) Infant preparations containing over 10 
                        percent by weight of milk solids provided for 
                        in subheading 1901.10.
                            (ii) Mixes and doughs, containing over 25 
                        percent by weight of butterfat, not put up for 
                        retail sale, provided for in subheading 
                        1901.20.
                            (iii) Dairy preparations containing over 10 
                        percent by weight of milk solids provided for 
                        in subheading 1901.90 or 2106.90.
                            (iv) Goods provided for in heading 2105.
                            (v) Beverages containing milk provided for 
                        in subheading 2202.90.
                            (vi) Animal feeds containing over 10 
                        percent by weight of milk solids provided for 
                        in subheading 2309.90.
                    (C) A nonoriginating material provided for in 
                heading 0805, or any of subheadings 2009.11 through 
                2009.39, that is used in the production of a good 
                provided for in any of subheadings 2009.11 through 
                2009.39, or in fruit or vegetable juice of any single 
                fruit or vegetable, fortified with minerals or 
                vitamins, concentrated or unconcentrated, provided for 
                in subheading 2106.90 or 2202.90.
                    (D) A nonoriginating material provided for in 
                heading 0901 or 2101 that is used in the production of 
                a good provided for in heading 0901 or 2101.
                    (E) A nonoriginating material provided for in 
                chapter 15 that is used in the production of a good 
                provided for in any of headings 1501 through 1508, or 
                any of headings 1511 through 1515.
                    (F) A nonoriginating material provided for in 
                heading 1701 that is used in the production of a good 
                provided for in any of headings 1701 through 1703.
                    (G) A nonoriginating material provided for in 
                chapter 17 that is used in the production of a good 
                provided for in subheading 1806.10.
                    (H) Except as provided in subparagraphs (A) through 
                (G) and Annex 4.1 of the Agreement, a nonoriginating 
                material used in the production of a good provided for 
                in any of chapters 1 through 24, unless the 
                nonoriginating material is provided for in a different 
                subheading than the good for which origin is being 
                determined under this section.
                    (I) A nonoriginating material that is a textile or 
                apparel good.
            (3) Textile or apparel goods.--
                    (A) In general.--Except as provided in subparagraph 
                (B), a textile or apparel good that is not an 
                originating good because certain fibers or yarns used 
                in the production of the component of the good that 
                determines the tariff classification of the good do not 
                undergo an applicable change in tariff classification, 
                set forth in Annex 3-A of the Agreement, shall be 
                considered to be an originating good if--
                            (i) the total weight of all such fibers or 
                        yarns in that component is not more than 10 
                        percent of the total weight of that component; 
                        or
                            (ii) the yarns are those described in 
                        section 204(b)(3)(B)(vi)(IV) of the Andean 
                        Trade Preference Act (19 U.S.C. 
                        3203(b)(3)(B)(vi)(IV)) (as in effect on the 
                        date of the enactment of this Act).
                    (B) Certain textile or apparel goods.--A textile or 
                apparel good containing elastomeric yarns in the 
                component of the good that determines the tariff 
                classification of the good shall be considered to be an 
                originating good only if such yarns are wholly formed 
                in the territory of Colombia, the United States, or 
                both.
                    (C) Yarn, fabric, or fiber.--For purposes of this 
                paragraph, in the case of a good that is a yarn, 
                fabric, or fiber, the term ``component of the good that 
                determines the tariff classification of the good'' 
                means all of the fibers in the good.
    (g) Fungible Goods and Materials.--
            (1) In general.--
                    (A) Claim for preferential tariff treatment.--A 
                person claiming that a fungible good or fungible 
                material is an originating good may base the claim 
                either on the physical segregation of the fungible good 
                or fungible material or by using an inventory 
                management method with respect to the fungible good or 
                fungible material.
                    (B) Inventory management method.--In this 
                subsection, the term ``inventory management method'' 
                means--
                            (i) averaging;
                            (ii) ``last-in, first-out'';
                            (iii) ``first-in, first-out''; or
                            (iv) any other method--
                                    (I) recognized in the generally 
                                accepted accounting principles of the 
                                country in which the production is 
                                performed (whether Colombia or the 
                                United States); or
                                    (II) otherwise accepted by that 
                                country.
            (2) Election of inventory method.--A person selecting an 
        inventory management method under paragraph (1) for a 
        particular fungible good or fungible material shall continue to 
        use that method for that fungible good or fungible material 
        throughout the fiscal year of such person.
    (h) Accessories, Spare Parts, or Tools.--
            (1) In general.--Subject to paragraphs (2) and (3), 
        accessories, spare parts, or tools delivered with a good that 
        form part of the good's standard accessories, spare parts, or 
        tools shall--
                    (A) be treated as originating goods if the good is 
                an originating good; and
                    (B) be disregarded in determining whether all the 
                nonoriginating materials used in the production of the 
                good undergo the applicable change in tariff 
                classification set forth in Annex 4.1 of the Agreement.
            (2) Conditions.--Paragraph (1) shall apply only if--
                    (A) the accessories, spare parts, or tools are 
                classified with and not invoiced separately from the 
                good, regardless of whether such accessories, spare 
                parts, or tools are specified or are separately 
                identified in the invoice for the good; and
                    (B) the quantities and value of the accessories, 
                spare parts, or tools are customary for the good.
            (3) Regional value-content.--If the good is subject to a 
        regional value-content requirement, the value of the 
        accessories, spare parts, or tools shall be taken into account 
        as originating or nonoriginating materials, as the case may be, 
        in calculating the regional value-content of the good.
    (i) Packaging Materials and Containers for Retail Sale.--Packaging 
materials and containers in which a good is packaged for retail sale, 
if classified with the good, shall be disregarded in determining 
whether all the nonoriginating materials used in the production of the 
good undergo the applicable change in tariff classification set forth 
in Annex 3-A or Annex 4.1 of the Agreement, and, if the good is subject 
to a regional value-content requirement, the value of such packaging 
materials and containers shall be taken into account as originating or 
nonoriginating materials, as the case may be, in calculating the 
regional value-content of the good.
    (j) Packing Materials and Containers for Shipment.--Packing 
materials and containers for shipment shall be disregarded in 
determining whether a good is an originating good.
    (k) Indirect Materials.--An indirect material shall be treated as 
an originating material without regard to where it is produced.
    (l) Transit and Transhipment.--A good that has undergone production 
necessary to qualify as an originating good under subsection (b) shall 
not be considered to be an originating good if, subsequent to that 
production, the good--
            (1) undergoes further production or any other operation 
        outside the territory of Colombia or the United States, other 
        than unloading, reloading, or any other operation necessary to 
        preserve the good in good condition or to transport the good to 
        the territory of Colombia or the United States; or
            (2) does not remain under the control of customs 
        authorities in the territory of a country other than Colombia 
        or the United States.
    (m) Goods Classifiable as Goods Put Up in Sets.--Notwithstanding 
the rules set forth in Annex 3-A and Annex 4.1 of the Agreement, goods 
classifiable as goods put up in sets for retail sale as provided for in 
General Rule of Interpretation 3 of the HTS shall not be considered to 
be originating goods unless--
            (1) each of the goods in the set is an originating good; or
            (2) the total value of the nonoriginating goods in the set 
        does not exceed--
                    (A) in the case of textile or apparel goods, 10 
                percent of the adjusted value of the set; or
                    (B) in the case of a good, other than a textile or 
                apparel good, 15 percent of the adjusted value of the 
                set.
    (n) Definitions.--In this section:
            (1) Adjusted value.--The term ``adjusted value'' means the 
        value determined in accordance with articles 1 through 8, 
        article 15, and the corresponding interpretive notes, of the 
        Agreement on Implementation of Article VII of the General 
        Agreement on Tariffs and Trade 1994 referred to in section 
        101(d)(8) of the Uruguay Round Agreements Act (19 U.S.C. 
        3511(d)(8)), adjusted, if necessary, to exclude any costs, 
        charges, or expenses incurred for transportation, insurance, 
        and related services incident to the international shipment of 
