[Congressional Record Volume 167, Number 134 (Friday, July 30, 2021)]
[Senate]
[Pages S5221-S5223]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 2126. Mr. WICKER submitted an amendment intended to be proposed by 
him to the bill S. 1931, to amend title 23, United States Code, to 
authorize funds for Federal-aid highways and highway safety 
construction programs, and for other purposes; which was ordered to lie 
on the table; as follows:

       In section 175(c)(1) of title 23, United States Code (as 
     added by section 1403(a)), strike subparagraphs (L) and (M) 
     and insert the following:
       ``(L) a project described in section 149(b)(5) that does 
     not result in the construction of new capacity;
       ``(M) a project that reduces transportation emissions at 
     port facilities, including through the advancement of port 
     electrification; and
       ``(N) a project that uses pavement technologies, including 
     designs, materials, and practices, that reduce carbon 
     emissions and transportation emissions, as established by the 
     Federal Highway Administration in policy guidance consistent 
     with subsection (d)(2)(B)(iii).
                                 ______
                                 
  SA 2127. Mr. WICKER submitted an amendment intended to be proposed by 
him to the bill H.R. 3684, to authorize funds for Federal-aid highways, 
highway safety programs, and transit programs, and for other purposes; 
which was ordered to lie on the table; as follows:

        At the appropriate place, insert the following:

[[Page S5222]]

  


     SEC. __. NAVY AND COAST GUARD SHIPYARD INFRASTRUCTURE 
                   IMPROVEMENT.

       (a) Appropriation.--
       (1) In general.--Out of any money in the Treasury of the 
     United States not otherwise appropriated, there is 
     appropriated, as an additional amount for ``Defense 
     Production Act Purchases'', $25,350,000,000, to remain 
     available until expended, to improve, in accordance with 
     subsection (b) and using the authority provided by section 
     303(e) of the Defense Production Act of 1950 (50 U.S.C. 
     4533(e)), the Navy and Coast Guard shipyard infrastructure of 
     the United States.
       (2) Supplement not supplant.--Amounts appropriated under 
     paragraph (1) shall supplement and not supplant other amounts 
     appropriated or otherwise made available for the purpose 
     described in paragraph (1).
       (3) Waiver of certain limitations.--During the 20-year 
     period beginning on the date of the enactment of this Act, 
     the following requirements of the Defense Production Act of 
     1950 (50 U.S.C. 4501 et seq.) shall not apply to amounts 
     appropriated under paragraph (1):
       (A) The requirement for a determination of the President 
     under section 303(e)(1) of that Act (50 U.S.C. 4533(e)(1)).
       (B) The requirement under section 304(e) of that Act (50 
     U.S.C. 4534(e)) that amounts in the Defense Production Act 
     Fund in excess of the amount specified in that subsection be 
     paid into the general fund of the Treasury at the end of a 
     fiscal year.
       (4) Emergency designation.--The amount appropriated under 
     paragraph (1) is designated by the Congress as being for an 
     emergency requirement pursuant to section 251(b)(2)(A)(i) of 
     the Balanced Budget and Emergency Deficit Control Act of 1985 
     (2 U.S.C. 901(b)(2)(A)(i)).
