[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4550 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4550

   To extend the emergency unemployment compensation program, and to 
  stimulate the economy and create opportunities for new job creation.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 1, 2014

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

_______________________________________________________________________

                                 A BILL


 
   To extend the emergency unemployment compensation program, and to 
  stimulate the economy and create opportunities for new job creation.

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

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Emergency 
Unemployment Compensation Extension Act of 2014''.
    (b) Table of Contents.--The table of contents of this Act is as 
follows:

Sec. 1. Short title; table of contents.
       TITLE I--PROVISIONS RELATING TO UNEMPLOYMENT COMPENSATION

Sec. 101. Extension of emergency unemployment compensation program.
Sec. 102. Temporary extension of extended benefit provisions.
Sec. 103. Extension of funding for reemployment services and 
                            reemployment and eligibility assessment 
                            activities.
Sec. 104. Additional extended unemployment benefits under the Railroad 
                            Unemployment Insurance Act.
Sec. 105. Flexibility for unemployment program agreements.
Sec. 106. Ending unemployment payments to jobless millionaires and 
                            billionaires.
Sec. 107. GAO study on the use of work suitability requirements in 
                            unemployment insurance programs.
Sec. 108. Funding stabilization.
Sec. 109. Prepayment of certain PBGC premiums.
Sec. 110. Extension of customs user fees.
Sec. 111. Emergency services, government, and certain nonprofit 
                            volunteers.
             TITLE II--PROVISIONS RELATING TO JOB CREATION

Sec. 201. Treatment of employment assistance voucher programs.
Sec. 202. Disadvantaged business enterprises.
Sec. 203. America Star Program.
Sec. 204. Fostering innovation.
Sec. 205. Partnership To Build America.
Sec. 206. Keystone XL pipeline.

       TITLE I--PROVISIONS RELATING TO UNEMPLOYMENT COMPENSATION

SEC. 101. EXTENSION OF EMERGENCY UNEMPLOYMENT COMPENSATION PROGRAM.

    (a) Extension.--Section 4007(a)(2) of the Supplemental 
Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304 note) is 
amended by striking ``January 1, 2014'' and inserting ``June 1, 2014''.
    (b) Funding.--Section 4004(e)(1) of the Supplemental Appropriations 
Act, 2008 (Public Law 110-252; 26 U.S.C. 3304 note) is amended--
            (1) in subparagraph (I), by striking ``and'' at the end;
            (2) in subparagraph (J), by inserting ``and'' at the end; 
        and
            (3) by inserting after subparagraph (J) the following:
                    ``(K) the amendment made by section 101(a) of the 
                Emergency Unemployment Compensation Extension Act of 
                2014;''.
    (c) Effective Date.--The amendments made by this section shall take 
effect as if included in the enactment of the American Taxpayer Relief 
Act of 2012 (Public Law 112-240).

SEC. 102. TEMPORARY EXTENSION OF EXTENDED BENEFIT PROVISIONS.

    (a) In General.--Section 2005 of the Assistance for Unemployed 
Workers and Struggling Families Act, as contained in Public Law 111-5 
(26 U.S.C. 3304 note), is amended--
            (1) by striking ``December 31, 2013'' each place it appears 
        and inserting ``May 31, 2014''; and
            (2) in subsection (c), by striking ``June 30, 2014'' and 
        inserting ``November 30, 2014''.
    (b) Extension of Matching for States With No Waiting Week.--Section 
5 of the Unemployment Compensation Extension Act of 2008 (Public Law 
110-449; 26 U.S.C. 3304 note) is amended by striking ``June 30, 2014'' 
and inserting ``November 30, 2014''.
    (c) Extension of Modification of Indicators Under the Extended 
Benefit Program.--Section 203 of the Federal-State Extended 
Unemployment Compensation Act of 1970 (26 U.S.C. 3304 note) is 
amended--
            (1) in subsection (d), by striking ``December 31, 2013'' 
        and inserting ``May 31, 2014''; and
            (2) in subsection (f)(2), by striking ``December 31, 2013'' 
        and inserting ``May 31, 2014''.
    (d) Effective Date.--The amendments made by this section shall take 
effect as if included in the enactment of the American Taxpayer Relief 
Act of 2012 (Public Law 112-240).

SEC. 103. EXTENSION OF FUNDING FOR REEMPLOYMENT SERVICES AND 
              REEMPLOYMENT AND ELIGIBILITY ASSESSMENT ACTIVITIES.

    (a) Extension.--
            (1) In general.--Section 4004(c)(2)(A) of the Supplemental 
        Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304 
        note) is amended by striking ``through fiscal year 2014'' and 
        inserting ``through the first five months of fiscal year 
        2015''.
            (2) Effective date.--The amendment made by this subsection 
        shall take effect as if included in the enactment of the 
        American Taxpayer Relief Act of 2012 (Public Law 112-240).
    (b) Timing for Services and Activities.--
            (1) In general.--Section 4001(i)(1)(A) of the Supplemental 
        Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304 
        note) is amended by adding at the end the following new 
        sentence:
                ``At a minimum, such reemployment services and 
                reemployment and eligibility assessment activities 
                shall be provided to an individual within a time period 
                (determined appropriate by the Secretary) after the 
                date the individual begins to receive amounts under 
                section 4002(b) (first tier benefits) and, if 
                applicable, again within a time period (determined 
                appropriate by the Secretary) after the date the 
                individual begins to receive amounts under section 
                4002(d) (third tier benefits).''.
            (2) Effective date.--The amendment made by this subsection 
        shall apply on and after the date of the enactment of this Act.
    (c) Purposes of Services and Activities.--The purposes of the 
reemployment services and reemployment and eligibility assessment 
activities under section 4001(i) of the Supplemental Appropriations 
Act, 2008 (Public Law 110-252; 26 U.S.C. 3304 note) are--
            (1) to better link the unemployed with the overall 
        workforce system by bringing individuals receiving unemployment 
        insurance benefits in for personalized assessments and 
        referrals to reemployment services; and
            (2) to provide individuals receiving unemployment insurance 
        benefits with early access to specific strategies that can help 
        get them back into the workforce faster, including through--
                    (A) the development of a reemployment plan;
                    (B) the provision of access to relevant labor 
                market information;
                    (C) the provision of access to information about 
                industry-recognized credentials that are regionally 
                relevant or nationally portable;
                    (D) the provision of referrals to reemployment 
                services and training; and
                    (E) an assessment of the individual's on-going 
                eligibility for unemployment insurance benefits.

SEC. 104. ADDITIONAL EXTENDED UNEMPLOYMENT BENEFITS UNDER THE RAILROAD 
              UNEMPLOYMENT INSURANCE ACT.

    (a) Extension.--Section 2(c)(2)(D)(iii) of the Railroad 
Unemployment Insurance Act (45 U.S.C. 352(c)(2)(D)(iii)) is amended--
            (1) by striking ``June 30, 2013'' and inserting ``November 
        30, 2013''; and
            (2) by striking ``December 31, 2013'' and inserting ``May 
        31, 2014''.
    (b) Clarification on Authority To Use Funds.--Funds appropriated 
under either the first or second sentence of clause (iv) of section 
2(c)(2)(D) of the Railroad Unemployment Insurance Act shall be 
available to cover the cost of additional extended unemployment 
benefits provided under such section 2(c)(2)(D) by reason of the 
amendments made by subsection (a) as well as to cover the cost of such 
benefits provided under such section 2(c)(2)(D), as in effect on the 
day before the date of enactment of this Act.
    (c) Funding for Administration.--Out of any funds in the Treasury 
not otherwise appropriated, there are appropriated to the Railroad 
Retirement Board $105,000 for administrative expenses associated with 
the payment of additional extended unemployment benefits provided under 
section 2(c)(2)(D) of the Railroad Unemployment Insurance Act by reason 
of the amendments made by subsection (a), to remain available until 
expended.

