[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1295 Engrossed Amendment Senate (EAS)]

                  In the Senate of the United States,

                                                          May 14, 2015.
    Resolved, That the bill from the House of Representatives (H.R. 
1295) entitled ``An Act to amend the Internal Revenue Code of 1986 to 
improve the process for making determinations with respect to whether 
organizations are exempt from taxation under section 501(c)(4) of such 
Code.'', do pass with the following

                              AMENDMENTS:

            Strike all after the enacting clause and insert the 
      following:

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Trade Preferences 
Extension Act of 2015''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.

        TITLE I--EXTENSION OF AFRICAN GROWTH AND OPPORTUNITY ACT

Sec. 101. Short title.
Sec. 102. Findings.
Sec. 103. Extension of African Growth and Opportunity Act.
Sec. 104. Modifications of rules of origin for duty-free treatment for 
                            articles of beneficiary sub-Saharan African 
                            countries under Generalized System of 
                            Preferences.
Sec. 105. Monitoring and review of eligibility under Generalized System 
                            of Preferences.
Sec. 106. Promotion of the role of women in social and economic 
                            development in sub-Saharan Africa.
Sec. 107. Biennial AGOA utilization strategies.
Sec. 108. Deepening and expanding trade and investment ties between 
                            sub-Saharan Africa and the United States.
Sec. 109. Agricultural technical assistance for sub-Saharan Africa.
Sec. 110. Reports.
Sec. 111. Technical amendments.
Sec. 112. Definitions.

        TITLE II--EXTENSION OF GENERALIZED SYSTEM OF PREFERENCES

Sec. 201. Extension of Generalized System of Preferences.
Sec. 202. Authority to designate certain cotton articles as eligible 
                            articles only for least-developed 
                            beneficiary developing countries under 
                            Generalized System of Preferences.
Sec. 203. Application of competitive need limitation and waiver under 
                            Generalized System of Preferences with 
                            respect to articles of beneficiary 
                            developing countries exported to the United 
                            States during calendar year 2014.
Sec. 204. Travel goods.

 TITLE III--EXTENSION OF PREFERENTIAL DUTY TREATMENT PROGRAM FOR HAITI

Sec. 301. Extension of preferential duty treatment program for Haiti.

          TITLE IV--TARIFF CLASSIFICATION OF CERTAIN ARTICLES

Sec. 401. Tariff classification of recreational performance outerwear.
Sec. 402. Duty treatment of specialized athletic footwear.
Sec. 403. Effective date.

                   TITLE V--MISCELLANEOUS PROVISIONS

Sec. 501. Report on contribution of trade preference programs to 
                            reducing poverty and eliminating hunger.

                           TITLE VI--OFFSETS

Sec. 601. Customs user fees.
Sec. 602. Time for payment of corporate estimated taxes.
Sec. 603. Improved information reporting on unreported and 
                            underreported financial accounts.

        TITLE I--EXTENSION OF AFRICAN GROWTH AND OPPORTUNITY ACT

SEC. 101. SHORT TITLE.

    This title may be cited as the ``AGOA Extension and Enhancement Act 
of 2015''.

SEC. 102. FINDINGS.

    Congress finds the following:
            (1) Since its enactment, the African Growth and Opportunity 
        Act has been the centerpiece of trade relations between the 
        United States and sub-Saharan Africa and has enhanced trade, 
        investment, job creation, and democratic institutions 
        throughout Africa.
            (2) Trade and investment, as facilitated by the African 
        Growth and Opportunity Act, promote economic growth, 
        development, poverty reduction, democracy, the rule of law, and 
        stability in sub-Saharan Africa.
            (3) Trade between the United States and sub-Saharan Africa 
        has more than tripled since the enactment of the African Growth 
        and Opportunity Act in 2000, and United States direct 
        investment in sub-Saharan Africa has grown almost six-fold.
            (4) It is in the interest of the United States to engage 
        and compete in emerging markets in sub-Saharan African 
        countries, to boost trade and investment between the United 
        States and sub-Saharan African countries, and to renew and 
        strengthen the African Growth and Opportunity Act.
            (5) The long-term economic security of the United States is 
        enhanced by strong economic and political ties with the 
        fastest-growing economies in the world, many of which are in 
        sub-Saharan Africa.
            (6) It is a goal of the United States to further integrate 
        sub-Saharan African countries into the global economy, 
        stimulate economic development in Africa, and diversify sources 
        of growth in sub-Saharan Africa.
            (7) To that end, implementation of the Agreement on Trade 
        Facilitation of the World Trade Organization would strengthen 
        regional integration efforts in sub-Saharan Africa and 
        contribute to economic growth in the region.
            (8) The elimination of barriers to trade and investment in 
        sub-Saharan Africa, including high tariffs, forced localization 
        requirements, restrictions on investment, and customs barriers, 
        will create opportunities for workers, businesses, farmers, and 
        ranchers in the United States and sub-Saharan African 
        countries.
            (9) The elimination of such barriers will improve 
        utilization of the African Growth and Opportunity Act and 
        strengthen regional and global integration, accelerate economic 
        growth in sub-Saharan Africa, and enhance the trade 
        relationship between the United States and sub-Saharan Africa.

SEC. 103. EXTENSION OF AFRICAN GROWTH AND OPPORTUNITY ACT.

    (a) In General.--Section 506B of the Trade Act of 1974 (19 U.S.C. 
2466b) is amended by striking ``September 30, 2015'' and inserting 
``September 30, 2025''.
    (b) African Growth and Opportunity Act.--
            (1) In general.--Section 112(g) of the African Growth and 
        Opportunity Act (19 U.S.C. 3721(g)) is amended by striking 
        ``September 30, 2015'' and inserting ``September 30, 2025''.
            (2) Extension of regional apparel article program.--Section 
        112(b)(3)(A) of the African Growth and Opportunity Act (19 
        U.S.C. 3721(b)(3)(A)) is amended--
                    (A) in clause (i), by striking ``11 succeeding'' 
                and inserting ``21 succeeding''; and
                    (B) in clause (ii)(II), by striking ``September 30, 
                2015'' and inserting ``September 30, 2025''.
            (3) Extension of third-country fabric program.--Section 
        112(c)(1) of the African Growth and Opportunity Act (19 U.S.C. 
        3721(c)(1)) is amended--
                    (A) in the paragraph heading, by striking 
                ``September 30, 2015'' and inserting ``September 30, 
                2025'';
                    (B) in subparagraph (A), by striking ``September 
                30, 2015'' and inserting ``September 30, 2025''; and
                    (C) in subparagraph (B)(ii), by striking 
                ``September 30, 2015'' and inserting ``September 30, 
                2025''.

SEC. 104. MODIFICATIONS OF RULES OF ORIGIN FOR DUTY-FREE TREATMENT FOR 
              ARTICLES OF BENEFICIARY SUB-SAHARAN AFRICAN COUNTRIES 
              UNDER GENERALIZED SYSTEM OF PREFERENCES.

