[Congressional Record Volume 157, Number 88 (Monday, June 20, 2011)]
[Senate]
[Pages S3933-S3936]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 486. Mr. COBURN submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       On page 19, between the matter after line 2 and line 3, 
     insert the following:

     SEC. 13. VERIFICATION OF SELF-REPORTED DATA.

       (a) In General.--Title II of the Public Works and Economic 
     Development Act of 1965 (42 U.S.C. 3141 et seq.) (as amended 
     by section 12(a)) is amended by adding at the end the 
     following:

     ``SEC. 220. VERIFICATION OF SELF-REPORTED DATA.

       ``For each fiscal year, the Secretary shall--
       ``(1) audit and verify data reported to the Secretary by at 
     least 10 percent of the individuals and entities that receive 
     assistance in the form of grants under this Act during the 
     fiscal year or the immediately preceding fiscal year;
       ``(2) in conducting the audit and data verification, 
     evaluate the sufficiency of the documentation and methodology 
     of grantees for determining private investment and job 
     creation resulting from the economic development project for 
     which funds are provided under this Act; and
       ``(3) submit to the appropriate committees of Congress, and 
     publish in the Federal Register, a report describing the 
     results of the audits and verifications.''.
       (b) Conforming Amendment.--The table of contents of the 
     Public Works and Economic Development Act of 1965 (42 U.S.C. 
     3121 et seq.) is amended by adding after the item relating to 
     section 219 (as added by section 12(b)) the following:

``Sec. 220. Verification of self-reported data.''.
                                 ______
                                 
  SA 487. Mr. PRYOR submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end, insert the following:

     SEC. 22. ANGEL INVESTMENT TAX CREDIT.

       (a) In General.--Subpart B of part IV of subchapter A of 
     chapter 1 of the Internal Revenue Code of 1986 is amended by 
     adding at the end the following new section:

     ``SEC. 30E. ANGEL INVESTMENT TAX CREDIT.