       (b) Use of Funds.--
       (1) In general.--As soon as practicable after the date of 
     the enactment of this Act, the Secretary of Defense shall 
     make the amounts appropriated under subsection (a) directly 
     available to the Secretary of the Navy and the Secretary of 
     Homeland Security for obligation and expenditure in 
     accordance with paragraph (2).
       (2) Allocation of funds.--The amounts appropriated under 
     subsection (a) shall be allocated as follows:
       (A) $21,000,000,000 for Navy public shipyard facilities, 
     dock, dry dock, capital equipment improvements, and dredging 
     efforts needed by such shipyards.
       (B) $2,000,000,000 for Navy private new construction 
     shipyard facilities, dock, dry dock, capital equipment 
     improvements, and dredging efforts needed by such shipyards.
       (C) $2,000,000,000 for Navy private repair shipyard 
     facilities, dock, dry dock, capital equipment improvements, 
     and dredging efforts needed by such shipyards.
       (D) $350,000,000 for Coast Guard Yard facilities, dock, dry 
     dock, capital equipment improvements, and dredging efforts 
     needed by the shipyard.
       (3) Use of funds for procurement of certain services.--
     Notwithstanding any provision of the Defense Production Act 
     of 1950 (50 U.S.C. 4501 et seq.), amounts appropriated under 
     subsection (a) may be used for the procurement of architect-
     engineer and construction services at Navy public shipyards.
       (4) Projects in addition to other construction projects.--
     Construction projects undertaken using amounts appropriated 
     under subsection (a) shall be in addition to and separate 
     from any military construction program authorized by any Act 
     to authorize appropriations for a fiscal year for military 
     activities of the Department of Defense and for military 
     construction.
       (c) Definitions.--In this section:
       (1) Coast guard yard.--The term ``Coast Guard Yard'' means 
     the Coast Guard Yard in Baltimore, Maryland.
       (2) Navy public shipyard.--The term ``Navy public 
     shipyard'' means the following:
       (A) The Norfolk Naval Shipyard, Virginia.
       (B) The Pearl Harbor Naval Shipyard, Hawaii.
       (C) The Portsmouth Naval Shipyard, Maine.
       (D) The Puget Sound Naval Shipyard, Washington.
       (3) Navy private new construction shipyard.--The term 
     ``Navy private new construction shipyard''--
       (A) means any shipyard in which one or more combatant or 
     support vessels included in the most recent plan submitted 
     under section 231 of title 10, United States Code, are being 
     built or are planned to be built; and
       (B) includes vendors and suppliers of the shipyard building 
     or planning to build a combatant or support vessel.
       (4) Navy private repair shipyard.--The term ``Navy private 
     repair shipyard''--
       (A) means any shipyard that performs or is planned to 
     perform maintenance or modernization work on a combatant or 
     support vessel included in the most recent plan submitted 
     under section 231 of title 10, United States Code; and
       (B) includes vendors and suppliers of the shipyard 
     performing or planning to perform maintenance or 
     modernization work on a combatant or support vessel.
                                 ______
                                 
