1.Short title; table of
contents
(a)This Act may be cited
as the Highway Investment, Job
Creation, and Economic Growth Act of 2012
.
(b)The table of contents for this Act is as follows:
Sec. 1. Short title; table of contents.
TITLE I—Extension of Highway Trust Fund Expenditure Authority and
Related Taxes
Sec. 101. Extension of trust fund expenditure
authority.
Sec. 102. Extension of highway-related taxes.
TITLE II—Other provisions
Sec. 201. Temporary increase in small issuer exception to
tax-exempt interest expense allocation rules for financial
institutions.
Sec. 202. Temporary modification of alternative minimum tax
limitations on tax- exempt bonds.
Sec. 203. Issuance of TRIP bonds by State infrastructure
banks.
Sec. 204. Extension of parity for exclusion from income for
employer-provided mass transit and parking benefits.
Sec. 205. Exempt-facility bonds for sewage and water supply
facilities.
TITLE III—Revenue provisions
Sec. 301. Transfer from Leaking Underground Storage Tank Trust
Fund to Highway Trust Fund.
Sec. 302. Portion of Leaking Underground Storage Tank Trust
Fund financing rate transferred to Highway Trust Fund.
Sec. 303.
Elimination of unintended application of cellulosic biofuel producer
credit.
Sec. 304. Transfer of gas guzzler taxes to Highway Trust
Fund.
Sec. 305. Revocation or denial of passport in case of certain
unpaid taxes.
Sec. 306. 100 percent continuous levy on payments to Medicare
providers and suppliers.
Sec. 307. Transfer of amounts attributable to certain duties on
imported vehicles into the Highway Trust Fund.
Sec. 308. Treatment of securities of a controlled corporation
exchanged for assets in certain reorganizations.
Sec. 309. Internal Revenue Service levies and Thrift Savings
Plan Accounts.
Sec. 310. Modifications of required distribution rules for
pension plans.
Sec. 311. Depreciation and amortization rules for highway and
related property subject to long-term leases.
Sec. 312. Extension for transfers of
excess pension assets to retiree health accounts.
Sec. 313. Transfer of excess pension
assets to retiree group term life insurance accounts.
<enum>I</enum><header>Extension of
Highway Trust Fund Expenditure Authority and Related Taxes</header>
<section id="H8DC8E0C1405C40329DD960582F1EEE3A"><enum>101.</enum><header>Extension of
trust fund expenditure authority</header>
<subsection id="H9B8EDB95EBC0467892C4B41E1738CD1C"><enum>(a)</enum><header>Highway Trust
Fund</header><text>Section 9503 of the Internal Revenue Code of 1986 is
amended—</text>
<paragraph id="H19FF36D1A44E46C2A3BBE11BE97C47BC"><enum>(1)</enum><text>by striking
<quote>April 1, 2012</quote> in subsections (b)(6)(B), (c)(1), and (e)(3) and
inserting <quote>October 1, 2013</quote>; and</text>
</paragraph><paragraph id="HD298D096C1B746D18C0D015535B9783E"><enum>(2)</enum><text>by striking
<quote>Surface Transportation Extension Act of 2011, Part II</quote> in
subsections (c)(1) and (e)(3) and inserting <quote><short-title>Moving Ahead for Progress in the 21st Century
Act</short-title></quote>.</text>
</paragraph></subsection><subsection id="H3E1C89A970CE4905BE555A8DEBEB4A87"><enum>(b)</enum><header>Sport Fish
Restoration and Boating Trust Fund</header><text>Section 9504 of the Internal
Revenue Code of 1986 is amended—</text>
<paragraph id="HBF9C0E48006C48E897855ACC1800106B"><enum>(1)</enum><text>by striking
<quote>Surface Transportation Extension Act of 2011, Part II</quote> each place
it appears in subsection (b)(2) and inserting <quote><short-title>Moving Ahead for Progress in the 21st Century
Act</short-title></quote>; and</text>
</paragraph><paragraph id="H2044AD17AC704FB289FDBFE527A5FD7A"><enum>(2)</enum><text>by striking
<quote>April 1, 2012</quote> in subsection (d)(2) and inserting <quote>October
1, 2013</quote>.</text>
</paragraph></subsection><subsection id="HDD863108034E47B4A0296822CBE94A66"><enum>(c)</enum><header>Leaking
Underground Storage Tank Trust Fund</header><text>Paragraph (2) of section
9508(e) of the Internal Revenue Code of 1986 is amended by striking
<quote>April 1, 2012</quote> and inserting <quote>October 1,
2013</quote>.</text>
</subsection><subsection id="id7E540ACB09B149F393320E966735475A"><enum>(d)</enum><header>Establishment
of solvency account</header><text>Section 9503 of the Internal Revenue Code of
1986 is amended by adding at the end the following new subsection:</text>
<quoted-block display-inline="no-display-inline" id="id332B8F30F1274EEFB802B3486B9EF259" style="OLC">
<subsection commented="no" id="id28DA79A76A3645F1BB732D5526AC0873"><enum>(g)</enum><header>Establishment
of Solvency Account</header>
<paragraph commented="no" id="H8BCEA9A6578D4842B5361F27B762A70E"><enum>(1)</enum><header>Creation of
account</header><text>There is established in the Highway Trust Fund a separate
account to be known as the <term>Solvency Account</term> consisting of such
amounts as may be transferred or credited to the Solvency Account as provided
in this section or section 9602(b).</text>
</paragraph><paragraph commented="no" id="idB6D532A987164D8D82B6628F78D12A99"><enum>(2)</enum><header>Transfers to
Solvency Account</header><text>The Secretary of the Treasury shall transfer to
the Solvency Account the excess of—</text>
<subparagraph commented="no" id="id502B4B2C5B134AE8B3DAF9E26CF94A62"><enum>(A)</enum><text>any amount
appropriated to the Highway Trust Fund before October 1, 2013, by reason of the
provisions of, and amendments made by, the <short-title>Highway Investment, Job Creation, and Economic Growth Act
of 2012</short-title>, over</text>
</subparagraph><subparagraph commented="no" id="id2F0F9BF9B58D4B91A07EC96F09D5E732"><enum>(B)</enum><text>the amount
necessary to meet the required expenditures from the Highway Trust Fund under
subsection (c) for the period ending before October 1, 2013.</text>
</subparagraph></paragraph><paragraph commented="no" id="idAF9A4099F1F24C348A856028C02D654C"><enum>(3)</enum><header>Expenditures
from account</header><text>Amounts in the Solvency Account shall be available
for transfers to the Highway Account (as defined in subsection (e)(5)(B)) and
the Mass Transit Account in such amounts as determined necessary by the
Secretary to ensure that each account has a surplus balance of $2,800,000,000
on September 30, 2013.</text>
</paragraph><paragraph commented="no" id="idF425E9AF33EC4F1299FA71EDFFEE2A3A"><enum>(4)</enum><header>Termination of
account</header><text>The Solvency Account shall terminate on September 30,
2013, and the Secretary shall transfer any remaining balance in the Account on
such date to the Highway Trust
Fund.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="idA777A0EED76949E9B90ACCF9BF89CD95"><enum>(e)</enum><header>Effective
date</header><text>The amendments made by this section shall take effect on
April 1, 2012.</text>
</subsection></section><section id="H4AC17D075FB9407F85F7B856204FC4E4"><enum>102.</enum><header>Extension of
highway-related taxes</header>
<subsection id="H60BD2068C7B34DE68A5348151A50C3F5"><enum>(a)</enum><header>In
general</header>
<paragraph id="H6A06EC5948CB47FA8A010797F1906B5A"><enum>(1)</enum><text display-inline="yes-display-inline">Each of the following provisions of the
Internal Revenue Code of 1986 is amended by striking <quote>March 31,
2012</quote> and inserting <quote>September 30, 2015</quote>:</text>
<subparagraph id="HCFCF85AF9F2F4466940824F113412862"><enum>(A)</enum><text>Section
4041(a)(1)(C)(iii)(I).</text>
</subparagraph><subparagraph id="H247950CCF2014ABCAFF6F421941389D6"><enum>(B)</enum><text>Section
4041(m)(1)(B).</text>
</subparagraph><subparagraph id="H2A67E54FAF1A4C48B7434836EFB5E42D"><enum>(C)</enum><text>Section
4081(d)(1).</text>
</subparagraph></paragraph><paragraph id="HC07159D9AF9B49F4B4EAF9CDCBA4F382"><enum>(2)</enum><text>Each of the
following provisions of such Code is amended by striking <quote>April 1,
2012</quote> and inserting <quote>October 1, 2015</quote>:</text>
<subparagraph id="HE89E96BFD704438D97637C40C836D592"><enum>(A)</enum><text>Section
4041(m)(1)(A).</text>
</subparagraph><subparagraph id="H62F4D5D4B17748EB827A52DEF3A889D6"><enum>(B)</enum><text>Section
4051(c).</text>
</subparagraph><subparagraph id="H0DC9CB3612994F19B12BFF5D9906FAC0"><enum>(C)</enum><text>Section
4071(d).</text>
</subparagraph><subparagraph id="H55CF2FD97A564D0898429E35414447D3"><enum>(D)</enum><text>Section
4081(d)(3).</text>
</subparagraph></paragraph></subsection><subsection id="H368A1B74B99040DBAF4F29D76EFF041E"><enum>(b)</enum><header>Extension of
tax, etc., on use of certain heavy vehicles</header><text>Each of the following
provisions of the Internal Revenue Code of 1986 is amended by striking
<quote>2012</quote> and inserting <quote>2015</quote>:</text>
<paragraph commented="no" id="HE68AD8AA23854B69870D9CD9D2271576"><enum>(1)</enum><text>Section
4481(f).</text>
</paragraph><paragraph commented="no" id="H0C52A2C1F8B1416D94699DF72D814E83"><enum>(2)</enum><text>Subsections (c)(4)
and (d) of section 4482.</text>
</paragraph></subsection><subsection id="HCBFC0474C67A47D2B26F4CD5815ABAEA"><enum>(c)</enum><header>Floor stocks
refunds</header><text>Section 6412(a)(1) of the Internal Revenue Code of 1986
is amended—</text>
<paragraph id="H4B287F053C104F82B7712F8F2615AAA3"><enum>(1)</enum><text>by striking
<quote>April 1, 2012</quote> each place it appears and inserting <quote>October
1, 2015</quote>;</text>
</paragraph><paragraph id="H8C2DCB0234874EA4997EF2B16C27F8B8"><enum>(2)</enum><text>by striking
<quote>September 30, 2012</quote> each place it appears and inserting
<quote>March 31, 2016</quote>; and</text>
</paragraph><paragraph id="H3C7E41A87BD348AE8053CDB3AC7374A2"><enum>(3)</enum><text>by striking
<quote>July 1, 2012</quote> and inserting <quote>January 1,
2016</quote>.</text>
</paragraph></subsection><subsection id="HBB7D9265DC4947CF83F6537058A213AF"><enum>(d)</enum><header>Extension of
certain exemptions</header><text display-inline="yes-display-inline">Sections
4221(a) and 4483(i) of the Internal Revenue Code of 1986 are each amended by
striking <quote>April 1, 2012</quote> and inserting <quote>October 1,
2015</quote>.</text>
</subsection><subsection id="HDB77E93DC06940E4991E807D85C1BDC7"><enum>(e)</enum><header>Extension of
transfers of certain taxes</header>
<paragraph id="H0572554C41F64C33A8CC5632A750E0CD"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 9503 of the
Internal Revenue Code of 1986 is amended—</text>
<subparagraph id="HFF814FCD09CB479EBA558A3FA877A703"><enum>(A)</enum><text>in subsection
(b)—</text>
<clause id="H68DFEB28E0C141F498FDCA79029C70EE"><enum>(i)</enum><text>by
striking <quote>April 1, 2012</quote> each place it appears in paragraphs (1)
and (2) and inserting <quote>October 1, 2015</quote>;</text>
</clause><clause id="H7A9F944B4B89444A8D0CF27130621B81"><enum>(ii)</enum><text>by
striking <quote><header-in-text level="paragraph" style="OLC">April 1,
2012</header-in-text></quote> in the heading of paragraph (2) and inserting
<quote><header-in-text level="paragraph" style="OLC">October 1,
2015</header-in-text></quote>;</text>
</clause><clause id="HD7E3EE41F850415DABE8BCCDBE19CA9A"><enum>(iii)</enum><text>by
striking <quote>March 31, 2012</quote> in paragraph (2) and inserting
<quote>September 30, 2015</quote>; and</text>
</clause><clause id="H1D1E24571D1E473B822D227D3154847D"><enum>(iv)</enum><text>by
striking <quote>January 1, 2013</quote> in paragraph (2) and inserting
<quote>July 1, 2016</quote>; and</text>
</clause></subparagraph><subparagraph id="HE1C705B517074ABA836D824BA9CBFBE4"><enum>(B)</enum><text display-inline="yes-display-inline">in subsection (c)(2), by striking
<quote>January 1, 2013</quote> and inserting <quote>July 1,