SEC. 105. FLEXIBILITY FOR UNEMPLOYMENT PROGRAM AGREEMENTS.

    (a) Flexibility.--
            (1) In general.--Subsection (g) of section 4001 of the 
        Supplemental Appropriations Act, 2008 (Public Law 110-252; 26 
        U.S.C. 3304 note) shall not apply with respect to a State that 
        has enacted a law before December 1, 2013, that, upon taking 
        effect, would violate such subsection.
            (2) Effective date.--Paragraph (1) is effective with 
        respect to weeks of unemployment beginning on or after December 
        29, 2013.
    (b) Permitting a Subsequent Agreement.--Nothing in title IV of the 
Supplemental Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 
3304 note) shall preclude a State whose agreement under such title was 
terminated from entering into a subsequent agreement under such title 
on or after the date of the enactment of this Act if the State, taking 
into account the application of subsection (a), would otherwise meet 
the requirements for an agreement under such title.

SEC. 106. ENDING UNEMPLOYMENT PAYMENTS TO JOBLESS MILLIONAIRES AND 
              BILLIONAIRES.

    (a) Prohibition.--Notwithstanding any other provision of law, no 
Federal funds may be used for payments of unemployment compensation 
under the emergency unemployment compensation program under title IV of 
the Supplemental Appropriations Act, 2008 (Public Law 110-252; 26 
U.S.C. 3304 note) to an individual whose adjusted gross income in the 
preceding year was equal to or greater than $1,000,000.
    (b) Compliance.--Unemployment Insurance applications shall include 
a form or procedure for an individual applicant to certify the 
individual's adjusted gross income was not equal to or greater than 
$1,000,000 in the preceding year.
    (c) Audits.--The certifications required by subsection (b) shall be 
auditable by the U.S. Department of Labor or the U.S. Government 
Accountability Office.
    (d) Status of Applicants.--It is the duty of the States to verify 
the residency, employment, legal, and income status of applicants for 
Unemployment Insurance and no Federal funds may be expended for 
purposes of determining whether or not the prohibition under subsection 
(a) applies with respect to an individual.
    (e) Effective Date.--The prohibition under subsection (a) shall 
apply to weeks of unemployment beginning on or after the date of the 
enactment of this Act.

SEC. 107. GAO STUDY ON THE USE OF WORK SUITABILITY REQUIREMENTS IN 
              UNEMPLOYMENT INSURANCE PROGRAMS.

    (a) Study.--The Comptroller General of the United States shall 
conduct a study on the use of work suitability requirements to 
strengthen requirements to ensure that unemployment insurance benefits 
are being provided to individuals who are actively looking for work and 
who truly want to return to the labor force. Such study shall include 
an analysis of--
            (1) how work suitability requirements work under both State 
        and Federal unemployment insurance programs; and
            (2) how to incorporate and improve such requirements under 
        Federal unemployment insurance programs; and
            (3) other items determined appropriate by the Comptroller 
        General.
    (b) Briefing.--Not later than 90 days after the date of the 
enactment of this Act, the Comptroller General of the United States 
shall brief Congress on the ongoing study required under subsection 
(a). Such briefing shall include preliminary recommendations for such 
legislation and administrative action as the Comptroller General 
determines appropriate.

SEC. 108. FUNDING STABILIZATION.

    (a) Funding Stabilization Under the Internal Revenue Code.--The 
table in subclause (II) of section 430(h)(2)(C)(iv) of the Internal 
Revenue Code of 1986 is amended to read as follows:


----------------------------------------------------------------------------------------------------------------
                                            The applicable minimum
      ``If the calendar year is:                percentage is:           The applicable maximum percentage is:
----------------------------------------------------------------------------------------------------------------
2012, 2013, 2014, 2015, 2016, or 2017.  90%..........................  110%
2018..................................  85%..........................  115%
2019..................................  80%..........................  120%
2020..................................  75%..........................  125%
After 2020............................  70%..........................  130%''.
----------------------------------------------------------------------------------------------------------------

    (b) Funding Stabilization Under ERISA.--
            (1) In general.--The table in subclause (II) of section 
        303(h)(2)(C)(iv) of the Employee Retirement Income Security Act 
        of 1974 is amended to read as follows:


----------------------------------------------------------------------------------------------------------------
                                            The applicable minimum
      ``If the calendar year is:                percentage is:           The applicable maximum percentage is:
----------------------------------------------------------------------------------------------------------------
2012, 2013, 2014, 2015, 2016, or 2017.  90%..........................  110%
2018..................................  85%..........................  115%
2019..................................  80%..........................  120%
2020..................................  75%..........................  125%
After 2020............................  70%..........................  130%''.
----------------------------------------------------------------------------------------------------------------

            (2) Conforming amendment.--
                    (A) In general.--Clause (ii) of section 
                101(f)(2)(D) of such Act is amended by striking 
                ``2015'' and inserting ``2020''.
                    (B) Statements.--The Secretary of Labor shall 
                modify the statements required under subclauses (I) and 
                (II) of section 101(f)(2)(D)(i) of such Act to conform 
                to the amendments made by this section.
    (c) Stabilization Not To Apply for Purposes of Certain Accelerated 
Benefit Distribution Rules.--
            (1) Internal revenue code of 1986.--The second sentence of 
        paragraph (2) of section 436(d) of the Internal Revenue Code of 
        1986 is amended by striking ``of such plan'' and inserting ``of 
        such plan (determined by not taking into account any adjustment 
        of segment rates under section 430(h)(2)(C)(iv))''.
            (2) Employee retirement income security act of 1974.--The 
        second sentence of subparagraph (B) of section 206(g)(3) of the 
        Employee Retirement Income Security Act of 1974 (29 U.S.C. 
        1056(g)(3)(B)) is amended by striking ``of such plan'' and 
        inserting ``of such plan (determined by not taking into account 
        any adjustment of segment rates under section 
        303(h)(2)(C)(iv))''.
            (3) Effective date.--
                    (A) In general.--Except as provided in subparagraph 
                (B), the amendments made by this subsection shall apply 
                to plan years beginning after December 31, 2014.
                    (B) Collectively bargained plans.--In the case of a 
                plan maintained pursuant to 1 or more collective 
                bargaining agreements, the amendments made by this 
                subsection shall apply to plan years beginning after 
                December 31, 2015.
            (4) Provisions relating to plan amendments.--
                    (A) In general.--If this paragraph applies to any 
                amendment to any plan or annuity contract, such plan or 
                contract shall be treated as being operated in 
                accordance with the terms of the plan during the period 
                described in subparagraph (B)(ii).
                    (B) Amendments to which paragraph applies.--
                            (i) In general.--This paragraph shall apply 
                        to any amendment to any plan or annuity 
                        contract which is made--
                                    (I) pursuant to the amendments made 
                                by this subsection, or pursuant to any 
                                regulation issued by the Secretary of 
                                the Treasury or the Secretary of Labor 
                                under any provision as so amended, and
                                    (II) on or before the last day of 
                                the first plan year beginning on or 
                                after January 1, 2016, or such later 
                                date as the Secretary of the Treasury 
                                may prescribe.
                            (ii) Conditions.--This subsection shall not 
                        apply to any amendment unless, during the 
                        period--
                                    (I) beginning on the date that the 
                                amendments made by this subsection or 
                                the regulation described in clause 
                                (i)(I) takes effect (or in the case of 
                                a plan or contract amendment not 
                                required by such amendments or such 
                                regulation, the effective date 
                                specified by the plan), and
                                    (II) ending on the date described 
                                in clause (i)(II) (or, if earlier, the 
                                date the plan or contract amendment is 
                                adopted),
                        the plan or contract is operated as if such 
                        plan or contract amendment were in effect, and 
                        such plan or contract amendment applies 
                        retroactively for such period.
                    (C) Anti-cutback relief.--A plan shall not be 
                treated as failing to meet the requirements of section 
                204(g) of the Employee Retirement Income Security Act 
                of 1974 and section 411(d)(6) of the Internal Revenue 
                Code of 1986 solely by reason of a plan amendment to 
                which this paragraph applies.
    (d) Modification of Funding Target Determination Periods.--
            (1) Internal revenue code of 1986.--Clause (i) of section 
        430(h)(2)(B) of the Internal Revenue Code of 1986 is amended by 
        striking ``the first day of the plan year'' and inserting ``the 
        valuation date for the plan year''.
            (2) Employee retirement income security act of 1974.--
        Clause (i) of section 303(h)(2)(B) of the Employee Retirement 
        Income Security Act of 1974 (29 U.S.C. 1083(h)(2)(B)(i)) is 
        amended by striking ``the first day of the plan year'' and 
        inserting ``the valuation date for the plan year''.
    (e) Effective Date.--
            (1) In general.--The amendments made by subsections (a), 
        (b), and (d) shall apply with respect to plan years beginning 
        after December 31, 2012.
            (2) Elections.--A plan sponsor may elect not to have the 
        amendments made by subsections (a), (b), and (d) apply to any 
        plan year beginning before January 1, 2014, either (as 
        specified in the election)--
                    (A) for all purposes for which such amendments 
                apply, or
                    (B) solely for purposes of determining the adjusted 
                funding target attainment percentage under sections 436 
                of the Internal Revenue Code of 1986 and 206(g) of the 
                Employee Retirement Income Security Act of 1974 for 
                such plan year.
        A plan shall not be treated as failing to meet the requirements 
        of section 204(g) of such Act and section 411(d)(6) of such 
        Code solely by reason of an election under this paragraph.

