[Congressional Record (Bound Edition), Volume 156 (2010), Part 8]
[Senate]
[Pages 10670-10675]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 4351. Mr. ISAKSON (for himself and Mr. Alexander) submitted an 
amendment intended to be proposed to amendment SA 4301 proposed by Mr. 
Baucus 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 end of part I of subtitle B of title II, insert the 
     following:

     SEC. --. FIRST-TIME HOMEBUYER CREDIT.

       (a) In General.--Paragraph (2) of section 36(h) is amended 
     by striking ``paragraph (1) shall be applied by substituting 
     `July 1, 2010''' and inserting ``and who purchases such 
     residence before October 1, 2010, paragraph (1) shall be 
     applied by substituting `October 1, 2010'''.
       (b) Conforming Amendment.--Subparagraph (B) of section 
     36(h)(3) is amended by inserting ``and for `October 1, 
     2010''' after ``for `July 1, 2010'''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to residences purchased after June 30, 2010.
       (d) Transfer of Stimulus Funds.--Notwithstanding section 5 
     of the American Recovery and Reinvestment Act of 2009, from 
     the amounts appropriated or made available and remaining 
     unobligated under division A of such Act (other than under 
     title X of such division A), the Director of the Office of 
     Management and Budget shall transfer from time to time to the 
     general fund of the Treasury an amount equal to the net 
     decrease in revenues resulting from the enactment of 
     subsections (a) and (b).
                                 ______
                                 
  SA 4352. Mr. HATCH submitted an amendment intended to be proposed to 
amendment SA 4301 proposed by Mr. Baucus 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 end of title VI, insert the following:

     SEC. 6__. WAIVER OF EMPLOYER HEALTH SHARED RESPONSIBILITY 
                   PAYMENT IN CASE OF JOB LOSSES.

       (a) In General.--Section 4980H of the Internal Revenue Code 
     of 1986 is amended by adding at the end the following new 
     subsection:
       ``(e) Waiver Upon Certification of Job Losses.--Subsections 
     (a) and (b) shall not apply to any employer who certifies to 
     the Secretary and the Secretary of Labor, at such time and in 
     such manner as such Secretaries require, that the imposition 
     of an assessable payment would result in the employer 
     reducing employees.''.
       (b) Effective Date.--The amendment made by this section 
     shall take effect on the date of the enactment of this Act.
                                 ______
                                 
  SA 4353. Mr. BAYH (for himself, Mr. Shelby, Mrs. Lincoln, Mr. Vitter, 
and Ms. Landrieu) submitted an amendment intended to be proposed by him 
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:

       Strike section 231 and insert the following:

     SEC. 231. ELECTION FOR DIRECT PAYMENT OF LOW-INCOME HOUSING 
                   CREDIT FOR 2010.

       (a) In General.--Section 42 is amended by redesignating 
     subsection (n) as subsection (o) and by inserting after 
     subsection (m) the following new subsection:
       ``(n) Election for Direct Payment of Credit.--
       ``(1) In general.--The housing credit agency of each State 
     shall be allowed a credit in an amount equal to such State's 
     2010 low-income housing refundable credit election amount, 
     which shall be payable by the Secretary as provided in 
     paragraph (5).
       ``(2) 2010 low-income housing refundable credit election 
     amount.--For purposes of this subsection, the term `2010 low-
     income housing refundable credit election amount' means, with 
     respect to any State, such amount as the State may elect 
     which does not exceed 85 percent of the product of--
       ``(A) the sum of--
       ``(i) 100 percent of the State housing credit ceiling for 
     2010 which is attributable to amounts described in clauses 
     (i) and (iii) of subsection (h)(3)(C), plus any credits 
     returned to the State attributable to section 1400N(c) 
     (including credits made available under such section as 
     applied by reason of sections 702(d)(2) and 704(b) of the Tax 
     Extenders and Alternative Minimum Tax Relief Act of 2008), 
     and
       ``(ii) 40 percent of the State housing credit ceiling for 
     2010 which is attributable to amounts described in clauses 
     (ii) and (iv) of such subsection, plus any credits for 2010 
     attributable to the application of such section 702(d)(2) and 
     704(b), multiplied by
       ``(B) 10.

     For purposes of subparagraph (A)(ii), in the case of any area 
     to which section 702(d)(2) or 704(b) of the Tax Extenders and 
     Alternative Minimum Tax Relief Act of 2008 applies, section 
     1400N(c)(1)(A) shall be applied without regard to clause (i).
       ``(3) Coordination with non-refundable credit.--For 
     purposes of this section, the amounts described in clauses 
     (i) through (iv) of subsection (h)(3)(C) with respect to any 
     State for 2010 shall each be reduced by so much of such 
     amount as is taken into account in determining the amount of 
     the credit allowed with respect to such State under paragraph 
     (1).
       ``(4) Special rule for basis.--Basis of a qualified low-
     income building shall not be reduced by the amount of any 
     payment made under this subsection.
       ``(5) Payment of credit; use to finance low-income 
     buildings.--The Secretary shall pay to the housing credit 
     agency of each State an amount equal to the credit allowed 
     under paragraph (1). Rules similar to the rules of 
     subsections (c) and (d) of section 1602 of the American 
     Recovery and Reinvestment Tax Act of 2009 shall apply with 
     respect to any payment made under this paragraph, except that 
     such subsection (d) shall be applied by substituting `January 
     1, 2012' for `January 1, 2011'.''.
       (b) Conforming Amendment.--Section 1324(b)(2) of title 31, 
     United States Code, is amended by inserting ``42(n),'' after 
     ``36C,''.

     SEC. 232. LOW-INCOME HOUSING GRANT ELECTION.

       (a) Clarification of Eligibility of Low-income Housing 
     Credits for Low-income Housing Grant Election.--Paragraph (1) 
     of section 1602(b) of the American Recovery and Reinvestment 
     Tax Act of 2009 is amended--
       (1) by inserting ``, plus any increase for 2009 or 2010 
     attributable to section 1400N(c) of such Code (including 
     credits made available under such section as applied by 
     reason of sections 702(d)(2) and 704(b) of the Tax Extenders 
     and Alternative Minimum Tax Relief Act of 2008)'' after 
     ``1986'' in subparagraph (A), and
       (2) by inserting ``, plus any credits for 2009 attributable 
     to the application of such section 702(d)(2) and 704(b)'' 
     after ``such section'' in subparagraph (B).
       (b) Application of Additional Housing Credit Amount for 
     Purposes of 2009 Grant Election.--Subsection (b) of section 
     1602 of the American Recovery and Reinvestment Tax Act of 
     2009, as amended by subsection (a), is amended by adding at 
     the end the following flush sentence:

     ``For purposes of paragraph (1)(B), in the case of any area 
     to which section 702(d)(2) or 704(b) of the Tax Extenders and 
     Alternative Minimum Tax Relief Act of 2008 applies, section 
     1400N(c)(1)(A) of such Code shall be applied without regard 
     to clause (i).''.
       (c) Effective Date.--The amendments made by this section 
     shall apply as if included in the enactment of section 1602 
     of the American Recovery and Reinvestment Tax Act of 2009.
                                 ______
                                 
  SA 4354. Mr. INOUYE submitted an amendment intended to be proposed to 
amendent SA 4301 proposed by Mr. Baucus to the bill H.R. 4213, to amend 
the Internal Revenue Code of 1986 to extend certain expiring 
provisions, and for other purposes; wich was ordered to lie on the 
table; as follows:

       At the end of title VI, insert the following:

     SEC. --. MODIFICATION OF THE APPLICATION OF THE TONNAGE TAX 
                   ON VESSELS OPERATING IN THE DUAL UNITED STATES 
                   DOMESTIC AND FOREIGN TRADES.

       (a) In General.--Subsection (f) of section 1355 of the 
     Internal Revenue Code of 1986 (relating to definitions and 
     special rules) is amended to read as follows:
       ``(f) Effect of Operating a Qualifying Vessel in the Dual 
     United States Domestic and Foreign Trades.--For purposes of 
     this subchapter--
       ``(1) an electing corporation shall be treated as 
     continuing to use a qualifying vessel in the United States 
     foreign trade during any period of use in the United States 
     domestic trade, and
       ``(2) gross income from such United States domestic trade 
     shall not be excluded under section 1357(a), but shall not be 
     taken into account for purposes of section 1353(b)(1)(B) or 
     for purposes of section 1356 in connection with the 
     application of section 1357 or 1358.''.
       (b) Regulatory Authority for Allocation of Credits, Income, 
     and Deductions.--Section 1358 of the Internal Revenue Code of 
     1986 (relating to allocation of credits, income, and 
     deductions) is amended--
       (1) by striking ``in accordance with this subsection'' in 
     subsection (c) and inserting ``to the extent provided in such 
     regulations as may be prescribed by the Secretary'', and
       (2) by adding at the end the following new subsection:
       ``(d) Regulations.--The Secretary shall prescribe 
     regulations consistent with the

[[Page 10671]]

     provisions of this subchapter for the purpose of allocating 
     gross income, deductions, and credits between or among 
     qualifying shipping activities and other activities of a 
     taxpayer.''.
       (c) Conforming Amendments.--
       (1) Section 1355(a)(4) of the Internal Revenue Code of 1986 
     is amended by striking ``exclusively''.
       (2) Section 1355(b)(1)(B) of such Code is amended by 
     striking ``as a qualifying vessel'' and inserting ``in the 
     transportation of goods or passengers''.
       (d) Effective Date.--The amendments made by this section 
     shall apply to taxable years beginning after the date of the 
     enactment of this Act.
                                 ______
                                 
  SA 4355. Ms. CANTWELL (for herself, Mr. Vitter, Mrs. Murray, Ms. 
Stabenow, and Mr. Inouye) submitted an amendment intended to be 
proposed to amendent SA 4301 proposed by Mr. Baucus to the bill H.R. 
4213, to amend the Internal Revenue Code of 1986 to extend certain 
expiring provisions, and for other purposes; wich was ordered to lie on 
the table; as follows:

       At the end of title VI, insert the following:

     SEC. --. REPEAL OF QUALIFIED SHIPPING INVESTMENT WITHDRAWAL 
                   RULES.

       (a) In General.--Section 955 is hereby repealed.
       (b) Conforming Amendments.--
       (1) Section 951(a)(1)(A) is amended by adding ``and'' at 
     the end of clause (i) and by striking clause (iii).
       (2) Section 951(a)(1)(A)(ii) is amended by striking ``, 
     and'' at the end and inserting ``, except that in applying 
     this clause amounts invested in less developed country 
     corporations described in section 955(c)(2) (as so in effect) 
     shall not be treated as investments in less developed 
     countries.''.
       (3) Section 951(a)(3) is hereby repealed.
       (4) Section 964(b) of such Code is amended by striking ``, 
     955,''.
       (5) The table of sections for subpart F of part III of 
     subchapter N of chapter 1 is amended by striking the item 
     relating to section 955.
       (c) Effective Date.--The amendments made by this section 
     shall apply to taxable years of controlled foreign 
     corporations ending on or after the date of the enactment of 
     this Act, and to taxable years of United States shareholders 
     in which or with which such taxable years of controlled 
     foreign corporations end.

     SEC. --. TAX IMPOSED ON ELECTING UNITED STATES SHAREHOLDERS.

       (a) In General.--In the case of a United States shareholder 
     for which an election is in effect under this section, a tax 
     is hereby imposed on such shareholder's pro rata share 
     (determined under the principles of paragraph (2) of 
     subsection (a) of section 951 of the Internal Revenue Code of 
     1986) of the sum of--
       (1) the foreign base company shipping income (determined 
     under section 954(f) of the Internal Revenue Code of 1986 as 
     in effect before the enactment of the American Jobs Creation 
     Act of 2004) for all prior taxable years beginning after 1975 
     and before 1987, and
       (2) income described in section 954(b)(2) of the Internal 
     Revenue Code as in effect prior to the effective date of the 
     Tax Reform Act of 1975, without regard to whether such income 
     was not included in subpart F income under section 954(b)(2) 
     or any other provision of such Code,