2016</quote>.</text>
</subparagraph></paragraph><paragraph id="H01B1ACA6E99D4A42B2478E0D832A9434"><enum>(2)</enum><header>Motorboat and
small-engine fuel tax transfers</header>
<subparagraph id="HD6B74709CA934995BB4108135112C5F8"><enum>(A)</enum><header>In
general</header><text>Paragraphs (3)(A)(i) and (4)(A) of section 9503(c) of
such Code are each amended by striking <quote>April 1, 2012</quote> and
inserting <quote>October 1, 2015</quote>.</text>
</subparagraph><subparagraph id="HC26B8CC33908442CBAB069AA1A240C7D"><enum>(B)</enum><header>Conforming
amendments to land and water conservation fund</header><text>Section 201(b) of
the Land and Water Conservation Fund Act of 1965 (16 U.S.C. 460l–11(b)) is
amended—</text>
<clause id="HCCE265EDEC2E4F5295060F0EE02E60E0"><enum>(i)</enum><text>by
striking <quote>April 1, 2013</quote> each place it appears and inserting
<quote>October 1, 2016</quote>; and</text>
</clause><clause id="HF21210929C7546FCA5FDF65C9B3541A2"><enum>(ii)</enum><text>by
striking <quote>April 1, 2012</quote> and inserting <quote>October 1,
2015</quote>.</text>
</clause></subparagraph></paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="HC36DC8D92C0D474F97EA0EC2F1FBE0ED"><enum>(f)</enum><header>Effective
date</header>
<paragraph id="H897A6EF44ED24401AADEF35872D72C6D"><enum>(1)</enum><header>In
general</header><text>Except as provided in paragraph (2), the amendments made
by this section shall take effect on April 1, 2012.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="HE35CB068DC4B4369AFC0AE8910D07B70"><enum>(2)</enum><header>Subsection
<enum-in-header>(b)(2)</enum-in-header></header><text>The amendment made by
subsection (b)(2) shall apply to periods beginning after September 30,
2012.</text>
</paragraph></subsection></section><enum>II</enum><header>Other
provisions</header>
<section id="HA4A8284089AB437586EE8BD15E5900CD"><enum>201.</enum><header>Temporary
increase in small issuer exception to tax-exempt interest expense allocation
rules for financial institutions</header>
<subsection id="H24E3CE9AF8534028B85944E81F65259D"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Subparagraph (G) of
section 265(b)(3) of the Internal Revenue Code of 1986 is amended—</text>
<paragraph id="idA79D702B36334BA29164150B8D406FBA"><enum>(1)</enum><text display-inline="yes-display-inline">by striking <quote>2009 or 2010</quote> in
clause (i) and inserting <quote>2009, 2010, or 2012</quote>,</text>
</paragraph><paragraph id="id8E020EC7ED394DCA963F9607D2363ACB"><enum>(2)</enum><text display-inline="yes-display-inline">by striking <quote>2009 or 2010</quote> in
clauses (ii) and (iii) and inserting <quote>2009, 2010, or the period beginning
after the date of the enactment of the <short-title>Highway Investment, Job Creation, and Economic Growth Act
of 2012</short-title> and before January 1, 2013</quote>, and</text>
</paragraph><paragraph id="id569A357AC6944EE9938E07CAEB1EFF86"><enum>(3)</enum><text>by striking
<quote><header-in-text level="subparagraph" style="OLC">2009 and
2010</header-in-text></quote> in the heading and inserting
<quote><header-in-text level="subparagraph" style="OLC">2009, 2010, and
2012</header-in-text></quote>.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="HC25762BFB5664506ABAA5DA542056F"><enum>(b)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to
obligations issued after the date of the enactment of this Act.</text>
</subsection></section><section id="idE0CBBE3BEF0647AEA7B7A6AB9C4FEDE8"><enum>202.</enum><header>Temporary
modification of alternative minimum tax limitations on tax- exempt
bonds</header>
<subsection id="ID516637e6bdfa4b13a8dcc445e3861440"><enum>(a)</enum><header>Interest on
private activity bonds not treated as tax preference items</header><text>Clause
(vi) of section 57(a)(5)(C) of the Internal Revenue Code of 1986 is
amended—</text>
<paragraph id="IDacf5cada49e54f02b266cf4918ba185b"><enum>(1)</enum><text>in subclause (I)
by inserting <quote>, or after the date of enactment of the
<short-title>Highway Investment, Job Creation, and
Economic Growth Act of 2012</short-title> and before January 1, 2013</quote>
after <quote>January 1, 2011</quote>;</text>
</paragraph><paragraph commented="no" id="id76025D0BA6714EC98FDAF48C71016C23"><enum>(2)</enum><text>in subclause
(III) by inserting <quote>before January 1, 2011</quote> after <quote>which is
issued</quote>; and</text>
</paragraph><paragraph id="IDfe4d48c8a87b48369bbf227d96bf4e66"><enum>(3)</enum><text>by striking
<quote><header-in-text level="clause" style="OLC">and</header-in-text>
2010</quote> in the heading and inserting <quote>, 2010,
<header-in-text level="clause" style="OLC">and portions of</header-in-text>
2012</quote>.</text>
</paragraph></subsection><subsection id="ID05e95968b8b14bd1842b406c9a8f29b5"><enum>(b)</enum><header>No adjustment
to adjusted current earnings</header><text>Clause (iv) of section 56(g)(4)(B)
of the Internal Revenue Code of 1986 is amended—</text>
<paragraph id="IDfd9e2dadae6d49f2b93074a16fb645db"><enum>(1)</enum><text>in subclause (I)
by inserting <quote>, or after the date of enactment of the
<short-title>Highway Investment, Job Creation, and
Economic Growth Act of 2012</short-title> and before January 1, 2013</quote>
after <quote>January 1, 2011</quote>;</text>
</paragraph><paragraph commented="no" id="idD76EDB16DBE0492F88F6745B3421D7E6"><enum>(2)</enum><text>in subclause
(III) by inserting <quote>before January 1, 2011</quote> after <quote>which is
issued</quote>; and</text>
</paragraph><paragraph id="id544889F8FD10467481358E4E010F3384"><enum>(3)</enum><text>by striking
<quote><header-in-text level="clause" style="OLC">and</header-in-text>
2010</quote> in the heading and inserting <quote>, 2010,
<header-in-text level="clause" style="OLC">and portions of </header-in-text>
2012</quote>.</text>
</paragraph></subsection><subsection id="ID59927b608b3d48c690fba42034b29c68"><enum>(c)</enum><header>Effective
Date</header><text>The amendments made by this section shall apply to
obligations issued after the date of enactment of this Act.</text>
</subsection></section><section id="idD6F882ACAC90494884FCFA63739DFA81"><enum>203.</enum><header>Issuance of
TRIP bonds by State infrastructure banks</header><text display-inline="no-display-inline">Section 610(d) of title 23, United States
Code, is amended—</text>
<paragraph id="id2A04D83E0DF8494DA3C9FCA3008260F4"><enum>(1)</enum><text>by redesignating
paragraphs (4), (5), and (6) as paragraphs (5), (6), and (7),
respectively,</text>
</paragraph><paragraph id="idB692A58A936C49178CF58A500533988C"><enum>(2)</enum><text>by inserting
after paragraph (3) the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="idDE079FADBB6D4A678B1611164A11ED49" style="OLC">
<paragraph id="id1F9422DE66E245FC9CF7A434AB39502B"><enum>(4)</enum><header>TRIP bond
account</header>
<subparagraph id="id90E7B23C3F084F14A7C95B3F1512FB40"><enum>(A)</enum><header>In
general</header><text>A State, through a State infrastructure bank, may issue
TRIP bonds and deposit proceeds from such issuance into the TRIP bond account
of the bank.</text>
</subparagraph><subparagraph id="ID8898D03510BB473AA8DB15637FDA4590"><enum>(B)</enum><header>TRIP
bond</header><text>For purposes of this section, the term <term>TRIP
bond</term> means any bond issued as part of an issue if—</text>
<clause id="IDB400B16D4FA948A6BD94624B18654A84"><enum>(i)</enum><text>100 percent of
the available project proceeds of such issue are to be used for expenditures
incurred after the date of the enactment of this paragraph for 1 or more
qualified projects pursuant to an allocation of such proceeds to such project
or projects by a State infrastructure bank,</text>
</clause><clause id="IDCE7AA652F2D948498C5163B480673D23"><enum>(ii)</enum><text>the bond is
issued by a State infrastructure bank and is in registered form (within the
meaning of section 149(a) of the Internal Revenue Code of 1986),</text>
</clause><clause commented="no" display-inline="no-display-inline" id="IDB79849BA2A2647C59D6E389D00B55C81"><enum>(iii)</enum><text display-inline="yes-display-inline">the State infrastructure bank designates
such bond for purposes of this section, and</text>
</clause><clause id="IDDB94A68136F14E56A17DFC99C6BE2A06"><enum>(iv)</enum><text>the term of each
bond which is part of such issue does not exceed 30 years.</text>
</clause></subparagraph><subparagraph id="ID26F6F021C847446FB09DD2BCFB5A01DC"><enum>(C)</enum><header>Qualified
project</header><text>For purposes of this subparagraph, the term
<term>qualified project</term> means the capital improvements to any
transportation infrastructure project of any governmental unit or other person,
including roads, bridges, rail and transit systems, ports, and inland waterways
proposed and approved by a State infrastructure bank, but does not include
costs of operations or maintenance with respect to such
project.</text>
</subparagraph></paragraph><after-quoted-block>,</after-quoted-block></quoted-block>
</paragraph><paragraph id="id90241B8976E244A7A7909DB1A785C228"><enum>(3)</enum><text>by adding at the
end of paragraph (5), as redesignated by paragraph (1), the following new
subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="id14F78A8414EE4A50832E87A9C60E2890" style="OLC">
<subparagraph id="idB550E0330CA84AE4A5E45D1E6B4FA36A"><enum>(D)</enum><header>TRIP bond
account.</header><text>Funds deposited into the TRIP bond account shall
constitute for purposes of this section a capitalization grant for the TRIP
bond account of the bank.</text>
</subparagraph><after-quoted-block>,
and</after-quoted-block></quoted-block>
</paragraph><paragraph id="idFCCFE82ED3F84744869D49928CED2E8E"><enum>(4)</enum><text>by adding at the
end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="id01DD3C5A848B49958BA40290041552C7" style="OLC">
<paragraph id="idF7DE91958EFC4E9DACDB0AC59C2F0CDF"><enum>(8)</enum><header>Special rules
for TRIP bond account funds</header>
<subparagraph id="id345E9B05B2CD4131998B22AD23393737"><enum>(A)</enum><header>In
general</header><text>The State shall develop a transparent competitive process
for the award of funds deposited into the TRIP bond account that considers the
impact of qualified projects on the economy, the environment, state of good
repair, and equity.</text>
</subparagraph><subparagraph id="IDA2D92821741345DBB448C106D66ECD0B"><enum>(B)</enum><header>Applicability
of federal law</header><text>The requirements of any Federal law, including
this title and titles 40 and 49, which would otherwise apply to projects to
which the United States is a party or to funds made available under such law
and projects assisted with those funds shall apply to—</text>
<clause id="IDBEC86572C97142A48A0CADB7B8BF2791"><enum>(i)</enum><text>funds made
available under the TRIP bond account for similar qualified projects,
and</text>
</clause><clause id="IDCFDBE52C9FD24A7591B9F7930D02BCF0"><enum>(ii)</enum><text>similar
qualified projects assisted through the use of such
funds.</text>
</clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="id8C3EC3C4747747E1A27121017B7B5F7A"><enum>204.</enum><header>Extension of
parity for exclusion from income for employer-provided mass transit and parking
benefits</header>
<subsection id="id417CC18BC0C44122919233C3570B15CF"><enum>(a)</enum><header>In
general</header><text>Paragraph (2) of section 132(f) of the Internal Revenue
Code of 1986 is amended by striking <quote>January 1, 2012</quote> and
inserting <quote>January 1, 2013</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id9754F66E0E9A4859A5DB2B414270E687"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to months
