[Congressional Record Volume 150, Number 60 (Tuesday, May 4, 2004)]
[Senate]
[Pages S4846-S4849]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 3110. Mr. DORGAN (for himself, Ms. Mikulski, Mr. Harkin, Mr. 
Feingold, Mr. Kennedy, and Mr. Edwards) proposed an amendment to the 
bill S. 1637, to amend the Internal Revenue Code of 1986 to comply with 
the World Trade Organization rulings on the FSC/ETI benefit in a manner 
that preserves jobs and production activities in the United States, to 
reform and simplify the international taxation rules of the United 
States, and for other purposes; as follows:

       At the end of subtitle E of title IV, add the following:

     SEC. __. TAXATION OF INCOME OF CONTROLLED FOREIGN 
                   CORPORATIONS ATTRIBUTABLE TO IMPORTED PROPERTY.

       (a) General Rule.--Subsection (a) of section 954 (defining 
     foreign base company income) is amended by striking ``and'' 
     at the end of paragraph (4), by striking the period at the 
     end of paragraph (5) and inserting ``, and'', and by adding 
     at the end the following new paragraph:
       ``(6) imported property income for the taxable year 
     (determined under subsection (j) and reduced as provided in 
     subsection (b)(5)).''
       (b) Definition of Imported Property Income.--Section 954 is 
     amended by adding at the end the following new subsection:
       ``(j) Imported Property Income.--
       ``(1) In general.--For purposes of subsection (a)(6), the 
     term `imported property income' means income (whether in the 
     form of profits, commissions, fees, or otherwise) derived in 
     connection with--
       ``(A) manufacturing, producing, growing, or extracting 
     imported property,
       ``(B) the sale, exchange, or other disposition of imported 
     property, or
       ``(C) the lease, rental, or licensing of imported property.

     Such term shall not include any foreign oil and gas 
     extraction income (within the meaning of section 907(c)) or 
     any foreign oil related income (within the meaning of section 
     907(c)).
       ``(2) Imported property.--For purposes of this subsection--
       ``(A) In general.--Except as otherwise provided in this 
     paragraph, the term `imported property' means property which 
     is imported into the United States by the controlled foreign 
     corporation or a related person.
       ``(B) Imported property includes certain property imported 
     by unrelated persons.--The term `imported property' includes 
     any property imported into the United States by an unrelated 
     person if, when such property was sold to the unrelated 
     person by the controlled foreign corporation (or a related 
     person), it was reasonable to expect that--
       ``(i) such property would be imported into the United 
     States, or
       ``(ii) such property would be used as a component in other 
     property which would be imported into the United States.
       ``(C) Exception for property subsequently exported.--The 
     term `imported property' does not include any property which 
     is imported into the United States and which--
       ``(i) before substantial use in the United States, is sold, 
     leased, or rented by the controlled foreign corporation or a 
     related person for direct use, consumption, or disposition 
     outside the United States, or
       ``(ii) is used by the controlled foreign corporation or a 
     related person as a component in other property which is so 
     sold, leased, or rented.
       ``(3) Definitions and special rules.--
       ``(A) Import.--For purposes of this subsection, the term 
     `import' means entering, or withdrawal from warehouse, for 
     consumption or use. Such term includes any grant of the right 
     to use intangible property (as defined in section 
     936(h)(3)(B)) in the United States.
       ``(B) United states.--For purposes of this subsection, the 
     term `United States' includes the Commonwealth of Puerto 
     Rico, the Virgin Islands of the United States, Guam, American 
     Samoa, and the Commonwealth of the Northern Mariana Islands.
       ``(C) Unrelated person.--For purposes of this subsection, 
     the term `unrelated person' means any person who is not a 
     related person with respect to the controlled foreign 
     corporation.
       ``(D) Coordination with foreign base company sales 
     income.--For purposes of this section, the term `foreign base 
     company sales income' shall not include any imported property 
     income.''
       (c) Separate Application of Limitations on Foreign Tax 
     Credit for Imported Property Income.--
       (1) In general.--Paragraph (1) of section 904(d) (relating 
     to separate application of section with respect to certain 
     categories of income) is amended by striking ``and'' at the 
     end of subparagraph (H), by redesignating subparagraph (I) as 
     subparagraph (J), and by inserting after subparagraph (H) the 
     following new subparagraph:
       ``(I) imported property income, and''.
       (2) Imported property income defined.--Paragraph (2) of 
     section 904(d) is amended by redesignating subparagraphs (H) 
     and (I) as subparagraphs (I) and (J), respectively, and by 
     inserting after subparagraph (G) the following new 
     subparagraph:
       ``(H) Imported property income.--The term `imported 
     property income' means any income received or accrued by any 
     person which is of a kind which would be imported property 
     income (as defined in section 954(j)).''
       (3) Look-thru rules to apply.--Subparagraph (F) of section 
     904(d)(3) is amended by striking ``or (E)'' and inserting 
     ``(E), or (I)''.
       (d) Technical Amendments.--
       (1) Clause (iii) of section 952(c)(1)(B) (relating to 
     certain prior year deficits may be taken into account) is 
     amended--
       (A) by redesignating subclauses (III), (IV), (V), and (VI) 
     as subclauses (IV), (V), (VI), and (VII), and
       (B) by inserting after subclause (II) the following new 
     subclause:
       ``(III) imported property income,''.
       (2) Paragraph (5) of section 954(b) (relating to deductions 
     to be taken into account) is amended by striking ``and the 
     foreign base company oil related income'' and inserting ``the 
     foreign base company oil related income, and the imported 
     property income''.
       (e) Effective Date.--
       (1) In general.--Except as provided in paragraph (2), the 
     amendments made by this section shall apply to taxable years 
     of foreign corporations beginning after the date of the 
     enactment of this Act, and to taxable years of United States 
     shareholders within which or with which such taxable years of 
     such foreign corporations end.
       (2) Subsection (c).--The amendments made by subsection (c) 
     shall apply to taxable years beginning after such date of 
     enactment.
       (f) Sense of the Senate.--It is the sense of the Senate 
     that any increase in revenues in the Treasury resulting from 
     the amendments made by this section should be applied to 
     reduce the phasein of the deduction relating to income 
     attributable to domestic production activities under section 
     199 of the Internal Revenue Code of 1986 (as added by section 
     102 of this Act).