    (a) In General.--Section 506A(b)(2) of the Trade Act of 1974 (19 
U.S.C. 2466a(b)(2)) is amended--
            (1) in subparagraph (A), by striking ``and'' at the end;
            (2) in subparagraph (B), by striking the period at the end 
        and inserting ``; and''; and
            (3) by adding at the end the following:
                    ``(C) the direct costs of processing operations 
                performed in one or more such beneficiary sub-Saharan 
                African countries or former beneficiary sub-Saharan 
                African countries shall be applied in determining such 
                percentage.''.
    (b) Applicability to Articles Receiving Duty-free Treatment Under 
Title V of Trade Act of 1974.--Section 506A(b) of the Trade Act of 1974 
(19 U.S.C. 2466a(b)) is amended by adding at the end the following:
            ``(3) Rules of origin under this title.--The exceptions set 
        forth in subparagraphs (A), (B), and (C) of paragraph (2) shall 
        also apply to any article described in section 503(a)(1) that 
        is the growth, product, or manufacture of a beneficiary sub-
        Saharan African country for purposes of any determination to 
        provide duty-free treatment with respect to such article.''.
    (c) Modifications to the Harmonized Tariff Schedule.--The President 
may proclaim such modifications as may be necessary to the Harmonized 
Tariff Schedule of the United States (HTS) to add the special tariff 
treatment symbol ``D'' in the ``Special'' subcolumn of the HTS for each 
article classified under a heading or subheading with the special 
tariff treatment symbol ``A'' or ``A*'' in the ``Special'' subcolumn of 
the HTS.
    (d) Effective Date.--The amendments made by subsections (a) and (b) 
take effect on the date of the enactment of this Act and apply with 
respect to any article described in section 503(b)(1)(B) through (G) of 
the Trade Act of 1974 that is the growth, product, or manufacture of a 
beneficiary sub-Saharan African country and that is imported into the 
customs territory of the United States on or after the date that is 30 
days after such date of enactment.

SEC. 105. MONITORING AND REVIEW OF ELIGIBILITY UNDER GENERALIZED SYSTEM 
              OF PREFERENCES.

    (a) Continuing Compliance.--Section 506A(a)(3) of the Trade Act of 
1974 (19 U.S.C. 2466a(a)(3)) is amended--
            (1) by striking ``If the President'' and inserting the 
        following:
                    ``(A) In general.--If the President''; and
            (2) by adding at the end the following:
                    ``(B) Notification.--The President may not 
                terminate the designation of a country as a beneficiary 
                sub-Saharan African country under subparagraph (A) 
                unless, at least 60 days before the termination of such 
                designation, the President notifies Congress and 
                notifies the country of the President's intention to 
                terminate such designation, together with the 
                considerations entering into the decision to terminate 
                such designation.''.
    (b) Withdrawal, Suspension, or Limitation of Preferential Tariff 
Treatment.--Section 506A of the Trade Act of 1974 (19 U.S.C. 2466a) is 
amended--
            (1) by redesignating subsection (c) as subsection (d); and
            (2) by inserting after subsection (b) the following:
    ``(c) Withdrawal, Suspension, or Limitation of Preferential Tariff 
Treatment.--
            ``(1) In general.--The President may withdraw, suspend, or 
        limit the application of duty-free treatment provided for any 
        article described in subsection (b)(1) of this section or 
        section 112 of the African Growth and Opportunity Act with 
        respect to a beneficiary sub-Saharan African country if the 
        President determines that withdrawing, suspending, or limiting 
        such duty-free treatment would be more effective in promoting 
        compliance by the country with the requirements described in 
        subsection (a)(1) than terminating the designation of the 
        country as a beneficiary sub-Saharan African country for 
        purposes of this section.
            ``(2) Notification.--The President may not withdraw, 
        suspend, or limit the application of duty-free treatment under 
        paragraph (1) unless, at least 60 days before such withdrawal, 
        suspension, or limitation, the President notifies Congress and 
        notifies the country of the President's intention to withdraw, 
        suspend, or limit such duty-free treatment, together with the 
        considerations entering into the decision to terminate such 
        designation.''.
    (c) Review and Public Comments on Eligibility Requirements.--
Section 506A of the Trade Act of 1974 (19 U.S.C. 2466a), as so amended, 
is further amended--
            (1) by redesignating subsection (d) as subsection (e); and
            (2) by inserting after subsection (c) the following:
    ``(d) Review and Public Comments on Eligibility Requirements.--
            ``(1) In general.--In carrying out subsection (a)(2), the 
        President shall publish annually in the Federal Register a 
        notice of review and request for public comments on whether 
        beneficiary sub-Saharan African countries are meeting the 
        eligibility requirements set forth in section 104 of the 
        African Growth and Opportunity Act and the eligibility criteria 
        set forth in section 502 of this Act.
            ``(2) Public hearing.--The United States Trade 
        Representative shall, not later than 30 days after the date on 
        which the President publishes the notice of review and request 
        for public comments under paragraph (1)--
                    ``(A) hold a public hearing on such review and 
                request for public comments; and
                    ``(B) publish in the Federal Register, before such 
                hearing is held, notice of--
                            ``(i) the time and place of such hearing; 
                        and
                            ``(ii) the time and place at which such 
                        public comments will be accepted.
            ``(3) Petition process.--
                    ``(A) In general.--Not later than 60 days after the 
                date of the enactment of this subsection, the President 
                shall establish a process to allow any interested 
                person, at any time, to file a petition with the Office 
                of the United States Trade Representative with respect 
                to the compliance of any country listed in section 107 
                of the African Growth and Opportunity Act with the 
                eligibility requirements set forth in section 104 of 
                such Act and the eligibility criteria set forth in 
                section 502 of this Act.
                    ``(B) Use of petitions.--The President shall take 
                into account all petitions filed pursuant to 
                subparagraph (A) in making determinations of compliance 
                under subsections (a)(3)(A) and (c) and in preparing 
                any reports required by this title as such reports 
                apply with respect to beneficiary sub-Saharan African 
                countries.
            ``(4) Out-of-cycle reviews.--
                    ``(A) In general.--The President may, at any time, 
                initiate an out-of-cycle review of whether a 
                beneficiary sub-Saharan African country is making 
                continual progress in meeting the requirements 
                described in paragraph (1). The President shall give 
                due consideration to petitions received under paragraph 
                (3) in determining whether to initiate an out-of-cycle 
                review under this subparagraph.
                    ``(B) Congressional notification.--Before 
                initiating an out-of-cycle review under subparagraph 
                (A), the President shall notify and consult with 
                Congress.
                    ``(C) Consequences of review.--If, pursuant to an 
                out-of-cycle review conducted under subparagraph (A), 
                the President determines that a beneficiary sub-Saharan 
                African country does not meet the requirements set 
                forth in section 104(a) of the African Growth and 
                Opportunity Act (19 U.S.C. 3703(a)), the President 
                shall, subject to the requirements of subsections 
                (a)(3)(B) and (c)(2), terminate the designation of the 
                country as a beneficiary sub-Saharan African country or 
                withdraw, suspend, or limit the application of duty-
                free treatment with respect to articles from the 
                country.
                    ``(D) Reports.--After each out-of-cycle review 
                conducted under subparagraph (A) with respect to a 
                country, the President shall submit to the Committee on 
                Finance of the Senate and the Committee on Ways and 
                Means of the House of Representatives a report on the 
                review and any determination of the President to 
                terminate the designation of the country as a 
                beneficiary sub-Saharan African country or withdraw, 
                suspend, or limit the application of duty-free 
                treatment with respect to articles from the country 
                under subparagraph (C).
                    ``(E) Initiation of out-of-cycle reviews for 
                certain countries.--Recognizing that concerns have been 
                raised about the compliance with section 104(a) of the 
                African Growth and Opportunity Act (19 U.S.C. 3703(a)) 
                of some beneficiary sub-Saharan African countries, the 
                President shall initiate an out-of-cycle review under 
                subparagraph (A) with respect to South Africa, the most 
                developed of the beneficiary sub-Saharan African 
                countries, and other beneficiary countries as 
                appropriate, not later than 30 days after the date of 
                the enactment of this subsection.''.