        the merchandise from the country of exportation to the place of 
        importation.
            (2) Class of motor vehicles.--The term ``class of motor 
        vehicles'' means any one of the following categories of motor 
        vehicles:
                    (A) Motor vehicles provided for in subheading 
                8701.20, 8704.10, 8704.22, 8704.23, 8704.32, or 
                8704.90, or heading 8705 or 8706, or motor vehicles for 
                the transport of 16 or more persons provided for in 
                subheading 8702.10 or 8702.90.
                    (B) Motor vehicles provided for in subheading 
                8701.10 or any of subheadings 8701.30 through 8701.90.
                    (C) Motor vehicles for the transport of 15 or fewer 
                persons provided for in subheading 8702.10 or 8702.90, 
                or motor vehicles provided for in subheading 8704.21 or 
                8704.31.
                    (D) Motor vehicles provided for in any of 
                subheadings 8703.21 through 8703.90.
            (3) Fungible good or fungible material.--The term 
        ``fungible good'' or ``fungible material'' means a good or 
        material, as the case may be, that is interchangeable with 
        another good or material for commercial purposes and the 
        properties of which are essentially identical to such other 
        good or material.
            (4) Generally accepted accounting principles.--The term 
        ``generally accepted accounting principles'' means the 
        recognized consensus or substantial authoritative support in 
        the territory of Colombia or the United States, as the case may 
        be, with respect to the recording of revenues, expenses, costs, 
        assets, and liabilities, the disclosure of information, and the 
        preparation of financial statements. The principles may 
        encompass broad guidelines of general application as well as 
        detailed standards, practices, and procedures.
            (5) Good wholly obtained or produced entirely in the 
        territory of colombia, the united states, or both.--The term 
        ``good wholly obtained or produced entirely in the territory of 
        Colombia, the United States, or both'' means any of the 
        following:
                    (A) Plants and plant products harvested or gathered 
                in the territory of Colombia, the United States, or 
                both.
                    (B) Live animals born and raised in the territory 
                of Colombia, the United States, or both.
                    (C) Goods obtained in the territory of Colombia, 
                the United States, or both from live animals.
                    (D) Goods obtained from hunting, trapping, fishing, 
                or aquaculture conducted in the territory of Colombia, 
                the United States, or both.
                    (E) Minerals and other natural resources not 
                included in subparagraphs (A) through (D) that are 
                extracted or taken from the territory of Colombia, the 
                United States, or both.
                    (F) Fish, shellfish, and other marine life taken 
                from the sea, seabed, or subsoil outside the territory 
                of Colombia or the United States by--
                            (i) a vessel that is registered or recorded 
                        with Colombia and flying the flag of Colombia; 
                        or
                            (ii) a vessel that is documented under the 
                        laws of the United States.
                    (G) Goods produced on board a factory ship from 
                goods referred to in subparagraph (F), if such factory 
                ship--
                            (i) is registered or recorded with Colombia 
                        and flies the flag of Colombia; or
                            (ii) is a vessel that is documented under 
                        the laws of the United States.
                    (H)(i) Goods taken by Colombia or a person of 
                Colombia from the seabed or subsoil outside the 
                territorial waters of Colombia, if Colombia has rights 
                to exploit such seabed or subsoil.
                    (ii) Goods taken by the United States or a person 
                of the United States from the seabed or subsoil outside 
                the territorial waters of the United States, if the 
                United States has rights to exploit such seabed or 
                subsoil.
                    (I) Goods taken from outer space, if the goods are 
                obtained by Colombia or the United States or a person 
                of Colombia or the United States and not processed in 
                the territory of a country other than Colombia or the 
                United States.
                    (J) Waste and scrap derived from--
                            (i) manufacturing or processing operations 
                        in the territory of Colombia, the United 
                        States, or both; or
                            (ii) used goods collected in the territory 
                        of Colombia, the United States, or both, if 
                        such goods are fit only for the recovery of raw 
                        materials.
                    (K) Recovered goods derived in the territory of 
                Colombia, the United States, or both, from used goods, 
                and used in the territory of Colombia, the United 
                States, or both, in the production of remanufactured 
                goods.
                    (L) Goods, at any stage of production, produced in 
                the territory of Colombia, the United States, or both, 
                exclusively from--
                            (i) goods referred to in any of 
                        subparagraphs (A) through (J); or
                            (ii) the derivatives of goods referred to 
                        in clause (i).
            (6) Identical goods.--The term ``identical goods'' means 
        goods that are the same in all respects relevant to the rule of 
        origin that qualifies the goods as originating goods.
            (7) Indirect material.--The term ``indirect material'' 
        means a good used in the production, testing, or inspection of 
        another good but not physically incorporated into that other 
        good, or a good used in the maintenance of buildings or the 
        operation of equipment associated with the production of 
        another good, including--
                    (A) fuel and energy;
                    (B) tools, dies, and molds;
                    (C) spare parts and materials used in the 
                maintenance of equipment or buildings;
                    (D) lubricants, greases, compounding materials, and 
                other materials used in production or used to operate 
                equipment or buildings;
                    (E) gloves, glasses, footwear, clothing, safety 
                equipment, and supplies;
                    (F) equipment, devices, and supplies used for 
                testing or inspecting the good;
                    (G) catalysts and solvents; and
                    (H) any other goods that are not incorporated into 
                the other good but the use of which in the production 
                of the other good can reasonably be demonstrated to be 
                a part of that production.
            (8) Material.--The term ``material'' means a good that is 
        used in the production of another good, including a part or an 
        ingredient.
            (9) Material that is self-produced.--The term ``material 
        that is self-produced'' means an originating material that is 
        produced by a producer of a good and used in the production of 
        that good.
            (10) Model line of motor vehicles.--The term ``model line 
        of motor vehicles'' means a group of motor vehicles having the 
        same platform or model name.
            (11) Net cost.--The term ``net cost'' means total cost 
        minus sales promotion, marketing, and after-sales service 
        costs, royalties, shipping and packing costs, and nonallowable 
        interest costs that are included in the total cost.
            (12) Nonallowable interest costs.--The term ``nonallowable 
        interest costs'' means interest costs incurred by a producer 
        that exceed 700 basis points above the applicable official 
        interest rate for comparable maturities of the country in which 
        the producer is located.
            (13) Nonoriginating good or nonoriginating material.--The 
        terms ``nonoriginating good'' and ``nonoriginating material'' 
        mean a good or material, as the case may be, that does not 
        qualify as originating under this section.
            (14) Packing materials and containers for shipment.--The 
        term ``packing materials and containers for shipment'' means 
        goods used to protect another good during its transportation 
        and does not include the packaging materials and containers in 
        which the other good is packaged for retail sale.
            (15) Preferential tariff treatment.--The term 
        ``preferential tariff treatment'' means the customs duty rate, 
        and the treatment under article 2.10.4 of the Agreement, that 
        is applicable to an originating good pursuant to the Agreement.
            (16) Producer.--The term ``producer'' means a person who 
        engages in the production of a good in the territory of 
        Colombia or the United States.
            (17) Production.--The term ``production'' means growing, 
        mining, harvesting, fishing, raising, trapping, hunting, 
        manufacturing, processing, assembling, or disassembling a good.
            (18) Reasonably allocate.--The term ``reasonably allocate'' 
        means to apportion in a manner that would be appropriate under 
        generally accepted accounting principles.
            (19) Recovered goods.--The term ``recovered goods'' means 
        materials in the form of individual parts that are the result 
        of--
                    (A) the disassembly of used goods into individual 
                parts; and
                    (B) the cleaning, inspecting, testing, or other 
                processing that is necessary for improvement to sound 
                working condition of such individual parts.
            (20) Remanufactured good.--The term ``remanufactured good'' 
        means an industrial good assembled in the territory of Colombia 
        or the United States, or both, that is classified under chapter 
        84, 85, 87, or 90 or heading 9402, other than a good classified 
        under heading 8418 or 8516, and that--
                    (A) is entirely or partially comprised of recovered 