after December 31, 2011.</text>
</subsection></section><section id="HB4420C32B04242FCA29500AA554E5E4"><enum>205.</enum><header>Exempt-facility
bonds for sewage and water supply facilities</header>
<subsection id="HE8ADC1C389E1405D829B6B184C5D138E"><enum>(a)</enum><header>Bonds for water
and sewage facilities temporarily exempt from volume cap on private activity
bonds</header><text>Subsection (g) of section 146 of the Internal Revenue Code
of 1986 is amended—</text>
<paragraph id="id51557598CC4C46E0B59A4A0832C8C3D0"><enum>(1)</enum><text>by striking
<quote>and</quote> at the end of paragraph (3),</text>
</paragraph><paragraph id="id95D814BDFC94417DBAC9D3B98DBAA74B"><enum>(2)</enum><text>by striking the
period at the end of paragraph (4) and inserting <quote>, and</quote>,
and</text>
</paragraph><paragraph id="id0F4458A040A24C488C0396F67A458AE5"><enum>(3)</enum><text>by inserting
after paragraph (4) the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="idE5F4399684EC4F10B077B5448434C3B0" style="OLC">
<paragraph id="idA85BDEA3DEF14EEF917AEA0EA3663A44"><enum>(5)</enum><text>any exempt
facility bonds issued before January 1, 2018, as part of an issue described in
paragraph (4) or (5) of section
142(a).</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="H386BE22C772846308B39B7F6D18B7300"><enum>(b)</enum><header>Conforming
change</header><text>Paragraphs (2) and (3)(B) of section 146(k) of the
Internal Revenue Code of 1986 are both amended by striking <quote>paragraph
(4), (5), (6), or (10) of section 142(a)</quote> and inserting <quote>paragraph
(4) or (5) of section 142(a) with respect to bonds issued after December 31,
2017, or paragraph (6) or (10) of section 142(a)</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H2D49E8AE01F54C059DBDF505B976FD8D"><enum>(c)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to
obligations issued after the date of the enactment of this Act.</text>
</subsection></section><enum>III</enum><header>Revenue
provisions</header>
<section id="id85302C8AEA764AB69041C57CB77B2255"><enum>301.</enum><header>Transfer from
Leaking Underground Storage Tank Trust Fund to Highway Trust Fund</header>
<subsection id="id4B11CA71AAD8442583E26558F3E5E7C7"><enum>(a)</enum><header>In
general</header><text>Subsection (c) of section 9508 of the Internal Revenue
Code of 1986 is amended—</text>
<paragraph id="id2D0EB8D0BE164657B3864FE830D2625F"><enum>(1)</enum><text>by striking
<quote>Amounts</quote> and inserting:</text>
<quoted-block display-inline="no-display-inline" id="id31786E5C2D5D40BFB8DC7078DF753EF4" style="OLC">
<paragraph id="idC91E509F5743459089FC6DBB93617E52"><enum>(1)</enum><header>In
general</header><text>Except as provided in paragraph (2),
amounts</text>
</paragraph><after-quoted-block>,
and</after-quoted-block></quoted-block>
</paragraph><paragraph id="idF60EF1B103A242D68FBC11C0371FFA81"><enum>(2)</enum><text>by adding at the
end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="idB061015E70D74041AFE0C9B6E8CA7D2D" style="OLC">
<paragraph id="idCB855ED6171D42088E0F59C5012662D5"><enum>(2)</enum><header>Transfer to
highway trust fund</header><text>Out of amounts in the Leaking Underground
Storage Tank Trust Fund there is hereby appropriated $3,000,000,000 to be
transferred under section 9503(f)(3) to the Highway Trust
Fund.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="idC877A1718AC3404DBA411B88E08C2585"><enum>(b)</enum><header>Transfer to
Highway Trust Fund</header>
<paragraph id="idA69F70DC930144799A520A6E4D724697"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">Subsection (f) of
section 9503 of the Internal Revenue Code of 1986 is amended by inserting after
paragraph (2) the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="idA70B75D9A7CA46B09E005AF88644D66C" style="OLC">
<paragraph id="id7775A74CEBDE43CA8E48741D5126D797"><enum>(3)</enum><header>Increase in
fund balance</header><text>There is hereby transferred to the Highway Trust
Fund amounts appropriated from the Leaking Underground Storage Tank Trust Fund
under section 9508(c)(2).</text>
</paragraph><after-quoted-block>.
</after-quoted-block></quoted-block>
</paragraph><paragraph id="idE0BC6DDF318B4E36A5EB5A020B787D6B"><enum>(2)</enum><header>Conforming
amendments</header><text>Paragraph (4) of section 9503(f) of such Code is
amended—</text>
<subparagraph id="id913EA24043644D91AF1BED14F039F507"><enum>(A)</enum><text>by inserting
<quote>or transferred</quote> after <quote>appropriated</quote>, and</text>
</subparagraph><subparagraph id="id792F5EEC4BBF4896BD55BC6D3457C8F2"><enum>(B)</enum><text>by striking
<quote><header-in-text level="paragraph" style="OLC">appropriated</header-in-text></quote> in the heading
thereof.</text>
</subparagraph></paragraph></subsection></section><section id="idEAD77F517FDB4E59A3FCC51855229F5C"><enum>302.</enum><header>Portion of
Leaking Underground Storage Tank Trust Fund financing rate transferred to
Highway Trust Fund</header>
<subsection id="idCA2138C9FDCF4E7E856C842B1053EC8C"><enum>(a)</enum><header>In
general</header><text>Subsection (b) of section 9503 of the Internal Revenue
Code of 1986 is amended by inserting after paragraph (2) the following new
paragraph:</text>
<quoted-block display-inline="no-display-inline" id="idC60C2C517CF9462E8EC902C6221402F3" style="OLC">
<paragraph id="id8A78835E267C4FA18BCB8AA14FB3FAD6"><enum>(3)</enum><header>Portion of
Leaking Underground Storage Tank Trust Fund financing rate</header><text>There
are hereby appropriated to the Highway Trust Fund amounts equivalent to
one-third of the taxes received in the Treasury under—</text>
<subparagraph id="ID4b05fa814078456790d392b6e8117169"><enum>(A)</enum><text>section 4041(d)
(relating to additional taxes on motor fuels),</text>
</subparagraph><subparagraph id="ID2ed66252a25f4979998ab2c81c442f13"><enum>(B)</enum><text>section 4081
(relating to tax on gasoline, diesel fuel, and kerosene) to the extent
attributable to the Leaking Underground Storage Tank Trust Fund financing rate
under such section, and</text>
</subparagraph><subparagraph id="IDd9cd32c9a0084355822d3aca81ffcbab"><enum>(C)</enum><text>section 4042
(relating to tax on fuel used in commercial transportation on inland waterways)
to the extent attributable to the Leaking Underground Storage Tank Trust Fund
financing rate under such section.</text>
</subparagraph><continuation-text continuation-text-level="paragraph">For
purposes of this paragraph, there shall not be taken into account the taxes
imposed by sections 4041 and 4081 on diesel fuel sold for use or used as fuel
in a diesel-powered
boat.</continuation-text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="id3DC694C24338458ABA0A2A9E34C6C6CD"><enum>(b)</enum><header>Conforming
amendments</header>
<paragraph id="idEC34A41566814357A5F9B86CC9388607"><enum>(1)</enum><text>Paragraphs (1),
(2), and (3) of section 9508(b) of the Internal Revenue Code of 1986 are each
amended by inserting <quote>two-thirds of the</quote> before
<quote>taxes</quote>.</text>
</paragraph><paragraph id="idEDBBAF4E4321464C9209102EF4A25C90"><enum>(2)</enum><text>Paragraph (4) of
section 9503(b) of such Code is amended by striking subparagraphs (A) and (B)
and by redesignating subparagraphs (C) and (D) as subparagraphs (A) and (B),
respectively.</text>
</paragraph></subsection><subsection id="id133686B24C8E4A718124CE7C8F74560B"><enum>(c)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to taxes
received after the date of the enactment of this Act.</text>
</subsection></section><section id="HC8808302347C" section-type="subsequent-section"><enum>303.</enum><header>Elimination of
unintended application of cellulosic biofuel producer credit</header>
<subsection id="id7B10B265A8B4427697A9058A50F358ED"><enum>(a)</enum><header>Claims for
cellulosic biofuel producer credit</header><text display-inline="yes-display-inline">The amendments made by section 1408(a) of
the Health Care and Education Reconciliation Act of 2010 and section 2121(a) of
the Small Business Jobs Act of 2010 shall be applied to claims for credits
under section 40(a) of the Internal Revenue Code of 1986 with respect to fuels
sold or used before January 1, 2010, filed on or after February 3, 2012.</text>
</subsection><subsection id="idA8EED93A8B684E3099E6B39EC154B4B0"><enum>(b)</enum><header>Treatment of
unused general business credits</header><text>No claim for credit under section
38(a)(1) of the Internal Revenue Code of 1986 which is attributable to a credit
under section 40(a) of such Code for any fuel described in section
40(b)(6)(E)(iii) of such Code may be filed on or after February 3, 2012.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="idC73C0C18B25F42B485AE2ADBF721E5A3"><enum>(c)</enum><header>Transfer of
resulting revenue to Highway Trust Fund</header><text>Subsection (b) of section
9503 of the Internal Revenue Code of 1986 is amended by adding at the end the
following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="idCE8764E01D954D318FE1FF2C7E0EE9AD" style="OLC">
<paragraph commented="no" display-inline="no-display-inline" id="id62F3650495294D57AF1B9324036C994B"><enum>(7)</enum><header>Transfer of
resulting revenue</header><text>Out of money in the Treasury not otherwise
appropriated, there are hereby appropriated amounts equivalent to the increase
in revenues received in the Treasury resulting from the provisions of, and
amendment made by, subsections (a) and (b) of section 303 of the
<short-title>Highway Investment, Job Creation, and
Economic Growth Act of
2012</short-title>.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section id="idAB39B5E368DE4BA4AE8CF2BDA286B58E"><enum>304.</enum><header>Transfer of
gas guzzler taxes to Highway Trust Fund</header>
<subsection id="id4E5C132DA8F941BEB9E01FB3ABDD08A9"><enum>(a)</enum><header>In
general</header><text>Paragraph (1) of section 9503(b) of the Internal Revenue
Code of 1986 is amended by redesignating subparagraphs (C), (D), and (E) as
subparagraphs (D), (E), and (F), respectively, and by inserting after
subparagraph (B) the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="id535AA328532B4A19A4586B97D374473F" style="OLC">
<subparagraph id="idDF9C02AAA0E84CCD8AEC80A7AE1106A1"><enum>(B)</enum><text>section 4064
(relating to gas guzzler
tax),</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="idFE5D05B8CBE04BB8AD24C17F3B9F8FA2"><enum>(b)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to taxes
received after the date of the enactment of this Act.</text>
</subsection></section><section id="idF241F8F8245140AD9769A8EA23A6049E"><enum>305.</enum><header>Revocation or
denial of passport in case of certain unpaid taxes</header>
<subsection id="idE6BF9371AD80484BB05CFF8B073629F0"><enum>(a)</enum><header>In
general</header><text>Subchapter D of chapter 75 of the Internal Revenue Code
of 1986 is amended by adding at the end the following new section:</text>
<quoted-block act-name="" id="id44B694C18C024097AAA258C72F37634B" style="OLC">
<section id="id824831D0E598441693AA907A148266D4"><enum>7345.</enum><header>Revocation or
denial of passport in case of certain tax delinquencies</header>
<subsection id="id4741F6E44C944414A4495B318F22AF78"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">If the Secretary
receives certification by the Commissioner of Internal Revenue that any
individual has a seriously delinquent tax debt in an amount in excess of
$50,000, the Secretary shall transmit such certification to the Secretary of
State for action with respect to denial, revocation, or limitation of a
passport pursuant to section 4 of the Act entitled <quote>An Act to regulate
the issue and validity of passports, and for other purposes</quote>, approved
