[Congressional Record (Bound Edition), Volume 156 (2010), Part 10]
[Senate]
[Pages 13370-13377]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 4488. Mrs. BOXER submitted an amendment intended to be proposed to 
amendment SA 4402 proposed by Mr. Reid (for Mr. Baucus (for himself, 
Ms. Landrieu, and Mr. Reid)) to the bill H.R. 5297, to create the Small 
Business Lending Fund Program to direct the Secretary of the Treasury 
to make capital investments in eligible institutions in order to 
increase the availability of credit for small businesses, to amend the 
Internal Revenue Code of 1986 to provide tax incentives for small 
business job creation, and for other purposes; which was ordered to lie 
on the table; as follows:

       On page 40, between lines 3 and 4, insert the following:
       (c) Working Capital Express Program.--
       (1) Program established.--
       (A) Working capital express program.--Section 7(a)(31) of 
     the Small Business Act (15 U.S.C. 636(a)(31)) is amended by 
     adding at the end the following:
       ``(G) Working capital express program in response to 
     economic crisis.--
       ``(i) Loan guarantees.--The Administrator may guarantee 
     loans under the Express Loan Program made by lenders 
     designated in accordance with clause (iii)(I) to small 
     business concerns that have been in business for not less 
     than 2 years before the

[[Page 13371]]

     date on which the small business concern submits an 
     application for a loan under this subparagraph.
       ``(ii) Loan terms.--

       ``(I) Minimum amount.--The Administrator may guarantee a 
     loan under this subparagraph of not less than $100,000.
       ``(II) Guarantee rate.--Notwithstanding subparagraph 
     (A)(iii), the guarantee rate for a loan under this 
     subparagraph shall be 75 percent.

       ``(iii) Program safeguards.--

       ``(I) Eligibility.--The Administrator shall, by rule, 
     establish criteria for the designation of lenders that are 
     eligible to make a loan guaranteed under this subparagraph.
       ``(II) Underwriting standards.--The Administrator shall, by 
     rule, establish underwriting standards for loans guaranteed 
     under this subparagraph, to ensure that the Administrator may 
     guarantee new loans under this subparagraph until 1 year 
     after the date of enactment of this subparagraph. The 
     standards established under this subclause shall require the 
     borrower to submit income tax returns to provide verification 
     of business income.
       ``(III) Penalties for fraud.--Notwithstanding section 16, a 
     lender that knowingly makes a false statement with respect to 
     the income, assets, or other qualifications of a small 
     business concern in connection with a loan or application for 
     a loan guaranteed under this subparagraph shall be fined not 
     more than $500,000, imprisoned for not more than 5 years, or 
     both.

       ``(iv) Authority of participating lenders.--A lender 
     designated in accordance with clause (iii) shall have the 
     same authority with respect to the underwriting and 
     liquidation of a loan guaranteed under this subparagraph as a 
     lender participating in the Certified Lenders Program under 
     paragraph (19).
       ``(v) Total amount of loans.--The Administrator may 
     guarantee a total of not more than $3,000,000,000 in loans 
     under this subparagraph.
       ``(vi) Default rate.--The Administrator shall calculate the 
     default rate for loans guaranteed under this subparagraph 
     separately from the default rate for any other loans made or 
     guaranteed by the Administration.''.
       (B) Conforming amendment.--Section 7(a)(25)(B) of the Small 
     Business Act (15 U.S.C. 636(a)(25)(B)) is amended by 
     inserting ``, and does not include loans under paragraph 
     (31)(G)'' after ``by law''.
       (C) Implementation.--Not later than 45 days after the date 
     of enactment of this Act, the Administrator shall begin 
     guaranteeing loans under section 7(a)(31)(G) of the Small 
     Business Act, as added by this subsection.
       (2) Funding.--
       (A) Appropriation.--There is appropriated, out of any money 
     in the Treasury not otherwise appropriated, for the fiscal 
     year ending September 30, 2010, $75,000,000, to remain 
     available until 1 year after the date of enactment of this 
     Act, for an additional amount for the appropriations account 
     appropriated under the heading ``business loans program 
     account'' under the heading ``Small Business Administration'' 
     for the cost of loan guarantees under section 7(a)(31)(G) of 
     the Small Business Act, as added by this subsection.
       (B) Offsets.--There are permanently rescinded from the 
     appropriations account appropriated under the heading 
     ``federal buildings fund'' under the heading ``real property 
     activities'' under the heading ``General Services 
     Administration'', $50,000,000 from Rental of Space and 
     $25,000,000 from Building Operations, to be derived from 
     unobligated balances that were provided in previous 
     appropriations Acts.
       (3) Prospective repeal.--
       (A) In general.--Effective 1 year after the date of 
     enactment of this Act, section 7(a) of the Small Business Act 
     (15 U.S.C. 636(a)) is amended--
       (i) in paragraph (25)(B), by striking ``, and does not 
     include loans under paragraph (31)(G)''; and
       (ii) in paragraph (31), by striking subparagraph (G).
       (B) Penalties.--Notwithstanding subparagraph (A), subclause 
     (III) of section 7(a)(31)(G)(iii) of the Small Business Act, 
     as added by this subsection, shall continue to apply on and 
     after the date described in subparagraph (A), to loans 
     guaranteed under section 7(a)(31)(G) of the Small Business 
     Act.
       (C) Savings provision.--A loan guaranteed under section 
     7(a)(31)(G) of the Small Business Act, as added by this 
     subsection, before the date described in subparagraph (A) 
     shall remain in full force and effect under the terms, and 
     for the duration, of the loan.
                                 ______
                                 
  SA 4489. Mr. BENNET submitted an amendment intended to be proposed to 
amendment SA 4402 proposed by Mr. Reid (for Mr. Baucus (for himself, 
Ms. Landrieu, and Mr. Reid)) to the bill H.R. 5297, to create the Small 
Business Lending Fund Program to direct the Secretary of the Treasury 
to make capital investments in eligible institutions in order to 
increase the availability of credit for small businesses, to amend the 
Internal Revenue Code of 1986 to provide tax incentives for small 
business job creation, and for other purposes; which was ordered to lie 
on the table; as follows:

       At the end of part III of subtitle A of title II, insert 
     the following:

     SEC. ____. RURAL MICROBUSINESS INVESTMENT CREDIT.

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

     ``SEC. 45S. RURAL MICROBUSINESS INVESTMENT CREDIT.

       ``(a) In General.--For purposes of section 38, the amount 
     of the rural microbusiness investment credit determined under 
     this section for any taxable year with respect to a rural 
     microbusiness is equal to 35 percent of the qualified new 
     investments in the rural microbusiness for the taxable year.
       ``(b) Limitations.--
       ``(1) Per business limitations.--The amount allowed as a 
     credit under subsection (a) with respect to any rural 
     microbusiness for a taxable year shall not exceed--
       ``(A) $10,000, reduced (but not below zero) by
       ``(B) the amount allowed under subsection (a) to the rural 
     microbusiness for all preceding taxable years
       ``(2) Per taxpayer limitations.--The amount allowed as a 
     credit under subsection (a) with respect to any taxpayer with 
     respect to all rural microbusinesses of the taxpayer for a 
     taxable year shall not exceed--
       ``(A) $10,000, reduced (but not below zero) by
       ``(B) the amount allowed under subsection (a) to the 
     taxpayer with respect to rural microbusinesses for all 
     preceding taxable years.
       ``(c) Definitions.--For purposes of this section--
       ``(1) Qualified new investment.--The term `qualified new 
     investment' means the excess of--
       ``(A) qualified expenditures paid or incurred for the 
     taxable year, over
       ``(B) the greater of--
       ``(i) qualified expenditures paid or incurred for the 
     preceding taxable year, or
       ``(ii) the average annual qualified expenditures paid or 
     incurred over the preceding three taxable years.