                goods; and
                    (B) has a similar life expectancy and enjoys a 
                factory warranty similar to such a good that is new.
            (21) Total cost.--
                    (A) In general.--The term ``total cost''--
                            (i) means all product costs, period costs, 
                        and other costs for a good incurred in the 
                        territory of Colombia, the United States, or 
                        both; and
                            (ii) does not include profits that are 
                        earned by the producer, regardless of whether 
                        they are retained by the producer or paid out 
                        to other persons as dividends, or taxes paid on 
                        those profits, including capital gains taxes.
                    (B) Other definitions.--In this paragraph:
                            (i) Product costs.--The term ``product 
                        costs'' means costs that are associated with 
                        the production of a good and include the value 
                        of materials, direct labor costs, and direct 
                        overhead.
                            (ii) Period costs.--The term ``period 
                        costs'' means costs, other than product costs, 
                        that are expensed in the period in which they 
                        are incurred, such as selling expenses and 
                        general and administrative expenses.
                            (iii) Other costs.--The term ``other 
                        costs'' means all costs recorded on the books 
                        of the producer that are not product costs or 
                        period costs, such as interest.
            (22) Used.--The term ``used'' means utilized or consumed in 
        the production of goods.
    (o) Presidential Proclamation Authority.--
            (1) In general.--The President is authorized to proclaim, 
        as part of the HTS--
                    (A) the provisions set forth in Annex 3-A and Annex 
                4.1 of the Agreement; and
                    (B) any additional subordinate category that is 
                necessary to carry out this title consistent with the 
                Agreement.
            (2) Fabrics and yarns not available in commercial 
        quantities in the united states.--The President is authorized 
        to proclaim that a fabric or yarn is added to the list in Annex 
        3-B of the Agreement in an unrestricted quantity, as provided 
        in article 3.3.5(e) of the Agreement.
            (3) Modifications.--
                    (A) In general.--Subject to the consultation and 
                layover provisions of section 614, the President may 
                proclaim modifications to the provisions proclaimed 
                under the authority of paragraph (1)(A), other than 
                provisions of chapters 50 through 63 (as included in 
                Annex 3-A of the Agreement).
                    (B) Additional proclamations.--Notwithstanding 
                subparagraph (A), and subject to the consultation and 
                layover provisions of section 614, the President may 
                proclaim before the end of the 1-year period beginning 
                on the date of the enactment of this Act, modifications 
                to correct any typographical, clerical, or other 
                nonsubstantive technical error regarding the provisions 
                of chapters 50 through 63 (as included in Annex 3-A of 
                the Agreement).
            (4) Fabrics, yarns, or fibers not available in commercial 
        quantities in colombia and the united states.--
                    (A) In general.--Notwithstanding paragraph (3)(A), 
                the list of fabrics, yarns, and fibers set forth in 
                Annex 3-B of the Agreement may be modified as provided 
                for in this paragraph.
                    (B) Definitions.--In this paragraph:
                            (i) The term ``interested entity'' means 
                        the Government of Colombia, a potential or 
                        actual purchaser of a textile or apparel good, 
                        or a potential or actual supplier of a textile 
                        or apparel good.
                            (ii) All references to ``day'' and ``days'' 
                        exclude Saturdays, Sundays, and legal holidays 
                        observed by the Government of the United 
                        States.
                    (C) Requests to add fabrics, yarns, or fibers.--(i) 
                An interested entity may request the President to 
                determine that a fabric, yarn, or fiber is not 
                available in commercial quantities in a timely manner 
                in Colombia and the United States and to add that 
                fabric, yarn, or fiber to the list in Annex 3-B of the 
                Agreement in a restricted or unrestricted quantity.
                    (ii) After receiving a request under clause (i), 
                the President may determine whether--
                            (I) the fabric, yarn, or fiber is available 
                        in commercial quantities in a timely manner in 
                        Colombia or the United States; or
                            (II) any interested entity objects to the 
                        request.
                    (iii) The President may, within the time periods 
                specified in clause (iv), proclaim that the fabric, 
                yarn, or fiber that is the subject of the request is 
                added to the list in Annex 3-B of the Agreement in an 
                unrestricted quantity, or in any restricted quantity 
                that the President may establish, if the President has 
                determined under clause (ii) that--
                            (I) the fabric, yarn, or fiber is not 
                        available in commercial quantities in a timely 
                        manner in Colombia and the United States; or
                            (II) no interested entity has objected to 
                        the request.
                    (iv) The time periods within which the President 
                may issue a proclamation under clause (iii) are--
                            (I) not later than 30 days after the date 
                        on which a request is submitted under clause 
                        (i); or
                            (II) not later than 44 days after the 
                        request is submitted, if the President 
                        determines, within 30 days after the date on 
                        which the request is submitted, that the 
                        President does not have sufficient information 
                        to make a determination under clause (ii).
                    (v) Notwithstanding section 613(a)(2), a 
                proclamation made under clause (iii) shall take effect 
                on the date on which the text of the proclamation is 
                published in the Federal Register.
                    (vi) Not later than 6 months after proclaiming 
                under clause (iii) that a fabric, yarn, or fiber is 
                added to the list in Annex 3-B of the Agreement in a 
                restricted quantity, the President may eliminate the 
                restriction if the President determines that the 
                fabric, yarn, or fiber is not available in commercial 
                quantities in a timely manner in Colombia and the 
                United States.
                    (D) Deemed approval of request.--If, after an 
                interested entity submits a request under subparagraph 
                (C)(i), the President does not, within the applicable 
                time period specified in subparagraph (C)(iv), make a 
                determination under subparagraph (C)(ii) regarding the 
                request, the fabric, yarn, or fiber that is the subject 
                of the request shall be considered to be added, in an 
                unrestricted quantity, to the list in Annex 3-B of the 
                Agreement beginning--
                            (i) 45 days after the date on which the 
                        request was submitted; or
                            (ii) 60 days after the date on which the 
                        request was submitted, if the President made a 
                        determination under subparagraph (C)(iv)(II).
                    (E) Requests to restrict or remove fabrics, yarns, 
                or fibers.--(i) Subject to clause (ii), an interested 
                entity may request the President to restrict the 
                quantity of, or remove from the list in Annex 3-B of 
                the Agreement, any fabric, yarn, or fiber--
                            (I) that has been added to that list in an 
                        unrestricted quantity pursuant to paragraph (2) 
                        or subparagraph (C)(iii) or (D) of this 
                        paragraph; or
                            (II) with respect to which the President 
                        has eliminated a restriction under subparagraph 
                        (C)(vi).
                    (ii) An interested entity may submit a request 
                under clause (i) at any time beginning 6 months after 
                the date of the action described in subclause (I) or 
                (II) of that clause.
                    (iii) Not later than 30 days after the date on 
                which a request under clause (i) is submitted, the 
                President may proclaim an action provided for under 
                clause (i) if the President determines that the fabric, 
                yarn, or fiber that is the subject of the request is 
                available in commercial quantities in a timely manner 
                in Colombia or the United States.
                    (iv) A proclamation under clause (iii) shall take 
                effect no earlier than the date that is 6 months after 
                the date on which the text of the proclamation is 
                published in the Federal Register.
                    (F) Procedures.--The President shall establish 
                procedures--
                            (i) governing the submission of a request 
                        under subparagraphs (C) and (E); and
                            (ii) providing an opportunity for 
                        interested entities to submit comments and 
                        supporting evidence before the President makes 
                        a determination under subparagraph (C) (ii) or 
                        (vi) or (E)(iii).