     but only to the extent such income has not previously been 
     included in the gross income of a United States person as a 
     dividend or under any section of the Internal Revenue Code 
     after 1962, or excluded from gross income pursuant to 
     subsection (a) of section 959 of the Internal Revenue Code of 
     1986.
       (b) Amount of Tax.--The amount of tax imposed by subsection 
     (a) shall be 5.25 percent of the income described therein.
       (c) Income Not Subject to Further Tax.--The income on which 
     a tax is imposed by subsection (a) shall not (other than such 
     tax) be included in the gross income of such United States 
     shareholder (or any other United States person who acquires 
     from any person any portion of the interest of such United 
     States shareholder in such foreign corporation) and shall be 
     treated for purposes of the Internal Revenue Code of 1986 as 
     if such amounts are, or have been, included in the income of 
     the United States shareholder under section 951(a)(1)(B).
       (d) Additional Tax Imposed for Failure to Maintain 
     Employment Levels.--
       (1) In general.--If, during the period consisting of the 
     calendar month in which the election under this section is 
     made and the succeeding 23 calendar months, the taxpayer does 
     not maintain an average employment level at least equal to 
     the taxpayer's prior average employment, an additional amount 
     shall be taken into account as income by the taxpayer during 
     the taxable year that includes the final day of such period, 
     equal to $25,000 multiplied by the number of employees by 
     which the taxpayer's average employment level during such 
     period falls below the prior average employment.
       (2) Prior average employment.--For purposes of this 
     subsection, the taxpayer's prior average employment is the 
     average number of full time equivalent employees of the 
     taxpayer during the period consisting of the 24 calendar 
     months immediately preceding the calendar month in which the 
     election under this section is made.
       (3) Aggregation rules.--In determining the taxpayer's 
     average employment level and prior average employment, all 
     domestic members of a controlled group (as defined in section 
     264(e)(5)(B) of the Internal Revenue Code of 1986) shall be 
     treated as a single taxpayer.
       (e) Election.--
       (1) In general.--A taxpayer may elect to apply this section 
     to--
       (A) the taxpayer's last taxable year which begins before 
     the date of the enactment of this Act, or
       (B) the taxpayer's first taxable year beginning on or after 
     such date.
       (2) Timing of election and one-time election.--Such 
     election may be made only once by any taxpayer, and only if 
     made on or before the due date (including extensions) for 
     filing the return of tax for the taxable year of such 
     election.
       (f) Effective Date.--This section shall apply to taxable 
     years ending on or after the date of the enactment of this 
     Act.
                                 ______
                                 
  SA 4356. Mr. BUNNING (for himself and Mr. Rockefeller) submitted an 
amendment intended to be proposed to amendent SA 4301 proposed by Mr. 
Baucus to the bill H.R. 4213, to amend the Internal Revenue Code of 
1986 to extend certain expiring provisions, and for other purposes; 
wich was ordered to lie on the table; as follows:

       On page 23, line 25, insert ``(E),'' after ``(C),''.
                                 ______
                                 
  SA 4357. Mr. BOND submitted an amendment intended to be proposed to 
amendment SA 4301 proposed by Mr. Baucus 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:

       Beginning on page 170, line 6, strike all through page 225, 
     line 4, and insert the following:

     SEC. 401. 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 such that the aggregate amount of 
     such rescissions equal $39,860,000,000 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.
                                 ______
                                 
  SA 4358. Mr. HATCH submitted an amendment intended to be proposed to 
amendment SA 4301 proposed by Mr. Baucus 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 end of title V, insert the following:

            Subtitle C--Drug Testing and Treatment Programs

     SEC. --. DRUG TESTING AND TREATMENT PROGRAM FOR APPLICANTS 
                   FOR STATE TANF PROGRAMS.

       (a) State Plan Requirement of Drug Testing and Treatment 
     Program.--Section 402(a) of the Social Security Act (42 
     U.S.C. 602(a)) is amended by adding at the end the following 
     new paragraph:
       ``(8) Certification that the state will operate an illegal 
     drug use testing and treatment program.--
       ``(A) In general.--A certification by the chief executive 
     officer of the State that the State will operate a program to 
     test all new applicants for assistance under the State 
     program funded under this part for the use of illegal drugs 
     (as defined in section 408(a)(12)(D)(i)), and (except as 
     provided in subparagraph (B)) to deny assistance under such 
     State program to individuals who test positive for illegal 
     drug use, as required by such section.
       ``(B) Assistance and repeat testing.--The program described 
     in subparagraph (A) shall include a plan to make all 
     reasonable effort to provide individuals who test positive 
     for illegal drug use with services under State or federally 
     funded drug treatment programs, and to allow individuals who 
     test positive at the first test to repeat the drug test after 
     60 days upon request by the individual. If such an individual 
     tests negative for illegal drug use at the second test, the 
     State may provide assistance to such individual under the 
     State program funded under this part.''.
       (b) Requirement That Applicants Be Tested for Illegal Drug 
     Use.--Section 408(a) of the Social Security Act (42 U.S.C. 
     608(a)) is amended by adding at the end the following new 
     paragraph:
       ``(12) Requirement for drug testing.--
       ``(A) In general.--A State to which a grant is made under 
     section 403 shall not use

[[Page 10672]]

     any part of the grant to provide assistance to any individual 
     who applies for assistance on or after the effective date of 
     the American Jobs and Closing Tax Loopholes Act of 2010, who 
     has not been tested for illegal drug use under the program 
     required under section 402(a)(8).
       ``(B) Denial of assistance for individuals who test 
     positive for illegal drug use.--In the case of an individual 
     who tests positive for illegal drug use under the program 
     described in subparagraph (A), the State shall not provide 
     assistance to the individual under the State program funded 
     under this part except as provided in section 402(a)(8)(B).
       ``(C) Limitation on waiver authority.--The Secretary may 
     not waive the provisions of this paragraph under section 
     1115.
       ``(D) Illegal drug.--For purposes of this paragraph, the 
     term `illegal drug' means a controlled substance as defined 
     in section 102 of the Controlled Substances Act (21 U.S.C. 
     802)).''.
       (c) Effective Date.--The amendments made by this section 
     shall take effect on the 1st day of the 1st calendar quarter 
     that begins on or after the date of the enactment of this 
     Act.

     SEC. --. DRUG TESTING AND TREATMENT PROGRAM FOR APPLICANTS 
                   FOR UNEMPLOYMENT COMPENSATION.

       (a) In General.--Section 3304(a) of the Internal Revenue 
     Code of 1986 (relating to approval of State unemployment 
     compensation laws) is amended--
       (1) in paragraph (18), by striking ``and'' at the end;
       (2) by redesignating paragraph (19) as paragraph (20); and
       (3) by inserting after paragraph (18) the following new 
     paragraph:
       ``(19) the State--
       ``(A) is required to operate a program to test all new 
     applicants for unemployment compensation for the use of 
     illegal drugs (as defined in section 408(a)(12)(D) of the 
     Social Security Act);
       ``(B) makes all reasonable efforts to provide individuals 
     who test positive for illegal drug use with services under 
     State or federally funded drug treatment programs;
       ``(C) allows individuals who test positive at the first 
     test to repeat the drug test after 60 days upon request by 
     the individual;
       ``(D) denies unemployment compensation to individuals who 
     test positive for illegal drug use or who have not been 
     tested for illegal drug use under the program (except that in 
     the case of an individual who tests positive for illegal drug 
     use at the first test, compensation shall not be denied based 
     on such test if the individual tests negative for illegal 
     drug use at the second test under subparagraph (C); and''.
       (b) Effective Date.--The amendments made by this section 
     shall take effect on the 1st day of the 1st calendar quarter 
     that begins on or after the date of the enactment of this 
     Act.

     SEC. --. REDUCTION OF HHS DISCRETIONARY FUNDING AND 
                   APPROPRIATION OF FUNDS.