     SEC. __. AMENDMENTS TO THE WORKER ADJUSTMENT AND RETRAINING 
                   NOTIFICATION ACT.

       (a) Definition.--Section 2(a) of the Worker Adjustment and 
     Retraining Notification Act (29 U.S.C. 2101(a)) is amended--
       (1) in paragraph (3)(B), by striking ``for--'' and all that 
     follows through ``500 employees'' in clause (ii), and 
     inserting ``for at least 50 employees'';
       (2) in paragraph (7), by striking ``and'' at the end;
       (3) in paragraph (8), by striking the period and inserting 
     ``; and''; and
       (4) by adding at the end the following:
       ``(9) the term `offshoring of jobs' means any action taken 
     by an employer the effect of which is to create, shift, or 
     transfer employment positions or facilities outside the 
     United States and which results in an employment loss during 
     any 30 day period for 15 or more employees.''.
       (b) Notice.--Section 3 of the Worker Adjustment and 
     Retraining Notification Act (29 U.S.C. 2102) is amended--
       (1) in subsection (a)--
       (A) in the matter preceding paragraph (1), by striking 
     ``60-day'' and inserting ``90-day''; and
       (B) in paragraph (1), by striking ``and'' at the end;
       (C) in paragraph (2), by striking the period and inserting 
     ``; and''; and
       (D) by inserting after paragraph (2), the following:
       ``(3) to the Secretary of Labor.'';
       (2) in subsection (b), by striking ``60-day'' each place 
     that such appears and inserting ``90-day''; and
       (3) by adding at the end the following:
       ``(e) Notice for Offshoring of Jobs.--In the case of a 
     notice under subsection (a) regarding the offshoring of jobs, 
     the notice shall include, in addition to the information 
     otherwise required by the Secretary with respect to other 
     notices under such subsection, information concerning--
       ``(1) the number of jobs affected;
       ``(2) the location that the jobs are being shifted or 
     transferred to; and
       ``(3) the reasons that such shifting or transferring of 
     jobs is occurring.''.