  SA 2128. Mr. BROWN (for himself and Mr. Wyden) submitted an amendment 
intended to be proposed by him to the bill H.R. 3684, to authorize 
funds for Federal-aid highways, highway safety programs, and transit 
programs, and for other purposes; which was ordered to lie on the 
table; as follows:

        At the appropriate place in division [__], insert the 
     following:

     SEC. ___. MODIFICATION OF EMPLOYER-PROVIDED FRINGE BENEFITS 
                   FOR BICYCLE COMMUTING.

       (a) Repeal of Suspension of Exclusion for Qualified Bicycle 
     Commuting Reimbursement.--Section 132(f) of the Internal 
     Revenue Code of 1986 is amended by striking paragraph (8).
       (b) Commuting Fringe Includes Bikeshare.--
       (1) In general.--Clause (i) of section 132(f)(5)(F) of such 
     Code is amended by striking ``a bicycle'' and all that 
     follows and inserting ``bikeshare, a bicycle, and bicycle 
     improvements, repair, and storage, if the employee regularly 
     uses such bikeshare or bicycle for travel between the 
     employee's residence and place of employment or mass transit 
     facility that connects an employee to their place of 
     employment.''.
       (2) Bikeshare.--Section 132(f)(5)(F) of such Code is 
     amended by adding at the end the following:
       ``(iv) Bikeshare.--The term `bikeshare' means a bicycle 
     rental operation at which bicycles are made available to 
     customers to pick up and drop off for point-to-point use 
     within a defined geographic area.''.
       (c) Low-Speed Electric Bicycles.--Section 132(f)(5)(F) of 
     such Code, as amended by subsection (b)(2), is amended by 
     adding at the end the following:
       ``(v) Low-speed electric bicycles.--The term `bicycle' 
     includes a two- or three-wheeled vehicle with fully operable 
     pedals and an electric motor of less than 750 watts (1 h.p.), 
     whose maximum speed on a paved level surface, when powered 
     solely by such a motor while ridden by an operator who weighs 
     170 pounds, is less than 20 mph.''.
       (d) Modification Relating to Bicycle Commuting Month.--
     Clause (iii) of section 132(f)(5)(F) of such Code is amended 
     to read as follows:
       ``(iii) Qualified bicycle commuting month.--The term 
     `qualified bicycle commuting month' means, with respect to 
     any employee, any month during which such employee regularly 
     uses a bicycle for a portion of the travel between the 
     employee's residence and place of employment.''.
       (e) Limitation on Exclusion.--
       (1) In general.--Subparagraph (C) of section 132(f)(2) of 
     such Code is amended by striking ``applicable annual 
     limitation'' and inserting ``applicable monthly limitation''.
       (2) Applicable monthly limitation defined.--Clause (ii) of 
     section 132(f)(5)(F) of such Code is amended to read as 
     follows:
       ``(ii) Applicable monthly limitation.--The term `applicable 
     monthly limitation', with respect to any employee for any 
     month, means an amount equal to 30 percent of the dollar 
     amount in effect for the month under paragraph (2)(B).''.
       (3) Aggregate limitation.--Subparagraph (B) of section 
     132(f)(2) of such Code is amended by inserting ``and the 
     applicable monthly limitation in the case of any qualified 
     bicycle commuting benefit''.
       (f) No Constructive Receipt.--Paragraph (4) of section 
     132(f) of such Code is amended by striking ``(other than a 
     qualified bicycle commuting reimbursement)''.
       (g) Conforming Amendments.--Paragraphs (1)(D), (2)(C), and 
     (5)(F) of section 132(f) of such Code are each amended by 
     striking ``reimbursement'' each place it appears and 
     inserting ``benefit''.
       (h) Effective Date.--The amendments made by this section 
     shall apply to taxable years beginning after December 31, 
     2021.
                                 ______
                                 
  SA 2129. Mr. WICKER (for himself and Mr. Bennet) submitted an 
amendment intended to be proposed by him to the bill H.R. 3684, to 
authorize funds for Federal-aid highways, highway safety programs, and 
transit programs, and for other purposes; which was ordered to lie on 
the table; as follows:

        At the appropriate place, insert the following:

     SEC. ___. CREDIT FOR AMERICAN INFRASTRUCTURE BONDS ALLOWED TO 
                   ISSUERS.

       (a) In General.--Subchapter B of chapter 65 of the Internal 
     Revenue Code of 1986 is amended by inserting after section 
     6430 the following new section:

     ``SEC. 6431. CREDIT TO ISSUER OF AMERICAN INFRASTRUCTURE 
                   BONDS.

       ``(a) In General.--The issuer of an American infrastructure 
     bond shall be allowed a credit with respect to each interest 
     payment under such bond which shall be payable by the 
     Secretary as provided in subsection (b).
       ``(b) Payment of Credit.--
       ``(1) In general.--The Secretary shall pay 
     (contemporaneously with each interest payment date under such 
     bond) to the issuer of such bond (or, at the direction of the 
     issuer, to any person who makes such interest payments on 
     behalf of the issuer) 28 percent of the interest paid under 
     such bond on such date.
       ``(2) Interest payment date.--For purposes of this 
     subsection, the term `interest payment date' means each date 
     on which the holder of record of the American infrastructure 
     bond is entitled to a payment of interest under such bond.
       ``(c) American Infrastructure Bond.--
       ``(1) In general.--For purposes of this section, the term 
     `American infrastructure bond' means any obligation if--
       ``(A) the interest on such obligation would (but for this 
     section) be excludable from gross income under section 103,

[[Page S5223]]