SEC. 624. CUSTOMS USER FEES.

    (a) In General.--Section 13031(b) of the Consolidated Omnibus 
Budget Reconciliation Act of 1985 (19 U.S.C. 58c(b)) is amended by 
adding after paragraph (18), the following:
            ``(19) No fee may be charged under subsection (a)(9) or 
        (10) with respect to goods that qualify as originating goods 
        under section 203 of the United States-Colombia Trade Promotion 
        Agreement Implementation Act. Any service for which an 
        exemption from such fee is provided by reason of this paragraph 
        may not be funded with money contained in the Customs User Fee 
        Account.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
take effect on October 1, 2013.
    (c) Refund.--Any fee described in paragraph (19) of section 
13031(b) of the Consolidated Omnibus Budget Reconciliation Act of 1985 
(19 U.S.C. 58c(b)) (as added by subsection (a)) that is paid on or 
after the date that the United States-Colombia Trade Promotion 
Agreement enters into force and before October 1, 2013, shall be 
refunded with interest if application for such refund is made on or 
after October 1, 2013, and before July 1, 2014.

SEC. 625. DISCLOSURE OF INCORRECT INFORMATION; FALSE CERTIFICATIONS OF 
              ORIGIN; DENIAL OF PREFERENTIAL TARIFF TREATMENT.

    (a) Disclosure of Incorrect Information.--Section 592 of the Tariff 
Act of 1930 (19 U.S.C. 1592) is amended--
            (1) in subsection (c)--
                    (A) by redesignating paragraph (11) as paragraph 
                (12); and
                    (B) by inserting after paragraph (10) the following 
                new paragraph:
            ``(11) Prior disclosure regarding claims under the united 
        states-colombia trade promotion agreement.--An importer shall 
        not be subject to penalties under subsection (a) for making an 
        incorrect claim that a good qualifies as an originating good 
        under section 623 of the United States-Colombia Trade Promotion 
        Agreement Implementation Act if the importer, in accordance 
        with regulations issued by the Secretary of the Treasury, 
        promptly and voluntarily makes a corrected declaration and pays 
        any duties owing with respect to that good.''; and
            (2) by adding at the end the following new subsection:
    ``(j) False Certifications of Origin Under the United States-
Colombia Trade Promotion Agreement.--
            ``(1) In general.--Subject to paragraph (2), it is unlawful 
        for any person to certify falsely, by fraud, gross negligence, 
        or negligence, in a CTPA certification of origin (as defined in 
        section 508(i)(1)(B) of this Act) that a good exported from the 
        United States qualifies as an originating good under the rules 
        of origin provided for in section 623 of the United States-
        Colombia Trade Promotion Agreement Implementation Act. The 
        procedures and penalties of this section that apply to a 
        violation of subsection (a) also apply to a violation of this 
        subsection.
            ``(2) Prompt and voluntary disclosure of incorrect 
        information.--No penalty shall be imposed under this subsection 
        if, promptly after an exporter or producer that issued a CTPA 
        certification of origin has reason to believe that such 
        certification contains or is based on incorrect information, 
        the exporter or producer voluntarily provides written notice of 
        such incorrect information to every person to whom the 
        certification was issued.
            ``(3) Exception.--A person shall not be considered to have 
        violated paragraph (1) if--
                    ``(A) the information was correct at the time it 
                was provided in a CTPA certification of origin but was 
                later rendered incorrect due to a change in 
                circumstances; and
                    ``(B) the person promptly and voluntarily provides 
                written notice of the change in circumstances to all 
                persons to whom the person provided the 
                certification.''.
    (b) Denial of Preferential Tariff Treatment.--Section 514 of the 
Tariff Act of 1930 (19 U.S.C. 1514) is amended by adding at the end the 
following new subsection:
    ``(j) Denial of Preferential Tariff Treatment Under the United 
States-Colombia Trade Promotion Agreement.--If U.S. Customs and Border 
Protection or U.S. Immigration and Customs Enforcement of the 
Department of Homeland Security finds indications of a pattern of 
conduct by an importer, exporter, or producer of false or unsupported 
representations that goods qualify under the rules of origin provided 
for in section 623 of the United States-Colombia Trade Promotion 
Agreement Implementation Act, U.S. Customs and Border Protection, in 
accordance with regulations issued by the Secretary of the Treasury, 
may suspend preferential tariff treatment under the United States-
Colombia Trade Promotion Agreement to entries of identical goods 
covered by subsequent representations by that importer, exporter, or 
producer until U.S. Customs and Border Protection determines that 
representations of that person are in conformity with such section 
623.''.