[[Page S4847]]

       (c) Technical Amendments.--The Worker Adjustment and 
     Retraining Notification Act (29 U.S.C. 2101 et seq.) is 
     amended--
       (1) by striking ``plant closing or mass layoff'' each place 
     that such appears and inserting ``plant closing, mass layoff, 
     or offshoring of jobs'';
       (2) by striking ``closing or layoff'' each place that such 
     appears and inserting ``closing, layoff, or offshoring'';
       (3) in section 3--
       (A) in the section heading by striking ``PLANT CLOSINGS AND 
     MASS LAYOFFS'' and inserting ``PLANT CLOSINGS, MASS LAYOFFS, 
     AND OFFSHORING OF JOBS'';
       (B) in subsection (b)(2)(A), by striking ``closing or mass 
     layoff'' and inserting ``closing, layoff, or offshoring''; 
     and
       (C) in subsection (d), by striking ``section 2(a)(2) or 
     (3)'' and inserting ``paragraph (2), (3), or (9) of section 
     2(a)''; and
       (4) in section 5(a)(1), in the matter following 
     subparagraph (B), by striking ``60 days'' and inserting ``90 
     days''.
       (d) Posting of Employee Rights.--The Worker Adjustment and 
     Retraining Notification Act (29 U.S.C. 2101 et seq.) is 
     amended by adding at the end the following:

     ``SEC. 11. POSTING OF NOTICE OF RIGHTS.

       ``(a) Development.--Not later than 60 days after the date 
     of enactment of this section, the Secretary of Labor shall 
     develop a notice of employee rights under this Act for 
     posting by employers.
       ``(b) Posting.--Each employer shall post in a conspicuous 
     place in places of employment the notice of the rights of 
     employees as developed by the Secretary under subsection 
     (a).''.
       (e) Annual Report.--The Worker Adjustment and Retraining 
     Notification Act (29 U.S.C. 2101 et seq.), as amended by 
     subsection (d), is further amended by adding at the end the 
     following:

     ``SEC. 12. CONTENTS OF ANNUAL REPORTS BY THE SECRETARY OF 
                   LABOR.

       ``(a) In General.--The Secretary of Labor shall collect and 
     compile statistics based on the information submitted to the 
     Secretary under subsections (a)(3) and (e) of section 3.
       ``(b) Report.--Not later than 120 days after the date on 
     which each regular session of Congress commences, the 
     Secretary of Labor shall prepare and submit to the President 
     and the appropriate committees of Congress a report on the 
     offshoring of jobs (as defined in section 2(a)(9)). Each such 
     report shall include information concerning--
       ``(1) the number of jobs affected by offshoring;
       ``(2) the locations to which jobs are being shifted or 
     transferred;
       ``(3) the reasons why such shifts and transfers are 
     occurring; and
       ``(4) any other relevant data compiled under subsection 
     (a).''.
                                 ______
                                 
  SA 3111. Mr. GREGG proposed an amendment to the bill S. 1637, to 
amend the Internal Revenue Code of 1986 to comply with the World Trade 
Organization rulings on the FSC/ETI benefit in a manner that preserves 
jobs and production activities in the United States, to reform and 
simplify the international taxation rules of the United States, and for 
other purposes; as follows:

       At the appropriate place, insert the following:

     SEC. __. PROTECTION OF OVERTIME PAY.

       Section 13 of the Fair Labor Standards Act of 1938 (29 
     U.S.C. 213) is amended by adding at the end the following:
       ``(k)(1) The Secretary shall not promulgate any rule under 
     subsection (a)(1) that exempts from the overtime pay 
     provisions of section 7 any employee who earns less than 
     $23,660 per year.
       ``(2) The Secretary shall not promulgate any rule under 
     subsection (a)(1) concerning the right to overtime pay that 
     is not as protective, or more protective, of the overtime pay 
     rights of employees in the occupations or job classifications 
     described in paragraph (3) as the protections provided for 
     such employees under the regulations in effect under such 
     subsection on March 31, 2003.
       ``(3) The occupations or job classifications described in 
     this paragraph are as follows:
       ``(A) Any worker paid on an hourly basis.
       ``(B) Blue collar workers.
       ``(C) Any worker provided overtime under a collective 
     bargaining agreement.
       ``(D) Team leaders.
       ``(E) Computer programmers.
       ``(F) Registered nurses.
       ``(G) Licensed practical nurses.
       ``(H) Nurse midwives.
       ``(I) Nursery school teachers.
       ``(J) Oil and gas pipeline workers.
       ``(K) Oil and gas field workers.
       ``(L) Oil and gas platform workers.
       ``(M) Refinery workers.
       ``(N) Steel workers.
       ``(O) Shipyard and ship scrapping workers.
       ``(P) Teachers.
       ``(Q) Technicians.
       ``(R) Journalists.
       ``(S) Chefs.
       ``(T) Cooks.
       ``(U) Police officers.
       ``(V) Firefighters.
       ``(W) Fire sergeants.
       ``(X) Police sergeants.
       ``(Y) Emergency medical technicians.
       ``(Z) Paramedics.
       ``(AA) Waste disposal workers.
       ``(BB) Day care workers.
       ``(CC) Maintenance employees.
       ``(DD) Production line employees.
       ``(EE) Construction employees.
       ``(FF) Carpenters.
       ``(GG) Mechanics.
       ``(HH) Plumbers.
       ``(II) Iron workers.
       ``(JJ) Craftsmen.
       ``(KK) Operating engineers.
       ``(LL) Laborers.
       ``(MM) Painters.
       ``(NN) Cement masons.
       ``(OO) Stone and brick masons.
       ``(PP) Sheet metal workers.
       ``(QQ) Utility workers.
       ``(RR) Longshoremen.
       ``(SS) Stationary engineers.
       ``(TT) Welders.
       ``(UU) Boilermakers.
       ``(VV) Funeral directors.
       ``(WW) Athletic trainers.
       ``(XX) Outside sales employees.
       ``(YY) Inside sales employees.
       ``(ZZ) Grocery store managers.
       ``(AAA) Financial services industry workers.
       ``(BBB) Route drivers.
       ``(CCC) Assistant retail managers.
       ``(4) Any portion of a rule promulgated under subsection 
     (a)(1) after March 31, 2003, that modifies the overtime pay 
     provisions of section 7 in a manner that is inconsistent with 
     paragraphs (2) and (3) shall have no force or effect as it 
     relates to the occupation or job classification involved.''.
                                 ______
                                 