July 3, 1926 (22 U.S.C. 211a et seq.), commonly known as the <quote>Passport
Act of 1926</quote>.</text>
</subsection><subsection id="idEF41C1DFA48D4064877360AF8D04418E"><enum>(b)</enum><header>Seriously
delinquent tax debt</header><text display-inline="yes-display-inline">For
purposes of this section, the term <term>seriously delinquent tax debt</term>
means an outstanding debt under this title for which a notice of lien has been
filed in public records pursuant to section 6323 or a notice of levy has been
filed pursuant to section 6331, except that such term does not include—</text>
<paragraph id="idB9A62037814045398ADA4E165C372C57"><enum>(1)</enum><text display-inline="yes-display-inline">a debt that is being paid in a timely
manner pursuant to an agreement under section 6159 or 7122, and</text>
</paragraph><paragraph id="id17F64B132B7B4A8885C24394E1E1D0F7"><enum>(2)</enum><text display-inline="yes-display-inline">a debt with respect to which collection is
suspended because a collection due process hearing under section 6330, or
relief under subsection (b), (c), or (f) of section 6015, is requested or
pending.</text>
</paragraph></subsection><subsection id="id9ADE745F01144E27B49D85C4F1A98E9C"><enum>(c)</enum><header>Adjustment for
inflation</header><text display-inline="yes-display-inline">In the case of a
calendar year beginning after 2012, the dollar amount in subsection (a) shall
be increased by an amount equal to—</text>
<paragraph id="ID58541a1ef6d44322bbbb88c3eba4e97f"><enum>(1)</enum><text>such dollar
amount, multiplied by</text>
</paragraph><paragraph id="ID35abcd7d99e54966942ecbc3aa162dd3"><enum>(2)</enum><text>the
cost-of-living adjustment determined under section 1(f)(3) for the calendar
year, determined by substituting <quote>calendar year 2011</quote> for
<quote>calendar year 1992</quote> in subparagraph (B) thereof.</text>
</paragraph><continuation-text continuation-text-level="subsection">If any
amount as adjusted under the preceding sentence is not a multiple of $1,000,
such amount shall be rounded to the next highest multiple of
$1,000.</continuation-text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="id782FDB23DDC247AA831AE2E3A4813CDA"><enum>(b)</enum><header>Clerical
amendment</header><text>The table of sections for subchapter D of chapter 75 of
the Internal Revenue Code of 1986 is amended by adding at the end the following
new item:</text>
<quoted-block id="id407991c9-25d7-4f98-96fc-83012ff6e4fa" style="OLC">
<toc>
<toc-entry idref="id824831D0E598441693AA907A148266D4" level="section">Sec. 7345. Revocation or denial of passport in case of certain
tax
delinquencies.</toc-entry>
</toc>
<after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="id4368CBE7F3E046D599B5366D88FE6258"><enum>(c)</enum><header>Authority for
information sharing</header>
<paragraph id="id866EEFDDBD0C4DF8B87C55C6EC8F4B5A"><enum>(1)</enum><header>In
general</header><text>Subsection (l) of section 6103 of the Internal Revenue
Code of 1986 is amended by adding at the end the following new
paragraph:</text>
<quoted-block act-name="" id="idF93A9E4FCD4B4D11AB271761812FD68B" style="OLC">
<paragraph id="idD7AED0CEE296486196764B88C1D42A62"><enum>(23)</enum><header>Disclosure of
return information to Department of State for purposes of passport revocation
under section 7345</header>
<subparagraph id="idA149FF0DDD214FE6852421D61A7762C5"><enum>(A)</enum><header>In
general</header><text>The Secretary shall, upon receiving a certification
described in section 7345, disclose to the Secretary of State return
information with respect to a taxpayer who has a seriously delinquent tax debt
described in such section. Such return information shall be limited to—</text>
<clause id="id13AFDA4576104EF6999665D8D4049E60"><enum>(i)</enum><text>the taxpayer
identity information with respect to such taxpayer, and</text>
</clause><clause id="idECFFD14E8DBC4238A18F493E313A6AC5"><enum>(ii)</enum><text>the amount of
such seriously delinquent tax debt.</text>
</clause></subparagraph><subparagraph id="id6AC648BE07F541D2A0713B630877A002"><enum>(B)</enum><header>Restriction on
disclosure</header><text>Return information disclosed under subparagraph (A)
may be used by officers and employees of the Department of State for the
purposes of, and to the extent necessary in, carrying out the requirements of
section 4 of the Act entitled <quote>An Act to regulate the issue and validity
of passports, and for other purposes</quote>, approved July 3, 1926 (22 U.S.C.
211a et seq.), commonly known as the <quote>Passport Act of
1926</quote>.</text>
</subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="id040B6C66CC9B40209E1FEB1EFC568DE2"><enum>(2)</enum><header>Conforming
amendment</header><text>Paragraph (4) of section 6103(p) of such Code is
amended by striking <quote>or (22)</quote> each place it appears in
subparagraph (F)(ii) and in the matter preceding subparagraph (A) and inserting
<quote>(22), or (23)</quote>.</text>
</paragraph></subsection><subsection id="idF4C3E4A9FAE441A59E67175DB75861C1"><enum>(d)</enum><header>Revocation
authorization</header><text>The Act entitled <quote>An Act to regulate the
issue and validity of passports, and for other purposes</quote>, approved July
3, 1926 (22 U.S.C. 211a et seq.), commonly known as the <quote>Passport Act of
1926</quote>, is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id91D686F856624F389F1B6D81BD81654F" style="OLC">
<section id="IDed012caa07284c758ecdcd796eec5c0d"><enum>4.</enum><header>Authority to
deny or revoke passport</header>
<subsection id="IDbde087a533044cdf8f2bcfdbac960606"><enum>(a)</enum><header>Ineligibility</header>
<paragraph id="ID98ebbc8a2ed84ae495de355d214bc767"><enum>(1)</enum><header>Issuance</header><text>Except
as provided under subsection (b), upon receiving a certification described in
section 7345 of the Internal Revenue Code of 1986 from the Secretary of the
Treasury, the Secretary of State may not issue a passport or passport card to
any individual who has a seriously delinquent tax debt described in such
section.</text>
</paragraph><paragraph id="ID971ba9ecca6543abaaa13172a0527022"><enum>(2)</enum><header>Revocation</header><text>The
Secretary of State shall revoke a passport or passport card previously issued
to any individual described in subparagraph (A).</text>
</paragraph></subsection><subsection id="IDd827f08c71b6424298e3336e71cbfbd7"><enum>(b)</enum><header>Exceptions</header>
<paragraph id="ID405049336be84662a21e9760224c2f1f"><enum>(1)</enum><header>Emergency and
humanitarian situations</header><text>Notwithstanding subsection (a), the
Secretary of State may issue a passport or passport card, in emergency
circumstances or for humanitarian reasons, to an individual described in
subsection (a)(1).</text>
</paragraph><paragraph id="IDc370eb7253534d11b758a42d42390f78"><enum>(2)</enum><header>Limitation for
return to united states</header><text>Notwithstanding subsection (a)(2), the
Secretary of State, before revocation, may—</text>
<subparagraph id="id8D5EE8DDBAA94DCB84CBBE4D105C4008"><enum>(A)</enum><text>limit a
previously issued passport or passport card only for return travel to the
United States; or</text>
</subparagraph><subparagraph id="id4A5C1EAE794A41A0A6F622FD566C6421"><enum>(B)</enum><text>issue a limited
passport or passport card that only permits return travel to the United
States.</text>
</subparagraph></paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id4628AF272E16408EB989F7F30ADB2ECC"><enum>(e)</enum><header>Effective
date</header><text>The amendments made by this section shall take effect on
January 1, 2013.</text>
</subsection></section><section id="idDDCB7B6F69934B54BD06B87C9D14C6B8" section-type="subsequent-section"><enum>306.</enum><header>100 percent
continuous levy on payments to Medicare providers and suppliers</header>
<subsection id="id347ABDD6B1D74000B48FC7A6B6558000"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Paragraph (3) of
section 6331(h) of the Internal Revenue Code of 1986 is amended by striking the
period at the end and inserting <quote>, or to a Medicare provider or supplier
under title XVIII of the Social Security Act.</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="idBDC520DDD75F4C59A45C35AB8AB5861B"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to payments
made after the date of the enactment of this Act.</text>
</subsection></section><section id="idC7C7B5480B05466C84D4DC5F107883BF"><enum>307.</enum><header>Transfer of
amounts attributable to certain duties on imported vehicles into the Highway
Trust Fund</header><text display-inline="no-display-inline">Section 9503(b) of
the Internal Revenue Code of 1986, as amended by this Act, is amended by adding
at the end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="id9D53DC5C66994C6C85174A2F08150228" style="OLC">
<paragraph id="idBF2B2FB8D84F4EEBB4DDCD3324ED0270"><enum>(8)</enum><header>Certain duties
on imported vehicles</header><text>There are hereby appropriated to the Highway
Trust Fund amounts equivalent to the amounts received in the Treasury that are
attributable to duties collected on or after October 1, 2011, and before
October 1, 2016, on articles classified under subheading 8703.22.00 or
8703.24.00 of the Harmonized Tariff Schedule of the United
States.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="HE365A2D907FF4A3C913CA1A574A2BFDC" section-type="subsequent-section"><enum>308.</enum><header>Treatment of
securities of a controlled corporation exchanged for assets in certain
reorganizations</header>
<subsection id="H38354D349D124469A2674E0F3BEB93ED"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 361 of the
Internal Revenue Code of 1986 is amended by adding at the end the following new
subsection:</text>
<quoted-block display-inline="no-display-inline" id="H021F6DA2EFFD459FA2DDA2A8692E9234" style="OLC">
<subsection id="H37EC9EAF0685455A94C94C31D11B5E04"><enum>(d)</enum><header>Special rules
for transactions involving section 355 distributions</header><text display-inline="yes-display-inline">In the case of a reorganization described
in section 368(a)(1)(D) with respect to which stock or securities of the
corporation to which the assets are transferred are distributed in a
transaction which qualifies under section 355—</text>
<paragraph id="H631D8D3DABB14637B7F375F81D5BC1E9"><enum>(1)</enum><text>this section shall
be applied by substituting <quote>stock other than nonqualified preferred stock
(as defined in section 351(g)(2))</quote> for <quote>stock or
securities</quote> in subsections (a) and (b)(1), and</text>
</paragraph><paragraph id="H6F9B832FFCF04252A070051F06765AF2"><enum>(2)</enum><text>the first sentence
of subsection (b)(3) shall apply only to the extent that the sum of the money
and the fair market value of the other property transferred to such creditors
does not exceed the adjusted bases of such assets transferred (reduced by the
amount of the liabilities assumed (within the meaning of section
357(c))).</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H23C47E3C593141BAB8C8E4C4B29DDF37"><enum>(b)</enum><header>Conforming
amendment</header><text>Paragraph (3) of section 361(b) is amended by striking
the last sentence.</text>
</subsection><subsection id="H959B18D152274FF59B50CECE1FF2FD19"><enum>(c)</enum><header>Effective
date</header>
<paragraph id="H8A008B7C52AE4746A8802AB2CAE0460E"><enum>(1)</enum><header>In
general</header><text>Except as provided in paragraph (2), the amendments made
by this section shall apply to exchanges after the date of the enactment of
this Act.</text>
</paragraph><paragraph id="H1E6F26FF5A264F56A913F5C912363307"><enum>(2)</enum><header>Transition