SEC. 626. RELIQUIDATION OF ENTRIES.

    Subsection (d) of section 520 of the Tariff Act of 1930 (19 U.S.C. 
1520(d)) is amended in the matter preceding paragraph (1)--
            (1) by striking ``or''; and
            (2) by striking ``for which'' and inserting ``, or section 
        623 of the United States-Colombia Trade Promotion Agreement 
        Implementation Act for which''.

SEC. 627. RECORDKEEPING REQUIREMENTS.

    Section 508 of the Tariff Act of 1930 (19 U.S.C. 1508) is amended--
            (1) by redesignating subsection (i) as subsection (j);
            (2) by inserting after subsection (h) the following new 
        subsection:
    ``(i) Certifications of Origin for Goods Exported Under the United 
States-Colombia Trade Promotion Agreement.--
            ``(1) Definitions.--In this subsection:
                    ``(A) Records and supporting documents.--The term 
                `records and supporting documents' means, with respect 
                to an exported good under paragraph (2), records and 
                documents related to the origin of the good, 
                including--
                            ``(i) the purchase, cost, and value of, and 
                        payment for, the good;
                            ``(ii) the purchase, cost, and value of, 
                        and payment for, all materials, including 
                        indirect materials, used in the production of 
                        the good; and
                            ``(iii) the production of the good in the 
                        form in which it was exported.
                    ``(B) CTPA certification of origin.--The term `CTPA 
                certification of origin' means the certification 
                established under article 4.15 of the United States-
                Colombia Trade Promotion Agreement that a good 
                qualifies as an originating good under such Agreement.
            ``(2) Exports to colombia.--Any person who completes and 
        issues a CTPA certification of origin for a good exported from 
        the United States shall make, keep, and, pursuant to rules and 
        regulations promulgated by the Secretary of the Treasury, 
        render for examination and inspection all records and 
        supporting documents related to the origin of the good 
        (including the certification or copies thereof).
            ``(3) Retention period.--The person who issues a CTPA 
        certification of origin shall keep the records and supporting 
        documents relating to that certification of origin for a period 
        of at least 5 years after the date on which the certification 
        is issued.''; and
            (3) in subsection (j), as so redesignated by striking 
        ``(f), (g), or (h)'' and inserting ``(f), (g), (h), or (i)''.

SEC. 628. ENFORCEMENT RELATING TO TRADE IN TEXTILE OR APPAREL GOODS.

    (a) Action During Verification.--
            (1) In general.--If the Secretary of the Treasury requests 
        the Government of Colombia to conduct a verification pursuant 
        to article 3.2 of the Agreement for purposes of making a 
        determination under paragraph (2), the President may direct the 
        Secretary to take appropriate action described in subsection 
        (b) while the verification is being conducted.
            (2) Determination.--A determination under this paragraph is 
        a determination of the Secretary that--
                    (A) an exporter or producer in Colombia is 
                complying with applicable customs laws, regulations, 
                and procedures regarding trade in textile or apparel 
                goods, or
                    (B) a claim that a textile or apparel good exported 
                or produced by such exporter or producer--
                            (i) qualifies as an originating good under 
                        section 623, or
                            (ii) is a good of Colombia,
                is accurate.
    (b) Appropriate Action Described.--Appropriate action under 
subsection (a)(1) includes--
            (1) suspension of preferential tariff treatment under the 
        Agreement with respect to--
                    (A) any textile or apparel good exported or 
                produced by the person that is the subject of a 
                verification under subsection (a)(1) regarding 
                compliance described in subsection (a)(2)(A), if the 
                Secretary determines that there is insufficient 
                information to support any claim for preferential 
                tariff treatment that has been made with respect to any 
                such good; or
                    (B) the textile or apparel good for which a claim 
                of preferential tariff treatment has been made that is 
                the subject of a verification under subsection (a)(1) 
                regarding a claim described in subsection (a)(2)(B), if 
                the Secretary determines that there is insufficient 
                information to support that claim;
            (2) denial of preferential tariff treatment under the 
        Agreement with respect to--
                    (A) any textile or apparel good exported or 
                produced by the person that is the subject of a 
                verification under subsection (a)(1) regarding 
                compliance described in subsection (a)(2)(A), if the 
                Secretary determines that the person has provided 
                incorrect information to support any claim for 
                preferential tariff treatment that has been made with 
                respect to any such good; or
                    (B) the textile or apparel good for which a claim 
                of preferential tariff treatment has been made that is 
                the subject of a verification under subsection (a)(1) 
                regarding a claim described in subsection (a)(2)(B), if 
                the Secretary determines that a person has provided 
                incorrect information to support that claim;
            (3) detention of any textile or apparel good exported or 
        produced by the person that is the subject of a verification 
        under subsection (a)(1) regarding compliance described in 
        subsection (a)(2)(A) or a claim described in subsection 
        (a)(2)(B), if the Secretary determines that there is 
        insufficient information to determine the country of origin of 
        any such good; and
            (4) denial of entry into the United States of any textile 
        or apparel good exported or produced by the person that is the 
        subject of a verification under subsection (a)(1) regarding 
        compliance described in subsection (a)(2)(A) or a claim 
        described in subsection (a)(2)(B), if the Secretary determines 
        that the person has provided incorrect information as to the 
        country of origin of any such good.
    (c) Action on Completion of a Verification.--On completion of a 
verification under subsection (a), the President may direct the 
Secretary to take appropriate action described in subsection (d) until 
such time as the Secretary receives information sufficient to make the 
determination under subsection (a)(2) or until such earlier date as the 
President may direct.
    (d) Appropriate Action Described.--Appropriate action under 
subsection (c) includes--
            (1) denial of preferential tariff treatment under the 
        Agreement with respect to--
                    (A) any textile or apparel good exported or 
                produced by the person that is the subject of a 
                verification under subsection (a)(1) regarding 
                compliance described in subsection (a)(2)(A), if the 
                Secretary determines that there is insufficient 
                information to support, or that the person has provided 
                incorrect information to support, any claim for 
                preferential tariff treatment that has been made with 
                respect to any such good; or
                    (B) the textile or apparel good for which a claim 
                of preferential tariff treatment has been made that is 
                the subject of a verification under subsection (a)(1) 
                regarding a claim described in subsection (a)(2)(B), if 
                the Secretary determines that there is insufficient 
                information to support, or that a person has provided 
                incorrect information to support, that claim; and
            (2) denial of entry into the United States of any textile 
        or apparel good exported or produced by the person that is the 
        subject of a verification under subsection (a)(1) regarding 
        compliance described in subsection (a)(2)(A) or a claim 
        described in subsection (a)(2)(B), if the Secretary determines 
        that there is insufficient information to determine, or that 
        the person has provided incorrect information as to, the 
        country of origin of any such good.
    (e) Publication of Name of Person.--In accordance with article 
3.2.6 of the Agreement, the Secretary may publish the name of any 
person that the Secretary has determined--
            (1) is engaged in circumvention of applicable laws, 
        regulations, or procedures affecting trade in textile or 
        apparel goods; or
            (2) has failed to demonstrate that it produces, or is 
        capable of producing, textile or apparel goods.
    (f) Verifications in the United States.--If the government of a 
country that is a party to a free trade agreement with the United 
States makes a request for a verification pursuant to that agreement, 
the Secretary may request a verification of the production of any 
textile or apparel good in order to assist that government in 
determining--
            (1) whether a claim of origin under the agreement for a 
        textile or apparel good is accurate; or
            (2) whether an exporter, producer, or other enterprise 
        located in the United States involved in the movement of 
        textile or apparel goods from the United States to the 
        territory of the requesting government is complying with 
        applicable customs laws, regulations, and procedures regarding 
        trade in textile or apparel goods.