       ``(B) the obligation is not a private activity bond,
       ``(C) the issuer makes an irrevocable election to have this 
     section apply,
       ``(D) the obligation is issued during the 8-year period 
     beginning on the date of enactment of this section, and
       ``(E) 100 percent of the excess of the available project 
     proceeds of such issue over the amounts in a reasonably 
     required reserve (within the meaning of section 150(a)(3)) 
     with respect to such issue are to be used for capital 
     expenditures.
       ``(2) Applicable rules.--For purposes of applying paragraph 
     (1)--
       ``(A) for purposes of section 149(b), a bond shall not be 
     treated as federally guaranteed by reason of the credit 
     allowed under this section, and
       ``(B) a bond shall not be treated as an American 
     infrastructure bond if the issue price has more than a de 
     minimis amount (determined under rules similar to the rules 
     of section 1273(a)(3)) of premium over the stated principal 
     amount of the bond.
       ``(3) Available project proceeds.--For purposes of this 
     subsection, the term `available project proceeds' means--
       ``(A) the excess of--
       ``(i) the proceeds from the sale of an issue, over
       ``(ii) the issuance costs financed by the issue (to the 
     extent that such costs do not exceed 2 percent of such 
     proceeds), and
       ``(B) the proceeds from any investment of the excess 
     described in subparagraph (A).
       ``(d) Special Rules.--
       ``(1) Interest on american infrastructure bonds includible 
     in gross income for federal income tax purposes.--For 
     purposes of this title, interest on any American 
     infrastructure bond shall be includible in gross income.
       ``(2) Application of arbitrage rules.--For purposes of 
     section 148, the yield on an issue of American infrastructure 
     bonds shall be reduced by the credit allowed under this 
     section, except that no such reduction shall apply with 
     respect to determining the amount of gross proceeds of an 
     issue that qualifies as a reasonably required reserve or 
     replacement fund.
       ``(e) Regulations.--The Secretary may prescribe such 
     regulations and other guidance as may be necessary or 
     appropriate to carry out this section.''.
       (b) Conforming Amendments.--
       (1) The table of sections for subchapter B of chapter 65 of 
     subtitle F of the Internal Revenue Code of 1986 is amended by 
     adding at the end the following new item:

``Sec. 6431. Credit to issuer of American infrastructure bonds.''.

       (2) Subparagraph (A) of section 6211(b)(4) of such Code is 
     amended by striking ``and 6428A'' and inserting ``6428A, and 
     6431''.
       (c) Transitional Coordination With State Law.--Except as 
     otherwise provided by a State after the date of the enactment 
     of this Act, the interest on any American infrastructure bond 
     (as defined in section 6431 of the Internal Revenue Code of 
     1986 (as added by this Act)) and the amount of any credit 
     determined under such section with respect to such bond shall 
     be treated for purposes of the income tax laws of such State 
     as being exempt from Federal income tax.
       (d) Adjustment to Payment to Issuers in Case of 
     Sequestration.--
       (1) In general.--In the case of any payment under 
     subsection (b) of section 6431 of the Internal Revenue Code 
     of 1986 (as added by this Act) made after the date of 
     enactment of this Act to which sequestration applies, the 
     amount of such payment shall be increased to an amount equal 
     to--
       (A) such payment (determined before such sequestration), 
     multiplied by
       (B) the quotient obtained by dividing the number 1 by the 
     amount by which the number 1 exceeds the percentage reduction 
     in such payment pursuant to such sequestration.
       (2) Sequestration.--For purposes of this subsection, the 
     term ``sequestration'' means any reduction in direct spending 
     ordered in accordance with a sequestration report prepared by 
     the Director of the Office and Management and Budget pursuant 
     to the Balanced Budget and Emergency Deficit Control Act of 
     1985 or the Statutory Pay-As-You-Go Act of 2010 or future 
     legislation having similar effect.
       (e) Effective Date.--The amendments made by this section 
     shall apply to obligations issued after the date of enactment 
     of this Act.

                          ____________________