rule</header><text display-inline="yes-display-inline">The amendments made by
this section shall not apply to any exchange pursuant to a transaction which
is—</text>
<subparagraph id="H41BD6D7D45AA4F79A93C3279A330B300"><enum>(A)</enum><text>made pursuant to a
written agreement which was binding on February 6, 2012, and at all times
thereafter;</text>
</subparagraph><subparagraph id="HBAAD1F038BE0465BB69FFE34A42655DF"><enum>(B)</enum><text>described in a
ruling request submitted to the Internal Revenue Service on or before February
6, 2012; or</text>
</subparagraph><subparagraph id="H34D2D1FA5DD94110A154221FAEF32D15"><enum>(C)</enum><text>described on or
before February 6, 2012, in a public announcement or in a filing with the
Securities and Exchange Commission.</text>
</subparagraph></paragraph></subsection></section><section id="idB4F8E45E9944433DABA7D35E030784BD" section-type="subsequent-section"><enum>309.</enum><header>Internal Revenue
Service levies and Thrift Savings Plan Accounts</header><text display-inline="no-display-inline">Section 8437(e)(3) of title 5, United States
Code, is amended by inserting <quote>, the enforcement of a Federal tax levy as
provided in section 6331 of the Internal Revenue Code of 1986,</quote> after
<quote>(42 U.S.C. 659)</quote>.</text>
</section><section commented="no" id="id0BD5733B36A74AEA866E5C6C6F03F89C"><enum>310.</enum><header>Modifications
of required distribution rules for pension plans</header>
<subsection commented="no" id="id06C24EADC9E743B3A1DCE0C703A20B14"><enum>(a)</enum><header>In
general</header><text>Section 401(a)(9)(B) of the Internal Revenue Code of 1986
is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="idC16FD02096D942FEB3E7FC72B8E9FE1F" style="OLC">
<subparagraph commented="no" display-inline="no-display-inline" id="P1B6933CB1D094AB89F4814DAF740237A"><enum>(B)</enum><header>Required
distributions where employee dies before entire interest is
distributed</header>
<clause commented="no" id="P42479378CBDB406A957328F01F744766"><enum>(i)</enum><header>5-year general
rule</header><text>A trust shall not constitute a qualified trust under this
section unless the plan provides that, if an employee dies before the
distribution of the employee's interest (whether or not such distribution has
begun in accordance with subparagraph (A)), the entire interest of the employee
will be distributed within 5 years after the death of such employee.</text>
</clause><clause commented="no" id="idB33DB6A6AB0743B5B0B29234E2D48FD9"><enum>(ii)</enum><header>Exception for
eligible designated beneficiaries</header><text>If—</text>
<subclause commented="no" id="id34DE895D7E464B439A4C2AF9A82B6718"><enum>(I)</enum><text>any portion of
the employee's interest is payable to (or for the benefit of) an eligible
designated beneficiary,</text>
</subclause><subclause commented="no" id="id153E195235514264ACBEE61E72D635F4"><enum>(II)</enum><text>such portion
will be distributed (in accordance with regulations) over the life of such
eligible designated beneficiary (or over a period not extending beyond the life
expectancy of such beneficiary), and</text>
</subclause><subclause commented="no" id="id8C3E8E5FB7BF406BAB2699B717803D73"><enum>(III)</enum><text>such
distributions begin not later than 1 year after the date of the employee's
death or such later date as the Secretary may by regulations prescribe,</text>
</subclause><continuation-text commented="no" continuation-text-level="clause">then, for purposes of clause (i) and
except as provided in clause (iv) or subparagraph (E)(iii), the portion
referred to in subclause (I) shall be treated as distributed on the date on
which such distributions begin.</continuation-text></clause><clause commented="no" id="P192A195FAA9941068DAB671D99A28C26"><enum>(iii)</enum><header>Special rule
for surviving spouse of employee</header><text>If the eligible designated
beneficiary referred to in clause (ii)(I) is the surviving spouse of the
employee—</text>
<subclause commented="no" id="P01F258FDD9274DBFAA1E8776B31DCCD9"><enum>(I)</enum><text>the date on which
the distributions are required to begin under clause (ii)(III) shall not be
earlier than the date on which the employee would have attained age 70 ½,
and</text>
</subclause><subclause commented="no" id="PDCFC7F95F7C84A3EB18FCBB5AEB5F060"><enum>(II)</enum><text>if the surviving
spouse dies before the distributions to such spouse begin, this subparagraph
shall be applied as if the surviving spouse were the employee.</text>
</subclause></clause><clause commented="no" id="id8F9AA2CE7A014F92AF6220A3CF793665"><enum>(iv)</enum><header>Rules upon
death of eligible designated beneficiary</header><text>If an eligible
designated beneficiary dies before the portion of an employee's interest
described in clause (ii) is entirely distributed, clause (ii) shall not apply
to any beneficiary of such eligible designated beneficiary and the remainder of
such portion shall be distributed within 5 years after the death of such
beneficiary.</text>
</clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" id="idF2581001917E4FD087156C923C509E16"><enum>(b)</enum><header>Definition of
eligible designated beneficiary</header><text>Section 401(a)(9)(E) of such Code
is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="id66212BCA6B1B4693913AD516248383E5" style="OLC">
<subparagraph commented="no" id="PB62A3A507A3A4AC2895C699553F633BA"><enum>(E)</enum><header>Definitions and
rules relating to designated beneficiary</header><text>For purposes of this
paragraph—</text>
<clause commented="no" id="id88A64A9748CC4266B5388484A16E88E0"><enum>(i)</enum><header>Designated
beneficiary</header><text>The term <quote>designated beneficiary</quote> means
any individual designated as a beneficiary by the employee.</text>
</clause><clause commented="no" id="idE9125140A6B944F8B682181A6A1FD2C2"><enum>(ii)</enum><header>Eligible
designated beneficiary</header><text>The term <quote>eligible designated
beneficiary</quote> means, with respect to any employee, any designated
beneficiary who, as of the date of death of the employee, is—</text>
<subclause commented="no" id="id34983EBE879A48DD9B6EA197A9EA1F46"><enum>(I)</enum><text>the surviving
spouse of the employee,</text>
</subclause><subclause commented="no" id="idFD1C196A65F743D18E8F1C51601E2734"><enum>(II)</enum><text>subject to
clause (iii), a child of the employee who has not reached majority (within the
meaning of subparagraph (F)),</text>
</subclause><subclause commented="no" id="id711A27208BD74FB28CD19E64475030EE"><enum>(III)</enum><text>disabled
(within the meaning of section 72(m)(7)),</text>
</subclause><subclause commented="no" id="id51E8C798817844FEAFBD61E2694E0025"><enum>(IV)</enum><text>a chronically
ill individual (within the meaning of section 7702B(c)(2), except that the
requirements of subparagraph (A)(i) thereof shall only be treated as met if
there is a certification that, as of such date, the period of inability
described in such subparagraph with respect to the individual is an indefinite
one that is reasonably expected to be lengthy in nature), or</text>
</subclause><subclause commented="no" id="idFE85562B66CD4EA48E760977B650C9ED"><enum>(V)</enum><text>an individual not
described in any of the preceding subparagraphs who is not more than 10 years
younger than the employee.</text>
</subclause></clause><clause commented="no" id="id14F0178DC8AF4B79A6FACAD365429DD2"><enum>(iii)</enum><header>Special rule
for children</header><text>Subject to subparagraph (F), an individual described
in clause (ii)(II) shall cease to be an eligible designated beneficiary as of
the date the individual reaches majority and the requirement of subparagraph
(B)(i) shall not be treated as met with respect to any remaining portion of an
employee's interest payable to the individual unless such portion is
distributed within 5 years after such
date.</text>
</clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" id="idF336A0D99F26477CBA04887A14F3FD07"><enum>(c)</enum><header>Required
beginning date</header><text>Section 401(a)(9)(C) of such Code is amended by
adding at the end the following new clause:</text>
<quoted-block display-inline="no-display-inline" id="id7096A5E824E94B9B94A9410BE490A718" style="OLC">
<clause commented="no" id="id95C3B5373E524D3F90AAAD294ACD6948"><enum>(v)</enum><header>Employees
becoming 5-percent owners after age 70<fraction>1/2</fraction></header><text>If
an employee becomes a 5-percent owner (as defined in section 416) with respect
to a plan year ending in a calendar year after the calendar year in which the
employee attains age 70<fraction>1/2</fraction><fraction>,</fraction> then
clause (i)(II) shall be applied by substituting the calendar year in which the
employee became such an owner for the calendar year in which the employee
retires.</text>
</clause><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" id="id3D77D0D1E6F649B8B8FB6509A753588A"><enum>(d)</enum><header>Effective
dates</header>
<paragraph commented="no" id="idCB9915C605FF4EF5B4D525B0FA82DEB5"><enum>(1)</enum><header>In
general</header><text>Except as provided in this subsection, the amendments
made by this section shall apply to distributions with respect to employees who
die after December 31, 2012.</text>
</paragraph><paragraph commented="no" id="idE66F128259564C1FABF1FA773793C097"><enum>(2)</enum><header>Required
beginning date</header>
<subparagraph commented="no" id="idE7E6A62C7A6345B39A23DB34BA82F43B"><enum>(A)</enum><header>In
general</header><text>The amendment made by subsection (c) shall apply to
employees becoming a 5-percent owner with respect to plan years ending in
calendar years beginning before, on, or after the date of the enactment of this
Act.</text>
</subparagraph><subparagraph commented="no" id="idAF3451F5A92E4333A5BE45A29A444FEC"><enum>(B)</enum><header>Special
rule</header><text>If—</text>
<clause commented="no" id="idCF2BD1343F8A40DF994E38465D663637"><enum>(i)</enum><text>an employee
became a 5-percent owner with respect to a plan year ending in a calendar year
which began before January 1, 2012, and</text>
</clause><clause commented="no" id="id5382C1EEDDF24BF8999417438F852EE9"><enum>(ii)</enum><text>the employee has
not retired before calendar year 2013,</text>
</clause><continuation-text commented="no" continuation-text-level="subparagraph">such employee shall be treated as
having become a 5-percent owner with respect to a plan year ending in 2012 for
purposes of applying section 401(a)(9)(C)(v) of the Internal Revenue Code of
1986 (as added by the amendment made by subsection (c)).</continuation-text></subparagraph></paragraph><paragraph commented="no" id="idA9E69707CA384992A038B5A80E422283"><enum>(3)</enum><header>Exception for
certain beneficiaries</header><text>If a designated beneficiary of an employee
who dies before January 1, 2013, dies after December 31, 2012—</text>
<subparagraph commented="no" id="id4DA9BFE4F3B14F5FB75CD0A3DB340E38"><enum>(A)</enum><text>the amendments
made by this section shall apply to any beneficiary of such designated
beneficiary, and</text>
</subparagraph><subparagraph commented="no" id="id185808B0FE274440AE08432B14C3575C"><enum>(B)</enum><text>the designated
beneficiary shall be treated as an eligible designated beneficiary for purposes
of applying section 401(a)(9)(B)(iv) of such Code (as in effect after the
amendments made by this section).</text>
</subparagraph></paragraph><paragraph commented="no" id="idCA6AEF0628A940E1AC8AAC2E88F70725"><enum>(4)</enum><header>Exception for
certain existing annuity contracts</header>