  SA 3112. Mr. GRAHAM of Florida (for himself and Mr. Dayton) proposed 
an amendment to the bill S. 1637, to amend the Internal Revenue Code of 
1986 to comply with the World Trade Organization rulings on the FSC/ETI 
benefit in a manner that preserves jobs and production activities in 
the United States, to reform and simplify the international taxation 
rules of the United States, and for other purposes; as follows:

       Strike section 102 and title II and insert the following:

     SEC. 102. MANUFACTURING JOBS CREDIT.

       (a) In General.--Subpart D of part IV of subchapter A of 
     chapter 1 (relating to business-related credits), as amended 
     by this Act, is amended by adding at the end the following:

     ``SEC. 45S. MANUFACTURING JOBS CREDIT.

       ``(a) General Rule.--For purposes of section 38, in the 
     case of an eligible taxpayer, the manufacturing jobs credit 
     determined under this section is an amount equal to 1.66 
     percent of the W-2 wages paid by the taxpayer during the 
     taxable year attributable to the taxpayer's domestic 
     production gross receipts for such taxable year.
       ``(b) Eligible Taxpayer.--For purposes of this section, the 
     term `eligible taxpayer' means any taxpayer which has 
     domestic production gross receipts for the taxable year and 
     the preceding taxable year.
       ``(c) W-2 Wages.--For purposes of this section--
       ``(1) W-2 wages.--The term `W-2 wages' means the sum of the 
     aggregate amounts the taxpayer is required to include on 
     statements under paragraphs (3) and (8) of section 6051(a) 
     with respect to employment of employees of the taxpayer 
     during the taxpayer's taxable year.
       ``(2) Limitation.--The aggregate amount of W-2 wages taken 
     into account with respect to any employee for any taxable 
     year shall not exceed $35,000.
       ``(3) Special rules.--
       ``(A) Pass-thru entities.--In the case of an S corporation, 
     partnership, estate or trust, or other pass-thru entity, the 
     determination of W-2 wages shall be made at the entity level.
       ``(B) Acquisitions and dispositions.--The Secretary shall 
     provide for the determination of W-2 wages in cases where the 
     taxpayer acquires, or disposes of, the major portion of a 
     trade or business or the major portion of a separate unit of 
     a trade or business during the taxable year.
       ``(C) Coordination with targeted jobs credit, etc.--Such 
     term shall not include wages attributable to service taken 
     into account in determining the credit under section 45A, 51, 
     or 1396.
       ``(d) Domestic Production Gross Receipts.--For purposes of 
     this section, the term `domestic production gross receipts' 
     means the gross receipts of the taxpayer which are derived 
     from--
       ``(1) any sale, exchange, or other disposition of, or
       ``(2) any lease, rental, or license of,

     that portion of qualifying production property which was 
     manufactured, produced, grown, or extracted by the taxpayer 
     within the United States.
       ``(e) Qualifying Production Property.--For purposes of this 
     section--
       ``(1) In general.--Except as otherwise provided in this 
     paragraph, the term `qualifying production property' means--
       ``(A) any tangible personal property,
       ``(B) any computer software, and
       ``(C) any property described in section 168(f) (3) or (4), 
     including any underlying copyright or trademark.
       ``(2) Exclusions from qualifying production property.--The 
     term `qualifying production property' shall not include--
       ``(A) consumable property that is sold, leased, or licensed 
     by the taxpayer as an integral part of the provision of 
     services,
       ``(B) oil or gas,