SEC. 629. REGULATIONS.

    The Secretary of the Treasury shall prescribe such regulations as 
may be necessary to carry out--
            (1) subsections (a) through (n) of section 623;
            (2) the amendment made by section 724; and
            (3) any proclamation issued under section 623(o).

                    Subtitle D--Relief From Imports

SEC. 631. DEFINITIONS.

    In this subtitle:
            (1) Colombian article.--The term ``Colombian article'' 
        means an article that qualifies as an originating good under 
        section 623(b).
            (2) Colombian textile or apparel article.--The term 
        ``Colombian textile or apparel article'' means a textile or 
        apparel good (as defined in section 603(4)) that is a Colombian 
        article.

      CHAPTER 1--RELIEF FROM IMPORTS BENEFITING FROM THE AGREEMENT

SEC. 641. COMMENCING OF ACTION FOR RELIEF.

    (a) Filing of Petition.--A petition requesting action under this 
chapter for the purpose of adjusting to the obligations of the United 
States under the Agreement may be filed with the Commission by an 
entity, including a trade association, firm, certified or recognized 
union, or group of workers, that is representative of an industry. The 
Commission shall transmit a copy of any petition filed under this 
subsection to the United States Trade Representative.
    (b) Investigation and Determination.--Upon the filing of a petition 
under subsection (a), the Commission, unless subsection (d) applies, 
shall promptly initiate an investigation to determine whether, as a 
result of the reduction or elimination of a duty provided for under the 
Agreement, a Colombian article is being imported into the United States 
in such increased quantities, in absolute terms or relative to domestic 
production, and under such conditions that imports of the Colombian 
article constitute a substantial cause of serious injury or threat 
thereof to the domestic industry producing an article that is like, or 
directly competitive with, the imported article.
    (c) Applicable Provisions.--The following provisions of section 202 
of the Trade Act of 1974 (19 U.S.C. 2252) apply with respect to any 
investigation initiated under subsection (b):
            (1) Paragraphs (1)(B) and (3) of subsection (b).
            (2) Subsection (c).
            (3) Subsection (i).
    (d) Articles Exempt From Investigation.--No investigation may be 
initiated under this section with respect to any Colombian article if, 
after the date on which the Agreement enters into force, import relief 
has been provided with respect to that Colombian article under this 
chapter.

SEC. 642. COMMISSION ACTION ON PETITION.

    (a) Determination.--Not later than 120 days after the date on which 
an investigation is initiated under section 641(b) with respect to a 
petition, the Commission shall make the determination required under 
that section.
    (b) Applicable Provisions.--For purposes of this chapter, the 
provisions of paragraphs (1), (2), and (3) of section 330(d) of the 
Tariff Act of 1930 (19 U.S.C. 1330(d) (1), (2), and (3)) shall be 
applied with respect to determinations and findings made under this 
section as if such determinations and findings were made under section 
202 of the Trade Act of 1974 (19 U.S.C. 2252).
    (c) Additional Finding and Recommendation if Determination 
Affirmative.--
            (1) In general.--If the determination made by the 
        Commission under subsection (a) with respect to imports of an 
        article is affirmative, or if the President may consider a 
        determination of the Commission to be an affirmative 
        determination as provided for under paragraph (1) of section 
        330(d) of the Tariff Act of 1930 (19 U.S.C. 1330(d)), the 
        Commission shall find, and recommend to the President in the 
        report required under subsection (d), the amount of import 
        relief that is necessary to remedy or prevent the injury found 
        by the Commission in the determination and to facilitate the 
        efforts of the domestic industry to make a positive adjustment 
        to import competition.
            (2) Limitation on relief.--The import relief recommended by 
        the Commission under this subsection shall be limited to the 
        relief described in section 643(c).
            (3) Voting; separate views.--Only those members of the 
        Commission who voted in the affirmative under subsection (a) 
        are eligible to vote on the proposed action to remedy or 
        prevent the injury found by the Commission. Members of the 
        Commission who did not vote in the affirmative may submit, in 
        the report required under subsection (d), separate views 
        regarding what action, if any, should be taken to remedy or 
        prevent the injury.
    (d) Report to President.--Not later than the date that is 30 days 
after the date on which a determination is made under subsection (a) 
with respect to an investigation, the Commission shall submit to the 
President a report that includes--
            (1) the determination made under subsection (a) and an 
        explanation of the basis for the determination;
            (2) if the determination under subsection (a) is 
        affirmative, any findings and recommendations for import relief 
        made under subsection (c) and an explanation of the basis for 
        each recommendation; and
            (3) any dissenting or separate views by members of the 
        Commission regarding the determination referred to in paragraph 
        (1) and any finding or recommendation referred to in paragraph 
        (2).
    (e) Public Notice.--Upon submitting a report to the President under 
subsection (d), the Commission shall promptly make public the report 
(with the exception of information which the Commission determines to 
be confidential) and shall publish a summary of the report in the 
Federal Register.

SEC. 643. PROVISION OF RELIEF.