       ``(a) Allowance of Credit.--There shall be allowed as a 
     credit against the tax imposed by this chapter for the 
     taxable year an amount equal to 25 percent of the qualified 
     equity investments made by a qualified investor during the 
     taxable year.
       ``(b) Qualified Equity Investment.--For purposes of this 
     section--
       ``(1) In general.--The term `qualified equity investment' 
     means any equity investment in a qualified small business 
     entity if--
       ``(A) such investment is acquired by the taxpayer at its 
     original issue (directly or through an underwriter) solely in 
     exchange for cash, and
       ``(B) such investment is designated for purposes of this 
     section by the qualified small business entity.
       ``(2) Equity investment.--The term `equity investment' 
     means--
       ``(A) any form of equity, including a general or limited 
     partnership interest, common stock, preferred stock (other 
     than nonqualified preferred stock as defined in section 
     351(g)(2)), with or without voting rights, without regard to 
     seniority position and whether or not convertible into common 
     stock or any form of subordinate or convertible debt, or 
     both, with warrants or other means of equity conversion, and
       ``(B) any capital interest in an entity which is a 
     partnership.
       ``(3) Redemptions.--A rule similar to the rule of section 
     1202(c)(3) shall apply for purposes of this subsection.
       ``(c) Qualified Small Business Entity.--For purposes of 
     this section--
       ``(1) In general.--The term `qualified small business 
     entity' means any domestic corporation or partnership if such 
     corporation or partnership--
       ``(A) is a small business (as defined in section 
     41(b)(3)(D)(iii)),
       ``(B) has its headquarters in the United States,
       ``(C) is engaged in a high technology trade or business 
     related to--
       ``(i) advanced materials, nanotechnology, or precision 
     manufacturing,
       ``(ii) aerospace, aeronautics, or defense,
       ``(iii) biotechnology or pharmaceuticals,
       ``(iv) electronics, semiconductors, software, or computer 
     technology,
       ``(v) energy, environment, or clean technologies,
       ``(vi) forest products or agriculture,
       ``(vii) information technology, communication technology, 
     digital media, or photonics,
       ``(viii) life sciences or medical sciences,
       ``(ix) marine technology or aquaculture,
       ``(x) transportation, or
       ``(xi) any other high technology trade or business as 
     determined by the Secretary,
       ``(D) has been in existence for less than 5 years as of the 
     date of the qualified equity investment,
       ``(E) employs less than 100 full-time equivalent employees 
     as of the date of such investment,
       ``(F) has more than 50 percent of the employees performing 
     substantially all of their services in the United States as 
     of the date of such investment, and
       ``(G) has equity investments designated for purposes of 
     this paragraph.
       ``(2) Designation of equity investments.--For purposes of 
     paragraph (1)(G), an equity investment shall not be treated 
     as designated if such designation would result in the 
     aggregate amount which may be taken into account under this 
     section with respect to equity investments in such 
     corporation or partnership exceeds--
       ``(A) $10,000,000, taking into account the total amount of 
     all qualified equity investments made by all taxpayers for 
     the taxable year and all preceding taxable years,
       ``(B) $2,000,000, taking into account the total amount of 
     all qualified equity investments made by all taxpayers for 
     such taxable year, and
       ``(C) $1,000,000, taking into account the total amount of 
     all qualified equity investments made by the taxpayer for 
     such taxable year.
       ``(d) Qualified Investor.--For purposes of this section--
       ``(1) In general.--The term `qualified investor' means an 
     accredited investor, as defined by the Securities and 
     Exchange Commission, investor network, or investor fund who 
     review new or proposed businesses for potential investment.
       ``(2) Investor network.--The term `investor network' means 
     a group of accredited investors organized for the sole 
     purpose of making qualified equity investments.
       ``(3) Investor fund.--
       ``(A) In general.--The term `investor fund' means a 
     corporation that for the applicable taxable year is treated 
     as an S corporation or a general partnership, limited 
     partnership, limited liability partnership, trust, or limited 
     liability company and which for the applicable taxable year 
     is not taxed as a corporation.
       ``(B) Allocation of credit.--
       ``(i) In general.--Except as provided in clause (ii), the 
     credit allowed under subsection (a) shall be allocated to the 
     shareholders or partners of the investor fund in proportion 
     to their ownership interest or as specified in the fund's 
     organizational documents, except that tax-exempt investors 
     shall be allowed to transfer their interest to investors 
     within the fund in exchange for future financial 
     consideration.
       ``(ii) Single member limited liability company.--If the 
     investor fund is a single member limited liability company 
     that is disregarded as an entity separate from its owner, the 
     credit allowed under subsection (a) may be claimed by such 
     limited liability company's owner, if such owner is a person 
     subject to the tax under this title.
       ``(4) Exclusion.--The term `qualified investor' does not 
     include--
       ``(A) a person controlling at least 50 percent of the 
     qualified small business entity,
       ``(B) an employee of such entity, or
       ``(C) any bank, bank and trust company, insurance company, 
     trust company, national bank, savings association or building 
     and loan association for activities that are a part of its 
     normal course of business.
       ``(e) National Limitation on Amount of Investments 
     Designated.--

[[Page S3934]]