       (a) In General.--The budget authority provided for each 
     discretionary account within the Department of Health and 
     Human Services shall be reduced for fiscal year 2010 and each 
     fiscal year thereafter by such account's pro rata share of 
     the amount equal to the aggregate State administrative cost 
     amounts for the fiscal year.
       (b) Appropriation of Funds.--For each fiscal year beginning 
     with fiscal year 2010, an amount equal to the total amount of 
     the budget authority reduction required under subsection (a) 
     for such fiscal year is appropriated, and shall be 
     transferred to the States, for the purpose of implementing 
     the Federal benefit drug testing requirements in such fiscal 
     year. The amount transferred to each State for a fiscal year 
     shall be equal to the State administrative cost amount with 
     respect to such State for such year.
       (c) State Administrative Cost Amount.--For purposes of this 
     section, the State administrative cost amount is, with 
     respect to each State and a fiscal year, the cost the State 
     will incur to implement the Federal benefit drug testing 
     requirements during the fiscal year, as estimated and 
     reported by the State to the Secretary of the Treasury.
       (d) Federal Benefit Drug Testing Requirements.--For 
     purposes of this section, the term ``Federal benefit drug 
     testing requirements'' means the requirements imposed by 
     sections 402(a)(8) and 408(a)(12) of the Social Security Act 
     (42 U.S.C. 602(a)(8) and 608(a)(12), respectively), and 
     section 3304(a)(19) of the Internal Revenue Code of 1986.
                                 ______
                                 
  SA 4359. Mr. PRYOR (for himself, Mr. Cochran, and Mrs. Lincoln) 
submitted an amendment intended to be proposed to amendment SA 4301 
proposed by Mr. Baucus 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:

       On page 363, between lines 3 and 4, insert the following:

     SEC. 621. FLOOD MAPPING.

       No revised, updated, or newly published flood insurance 
     rate map issued on or after September 30, 2008, pursuant to 
     the Flood Map Modernization Program authorized under section 
     1360 of the National Flood Insurance Act of 1968 (42 U.S.C. 
     4101) shall take effect until such time as all of the 
     following requirements are satisfied:
       (1) Establishment and implementation of a base flood 
     elevation determination and special flood hazard area 
     determination arbitration panel.--
       (A) Establishment.--As allowed under section 1307(e) of the 
     National Flood Insurance Act of 1968 (42 U.S.C. 4104), and 
     notwithstanding any other provision of law, not later than 90 
     days after the date of enactment of this section, the 
     Administrator of the Federal Emergency Management Agency 
     shall establish an arbitration panel--
       (i) to efficiently and clearly resolve disputes between 
     communities and the Federal Government regarding the Flood 
     Map Modernization Program; and
       (ii) to expedite the general acceptance of technically 
     accurate base flood elevation determinations as reflected in 
     Flood Insurance Rate Maps.
       (B) Arbitration panel.--
       (i) Membership.--The arbitration panel established under 
     subparagraph (A) shall be comprised of 5 members.
       (ii) Army corps of engineers.--The United States Army Corps 
     of Engineers shall compile a list of eligible experts to 
     serve on the arbitration panel established under subparagraph 
     (A). The community who has sought to have a dispute resolved 
     by the arbitration panel shall select a majority of the 
     panelists from such list. After a community has made its 
     selections, the Administrator shall select the remaining 
     members of the arbitration panel from such list.
       (iii) No fema employees.--No member of the arbitration 
     panel established under subparagraph (A) shall be an employee 
     of the Federal Emergency Management Agency.
       (iv) Independence.--Each member of the arbitration panel 
     established under subparagraph (A) shall be independent and 
     neutral.
       (v) Use of.--A community may choose to have a dispute 
     resolved by the arbitration panel not later than 90 days 
     after it has exhausted any applicable appeals period 
     available under the National Flood Insurance Act.
       (C) Considerations.--
       (i) In general.--The arbitration panel established under 
     subparagraph (A) may consider historical flood data and other 
     data outside the scope of scientific or technical data in 
     carrying out the duties and responsibilities of the 
     arbitration panel.
       (ii) Coordination with corps of engineers.--Upon request by 
     the arbitration panel, the appropriate district office of 
     jurisdiction of the United States Army Corps of Engineers 
     shall fund and make available personnel or technical guidance 
     to assist the arbitration panel in considering hydrological 
     data, historical data, budgetary data, or other relevant 
     information.
       (D) Community choice.--A community may choose to have a 
     dispute resolved by the arbitration panel only if the 
     community has satisfied the following conditions:
       (i) The community has appealed a base flood elevation 
     determination or a determination of an area having special 
     flood hazards and undergone a 60-day consultation period with 
     the Administrator of the Federal Emergency Management Agency 
     in an effort to resolve the dispute.
       (ii) The 60-day consultation period described in clause (i) 
     shall begin upon the Administrator's receipt of notice of 
     intent of the community to enter arbitration.
       (iii) In cases in which the appeal period described under 
     clause (i) begins a sufficient time after the date of 
     enactment of this section, the community has adequately 
     notified the public 180 days prior to the beginning of the 
     appeal period regarding the changes proposed by the 
     Administrator. Such notification may include individual 
     notification of affected households, public meetings, or 
     publication of proposed changes in local media.
       (E) Binding authority.--
       (i) In general.--Any determination of resolution of a 
     dispute by the arbitration panel under this paragraph--

       (I) shall be final and binding; and
       (II) may not appeal or seek further relief for such dispute 
     to any other administrative or judicial body.

       (ii) Proceedings.--

       (I) In general.--The arbitration panel shall--

       (aa) initiate proceedings to resolve any disputes brought 
     before the arbitration panel;
       (bb) consider all relevant information during the course of 
     any such proceeding; and
       (cc) issue a determination of resolution of the dispute, 
     within a 150 days after the initiation of such proceeding.

       (II) Effect prior to determination.--Until such time as the 
     arbitration panel issues a determination of resolution under 
     subclause (I), the most current Flood Insurance Rate Maps 
     shall remain in effect.