     If the rural microbusiness was not in existence (or 
     expenditures relating to such microbusiness were not taken 
     into account under subsection (a)) for the entire 3-year 
     period referred to in subparagraph (B)(ii), such subparagraph 
     shall be applied on the basis of the period during which such 
     entity (or trade or business) was in existence or such 
     expenditures taken into account.
       ``(2) Qualified expenditures.--
       ``(A) In general.--The term `qualified expenditures' means 
     any amount which is paid or incurred with respect to a rural 
     microbusiness which is not described in subparagraph (B). 
     Such term includes costs for capital plant and equipment, 
     inventory expenses, and wages.
       ``(B) Exception.--Such term does not include--
       ``(i) any interest cost, or
       ``(ii) the cost of any vehicle and costs associated with 
     purchasing a vehicle.
       ``(3) Rural microbusiness.--
       ``(A) In general.--The term `rural microbusiness' means a 
     trade or business carried on as a proprietorship, 
     partnership, trust, S corporation, or other pass-thru entity 
     if--
       ``(i) such trade or business is carried on in a distressed 
     rural area for the first taxable year in which the credit 
     under subsection (a) is allowable to the trade or business,
       ``(ii) such trade or business meets the gross revenue test 
     under subparagraph (C) for the first taxable year in which 
     the credit under subsection (a) is allowable to the trade or 
     business,
       ``(iii) such trade or business and all other trade or 
     businesses in which any partners, shareholders, or members of 
     such trade or business owns a majority interest employed not 
     more than 5 full-time equivalent employees during the taxable 
     year, and
       ``(iv) in the case of a trade or business substantially all 
     of the activity of which is in agricultural production, each 
     individual who is an owner, shareholder, or holds a capital 
     interest, profits interests, or beneficial interests (as the 
     case may be) in such trade or business is a first-time farmer 
     (as defined in section 147(c)(2)(C)).
       ``(B) Exceptions.--Such term shall not include--
       ``(i) any trade or business which includes, in whole or in 
     part, any private or commercial golf course, country club, 
     massage parlor, hot tub facility, suntan facility, racetrack 
     or other facility used for gambling, or any store the 
     principal business of which is the sale of alcoholic 
     beverages for consumption off premises, or
       ``(ii) any trade or business with respect to which records 
     are required under section 2257 of title 18, United States 
     Code, to be maintained with respect to any performer.
       ``(C) Gross revenue test.--
       ``(i) In general.--A trade or business meets the gross 
     revenue test of this subparagraph for any taxable year if the 
     average annual gross revenue of the trade or business for the 
     3-taxable year period ending with the taxable year does not 
     exceed $1,000,000.

[[Page 13372]]

       ``(ii) Aggregation rules.--All persons treated as a single 
     employer under subsection (a) or (b) or section 52 or 
     subsection (m) or (o) of section 414 shall be treated as on 
     trade or business for purposes of clause (i).
       ``(iii) Special rules for entities not in existence for 
     entire 3-year period, etc.--Rules similar to the rules of 
     subparagraphs (A), (B), and (D) of section 448(c)(3) shall 
     apply for purposes of this subparagraph.
       ``(D) Special rules relating to employees.--For purposes of 
     this paragraph--
       ``(i) Self-employed individuals.--If, with respect to a 
     trade or business, an individual is treated as an employee 
     under section 401(c), such individual shall be treated as an 
     employee of such trade or business for purposes of the 
     preceding sentence.
       ``(ii) Full-time equivalent employee.--The term `full-time 
     equivalent employee' has the meaning given such term under 
     section 45R(d)(2).
       ``(4) Distressed rural area.--
       ``(A) In general.--The term `distressed rural area' means 
     any area in the United States that--
       ``(i) has lost at least 5 percent of its population over 
     the last 10 years,
       ``(ii) has lost at least 10 percent if its population over 
     the last 20 years,
       ``(iii) has median family income below 85 percent of the 
     national median family income,
       ``(iv) has a poverty rate that exceeds 12.5 percent, or
       ``(v) has experienced a sudden and severe economic 
     dislocation and job loss over the last ten years.
       ``(B) Exception.--Such term does not include any area which 
     is--
       ``(i) a city or town that has a population of more than 
     50,000 inhabitants, or
       ``(ii) an urbanized area contiguous and adjacent to a city 
     or town described in clause (i).
       ``(C) Relevant sources of information.--In determining 
     whether an area is a distressed rural area under subparagraph 
     (A) or (B), such determination shall be made in accordance 
     with the most recent information from the Bureau of the 
     Census, the Bureau of Labor Statistics, or other government 
     entity with relevant information.
       ``(5) 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) (but, in applying section 267(b) and 
     (c) for purposes of this section, paragraph (4) of section 
     267(c) shall be treated as providing that the family of an 
     individual shall include only his spouse, ancestors, and 
     lineal descendants).
       ``(d) Material Participation.--No amount shall be allowed 
     as a credit under subsection (a) to a taxpayer unless that 
     taxpayer materially participates in the qualified rural 
     microbusiness with respect to which the qualified expenditure 
     is paid or incurred. For purposes of the preceding sentence, 
     material participation shall be determined under rules 
     similar to the rules of section 469(h).
       ``(e) Denial of Double Benefit.--No deduction or credit 
     shall be allowed under any other provision of this chapter 
     for any amount taken into account in determining the credit 
     under this section.
       ``(f) Other Rules.--
       ``(1) Married couple must file joint return.--Rules similar 
     to the rules of paragraphs (2), (3), and (4) of section 21(e) 
     shall apply for purposes of this section.
       ``(2) Denial of credit to dependents.--No credit shall be 
     allowed under this section to any individual with respect to 
     whom a deduction is allowed under section 151 is allowable to 
     another taxpayer for a taxable year beginning in the calendar 
     year in which such individual's calendar year begins.''.
       (b) Credit Allowed as Part of General Business Credit.--
     Section 38(b) of such Code (defining current year business 
     credit) is amended by striking ``plus'' at the end of 
     paragraph (35), by striking the period at the end of 
     paragraph (36) and inserting ``, plus'', and by adding at the 
     end the following new paragraph:
       ``(37) the rural microbusiness investment credit determined 
     under section 45R(a).''.
       (c) Carryover of Unused Credit.--Subsection (a) of section 
     39 of such Code, as amended by this Act, is amended by adding 
     at the end the following new paragraph:
       ``(5) 5-year carryback for rural microbusiness investment 
     credit.--Notwithstanding subsection (d), in the case of the 
     rural microbusiness investment credit--
       ``(A) this section shall be applied separately from the 
     business credit and the marginal oil and gas well production 
     credit (other than the rural microbusiness investment 
     credit),
       ``(B) paragraph (1) shall be applied by substituting `each 
     of the 5 taxable years' for `the taxable year' in 
     subparagraph (A) thereof, and
       ``(C) paragraph (2) shall be applied--
       ``(i) by substituting `25 taxable years' for `21 taxable 
     years' in subparagraph (A) thereof, and
       ``(ii) by substituting `24 taxable years' for `20 taxable 
     years' in subparagraph (B) thereof.''.
       (d) Conforming Amendment.--The table of sections for 
     subpart D of part IV of subchapter A of chapter 1 of such 
     Code is amended by adding at the end the following new item:

``Sec. 4SR. Rural microbusiness investment credit.''.

       (e) Effective Date.--The amendments made by this section 
     shall apply to expenditures made in taxable years beginning 
     after the date of the enactment of this Act.
                                 ______
                                 
  SA 4490. Mr. DODD (for himself and Ms. Mikulski) submitted an 
amendment intended to be proposed by him to the bill H.R. 5297, to 
create the Small Business Lending Fund Program to direct the Secretary 
of the Treasury to make capital investments in eligible institutions in 
order to increase the availability of credit for small businesses, to 
amend the Internal Revenue Code of 1986 to provide tax incentives for 
small business job creation, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the appropriate place, insert the following:

                      TITLE __--PAYCHECK FAIRNESS

     SEC. _01. SHORT TITLE.

       This title may be cited as the ``Paycheck Fairness Act''.

     SEC. _02. FINDINGS.