       ``(1) In general.--There is an angel investment tax credit 
     limitation of $500,000,000 for each of calendar years 2011 
     through 2015.
       ``(2) Allocation of limitation.--The limitation under 
     paragraph (1) shall be allocated by the Secretary among 
     qualified small business entities selected by the Secretary.
       ``(3) Carryover of unused limitation.--If the angel 
     investment tax credit limitation for any calendar year 
     exceeds the aggregate amount allocated under paragraph (2) 
     for such year, such limitation for the succeeding calendar 
     year shall be increased by the amount of such excess. No 
     amount may be carried under the preceding sentence to any 
     calendar year after 2020.
       ``(f) Application With Other Credits.--
       ``(1) Business credit treated as part of general business 
     credit.--Except as provided in paragraph (2), the credit 
     which would be allowed under subsection (a) for any taxable 
     year (determined without regard to this subsection) shall be 
     treated as a credit listed in section 38(b) for such taxable 
     year (and not allowed under subsection (a)).
       ``(2) Personal credit.--
       ``(A) In general.--In the case of an individual who elects 
     the application of this paragraph, for purposes of this 
     title, the credit allowed under subsection (a) for any 
     taxable year (determined after application of paragraph (1)) 
     shall be treated as a credit allowable under subpart A for 
     such taxable year.
       ``(B) Limitation based on amount of tax.--In the case of a 
     taxable year to which section 26(a)(2) does not apply, the 
     credit allowed under subpart A for any taxable year 
     (determined after application of paragraph (1)) by reason of 
     subparagraph (A) shall not exceed the excess of--
       ``(i) the sum of the regular tax liability (as defined in 
     section 26(b)) plus the tax imposed by section 55, over
       ``(ii) the sum of the credits allowable under subpart A 
     (other than this section) and section 27 for the taxable 
     year.
       ``(C) Carryforward of unused credit.--If the credit 
     allowable under subsection (a) by reason of subparagraph (A) 
     exceeds the limitation imposed by section 26(a)(1) or 
     subparagraph (B), whichever is applicable, for such taxable 
     year, reduced by the sum of the credits allowable under 
     subpart A (other than this section) for such taxable year, 
     such excess shall be carried to each of the succeeding 20 
     taxable years to the extent that such unused credit may not 
     be taken into account under subsection (a) by reason of 
     subparagraph (A) for a prior taxable year because of such 
     limitation.
       ``(g) Special Rules.--
       ``(1) Related parties.--For purposes of this section--
       ``(A) In general.--All related persons shall be treated as 
     1 person.
       ``(B) Related persons.--A person shall be treated as 
     related to another person if the relationship between such 
     persons would result in the disallowance of losses under 
     section 267 or 707(b).
       ``(2) Basis.--For purposes of this subtitle, the basis of 
     any investment with respect to which a credit is allowable 
     under this section shall be reduced by the amount of such 
     credit so allowed. This subsection shall not apply for 
     purposes of sections 1202, 1397B, and 1400B.
       ``(3) Recapture.--The Secretary shall, by regulations, 
     provide for recapturing the benefit of any credit allowable 
     under subsection (a) with respect to any qualified equity 
     investment which is held by the taxpayer less than 3 years, 
     except that no benefit shall be recaptured in the case of--
       ``(A) transfer of such investment by reason of the death of 
     the taxpayer,
       ``(B) transfer between spouses,
       ``(C) transfer incident to the divorce (as defined in 
     section 1041) of such taxpayer, or
       ``(D) a transaction to which section 381(a) applies 
     (relating to certain acquisitions of the assets of one 
     corporation by another corporation).
       ``(h) Regulations.--The Secretary shall prescribe such 
     regulations as may be appropriate to carry out this section, 
     including regulations--
       ``(1) which prevent the abuse of the purposes of this 
     section,
       ``(2) which impose appropriate reporting requirements, and
       ``(3) which apply the provisions of this section to newly 
     formed entities.''.
       (b) Credit Made Part of General Business Credit.--
     Subsection (b) of section 38 of the Internal Revenue Code of 
     1986 is amended--
       (1) in paragraph (35), by striking ``plus'';
       (2) in paragraph (36), by striking the period at the end 
     and inserting ``, plus''; and
       (3) by adding at the end the following new paragraph:
       ``(37) the portion of the angel investment tax credit to 
     which section 30E(f)(1) applies.''.
       (c) Conforming Amendments.--
       (1) Section 1016(a) of the Internal Revenue Code of 1986 is 
     amended by striking ``and'' at the end of paragraph (36), by 
     striking the period at the end of paragraph (37) and 
     inserting ``, and'', and by inserting after paragraph (37) 
     the following new paragraph:
       ``(38) to the extent provided in section 30E(g)(2).''.
       (2) Section 24(b)(3)(B) of such Code is amended by striking 
     ``and 30D'' and inserting ``30D, and 30E''.
       (3) Section 25(e)(1)(C)(ii) of such Code is amended by 
     inserting ``30E,'' after ``30D,''.
       (4) Section 25A(i)(5)(B) of such Code is amended by 
     striking ``and 30D'' and inserting ``, 30D, and 30E''.
       (5) Section 25A(i)(5) of such Code is amended by inserting 
     ``30E,'' after ``30D,''.
       (6) Section 25B(g)(2) of such Code is amended by striking 
     ``and 30D'' and inserting ``30D, and 30E''.
       (7) Section 26(a)(1) of such Code is amended by striking 
     ``and 30D'' and inserting ``30D, and 30E''.
       (8) Section 30(c)(2)(B)(ii) of such Code is amended by 
     striking ``and 30D'' and inserting ``, 30D, and 30E''.
       (9) Section 30B(g)(2)(B)(ii) of such Code is amended by 
     striking ``and 30D'' and inserting ``30D, and 30E''.
       (10) Section 30D(d)(2)(B)(ii) of such Code is amended by 
     striking ``and 25D'' and inserting ``, 25D, and 30E''.
       (11) Section 904(i) of such Code is amended by striking 
     ``and 30D'' and inserting ``30D, and 30E''.
       (12) Section 1400C(d)(2) of such Code is amended by 
     striking ``and 30D'' and inserting ``30D, and 30E''.
       (d) Clerical Amendment.--The table of sections for subpart 
     B of part IV of subchapter A of chapter 1 of the Internal 
     Revenue Code of 1986 is amended by adding at the end the 
     following new item:

``Sec. 30E. Angel investment tax credit.''.