[[Page S4848]]

       ``(C) electricity,
       ``(D) water supplied by pipeline to the consumer,
       ``(E) utility services, or
       ``(F) any film, tape, recording, book, magazine, newspaper, 
     or similar property the market for which is primarily topical 
     or otherwise essentially transitory in nature.
       ``(f) United States.--For purposes of subsection (e), the 
     term `United States' includes the Commonwealth of Puerto 
     Rico, Guam, American Samoa, the Commonwealth of the Northern 
     Mariana Islands, and the Virgin Islands of the United States.
       ``(g) Certain Rules Made Applicable.--For purposes of this 
     section, rules similar to the rules of section 52 shall 
     apply.''.
       (b) Credit To Be Part of General Business Credit.--Section 
     38(b) (relating to current year business credit), as amended 
     by this Act, is amended by striking ``plus'' at the end of 
     paragraph (29), by striking the period at the end of 
     paragraph (30) and inserting ``, plus'', and by adding at the 
     end the following:
       ``(31) the manufacturing jobs credit determined under 
     section 45S.''.
       (c) Denial of Deduction for Portion of Wages Equal to 
     Manufacturing Jobs Credit.--
       (1) Subsection (a) of section 280C (relating to rule for 
     targeted jobs credit) is amended by inserting ``45S(a),'' 
     after ``45A(a),''.
       (2) Subsection (c) of section 196 (relating to deduction 
     for certain unused business credits), as amended by this Act, 
     is amended by striking ``and'' at the end of paragraph (12), 
     by striking the period at the end of paragraph (13) and 
     inserting ``, and'', and by adding at the end the following 
     new paragraph:
       ``(14) the manufacturing jobs credit determined under 
     section 45S(a).''.
       (d) Denial of Carrybacks to Preenactment Years.--Subsection 
     (d) of section 39, as amended by this Act, is amended by 
     adding at the end thereof the following new paragraph:
       ``(16) No carryback of section 45s credit before 
     enactment.--No portion of the unused business credit for any 
     taxable year which is attributable to the manufacturing jobs 
     credit determined under section 45S may be carried to a 
     taxable year ending on or before the date of the enactment of 
     section 45S.''.
       (e) Clerical Amendment.--The table of sections for subpart 
     D of part IV of subchapter A of chapter 1, as amended by this 
     Act, is amended by adding at the end the following:

``Sec. 45S. Manufacturing jobs credit.''.

       (f) Effective Date.--The amendments made by this section 
     shall apply to taxable years ending after the date of the 
     enactment of this Act.

                 TITLE II--INTERNATIONAL TAX PROVISIONS

     SEC. 201. DETERMINATION OF FOREIGN PERSONAL HOLDING COMPANY 
                   INCOME WITH RESPECT TO TRANSACTIONS IN 
                   COMMODITIES.

       (a) In General.--Clauses (i) and (ii) of section 
     954(c)(1)(C) (relating to commodity transactions) are amended 
     to read as follows:
       ``(i) arise out of commodity hedging transactions (as 
     defined in paragraph (4)(A)),
       ``(ii) are active business gains or losses from the sale of 
     commodities, but only if substantially all of the controlled 
     foreign corporation's commodities are property described in 
     paragraph (1), (2), or (8) of section 1221(a), or''.
       (b) Definition and Special Rules.--Subsection (c) of 
     section 954 is amended by adding after paragraph (3) the 
     following new paragraph:
       ``(4) Definition and special rules relating to commodity 
     transactions.--
       ``(A) Commodity hedging transactions.--For purposes of 
     paragraph (1)(C)(i), the term `commodity hedging transaction' 
     means any transaction with respect to a commodity if such 
     transaction--
       ``(i) is a hedging transaction as defined in section 
     1221(b)(2), determined--

       ``(I) without regard to subparagraph (A)(ii) thereof,
       ``(II) by applying subparagraph (A)(i) thereof by 
     substituting `ordinary property or property described in 
     section 1231(b)' for `ordinary property', and
       ``(III) by substituting `controlled foreign corporation' 
     for `taxpayer' each place it appears, and