       Congress finds the following:
       (1) Women have entered the workforce in record numbers over 
     the past 50 years.
       (2) Despite the enactment of the Equal Pay Act of 1963, 
     many women continue to earn significantly lower pay than men 
     for equal work. These pay disparities exist in both the 
     private and governmental sectors. In many instances, the pay 
     disparities can only be due to continued intentional 
     discrimination or the lingering effects of past 
     discrimination.
       (3) The existence of such pay disparities--
       (A) depresses the wages of working families who rely on the 
     wages of all members of the family to make ends meet;
       (B) undermines women's retirement security, which is often 
     based on earnings while in the workforce;
       (C) prevents the optimum utilization of available labor 
     resources;
       (D) has been spread and perpetuated, through commerce and 
     the channels and instrumentalities of commerce, among the 
     workers of the several States;
       (E) burdens commerce and the free flow of goods in 
     commerce;
       (F) constitutes an unfair method of competition in 
     commerce;
       (G) leads to labor disputes burdening and obstructing 
     commerce and the free flow of goods in commerce;
       (H) interferes with the orderly and fair marketing of goods 
     in commerce; and
       (I) in many instances, may deprive workers of equal 
     protection on the basis of sex in violation of the 5th and 
     14th amendments.
       (4)(A) Artificial barriers to the elimination of 
     discrimination in the payment of wages on the basis of sex 
     continue to exist decades after the enactment of the Fair 
     Labor Standards Act of 1938 (29 U.S.C. 201 et seq.) and the 
     Civil Rights Act of 1964 (42 U.S.C. 2000a et seq.).
       (B) These barriers have resulted, in significant part, 
     because the Equal Pay Act of 1963 has not worked as Congress 
     originally intended. Improvements and modifications to the 
     provisions added by the Act are necessary to ensure that the 
     provisions provide effective protection to those subject to 
     pay discrimination on the basis of their sex.
       (C) Elimination of such barriers would have positive 
     effects, including--
       (i) providing a solution to problems in the economy created 
     by unfair pay disparities;
       (ii) substantially reducing the number of working women 
     earning unfairly low wages, thereby reducing the dependence 
     on public assistance;
       (iii) promoting stable families by enabling all family 
     members to earn a fair rate of pay;
       (iv) remedying the effects of past discrimination on the 
     basis of sex and ensuring that in the future workers are 
     afforded equal protection on the basis of sex; and
       (v) ensuring equal protection pursuant to Congress's power 
     to enforce the 5th and 14th amendments.
       (5) The Department of Labor and the Equal Employment 
     Opportunity Commission have important and unique 
     responsibilities to help ensure that women receive equal pay 
     for equal work.
       (6) The Department of Labor is responsible for--
       (A) collecting and making publicly available information 
     about women's pay;
       (B) ensuring that companies receiving Federal contracts 
     comply with anti-discrimination affirmative action 
     requirements of Executive Order 11246 (relating to equal 
     employment opportunity);
       (C) disseminating information about women's rights in the 
     workplace;
       (D) helping women who have been victims of pay 
     discrimination obtain a remedy; and
       (E) being proactive in investigating and prosecuting equal 
     pay violations, especially systemic violations, and in 
     enforcing all of its mandates.
       (7) The Equal Employment Opportunity Commission is the 
     primary enforcement

[[Page 13373]]

     agency for claims made under the provisions added by the 
     Equal Pay Act of 1963, and issues regulations and guidance on 
     appropriate interpretations of the law.
       (8) With a stronger commitment by the Department of Labor 
     and the Equal Employment Opportunity Commission to their 
     responsibilities, increased information about the provisions 
     added by the Equal Pay Act of 1963, wage data, and more 
     effective remedies, women will be better able to recognize 
     and enforce their rights.
       (9) Certain employers have already made great strides in 
     eradicating unfair pay disparities in the workplace and their 
     achievements should be recognized.

     SEC. _03. ENHANCED ENFORCEMENT OF EQUAL PAY REQUIREMENTS.

       (a) Bona Fide Factor Defense and Modification of Same 
     Establishment Requirement.--Section 6(d)(1) of the Fair Labor 
     Standards Act of 1938 (29 U.S.C. 206(d)(1)) is amended--
       (1) by striking ``No employer having'' and inserting ``(A) 
     No employer having'';
       (2) by striking ``any other factor other than sex'' and 
     inserting ``a bona fide factor other than sex, such as 
     education, training, or experience''; and
       (3) by inserting at the end the following:
       ``(B) The bona fide factor defense described in 
     subparagraph (A)(iv) shall apply only if the employer 
     demonstrates that such factor (i) is not based upon or 
     derived from a sex-based differential in compensation; (ii) 
     is job-related with respect to the position in question; and 
     (iii) is consistent with business necessity. Such defense 
     shall not apply where the employee demonstrates that an 
     alternative employment practice exists that would serve the 
     same business purpose without producing such differential and 
     that the employer has refused to adopt such alternative 
     practice.
       ``(C) For purposes of subparagraph (A), employees shall be 
     deemed to work in the same establishment if the employees 
     work for the same employer at workplaces located in the same 
     county or similar political subdivision of a State. The 
     preceding sentence shall not be construed as limiting broader 
     applications of the term `establishment' consistent with 
     rules prescribed or guidance issued by the Equal Opportunity 
     Employment Commission.''.
       (b) Nonretaliation Provision.--Section 15 of the Fair Labor 
     Standards Act of 1938 (29 U.S.C. 215) is amended--
       (1) in subsection (a)(3), by striking ``employee has 
     filed'' and all that follows through ``committee;'' and 
     inserting ``employee--
       ``(A) has made a charge or filed any complaint or 
     instituted or caused to be instituted any investigation, 
     proceeding, hearing, or action under or related to this Act, 
     including an investigation conducted by the employer, or has 
     testified or is planning to testify or has assisted or 
     participated in any manner in any such investigation, 
     proceeding, hearing, or action, or has served or is planning 
     to serve on an industry committee; or
       ``(B) has inquired about, discussed, or disclosed the wages 
     of the employee or another employee;''; and
       (2) by adding at the end the following:
       ``(c) Subsection (a)(3)(B) shall not apply to instances in 
     which an employee who has access to the wage information of 
     other employees as a part of such employee's essential job 
     functions discloses the wages of such other employees to an 
     individual who does not otherwise have access to such 
     information, unless such disclosure is in response to a 
     charge or complaint or in furtherance of an investigation, 
     proceeding, hearing, or action under section 6(d), including 
     an investigation conducted by the employer. Nothing in this 
     subsection shall be construed to limit the rights of an 
     employee provided under any other provision of law.''.
       (c) Enhanced Penalties.--Section 16(b) of the Fair Labor 
     Standards Act of 1938 (29 U.S.C. 216(b)) is amended--
       (1) by inserting after the first sentence the following: 
     ``Any employer who violates section 6(d) shall additionally 
     be liable for such compensatory damages, or, where the 
     employee demonstrates that the employer acted with malice or 
     reckless indifference, punitive damages as may be 
     appropriate, except that the United States shall not be 
     liable for punitive damages.'';
       (2) in the sentence beginning ``An action to'', by striking 
     ``either of the preceding sentences'' and inserting ``any of 
     the preceding sentences of this subsection'';
       (3) in the sentence beginning ``No employees shall'', by 
     striking ``No employees'' and inserting ``Except with respect 
     to class actions brought to enforce section 6(d), no 
     employee'';
       (4) by inserting after the sentence referred to in 
     paragraph (3), the following: ``Notwithstanding any other 
     provision of Federal law, any action brought to enforce 
     section 6(d) may be maintained as a class action as provided 
     by the Federal Rules of Civil Procedure.''; and
       (5) in the sentence beginning ``The court in''--
       (A) by striking ``in such action'' and inserting ``in any 
     action brought to recover the liability prescribed in any of 
     the preceding sentences of this subsection''; and
       (B) by inserting before the period the following: ``, 
     including expert fees''.
       (d) Action by Secretary.--Section 16(c) of the Fair Labor 
     Standards Act of 1938 (29 U.S.C. 216(c)) is amended--
       (1) in the first sentence--
       (A) by inserting ``or, in the case of a violation of 
     section 6(d), additional compensatory or punitive damages, as 
     described in subsection (b),'' before ``and the agreement''; 
     and
       (B) by inserting before the period the following: ``, or 
     such compensatory or punitive damages, as appropriate'';
       (2) in the second sentence, by inserting before the period 
     the following: ``and, in the case of a violation of section 
     6(d), additional compensatory or punitive damages, as 
     described in subsection (b)'';
       (3) in the third sentence, by striking ``the first 
     sentence'' and inserting ``the first or second sentence''; 
     and
       (4) in the last sentence--
       (A) by striking ``commenced in the case'' and inserting 
     ``commenced--
       ``(1) in the case'';
       (B) by striking the period and inserting ``; or''; and
       (C) by adding at the end the following:
       ``(2) in the case of a class action brought to enforce 
     section 6(d), on the date on which the individual becomes a 
     party plaintiff to the class action.''.