       (e) Effective Date.--The amendments made by this section 
     shall apply to investments made after December 31, 2010, in 
     taxable years ending after such date.
       (f) Regulations on Allocation of National Limitation.--Not 
     later than 120 days after the date of the enactment of this 
     Act, the Secretary of the Treasury or the Secretary's 
     delegate shall prescribe regulations which specify--
       (1) how small business entities shall apply for an 
     allocation under section 30E(e)(2) of the Internal Revenue 
     Code of 1986, as added by this section,
       (2) the competitive procedure through which such 
     allocations are made,
       (3) the criteria for determining an allocation to a small 
     business entity, including--
       (A) whether the small business entity is located in a State 
     that is historically underserved by angel investors and 
     venture capital investors,
       (B) whether the small business entity has received an angel 
     investment tax credit, or its equivalent, from the State in 
     which the small business entity is located and registered,
       (C) whether small business entities in 
     low-, medium-, and high-population density States are 
     receiving allocations, and
       (D) whether the small business entity has been awarded a 
     Small Business Innovative Research or Small Business 
     Technology Transfer grant from a Federal agency,
       (4) the actions that such Secretary or delegate shall take 
     to ensure that such allocations are properly made to 
     qualified small business entities, and
       (5) the actions that such Secretary or delegate shall take 
     to ensure that angel investment tax credits are allocated and 
     issued to the taxpayer.
       (g) Audit and Report.--Not later than 3 years after the 
     date of the enactment of this Act, the Comptroller General of 
     the United States shall report to Congress on the number of 
     taxpayers claiming the credit under section 30E of the 
     Internal Revenue Code of 1986, the amount claimed by each 
     taxpayer, and the characteristics of the taxpayers claiming 
     such credit.
       (h) Collection of Data.--The Secretary of the Treasury 
     shall ensure that the data needed for the report under 
     subsection (g) is collected and retained for the use of the 
     Comptroller General.

     SEC. 23. 100 PERCENT CONTINUOUS LEVY ON PAYMENTS TO MEDICARE 
                   PROVIDERS AND SUPPLIERS.

       (a) In General.--Paragraph (3) of section 6331(h) of the 
     Internal Revenue Code of 1986 is amended by striking the 
     period at the end and inserting ``, or to a Medicare provider 
     or supplier under title XVIII of the Social Security Act.''.
       (b) Effective Date.--The amendment made by this section 
     shall apply to levies issued after the date of the enactment 
     of this Act.

     SEC. 24. 100 PERCENT CONTINUOUS LEVY ON PAYMENTS RELATING TO 
                   PROPERTY.

       (a) In General.--Paragraph (3) of section 6331(h) of the 
     Internal Revenue Code of 1986, as amended by section 2, is 
     amended by striking ``goods or services'' and inserting 
     ``property, goods, or services''.
       (b) Effective Date.--The amendment made by this section 
     shall apply to levies issued after the date of the enactment 
     of this Act.
                                 ______
                                 
  SA 488. Mr. McCAIN submitted an amendment intended to be proposed by 
him to the bill S. 679, to reduce the number of executive positions 
subject to Senate confirmation; which was ordered to lie on the table; 
as follows:

       At the end of the bill, add the following:

     SEC. ___. POSTAL SERVICE POLICY.

       Section 101(b) of title 39, United States Code, is 
     amended--
       (1) in the first sentence, by striking ``a maximum degree 
     of''; and
       (2) by striking ``where post offices are not self-
     sustaining. No small post office shall be closed solely for 
     operating at a deficit, it being'' and inserting ``. It is''.
                                 ______
                                 
  SA 489. Mr. CASEY (for himself and Mr. Brown of Ohio) submitted an

[[Page S3935]]

amendment intended to be proposed by him to the bill S. 782, to amend 
the Public Works and Economic Development Act of 1965 to reauthorize 
that Act, and for other purposes; which was ordered to lie on the 
table; as follows:

       On page 29, after line 20, insert the following:

                 TITLE II--TRADE ADJUSTMENT ASSISTANCE

     SEC. 200. SHORT TITLE.

       This title may be cited as the ``Trade Extenders Act of 
     2011''.

          Subtitle A--Extension of Trade Adjustment Assistance

     SEC. 201. EXTENSION OF TRADE ADJUSTMENT ASSISTANCE.