       ``(ii) is clearly identified as such in accordance with 
     section 1221(a)(7).
       ``(B) Treatment of dealer activities under paragraph 
     (1)(C).--Commodities with respect to which gains and losses 
     are not taken into account under paragraph (2)(C) in 
     computing a controlled foreign corporation's foreign personal 
     holding company income shall not be taken into account in 
     applying the substantially all test under paragraph 
     (1)(C)(ii) to such corporation.
       ``(C) Regulations.--The Secretary shall prescribe such 
     regulations as are appropriate to carry out the purposes of 
     paragraph (1)(C) in the case of transactions involving 
     related parties.''.
       (c) Modification of Exception for Dealers.--Clause (i) of 
     section 954(c)(2)(C) is amended by inserting ``and 
     transactions involving physical settlement'' after 
     ``(including hedging transactions''.
       (d) Effective Date.--The amendments made by this section 
     shall apply to transactions entered into after December 31, 
     2004.
                                 ______
                                 
  SA 3113. Mr. ALLEN (for himself, Mrs. Dole, Mr. Edwards, and Mr. 
Graham of South Carolina) submitted an amendment intended to be 
proposed by him to the bill S. 1637, to amend the Internal Revenue Code 
of 1986 to comply with the World Trade Organization rulings on the FSC/
ETI benefit in a manner that preserves jobs and production activities 
in the United States, to reform and simplify the international taxation 
rules of the United States, and for other purposes; as follows:

       At the end add the following:

                  TITLE IX--HOMESTEAD PRESERVATION ACT

     SEC. 901. SHORT TITLE.

       This title may be cited as the ``Homestead Preservation 
     Act''.

     SEC. 902. MORTGAGE PAYMENT ASSISTANCE.

       (a) Establishment of Program.--The Secretary of Housing and 
     Urban Development (referred to in this section as the 
     ``Secretary'') shall establish a program under which the 
     Secretary shall award low-interest loans to eligible 
     individuals to enable such individuals to continue to make 
     mortgage payments with respect to the primary residences of 
     such individuals.
       (b) Eligibility.--To be eligible to receive a loan under 
     the program established under subsection (a), an individual 
     shall be--
       (1) an individual that is a worker adversely affected by 
     international economic activity, as determined by the 
     Secretary;
       (2) a borrower under a loan which requires the individual 
     to make monthly mortgage payments with respect to the primary 
     place of residence of the individual; and
       (3) enrolled in a training or assistance program.
       (c) Loan Requirements.--
       (1) In general.--A loan provided to an eligible individual 
     under this section shall--
       (A) be for a period of not to exceed 12 months;
       (B) be for an amount that does not exceed the sum of--
       (i) the amount of the monthly mortgage payment owed by the 
     individual; and
       (ii) the number of months for which the loan is provided;
       (C) have an applicable rate of interest that equals 4 
     percent;
       (D) require repayment as provided for in subsection (d); 
     and
       (E) be subject to such other terms and conditions as the 
     Secretary determines appropriate.
       (2) Account.--A loan awarded to an individual under this 
     section shall be deposited into an account from which a 
     monthly mortgage payment will be made in accordance with the 
     terms and conditions of such loan.
       (d) Repayment.--
       (1) In general.--An individual to which a loan has been 
     awarded under this section shall be required to begin making 
     repayments on the loan on the earlier of--
       (A) the date on which the individual has been employed on a 
     full-time basis for 6 consecutive months; or
       (B) the date that is 1 year after the date on which the 
     loan has been approved under this section.
       (2) Repayment period and amount.--
       (A) Repayment period.--A loan awarded under this section 
     shall be repaid on a monthly basis over the 5-year period 
     beginning on the date determined under paragraph (1).
       (B) Amount.--The amount of the monthly payment described in 
     subparagraph (A) shall be determined by dividing the total 
     amount provided under the loan (plus interest) by 60.
       (C) Rule of construction.--Nothing in this paragraph shall 
     be construed to prohibit an individual from--
       (i) paying off a loan awarded under this section in less 
     than 5 years; or
       (ii) from paying a monthly amount under such loan in excess 
     of the monthly amount determined under subparagraph (B) with 
     respect to the loan.
       (e) Regulations.--Not later than 6 weeks after the date of 
     enactment of this section, the Secretary shall promulgate 
     regulations necessary to carry out this section, including 
     regulations that permit an individual to certify that the 
     individual is an eligible individual under subsection (b).
       (f) Authorization of Appropriations.--There is authorized 
     to be appropriated to carry out this section, $10,000,000 for 
     each of fiscal years 2005 through 2009.
                                 ______
                                 