<subparagraph commented="no" id="id7120AF585C2A4EC8A83AF97717D252F4"><enum>(A)</enum><header>In
general</header><text>The amendments made by this section shall not apply to a
qualified annuity which is a binding annuity contract in effect on the date of
the enactment of this Act and at all times thereafter.</text>
</subparagraph><subparagraph commented="no" id="idED7CEEB355AE498D8161743389EE4346"><enum>(B)</enum><header>Qualified
annuity contract</header><text>For purposes of this paragraph, the term
<term>qualified annuity</term> means, with respect to an employee, an
annuity—</text>
<clause commented="no" id="id5DF4612FF2454830BA970D2AAE462833"><enum>(i)</enum><text>which is a
commercial annuity (as defined in section 3405(e)(6) of such Code) or payable
by a defined benefit plan,</text>
</clause><clause commented="no" id="id63B63A26DF984B47B2C5B1B7DB064C24"><enum>(ii)</enum><text>under which the
annuity payments are substantially equal periodic payments (not less frequently
than annually) over the lives of such employee and a designated beneficiary (or
over a period not extending beyond the life expectancy of such employee or the
life expectancy of such employee and a designated beneficiary) in accordance
with the regulations described in section 401(a)(9)(A)(ii) of such Code (as in
effect before such amendments) and which meets the other requirements of this
section 401(a)(9) of such Code (as so in effect) with respect to such payments,
and</text>
</clause><clause commented="no" id="id01931782AA3649BFB0546CF7AF2A1E45"><enum>(iii)</enum><text>with respect to
which—</text>
<subclause commented="no" id="idF6D27A9A001647EFA41C5EC09083BA13"><enum>(I)</enum><text>annuity payments
to the employee have begun before January 1, 2013, and the employee has made an
irrevocable election before such date as to the method and amount of the
annuity payments to the employee or any designated beneficiaries, or</text>
</subclause><subclause commented="no" id="idEB96E158308D494DB3304D853E2F5242"><enum>(II)</enum><text>if subclause (I)
does not apply, the employee has made an irrevocable election before the date
of the enactment of this Act as to the method and amount of the annuity
payments to the employee or any designated beneficiaries.</text>
</subclause></clause></subparagraph></paragraph></subsection></section><section id="id2FF4BFC86B2A4AC99C14491ADAD00105" section-type="subsequent-section"><enum>311.</enum><header>Depreciation and
amortization rules for highway and related property subject to long-term
leases</header>
<subsection id="id7E1AE098EB414F81B80B28E1F11CD644"><enum>(a)</enum><header>Accelerated
cost recovery</header>
<paragraph id="id1145896BC12642819FF2F44EEFDA7CFB"><enum>(1)</enum><header>In
general</header><text>Section 168(g)(1) of the Internal Revenue Code of 1986 is
amended by striking <quote>and</quote> at the end of subparagraph (D), by
redesignating subparagraph (E) as subparagraph (F), and by inserting after
subparagraph (D) the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="id836D93B02DBD478B8E1678EF8FE4BFAF" style="OLC">
<subparagraph id="idF1B7A34BEF324CFE9A6A33B35C801E8D"><enum>(E)</enum><text>any applicable
leased highway
property,</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="idA29E213CBBBF45DCB400D31C3CBEA1C1"><enum>(2)</enum><header>Recovery
period</header><text>The table contained in subparagraph (C) of section
168(g)(2) of such Code is amended by redesignating clause (iv) as clause (v)
and by inserting after clause (iii) the following new clause:</text>
<quoted-block display-inline="no-display-inline" id="idFF1964C74A554C0EADE0058CA0779845" style="OLC">
<table align-to-level="section" blank-lines-before="1" colsep="0" frame="none" line-rules="no-gen" rowsep="0" rule-weights="0.0.0.0.0.0" table-template-name="Generic: 1 text" table-type="">
<tgroup cols="2" grid-typeface="1.1" rowsep="0" thead-tbody-ldg-size="0.10.12"><colspec coldef="txt" colname="column1" colnum="0" colwidth="198pts" min-data-value="195" rowsep="0"></colspec><colspec coldef="txt" colname="column2" colnum="1" colwidth="127pts" min-data-value="125" rowsep="0"></colspec>
<tbody>
<row><entry colname="column1" leader-modify="force-ldr-bottom" rowsep="0" stub-definition="txt-ldr">(iv) Applicable leased highway
property</entry><entry colname="column2">45 years.</entry>
</row>
</tbody>
</tgroup></table>
<after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="id571C4AEB2B3749B8913129A45B1DEB37"><enum>(3)</enum><header>Applicable
leased highway property defined</header>
<subparagraph id="id5EE1BAFB5BAF4B1F82886621F9E7AC40"><enum>(A)</enum><header>In
general</header><text>Section 168(g) of such Code is amended by redesignating
paragraph (7) as paragraph (8) and by inserting after paragraph (6) the
following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="id3816284D09AC423CAC9BB80FB7540B6B" style="OLC">
<paragraph id="idF7E9A528702C4549A5A464E5577BCB47"><enum>(7)</enum><header>Applicable
leased highway property</header><text>For purposes of paragraph (1)(E)—</text>
<subparagraph id="idEF7BCF0F877441AFB41D36EF53602100"><enum>(A)</enum><header>In
general</header><text>The term <term>applicable leased highway property</term>
means property to which this section otherwise applies which—</text>
<clause id="id728733D65249452E8B03CDCEC8213ED8"><enum>(i)</enum><text>is subject to an
applicable lease, and</text>
</clause><clause id="idAC3F9411C39A4EB2B69BDAC74DE63398"><enum>(ii)</enum><text>is placed in
service before the date of such lease.</text>
</clause></subparagraph><subparagraph id="idC8B29BE577004DFF99BEEFEB438EBAA0"><enum>(B)</enum><header>Applicable
lease</header><text>The term <term>applicable lease</term> means a lease or
other arrangement—</text>
<clause id="idE57C42F8B7E04433B7F57CE27C9D86D2"><enum>(i)</enum><text>which is between
the taxpayer and a State or political subdivision thereof, or any agency or
instrumentality of either, and</text>
</clause><clause id="id2160317FD09B4DF8A668E669387249C6"><enum>(ii)</enum><text>under which the
taxpayer—</text>
<subclause id="id92BDAA44D92B4EF29F45298438F36D6E"><enum>(I)</enum><text>leases a highway
and associated improvements,</text>
</subclause><subclause id="id099520961BB94D0A894C0FFAD96ECEBE"><enum>(II)</enum><text>receives a
right-of-way on the public lands underlying such highway and improvements,
and</text>
</subclause><subclause id="idCB5A165C107649A1B220D1087676AB53"><enum>(III)</enum><text>receives a
grant of a franchise or other intangible right permitting the taxpayer to
receive funds relating to the operation of such
highway.</text>
</subclause></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="idE662E2CA3A464465BED54D6D99131631"><enum>(B)</enum><header>Conforming
amendment</header><text>Subparagraph (F) of section 168(g)(1) (as redesignated
by subsection (a)(1)) is amended by striking <quote>paragraph (7)</quote> and
inserting <quote>paragraph (8)</quote>.</text>
</subparagraph></paragraph></subsection><subsection id="id93DF4B822C9144F0A5E6E7EB3B71DA49"><enum>(b)</enum><header>Amortization of
intangibles</header><text>Section 197(f) of the Internal Revenue Code of 1986
is amended by adding at the end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="id62327D7EC9B8462A923DF5E19B970C5C" style="OLC">
<paragraph id="idC01CAD30476D4B83BF916B6ADE227E29"><enum>(11)</enum><header>Intangibles
relating to applicable leased highway property</header><text>In the case of any
amortizable section 197 intangible property which is acquired in connection
with an applicable lease (as defined in section 168(g)(7)(B)), the amortization
period under this section shall not be less than the term of the applicable
lease. For purposes of the preceding sentence, rules similar to the rules of
section 168(i)(3)(A) shall apply in determining the term of the applicable
lease.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="id83F33CF99A6B40DAB8A22BFE341B9D3D"><enum>(c)</enum><header>No private
activity bond financing of applicable leased highway
property</header><text>Section 147(e) of the Internal Revenue Code of 1986 is
amended by inserting <quote>, or to finance any applicable leased highway
property (as defined in section 168(g)(7)(A))</quote> after
<quote>premises</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="idF451DC37C2D54048A9A8A39ECC195E48"><enum>(d)</enum><header>Effective
dates</header>
<paragraph commented="no" display-inline="no-display-inline" id="idD73A93B6902A4DDE9753E61134A4B9D9"><enum>(1)</enum><header>In
general</header><text>Except as provided in paragraph (2), the amendments made
by this section shall apply to leases entered into after the date of the
enactment of this Act.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="idB701E153ECDE431499B6B9BFDF3D4751"><enum>(2)</enum><header>No private
activity bond financing</header><text>The amendment made by subsection (c)
shall apply to bonds issued after the date of the enactment of this Act.</text>
</paragraph></subsection></section><section id="idAC762993675C422BAE722C8B1774969A"><enum>312.</enum><header>Extension for
transfers of excess pension assets to retiree health accounts</header>
<subsection id="H1917E1A1129446E9B9720BD6CCE422C7"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Paragraph (5) of
section 420(b) of the Internal Revenue Code of 1986 is amended by striking
<quote>December 31, 2013</quote> and inserting <quote>December 31,
2021</quote>.</text>
</subsection><subsection id="H1D5500147806486F95F75E80AD317DA2"><enum>(b)</enum><header>Conforming ERISA
amendments</header>
<paragraph id="HE387853483CE418CB70DDBAA4343A1AB"><enum>(1)</enum><text display-inline="yes-display-inline">Sections 101(e)(3), 403(c)(1), and
408(b)(13) of the Employee Retirement Income Security Act of 1974 are each
amended by striking <quote>Pension Protection Act of 2006</quote> and inserting
<quote><short-title>Highway Investment, Job Creation, and
Economic Growth Act of 2012</short-title></quote>.</text>
</paragraph><paragraph id="H9AC951A39384423088E22FDB07D9AC7C"><enum>(2)</enum><text>Section 408(b)(13)
of such Act (29 U.S.C. 1108(b)(13)) is amended by striking <quote>January 1,
2014</quote> and inserting <quote>January 1, 2022</quote>.</text>
</paragraph></subsection><subsection id="H383F1F391BE94CFC950982A2958E37FA"><enum>(c)</enum><header>Effective
date</header><text>The amendments made by this Act shall take effect on the
date of the enactment of this Act.</text>
</subsection></section><section id="H73A3D9B96109477DB0F101FF8834B0CC"><enum>313.</enum><header>Transfer of
excess pension assets to retiree group term life insurance accounts</header>
<subsection id="H7EC830BFB9494B51A0EA4ED2151B893B"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Subsection (a) of
section 420 of the Internal Revenue Code of 1986 is amended by inserting
<quote>, or an applicable life insurance account,</quote> after <quote>health
benefits account</quote>.</text>
</subsection><subsection id="HBE72BBF91E904022A04040816E6E7869"><enum>(b)</enum><header>Applicable life
insurance account defined</header>
<paragraph id="H13FDFEFD45034D82A80F8500CBA48CF8"><enum>(1)</enum><header>In
general</header><text>Subsection (e) of section 420 of the Internal Revenue
Code of 1986 is amended by redesignating paragraphs (4) and (5) as paragraphs
(5) and (6), respectively, and by inserting after paragraph (3) the following
new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="H8A025034C07A412FAEEC4050AD581D68" style="OLC">
<paragraph id="HB5935FE13BC04C648B5B21A3AFB2348F"><enum>(4)</enum><header>Applicable life
insurance account</header><text display-inline="yes-display-inline">The term