SEC. 109. PREPAYMENT OF CERTAIN PBGC PREMIUMS.

    (a) In General.--Section 4007 of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1307) is amended by adding at the end 
the following new subsection:
    ``(f) Election To Prepay Flat Dollar Premiums.--
            ``(1) In general.--The designated payor may elect to prepay 
        during any plan year the premiums due under clause (i) or (v), 
        whichever is applicable, of section 4006(a)(3)(A) for the 
        number of consecutive subsequent plan years (not greater than 
        5) specified in the election.
            ``(2) Amount of prepayment.--
                    ``(A) In general.--The amount of the prepayment for 
                any subsequent plan year under paragraph (1) shall be 
                equal to the amount of the premium determined under 
                clause (i) or (v), whichever is applicable, of section 
                4006(a)(3)(A) for the plan year in which the prepayment 
                is made.
                    ``(B) Additional participants.--If there is an 
                increase in the number of participants in the plan 
                during any plan year with respect to which a prepayment 
                has been made, the designated payor shall pay a premium 
                for such additional participants at the premium rate in 
                effect under clause (i) or (v), whichever is 
                applicable, of section 4006(a)(3)(A) for such plan 
                year. No credit or other refund shall be granted in the 
                case of a plan that has a decrease in number of 
                participants during a plan year with respect to which a 
                prepayment has been made.
                    ``(C) Coordination with premium for unfunded vested 
                benefits.--The amount of the premium determined under 
                section 4006(a)(3)(A)(i) for the purpose of determining 
                the prepayment amount for any plan year shall be 
                determined without regard to the increase in such 
                premium under section 4006(a)(3)(E). Such increase 
                shall be paid in the same amount and at the same time 
                as it would otherwise be paid without regard to this 
                subsection.
            ``(3) Election.--The election under this subsection shall 
        be made at such time and in such manner as the corporation may 
        prescribe.''.
    (b) Conforming Amendment.--The second sentence of subsection (a) of 
section 4007 of the Employee Retirement Income Security Act of 1974 (29 
U.S.C. 1307) is amended by striking ``Premiums'' and inserting ``Except 
as provided in subsection (f), premiums''.
    (c) Effective Date.--The amendments made by this section shall 
apply to plan years beginning after the date of the enactment of this 
Act.

SEC. 110. EXTENSION OF CUSTOMS USER FEES.

    Section 13031(j)(3) of the Consolidated Omnibus Budget 
Reconciliation Act of 1985 (19 U.S.C. 58c(j)(3)) is amended--
            (1) in subparagraph (A), by striking ``September 30, 2023'' 
        and inserting ``September 30, 2024''; and
            (2) in subparagraph (B)(i), by striking ``September 30, 
        2023'' and inserting ``September 30, 2024''.

SEC. 111. EMERGENCY SERVICES, GOVERNMENT, AND CERTAIN NONPROFIT 
              VOLUNTEERS.

    (a) In General.--Section 4980H(c) of the Internal Revenue Code of 
1986 is amended by redesignating paragraphs (5), (6), and (7) as 
paragraphs (6), (7), and (8), respectively, and by inserting after 
paragraph (4) the following new paragraph:
            ``(5) Special rules for certain emergency services, 
        government, and nonprofit volunteers.--
                    ``(A) Emergency services volunteers.--Qualified 
                services rendered as a bona fide volunteer to an 
                eligible employer shall not be taken into account under 
                this section as service provided by an employee. For 
                purposes of the preceding sentence, the terms 
                `qualified services', `bona fide volunteer', and 
                `eligible employer' shall have the respective meanings 
                given such terms under section 457(e).
                    ``(B) Certain other government and nonprofit 
                volunteers.--
                            ``(i) In general.--Services rendered as a 
                        bona fide volunteer to a specified employer 
                        shall not be taken into account under this 
                        section as service provided by an employee.
                            ``(ii) Bona fide volunteer.--For purposes 
                        of this subparagraph, the term `bona fide 
                        volunteer' means an employee of a specified 
                        employer whose only compensation from such 
                        employer is in the form of--
                                    ``(I) reimbursement for (or 
                                reasonable allowance for) reasonable 
                                expenses incurred in the performance of 
                                services by volunteers, or
                                    ``(II) reasonable benefits 
                                (including length of service awards), 
                                and nominal fees, customarily paid by 
                                similar entities in connection with the 
                                performance of services by volunteers.
                            ``(iii) Specified employer.--For purposes 
                        of this subparagraph, the term `specified 
                        employer' means--
                                    ``(I) any government entity, and
                                    ``(II) any organization described 
                                in section 501(c) and exempt from tax 
                                under section 501(a).
                            ``(iv) Coordination with subparagraph 
                        (a).--This subparagraph shall not fail to apply 
                        with respect to services merely because such 
                        services are qualified services (as defined in 
                        section 457(e)(11)(C)).''.
    (b) Effective Date.--The amendments made by this section shall 
apply to months beginning after December 31, 2013.

             TITLE II--PROVISIONS RELATING TO JOB CREATION

SEC. 201. TREATMENT OF EMPLOYMENT ASSISTANCE VOUCHER PROGRAMS.