  SA 3114. Ms. CANTWELL (for herself and Mr. Voinovich) proposed an 
amendment to the bill S. 1637, to amend the Internal Revenue Code of 
1986 to comply with the World Trade Organization rulings on the FSC/ETI 
benefit in a manner that preserves jobs and production activities in 
the United States, to reform and simplify the international taxation 
rules of the United States, and for other purposes; as follows:

       At the end, add the following:

                  TITLE __--UNEMPLOYMENT COMPENSATION

     SEC. __01. EXTENSION OF THE TEMPORARY EXTENDED UNEMPLOYMENT 
                   COMPENSATION ACT OF 2002.

       (a) In General.--Section 208 of the Temporary Extended 
     Unemployment Compensation Act of 2002 (Public Law 107-147; 
     116 Stat. 30), as amended by Public Law 108-1 (117 Stat. 3) 
     and the Unemployment Compensation Amendments of 2003 (Public 
     Law 108-26; 117 Stat. 751), is amended--

[[Page S4849]]

       (1) in subsection (a)(2), by striking ``December 31, 2003'' 
     and inserting ``November 30, 2004'';
       (2) in subsection (b)(1), by striking ``December 31, 2003'' 
     and inserting ``November 30, 2004'';
       (3) in subsection (b)(2)--
       (A) in the heading, by striking ``december 31, 2003'' and 
     inserting ``november 30, 2004''; and
       (B) by striking ``December 31, 2003'' and inserting 
     ``November 30, 2004''; and
       (4) in subsection (b)(3), by striking ``March 31, 2004'' 
     and inserting ``February 28, 2005''.
       (b) Effective Date.--The amendments made by this section 
     shall take effect as if included in the enactment of the 
     Temporary Extended Unemployment Compensation Act of 2002 
     (Public Law 107-147; 116 Stat. 21).

     SEC. __02. ADDITIONAL REVISION TO CURRENT TEUC-X TRIGGER.

       (a) In General.--Section 203(c)(2)(B) of the Temporary 
     Extended Unemployment Compensation Act of 2002 (Public Law 
     107-147; 116 Stat. 30) is amended to read as follows:
       ``(B) such a period would then be in effect for such State 
     under such Act if--
       ``(i) section 203(d) of such Act were applied as if it had 
     been amended by striking `5' each place it appears and 
     inserting `4'; and
       ``(ii) with respect to weeks of unemployment beginning 
     after December 27, 2003--

       ``(I) paragraph (1)(A) of such section 203(d) did not 
     apply; and
       ``(II) clause (ii) of section 203(f)(1)(A) of such Act did 
     not apply.''.

       (b) Application.--Section 203(c)(2)(B)(ii) of the Temporary 
     Extended Unemployment Compensation Act of 2002 (Public Law 
     107-147; 116 Stat. 30), as added by subsection (a), shall 
     apply with respect to payments for weeks of unemployment 
     beginning on or after the date of enactment this Act.

     SEC. __03. TEMPORARY STATE AUTHORITY TO WAIVE APPLICATION OF 
                   LOOKBACKS UNDER THE FEDERAL-STATE EXTENDED 
                   UNEMPLOYMENT COMPENSATION ACT OF 1970.

       For purposes of conforming with the provisions of the 
     Federal-State Extended Unemployment Compensation Act of 1970 
     (26 U.S.C. 3304 note), a State may, during the period 
     beginning on the date of enactment of this Act and ending on 
     June 30, 2004, waive the application of either subsection 
     (d)(1)(A) of section 203 of such Act or subsection 
     (f)(1)(A)(ii) of such section, or both.
                                 ______
                                 
  SA 3115. Mr. LAUTENBERG (for himself, Mrs. Feinstein, Mr. Feingold, 
and Mrs. Clinton) submitted an amendment intended to be proposed by him 
to the bill S. 1637, to amend the Internal Revenue Code of 1986 to 
comply with the World Trade Organization rulings on the FSC/ETI benefit 
in a manner that preserves jobs and production activities in the United 
States, to reform and simplify the international taxation rules of the 
United States, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the end, add the following:

                    TITLE IX--NON-REVENUE PROVISIONS

     SEC. 901. CLARIFICATION OF CERTAIN SANCTIONS.