       (iii) Appeal determination.--Following deliberations, the 
     arbitration panel shall issue an appeal determination of 
     resolution of a dispute setting forth the base flood 
     elevation determination or the determination of an area 
     having special flood hazards that shall be reflected in the 
     Flood Insurance Rate Maps. The appeal determination of the 
     arbitration panel shall not be limited to either acceptance 
     or denial of the position of

[[Page 10673]]

     Administrator of the Federal Emergency Management Agency or 
     the position of the community.
       (iv) Written opinion.--Accompanying any appeal 
     determination of resolution issued pursuant to clause (iii), 
     the arbitration panel shall issue a written opinion fully 
     explaining its decision, including all relevant information 
     relied upon by the panel. The opinion issued under this 
     paragraph shall provide communities seeking to mitigate their 
     flood risk with available information to make informed future 
     planning decisions in light of identified flood hazards.
       (F) Rule of construction.--Nothing contained in this 
     paragraph shall alter existing procedures for revision, 
     update, or amendment of Flood Insurance Rate Maps, including 
     Flood Insurance Rate Maps resulting from decisions of the 
     arbitration panel.
       (2) Independent review and assessment of flood map 
     modernization program.--
       (A) Independent review and assessment required.--The 
     Administrator of the Federal Emergency Management Agency 
     shall select an appropriate entity outside the Federal 
     Emergency Management Agency to conduct an independent review 
     and assessment of the Flood Map Modernization Program 
     established under section 1360 of the National Flood 
     Insurance Act of 1968 (42 U.S.C. 4101).
       (B) Elements.--The review and assessment required by this 
     paragraph shall address the following:
       (i) The engineering analysis used to prepare revised and 
     updated Flood Insurance Rate Maps, including any engineering 
     analysis related to determination of floodplain areas and 
     flood-risk zones.
       (ii) The definition of the term floodplain, area of special 
     flood hazard, and other flood-related terms used by the 
     Administrator of the Federal Emergency Management Agency in 
     preparing revised and updated Flood Insurance Rate Maps.
       (iii) Any watershed or water flow modeling, and other 
     technical data used by the Administrator of the Federal 
     Emergency Management Agency in preparing revised and updated 
     Flood Insurance Rate Maps.
       (C) Consultation.--The entity selected by the Administrator 
     of the Federal Emergency Management Agency to conduct the 
     review and assessment required by this paragraph shall, in 
     carrying out the elements required under subparagraph (B), 
     consult with the General Accountability Office, the Army 
     Corps of Engineers, the United States Geological Survey, the 
     National Oceanic and Atmospheric Administration, and affected 
     communities and their congressional representatives, as 
     applicable.
       (D) Report.--Not later than 9 months after the date of the 
     enactment of this section, the entity conducting the review 
     and assessment under this paragraph shall submit to the 
     Administrator and the Congress a report containing the 
     results of the review and assessment.

     SEC. 622. BASE FLOOD ELEVATION DETERMINATION APPEAL PERIOD.

       (a) In General.--Notwithstanding any other provision of 
     law, the appeal period for any base flood elevation 
     determination or any determination of an area having special 
     flood hazards shall be 90 days unless an extended appeal 
     period is requested by a party affected by such 
     determination, in which case the appeal period shall be 120 
     days.
       (b) Reentry of Appeals.--Effective for the 90-day period 
     beginning on the date of enactment of this section, any 
     community whose Flood Insurance Rate Maps were revised, 
     updated, or otherwise altered after September 30, 2008, 
     pursuant to the Flood Map Modernization Program established 
     under section 1360 of the National Flood Insurance Act of 
     1968 (42 U.S.C. 4101) shall be permitted to re-enter an 
     appeal of such revision, update, or alteration and such 
     appeal shall be subject to the time limitations established 
     under subsection (a).

     SEC. 623. DESIGNATION OF ECONOMIC IMPACT FOR PRELIMINARY BASE 
                   FLOOD ELEVATION DETERMINATIONS AND PRELIMINARY 
                   FLOOD INSURANCE RATE MAPS.

       For purposes of section 605(b) of title 5, United States 
     Code, the issuance by the Administrator of the Federal 
     Emergency Management Agency of a proposed modified base flood 
     elevation, proposed area having special flood hazards, 
     preliminary flood insurance study, or preliminary Flood 
     Insurance Rate Maps shall be deemed to have a significant 
     economic impact on a substantial number of small entities.

     SEC. 624. ELIGIBILITY FOR CERTAIN REIMBURSEMENTS FOR 
                   COMMUNITIES PARTICIPATING IN ARBITRATION.

       For communities who enter arbitration pursuant to paragraph 
     (1) of section 621, the Administrator may make available 
     funds derived from offsetting collections assessed and 
     collected under section 1308(d) of the National Flood 
     Insurance Act of 1968 (42 U.S.C. 4015(d)) to reimburse 50 
     percent of certain expenses incurred by communities related 
     to successful appeals of the Flood Insurance Rate Maps that 
     are the subject of a dispute for which the arbitration panel 
     established under section 621 has been directed to resolve, 
     as allowed for pursuant to section 1307(f) of the National 
     Flood Insurance Act of 1968 (42 U.S.C. 4104(f)), if the 
     community has not received a grant from or served as a 
     cooperative technical partner with the Federal Emergency 
     Management Agency in carrying out the study required pursuant 
     to such section.

     SEC. 625. 5-YEAR PHASE-IN OF CERTAIN PREMIUM COSTS.

       Section 1308 of the National Flood Insurance Act of 1968 
     (42 U.S.C. 4015) is amended--
       (1) in subsection (c), by inserting ``and subsection (g)'' 
     before the first comma; and
       (2) by adding at the end the following new subsection:
       ``(g) 5-year Phase-in of Premium Adjustment to Reflect 
     Current Risk of Flood.--Any increase or newly applicable risk 
     premium rate charged for flood insurance on any property that 
     is required to be covered by a flood insurance policy as a 
     result of the updating or remapping required pursuant to 
     section 1360 shall be phased in over a 5-year period as 
     follows:
       ``(1) For the first year of such 5-year period, 20 percent 
     of the chargeable risk premium rate otherwise applicable 
     under this title to the property.
       ``(2) For the second year of such 5-year period, 40 percent 
     of the chargeable risk premium rate otherwise applicable 
     under this title to the property.
       ``(3) For the third year of such 5-year period, 60 percent 
     of the chargeable risk premium rate otherwise applicable 
     under this title to the property.
       ``(4) For the fourth year of such 5-year period, 80 percent 
     of the chargeable risk premium rate otherwise applicable 
     under this title to the property.
       ``(5) For the fifth year of such 5-year period, 100 percent 
     of the chargeable risk premium rate otherwise applicable 
     under this title to the property.''.
                                 ______
                                 
  SA 4360. Mr. FEINGOLD submitted an amendment intended to be proposed 
to amendment SA 4301 proposed by Mr. Baucus 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:

       On page 296, after line 23, add the following:
       (d) Coordination With Department of Agriculture.--Section 7 
     of the Small Business Act (15 U.S.C. 636) is amended by 
     adding at the end the following:
       ``(o) Coordination With Department of Agriculture.--
       ``(1) In general.--In coordination with the Administrator 
     of the Farm Service Agency, the Under Secretary for Rural 
     Development, and the head of any other appropriate Federal 
     agency, the Administrator shall conduct outreach and provide 
     technical assistance to farmers and other rural businesses 
     with regard to programs of the Administration for which the 
     farmers and rural businesses may be eligible.
       ``(2) Agreement.--The coordination under this subsection 
     shall include evaluating whether the Administrator should 
     enter an agreement under which--
       ``(A) offices of the Department of Agriculture may assist 
     in completing and accept applications for programs of the 
     Administration; or
       ``(B) employees of the Administration periodically have 
     office hours at offices of the Department of Agriculture.''.
                                 ______
                                 
  SA 4361. Mr. NELSON of Florida submitted an amendment intended to be 
proposed to amendment SA 4301 proposed by Mr. Baucus 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:

       On page 363, between lines 3 and 4, insert the following:

     SEC. 621. EXCLUSIVITY PERIOD.