       (a) In General.--Section 1893 of the Trade and 
     Globalization Adjustment Assistance Act of 2009 (Public Law 
     111-5; 123 Stat. 422) is repealed.
       (b) Conforming Amendments.--
       (1) Section 236(a)(2)(A) of the Trade Act of 1974 (19 
     U.S.C. 2296(a)(2)(A)) (as in effect on February 12, 2011) is 
     amended by striking ``shall not exceed--'' and all that 
     follows and inserting ``shall not exceed $575,000,000 for 
     each of the fiscal years 2011 through 2016, and $143,750,000 
     for the 3-month period beginning on October 1, 2016, and 
     ending on December 31, 2016.''.
       (2) Section 245(a) of the Trade Act of 1974 (19 U.S.C. 
     2317(a)) (as in effect on February 12, 2011) is amended by 
     striking ``February 12, 2011'' and inserting ``December 31, 
     2016''.
       (3) Section 246(b)(1) of the Trade Act of 1974 (19 U.S.C. 
     2318(b)(1)) (as in effect on February 12, 2011) is amended by 
     striking ``February 12, 2011'' and inserting ``December 31, 
     2016''.
       (4) Section 255(a) of the Trade Act of 1974 (19 U.S.C. 
     2345(a)) (as in effect on February 12, 2011) is amended by 
     striking ``for fiscal year 2010'' and all that follows and 
     inserting ``for each of the fiscal years 2011 through 2016, 
     and $12,500,000 for the 3-month period beginning on October 
     1, 2016, and ending on December 31, 2016. Amounts 
     appropriated pursuant to this subsection shall remain 
     available until expended.''.
       (5) Section 275(f) of the Trade Act of 1974 (19 U.S.C. 
     2371d(f)) (as in effect on February 12, 2011) is amended by 
     striking ``December 15 in each of the calendar years 2009 
     through'' and inserting ``December 15, 2009,''.
       (6) Section 276(c)(2) of the Trade Act of 1974 (19 U.S.C. 
     2371e(c)(2)) (as in effect on February 12, 2011) is amended 
     by striking ``not more than--'' and all that follows and 
     inserting ``not more than $25,000,000 for each of the fiscal 
     years 2011 through 2016, and $6,250,000 for the 3-month 
     period beginning on October 1, 2016, and ending on December 
     31, 2016.''.
       (7) Section 277(c) of the Trade Act of 1974 (19 U.S.C. 
     2371f(c)) (as in effect on February 12, 2011) is amended--
       (A) in paragraph (1), by striking ``this subchapter--'' and 
     all that follows and inserting ``this subchapter $150,000,000 
     for each of the fiscal years 2011 through 2016, and 
     $37,500,000 for the 3-month period beginning on October 1, 
     2016, and ending on December 31, 2016.''; and
       (B) by striking paragraph (2) and inserting the following:
       ``(2) Availability.--Amounts appropriated pursuant to this 
     subchapter shall remain available until expended.''.
       (8) Section 278(e) of the Trade Act of 1974 (19 U.S.C. 
     2372(e)) (as in effect on February 12, 2011) is amended by 
     striking ``December 15 in each of the calendar years 2009 
     through'' and inserting ``December 15, 2009,''.
       (9) Section 279A(h)(2) of the Trade Act of 1974 (19 U.S.C. 
     2373(h)(2)) (as in effect on February 12, 2011) is amended by 
     striking ``December 15 in each of the calendar years 2009 
     through'' and inserting ``December 15, 2009,''.
       (10) Section 279B(a)(1) of the Trade Act of 1974 (19 U.S.C. 
     2373a(a)(1)) (as in effect on February 12, 2011) is amended 
     by striking ``section 279A--'' and all that follows and 
     inserting ``section 279A $40,000,000 for each of the fiscal 
     years 2011 through 2016, and $10,000,000 for the 3-month 
     period beginning on October 1, 2016, and ending on December 
     31, 2016.''.
       (11) Section 285 of the Trade Act of 1974 (19 U.S.C. 2271 
     note) (as in effect on February 12, 2011) is amended to read 
     as follows:

     ``SEC. 285. TERMINATION.

