[Congressional Record Volume 167, Number 21 (Thursday, February 4, 2021)]
[Senate]
[Page S533]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 771. Mr. LEE submitted an amendment intended to be proposed by him 
to the concurrent resolution S. Con. Res. 5, setting forth the 
congressional budget for the United States Government for fiscal year 
2021 and setting forth the appropriate budgetary levels for fiscal 
years 2022 through 2030; which was ordered to lie on the table; as 
follows:

       At the end of title III, add the following:

     SEC. 3___. SPENDING-NEUTRAL RESERVE FUND RELATING TO 
                   COMPENSATING UNITS OF GENERAL LOCAL GOVERNMENT 
                   FOR THE UNREALIZED TAX REVENUES THAT THE UNITS 
                   OF GENERAL LOCAL GOVERNMENT WOULD BE ABLE TO 
                   GENERATE FROM LAND FOR WHICH PAYMENTS ARE MADE 
                   UNDER THE PAYMENT IN LIEU OF TAXES PROGRAM AT 
                   THE ACTUAL AMOUNT OF THOSE UNREALIZED TAX 
                   REVENUES.

       The Chairman of the Committee on the Budget of the Senate 
     may revise the allocations of a committee or committees, 
     aggregates, and other appropriate levels in this resolution, 
     and make adjustments to the pay-as-you-go ledger, for one or 
     more bills, joint resolutions, amendments, amendments between 
     the Houses, motions, or conference reports relating to 
     compensating units of general local government (as defined in 
     section 6901 of title 31, United States Code) for the 
     unrealized tax revenues that the units of general local 
     government would be able to generate from land for which 
     payments are made under the payment in lieu of taxes program 
     established under chapter 69 of that title at the actual 
     amount of those unrealized tax revenues by the amounts 
     provided in such legislation for those purposes, provided 
     that such legislation would not raise new revenue and would 
     not increase the deficit over either the period of the total 
     of fiscal years 2021 through 2025 or the period of the total 
     of fiscal years 2021 through 2030.
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