       (a) First Applicant.--Section 505(j)(5) of the Federal 
     Food, Drug, and Cosmetic Act (21 U.S.C. 355(j)(5)) is 
     amended--
       (1) in subparagraph (B)(iv)--
       (A) in subclause (II), by striking item (bb) and inserting 
     the following:
       ``(bb) First applicant.--As used in this subsection, the 
     term `first applicant' means--
       ``(AA) an applicant that, on the first day on which a 
     substantially complete application containing a certification 
     described in paragraph (2)(A)(vii)(IV) is submitted for 
     approval of a drug, submits a substantially complete 
     application that contains and lawfully maintains a 
     certification described in paragraph (2)(A)(vii)(IV) for the 
     drug; or
       ``(BB) an applicant for the drug not described in item (AA) 
     that satisfies the requirements of subclause (III).''; and
       (B) by adding at the end the following:

       ``(III) An applicant described in subclause (II)(bb)(BB) 
     shall--

       ``(aa) submit and lawfully maintain a certification 
     described in paragraph (2)(A)(vii)(IV) or a statement 
     described in paragraph (2)(A)(viii) for each unexpired patent 
     for which a first applicant described in item (AA) had 
     submitted a certification described in paragraph 
     (2)(A)(vii)(IV) on the first day on which a substantially 
     complete application containing such a certification was 
     submitted;
       ``(bb) with regard to each such unexpired patent for which 
     the applicant submitted a

[[Page 10674]]

     certification described in paragraph (2)(A)(vii)(IV), no 
     action for patent infringement was brought against the 
     applicant within the 45-day period specified in paragraph 
     (5)(B)(iii), or if an action was brought within such time 
     period, the applicant has obtained the decision of a court 
     (including a district court) that the patent is invalid or 
     not infringed (including any substantive determination that 
     there is no cause of action for patent infringement or 
     invalidity, and including a settlement order or consent 
     decree signed and entered by the court stating that the 
     patent is invalid or not infringed); and
       ``(cc) but for the effective date of approval provisions in 
     subparagraphs (B) and (F) and sections 505A and 527, be 
     eligible to receive immediately effective approval at a time 
     before any other applicant has begun commercial marketing.''; 
     and
       (2) in subparagraph (D)--
       (A) in clause (i)(IV), by striking ``The first applicant'' 
     and inserting ``The first applicant, as defined in 
     subparagraph (B)(iv)(II)(bb)(AA),''; and
       (B) in clause (iii), in the matter preceding subclause 
     (I)--
       (i) by striking ``If all first applicants forfeit the 180-
     day exclusivity period under clause (ii)''; and
       (ii) by inserting ``If all first applicants, as defined in 
     subparagraph (B)(iv)(II)(bb)(AA), forfeit the 180-day 
     exclusivity period under clause (ii) at a time at which no 
     applicant has begun commercial marketing''.
       (b) Effective Date and Transitional Provision.--
       (1) Effective date.--The amendments made by subsection (a) 
     shall be effective only with respect to an application filed 
     under section 505(j) of the Federal Food, Drug, and Cosmetic 
     Act (21 U.S.C. 355(j)) to which the amendments made by 
     section 1102(a) of the Medicare Prescription Drug Improvement 
     and Modernization Act of 2003 (Public Law 108-173) apply.
       (2) Transitional provision.--An application filed under 
     section 505(j) of the Federal Food, Drug, and Cosmetic Act 
     (21 U.S.C. 355(j)), to which the 180-day exclusivity period 
     described in paragraph (5)(iv) of such section does not 
     apply, and that contains a certification under paragraph 
     (2)(A)(vii)(IV) of such Act, shall be regarded as a previous 
     application containing such a certification within the 
     meaning of section 505(j)(5)(B)(iv) of such Act (as in effect 
     before the amendments made by Medicare Prescription Drug 
     Improvement and Modernization Act of 2003 (Public Law 108-
     173)) if--
       (A) no action for infringement of the patent that is the 
     subject of such certification was brought against the 
     applicant within the 45-day period specified in section 
     505(j)(5)(B)(iii) of the Federal Food, Drug, and Cosmetic Act 
     (21 U.S.C. 355(j)(5)(B)(iii)), or if an action was brought 
     within such time period, the applicant has obtained the 
     decision of a court (including a district court) that the 
     patent is invalid or not infringed (including any substantive 
     determination that there is no cause of action for patent 
     infringement or invalidity, and including a settlement order 
     or consent decree signed and entered by the court stating 
     that the patent is invalid or not infringed);
       (B) the application is eligible to receive immediately 
     effective approval, but for the effective date of approval 
     provisions in sections 505(j)(5)(B) (as in effect before the 
     amendment made by Public Law 108-173), 505(j)(5)(F), 505A, 
     and 527 of the Federal Food, Drug, and Cosmetic Act (21 
     U.S.C. 355(j)(5)(B), 355(j)(5)(F), 355a, 360cc); and
       (C) no other applicant has begun commercial marketing.
                                 ______
                                 
  SA 4362. Mr. LEVIN (for himself, Mr. Kaufman, Mr. Nelson of Florida, 
Mrs. Shaheen, Mrs. McCaskill, Mr. Whitehouse, and Mr. Reed) submitted 
an amendment intended to be proposed to amendment SA 4301 proposed by 
Mr. Baucus 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 end of the amendment, insert the following:

  TITLE __--AUTHORIZING SPECIAL MEASURES FOR JURISDICTIONS, FINANCIAL 
INSTITUTIONS, INTERNATIONAL TRANSACTIONS, OR TYPES OF ACCOUNTS THAT ARE 
    OF PRIMARY MONEY LAUNDERING CONCERN OR IMPEDE UNITED STATES TAX 
                              ENFORCEMENT

     SEC. ___. AUTHORIZING SPECIAL MEASURES FOR JURISDICTIONS, 
                   FINANCIAL INSTITUTIONS, INTERNATIONAL 
                   TRANSACTIONS, OR TYPES OF ACCOUNTS THAT ARE OF 
                   PRIMARY MONEY LAUNDERING CONCERN OR IMPEDE 
                   UNITED STATES TAX ENFORCEMENT.