       ``(a) Assistance for Workers.--
       ``(1) In general.--Except as provided in paragraph (2), 
     trade adjustment assistance, vouchers, allowances, and other 
     payments or benefits may not be provided under chapter 2 
     after December 31, 2016.
       ``(2) Exception.--Notwithstanding paragraph (1), a worker 
     shall continue to receive trade adjustment assistance 
     benefits and other benefits under chapter 2 for any week for 
     which the worker meets the eligibility requirements of that 
     chapter if the worker is--
       ``(A) certified as eligible for trade adjustment assistance 
     benefits under chapter 2 pursuant to a petition filed under 
     section 221 on or before December 31, 2016; and
       ``(B) otherwise eligible to receive trade adjustment 
     assistance benefits under chapter 2.
       ``(b) Other Assistance.--
       ``(1) Assistance for firms.--
       ``(A) In general.--Except as provided in subparagraph (B), 
     technical assistance and grants may not be provided under 
     chapter 3 after December 31, 2016.
       ``(B) Exception.--Notwithstanding subparagraph (A), any 
     technical assistance or grant approved under chapter 3 
     pursuant to a petition filed under section 251 on or before 
     December 31, 2016, may be provided--
       ``(i) to the extent funds are available pursuant to such 
     chapter for such purpose; and
       ``(ii) to the extent the recipient of the technical 
     assistance or grant is otherwise eligible to receive such 
     technical assistance or grant, as the case may be.
       ``(2) Farmers.--
       ``(A) In general.--Except as provided in subparagraph (B), 
     technical assistance and financial assistance may not be 
     provided under chapter 6 after December 31, 2016.
       ``(B) Exception.--Notwithstanding subparagraph (A), any 
     technical or financial assistance approved under chapter 6 
     pursuant to a petition filed under section 292 on or before 
     December 31, 2016, may be provided--
       ``(i) to the extent funds are available pursuant to such 
     chapter for such purpose; and
       ``(ii) to the extent the recipient of the technical or 
     financial assistance is otherwise eligible to receive such 
     technical or financial assistance, as the case may be.
       ``(3) Assistance for communities.--
       ``(A) In general.--Except as provided in subparagraph (B), 
     technical assistance and grants may not be provided under 
     chapter 4 after December 31, 2016.
       ``(B) Exception.--Notwithstanding subparagraph (A), any 
     technical assistance or grant approved under chapter 4 
     pursuant to a petition filed under section 273, or a grant 
     proposal submitted under section 278 or 279A, on or before 
     December 31, 2016, may be provided--
       ``(i) to the extent funds are available pursuant to such 
     chapter for such purpose; and
       ``(ii) to the extent the recipient of the technical 
     assistance or grant is otherwise eligible to receive such 
     technical assistance or grant, as the case may be.''.
       (12) Section 298(a) of the Trade Act of 1974 (19 U.S.C. 
     2401g(a)) (as in effect on February 12, 2011) is amended by 
     striking ``$10,400,000 for the 6-week period beginning 
     January 1, 2011, and ending February 12, 2011,'' and 
     inserting ``$90,000,000 for each of the fiscal years 2011 
     through 2016, and $22,500,000 for the 3-month period 
     beginning on October 1, 2016, and ending on December 31, 
     2016''.

     SEC. 202. EFFECTIVE DATE.

       The amendments made by section 201--
       (1) shall take effect on the date of the enactment of this 
     Act; and
       (2) shall apply to--
       (A) petitions for certification filed under chapter 2, 3, 
     or 6 of title II of the Trade Act of 1974 on or after such 
     date of enactment; and
       (B) petitions for assistance and proposals for grants filed 
     under chapter 4 of title II of the Trade Act of 1974 on or 
     after such date of enactment.

                Subtitle B--Health Coverage Improvement

     SEC. 211. IMPROVEMENT OF THE AFFORDABILITY OF THE CREDIT.

       (a) In General.--Section 35(a) of the Internal Revenue Code 
     of 1986 is amended by striking ``February 13, 2011'' and 
     inserting ``January 1, 2017''.
       (b) Conforming Amendment.--Section 7527(b) of such Code is 
     amended by striking ``February 13, 2011'' and inserting 
     ``January 1, 2017''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to coverage months beginning after February 12, 
     2011.

     SEC. 212. PAYMENT FOR THE MONTHLY PREMIUMS PAID PRIOR TO 
                   COMMENCEMENT OF THE ADVANCE PAYMENTS OF CREDIT.

       (a) In General.--Section 7527(e) of the Internal Revenue 
     Code of 1986 is amended by striking ``February 13, 2011'' and 
     inserting ``January 1, 2017''.
       (b) Effective Date.--The amendment made by this section 
     shall apply to coverage months beginning after February 12, 
     2011.

     SEC. 213. TAA RECIPIENTS NOT ENROLLED IN TRAINING PROGRAMS 
                   ELIGIBLE FOR CREDIT.