SEC. 106. PROMOTION OF THE ROLE OF WOMEN IN SOCIAL AND ECONOMIC 
              DEVELOPMENT IN SUB-SAHARAN AFRICA.

    (a) Statement of Policy.--Section 103 of the African Growth and 
Opportunity Act (19 U.S.C. 3702) is amended--
            (1) in paragraph (8), by striking ``; and'' and inserting a 
        semicolon;
            (2) in paragraph (9), by striking the period and inserting 
        ``; and''; and
            (3) by adding at the end the following:
            ``(10) promoting the role of women in social, political, 
        and economic development in sub-Saharan Africa.''.
    (b) Eligibility Requirements.--Section 104(a)(1)(A) of the African 
Growth and Opportunity Act (19 U.S.C. 3703(a)(1)(A)) is amended by 
inserting ``for men and women'' after ``rights''.

SEC. 107. BIENNIAL AGOA UTILIZATION STRATEGIES.

    (a) In General.--It is the sense of Congress that--
            (1) beneficiary sub-Saharan African countries should 
        develop utilization strategies on a biennial basis in order to 
        more effectively and strategically utilize benefits available 
        under the African Growth and Opportunity Act (in this section 
        referred to as ``AGOA utilization strategies'');
            (2) United States trade capacity building agencies should 
        work with, and provide appropriate resources to, such sub-
        Saharan African countries to assist in developing and 
        implementing biennial AGOA utilization strategies; and
            (3) as appropriate, and to encourage greater regional 
        integration, the United States Trade Representative should 
        consider requesting the Regional Economic Communities to 
        prepare biennial AGOA utilization strategies.
    (b) Contents.--It is further the sense of Congress that biennial 
AGOA utilization strategies should identify strategic needs and 
priorities to bolster utilization of benefits available under the 
African Growth and Opportunity Act. To that end, biennial AGOA 
utilization strategies should--
            (1) review potential exports under the African Growth and 
        Opportunity Act and identify opportunities and obstacles to 
        increased trade and investment and enhanced poverty reduction 
        efforts;
            (2) identify obstacles to regional integration that inhibit 
        utilization of benefits under the African Growth and 
        Opportunity Act;
            (3) set out a plan to take advantage of opportunities and 
        address obstacles identified in paragraphs (1) and (2), improve 
        awareness of the African Growth and Opportunity Act as a 
        program that enhances exports to the United States, and utilize 
        United States Agency for International Development regional 
        trade hubs;
            (4) set out a strategy to promote small business and 
        entrepreneurship; and
            (5) eliminate obstacles to regional trade and promote 
        greater utilization of benefits under the African Growth and 
        Opportunity Act and establish a plan to promote full regional 
        implementation of the Agreement on Trade Facilitation of the 
        World Trade Organization.
    (c) Publication.--It is further the sense of Congress that--
            (1) each beneficiary sub-Saharan African country should 
        publish on an appropriate Internet website of such country 
        public versions of its AGOA utilization strategy; and
            (2) the United States Trade Representative should publish 
        on the Internet website of the Office of the United States 
        Trade Representative public versions of all AGOA utilization 
        strategies described in paragraph (1).

SEC. 108. DEEPENING AND EXPANDING TRADE AND INVESTMENT TIES BETWEEN 
              SUB-SAHARAN AFRICA AND THE UNITED STATES.

    It is the policy of the United States to continue to--
            (1) seek to deepen and expand trade and investment ties 
        between sub-Saharan Africa and the United States, including 
        through the negotiation of accession by sub-Saharan African 
        countries to the World Trade Organization and the negotiation 
        of trade and investment framework agreements, bilateral 
        investment treaties, and free trade agreements, as such 
        agreements have the potential to catalyze greater trade and 
        investment, facilitate additional investment in sub-Saharan 
        Africa, further poverty reduction efforts, and promote economic 
        growth;
            (2) seek to negotiate agreements with individual sub-
        Saharan African countries as well as with the Regional Economic 
        Communities, as appropriate;
            (3) promote full implementation of commitments made under 
        the WTO Agreement (as such term is defined in section 2(9) of 
        the Uruguay Round Agreements Act (19 U.S.C. 3501(9)) because 
        such actions are likely to improve utilization of the African 
        Growth and Opportunity Act and promote trade and investment and 
        because regular review to ensure continued compliance helps to 
        maximize the benefits of the African Growth and Opportunity 
        Act; and
            (4) promote the negotiation of trade agreements that cover 
        substantially all trade between parties to such agreements and, 
        if other countries seek to negotiate trade agreements that do 
        not cover substantially all trade, continue to object in all 
        appropriate forums.

SEC. 109. AGRICULTURAL TECHNICAL ASSISTANCE FOR SUB-SAHARAN AFRICA.

    Section 13 of the AGOA Acceleration Act of 2004 (19 U.S.C. 3701 
note) is amended--
            (1) in subsection (a)--
                    (A) by striking ``shall identify not fewer than 10 
                eligible sub-Saharan African countries as having the 
                greatest'' and inserting ``, through the Secretary of 
                Agriculture, shall identify eligible sub-Saharan 
                African countries that have''; and
                    (B) by striking ``and complying with sanitary and 
                phytosanitary rules of the United States'' and 
                inserting ``, complying with sanitary and phytosanitary 
                rules of the United States, and developing food safety 
                standards'';
            (2) in subsection (b)--
                    (A) by striking ``20'' and inserting ``30''; and
                    (B) by inserting after ``from those countries'' the 
                following: ``, particularly from businesses and sectors 
                that engage women farmers and entrepreneurs,''; and
            (3) by adding at the end the following:
    ``(c) Coordination.--The President shall take such measures as are 
necessary to ensure adequate coordination of similar activities of 
agencies of the United States Government relating to agricultural 
technical assistance for sub-Saharan Africa.''.