       Section 5318A of title 31, United States Code, is amended--
       (1) by striking the section heading and inserting the 
     following:

     ``Sec. 5318A. Special measures for jurisdictions, financial 
       institutions, or international transactions that are of 
       primary money laundering concern or impede United States 
       tax enforcement'';

       (2) in subsection (a), by striking the subsection heading 
     and inserting the following:
       ``(a) Special Measures To Counter Money Laundering and 
     Efforts To Impede United States Tax Enforcement.--'';
       (3) in subsection (c), by striking the subsection heading 
     and inserting the following:
       ``(c) Consultations and Information To Be Considered in 
     Finding Jurisdictions, Institutions, Types of Accounts, or 
     Transactions To Be of Primary Money Laundering Concern or To 
     Be Impeding United States Tax Enforcement.--'';
       (4) in subsection (a)(1), by inserting ``or is impeding 
     United States tax enforcement'' after ``primary money 
     laundering concern'';
       (5) in subsection (a)(4)--
       (A) in subparagraph (A)--
       (i) by inserting ``in matters involving money laundering,'' 
     before ``shall consult''; and
       (ii) by striking ``and'' at the end;
       (B) by redesignating subparagraph (B) as subparagraph (C); 
     and
       (C) by inserting after subparagraph (A) the following:
       ``(B) in matters involving United States tax enforcement, 
     shall consult with the Commissioner of the Internal Revenue, 
     the Secretary of State, the Attorney General of the United 
     States, and in the sole discretion of the Secretary, such 
     other agencies and interested parties as the Secretary may 
     find to be appropriate; and'';
       (6) in each of paragraphs (1)(A), (2), (3), and (4) of 
     subsection (b), by inserting ``or to be impeding United 
     States tax enforcement'' after ``primary money laundering 
     concern'' each place that term appears;
       (7) in subsection (b), by striking paragraph (5) and 
     inserting the following:
       ``(5) Prohibitions or conditions on opening or maintaining 
     certain correspondent or payable-through accounts or 
     authorizing certain payment cards.--If the Secretary finds a 
     jurisdiction outside of the United States, 1 or more 
     financial institutions operating outside of the United 
     States, or 1 or more classes of transactions within or 
     involving a jurisdiction outside of the United States to be 
     of primary money laundering concern or to be impeding United 
     States tax enforcement, the Secretary, in consultation with 
     the Secretary of State, the Attorney General of the United 
     States, and the Chairman of the Board of Governors of the 
     Federal Reserve System, may prohibit, or impose conditions 
     upon--
       ``(A) the opening or maintaining in the United States of a 
     correspondent account or payable-through account; or
       ``(B) the authorization, approval, or use in the United 
     States of a credit card, charge card, debit card, or similar 
     credit or debit financial instrument by any domestic 
     financial institution, financial agency, or credit card 
     company or association, for or on behalf of a foreign banking 
     institution, if such correspondent account, payable-through 
     account, credit card, charge card, debit card, or similar 
     credit or debit financial instrument, involves any such 
     jurisdiction or institution, or if any such transaction may 
     be conducted through such correspondent account, payable-
     through account, credit card, charge card, debit card, or 
     similar credit or debit financial instrument.''; and
       (8) in subsection (c)(1), by inserting ``or is impeding 
     United States tax enforcement'' after ``primary money 
     laundering concern'';
       (9) in subsection (c)(2)(A)--
       (A) in clause (ii), by striking ``bank secrecy or special 
     regulatory advantages'' and inserting ``bank, tax, corporate, 
     trust, or financial secrecy or regulatory advantages'';
       (B) in clause (iii), by striking ``supervisory and counter-
     money'' and inserting ``supervisory, international tax 
     enforcement, and counter-money'';
       (C) in clause (v), by striking ``banking or secrecy'' and 
     inserting ``banking, tax, or secrecy''; and
       (D) in clause (vi), by inserting ``, tax treaty, or tax 
     information exchange agreement'' after ``treaty'';
       (10) in subsection (c)(2)(B)--
       (A) in clause (i), by inserting ``or tax evasion'' after 
     ``money laundering''; and
       (B) in clause (iii), by inserting ``, tax evasion,'' after 
     ``money laundering''; and
       (11) in subsection (d), by inserting ``involving money 
     laundering, and shall notify, in writing, the Committee on 
     Finance of the Senate and the Committee on Ways and Means of 
     the House of Representatives of any such action involving 
     United States tax enforcement'' after ``such action''.
                                 ______
                                 
  SA 4363. Ms. CANTWELL (for herself, Mr. LeMieux, Mrs. Feinstein, Ms. 
Stabenow, Mr. Merkley, Mr. Nelson of Nebraska, and Mr. Menendez) 
submitted an amendment intended to be proposed to amendment SA 4301 
proposed by Mr. Baucus 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 end of subtitle A of title II, insert the following:

     SEC. 2__. EXTENSION AND EXPANSION OF GRANTS FOR SPECIFIED 
                   ENERGY PROPERTY IN LIEU OF TAX CREDITS.

       (a) Extension.--

[[Page 10675]]