       (a) In General.--Section 35(c)(2)(B) of the Internal 
     Revenue Code of 1986 is amended by striking ``February 13, 
     2011'' and inserting ``January 1, 2017''.
       (b) Effective Date.--The amendment made by this section 
     shall apply to coverage months beginning after February 12, 
     2011.

     SEC. 214. TAA PRE-CERTIFICATION PERIOD RULE FOR PURPOSES OF 
                   DETERMINING WHETHER THERE IS A 63-DAY LAPSE IN 
                   CREDITABLE COVERAGE.

       (a) IRC Amendment.--Section 9801(c)(2)(D) of the Internal 
     Revenue Code of 1986 is amended by striking ``February 13, 
     2011'' and inserting ``January 1, 2017''.
       (b) ERISA Amendment.--Section 701(c)(2)(C) of the Employee 
     Retirement Income Security Act of 1974 (29 U.S.C. 
     1181(c)(2)(C)) is amended by striking ``February 13, 2011'' 
     and inserting ``January 1, 2017''.
       (c) PHSA Amendment.--Section 2701(c)(2)(C) of the Public 
     Health Service Act (as in effect for plan years beginning 
     before January 1, 2014 (42 U.S.C. 300gg note)) is amended by 
     striking ``February 13, 2011'' and inserting ``January 1, 
     2017''.
       (d) Effective Date.--The amendments made by this section 
     shall apply to plan years beginning after February 12, 2011.

     SEC. 215. CONTINUED QUALIFICATION OF FAMILY MEMBERS AFTER 
                   CERTAIN EVENTS.

       (a) In General.--Section 35(g)(9) of the Internal Revenue 
     Code of 1986, as added by section 1899E(a) of the American 
     Recovery and Reinvestment Tax Act of 2009 (relating to 
     continued qualification of family members after certain 
     events), is amended by striking ``February 13, 2011'' and 
     inserting ``January 1, 2017''.

[[Page S3936]]

       (b) Conforming Amendment.--Section 173(f)(8) of the 
     Workforce Investment Act of 1998 (29 U.S.C. 2918(f)(8)) is 
     amended by striking ``February 13, 2011'' and inserting 
     ``January 1, 2017''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to months beginning after February 12, 2011.

     SEC. 216. EXTENSION OF COBRA BENEFITS FOR CERTAIN TAA-
                   ELIGIBLE INDIVIDUALS AND PBGC RECIPIENTS.

       (a) ERISA Amendments.--
       (1) PBGC recipients.--Section 602(2)(A)(v) of the Employee 
     Retirement Income Security Act of 1974 (29 U.S.C. 
     1162(2)(A)(v)) is amended by striking ``February 12, 2011'' 
     and inserting ``December 31, 2016''.
       (2) TAA-eligible individuals.--Section 602(2)(A)(vi) of 
     such Act (29 U.S.C. 1162(2)(A)(vi)) is amended by striking 
     ``February 12, 2011'' and inserting ``December 31, 2016''.
       (b) IRC Amendments.--
       (1) PBGC recipients.--Section 4980B(f)(2)(B)(i)(V) of the 
     Internal Revenue Code of 1986 is amended by striking 
     ``February 12, 2011'' and inserting ``December 31, 2016''.
       (2) TAA-eligible individuals.--Section 
     4980B(f)(2)(B)(i)(VI) of such Code is amended by striking 
     ``February 12, 2011'' and inserting ``December 31, 2016''.
       (c) PHSA Amendments.--Section 2202(2)(A)(iv) of the Public 
     Health Service Act (42 U.S.C. 300bb-2(2)(A)(iv)) is amended 
     by striking ``February 12, 2011'' and inserting ``December 
     31, 2016''.
       (d) Effective Date.--The amendments made by this section 
     shall apply to periods of coverage which would (without 
     regard to the amendments made by this section) end on or 
     after February 13, 2011.

     SEC. 217. ADDITION OF COVERAGE THROUGH VOLUNTARY EMPLOYEES' 
                   BENEFICIARY ASSOCIATIONS.

       (a) In General.--Section 35(e)(1)(K) of the Internal 
     Revenue Code of 1986 is amended by striking ``February 13, 
     2012'' and inserting ``January 1, 2017''.
       (b) Effective Date.--The amendment made by this section 
     shall apply to coverage months beginning after February 12, 
     2011.

     SEC. 218. NOTICE REQUIREMENTS.