    (a) Use of Unemployment Fund for Employment Assistance Voucher 
Program.--
            (1) State law.--Section 3304(a)(4) of the Internal Revenue 
        Code of 1986 is amended by striking ``and'' at the end of 
        subparagraph (F), by inserting ``and'' at the end of 
        subparagraph (G), and by adding at the end the following new 
        subparagraph:
                    ``(H) during the 120-day period beginning on the 
                date of the enactment of the Emergency Unemployment 
                Compensation Extension Act of 2014, amounts may be 
                withdrawn for the payment of allowances under an 
                employment assistance voucher program (as defined in 
                section 3306(v));''.
            (2) Permissible expenditures.--Section 3306(f) of such Code 
        is amended--
                    (A) by striking ``and'' at the end of paragraph 
                (5),
                    (B) by redesignating the paragraph relating to the 
                self-employment assistance program as paragraph (6) and 
                striking the period at the end of such paragraph and 
                inserting ``; and'', and
                    (C) by adding at the end the following new 
                paragraph:
            ``(7) during the 120-day period beginning on the date of 
        the enactment of the Emergency Unemployment Compensation 
        Extension Act of 2014, amounts may be withdrawn for the payment 
        of allowances under an employment assistance voucher program 
        (as defined in subsection (v)).''.
    (b) Employment Assistance Voucher Program Defined.--Section 3306 of 
such Code is amended by adding at the end the following new subsection:
    ``(v) Employment Assistance Voucher Program.--For the purposes of 
this chapter--
            ``(1) In general.--The term `employment assistance voucher 
        program' means a program under which--
                    ``(A) an eligible individual is issued an 
                employment assistance voucher,
                    ``(B) upon employment with an employer described in 
                paragraph (5)--
                            ``(i) the eligible individual transfers the 
                        employment assistance voucher to the employer,
                            ``(ii) the individual ceases to receive 
                        unemployment compensation and is paid wages by 
                        the employer, and
                            ``(iii) the employer receives payments upon 
                        presenting the voucher to the State, and
                    ``(C) the program meets such other requirements as 
                the Secretary of Labor determines to be appropriate.
            ``(2) Rules relating to unemployed individuals.--For 
        purposes of paragraph (1)--
                    ``(A) Compensation.--Compensation pursuant to 
                paragraph (1)(B)(ii) shall--
                            ``(i) not be less than 200 percent of the 
                        unemployment compensation otherwise payable to 
                        the individual on the date of the individual's 
                        employment under the employment assistance 
                        voucher program,
                            ``(ii) not be less than the minimum wage 
                        (as specified in section 6 of the Fair Labor 
                        Standards Act of 1938), and
                            ``(iii) be payable for a period not to 
                        exceed the maximum number of remaining weeks of 
                        unemployment compensation (including 
                        supplemental and emergency) to which the 
                        employee would be entitled (but for 
                        participating in the employment assistance 
                        voucher program), determined as of the date of 
                        employment.
                    ``(B) Termination of employment.--If, before the 
                end of the period referred to in subparagraph (A)(iii), 
                an individual's employment with an employer under the 
                employment assistance voucher program is terminated for 
                reasons other than cause, the individual is entitled to 
                the remaining period of entitlement referred to in 
                subparagraph (A)(iii) less the number of weeks of such 
                employment.
                    ``(C) Certain requirements not to apply.--State 
                requirements relating to availability for work, active 
                search for work, and refusal to accept work are not 
                applicable to individuals participating in the 
                employment assistance voucher program.
            ``(3) Employment assistance voucher.--The term `employment 
        assistance voucher' means a voucher--
                    ``(A) obtained by an eligible individual pursuant 
                to the State law, and
                    ``(B) payable to the employer of the eligible 
                individual--
                            ``(i) at a rate determined under State law 
                        but not to exceed 90 percent of the amount of 
                        unemployment compensation to which the eligible 
                        individual is entitled, and
                            ``(ii) on the same schedule as unemployment 
                        compensation would be payable to the individual 
                        but for employment under the employment 
                        assistance voucher program.
            ``(4) Eligible individual.--The term `eligible individual' 
        means an individual who--
                    ``(A) is eligible to receive regular unemployment 
                compensation under the State law, extended 
                unemployment, or emergency unemployment or would be 
                eligible to receive such compensation except for the 
                requirements described in paragraph (1)(B),
                    ``(B) is identified pursuant to a State worker 
                profiling system as an individual likely to exhaust 
                regular unemployment compensation,
                    ``(C) immediately prior to employment by the 
                eligible employer, was unemployed for not less than 6 
                months, and
                    ``(D) is employed by an eligible employer.
            ``(5) Eligible employer.--The term `eligible employer' 
        means an employer who agrees to the terms and conditions of 
        employment under the unemployment assistance voucher program 
        and who is approved by the State agency.
            ``(6) Treatment of participating individuals under federal 
        and state law.--Individuals participating in an unemployment 
        assistance voucher program shall be treated as unemployed for 
        the purposes of Federal and State laws applicable to 
        unemployment compensation, except that wages paid to the 
        employee under such program shall be subject to Federal and 
        State taxation to the same extent and in the same manner as 
        wages generally.
            ``(7) Cost limiter.--A State program shall not be treated 
        as an employment assistance voucher program for purposes of 
        this chapter unless the program does not result in any cost to 
        the Unemployment Trust Fund (established by section 904(a) of 
        the Social Security Act) in excess of the cost that would be 
        incurred by such State and charged to such Fund, or to any 
        Federal funds in the system if the State had not participated 
        in such program.
            ``(8) Prevention of employment termination to participate 
        in program.--A State program shall not be treated as an 
        employment assistance voucher program for purposes of this 
        chapter unless the State has in effect measures to prevent 
        employers from terminating employment for purposes of 
        participating in the employment assistance voucher program.
            ``(9) Prevention in terminating employees during program.--
        A State program shall not be treated as an employment 
        assistance voucher program for purposes of this chapter unless 
        the State has in effect measures to recoup payments made to an 
        employer under the program if the employer has terminated from 
        employment more employees during the 120-day period referred to 
        in section 3304(a)(4)(H) than the employer has hired under the 
        program.''.
    (c) Conforming Amendment.--Section 303(a)(5) of the Social Security 
Act (42 U.S.C. 503(a)(5)) is amended by striking ``; and'' and 
inserting ``: Provided further, That amounts may be withdrawn for the 
payment of allowances under an employment assistance voucher program 
(as defined in section 3306(v) of the Internal Revenue Code of 1986); 
and''.
    (d) State Reports.--Any State operating an employment assistance 
voucher program approved by the Secretary of Labor pursuant to section 
3304(a)(4)(H) of the Internal Revenue Code of 1986 (as added by this 
section) shall report annually to the Secretary on the number of 
individuals who participate in the program, the operating costs of the 
program, compliance with program requirements, and any other relevant 
aspects of program operations requested by the Secretary.
    (e) Report to Congress.--Not later than 1 year after the date of 
the enactment of this Act, the Secretary of Labor shall submit a report 
to the Congress with respect to the operation of the employment 
assistance voucher program. Such report shall be based on the reports 
received from the States pursuant to subsection (d) and include such 
other information as the Secretary of Labor determines is appropriate.
    (f) Effective Date.--The provisions of this section and the 
amendments made by this section shall take effect on the date of the 
enactment of this Act.

SEC. 202. DISADVANTAGED BUSINESS ENTERPRISES.

    Section 1101(b) of MAP-21 (23 U.S.C. 101 note) is amended--
            (1) in paragraph (2) by adding at the end the following:
                    ``(C) Veteran-owned small business concern.--The 
                term `veteran-owned small business concern' has the 
                meaning given the term `small business concern owned 
                and controlled by veterans' in section 3(q) of the 
                Small Business Act (15 U.S.C. 632(q)).'';
            (2) in paragraph (3) by inserting ``and veteran-owned small 
        business concerns'' before the period at the end; and
            (3) in paragraph (4)(B)--
                    (A) in clause (ii) by striking ``and'' at the end;
                    (B) in clause (iii) by striking the period at the 
                end and inserting ``; and''; and
                    (C) by adding at the end the following:
                            ``(iv) veterans.''.

SEC. 203. AMERICA STAR PROGRAM.