<term>applicable life insurance account</term> means a separate account
established and maintained for amounts transferred under this section for
qualified current retiree liabilities based on premiums for applicable life
insurance
benefits.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="HD3A1D19CA31A40EA95713FD67D4B54D3"><enum>(2)</enum><header>Applicable life
insurance benefits defined</header><text>Paragraph (1) of section 420(e) of
such Code is amended by redesignating subparagraph (D) as subparagraph (E) and
by inserting after subparagraph (C) the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="HC3431ABA2F7B4C47A6BA4E3CA45CA4FD" style="OLC">
<subparagraph id="H476B5ABBAE3147DF8D98291A6F7CC06C"><enum>(D)</enum><header>Applicable life
insurance benefits</header><text display-inline="yes-display-inline">The term
<term>applicable life insurance benefits</term> means group-term life insurance
coverage provided to retired employees who, immediately before the qualified
transfer, are entitled to receive such coverage by reason of retirement and who
are entitled to pension benefits under the plan, but only to the extent that
such coverage is provided under a policy for retired employees and the cost of
such coverage is excludable from the retired employee’s gross income under
section
79.</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="H3FD697CD92F042608107FD7391987B81"><enum>(3)</enum><header>Collectively
bargained life insurance benefits defined</header>
<subparagraph id="id4B599D9B0D8143DBAA0E68C045246043"><enum>(A)</enum><header>In
general</header><text>Paragraph (6) of section 420(f) of such Code is amended
by redesignating subparagraph (D) as subparagraph (E) and by inserting after
subparagraph (C) the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="HFC93D18AE448487AA0A5002BFEC1F6FB" style="OLC">
<subparagraph id="H0E1DDCE72AF646A0AA71E0A9DF15F199"><enum>(D)</enum><header>Collectively
bargained life insurance benefits</header><text display-inline="yes-display-inline">The term <term>collectively bargained life
insurance benefits</term> means, with respect to any collectively bargained
transfer—</text>
<clause id="H76D1FDA093A3480E85D37977FF1275F1"><enum>(i)</enum><text>applicable life
insurance benefits which are provided to retired employees who, immediately
before the transfer, are entitled to receive such benefits by reason of
retirement, and</text>
</clause><clause id="H00105CC93B784BDD8942D57E6C925F36"><enum>(ii)</enum><text>if specified by
the provisions of the collective bargaining agreement governing the transfer,
applicable life insurance benefits which will be provided at retirement to
employees who are not retired employees at the time of the
transfer.</text>
</clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="id1AE1120A42D04F0E85E51CCBE6EB4D6B"><enum>(B)</enum><header>Conforming
amendments</header>
<clause id="idFB394F2377E64FE29D8345656C261FC5"><enum>(i)</enum><text>Clause (i) of
section 420(e)(1)(C) of such Code is amended by striking <quote>upon
retirement</quote> and inserting <quote>by reason of retirement</quote>.</text>
</clause><clause id="idFD76FA7BCAE14E5B988ACF18A2F2BB25"><enum>(ii)</enum><text>Subparagraph (C)
of section 420(f)(6) of such Code is amended—</text>
<subclause id="id0C2062435FFF4575A16881F7B6673449"><enum>(I)</enum><text>by striking
<quote>which are provided to</quote> in the matter preceding clause (i),</text>
</subclause><subclause id="id626A7CEC8BFA4E06B930C3D21E530DC2"><enum>(II)</enum><text>by inserting
<quote>which are provided to</quote> before <quote>retired employees</quote> in
clause (i),</text>
</subclause><subclause id="id65A547E54AB54A05B7F3391DA17E4942"><enum>(III)</enum><text>by striking
<quote>upon retirement</quote> in clause (i) and inserting <quote>by reason of
retirement</quote>, and</text>
</subclause><subclause id="id730B5FC56C4E49CBA0E2857A323477A4"><enum>(IV)</enum><text>by striking
<quote>active employees who, following their retirement,</quote> and inserting
<quote>which will be provided at retirement to employees who are not retired
employees at the time of the transfer and who</quote>.</text>
</subclause></clause></subparagraph></paragraph></subsection><subsection id="id115A2A81DB104C9EAFA23C74607F008C"><enum>(c)</enum><header>Maintenance of
effort</header>
<paragraph id="id40F8351277844F018D2BD372C246B4F4"><enum>(1)</enum><header>In
general</header><text>Subparagraph (A) of section 420(c)(3) of the Internal
Revenue Code of 1986 is amended by inserting <quote>, and each group-term life
insurance plan under which applicable life insurance benefits are
provided,</quote> after <quote>health benefits are provided</quote>.</text>
</paragraph><paragraph id="H97752E826B7445119C585E586EC8E7C9"><enum>(2)</enum><header>Conforming
amendments</header>
<subparagraph id="HBE437BF17FD34FF7B8F9418AB26AD3C4"><enum>(A)</enum><text>Subparagraph (B)
of section 420(c)(3) of such Code is amended—</text>
<clause id="idB18840C50CAE43C28631829D4D350401"><enum>(i)</enum><text>by
redesignating subclauses (I) and (II) of clause (i) as subclauses (II) and
(III) of such clause, respectively, and by inserting before subclause (II) of
such clause, as so redesignated, the following new subclause:</text>
<quoted-block act-name="" id="id29B83DD2DD4544C1AB6C76A24A43D55B" style="OLC">
<subclause id="id88EBDAD3665D48ED9D65A3B5DA8F7FB8"><enum>(I)</enum><text>separately with
respect to applicable health benefits and applicable life insurance
benefits,</text>
</subclause><after-quoted-block>,
and</after-quoted-block></quoted-block>
</clause><clause id="id3F53BC0976E744CFA3F3B5A02EC6797E"><enum>(ii)</enum><text>by
striking <quote>for applicable health benefits</quote> and all that follows in
clause (ii) and inserting <quote>was provided during such taxable year for the
benefits with respect to which the determination under clause (i) is
made.</quote>.</text>
</clause></subparagraph><subparagraph id="H30725750DBC7405D8307B00902640C7D"><enum>(B)</enum><text>Subparagraph (C)
of section 420(c)(3) of such Code is amended—</text>
<clause id="id544BEBB6AB4F4017A69B455FD161B256"><enum>(i)</enum><text>by
inserting <quote>for applicable health benefits</quote> after <quote>applied
separately</quote>, and</text>
</clause><clause id="id237608E6F6C34E53A1F05F180989E09B"><enum>(ii)</enum><text>by
inserting <quote>, and separately for applicable life insurance benefits with
respect to individuals age 65 or older at any time during the taxable year and
with respect to individuals under age 65 during the taxable year</quote> before
the period.</text>
</clause></subparagraph><subparagraph id="H5FF589EE2B67417481408BB7D26B5D9F"><enum>(C)</enum><text>Subparagraph (E)
of section 420(c)(3) of such Code is amended—</text>
<clause id="H5407A6E3A4964D3C943FAA89B7ECB3A4"><enum>(i)</enum><text>in
clause (i), by inserting <quote>or retiree life insurance coverage, as the case
may be,</quote> after <quote>retiree health coverage</quote>, and</text>
</clause><clause id="H3C9C0FE69BFA402190CAF38F53FC19C8"><enum>(ii)</enum><text>in
clause (ii), by inserting <quote><header-in-text level="clause" style="OLC">for
retiree health coverage</header-in-text></quote> after <quote><header-in-text level="clause" style="OLC">cost reductions</header-in-text></quote> in the
heading thereof, and</text>
</clause><clause id="H7530BE279D88465882339E507D86A910"><enum>(iii)</enum><text display-inline="yes-display-inline">in clause (ii)(II), by inserting
<quote>with respect to applicable health benefits</quote> after
<quote>liabilities of the employer</quote>.</text>
</clause></subparagraph><subparagraph display-inline="no-display-inline" id="id3FC2A4855041405286342B418B8320D3"><enum>(D)</enum><text>Paragraph (2) of
section 420(f) of such Code is amended by striking <quote>collectively
bargained retiree health liabilities</quote> each place it occurs and inserting
<quote>collectively bargained retiree liabilities</quote>.</text>
</subparagraph><subparagraph id="HE9F4B184F9BF487AAC12E2FBDF73FED3"><enum>(E)</enum><text>Clause (i) of
section 420(f)(2)(D) of such Code is amended—</text>
<clause id="HA0745DEB60834ADA9184B3A04AD92812"><enum>(i)</enum><text>by
inserting <quote>, and each group-term life insurance plan or arrangement under
which applicable life insurance benefits are provided,</quote> in subclause (I)
after <quote>applicable health benefits are provided</quote>,</text>
</clause><clause id="HF804FC50E51C4A278D1E616D6598CA17"><enum>(ii)</enum><text>by
inserting <quote>or applicable life insurance benefits, as the case may
be,</quote> in subclause (I) after <quote>provides applicable health
benefits</quote>,</text>
</clause><clause id="H03E93C8B170D4D32AF87B19E3F98042B"><enum>(iii)</enum><text>by
striking <quote>group health</quote> in subclause (II), and</text>
</clause><clause id="H4107537DADDE4125A6BFD4B7705EB6DC"><enum>(iv)</enum><text>by
inserting <quote>or collectively bargained life insurance benefits</quote> in
subclause (II) after <quote>collectively bargained health
benefits</quote>.</text>
</clause></subparagraph><subparagraph id="H21783FEBFB6548C294DA6974114AD4DF"><enum>(F)</enum><text>Clause (ii) of
section 420(f)(2)(D) of such Code is amended—</text>
<clause id="H01C74C2EAA5D4D7B80984D66217174F0"><enum>(i)</enum><text display-inline="yes-display-inline">by inserting <quote>with respect to
applicable health benefits or applicable life insurance benefits</quote> after
<quote>requirements of subsection (c)(3)</quote>, and</text>
</clause><clause id="H005F1AE948AA448E9DAE61AB5797891F"><enum>(ii)</enum><text>by
adding at the end the following: <quote>Such election may be made separately
with respect to applicable health benefits and applicable life insurance
benefits. In the case of an election with respect to applicable life insurance
benefits, the first sentence of this clause shall be applied as if subsection
(c)(3) as in effect before the amendments made by such Act applied to such
benefits.</quote></text>
</clause></subparagraph><subparagraph id="HA6043F14BD08467EAD33389FD4654095"><enum>(G)</enum><text>Clause (iii) of
section 420(f)(2)(D) of such Code is amended—</text>
<clause commented="no" id="HBF0F902A5DEB4CDD9284A3A3878042AF"><enum>(i)</enum><text>by striking
<quote>retiree</quote> each place it occurs, and</text>
</clause><clause id="H5B4A1ED272DE49278C728B87F689A979"><enum>(ii)</enum><text>by
inserting <quote>, collectively bargained life insurance benefits, or both, as
the case may be,</quote> after <quote>health benefits</quote> each place it
occurs.</text>
</clause></subparagraph></paragraph></subsection><subsection id="id11FB199F0FE942B5BC120A431FC190C3"><enum>(d)</enum><header>Coordination
with section <enum-in-header>79</enum-in-header></header><text display-inline="yes-display-inline">Section 79 of the Internal Revenue Code of
1986 is amended by adding at the end the following new subsection:</text>
<quoted-block display-inline="no-display-inline" id="HCE3B700BC5054D8DB7EFD9FFF221A62E" style="OLC">
<subsection id="HE3AB3AD8A15A415BB645FF924010D204"><enum>(f)</enum><header>Exception for
life insurance purchased in connection with qualified transfer of excess
pension assets</header><text display-inline="yes-display-inline">Subsection
(b)(3) and section 72(m)(3) shall not apply in the case of any cost paid
(whether directly or indirectly) with assets held in an applicable life
insurance account (as defined in section 420(e)(4)) under a defined benefit
plan.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HFF7FB4F908E347988E21F858F2D3BCB5"><enum>(e)</enum><header>Conforming
amendments</header>
<paragraph id="H5CA2100D9AE64923946A4C596E47F9D2"><enum>(1)</enum><text>Section 420 of the