SEC. 110. REPORTS.

    (a) Implementation Report.--
            (1) In general.--Not later than 1 year after the date of 
        the enactment of this Act, and biennially thereafter, the 
        President shall submit to Congress a report on the trade and 
        investment relationship between the United States and sub-
        Saharan African countries and on the implementation of this 
        title and the amendments made by this title.
            (2) Matters to be included.--The report required by 
        paragraph (1) shall include the following:
                    (A) A description of the status of trade and 
                investment between the United States and sub-Saharan 
                Africa, including information on leading exports to the 
                United States from sub-Saharan African countries.
                    (B) Any changes in eligibility of sub-Saharan 
                African countries during the period covered by the 
                report.
                    (C) A detailed analysis of whether each such 
                beneficiary sub-Saharan African country is continuing 
                to meet the eligibility requirements set forth in 
                section 104 of the African Growth and Opportunity Act 
                and the eligibility criteria set forth in section 502 
                of the Trade Act of 1974.
                    (D) A description of the status of regional 
                integration efforts in sub-Saharan Africa.
                    (E) A summary of United States trade capacity 
                building efforts.
                    (F) Any other initiatives related to enhancing the 
                trade and investment relationship between the United 
                States and sub-Saharan African countries.
    (b) Potential Trade Agreements Report.--Not later than 1 year after 
the date of the enactment of this Act, and every 5 years thereafter, 
the United States Trade Representative shall submit to Congress a 
report that--
            (1) identifies sub-Saharan African countries that have a 
        expressed an interest in entering into a free trade agreement 
        with the United States;
            (2) evaluates the viability and progress of such sub-
        Saharan African countries and other sub-Saharan African 
        countries toward entering into a free trade agreement with the 
        United States; and
            (3) describes a plan for negotiating and concluding such 
        agreements, which includes the elements described in 
        subparagraphs (A) through (E) of section 116(b)(2) of the 
        African Growth and Opportunity Act.
    (c) Termination.--The reporting requirements of this section shall 
cease to have any force or effect after September 30, 2025.

SEC. 111. TECHNICAL AMENDMENTS.

    Section 104 of the African Growth and Opportunity Act (19 U.S.C. 
3703), as amended by section 106, is further amended--
            (1) in subsection (a), by striking ``(a) In General.--''; 
        and
            (2) by striking subsection (b).

SEC. 112. DEFINITIONS.

    In this title:
            (1) Beneficiary sub-saharan african country.--The term 
        ``beneficiary sub-Saharan African country'' means a beneficiary 
        sub-Saharan African country described in subsection (e) of 
        section 506A of the Trade Act of 1974 (as redesignated by this 
        Act).
            (2) Sub-saharan african country.--The term ``sub-Saharan 
        African country'' has the meaning given the term in section 107 
        of the African Growth and Opportunity Act.

        TITLE II--EXTENSION OF GENERALIZED SYSTEM OF PREFERENCES

SEC. 201. EXTENSION OF GENERALIZED SYSTEM OF PREFERENCES.

    (a) In General.--Section 505 of the Trade Act of 1974 (19 U.S.C. 
2465) is amended by striking ``July 31, 2013'' and inserting ``December 
31, 2017''.
    (b) Effective Date.--
            (1) In general.--The amendment made by subsection (a) shall 
        apply to articles entered on or after the 30th day after the 
        date of the enactment of this Act.
            (2) Retroactive application for certain liquidations and 
        reliquidations.--
                    (A) In general.--Notwithstanding section 514 of the 
                Tariff Act of 1930 (19 U.S.C. 1514) or any other 
                provision of law and subject to subparagraph (B), any 
                entry of a covered article to which duty-free treatment 
                or other preferential treatment under title V of the 
                Trade Act of 1974 (19 U.S.C. 2461 et seq.) would have 
                applied if the entry had been made on July 31, 2013, 
                that was made--
                            (i) after July 31, 2013, and
                            (ii) before the effective date specified in 
                        paragraph (1),
                shall be liquidated or reliquidated as though such 
                entry occurred on the effective date specified in 
                paragraph (1).
                    (B) Requests.--A liquidation or reliquidation may 
                be made under subparagraph (A) with respect to an entry 
                only if a request therefor is filed with U.S. Customs 
                and Border Protection not later than 180 days after the 
                date of the enactment of this Act that contains 
                sufficient information to enable U.S. Customs and 
                Border Protection--
                            (i) to locate the entry; or
                            (ii) to reconstruct the entry if it cannot 
                        be located.
                    (C) Payment of amounts owed.--Any amounts owed by 
                the United States pursuant to the liquidation or 
                reliquidation of an entry of a covered article under 
                subparagraph (A) shall be paid, without interest, not 
                later than 90 days after the date of the liquidation or 
                reliquidation (as the case may be).
            (3) Definitions.--In this subsection:
                    (A) Covered article.--The term ``covered article'' 
                means an article from a country that is a beneficiary 
                developing country under title V of the Trade Act of 
                1974 (19 U.S.C. 2461 et seq.) as of the effective date 
                specified in paragraph (1).
                    (B) Enter; entry.--The terms ``enter'' and 
                ``entry'' include a withdrawal from warehouse for 
                consumption.

SEC. 202. AUTHORITY TO DESIGNATE CERTAIN COTTON ARTICLES AS ELIGIBLE 
              ARTICLES ONLY FOR LEAST-DEVELOPED BENEFICIARY DEVELOPING 
              COUNTRIES UNDER GENERALIZED SYSTEM OF PREFERENCES.

    Section 503(b) of the Trade Act of 1974 (19 U.S.C. 2463(b)) is 
amended by adding at the end the following:
            ``(5) Certain cotton articles.--Notwithstanding paragraph 
        (3), the President may designate as an eligible article or 
        articles under subsection (a)(1)(B) only for countries 
        designated as least-developed beneficiary developing countries 
        under section 502(a)(2) cotton articles classifiable under 
        subheading 5201.00.18, 5201.00.28, 5201.00.38, 5202.99.30, or 
        5203.00.30 of the Harmonized Tariff Schedule of the United 
        States.''.

SEC. 203. APPLICATION OF COMPETITIVE NEED LIMITATION AND WAIVER UNDER 
              GENERALIZED SYSTEM OF PREFERENCES WITH RESPECT TO 
              ARTICLES OF BENEFICIARY DEVELOPING COUNTRIES EXPORTED TO 
              THE UNITED STATES DURING CALENDAR YEAR 2014.