    (a) In General.--The Secretary shall establish a voluntary program, 
to be known as the ``America Star Program'', under which manufacturers 
may have products certified as meeting the standards of labels that 
indicate to consumers the extent to which the products are manufactured 
in the United States.
    (b) Establishment of Labels.--
            (1) In general.--The Secretary shall by rule establish such 
        America Star labels as the Secretary considers appropriate, 
        including the content of the labels and the standards that a 
        product shall meet in order to bear a particular America Star 
        label. The labels shall be consistent with public perceptions 
        of the meaning of descriptions of the extent to which a product 
        is manufactured in the United States.
            (2) Goals.--The America Star labels shall be designed to 
        achieve the following goals:
                    (A) Providing clarity for consumers about the 
                extent to which products are manufactured in the United 
                States.
                    (B) Encouraging manufacturers to manufacture more 
                products in the United States.
                    (C) Highlighting the importance of domestic 
                manufacturing for the economy of the United States.
    (c) Certification of Products.--
            (1) Application procedures.--A manufacturer that wishes to 
        have a product certified as meeting the standards of an America 
        Star label may apply to the Secretary for certification in 
        accordance with such procedures as the Secretary shall by rule 
        establish.
            (2) Action by secretary.--After receiving an application 
        for certification under paragraph (1), the Secretary shall, not 
        later than a reasonable time to be specified by the Secretary 
        by rule--
                    (A) determine whether the product meets the 
                standards of the label;
                    (B) if the product meets such standards, certify 
                the product; and
                    (C) notify the manufacturer of the determination 
                and whether the product has been certified.
    (d) Monitoring; Withdrawal of Certification.--
            (1) Monitoring.--The Secretary shall conduct such 
        monitoring and compliance review as the Secretary considers 
        necessary to--
                    (A) detect violations of subsection (h); and
                    (B) ensure that products certified as meeting the 
                standards of America Star labels continue to meet such 
                standards.
            (2) Withdrawal of certification.--
                    (A) On initiative of secretary.--If the Secretary 
                determines that a product certified as meeting the 
                standards of an America Star label no longer meets such 
                standards, the Secretary shall--
                            (i) notify the manufacturer of the 
                        determination and any corrective action that 
                        would enable the product to meet such 
                        standards; and
                            (ii) if the manufacturer does not take such 
                        action within a reasonable time after receiving 
                        notification under clause (i), to be specified 
                        by the Secretary by rule, the Secretary shall 
                        withdraw the certification of the product and 
                        notify the manufacturer of the withdrawal.
                    (B) At request of manufacturer.--At the request of 
                the manufacturer of a product, the Secretary shall 
                withdraw the certification of the product and notify 
                the manufacturer of the withdrawal.
    (e) Regulations.--
            (1) In general.--The Secretary may promulgate such 
        regulations as are necessary to implement this section.
            (2) Deadline.--Not later than 2 years after the date of the 
        enactment of this Act, the Secretary shall promulgate such 
        regulations as are necessary to begin certifying products under 
        the America Star Program.
    (f) Administration by Contract.--The Secretary may enter into a 
contract with a person under which such person carries out 
certification determinations under subsection (c), monitoring 
activities and withdrawal determinations under subsection (d), 
collection of fees under subsection (k)(1) and the remission of such 
fees to the Secretary (but not the establishment of the amounts of such 
fees), and related administrative activities. For purposes of 
subsections (h) and (j), such a determination, activity, or collection 
by such person shall be considered to be an action of the Secretary.
    (g) Consultation.--
            (1) With federal trade commission.--In establishing the 
        America Star labels and operating the America Star Program, the 
        Secretary shall consult with the Federal Trade Commission to 
        ensure consistency with the requirements enforced by the 
        Commission with respect to representations of the extent to 
        which products are manufactured in the United States.
            (2) With private-sector companies.--In establishing the 
        America Star labels and operating the America Star Program, the 
        Secretary should consult with private-sector companies that 
        have developed labeling programs to verify or certify to 
        consumers the extent to which products are manufactured in the 
        United States.
    (h) Prohibited Conduct.--Unless there is in effect a certification 
by the Secretary that a product meets the standards of an America Star 
label, a person may not place such label on such product, use such 
label in any marketing materials for such product, or in any other way 
represent that such product meets or is certified as meeting the 
standards of such label.
    (i) Enforcement.--
            (1) Civil penalty.--Any person who knowingly violates 
        subsection (h) shall be subject to a civil penalty of not more 
        than $10,000.
            (2) Ineligibility.--
                    (A) In general.--Except as provided in subparagraph 
                (C), if the Secretary determines that a manufacturer--
                            (i) has made a false statement to the 
                        Secretary in connection with the America Star 
                        Program;
                            (ii) knowing, or having reason to know, 
                        that a product does not meet the standards of 
                        an America Star label, has placed such label on 
                        such product, has used such label in any 
                        marketing materials for such product, or in any 
                        other way has represented that such product 
                        meets or is certified as meeting the standards 
                        of such label; or
                            (iii) has otherwise violated the purposes 
                        of the America Star Program;
                the Secretary may not, for a period of 5 years after 
                the conduct described in clause (i), (ii), or (iii), 
                certify the product to which such conduct relates as 
                meeting the standards of an America Star label.
                    (B) Effect on existing certification.--In the case 
                of a product with respect to which, at the time of the 
                determination of the Secretary under subparagraph (A), 
                there is in effect a certification by the Secretary 
                that the product meets the standards of an America Star 
                label--
                            (i) if the product continues to meet such 
                        standards, the Secretary may either withdraw 
                        the certification or allow the certification to 
                        continue in effect, as the Secretary considers 
                        appropriate; and
                            (ii) if the product no longer meets such 
                        standards, the Secretary shall withdraw the 
                        certification.
                    (C) Waiver.--Notwithstanding subparagraph (A), the 
                Secretary may waive or reduce the period referred to in 
                such subparagraph if the Secretary determines that the 
                waiver or reduction is in the best interests of the 
                America Star Program.
            (3) False statements.--A false statement in connection with 
        the America Star Program to a person with whom the Secretary 
        contracts under subsection (f) shall be considered a false 
        statement to the Secretary for purposes of paragraph (2)(A)(i) 
        and section 1001 of title 18, United States Code.
    (j) Administrative Appeal.--
            (1) Expedited appeals procedure.--The Secretary shall 
        establish an expedited administrative appeals procedure under 
        which persons may appeal an action of the Secretary under this 
        section that--
                    (A) adversely affects such person; or
                    (B) is inconsistent with the America Star Program.
            (2) Appeal of final decision.--A final decision of the 
        Secretary under paragraph (1) may be appealed to the United 
        States district court for the district in which the person is 
        located.
    (k) Offsetting Collections.--
            (1) In general.--The Secretary may collect reasonable fees 
        from--
                    (A) manufacturers that apply for certification of 
                products as meeting the standards of America Star 
                labels; and
                    (B) manufacturers of products for which such 
                certifications are in effect.
            (2) Account.--The fees collected under paragraph (1) shall 
        be credited to the account that incurs the cost of the 
        certification services provided under this section.
            (3) Use.--The fees collected under paragraph (1) shall be 
        available to the Secretary, without further appropriation or 
        fiscal-year limitation, to pay the expenses of the Secretary 
        incurred in providing certification services under this 
        section.
    (l) Definitions.--In this section:
            (1) America star label.--The term ``America Star label'' 
        means a label described in subsection (a) and established by 
        the Secretary under subsection (b)(1).
            (2) America star program.--The term ``America Star 
        Program'' means the voluntary labeling program established 
        under this section.
            (3) Secretary.--The term ``Secretary'' means the Secretary 
        of Commerce.

SEC. 204. FOSTERING INNOVATION.

    Not later than 180 days after the date of the enactment of this 
Act, the Securities and Exchange Commission shall revise the definition 
of ``accelerated filer'', as such term is defined in Rule 12b-2 of the 
Commission (17 C.F.R. 240.12b-2), to include issuers that have annual 
revenues of greater than $100,000,000 during the most recently 
completed fiscal year for which audited financial statements are 
available and have an aggregated worldwide market value of the voting 
and non-voting common equity held by its non-affiliates of $250,000,000 
or more, but less than $700,000,000, as of the last business day of the 
issuer's most recently completed second fiscal quarter.

SEC. 205. PARTNERSHIP TO BUILD AMERICA.