       (a) In General.--Section 7527(d)(2) of the Internal Revenue 
     Code of 1986 is amended by striking ``February 13, 2011'' and 
     inserting ``January 1, 2017''.
       (b) Effective Date.--The amendment made by this section 
     shall apply to certificates issued after February 12, 2011.
                                 ______
                                 
  SA 490. Mr. SESSIONS submitted an amendment intended to be proposed 
by him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       On page 29, after line 20, insert the following:

     SEC. 22. REPORTS TO CONGRESS.

       (a) Funding Limitation.--No Federal funds may be obligated 
     by the Secretary of Transportation or any other Federal 
     officer for any study, project, or other effort to carry out 
     the High-Speed Intercity Passenger Rail Program until at 
     least 6 months after the Congress receives the reports 
     required under subsections (b) and (c).
       (b) Government Accountability Office Report.--Not later 
     than 180 days after the date of the enactment of this Act, 
     the Comptroller General of the United States shall submit a 
     report to Congress that contains--
       (1) cost projections for carrying out President Obama's 
     goal of building a high-speed rail system that gives 80 
     percent of Americans access to high-speed rail by 2036;
       (2) the amount of government subsidies that would be needed 
     to operate and maintain each high-speed rail line receiving 
     funding in the first 10 years of operation;
       (3) a review of the cost-benefit analysis methods used to 
     evaluate grant requests for high-speed rail projects, 
     including the impact of such analyses on the grant award 
     process;
       (4) a review of the accuracy and methodology of the cost 
     estimates of the California High-Speed Rail Authority and the 
     California Legislative Analyst's Office;
       (5) a review of the accuracy and methodology of ridership 
     estimates for each grant recipient;
       (6) an analysis of the reasons for cost increases of 15 
     percent or greater since the time the application was 
     received for any grant-recipient project;
       (7) the principle reasons behind the decisions by the 
     States of Florida, Wisconsin, and Ohio to return Federal 
     funding for high-speed rail projects in those States; and
       (8) a review of--
       (A) all high-speed rail projects costing more than 
     $1,000,000,000 that have been constructed, or proposed for 
     construction, in countries within the Organisation for 
     Economic Co-operation and Development; and
       (B) available data concerning government subsidies for the 
     projects referred to in subparagraph (A), including cost 
     overruns and profitability.
       (c) Inspector General Report.--Not later than 180 days 
     after the date of the enactment of this Act, the Inspector 
     General of the Department of Transportation shall submit a 
     report to Congress regarding Federal grants awarded for high-
     speed rail projects that includes--
       (1) a description of the process by which the Department of 
     Transportation incorporated the volatility of the 
     development, planning, and construction cost estimates into 
     its decision making process when awarding grants and choosing 
     routes and segments;
       (2) a description of how the Department of Transportation 
     valued the expected level or potential need for government 
     subsidies to operate and maintain high-speed rail lines 
     receiving funding in the first 10 years of operation;
       (3) a review of the cost benefit analysis used by the 
     Department of Transportation when deciding to award the 
     grants and how that analysis influenced the award of Federal 
     funds; and
       (4) a review of the impact of the Department of 
     Transportation's decision making process and cost benefit 
     analyses on the high-speed rail grant awards.
                                 ______
                                 
  SA 491. Mr. MENENDEZ (for Mr. Conrad) proposed an amendment to the 
resolution S. Res. 141, recognizing the efforts and accomplishments of 
the GOD'S CHILD project and congratulating the GOD'S CHILD Project on 
its 20th anniversary; as follows:

       On page 3, beginning on line 11, strike ``volunteers,'' and 
     all that follows through line 13 and insert ``volunteers and 
     staff of the GOD'S CHILD project.''.
                                 ______
                                 
  SA 492. Mr. MENENDEZ (for Mr. Conrad) proposed an amendment to the 
resolution S. Res. 141, recognizing the efforts and accomplishments of 
the GOD'S CHILD Project and congratulating the GOD'S CHILD Project on 
its 20th anniversary; as follows:

       In the preamble, on page 2, in the first clause, strike ``, 
     the hometown of Patrick Atkinson''.
       In the preamble, on page 3, in the clause immediately 
     preceding the resolved clause, strike ``and Patrick Atkinson 
     have received numerous accolades recognizing their service'' 
     and insert ``has received numerous accolades recognizing its 
     service''.
                                 ______
                                 
  SA 493. Mr. McCAIN submitted an amendment intended to be proposed by 
him to the bill S. 679, to reduce the number of executive positions 
subject to Senate confirmation; which was ordered to lie on the table; 
as follows:

       Strike section 2(w).

                          ____________________