Internal Revenue Code of 1986 is amended by striking <quote>qualified current
retiree health liabilities</quote> each place it appears and inserting
<quote>qualified current retiree liabilities</quote>.</text>
</paragraph><paragraph id="idFAA615097FB54E49A86DC3D61E1DFFDA"><enum>(2)</enum><text>Section 420 of
such Code is amended by inserting <quote>, or an applicable life insurance
account,</quote> after <quote>a health benefits account</quote> each place it
appears in subsection (b)(1)(A), subparagraphs (A), (B)(i), and (C) of
subsection (c)(1), subsection (d)(1)(A), and subsection (f)(2)(E)(ii).</text>
</paragraph><paragraph id="HB0C363CE0EFF47A4A04E3E5374D5AAF6"><enum>(3)</enum><text>Section 420(b) of
such Code is amended—</text>
<subparagraph id="id244719361EA14EA7B21117979E58098D"><enum>(A)</enum><text>by adding the
following at the end of paragraph (2)(A): <quote>If there is a transfer from a
defined benefit plan to both a health benefits account and an applicable life
insurance account during any taxable year, such transfers shall be treated as 1
transfer for purposes of this paragraph.</quote>, and</text>
</subparagraph><subparagraph id="id32CE3CF11C1F49DD9A5C52382E93D0A3"><enum>(B)</enum><text>by inserting
<quote>to an account</quote> after <quote>may be transferred</quote> in
paragraph (3).</text>
</subparagraph></paragraph><paragraph id="H783EBA999B2C4BF2BF7BC6DA4BFFBCCE"><enum>(4)</enum><text>The heading for
section 420(c)(1)(B) of such Code is amended by inserting
<quote><header-in-text level="subparagraph" style="OLC">or life
insurance</header-in-text></quote> after <quote><header-in-text level="subparagraph" style="OLC">health
benefits</header-in-text></quote>.</text>
</paragraph><paragraph id="H61C202CE6CD740A19C95EA55BA934362"><enum>(5)</enum><text>Paragraph (1) of
section 420(e) of such Code is amended—</text>
<subparagraph id="HDCDF92AECAAF4DFBA3CEBA499E4CA313"><enum>(A)</enum><text>by inserting
<quote>and applicable life insurance benefits</quote> in subparagraph (A) after
<quote>applicable health benefits</quote>, and</text>
</subparagraph><subparagraph id="H60B4F6FC9C9C4400BD4013F0E2C04548"><enum>(B)</enum><text>by striking
<quote><header-in-text level="paragraph" style="OLC">health</header-in-text></quote> in the heading thereof.</text>
</subparagraph></paragraph><paragraph id="H34B623BA272D4A38BEB0696B31127DCA"><enum>(6)</enum><text>Subparagraph (B)
of section 420(e)(1) of such Code is amended—</text>
<subparagraph id="H5E2C9450E7D74F37AA1E5568CCFB08D8"><enum>(A)</enum><text>in the matter
preceding clause (i), by inserting <quote>(determined separately for applicable
health benefits and applicable life insurance benefits)</quote> after
<quote>shall be reduced by the amount</quote>,</text>
</subparagraph><subparagraph id="HF103DB2471AD495E81B811DF5089E0D2"><enum>(B)</enum><text>in clause (i), by
inserting <quote>or applicable life insurance accounts</quote> after
<quote>health benefit accounts</quote>, and</text>
</subparagraph><subparagraph id="H3DF3A7600A764E9596E7FBF81CBF3DB0"><enum>(C)</enum><text display-inline="yes-display-inline">in clause (i), by striking <quote>qualified
current retiree health liability</quote> and inserting <quote>qualified current
retiree liability</quote>.</text>
</subparagraph></paragraph><paragraph id="H94B700065EEC41C5AF504928AE6F73A7"><enum>(7)</enum><text>The heading for
subsection (f) of section 420 of such Code is amended by striking
<quote><header-in-text level="subsection" style="OLC">health</header-in-text></quote> each place it occurs.</text>
</paragraph><paragraph id="H5A15D735C5514FDEB9DF66F5403C50AD"><enum>(8)</enum><text>Subclause (II) of
section 420(f)(2)(B)(ii) of such Code is amended by inserting <quote>or
applicable life insurance account, as the case may be,</quote> after
<quote>health benefits account</quote>.</text>
</paragraph><paragraph id="idA1AFE40784844841A6C7CD365238A718"><enum>(9)</enum><text>Subclause (III)
of section 420(f)(2)(E)(i) of such Code is amended—</text>
<subparagraph id="id6C1CA01CB23D4C66AC12965B7CEEFB0D"><enum>(A)</enum><text>by inserting
<quote>defined benefit</quote> before <quote>plan maintained by an
employer</quote>, and</text>
</subparagraph><subparagraph id="id4D39209F85C04D6197DF189A9694571E"><enum>(B)</enum><text>by inserting
<quote>health</quote> before <quote>benefit plans maintained by the
employer</quote>.</text>
</subparagraph></paragraph><paragraph display-inline="no-display-inline" id="HF16A506CE55A4A998E52D8D713A5DDA1"><enum>(10)</enum><text>Paragraphs (4)
and (6) of section 420(f) of such Code are each amended by striking
<quote>collectively bargained retiree health liabilities</quote> each place it
occurs and inserting <quote>collectively bargained retiree
liabilities</quote>.</text>
</paragraph><paragraph id="H8B59E54374034D40B8239F186B63B45C"><enum>(11)</enum><text>Subparagraph (A)
of section 420(f)(6) of such Code is amended—</text>
<subparagraph id="H35139F1CD37F4054A476592102D39746"><enum>(A)</enum><text>in clauses (i) and
(ii), by inserting <quote>, in the case of a transfer to a health benefits
account,</quote> before <quote>his covered spouse and dependents</quote>,
and</text>
</subparagraph><subparagraph id="HBA949C177DE5451E903596BD202A48F4"><enum>(B)</enum><text>in clause (ii), by
striking <quote>health plan</quote> and inserting <quote>plan</quote>.</text>
</subparagraph></paragraph><paragraph id="HEE9CEC948DAB4CA69ADE160BD9BC8EA2"><enum>(12)</enum><text>Subparagraph (B)
of section 420(f)(6) of such Code is amended—</text>
<subparagraph id="H1D2D1F3402FC402DA7DFB474CC9B6FED"><enum>(A)</enum><text>in clause (i), by
inserting <quote>, and collectively bargained life insurance benefits,</quote>
after <quote>collectively bargained health benefits</quote>,</text>
</subparagraph><subparagraph id="HA463C82E0D5B4C888ED7B87B509CFA58"><enum>(B)</enum><text>in clause
(ii)—</text>
<clause id="HA3ADF96B49E64B758B8B547DA1C826E0"><enum>(i)</enum><text>by
adding at the end the following: <quote>The preceding sentence shall be applied
separately for collectively bargained health benefits and collectively
bargained life insurance benefits.</quote>, and</text>
</clause><clause id="HF3FBE1E79431452AAEC1EE3ECF877C42"><enum>(ii)</enum><text>by
inserting <quote>, applicable life insurance accounts,</quote> after
<quote>health benefit accounts</quote>, and</text>
</clause></subparagraph><subparagraph id="H630C8FACE2FF49A1AC5F309EA93ADEA3"><enum>(C)</enum><text>by striking
<quote><header-in-text level="subparagraph" style="OLC">health</header-in-text></quote> in the heading thereof.</text>
</subparagraph></paragraph><paragraph id="H8CB20EDE45524707861F94B8FB6CB901"><enum>(13)</enum><text display-inline="yes-display-inline">Subparagraph (E) of section 420(f)(6) of
such Code, as redesignated by subsection (b), is amended—</text>
<subparagraph id="H2D2D00A3701944B29396003E3BF85E02"><enum>(A)</enum><text>by striking
<quote>bargained health</quote> and inserting <quote>bargained</quote>,</text>
</subparagraph><subparagraph id="HE4C81BCFDA5748AA9728A2B8A38C7129"><enum>(B)</enum><text>by inserting
<quote>, or a group-term life insurance plan or arrangement for retired
employees,</quote> after <quote>dependents</quote> , and</text>
</subparagraph><subparagraph id="H46EFCE6C471C4A4C98DB8B2AAFCF2A6A"><enum>(C)</enum><text>by striking
<quote><header-in-text level="subparagraph" style="OLC">health</header-in-text></quote> in the heading thereof.</text>
</subparagraph></paragraph><paragraph id="H428C4EAC8EFE4D32BB240439399F7B10"><enum>(14)</enum><text>Section 101(e) of
the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1021(e)) is
amended—</text>
<subparagraph id="HCA9922C77E5446E8A58BBE69902526C4"><enum>(A)</enum><text>in paragraphs (1)
and (2), by inserting <quote>or applicable life insurance account</quote> after
<quote>health benefits account</quote> each place it appears, and</text>
</subparagraph><subparagraph id="HC403A4DF3B294891BBF3E38EA126CD9B"><enum>(B)</enum><text>in paragraph (1),
by inserting <quote>or applicable life insurance benefit liabilities</quote>
after <quote>health benefits liabilities</quote>.</text>
</subparagraph></paragraph></subsection><subsection id="id4ADF9C4525194FD8BD2753A91ED55C68"><enum>(f)</enum><header>Technical
correction</header><text>Clause (iii) of section 420(f)(6)(B) is amended by
striking <quote>416(I)(1)</quote> and inserting
<quote>416(i)(1)</quote>.</text>
</subsection><subsection id="HC6F94BB8A47F43428822B0D5224246F7"><enum>(g)</enum><header>Repeal of
deadwood</header>
<paragraph id="H2DD003348BD841DAAF5A91E5F4553192"><enum>(1)</enum><text display-inline="yes-display-inline">Subparagraph (A) of section 420(b)(1) of
the Internal Revenue Code of 1986 is amended by striking <quote>in a taxable
year beginning after December 31, 1990</quote>.</text>
</paragraph><paragraph id="HB473AFE5E5EB4387A097B391C1EBC5F4"><enum>(2)</enum><text>Subsection (b) of
section 420 of such Code is amended by striking paragraph (4) and by
redesignating paragraph (5), as amended by this Act, as paragraph (4).</text>
</paragraph><paragraph id="H1996EB224267472695B1ED40BE0D58A3"><enum>(3)</enum><text>Paragraph (2) of
section 420(b) of such Code, as amended by this section, is amended—</text>
<subparagraph id="H74F3C6FE0C084E5D84A886EEB6DC3697"><enum>(A)</enum><text>by striking
subparagraph (B), and</text>
</subparagraph><subparagraph id="H3A93CC49BD744823A00D241B1BA60F70"><enum>(B)</enum><text>by striking
<quote><header-in-text level="paragraph" style="OLC">per
year.—</header-in-text></quote> and all that follows through <quote>No more
than</quote> and inserting <quote><header-in-text level="paragraph" style="OLC">per year.—</header-in-text>No more than</quote>.</text>
</subparagraph></paragraph><paragraph id="H05115CAB38144D38ACAACDF43B7155D7"><enum>(4)</enum><text display-inline="yes-display-inline">Paragraph (2) of section 420(c) of such
Code is amended—</text>
<subparagraph id="H856D49EE2135407BACFD731992AF26DE"><enum>(A)</enum><text>by striking
subparagraph (B),</text>
</subparagraph><subparagraph id="H6F29AA12AA194095891A9E3F552BB655"><enum>(B)</enum><text>by moving
subparagraph (A) two ems to the left, and</text>
</subparagraph><subparagraph id="H72D3E62656F44B03BF24F62A6AE818C9"><enum>(C)</enum><text>by striking
<quote><header-in-text level="paragraph" style="OLC">before
transfer.—</header-in-text></quote> and all that follows through <quote>The
requirements of this paragraph</quote> and inserting the following:
<quote><header-in-text level="paragraph" style="OLC">before
transfer.—</header-in-text>The requirements of this paragraph</quote>.</text>
</subparagraph></paragraph><paragraph id="H31D106ABB6D44B5193666E8D3DB6121B"><enum>(5)</enum><text>Paragraph (2) of
section 420(d) of such Code is amended by striking <quote>after December 31,
1990</quote>.</text>
</paragraph></subsection><subsection id="H03E9F6D5128A4C49A5E7285ED4E9BFF4"><enum>(h)</enum><header>Effective
date</header>
<paragraph id="idBD060A04620F46DFAB37F354B880F558"><enum>(1)</enum><header>In
general</header><text>The amendments made by this section shall apply to
transfers made after the date of the enactment of this Act.</text>
</paragraph><paragraph id="id078DC6D7153C434FAF8119A61EF76709"><enum>(2)</enum><header>Conforming
amendments relating to Pension Protection Act</header><text>The amendments made
by subsections (b)(3)(B) and (f) shall take effect as if included in the
amendments made by section 841(a) of the Pension Protection Act of 2006.</text>
</paragraph></subsection></section>
February 27, 2012
Read twice and placed on the calendar