     SEC. _04. TRAINING.

       The Equal Employment Opportunity Commission and the Office 
     of Federal Contract Compliance Programs, subject to the 
     availability of funds appropriated under section _10, shall 
     provide training to Commission employees and affected 
     individuals and entities on matters involving discrimination 
     in the payment of wages.

     SEC. _05. NEGOTIATION SKILLS TRAINING FOR GIRLS AND WOMEN.

       (a) Program Authorized.--
       (1) In general.--The Secretary of Labor, after consultation 
     with the Secretary of Education, is authorized to establish 
     and carry out a grant program.
       (2) Grants.--In carrying out the program, the Secretary of 
     Labor may make grants on a competitive basis to eligible 
     entities, to carry out negotiation skills training programs 
     for girls and women.
       (3) Eligible entities.--To be eligible to receive a grant 
     under this subsection, an entity shall be a public agency, 
     such as a State, a local government in a metropolitan 
     statistical area (as defined by the Office of Management and 
     Budget), a State educational agency, or a local educational 
     agency, a private nonprofit organization, or a community-
     based organization.
       (4) Application.--To be eligible to receive a grant under 
     this subsection, an entity shall submit an application to the 
     Secretary of Labor at such time, in such manner, and 
     containing such information as the Secretary of Labor may 
     require.
       (5) Use of funds.--An entity that receives a grant under 
     this subsection shall use the funds made available through 
     the grant to carry out an effective negotiation skills 
     training program that empowers girls and women. The training 
     provided through the program shall help girls and women 
     strengthen their negotiation skills to allow the girls and 
     women to obtain higher salaries and rates of compensation 
     that are equal to those paid to similarly-situated male 
     employees.
       (b) Incorporating Training Into Existing Programs.--The 
     Secretary of Labor and the Secretary of Education shall issue 
     regulations or policy guidance that provides for integrating 
     the negotiation skills training, to the extent practicable, 
     into programs authorized under--
       (1) in the case of the Secretary of Education, the 
     Elementary and Secondary Education Act of 1965 (20 U.S.C. 
     6301 et seq.), the Carl D. Perkins Career and Technical 
     Education Act of 2006 (20 U.S.C. 2301 et seq.), the Higher 
     Education Act of 1965 (20 U.S.C. 1001 et seq.), and other 
     programs carried out by the Department of Education that the 
     Secretary of Education determines to be appropriate; and
       (2) in the case of the Secretary of Labor, the Workforce 
     Investment Act of 1998 (29 U.S.C. 2801 et seq.), and other 
     programs carried out by the Department of Labor that the 
     Secretary of Labor determines to be appropriate.
       (c) Report.--Not later than 1 year after the date of 
     enactment of this Act, and annually thereafter, the Secretary 
     of Labor and the Secretary of Education shall prepare and 
     submit to Congress a report describing the activities 
     conducted under this section and evaluating the effectiveness 
     of such activities in achieving the purposes of this title.

     SEC. _06. RESEARCH, EDUCATION, AND OUTREACH.

       The Secretary of Labor shall conduct studies and provide 
     information to employers, labor organizations, and the 
     general public concerning the means available to eliminate 
     pay disparities between men and women, including--
       (1) conducting and promoting research to develop the means 
     to correct expeditiously the conditions leading to the pay 
     disparities;
       (2) publishing and otherwise making available to employers, 
     labor organizations, professional associations, educational 
     institutions, the media, and the general public the

[[Page 13374]]

     findings resulting from studies and other materials, relating 
     to eliminating the pay disparities;
       (3) sponsoring and assisting State and community 
     informational and educational programs;
       (4) providing information to employers, labor 
     organizations, professional associations, and other 
     interested persons on the means of eliminating the pay 
     disparities;
       (5) recognizing and promoting the achievements of 
     employers, labor organizations, and professional associations 
     that have worked to eliminate the pay disparities; and
       (6) convening a national summit to discuss, and consider 
     approaches for rectifying, the pay disparities.

     SEC. _07. ESTABLISHMENT OF THE NATIONAL AWARD FOR PAY EQUITY 
                   IN THE WORKPLACE.

       (a) In General.--There is established the Secretary of 
     Labor's National Award for Pay Equity in the Workplace, which 
     shall be awarded, as appropriate, to encourage proactive 
     efforts to comply with section 6(d) of the Fair Labor 
     Standards Act of 1938 (29 U.S.C. 206(d)).
       (b) Criteria for Qualification.--The Secretary of Labor 
     shall set criteria for receipt of the award, including a 
     requirement that an employer has made substantial effort to 
     eliminate pay disparities between men and women, and deserves 
     special recognition as a consequence of such effort. The 
     Secretary shall establish procedures for the application for 
     and presentation of the award.
       (c) Employer.--In this section, the term ``employer'' 
     includes--
       (1)(A) a corporation, including a nonprofit corporation;
       (B) a partnership;
       (C) a professional association;
       (D) a labor organization; and
       (E) a business entity similar to an entity described in any 
     of subparagraphs (A) through (D);
       (2) an entity carrying out an education referral program, a 
     training program, such as an apprenticeship or management 
     training program, or a similar program; and
       (3) an entity carrying out a joint program, formed by a 
     combination of any entities described in paragraph (1) or 
     (2).

     SEC. _08. COLLECTION OF PAY INFORMATION BY THE EQUAL 
                   EMPLOYMENT OPPORTUNITY COMMISSION.

       Section 709 of the Civil Rights Act of 1964 (42 U.S.C. 
     2000e-8) is amended by adding at the end the following:
       ``(f)(1) Not later than 18 months after the date of 
     enactment of this subsection, the Commission shall--
       ``(A) complete a survey of the data that is currently 
     available to the Federal Government relating to employee pay 
     information for use in the enforcement of Federal laws 
     prohibiting pay discrimination and, in consultation with 
     other relevant Federal agencies, identify additional data 
     collections that will enhance the enforcement of such laws; 
     and
       ``(B) based on the results of the survey and consultations 
     under subparagraph (A), issue regulations to provide for the 
     collection of pay information data from employers as 
     described by the sex, race, and national origin of employees.
       ``(2) In implementing paragraph (1), the Commission shall 
     have as its primary consideration the most effective and 
     efficient means for enhancing the enforcement of Federal laws 
     prohibiting pay discrimination. For this purpose, the 
     Commission shall consider factors including the imposition of 
     burdens on employers, the frequency of required data 
     collection reports (including which employers should be 
     required to prepare reports), appropriate protections for 
     maintaining data confidentiality, and the most effective 
     format for the data collection reports.''.

     SEC. _09. REINSTATEMENT OF PAY EQUITY PROGRAMS AND PAY EQUITY 
                   DATA COLLECTION.