       (1) In general.--Subsection (a) of section 1603 of division 
     B of the American Recovery and Reinvestment Act of 2009 is 
     amended--
       (A) in paragraph (1), by striking ``2009 or 2010'' and 
     inserting ``2009, 2010, 2011, or 2012'', and
       (B) in paragraph (2)--
       (i) by striking ``after 2010'' and inserting ``after 
     2012'', and
       (ii) by striking ``2009 or 2010'' and inserting ``2009, 
     2010, 2011, or 2012''.
       (2) Conforming amendment.--Subsection (j) of section 1603 
     of division B of such Act is amended by striking ``2011'' and 
     inserting ``2013''.
       (b) Expansion of Grants to Certain Governmental Units and 
     Co-operative Electric Companies.--
       (1) In general.--
       (A) Expansion.--Section 1603(g) of division B of the 
     American Recovery and Reinvestment Act of 2009 is amended--
       (i) in paragraph (1), by inserting ``other than a 
     governmental unit which is a State utility with a service 
     obligation (as such terms are defined in section 217 of the 
     Federal Power Act)'' after ``thereof),'',
       (ii) in paragraph (2), by inserting ``other than a mutual 
     or cooperative electric company described in section 
     501(c)(12) of such Code'' after ``such Code'', and
       (iii) by striking paragraph (3) and redesignating paragraph 
     (4) as paragraph (3).
       (B) Conforming amendment.--Paragraph (3) of section 1603(g) 
     of division B of such Act, as redesignated by subparagraph 
     (A)(iii), is amended by striking ``paragraph (1), (2), or 
     (3)'' and inserting ``paragraph (1) or (2)''.
       (2) Special rule with respect to power marketing 
     administrations and tva.--Section 1603 of division B of such 
     Act, as amended by subsection (a), is amended by 
     redesignating subsections (h), (i), and (j) as subsections 
     (i), (j), and (k), respectively, and by inserting after 
     subsection (g) the following new subsection:
       ``(h) Certain Persons Deemed Eligible.--Notwithstanding any 
     other provision of this section--
       ``(1) the Tennessee Valley Authority shall be eligible for 
     a grant under this subsection, and
       ``(2) no person shall be considered to be ineligible for a 
     grant under this section on the basis that such person has a 
     contract or other business arrangement relating to the 
     specified energy property with a power marketing 
     administration (within the meaning of section 2605(a)(2) of 
     the Energy Policy Act of 1992) or the Tennessee Valley 
     Authority, including any contract to sell or assign the 
     rights to the output from such specified energy property or 
     any other contract or business arrangement under which the 
     specified energy property is considered to be used by the 
     power marketing administration or the Tennessee Valley 
     Authority.''.
       (c) No Grants for Property for Which CREBs Have Been 
     Issued.--Section 1603 of division B of such Act, as amended 
     by this section, is amended by redesignating subsections (h), 
     (i), (j), and (k) as subsections (i), (j), (k) and (l), 
     respectively, and by inserting after subsection (g) the 
     following new subsection:
       ``(h) Exception for Certain Projects.--The Secretary of the 
     Treasury shall not make any grant under this section to any 
     governmental unit or cooperative electric company (as defined 
     in section 54(j)(1)) with respect to any specified energy 
     property described in subsection (d)(1) if such entity has 
     issued any bond--
       ``(1) which is designated as a clean renewable energy bond 
     under section 54 of the Internal Revenue Code of 1986 or as a 
     new clean renewable energy bond under section 54C of such 
     Code, and
       ``(2) the proceeds of which are used for expenditures in 
     connection with the same qualified facility with respect to 
     which such specified energy property is a part.''.
       (d) Treatment of Grants for Cooperative Electric 
     Companies.--Section 501(c)(12) of the Internal Revenue Code 
     of 1986 is amended by adding at the end the following new 
     subparagraph:
       ``(I) In the case of a mutual or cooperative electric 
     company described in this paragraph or an organization 
     described in section 1381(a)(2)(C), subparagraph (A) shall be 
     applied without taking into account any grant received under 
     section 1603 of division B of the American Recovery and 
     Reinvestment Act of 2009.''.
       (e) Application of Grants for Specified Energy Property to 
     Certain Regulated Companies.--The first sentence of section 
     1603(f) of division B of the American Recovery and 
     Reinvestment Act of 2009 is amended by inserting ``(other 
     than paragraph (2) of subsection (d) thereof)'' after 
     ``section 50 of the Internal Revenue Code of 1986''.
       (f) Application of Grants to REITs.--The first sentence of 
     section 1603(f) of division B of the American Recovery and 
     Reinvestment Act of 2009, as amended by subsection (e), is 
     amended by striking ``paragraph (2)'' and inserting 
     ``paragraphs (1) and (2)''.
       (g) Effective Date.--
       (1) In general.--Except as provided in paragraph (2), the 
     amendments made by this section shall apply to property 
     placed in service after the date of the enactment of this 
     Act.
       (2) Application to certain regulated companies.--The 
     amendment made by subsections (b)(1), (d), and (e) shall take 
     effect as if included in section 1603 of division B the 
     American Recovery and Reinvestment Act of 2009.

     SEC. 2__. TAXES ATTRIBUTABLE TO OIL SPILL LIABILITY TRUST 
                   FUND FINANCING RATE NOT DEDUCTIBLE FOR CERTAIN 
                   TAXPAYERS.

       (a) In General.--Section 275 is amended by redesignating 
     subsection (b) as subsection (c) and by inserting after 
     subsection (a) the following new subsection:
       ``(b) Taxes on Petroleum Paid by Certain Taxpayers.--
       ``(1) In general.--In the case of any taxpayer who is a 
     disqualified taxpayer for a taxable year, no deduction shall 
     be allowed for such taxable year for so much of the taxes 
     imposed under section 4611 as are attributable to the Oil 
     Spill Liability trust Fund financing rate determined under 
     section 4611(c)(2)(B).
       ``(2) Disqualified taxpayer.--For purposes of this 
     subsection, the term `disqualified taxpayer' means, with 
     respect to any taxable year, any taxpayer who has gross 
     revenues in excess of $100,000,000 for such taxable year.''.
       (b) Effective Date.--The amendments made by this section 
     shall apply to taxes on crude oil received at a United States 
     refinery and petroleum products entered into the United 
     States after the date of the enactment of this Act.
                                 ______
                                 
  SA 4364. Mr. WARNER submitted an amendment intended to be proposed to 
amendment SA 4301 proposed by Mr. Baucus 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 end of title VI, insert the following:

     SEC. 621. HOMEOWNERS AFFECTED BY TOXIC DRYWALL.

       Section 7(b) of the Small Business Act (15 U.S.C. 636(b)) 
     is amended by adding at the end the following:
       ``(10) Homeowners adversely affected by toxic drywall.--
       ``(A) Definition.--In this paragraph, the term `toxic 
     drywall' means drywall that the Consumer Product Safety 
     Commission determines is problem drywall.
       ``(B) In general.--The Administrator may make a loan to an 
     individual under this section, if the Adminstrator determines 
     that the primary residence of the individual has been 
     adversely affected by the installation of toxic drywall.
       ``(C) Permissible uses of loans.--A loan under this 
     paragraph may be used by an individual only for the repair or 
     replacement of toxic drywall in the primary residence of the 
     individual, or of components of the primary residence that 
     are directly affected by toxic drywall (including electrical 
     wiring), in accordance with guidance issued by a member 
     agency of the Federal Interagency Task Force on Problem 
     Drywall.''.
                                 ______
                                 
  SA 4365. Mr. WARNER submitted an amendment intended to be proposed to 
amendment SA 4301 proposed by Mr. Baucus 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:

       On page 217, strike lines 5 through 18, and insert the 
     following:
       ``(A) In general.--Except as provided in subparagraph (B), 
     the term `applicable percentage' means 75 percent.
       ``(B) Exceptions for sales of assets held at least 5 
     years.--The applicable percentage shall be 50 percent with 
     respect to any net income or net loss under subsection 
     (a)(1), or any income or gain under subsection (e), which is 
     properly allocable to gain or loss from the sale or exchange 
     of any asset which is held at least 5 years.

                          ____________________