    (a) In General.--Not later than the date that is 30 days after the 
date on which the President receives the report of the Commission in 
which the Commission's determination under section 642(a) is 
affirmative, or which contains a determination under section 642(a) 
that the President considers to be affirmative under paragraph (1) of 
section 330(d) of the Tariff Act of 1930 (19 U.S.C. 1330(d)(1)), the 
President, subject to subsection (b), shall provide relief from imports 
of the article that is the subject of such determination to the extent 
that the President determines necessary to remedy or prevent the injury 
found by the Commission and to facilitate the efforts of the domestic 
industry to make a positive adjustment to import competition.
    (b) Exception.--The President is not required to provide import 
relief under this section if the President determines that the 
provision of the import relief will not provide greater economic and 
social benefits than costs.
    (c) Nature of Relief.--
            (1) In general.--The import relief that the President is 
        authorized to provide under this section with respect to 
        imports of an article is as follows:
                    (A) The suspension of any further reduction 
                provided for under Annex 2.3 of the Agreement in the 
                duty imposed on the article.
                    (B) An increase in the rate of duty imposed on the 
                article to a level that does not exceed the lesser of--
                            (i) the column 1 general rate of duty 
                        imposed under the HTS on like articles at the 
                        time the import relief is provided; or
                            (ii) the column 1 general rate of duty 
                        imposed under the HTS on like articles on the 
                        day before the date on which the Agreement 
                        enters into force.
            (2) Progressive liberalization.--If the period for which 
        import relief is provided under this section is greater than 1 
        year, the President shall provide for the progressive 
        liberalization (described in article 8.2.2 of the Agreement) of 
        such relief at regular intervals during the period of its 
        application.
    (d) Period of Relief.--
            (1) In general.--Subject to paragraph (2), any import 
        relief that the President provides under this section may not 
        be in effect for more than 2 years.
            (2) Extension.--
                    (A) In general.--Subject to subparagraph (C), the 
                President, after receiving a determination from the 
                Commission under subparagraph (B) that is affirmative, 
                or which the President considers to be affirmative 
                under paragraph (1) of section 330(d) of the Tariff Act 
                of 1930 (19 U.S.C. 1330(d)(1)), may extend the 
                effective period of any import relief provided under 
                this section by up to 2 years, if the President 
                determines that--
                            (i) the import relief continues to be 
                        necessary to remedy or prevent serious injury 
                        and to facilitate adjustment by the domestic 
                        industry to import competition; and
                            (ii) there is evidence that the industry is 
                        making a positive adjustment to import 
                        competition.
                    (B) Action by commission.--
                            (i) Investigation.--Upon a petition on 
                        behalf of the industry concerned that is filed 
                        with the Commission not earlier than the date 
                        that is 9 months, and not later than the date 
                        that is 6 months, before the date on which any 
                        action taken under subsection (a) is to 
                        terminate, the Commission shall conduct an 
                        investigation to determine whether action under 
                        this section continues to be necessary to 
                        remedy or prevent serious injury and whether 
                        there is evidence that the industry is making a 
                        positive adjustment to import competition.
                            (ii) Notice and hearing.--The Commission 
                        shall publish notice of the commencement of any 
                        proceeding under this subparagraph in the 
                        Federal Register and shall, within a reasonable 
                        time thereafter, hold a public hearing at which 
                        the Commission shall afford interested parties 
                        and consumers an opportunity to be present, to 
                        present evidence, and to respond to the 
                        presentations of other parties and consumers, 
                        and otherwise to be heard.
                            (iii) Report.--The Commission shall submit 
                        to the President a report on its investigation 
                        and determination under this subparagraph not 
                        later than 60 days before the action under 
                        subsection (a) is to terminate, unless the 
                        President specifies a different date.
                    (C) Period of import relief.--Any import relief 
                provided under this section, including any extensions 
                thereof, may not, in the aggregate, be in effect for 
                more than 4 years.
    (e) Rate After Termination of Import Relief.--When import relief 
under this section is terminated with respect to an article--
            (1) the rate of duty on that article after such termination 
        and on or before December 31 of the year in which such 
        termination occurs shall be the rate that, according to the 
        Schedule of the United States to Annex 2.3 of the Agreement, 
        would have been in effect 1 year after the provision of relief 
        under subsection (a); and
            (2) the rate of duty for that article after December 31 of 
        the year in which such termination occurs shall be, at the 
        discretion of the President, either--
                    (A) the applicable rate of duty for that article 
                set forth in the Schedule of the United States to Annex 
                2.3 of the Agreement; or
                    (B) the rate of duty resulting from the elimination 
                of the tariff in equal annual stages ending on the date 
                set forth in the Schedule of the United States to Annex 
                2.3 of the Agreement for the elimination of the tariff.
    (f) Articles Exempt From Relief.--No import relief may be provided 
under this section on--
            (1) any article that is subject to import relief under--
                    (A) subtitle B; or
                    (B) chapter 1 of title II of the Trade Act of 1974 
                (19 U.S.C. 2251 et seq.); or
            (2) any article on which an additional duty assessed under 
        section 722(b) is in effect.

SEC. 644. TERMINATION OF RELIEF AUTHORITY.

    (a) General Rule.--Subject to subsection (b), no import relief may 
be provided under this chapter after the date that is 10 years after 
the date on which the Agreement enters into force.
    (b) Exception.--If an article for which relief is provided under 
this chapter is an article for which the period for tariff elimination, 
set forth in the Schedule of the United States to Annex 2.3 of the 
Agreement, is greater than 10 years, no relief under this subtitle may 
be provided for that article after the date on which that period ends.

SEC. 645. COMPENSATION AUTHORITY.

    For purposes of section 123 of the Trade Act of 1974 (19 U.S.C. 
2133), any import relief provided by the President under section 643 
shall be treated as action taken under chapter 1 of title II of such 
Act (19 U.S.C. 2251 et seq.).

SEC. 646. CONFIDENTIAL BUSINESS INFORMATION.

    Section 202(a)(8) of the Trade Act of 1974 (19 U.S.C. 2252(a)(8)) 
is amended in the first sentence--
            (1) by striking ``and''; and
            (2) by inserting before the period at the end ``, and title 
        III of the United States-Colombia Trade Promotion Agreement 
        Implementation Act''.

           CHAPTER 2--TEXTILE AND APPAREL SAFEGUARD MEASURES

SEC. 651. COMMENCEMENT OF ACTION FOR RELIEF.

    (a) In General.--A request for action under this chapter for the 
purpose of adjusting to the obligations of the United States under the 
Agreement may be filed with the President by an interested party. Upon 
the filing of a request, the President shall review the request to 
determine, from information presented in the request, whether to 
commence consideration of the request.
    (b) Publication of Request.--If the President determines that the 
request under subsection (a) provides the information necessary for the 
request to be considered, the President shall publish in the Federal 
Register a notice of commencement of consideration of the request, and 
notice seeking public comments regarding the request. The notice shall 
include a summary of the request and the dates by which comments and 
rebuttals must be received.

SEC. 652. DETERMINATION AND PROVISION OF RELIEF.

    (a) Determination.--
            (1) In general.--If a positive determination is made under 
        section 651(b), the President shall determine whether, as a 
        result of the elimination of a duty under the Agreement, a 
        Colombian textile or apparel article is being imported into the 
        United States in such increased quantities, in absolute terms 
        or relative to the domestic market for that article, and under 
        such conditions as to cause serious damage, or actual threat 
        thereof, to a domestic industry producing an article that is 
        like, or directly competitive with, the imported article.
            (2) Serious damage.--In making a determination under 
        paragraph (1), the President--
                    (A) shall examine the effect of increased imports 
                on the domestic industry, as reflected in changes in 
                such relevant economic factors as output, productivity, 
                utilization of capacity, inventories, market share, 
                exports, wages, employment, domestic prices, profits 
                and losses, and investment, no one of which is 
                necessarily decisive; and
                    (B) shall not consider changes in consumer 
                preference or changes in technology in the United 
                States as factors supporting a determination of serious 
                damage or actual threat thereof.
    (b) Provision of Relief.--
            (1) In general.--If a determination under subsection (a) is 
        affirmative, the President may provide relief from imports of 
        the article that is the subject of such determination, as 
        provided in paragraph (2), to the extent that the President 
        determines necessary to remedy or prevent the serious damage 
        and to facilitate adjustment by the domestic industry.
            (2) Nature of relief.--The relief that the President is 
        authorized to provide under this subsection with respect to 
        imports of an article is an increase in the rate of duty 
        imposed on the article to a level that does not exceed the 
        lesser of--
                    (A) the column 1 general rate of duty imposed under 
                the HTS on like articles at the time the import relief 
                is provided; or
                    (B) the column 1 general rate of duty imposed under 
                the HTS on like articles on the day before the date on 
                which the Agreement enters into force.