       (a) Bureau of Labor Statistics Data Collection.--The 
     Commissioner of Labor Statistics shall continue to collect 
     data on women workers in the Current Employment Statistics 
     survey.
       (b) Office of Federal Contract Compliance Programs 
     Initiatives.--The Director of the Office of Federal Contract 
     Compliance Programs shall ensure that employees of the 
     Office--
       (1)(A) shall use the full range of investigatory tools at 
     the Office's disposal, including pay grade methodology;
       (B) in considering evidence of possible compensation 
     discrimination--
       (i) shall not limit its consideration to a small number of 
     types of evidence; and
       (ii) shall not limit its evaluation of the evidence to a 
     small number of methods of evaluating the evidence; and
       (C) shall not require a multiple regression analysis or 
     anecdotal evidence for a compensation discrimination case;
       (2) for purposes of its investigative, compliance, and 
     enforcement activities, shall define ``similarly situated 
     employees'' in a way that is consistent with and not more 
     stringent than the definition provided in item 1 of 
     subsection A of section 10-III of the Equal Employment 
     Opportunity Commission Compliance Manual (2000), and shall 
     consider only factors that the Office's investigation reveals 
     were used in making compensation decisions; and
       (3) shall reinstate the Equal Opportunity Survey, as 
     required by section 60-2.18 of title 41, Code of Federal 
     Regulations (as in effect on September 7, 2006), designating 
     not less than half of all nonconstruction contractor 
     establishments each year to prepare and file such survey, and 
     shall review and utilize the responses to such survey to 
     identify contractor establishments for further evaluation and 
     for other enforcement purposes as appropriate.
       (c) Department of Labor Distribution of Wage Discrimination 
     Information.--The Secretary of Labor shall make readily 
     available (in print, on the Department of Labor website, and 
     through any other forum that the Department may use to 
     distribute compensation discrimination information), accurate 
     information on compensation discrimination, including 
     statistics, explanations of employee rights, historical 
     analyses of such discrimination, instructions for employers 
     on compliance, and any other information that will assist the 
     public in understanding and addressing such discrimination.

     SEC. _10. AUTHORIZATION OF APPROPRIATIONS.

       (a) Authorization of Appropriations.--There is authorized 
     to be appropriated $15,000,000 to carry out this title.
       (b) Prohibition on Earmarks.--None of the funds 
     appropriated pursuant to subsection (a) for purposes of the 
     grant program in section _05 of this title may be used for a 
     congressional earmark as defined in clause 9(e) of rule XXI 
     of the Rules of the House of Representatives.

     SEC. _011. SMALL BUSINESS ASSISTANCE.

       (a) Effective Date.--This title and the amendments made by 
     this title shall take effect on the date that is 6 months 
     after the date of enactment of this Act.
       (b) Technical Assistance Materials.--The Secretary of Labor 
     and the Commissioner of the Equal Employment Opportunity 
     Commission shall jointly develop technical assistance 
     material to assist small businesses in complying with the 
     requirements of this title and the amendments made by this 
     title.
       (c) Small Businesses.--A small business shall be exempt 
     from the provisions of this title to the same extent that 
     such business is exempt from the requirements of the Fair 
     Labor Standards Act of 1938 pursuant to clauses (i) and (ii) 
     of section 3(s)(1)(A) of such Act (29 U.S.C. 203(s)(1)(A)).

     SEC. _12. RULE OF CONSTRUCTION.

       Nothing in this title, or in any amendment made by this 
     title, shall affect the obligation of employers and employees 
     to fully comply with all applicable immigration laws, 
     including any penalties, fines, or other sanctions.
                                 ______
                                 
  SA 4491. Mr. SANDERS (for himself, Mr. Harkin, Mr. Whitehouse, Mr. 
Brown of Ohio, and Mr. Franken) submitted an amendment intended to be 
proposed to amendment SA 4402 proposed by Mr. Reid (for Mr. Baucus (for 
himself, Ms. Landrieu, and Mr. Reid)) to the bill H.R. 5297, to create 
the Small Business Lending Fund Program to direct the Secretary of the 
Treasury to make capital investments in eligible institutions in order 
to increase the availability of credit for small businesses, to amend 
the Internal Revenue Code of 1986 to provide tax incentives for small 
business job creation, and for other purposes; which was ordered to lie 
on the table; as follows:

       At the end, add the following:

                 TITLE _--RESPONSIBLE ESTATE TAX REFORM

     SEC. __01. SHORT TITLE.

       This title may be cited as the ``Responsible Estate Tax 
     Act''.

     SEC. __02. REINSTATEMENT AND EXTENSION OF ESTATE AND 
                   GENERATION-SKIPPING TAXES; REPEAL OF CARRYOVER 
                   BASIS.

       (a) In General.--The following provisions of the Economic 
     Growth and Tax Relief Reconciliation Act of 2001, and the 
     amendments made by such provisions, are hereby repealed 
     effective December 31, 2009:
       (1) Subtitles A and E of title V.
       (2) Subsection (d), and so much of subsection (f)(3) as 
     relates to subsection (d), of section 511.
       (3) Paragraph (2) of subsection (b), and paragraph (2) of 
     subsection (e), of section 521.

     Any provision of the Internal Revenue Code of 1986 amended by 
     such provisions are amended to read as such provisions would 
     read if such sections had never been enacted.
       (b) Conforming Amendment.--Subsection (c) of section 2511 
     of the Internal Revenue Code of 1986 is hereby repealed 
     effective December 31, 2009.
       (c) Sunset Not to Apply.--
       (1) Subsection (a) of section 901 of the Economic Growth 
     and Tax Relief Reconciliation Act of 2001 is amended by 
     striking ``this Act'' and all that follows and inserting 
     ``this Act (other than title V) shall not apply to taxable, 
     plan, or limitation years beginning after December 31, 
     2010.''.
       (2) Subsection (b) of such section 901 is amended by 
     striking ``, estates, gifts, and transfers''.
       (d) Transition Rules.--Notwithstanding any provision of the 
     Internal Revenue Code

[[Page 13375]]

     of 1986, in the case of decedent dying or a transfer made 
     after December 31, 2009, and before the date of the enactment 
     of this Act--
       (1) the due date for any return under section 6018 or 6019 
     of such Code (including any election required to be made on 
     such a return) and any payment of tax under chapter 11, 12, 
     or 13 of such Code shall be the later of--
       (A) the date that is 4 months after the date of the 
     enactment of this Act, or
       (B) the date otherwise required by law (determined without 
     regard to this subsection), and
       (2) any disclaimer of an interest in property shall be 
     treated as a qualified disclaimer under section 2518 of such 
     Code if such disclaimer meets the requirements of paragraphs 
     (1), (3), and (4) of section 2518(b) of such Code and is 
     received in writing by a person described in section 
     2518(b)(2) of such Code not later than--
       (A) the date that is 4 months after the date of the 
     enactment of this Act, or
       (B) the date otherwise required under section 2518(b)(2) of 
     such Code.

     SEC. __03. MODIFICATION OF RATES AND MAINTENANCE OF UNIFIED 
                   CREDIT AGAINST THE ESTATE TAX.

       (a) Modification of Rates.--
       (1) In general.--The table in paragraph (1) of section 
     2001(c) of the Internal Revenue Code of 1986 is amended by 
     striking the last 6 rows and inserting the following:


``Over $750,000 but not over $3,500,000...  $248,300 plus 39 percent of
                                             the excess of such amount
                                             over $750,000
Over $3,500,000 but not over $10,000,000..  $1,320,800 plus 45 percent
                                             of the excess of such
                                             amount over $3,500,000
Over $10,000,000 but not over $50,000,000.  $4,245,800 plus 50 percent
                                             of the excess of such
                                             amount over $10,000,000
Over $50,000,000..........................  $24,245,800 plus 55 percent
                                             of the excess of such
                                             amount over $50,000,000''.
 

       (2) Surtax on wealthy estates.--Paragraph (2) of section 
     2001(c) of such Code is amended to read as follows:
       ``(2) Surtax on estates over $500,000,000.--Notwithstanding 
     paragraph (1), if the amount with respect to which the 
     tentative tax to be computed is over $500,000,000, the rate 
     of tax otherwise in effect under this subsection with respect 
     to the amount in excess of $500,000,000 shall be increased by 
     10 percentage points.''.
       (b) Extension of Applicable 2009 Credit Amounts.--The table 
     in subsection (c) of section 2010 of the Internal Revenue 
     Code of 1986 (relating to applicable credit amount) is 
     amended by inserting ``and thereafter'' after ``2009''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to estates of decedents dying, and gifts made, 
     after December 31, 2009.