    (a) In General.--For purposes of applying and administering 
subsections (c)(2) and (d) of section 503 of the Trade Act of 1974 (19 
U.S.C. 2463) with respect to an article described in subsection (b) of 
this section, subsections (c)(2) and (d) of section 503 of such Act 
shall be applied and administered by substituting ``October 1'' for 
``July 1'' each place such date appears.
    (b) Article Described.--An article described in this subsection is 
an article of a beneficiary developing country that is designated by 
the President as an eligible article under subsection (a) of section 
503 of the Trade Act of 1974 (19 U.S.C. 2463) and with respect to which 
a determination described in subsection (c)(2)(A) of such section was 
made with respect to exports (directly or indirectly) to the United 
States of such eligible article during calendar year 2014 by the 
beneficiary developing country.

SEC. 204. TRAVEL GOODS.

    Section 503(b)(1)(E) of the Trade Act of 1974 (19 U.S.C. 
2463(b)(1)(E)) is amended by striking ``handbags, luggage, flat 
goods,''.

 TITLE III--EXTENSION OF PREFERENTIAL DUTY TREATMENT PROGRAM FOR HAITI

SEC. 301. EXTENSION OF PREFERENTIAL DUTY TREATMENT PROGRAM FOR HAITI.

    Section 213A of the Caribbean Basin Economic Recovery Act (19 
U.S.C. 2703a) is amended as follows:
            (1) Subsection (b) is amended as follows:
                    (A) Paragraph (1) is amended--
                            (i) in subparagraph (B)(v)(I), by amending 
                        item (cc) to read as follows:
                                            ``(cc) 60 percent or more 
                                        during the 1-year period 
                                        beginning on December 20, 2017, 
                                        and each of the 7 succeeding 1-
                                        year periods.''; and
                            (ii) in subparagraph (C)--
                                    (I) in the table, by striking 
                                ``succeeding 11 1-year periods'' and 
                                inserting ``16 succeeding 1-year 
                                periods''; and
                                    (II) by striking ``December 19, 
                                2018'' and inserting ``December 19, 
                                2025''.
                    (B) Paragraph (2) is amended--
                            (i) in subparagraph (A)(ii), by striking 
                        ``11 succeeding 1-year periods'' and inserting 
                        ``16 succeeding 1-year periods''; and
                            (ii) in subparagraph (B)(iii), by striking 
                        ``11 succeeding 1-year periods'' and inserting 
                        ``16 succeeding 1-year periods''.
            (2) Subsection (h) is amended by striking ``September 30, 
        2020'' and inserting ``September 30, 2025''.

          TITLE IV--TARIFF CLASSIFICATION OF CERTAIN ARTICLES

SEC. 401. TARIFF CLASSIFICATION OF RECREATIONAL PERFORMANCE OUTERWEAR.

    (a) Amendments to Additional U.S. Notes.--The Additional U.S. Notes 
to chapter 62 of the Harmonized Tariff Schedule of the United States 
are amended--
            (1) in Additional U.S. Note 2--
                    (A) by striking ``For the purposes of subheadings'' 
                and all that follows through ``6211.20.15'' and 
                inserting ``For purposes of this chapter'';
                    (B) by striking ``garments classifiable in those 
                subheadings'' and inserting ``a garment''; and
                    (C) by striking ``D 3600-81'' and inserting ``D 
                3779-81''; and
            (2) by adding at the end the following new notes:
    ``3. (a) For purposes of this chapter, the term `recreational 
performance outerwear' means trousers (including, but not limited to, 
paddling pants, ski or snowboard pants, and ski or snowboard pants 
intended for sale as parts of ski-suits), coveralls and bib overalls, 
and jackets (including, but not limited to, full zip jackets, paddling 
jackets, ski jackets, and ski jackets intended for sale as parts of 
ski-suits), windbreakers, and similar articles (including padded, 
sleeveless jackets) composed of fabrics of cotton, wool, hemp, bamboo, 
silk, or manmade fiber, or a combination of such fibers, that are 
either water resistant or treated with plastics, or both, with 
critically sealed seams, and with 5 or more of the following features:
            ``(i) Insulation for cold weather protection.
            ``(ii) Pockets, at least one of which has a zippered, hook 
        and loop, or other type of closure.
            ``(iii) Elastic, drawcord, or other means of tightening 
        around the waist or leg hems, including hidden leg sleeves with 
        a means of tightening at the ankle for trousers and tightening 
        around the waist or bottom hem for jackets.
            ``(iv) Venting, not including grommet(s).
            ``(v) Articulated elbows or knees.
            ``(vi) Reinforcement in one of the following areas: the 
        elbows, shoulders, seat, knees, ankles, or cuffs.
            ``(vii) Weatherproof closure at the waist or front.
            ``(viii) Multi-adjustable hood or adjustable collar.
            ``(ix) Adjustable powder skirt, inner protective skirt, or 
        adjustable inner protective cuff at sleeve hem.
            ``(x) Construction at the arm gusset that utilizes fabric, 
        design, or patterning to allow radial arm movement.
            ``(xi) Odor control technology.
The term `recreational performance outerwear' does not include 
occupational outerwear.
    ``(b) For purposes of this Note, the following terms have the 
following meanings:
            ``(i) The term `treated with plastics' refers to textile 
        fabrics impregnated, coated, covered, or laminated with 
        plastics, as described in Note 2 to chapter 59.
            ``(ii) The term `sealed seams' means seams that have been 
        covered by means of taping, gluing, bonding, cementing, fusing, 
        welding, or a similar process so that water cannot pass through 
        the seams when tested in accordance with the current version of 
        AATCC Test Method 35.
            ``(iii) The term `critically sealed seams' means--
                    ``(A) for jackets, windbreakers, and similar 
                articles (including padded, sleeveless jackets), sealed 
                seams that are sealed at the front and back yokes, or 
                at the shoulders, arm holes, or both, where applicable; 
                and
                    ``(B) for trousers, overalls and bib overalls and 
                similar articles, sealed seams that are sealed at the 
                front (up to the zipper or other means of closure) and 
                back rise.
            ``(iv) The term `insulation for cold weather protection' 
        means insulation with either synthetic fill, down, a laminated 
        thermal backing, or other lining for thermal protection from 
        cold weather.
            ``(v) The term `venting' refers to closeable or permanent 
        constructed openings in a garment (excluding front, primary 
        zipper closures and grommet(s)) to allow increased expulsion of 
        built-up heat during outdoor activities. In a jacket, such 
        openings are often positioned on the underarm seam of a garment 
        but may also be placed along other seams in the front or back 
        of a garment. In trousers, such openings are often positioned 
        on the inner or outer leg seams of a garment but may also be 
        placed along other seams in the front or back of a garment.
            ``(vi) The term `articulated elbows or knees' refers to the 
        construction of a sleeve (or pant leg) to allow improved 
        mobility at the elbow (or knee) through the use of extra seams, 
        darts, gussets, or other means.
            ``(vii) The term `reinforcement' refers to the use of a 
        double layer of fabric or section(s) of fabric that is 
        abrasion-resistant or otherwise more durable than the face 
        fabric of the garment.
            ``(viii) The term `weatherproof closure' means a closure 
        (including, but not limited to, laminated or coated zippers, 
        storm flaps, or other weatherproof construction) that has been 
        reinforced or engineered in a manner to reduce the penetration 
        or absorption of moisture or air through an opening in the 
        garment.
            ``(ix) The term `multi-adjustable hood or adjustable 
        collar' means, in the case of a hood, a hood into which is 
        incorporated two or more draw cords, adjustment tabs, or 
        elastics, or, in the case of a collar, a collar into which is 
        incorporated at least one draw cord, adjustment tab, elastic, 
        or similar component, to allow volume adjustments around a 
        helmet, or the crown of the head, neck, or face.
            ``(x) The terms `adjustable powder skirt' and `inner 
        protective skirt' refer to a partial lower inner lining with 
        means of tightening around the waist for additional protection 
        from the elements.
            ``(xi) The term `arm gusset' means construction at the arm 
        of a gusset that utilizes an extra fabric piece in the 
        underarm, usually diamond- or triangular-shaped, designed, or 
        patterned to allow radial arm movement.
            ``(xii) The term `radial arm movement' refers to 
        unrestricted, 180-degree range of motion for the arm while 
        wearing performance outerwear.
            ``(xiii) The term `odor control technology' means the 
        incorporation into a fabric or garment of materials, including, 
        but not limited to, activated carbon, silver, copper, or any 
        combination thereof, capable of adsorbing, absorbing, or 
        reacting with human odors, or effective in reducing the growth 
        of odor-causing bacteria.
            ``(xiv) The term `occupational outerwear' means outerwear 
        garments, including uniforms, designed or marketed for use in 
        the workplace or at a worksite to provide durable protection 
        from cold or inclement weather and/or workplace hazards, such 
        as fire, electrical, abrasion, or chemical hazards, or impacts, 
        cuts, punctures, or similar hazards.
    ``(c) Notwithstanding subdivision (b)(i) of this Note, for purposes 
of this chapter, Notes 1 and 2(a)(1) to chapter 59 and Note 1(c) to 
chapter 60 shall be disregarded in classifying goods as `recreational 
performance outerwear'.
    ``(d) For purposes of this chapter, the importer of record shall 
maintain internal import records that specify upon entry whether 
garments claimed as recreational performance outerwear have an outer 
surface that is water resistant, treated with plastics, or a 
combination thereof, and shall further enumerate the specific features 
that make the garments eligible to be classified as recreational 
performance outerwear.''.
    (b) Tariff Classifications.--Chapter 62 of the Harmonized Tariff 
Schedule of the United States is amended as follows:
            (1) By striking subheading 6201.11.00 and inserting the 
        following, with the article description for subheading 6201.11 
        having the same degree of indentation as the article 
        description for subheading 6201.11.00 (as in effect on the day 
        before the date of the enactment of this Act):