       (a) In General.--
       (1) Clarification of certain actions under IEEPA.--In any 
     case in which the President takes action under the 
     International Emergency Economic Powers Act (50 U.S.C. 1701 
     et seq.) with respect to a foreign country, or persons 
     dealing with or associated with that foreign government, as a 
     result of a determination by the Secretary of State that the 
     government has repeatedly provided support for acts of 
     international terrorism, such action shall apply to a United 
     States person or other person as defined in paragraph (2).
       (2) Definitions.--In this section:
       (A) Person.--The term ``person'' means an individual, 
     partnership, corporation, or other form of association, 
     including any government or agency thereof.
       (B) United States person.--The term ``United States 
     person'' means--
       (i) any resident or national (other than an individual 
     resident outside the United States and employed by other than 
     a United States person); and
       (ii) any domestic concern (including any permanent domestic 
     establishment of any foreign concern) or any foreign 
     subsidiary or affiliate (including any permanent foreign 
     establishment) of any domestic concern, which is controlled 
     in fact by such domestic concern.
       (C) Controlled.--The term ``is controlled'' means--
       (i) in the case of a corporation, holds at least 50 percent 
     (by vote or value) of the capital structure of the 
     corporation; and
       (ii) in the case of any other kind of legal entity, holds 
     interests representing at least 50 percent of the capital 
     structure of the entity.
       (b) Applicability.--
       (1) In general.--In any case in which the President has 
     taken action under the International Emergency Economic 
     Powers Act and such action is in effect on the date of 
     enactment of this Act, the provisions of subsection (a) shall 
     not apply to a United States person (or other person) if such 
     person divests or terminates its business with the government 
     or person identified by such action within 90 days after the 
     date of enactment of this Act.
       (2) Actions after date of enactment.--In any case in which 
     the President takes action under the International Emergency 
     Economic Powers Act on or after the date of enactment of this 
     Act, the provisions of subsection (a) shall not apply to a 
     United States person (or other person) if such person divests 
     or terminates its business with the government or person 
     identified by such action within 90 days after the date of 
     such action.

     SEC. 902. NOTIFICATION OF CONGRESS OF TERMINATION OF 
                   INVESTIGATION BY OFFICE OF FOREIGN ASSETS 
                   CONTROL.

       (a) Notification Requirement.--The Office of Federal 
     Procurement Policy Act (41 U.S.C. 403 et seq.) is amended by 
     adding at the end the following new section:

     ``SEC. 42. NOTIFICATION OF CONGRESS OF TERMINATION OF 
                   INVESTIGATION BY OFFICE OF FOREIGN ASSETS 
                   CONTROL.

       ``The Director of the Office of Foreign Assets Control 
     shall notify Congress upon the termination of any 
     investigation by the Office of Foreign Assets Control of the 
     Department of the Treasury if any sanction is imposed by the 
     Director of such office as a result of the investigation.''.
       (b) Clerical Amendment.--The table of sections in section 
     1(b) of such Act is amended by adding at the end the 
     following new item:

``Sec. 42. Notification of Congress of termination of investigation by 
              Office of Foreign Assets Control.''.
                                 ______
                                 
  SA 3116. Mr. DASCHLE submitted an amendment intended to be proposed 
by him to the bill S. 1637, to amend the Internal Revenue Code of 1986 
to comply with the World Trade Organization rulings on the FSC/ETI 
benefit in a manner that preserves jobs and production activities in 
the United States, to reform and simplify the international taxation 
rules of the United States, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. MODIFICATION OF EXEMPTION FROM SELF-EMPLOYMENT TAX 
                   FOR CERTAIN TERMINATION PAYMENTS RECEIVED BY 
                   FORMER INSURANCE SALESMEN.

       (a) Internal Revenue Code.--Paragraph (4) of section 
     1402(k) of the Internal Revenue Code of 1986 (relating to 
     codification of treatment of certain termination payments 
     received by former insurance salesmen) is amended to read as 
     follows:
       ``(4) the amount of such payment depends primarily on 
     policies sold by or credited to the account of such 
     individual or the extent to which such policies remain in 
     force for some period after such termination, or both.''.
       (b) Social Security Act.--Paragraph (4) of section 211(j) 
     of the Social Security Act is amended to read as follows:
       ``(4) the amount of such payment depends primarily on 
     policies sold by or credited to the account of such 
     individual or the extent to which such policies remain in 
     force for some period after such termination, or both.''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to payments after the date of the enactment of 
     this Act.

                          ____________________