     SEC. __04. MODIFICATION OF RULES FOR VALUE OF CERTAIN FARM, 
                   ETC., REAL PROPERTY.

       (a) In General.--Paragraph (2) of section 2032A(a) of the 
     Internal Revenue Code of 1986 is amended by striking 
     ``$750,000'' and inserting ``$3,000,000''.
       (b) Inflation Adjustment.--Paragraph (3) of section 
     2032A(a) of such Code is amended--
       (1) by striking ``1998'' and inserting ``2009'',
       (2) by striking ``$750,000'' and inserting ``$3,000,000'' 
     in subparagraph (A), and
       (3) by striking ``calendar year 1997'' and inserting 
     ``calendar year 2008'' in subparagraph (B).
       (c) Effective Date.--The amendments made by this section 
     shall apply to estates of decedents dying, and gifts made, 
     after December 31, 2009.

     SEC. __05. MODIFICATION OF ESTATE TAX RULES WITH RESPECT TO 
                   LAND SUBJECT TO CONSERVATION EASEMENTS.

       (a) Modification of Exclusion Limitation.--The table in 
     paragraph (3) of section 2031(c) of the Internal Revenue Code 
     of 1986 is amended--
       (1) by striking ``or thereafter'' in the last row and 
     inserting ``through 2009'', and
       (2) by adding at the end the following row:


``2010 and thereafter................................      $2,000,000''.
 

       (b) Modification of Applicable Percentage.--Paragraph (2) 
     of section 2031(c) of the Internal Revenue Code of 1986 is 
     amended by striking ``40 percent'' and inserting ``60 
     percent''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to estates of decedents dying, and gifts made, 
     after December 31, 2009.

     SEC. __06. CONSISTENT BASIS REPORTING BETWEEN ESTATE AND 
                   PERSON ACQUIRING PROPERTY FROM DECEDENT.

       (a) Information Reporting.--
       (1) In general.--Subpart A of part III of subchapter A of 
     chapter 61 of the Internal Revenue Code of 1986 is amended by 
     inserting after section 6034A the following new section:

     ``SEC. 6035. BASIS INFORMATION TO PERSONS ACQUIRING PROPERTY 
                   FROM DECEDENT OR BY GIFT.

       ``(a) Information With Respect to Property Acquired From 
     Decedents.--
       ``(1) In general.--The executor of any estate required to 
     file a return under section 6018(a) shall furnish to the 
     Secretary and to each person acquiring any interest in 
     property included in the decedent's gross estate for federal 
     estate tax purposes a statement identifying--
       ``(A) the fair market value of each interest in such 
     property acquired by such person as reported on such return,
       ``(B) in the case of any property to which the exclusion 
     under section 2031(c) applies or to which section 1014(e) 
     applies, the adjusted basis of such property in the hands of 
     the decedent,
       ``(C) in the case of any property which consists of stock 
     in a DISC or former DISC (as defined in section 992(a)), the 
     basis of the decedent in such stock reduced by the amount (if 
     any) which would have been included in gross income under 
     section 995(c) as a dividend if the decedent had lived and 
     sold the stock at its fair market value on the estate tax 
     valuation date (determined under the rules of section 
     1014(d)), and
       ``(D) such other information with respect to such interest 
     as the Secretary may prescribe.
       ``(2) Statements by beneficiaries.--Any person required to 
     file a return under section 6018(b) shall furnish to the 
     Secretary and to each other person who holds a legal or 
     beneficial interest in the property to which such return 
     relates a statement identifying the information described in 
     paragraph (1).
       ``(3) Time for furnishing statement.--
       ``(A) In general.--Any statement required to be filed under 
     paragraph (1) or (2) shall be filed not later than the 
     earlier of--
       ``(i) the date which is 30 days after the date on which 
     such return was required to be filed (including extensions, 
     if any), or
       ``(ii) the date which is 30 days after the date such return 
     is filed.
       ``(B) Adjustments.--In any case in which there is an 
     adjustment to the information required to be included on a 
     statement filed under paragraph (1) or (2) after such 
     statement has been filed, a supplemental statement under such 
     paragraph shall be filed not later than the date which is 30 
     days after such adjustment is made.
       ``(b) Information With Respect to Property Acquired by 
     Gift.--
       ``(1) In general.--Each person making a transfer by gift 
     who is required to file a return under section 6019 with 
     respect to such transfer shall furnish to the Secretary and 
     to each person acquiring any interest in property by reason 
     of such transfer a statement identifying--
       ``(A) the donor's adjusted basis in each interest in 
     property acquired by such person,
       ``(B) the fair market value of each interest in such 
     property at the time of the transfer as reported return,
       ``(C) in the case of a transfer in trust, the amount of the 
     gain or loss recognized by the grantor on such transfer,
       ``(D) the amount, if any, of gift tax paid by the 
     transferor with respect to such interest, and
       ``(E) such other information with respect to such interest 
     as the Secretary may prescribe.
       ``(2) Time for furnishing statement.--
       ``(A) In general.--Any statement required to be filed under 
     paragraph (1) shall be filed not later than the earlier of--
       ``(i) the date which is 30 days after the date on which 
     such return was required to be filed (including extensions, 
     if any), or
       ``(ii) the date which is 30 days after the date such return 
     is filed.
       ``(B) Adjustments.--In any case in which there is an 
     adjustment to the information required to be included on a 
     statement filed under paragraph (1) after such statement has 
     been filed, a supplemental statement under such paragraph 
     shall be filed not later than the date which is 30 days after 
     such adjustment is made.
       ``(c) Regulations.--The Secretary shall prescribe such 
     regulations as necessary to carry out this section, including 
     regulations relating to--
       ``(1) the application of this section to property with 
     regard to which no estate or gift tax return is required to 
     be filed, and
       ``(2) situations in which the surviving joint tenant or 
     other recipient may have better information than the executor 
     regarding the basis or fair market value of the property.''.
       (2) Penalty for failure to file.--
       (A) Return.--Subparagraph (B) of section 6724(d)(1) of the 
     Internal Revenue Code of 1986 is amended by striking ``or'' 
     at the end of clause (xxiv), by striking ``and'' at the end 
     of clause (xxv) and inserting ``or'', and by adding at the 
     end the following new clause:
       ``(xxvi) section 6035 (relating to returns relating to 
     basis information to persons acquiring property from decedent 
     or by gift), and''.
       (B) Statement.--Subparagraph (A) of section 6724(d)(2)(A) 
     of such Code is amended by inserting ``6035,'' after 
     ``6034A,''.
       (3) Clerical amendment.--The table of sections for subpart 
     A of part III of subchapter A of chapter 61 of the Internal 
     Revenue Code of 1986 is amended by inserting after the item 
     relating to section 6034A the following new item:

``Sec. 6035. Basis information to persons acquiring property from 
              decedent or by gift.''.


[[Page 13376]]


       (b) Consistent Use of Basis.--
       (1) Property acquired from a decedent.--Section 1014 of the 
     Internal Revenue Code of 1986 is amended by adding at the end 
     the following new subsection:
       ``(f) Basis Must Be Consistent With Information Reports.--
     Except as provided by the Secretary in regulations, in any 
     case in which the executor of the estate was required to make 
     a return under section 6035, the basis of an interest in 
     property in the hands of the person acquiring such property 
     shall not exceed--
       ``(1) except as provided in paragraph (2), shall not exceed 
     the value of such interest as determined for purposes of 
     chapter 11, and
       ``(2) in the case of property to which subsection (a)(4) or 
     (d) applies, shall be calculated using the information 
     reported to such person under section 6035(a).''.
       (2) Property acquired by gifts and transfers in trust.--
     Section 1015 of the Internal Revenue Code of 1986 is amended 
     by adding at the end the following new subsection:
       ``(f) Basis Must Be Consistent With Information Reports.--
     Except as provided by the Secretary in regulations, in any 
     case in which the transferor was required to make a return 
     under section 6035, the basis of the property in the hands of 
     the person acquiring such property shall be calculated using 
     the information reported to such person under section 
     6035(b).''.
       (c) Penalty for Inconsistent Reporting.--
       (1) In general.--Subsection (b) of section 6662 of the 
     Internal Revenue Code of 1986 is amended by inserting after 
     paragraph (7) the following new paragraph:
       ``(8) Any inconsistent estate or gift basis reporting.''.
       (2) Inconsistent basis reporting.--Section 6662 of such 
     Code is amended by adding at the end the following new 
     subsection:
       ``(k) Inconsistent Estate or Gift Basis Reporting.--For 
     purposes of this section, the term `inconsistent estate or 
     gift basis reporting' means the portion of the understatement 
     which is attributable to the failure by the taxpayer to use 
     the information reported to such taxpayer under section 6035 
     in calculating the basis of any property acquired from a 
     decedent or by gift or transfer in trust.''.
       (d) Effective Date.--The amendments made by this section 
     shall apply to transfers for which returns are filed after 
     the date of the enactment of this Act.