            (2) By striking subheadings 6201.12.10 and 6201.12.20 and 
        inserting the following, with the article description for 
        subheading 6201.12.05 having the same degree of indentation as 
        the article description for subheading 6201.12.10 (as in effect 
        on the day before the date of the enactment of this Act):

            (3) By striking subheadings 6201.13.10 through 6201.13.40 
        and inserting the following, with the article description for 
        subheading 6201.13.05 having the same degree of indentation as 
        the article description for subheading 6201.13.10 (as in effect 
        on the day before the date of the enactment of this Act):

            (4) By striking subheadings 6201.19.10 and 6201.19.90 and 
        inserting the following, with the article description for 
        subheading 6201.19.05 having the same degree of indentation as 
        the article description for subheading 6201.19.10 (as in effect 
        on the day before the date of the enactment of this Act):

            (5) By striking subheadings 6201.91.10 and 6201.91.20 and 
        inserting the following, with the article description for 
        subheading 6201.91.05 having the same degree of indentation as 
        the article description for subheading 6201.91.10 (as in effect 
        on the day before the date of the enactment of this Act):

            (6) By striking subheadings 6201.92.10 through 6201.92.20 
        and inserting the following, with the article description for 
        subheading 6201.92.05 having the same degree of indentation as 
        the article description for subheading 6201.92.10 (as in effect 
        on the day before the date of the enactment of this Act):

            (7) By striking subheadings 6201.93.10 through 6201.93.35 
        and inserting the following, with the article description for 
        subheading 6201.93.05 having the same degree of indentation as 
        the article description for subheading 6201.93.10 (as in effect 
        on the day before the date of the enactment of this Act):

            (8) By striking subheadings 6201.99.10 and 6201.99.90 and 
        inserting the following, with the article description for 
        subheading 6201.99.05 having the same degree of indentation as 
        the article description for subheading 6201.99.10 (as in effect 
        on the day before the date of the enactment of this Act):

            (9) By striking subheading 6202.11.00 and inserting the 
        following, with the article description for subheading 6202.11 
        having the same degree of indentation as the article 
        description for subheading 6202.11.00 (as in effect on the day 
        before the date of the enactment of this Act):

            (10) By striking subheadings 6202.12.10 and 6202.12.20 and 
        inserting the following, with the article description for 
        subheading 6202.12.05 having the same degree of indentation as 
        the article description for subheading 6202.12.10 (as in effect 
        on the day before the date of the enactment of this Act):

            (11) By striking subheadings 6202.13.10 through 6202.13.40 
        and inserting the following, with the article description for 
        subheading 6202.13.05 having the same degree of indentation as 
        the article description for subheading 6202.13.10 (as in effect 
        on the day before the date of the enactment of this Act):

            (12) By striking subheadings 6202.19.10 and 6202.19.90 and 
        inserting the following, with the article description for 
        subheading 6202.19.05 having the same degree of indentation as 
        the article description for subheading 6202.19.10 (as in effect 
        on the day before the date of the enactment of this Act):

            (13) By striking subheadings 6202.91.10 and 6202.91.20 and 
        inserting the following, with the article description for 
        subheading 6202.91.05 having the same degree of indentation as 
        the article description for subheading 6202.91.10 (as in effect 
        on the day before the date of the enactment of this Act):

            (14) By striking subheadings 6202.92.10 through 6202.92.20 
        and inserting the following, with the article description for 
        subheading 6202.92.05 having the same degree of indentation as 
        the article description for subheading 6202.92.10 (as in effect 
        on the day before the date of the enactment of this Act):

            (15) By striking subheadings 6202.93.10 through 6202.93.50 
        and inserting the following, with the article description for 
        subheading 6202.93.05 having the same degree of indentation as 
        the article description for subheading 6202.93.10 (as in effect 
        on the day before the date of the enactment of this Act):