    (a) American Infrastructure Fund.--
            (1) American infrastructure fund.--
                    (A) In general.--There is established a wholly 
                owned Government corporation to be called the American 
                Infrastructure Fund (``AIF'')--
                            (i) which shall be headed by the Board of 
                        Trustees established under paragraph (2);
                            (ii) which may have separate sub-accounts 
                        or subsidiaries for funds used to make loans, 
                        bond guarantees, and equity investments under 
                        this subsection and funds used to make bond 
                        guarantees under this subsection;
                            (iii) which shall be available to the AIF 
                        to pay for the costs of carrying out this 
                        subsection, including the compensation of the 
                        Board and other employees of the AIF; and
                            (iv) the funds of which may be invested by 
                        the Board in such manner as the Board 
                        determines appropriate.
                    (B) Deposits to aif.--All funds received from bond 
                issuances, loan payments, bond guarantee fees, and any 
                other funds received in carrying out this subsection 
                shall be held by AIF.
                    (C) Limitations.--The charter of the AIF shall 
                limit its activities to those activities described as 
                the mission of the Board under paragraph (2)(B).
                    (D) Oversight.--The AIF shall register with the 
                Securities and Exchange Commission and the Secretary 
                shall report to Congress annually as to whether the AIF 
                is fulfilling the mission of the Board under paragraph 
                (2)(B).
                    (E) Treatment of aif.--Title 31, United States 
                Code, is amended in each of sections 9107(c)(3) and 
                9108(d)(2)--
                            (i) by inserting ``the American 
                        Infrastructure Fund,'' after ``the Regional 
                        Banks for Cooperatives,''; and
                            (ii) by striking ``those banks'' and 
                        inserting ``those entities''.
            (2) Board of trustees.--
                    (A) In general.--There is established a Board of 
                Trustees of the AIF (the ``Board''), which shall be 
                composed of 11 members, of which at least 4 must be 
                risk management experts, as certified by the Board, 
                having substantial experience in bond guarantees or 
                municipal credit.
                    (B) Mission.--The Mission of the Board is--
                            (i) to operate the AIF and its subsidiaries 
                        to be a low cost provider of bond guarantees, 
                        loans, and equity investments to State and 
                        local governments and non-profit infrastructure 
                        providers for both urban and rural non-profit 
                        infrastructure projects that provide a positive 
                        economic impact and to meet such other 
                        standards as the Board may develop;
                            (ii) to operate the AIF in a self-
                        sustaining manner so as to allow the AIF to 
                        repay its infrastructure bonds when due;
                            (iii) to not have a profit motive, but seek 
                        at all times to pursue its mission of providing 
                        low cost bond guarantees and loans while 
                        covering its costs, reserves as may be needed, 
                        and applying prudent underwriting standards;
                            (iv) to only consider projects put forth by 
                        State and local governments and not to seek 
                        projects directly;
                            (v) to at all times make clear that no 
                        taxpayer money supports the AIF or ever will; 
                        and
                            (vi) to engage in no other activities other 
                        than those permitted under this subsection.
                    (C) Membership.--
                            (i) Presidentially appointed members.--
                        Except as provided under clause (iii), 4 
                        members of the Board shall be appointed by the 
                        President, by and with the advice and consent 
                        of the Senate, and serve for a term of 7 years.
                            (ii) Additional members.--Except as 
                        provided under clause (iii), 7 members of the 
                        Board shall be appointed by the current members 
                        of the Board appointed pursuant to this clause 
                        or clause (iii)(II), and serve for a term of 7 
                        years.
                            (iii) Initial members.--The Board shall 
                        initially consist of the following members, who 
                        shall be appointed not later than the end of 
                        the 60-day period beginning on the date that 
                        bonds are issued under paragraph (5):
                                    (I) Four members, appointed by the 
                                President, by and with the advice and 
                                consent of the Senate.
                                    (II) Seven additional members, 
                                appointed one each by the seven 
                                entities purchasing the largest amount 
                                of bonds (by aggregate face amount of 
                                bonds purchased) under paragraph (5).
                            (iv) Staggered terms.--The members of the 
                        Board shall serve staggered terms, with 2 each 
                        of the initial members of the Board serving for 
                        terms of 4, 5, 6, 7, and 8 years, respectively, 
                        and the initial Chair selected under clause (v) 
                        serving for 9 years. The decision of which 
                        Board members, other than the Chair, serve for 
                        which initial terms shall be made by the 
                        members of the Board drawing lots.
                            (v) Chair.--The members of the Board shall 
                        choose 1 member to serve as the Chair of the 
                        Board for a term of 7 years, except that the 
                        initial Chair shall serve for a term of 7 
                        years, as described under clause (iv).
                            (vi) Vacancies.--Any member of the Board 
                        appointed to fill a vacancy occurring before 
                        the expiration of the term to which that 
                        member's predecessor was appointed shall be 
                        appointed only for the remainder of the term.
                            (vii) Continuation of service.--Each member 
                        of the Board may continue to serve after the 
                        expiration of the term of office to which that 
                        member was appointed until a successor has been 
                        appointed.
                            (viii) Conflicts of interest.--No member of 
                        the Board may have a financial interest in, or 
                        be employed by, a Qualified Infrastructure 
                        Project (``QIP'') related to assistance 
                        provided under this subsection or any entity 
                        that has purchased bonds under paragraph (5). 
                        Owning municipal credit of any State or local 
                        government or owning the securities of a 
                        diversified company that engages in 
                        infrastructure activities, provided those 
                        activities constitute less than 20 percent of 
                        the company's revenues, or investing in broadly 
                        held investment funds shall not be deemed to 
                        create a conflict of interest. The Board may 
                        issue regulations to define terms used under 
                        this clause.
                    (D) Compensation.--The members of the Board shall 
                be compensated at an amount to be set by the Board, but 
                under no circumstances may such compensation be higher 
                than the rate prescribed for level IV of the Executive 
                Schedule under section 5315 of title 5, United States 
                Code.
                    (E) Staff.--The Board shall employ and set 
                compensation for such staff as the Board determines as 
                is necessary to carry out the activities and mission of 
                the AIF, and such staff may be paid without regard to 
                the provisions of chapter 51 and subchapter III of 
                chapter 53, United States Code, relating to 
                classification and General Schedule pay rates.
                    (F) Procedures.--The Board shall establish such 
                procedures as are necessary to carry out this 
                subsection.
                    (G) Corporate governance standards.--
                            (i) Board committees generally.--The Board 
                        shall maintain all of the committees required 
                        to be maintained by the board of directors of 
                        an issuer listed on the New York Stock Exchange 
                        as of the date of the enactment of this 
                        subsection.
                            (ii) Risk management committee.--The Board 
                        shall maintain a risk management committee, 
                        which shall--
                                    (I) consist of 4 members of the 
                                Board, with the initial 4 members 
                                consisting of 2 members appointed under 
                                paragraph (3)(C)(i) and 2 members 
                                appointed under subparagraph 
                                (C)(iii)(II);
                                    (II) employ additional staff who 
                                are certified by the Board as having 