     SEC. __07. VALUATION RULES FOR CERTAIN TRANSFERS OF 
                   NONBUSINESS ASSETS; LIMITATION ON MINORITY 
                   DISCOUNTS.

       (a) In General.--Section 2031 of the Internal Revenue Code 
     of 1986 (relating to definition of gross estate) is amended 
     by redesignating subsection (d) as subsection (f) and by 
     inserting after subsection (c) the following new subsections:
       ``(d) Valuation Rules for Certain Transfers of Nonbusiness 
     Assets.--For purposes of this chapter and chapter 12--
       ``(1) In general.--In the case of the transfer of any 
     interest in an entity other than an interest which is 
     actively traded (within the meaning of section 1092)--
       ``(A) the value of any nonbusiness assets held by the 
     entity with respect to such interest shall be determined as 
     if the transferor had transferred such assets directly to the 
     transferee (and no valuation discount shall be allowed with 
     respect to such nonbusiness assets), and
       ``(B) such nonbusiness assets shall not be taken into 
     account in determining the value of the interest in the 
     entity.
       ``(2) Nonbusiness assets.--For purposes of this 
     subsection--
       ``(A) In general.--The term `nonbusiness asset' means any 
     asset which is not used in the active conduct of 1 or more 
     trades or businesses.
       ``(B) Exception for certain passive assets.--Except as 
     provided in subparagraph (C), a passive asset shall not be 
     treated for purposes of subparagraph (A) as used in the 
     active conduct of a trade or business unless--
       ``(i) the asset is property described in paragraph (1) or 
     (4) of section 1221(a) or is a hedge with respect to such 
     property, or
       ``(ii) the asset is real property used in the active 
     conduct of 1 or more real property trades or businesses 
     (within the meaning of section 469(c)(7)(C)) in which the 
     transferor materially participates and with respect to which 
     the transferor meets the requirements of section 
     469(c)(7)(B)(ii).

     For purposes of clause (ii), material participation shall be 
     determined under the rules of section 469(h), except that 
     section 469(h)(3) shall be applied without regard to the 
     limitation to farming activity.
       ``(C) Exception for working capital.--Any asset (including 
     a passive asset) which is held as a part of the reasonably 
     required working capital needs of a trade or business shall 
     be treated as used in the active conduct of a trade or 
     business.
       ``(3) Passive asset.--For purposes of this subsection, the 
     term `passive asset' means any--
       ``(A) cash or cash equivalents,
       ``(B) except to the extent provided by the Secretary, stock 
     in a corporation or any other equity, profits, or capital 
     interest in any entity,
       ``(C) evidence of indebtedness, option, forward or futures 
     contract, notional principal contract, or derivative,
       ``(D) asset described in clause (iii), (iv), or (v) of 
     section 351(e)(1)(B),
       ``(E) annuity,
       ``(F) real property used in 1 or more real property trades 
     or businesses (as defined in section 469(c)(7)(C)),
       ``(G) asset (other than a patent, trademark, or copyright) 
     which produces royalty income,
       ``(H) commodity,
       ``(I) collectible (within the meaning of section 401(m)), 
     or
       ``(J) any other asset specified in regulations prescribed 
     by the Secretary.
       ``(4) Look-thru rules.--
       ``(A) In general.--If a nonbusiness asset of an entity 
     consists of a 10-percent interest in any other entity, this 
     subsection shall be applied by disregarding the 10-percent 
     interest and by treating the entity as holding directly its 
     ratable share of the assets of the other entity. This 
     subparagraph shall be applied successively to any 10-percent 
     interest of such other entity in any other entity.
       ``(B) 10-percent interest.--The term `10-percent interest' 
     means--
       ``(i) in the case of an interest in a corporation, 
     ownership of at least 10 percent (by vote or value) of the 
     stock in such corporation,
       ``(ii) in the case of an interest in a partnership, 
     ownership of at least 10 percent of the capital or profits 
     interest in the partnership, and
       ``(iii) in any other case, ownership of at least 10 percent 
     of the beneficial interests in the entity.
       ``(5) Coordination with subsection (b).--Subsection (b) 
     shall apply after the application of this subsection.
       ``(e) Limitation on Minority Discounts.--For purposes of 
     this chapter and chapter 12, in the case of the transfer of 
     any interest in an entity other than an interest which is 
     actively traded (within the meaning of section 1092), no 
     discount shall be allowed by reason of the fact that the 
     transferee does not have control of such entity if the 
     transferee and members of the family (as defined in section 
     2032A(e)(2)) of the transferee have control of such 
     entity.''.
       (b) Effective Date.--The amendments made by this section 
     shall apply to transfers after the date of the enactment of 
     this Act.

     SEC. __08. REQUIRED MINIMUM 10-YEAR TERM, ETC., FOR GRANTOR 
                   RETAINED ANNUITY TRUSTS.

       (a) In General.--Subsection (b) of section 2702 of the 
     Internal Revenue Code of 1986 is amended--
       (1) by redesignating paragraphs (1), (2), and (3) as 
     subparagraphs (A), (B), and (C), respectively, and by moving 
     such subparagraphs (as so redesignated) 2 ems to the right;
       (2) by striking ``For purposes of'' and inserting the 
     following:
       ``(1) In general.--For purposes of'';
       (3) by striking ``paragraph (1) or (2)'' in paragraph 
     (1)(C) (as so redesignated) and inserting ``subparagraph (A) 
     or (B)''; and
       (4) by adding at the end the following new paragraph:
       ``(2) Additional requirements with respect to grantor 
     retained annuities.--For purposes of subsection (a), in the 
     case of an interest described in paragraph (1)(A) (determined 
     without regard to this paragraph) which is retained by the 
     transferor, such interest shall be treated as described in 
     such paragraph only if--
       ``(A) the right to receive the fixed amounts referred to in 
     such paragraph is for a term of not less than 10 years,
       ``(B) such fixed amounts, when determined on an annual 
     basis, do not decrease relative to any prior year during the 
     first 10 years of the term referred to in subparagraph (A), 
     and
       ``(C) the remainder interest has a value greater than zero 
     determined as of the time of the transfer.''.
       (b) Effective Date.--The amendments made by this section 
     shall apply to transfers made after the date of the enactment 
     of this Act.
                                 ______
                                 
  SA 4492. Mr. BROWN of Massachusetts submitted an amendment intended 
to be proposed to amendment SA 4425 proposed by Mr. Reid to the bill 
H.R. 4213, to amend the Internal Revenue Code of 1986 to extend certain 
expiring provisions, and for other purposes; which was ordered to lie 
on the table; as follows:

       In lieu of the matter proposed to be inserted, insert the 
     following:

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Unemployment Compensation 
     Extension Act of 2010''.

     SEC. 2. EXTENSION OF UNEMPLOYMENT INSURANCE PROVISIONS.

       (a) In General.--(1) Section 4007 of the Supplemental 
     Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304 
     note) is amended--
       (A) by striking ``June 2, 2010'' each place it appears and 
     inserting ``November 30, 2010'';
       (B) in the heading for subsection (b)(2), by striking 
     ``june 2, 2010'' and inserting ``november 30, 2010''; and
       (C) in subsection (b)(3), by striking ``November 6, 2010'' 
     and inserting ``April 30, 2011''.