            (16) By striking subheadings 6202.99.10 and 6202.99.90 and 
        inserting the following, with the article description for 
        subheading 6202.99.05 having the same degree of indentation as 
        the article description for subheading 6202.99.10 (as in effect 
        on the day before the date of the enactment of this Act):

            (17) By striking subheadings 6203.41 and 6203.41.05, and 
        the superior text to subheading 6203.41.05, and inserting the 
        following, with the article description for subheading 6203.41 
        having the same degree of indentation as the article 
        description for subheading 6203.41 (as in effect on the day 
        before the date of the enactment of this Act):

            (18) By striking subheadings 6203.42.10 through 6203.42.40 
        and inserting the following, with the article description for 
        subheading 6203.42.05 having the same degree of indentation as 
        the article description for subheading 6203.42.10 (as in effect 
        on the day before the date of the enactment of this Act):

            (19) By striking subheadings 6203.43.10 through 6203.43.40 
        and inserting the following, with the article description for 
        subheading 6203.43.05 having the same degree of indentation as 
        the article description for subheading 6203.43.10 (as in effect 
        on the day before the date of the enactment of this Act):

            (20) By striking subheadings 6203.49 through 6203.49.80 and 
        inserting the following, with the article description for 
        subheading 6203.49 having the same degree of indentation as the 
        article description for subheading 6203.49 (as in effect on the 
        day before the date of the enactment of this Act):

            (21) By striking subheadings 6204.61.10 and 6204.61.90 and 
        inserting the following, with the article description for 
        subheading 6204.61.05 having the same degree of indentation as 
        the article description for subheading 6204.61.10 (as in effect 
        on the day before the date of the enactment of this Act):

            (22) By striking subheadings 6204.62.10 through 6204.62.40 
        and inserting the following, with the article description for 
        subheading 6204.62.05 having the same degree of indentation as 
        the article description for subheading 6204.62.10 (as in effect 
        on the day before the date of the enactment of this Act):

            (23) By striking subheadings 6204.63.10 through 6204.63.35 
        and inserting the following, with the article description for 
        subheading 6204.63.05 having the same degree of indentation as 
        the article description for subheading 6204.63.10 (as in effect 
        on the day before the date of the enactment of this Act):

            (24) By striking subheadings 6204.69 through 6204.69.90 and 
        inserting the following, with the article description for 
        subheading 6204.69 having the same degree of indentation as the 
        article description for subheading 6204.69 (as in effect on the 
        day before the date of the enactment of this Act):

            (25) By striking subheadings 6210.40.30 and 6210.40.50 and 
        inserting the following, with the article description for 
        subheading 6210.40.05 having the same degree of indentation as 
        the article description for subheading 6210.40.30 (as in effect 
        on the day before the date of the enactment of this Act):

            (26) By striking subheadings 6210.50.30 and 6210.50.50 and 
        inserting the following, with the article description for 
        subheading 6210.50.05 having the same degree of indentation as 
        the article description for subheading 6210.50.30 (as in effect 
        on the day before the date of the enactment of this Act):

            (27) By striking subheading 6211.32.00 and inserting the 
        following, with the article description for subheading 6211.32 
        having the same degree of indentation as the article 
        description for subheading 6211.32.00 (as in effect on the day 
        before the date of the enactment of this Act):

            (28) By striking subheading 6211.33.00 and inserting the 
        following, with the article description for subheading 6211.33 
        having the same degree of indentation as the article 
        description for subheading 6211.33.00 (as in effect on the day 
        before the date of the enactment of this Act):

            (29) By striking subheadings 6211.39.05 through 6211.39.90 
        and inserting the following, with the article description for 
        subheading 6211.39.05 having the same degree of indentation as 
        the article description for subheading 6211.39.05 (as in effect 
        on the day before the date of the enactment of this Act):

            (30) By striking subheading 6211.42.00 and inserting the 
        following, with the article description for subheading 6211.42 
        having the same degree of indentation as the article 
        description for subheading 6211.42.00 (as in effect on the day 
        before the date of the enactment of this Act):

            (31) By striking subheading 6211.43.00 and inserting the 
        following, with the article description for subheading 6211.43 
        having the same degree of indentation as the article 
        description for subheading 6211.43.00 (as in effect on the day 
        before the date of the enactment of this Act):

            (32) By striking subheadings 6211.49.10 through 6211.49.90 
        and inserting the following, with the article description for 
        subheading 6211.49.05 having the same degree of indentation as 
        the article description for subheading 6211.49.10 (as in effect 
        on the day before the date of the enactment of this Act):

SEC. 402. DUTY TREATMENT OF SPECIALIZED ATHLETIC FOOTWEAR.

    (a) Definition of Specialized Athletic Footwear.--The Additional 
U.S. Notes to chapter 64 of the Harmonized Tariff Schedule of the 
United States are amended by adding at the end the following:
    ``6. For the purposes of this chapter, the term `specialized 
athletic footwear' includes footwear (other than footwear described in 
Subheading Note 1 or Additional U.S. Note 2) that is designed to be 
worn chiefly for sports or athletic purposes, hiking shoes, trekking 
shoes, and trail running shoes, the foregoing valued over $24/pair and 
which provides protection against water that is imparted by the use of 
a coated or laminated textile fabric.''.
    (b) Duty Treatment for Specialized Athletic Footwear.--Chapter 64 
of the Harmonized Tariff Schedule of the United States is amended as 
follows:
            (1) By inserting after subheading 6402.91.40 the following 
        new subheading, with the article description for subheading 
        6402.91.42 having the same degree of indentation as the article 
        description for subheading 6402.91.40:

            (2) By inserting immediately preceding subheading 
        6402.99.33 the following new subheading, with the article 
        description for subheading 6402.99.32 having the same degree of 
        indentation as the article description for subheading 
        6402.99.33:

    (c) Staged Rate Reductions.--The staged reductions in special rates 
of duty proclaimed for subheading 6402.99.90 of the Harmonized Tariff 
Schedule of the United States before the date of the enactment of this 
Act shall be applied to subheading 6402.99.32 of such Schedule, as 
added by subsection (b)(2), beginning in calendar year 2016.

SEC. 403. EFFECTIVE DATE.

    This title and the amendments made by this title shall--
            (1) take effect on the 15th day after the date of the 
        enactment of this Act; and
            (2) apply to articles entered, or withdrawn from warehouse 
        for consumption, on or after such 15th day.

                   TITLE V--MISCELLANEOUS PROVISIONS

SEC. 501. REPORT ON CONTRIBUTION OF TRADE PREFERENCE PROGRAMS TO 
              REDUCING POVERTY AND ELIMINATING HUNGER.

    Not later than one year after the date of the enactment of this 
Act, the President shall submit to Congress a report assessing the 
contribution of the trade preference programs of the United States, 
including the Generalized System of Preferences under title V of the 
Trade Act of 1974 (19 U.S.C. 2461 et seq.), the African Growth and 
Opportunity Act (19 U.S.C. 3701 et seq.), and the Caribbean Basin 
Economic Recovery Act (19 U.S.C. 2701 et seq.), to the reduction of 
poverty and the elimination of hunger.