SEC. 653. PERIOD OF RELIEF.

    (a) In General.--Subject to subsection (b), the import relief that 
the President provides under section 652(b) may not be in effect for 
more than 2 years.
    (b) Extension.--
            (1) In general.--Subject to paragraph (2), the President 
        may extend the effective period of any import relief provided 
        under this chapter for a period of not more than 1 year, if the 
        President determines that--
                    (A) the import relief continues to be necessary to 
                remedy or prevent serious damage and to facilitate 
                adjustment by the domestic industry to import 
                competition; and
                    (B) there is evidence that the industry is making a 
                positive adjustment to import competition.
            (2) Limitation.--Any relief provided under this chapter, 
        including any extensions thereof, may not, in the aggregate, be 
        in effect for more than 3 years.

SEC. 654. ARTICLES EXEMPT FROM RELIEF.

    The President may not provide import relief under this chapter with 
respect to an article if--
            (1) import relief previously has been provided under this 
        chapter with respect to that article; or
            (2) the article is subject to import relief under--
                    (A) chapter 1; or
                    (B) chapter 1 of title II of the Trade Act of 1974 
                (19 U.S.C. 2251 et seq.).

SEC. 655. RATE AFTER TERMINATION OF IMPORT RELIEF.

    On the date on which import relief under this chapter is terminated 
with respect to an article, the rate of duty on that article shall be 
the rate that would have been in effect, but for the provision of such 
relief.

SEC. 656. TERMINATION OF RELIEF AUTHORITY.

    No import relief may be provided under this chapter with respect to 
any article after the date that is 5 years after the date on which the 
Agreement enters into force.

SEC. 657. COMPENSATION AUTHORITY.

    For purposes of section 123 of the Trade Act of 1974 (19 U.S.C. 
2133), any import relief provided by the President under this chapter 
shall be treated as action taken under chapter 1 of title II of such 
Act (19 U.S.C. 2251 et seq.).

SEC. 658. CONFIDENTIAL BUSINESS INFORMATION.

    The President may not release information received in connection 
with an investigation or determination under this chapter which the 
President considers to be confidential business information unless the 
party submitting the confidential business information had notice, at 
the time of submission, that such information would be released by the 
President, or such party subsequently consents to the release of the 
information. To the extent a party submits confidential business 
information, the party shall also provide a nonconfidential version of 
the information in which the confidential business information is 
summarized or, if necessary, deleted.

        CHAPTER 3--CASES UNDER TITLE II OF THE TRADE ACT OF 1974

SEC. 661. FINDINGS AND ACTION ON GOODS OF COLOMBIA.

    (a) Effect of Imports.--If, in any investigation initiated under 
chapter 1 of title II of the Trade Act of 1974 (19 U.S.C. 2251 et 
seq.), the Commission makes an affirmative determination (or a 
determination which the President may treat as an affirmative 
determination under such chapter by reason of section 330(d) of the 
Tariff Act of 1930), the Commission shall also find (and report to the 
President at the time such injury determination is submitted to the 
President) whether imports of the article of Colombia that qualify as 
originating goods under section 623(b) are a substantial cause of 
serious injury or threat thereof.
    (b) Presidential Determination Regarding Imports of Colombia.--In 
determining the nature and extent of action to be taken under chapter 1 
of title II of the Trade Act of 1974 (19 U.S.C. 2251 et seq.), the 
President may exclude from the action goods of Colombia with respect to 
which the Commission has made a negative finding under subsection (a).

                        Subtitle E--Procurement

SEC. 671. ELIGIBLE PRODUCTS.

    Section 308(4)(A) of the Trade Agreements Act of 1979 (19 U.S.C. 
2518(4)(A)) is amended--
            (1) by striking ``or'' at the end of clause (vi);
            (2) by striking the period at the end of clause (vii) and 
        inserting ``; or''; and
            (3) by adding at the end the following new clause:
                            ``(viii) a party to the United States-
                        Colombia Trade Promotion Agreement, a product 
                        or service of that country or instrumentality 
                        which is covered under that agreement for 
                        procurement by the United States.''.

                          Subtitle F--Offsets

SEC. 681. CUSTOMS USER FEES.

    (a) In General.--Section 13031(j)(3)(A) of the Consolidated Omnibus 
Budget Reconciliation Act of 1985 (19 U.S.C. 58c(j)(3)(A)) shall be 
applied by extending by 155 days the date in effect on the date of the 
enactment of this Act after which fees may not be charged under 
paragraphs (9) and (10) of subsection (a) of such section 13031.
    (b) Other Fees.--Section 13031(j)(3)(B)(i) of the Consolidated 
Omnibus Budget Reconciliation Act of 1985 (19 U.S.C. 58c(j)(3)(B)(i)) 
shall be applied by extending by 155 days the date in effect on the 
date of the enactment of this Act after which fees may not be charged 
under paragraphs (1) through (8) of subsection (a) of such section 
13031.

SEC. 682. TIME FOR PAYMENT OF CORPORATE ESTIMATED TAXES.

    (a) Corporate Estimated Tax Due in 2012.--The percentage under 
subparagraph (B) of section 401(1) of the Tax Increase Prevention and 
Reconciliation Act of 2005 (Public Law 109-222; 26 U.S.C. 6655 note) in 
effect on the date of the enactment of this Act is increased by 1 
percentage point.
    (b) Corporate Estimated Tax Due in 2013.--The percentage under 
subparagraph (C) of section 401(1) of the Tax Increase Prevention and 
Reconciliation Act of 2005 (Public Law 109-222; 26 U.S.C. 6655 note) in 
effect on the date of the enactment of this Act is increased by 2 
percentage points.

TITLE VII--UNITED STATES-PANAMA FREE TRADE AGREEMENT AND UNITED STATES-
                       KOREA FREE TRADE AGREEMENT

SEC. 701. SENSE OF CONGRESS.

    It is the sense of Congress that the President should submit to 
Congress the United States-Panama Free Trade Agreement and United 
States-Korea Free Trade Agreement and work to ensure the approval and 
entry into force of such Agreements with respect to the United States.

    TITLE VIII--REPEAL OF PATIENT PROTECTION AND AFFORDABLE CARE ACT

SEC. 801. REPEAL.

    Effective as of the enactment of the Patient Protection and 
Affordable Care Act, such Act is repealed, and the provisions of law 
amended or repealed by such Act are restored or revived as if such Act 
had not been enacted.
                                 <all>