[[Page 13377]]

       (2) Section 2005 of the Assistance for Unemployed Workers 
     and Struggling Families Act, as contained in Public Law 111-5 
     (26 U.S.C. 3304 note; 123 Stat. 444), is amended--
       (A) by striking ``June 2, 2010'' each place it appears and 
     inserting ``December 1, 2010''; and
       (B) in subsection (c), by striking ``November 6, 2010'' and 
     inserting ``May 1, 2011''.
       (3) Section 5 of the Unemployment Compensation Extension 
     Act of 2008 (Public Law 110-449; 26 U.S.C. 3304 note) is 
     amended by striking ``November 6, 2010'' and inserting 
     ``April 30, 2011''.
       (b) Funding.--Section 4004(e)(1) of the Supplemental 
     Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304 
     note) is amended--
       (1) in subparagraph (D), by striking ``and'' at the end; 
     and
       (2) by inserting after subparagraph (E) the following:
       ``(F) the amendments made by section 2(a)(1) of the 
     Unemployment Compensation Extension Act of 2010; and''.
       (c) Conditions for Receiving Emergency Unemployment 
     Compensation.--Section 4001(d)(2) of the Supplemental 
     Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304 
     note) is amended, in the matter preceding subparagraph (A), 
     by inserting before ``shall apply'' the following: 
     ``(including terms and conditions relating to availability 
     for work, active search for work, and refusal to accept 
     work)''.
       (d) Effective Date.--The amendments made by this section 
     shall take effect as if included in the enactment of the 
     Continuing Extension Act of 2010 (Public Law 111-157).

     SEC. 3. COORDINATION OF EMERGENCY UNEMPLOYMENT COMPENSATION 
                   WITH REGULAR COMPENSATION.

       (a) Certain Individuals Not Ineligible by Reason of New 
     Entitlement to Regular Benefits.--Section 4002 of the 
     Supplemental Appropriations Act, 2008 (Public Law 110-252; 26 
     U.S.C. 3304 note) is amended by adding at the end the 
     following:
       ``(g) Coordination of Emergency Unemployment Compensation 
     With Regular Compensation.--
       ``(1) If--
       ``(A) an individual has been determined to be entitled to 
     emergency unemployment compensation with respect to a benefit 
     year,
       ``(B) that benefit year has expired,
       ``(C) that individual has remaining entitlement to 
     emergency unemployment compensation with respect to that 
     benefit year, and
       ``(D) that individual would qualify for a new benefit year 
     in which the weekly benefit amount of regular compensation is 
     at least either $100 or 25 percent less than the individual's 
     weekly benefit amount in the benefit year referred to in 
     subparagraph (A),

     then the State shall determine eligibility for compensation 
     as provided in paragraph (2).
       ``(2) For individuals described in paragraph (1), the State 
     shall determine whether the individual is to be paid 
     emergency unemployment compensation or regular compensation 
     for a week of unemployment using one of the following 
     methods:
       ``(A) The State shall, if permitted by State law, establish 
     a new benefit year, but defer the payment of regular 
     compensation with respect to that new benefit year until 
     exhaustion of all emergency unemployment compensation payable 
     with respect to the benefit year referred to in paragraph 
     (1)(A);
       ``(B) The State shall, if permitted by State law, defer the 
     establishment of a new benefit year (which uses all the wages 
     and employment which would have been used to establish a 
     benefit year but for the application of this paragraph), 
     until exhaustion of all emergency unemployment compensation 
     payable with respect to the benefit year referred to in 
     paragraph(1)(A);
       ``(C) The State shall pay, if permitted by State law--
       ``(i) regular compensation equal to the weekly benefit 
     amount established under the new benefit year, and
       ``(ii) emergency unemployment compensation equal to the 
     difference between that weekly benefit amount and the weekly 
     benefit amount for the expired benefit year; or
       ``(D) The State shall determine rights to emergency 
     unemployment compensation without regard to any rights to 
     regular compensation if the individual elects to not file a 
     claim for regular compensation under the new benefit year.''.
       (b) Effective Date.--The amendment made by this section 
     shall apply to individuals whose benefit years, as described 
     in section 4002(g)(1)(B) the Supplemental Appropriations Act, 
     2008 (Public Law 110-252; 26 U.S.C. 3304 note), as amended by 
     this section, expire after the date of enactment of this Act.

     SEC. 4. USE OF STIMULUS FUNDS TO OFFSET SPENDING.

       The unobligated balance of each amount appropriated or made 
     available under the American Recovery and Reinvestment Act of 
     2009 (Public Law 111-5) (other than under title X of division 
     A of such Act) is rescinded in order to offset the net 
     increase in spending resulting from the provisions of, and 
     amendments made by, this Act. The Director of the Office of 
     Management and Budget shall report to each congressional 
     committee the amounts so rescinded within the jurisdiction of 
     such committee.

     SEC. 5. SUNSET OF TEMPORARY INCREASE IN BENEFITS UNDER THE 
                   SUPPLEMENTAL NUTRITION ASSISTANCE PROGRAM.

       Section 101(a) of title I of division A of Public Law 111-5 
     (123 Stat. 120) is amended--
       (1) in paragraph (1), by inserting before the period, ``, 
     if the value of such benefits and block grants would thereby 
     be greater than in the absence of this subsection''; and
       (2) by striking paragraph (2) and inserting the following:
       ``(2) Termination.--The authority provided by this 
     subsection shall terminate after May 31, 2014.''.

     SEC. 6. BUDGETARY PROVISIONS.

       (a) Statutory Paygo.--The budgetary effects of this Act, 
     for the purpose of complying with the Statutory Pay-As-You-Go 
     Act of 2010, shall be determined by reference to the latest 
     statement titled `Budgetary Effects of PAYGO Legislation' for 
     this Act, jointly submitted for printing in the Congressional 
     Record by the Chairmen of the House and Senate Budget 
     Committees, provided that such statement has been submitted 
     prior to the vote on passage in the House acting first on 
     this conference report or amendment between the Houses.
       (b) Emergency Designations.--This Act--
       (1) is designated as an emergency requirement pursuant to 
     section 4(g) of the Statutory Pay-As-You-Go Act of 2010 
     (Public Law 111-139; 2 U.S.C. 933(g));
       (2) in the House of Representatives, is designated as an 
     emergency for purposes of pay-as-you-go principles; and
       (3) in the Senate, is designated as an emergency 
     requirement pursuant to section 403(a) of S. Con. Res. 13 
     (111th Congress), the concurrent resolution on the budget for 
     fiscal year 2010.
                                 ______
                                 
  SA 4493. Mr. COBURN submitted an amendment intended to be proposed to 
amendment SA 4425 proposed by Mr. Reid to the bill H.R. 4213, to amend 
the Internal Revenue Code of 1986 to extend certain expiring 
provisions, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the appropriate place, insert the following:

     SEC._. SENATE SPENDING DISCLOSURE.

       (a) In General.--The Secretary of the Senate shall post 
     prominently on the front page of the public website of the 
     Senate (http://www.senate.gov/) the following information:
       (1) The total amount of discretionary and direct spending 
     passed by the Senate that has not been paid for, including 
     emergency designated spending or spending otherwise exempted 
     from PAYGO requirements.
       (2) The total amount of net spending authorized in 
     legislation passed by the Senate, as scored by CBO.
       (3) The number of new government programs created in 
     legislation passed by the Senate.
       (4) The totals for paragraphs (1) through (3) as passed by 
     both Houses of Congress and signed into law by the President.
       (b) Display.--The information tallies required by 
     subsection (a) shall be itemized by bill and date, updated 
     weekly, and archived by calendar year.
       (c) Effective Date.--The PAYGO tally required by subsection 
     (a)(1) shall begin with the date of enactment of the 
     Statutory Pay-As-You-Go Act of 2010 and the authorization 
     tally required by subsection (a)(2) shall apply to all 
     legislation passed beginning January 1, 2010.

                          ____________________