                           TITLE VI--OFFSETS

SEC. 601. CUSTOMS USER FEES.

    (a) In General.--Section 13031(j)(3)(A) of the Consolidated Omnibus 
Budget Reconciliation Act of 1985 (19 U.S.C. 58c(j)(3)(A)) is amended 
by striking ``September 30, 2024'' and inserting ``July 7, 2025''.
    (b) Rate for Merchandise Processing Fees.--Section 503 of the 
United States-Korea Free Trade Agreement Implementation Act (Public Law 
112-41; 125 Stat. 460) is amended by striking ``June 30, 2021'' and 
inserting ``June 30, 2025''.

SEC. 602. TIME FOR PAYMENT OF CORPORATE ESTIMATED TAXES.

    Notwithstanding section 6655 of the Internal Revenue Code of 1986, 
in the case of a corporation with assets of not less than 
$1,000,000,000 (determined as of the end of the preceding taxable 
year)--
            (1) the amount of any required installment of corporate 
        estimated tax which is otherwise due in July, August, or 
        September of 2020 shall be increased by 5.25 percent of such 
        amount (determined without regard to any increase in such 
        amount not contained in such Code); and
            (2) the amount of the next required installment after an 
        installment referred to in paragraph (1) shall be appropriately 
        reduced to reflect the amount of the increase by reason of such 
        paragraph.

SEC. 603. IMPROVED INFORMATION REPORTING ON UNREPORTED AND 
              UNDERREPORTED FINANCIAL ACCOUNTS.

    (a) Elimination of Minimum Interest Requirement.--
            (1) In general.--Section 6049(a) of the Internal Revenue 
        Code of 1986 is amended by striking ``aggregating $10 or more'' 
        each place it appears.
            (2) Conforming amendments.--Subparagraph (C) of section 
        6049(d)(5) of such Code is amended--
                    (A) by striking ``which involves the payment of $10 
                or more of interest'', and
                    (B) by striking ``in the case of transactions 
                involving $10 or more'' in the heading.
            (3) Effective date.--The amendments made by this subsection 
        shall apply to returns filed after December 31, 2015.
    (b) Reporting of Non-Interest Bearing Deposits.--
            (1) In general.--Subpart B of part III of subchapter A of 
        chapter 61 of the Internal Revenue Code of 1986 is amended by 
        inserting after section 6049 the following new section:

``SEC. 6049A. RETURNS REGARDING NON-INTEREST BEARING DEPOSITS.

    ``(a) Requirement of Reporting.--Every person who holds a 
reportable deposit during any calendar year shall make a return 
according to the forms or regulations prescribed by the Secretary, 
setting forth the name and address of the person for whom such deposit 
was held.
    ``(b) Reportable Deposit.--For purposes of this section--
            ``(1) In general.--The term `reportable deposit' means--
                    ``(A) any amount on deposit with--
                            ``(i) a person carrying on a banking 
                        business,
                            ``(ii) a mutual savings bank, a savings and 
                        loan association, a building and loan 
                        association, a cooperative bank, a homestead 
                        association, a credit union, an industrial loan 
                        association or bank, or any similar 
                        organization,
                            ``(iii) a broker (as defined in section 
                        6045(c)), or
                            ``(iv) any other person provided in 
                        regulations prescribed by the Secretary, or
                    ``(B) to the extent provided by the Secretary in 
                regulations, any amount held by an insurance company, 
                an investment company (as defined in section 3 of the 
                Investment Company Act of 1940), or held in other 
                pooled funds or trusts.
            ``(2) Exceptions.--Such term shall not include--
                    ``(A) any amount with respect to which a report is 
                made under section 6049,
                    ``(B) any amount on deposit with or held by a 
                natural person,
                    ``(C) except to the extent provided in regulations, 
                any amount--
                            ``(i) held with respect to a person 
                        described in section 6049(b)(4),
                            ``(ii) with respect to which section 
                        6049(b)(5) would apply if a payment were made 
                        with respect to such amount, or
                            ``(iii) on deposit with or held by a person 
                        described in section 6049(b)(2)(C), or
                    ``(D) any amount for which the Secretary determines 
                there is already sufficient reporting.
    ``(c) Statements To Be Furnished to Persons With Respect to Whom 
Information Is Required.--
            ``(1) In general.--Every person required to make a return 
        under subsection (a) shall furnish to each person whose name is 
        required to be set forth in such return a written statement 
        showing--
                    ``(A) the name, address, and phone number of the 
                information contact of the person required to make such 
                return, and
                    ``(B) the reportable account with respect to which 
                such return was made.
            ``(2) Time and form of statement.--The written statement 
        under paragraph (1)--
                    ``(A) shall be furnished at a time and in a manner 
                similar to the time and manner that statements are 
                required to be filed under section 6049(c)(2), and
                    ``(B) shall be in such form as the Secretary may 
                prescribe by regulations.
    ``(d) Person.--For purposes of this section, the term `person', 
when referring to the person for whom a deposit is held, includes any 
governmental unit and any agency or instrumentality thereof and any 
international organization and any agency or instrumentality 
thereof.''.
            (2) Assessable penalties.--
                    (A) Failure to file return.--Subparagraph (B) of 
                section 6724(d)(1) of such Code is amended by striking 
                ``or'' at the end of clause (xxiv), by striking ``and'' 
                at the end of clause (xxv) and inserting ``or'', and by 
                inserting after clause (xxv) the following new clause:
                            ``(xxvi) section 6049A(a) (relating to 
                        returns regarding non-interest bearing 
                        deposits), and''.
                    (B) Failure to file payee statement.--Paragraph (2) 
                of section 6724(d) of such Code is amended by striking 
                ``or'' at the end of subparagraph (GG), by striking the 
                period at the end of subparagraph (HH) and inserting 
                ``, or'', and by inserting after subparagraph (HH) the 
                following new subparagraph:
                    ``(II) section 6049A(c) (relating to returns 
                regarding non-interest bearing deposits).''.
            (3) Clerical amendment.--The table of section for subpart B 
        of part III of subchapter A of chapter 61 of such Code is 
        amended by inserting after the item relating to section 6049 
        the following new item:

``Sec. 6049A. Returns regarding non-interest bearing deposits.''.
            (4) Effective date.--The amendments made by this subsection 
        shall apply to returns filed after December 31, 2015.

            Amend the title so as to read: ``An Act to extend the 
        African Growth and Opportunity Act, the Generalized System of 
        Preferences, the preferential duty treatment program for Haiti, 
        and for other purposes.''.

            Attest:

                                                             Secretary.
114th CONGRESS

  1st Session

                               H.R. 1295

_______________________________________________________________________

                               AMENDMENTS