                                significant and relevant experience in 
                                insurance underwriting and credit risk 
                                management; and
                                    (III) establish the risk management 
                                policies used by the Board.
                            (iii) Standards.--The Board shall, to the 
                        extent practicable, follow all standards with 
                        respect to corporate governance that are 
                        required to be followed by the board of 
                        directors of an issuer listed on the New York 
                        Stock Exchange as of the date of the enactment 
                        of this subsection.
            (3) Infrastructure investment.--
                    (A) In general.--The AIF shall provide bond 
                guarantees to debt issued by State and local 
                governments and non-profit infrastructure providers, 
                make loans to States, local governments, and non-profit 
                infrastructure providers, and make equity investments 
                in projects sponsored by State and local governments 
                and non-profit infrastructure provider to help 
                Qualified Infrastructure Projects (``QIPs''). The AIF 
                may not make any loans or provide bond guaranties to 
                for-profit entities.
                    (B) Qualified infrastructure projects.--A project 
                qualifies as a QIP under this subsection if--
                            (i) the project involves the construction, 
                        maintenance, improvement, or repair of a 
                        transportation, energy, water, communications, 
                        or educational facility; and
                            (ii) the recipient of bond guarantees, 
                        loans, equity investments, or any other 
                        financing technique authorized under this Act 
                        provides written assurances prescribed by the 
                        AIF that the project will be performed in 
                        compliance with the requirements of all Federal 
                        laws that would otherwise apply to similar 
                        projects to which the United States is a party.
                    (C) Application for assistance.--
                            (i) In general.--A State or local 
                        government that wishes to receive a loan or 
                        bond guarantee under this subsection shall 
                        submit an application to the Board in such form 
                        and manner and containing such information as 
                        the Board may require.
                            (ii) Requirement for non-profit 
                        infrastructure providers to apply through state 
                        or local governments.--A non-profit 
                        infrastructure provider may only receive a bond 
                        guarantee, loan, or equity investment under 
                        this subsection if the State or local 
                        government for the jurisdiction in which the 
                        non-profit infrastructure provider is located 
                        submits an application pursuant to clause (i) 
                        on behalf of such non-profit infrastructure 
                        provider.
                    (D) Limitations on single state awards.--
                            (i) Annual limitation.--The Board shall set 
                        an annual limit, as a percentage of total 
                        assistance provided under this subsection 
                        during a year, on the amount of assistance a 
                        single State (including local governments and 
                        other non-profit infrastructure providers 
                        within such State) may receive in assistance 
                        provided under this subsection.
                            (ii) Cumulative limitation.--The Board 
                        shall set a limit, as a percentage of total 
                        assistance provided under this subsection 
                        outstanding at any one time, on the amount of 
                        assistance a single State (including local 
                        governments and other non-profit infrastructure 
                        providers within such State) may receive in 
                        assistance provided under this subsection.
                    (E) Loan specifications.--Loans made under this 
                subsection shall have such maturity and carry such 
                interest rate as the Board determines appropriate.
                    (F) Bond guarantee.--The Board shall charge such 
                fees for Bond guarantees made under this subsection as 
                the Board determines appropriate.
                    (G) Equity investments.--With respect to a QIP, the 
                amount of an equity investment made by the AIF in such 
                QIP may not exceed 20 percent of the total cost of the 
                QIP.
                    (H) Public-private partnership requirements.--At 
                least 25 percent of the assistance provided under this 
                subsection shall be provided to QIPs for which at least 
                20 percent of the financing for such QIPs comes from 
                private debt or equity.
                    (I) Prohibition on principal forgiveness.--With 
                respect to a loan made under this subsection, the Board 
                may not forgive any amount of principal on such loan.
            (4) American infrastructure bonds.--
                    (A) In general.--The Secretary shall, not later 
                than the end of the 90-day period following the date of 
                the enactment of this subsection and acting through the 
                AIF, issue bonds, to be called ``American 
                Infrastructure Bonds'', the proceeds from which shall 
                be deposited into the AIF.
                    (B) Forms and denominations; interest.--American 
                Infrastructure Bonds shall--
                            (i) be in such forms and denominations as 
                        determined by the Secretary, and shall have a 
                        50-year maturity; and
                            (ii) bear interest of 1 percent.
                    (C) No full faith and credit.--Interest and 
                principal payments paid to holders of American 
                Infrastructure Bonds shall be paid from the AIF, to the 
                extent funds are available, and shall not be backed by 
                the full faith and credit of the United States.
                    (D) Amount of bonds.--The aggregate face amount of 
                the bonds issued under this paragraph shall be 
                $50,000,000,000.
                    (E) Sale of american infrastructure bonds.--
                            (i) Competitive bidding process.--The 
                        Secretary shall sell the $50,000,000,000 of 
                        American Infrastructure Bonds--
                                    (I) through a competitive bidding 
                                process that encourages aggressive 
                                bidding;
                                    (II) in a manner so as to ensure 
                                that there are at least 7 different un-
                                affiliated purchasers; and
                                    (III) with prospective purchasers 
                                bidding on how low of a multiplier they 
                                will accept (for purposes of subsection 
                                (b)(1) of section 966 of the Internal 
                                Revenue Code of 1986) when purchasing 
                                the American Infrastructure Bonds, for 
                                purposes of applying the foreign 
                                earnings exclusion described under that 
                                section.
                            (ii) Limitation.--The multiplier described 
                        under clause (i)(III) may not be greater than 
                        6.
                    (F) Reimbursement of costs.--The Board shall repay 
                the Secretary, from funds in the AIF, for the costs to 
                the Secretary in carrying out this paragraph.
            (5) Additional bonds.--
                    (A) In general.--The Board may issue such other 
                bonds as the Board determines appropriate, the proceeds 
                from which shall be deposited into the AIF.
                    (B) No full faith and credit.--Interest and 
                principal payments paid to holders of bonds issued 
                pursuant to subparagraph (A) shall be paid from the 
                AIF, to the extent funds are available, and shall not 
                be backed by the full faith and credit of the United 
                States.
            (6) Definitions.--For purposes of this subsection--
                    (A) Bond guarantee.--The term ``bond guarantee'' 
                has the meaning given the term ``loan guarantee'' under 
                section 502 of the Federal Credit Reform Act of 1990 (2 
                U.S.C. 661a).
                    (B) Cost.--With respect to a loan or a bond 
                guarantee, the term ``cost'' has the meaning given such 
                term under section 502 of the Federal Credit Reform Act 
                of 1990 (2 U.S.C. 661a).
                    (C) Non-profit infrastructure provider.--The term 
                ``non-profit infrastructure provider'' means a non-
                profit entity that seeks to finance a QIP.
                    (D) Loan.--The term ``loan'' has the meaning given 
                the term ``direct loan'' under section 502 of the 
                Federal Credit Reform Act of 1990 (2 U.S.C. 661a).
                    (E) Secretary.--The term ``Secretary'' means the 
                Secretary of the Treasury.
                    (F) State.--The term ``State'' means each of the 
                several States, the District of Columbia, any territory 
                or possession of the United States, and each federally 
                recognized Indian tribe.
    (b) Foreign Earnings Exclusion for Purchase of Infrastructure 
Bonds.--
            (1) In general.--Subpart F of part III of subchapter N of 
        chapter 1 of the Internal Revenue Code of 1986 is amended by 
        adding at the end the following new section:

``SEC. 966. FOREIGN EARNINGS EXCLUSION FOR PURCHASE OF INFRASTRUCTURE 
              BONDS.

    ``(a) Exclusion.--In the case of a corporation which is a United 
States shareholder and for which the election under this section is in 
effect for the taxable year, gross income does not include an amount 
equal to the qualified cash dividend amount.
    ``(b) Qualified Cash Dividend Amount.--For purposes of this 
section, the term `qualified cash dividend amount' means an amount of 
the cash dividends which are received during a taxable year by such 
shareholder from controlled foreign corporations equal to--
            ``(1) the multiplier determined under section 205(a)(4)(E) 
        of the Emergency Unemployment Compensation Extension Act of 
        2014 for such shareholder, multiplied by
            ``(2) the face amount of qualified infrastructure bonds 
        acquired at its original issue (directly or through an 
        underwriter) by such shareholder.
    ``(c) Limitations.--
            ``(1) In general.--The amount of dividends taken into 
        account under subsection (a) for a taxable year shall not 
        exceed the lesser of--
                    ``(A) the cash dividends received by the taxpayer 
                for such taxable year, or
                    ``(B) the amount shown on the applicable financial 
                statement as earnings permanently reinvested outside 
                the United States.
            ``(2) Dividends must be extraordinary.--The amount of 
        dividends taken into account under subsection (a) shall not 
        exceed the excess (if any) of--
                    ``(A) the cash dividends received during the 
                taxable year by such shareholder from controlled 
                foreign corporations, over
                    ``(B) the annual average for the base period years 
                of the cash dividends received during each base period 
                year by such shareholder from controlled foreign 
                corporations.
            ``(3) Reduction of benefit if increase in related party 
        indebtedness.--The amount of dividends which would (but for 
        this paragraph) be taken into account under subsection (a) 
        shall be reduced by the excess (if any) of--
                    ``(A) the amount of indebtedness of the controlled 
                foreign corporation to any related person (as defined 
                in section 954(d)(3)) as of the close of the taxable 
                year for which the election under this section is in 
                effect, over
                    ``(B) the amount of indebtedness of the controlled 
                foreign corporation to any related person (as so 
                defined) as of the close of the preceding taxable year.
        All controlled foreign corporations with respect to which the 
        taxpayer is a United States shareholder shall be treated as 1 
        controlled foreign corporation for purposes of this subsection. 
        The Secretary may prescribe such regulations as may be 
        necessary or appropriate to prevent the avoidance of the 
        purposes of this subsection, including regulations which 
        provide that cash dividends shall not be taken into account 
        under subsection (a) to the extent such dividends are 
        attributable to the direct or indirect transfer (including 
        through the use of intervening entities or capital 
        contributions) of cash or other property from a related person 
        (as so defined) to a controlled foreign corporation.
    ``(d) Definitions and Special Rules.--For purposes of this 
section--
            ``(1) Qualified infrastructure bonds.--The term `qualified 
        infrastructure bond' means a bond issued under section 
        205(a)(4) of the Emergency Unemployment Compensation Extension 
        Act of 2014.
            ``(2) Applicable financial statement.--The term `applicable 
        financial statement' means, with respect to a taxable year--
                    ``(A) with respect to a United States shareholder 
                which is required to file a financial statement with 
                the Securities and Exchange Commission (or which is 
                included in such a statement so filed by another 
                person), the most recent audited annual financial 
                statement (including the notes which form an integral 
                part of such statement) of such shareholder (or which 
                includes such shareholder)--
                            ``(i) which was so filed for such taxable 
                        year, and
                            ``(ii) which is certified as being prepared 
                        in accordance with generally accepted 
                        accounting principles, and
                    ``(B) with respect to any other United States 
                shareholder, the most recent audited financial 
                statement (including the notes which form an integral 
                part of such statement) of such shareholder (or which 
                includes such shareholder)--
                            ``(i) which is certified as being prepared 
                        in accordance with generally accepted 
                        accounting principles, and
                            ``(ii) which is used for the purposes of a 
                        statement or report--
                                    ``(I) to creditors,
                                    ``(II) to shareholders, or
                                    ``(III) for any other substantial 
                                nontax purpose.
            ``(3) Base period years.--
                    ``(A) In general.--The base period years are the 3 
                taxable years--
                            ``(i) which are among the 5 most recent 
                        preceding taxable years ending before the 
                        taxable year, and
                            ``(ii) which are determined by 
                        disregarding--
                                    ``(I) 1 taxable year for which the 
                                amount described in subsection 
                                (c)(2)(B) is the largest, and
                                    ``(II) 1 taxable year for which 
                                such amount is the smallest.
                    ``(B) Shorter period.--If the taxpayer has fewer 
                than 5 taxable years ending before the taxable year, 
                then in lieu of applying subparagraph (A), the base 
                period years shall include all the taxable years of the 
                taxpayer ending before such taxable year.
                    ``(C) Mergers, acquisitions, etc.--
                            ``(i) In general.--Rules similar to the 
                        rules of subparagraphs (A) and (B) of section 
                        41(f)(3) shall apply for purposes of this 
                        paragraph.
                            ``(ii) Spin-offs, etc.--If there is a 
                        distribution to which section 355 (or so much 
                        of section 356 as relates to section 355) 
                        applies during the 5-year period referred to in 
                        subparagraph (A)(i) and the controlled 
                        corporation (within the meaning of section 355) 
                        is a United States shareholder--
                                    ``(I) the controlled corporation 
                                shall be treated as being in existence 
                                during the period that the distributing 
                                corporation (within the meaning of 
                                section 355) is in existence, and
                                    ``(II) for purposes of applying 
                                subsection (c)(2) to the controlled 
                                corporation and the distributing 
                                corporation, amounts described in 
                                subsection (c)(2)(B) which are received 
                                or includible by the distributing 
                                corporation or controlled corporation 
                                (as the case may be) before the 
                                distribution referred to in subclause 
                                (I) from a controlled foreign 
                                corporation shall be allocated between 
                                such corporations in proportion to 
                                their respective interests as United 
                                States shareholders of such controlled 
                                foreign corporation immediately after 
                                such distribution.
                        Subclause (II) shall not apply if neither the 
                        controlled corporation nor the distributing 
                        corporation is a United States shareholder of 
                        such controlled foreign corporation immediately 
                        after such distribution.
            ``(4) Dividend.--The term `dividend' shall not include 
        amounts includible in gross income as a dividend under section 
        78, 367, or 1248. In the case of a liquidation under section 
        332 to which section 367(b) applies, the preceding sentence 
        shall not apply to the extent the United States shareholder 
        actually receives cash as part of the liquidation.
            ``(5) Coordination with dividend received deduction.--No 
        deduction shall be allowed under section 243 or 245 for any 
        dividend which is excluded from income by subsection (a).
            ``(6) Controlled groups.--All United States shareholders 
        which are members of an affiliated group filing a consolidated 
        return under section 1501 shall be treated as one United States 
        shareholder.
            ``(7) Reporting.--The Secretary shall require by regulation 
        or other guidance the reporting of such information as the 
        Secretary may require to carry out this section.
    ``(e) Denial of Foreign Tax Credit; Denial of Certain Expenses.--
            ``(1) Foreign tax credit.--
                    ``(A) In general.--No credit shall be allowed under 
                section 901 for any taxes paid or accrued (or treated 
                as paid or accrued) with respect to the excluded 
                portion of any dividend.
                    ``(B) Denial of deduction of related tax.--No 
                deduction shall be allowed under this chapter for any 
                tax for which credit is not allowable by reason of the 
                preceding sentence.
            ``(2) Expenses.--No deduction shall be allowed for expenses 
        directly allocable to the excludable portion described in 
        paragraph (1).
            ``(3) Excludable portion.--For purposes of paragraph (1), 
        unless the taxpayer otherwise specifies, the excludable portion 
        of any dividend or other amount is the amount which bears the 
        same ratio to the amount of such dividend or other amount as 
        the amount excluded from income under subsection (a) for the 
        taxable year bears to the amount described in subsection 
        (c)(2)(A) for such year.
            ``(4) Coordination with section 78.--Section 78 shall not 
        apply to any tax which is not allowable as a credit under 
        section 901 by reason of this subsection.
    ``(f) Election To Have Section Apply.--A taxpayer may elect to have 
this section apply for any taxable year.''.
            (2) Clerical amendment.--The table of sections for subpart 
        F of part III of subchapter N of chapter 1 of such Code is 
        amended by adding at the end the following new item:

``Sec. 966. Foreign earnings exclusion for purchase of infrastructure 
                            bonds.''.
            (3) Effective date.--The amendments made by this section 
        shall apply to dividends received for taxable years ending 
        after the date of the enactment of this Act.

SEC. 206. KEYSTONE XL PIPELINE.

    Notwithstanding Executive Order No. 13337 (3 U.S.C. 301 note), 
Executive Order No. 11423 (3 U.S.C. 301 note), section 301 of title 3, 
United States Code, and any other Executive order or provision of law, 
no Presidential permit shall be required to authorize the construction, 
connection, operation, and maintenance of border crossing facilities 
for the pipeline described in the application filed on May 4, 2012, by 
TransCanada Keystone Pipeline, L.P., to the Department of State for the 
Keystone XL pipeline, for the importation of crude oil to be located at 
the United States-Canada Border.
                                 <all>