    [United States Statutes at Large, Volume 124, 111th Congress, 2nd Session]
    [From the U.S. Government Publishing Office, www.gpo.gov]

    Public Law 111-147
    111th Congress

    An Act

    Making appropriations for the Departments of Commerce and Justice, and
    Science, and Related Agencies for the fiscal year ending September 30,
    2010, and for other purposes. <>

    Be it enacted by the Senate and House of Representatives of the
    United States of America in Congress assembled, <>
    SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE; TABLE OF CONTENTS.

    (a) Short <> Title.--This Act may be cited as
    the ``Hiring Incentives to Restore Employment Act''.

    (b) Amendment of 1986 Code.--Except as otherwise expressly provided,
    whenever in this Act an amendment or repeal is expressed in terms of an
    amendment to, or repeal of, a section or other provision, the reference
    shall be considered to be made to a section or other provision of the
    Internal Revenue Code of 1986.
    (c) Table of Contents.--The table of contents for this Act is as
    follows:

    Sec. 1. Short title; amendment of 1986 Code; table of contents.

    TITLE I--INCENTIVES FOR HIRING AND RETAINING UNEMPLOYED WORKERS

    Sec. 101. Payroll tax forgiveness for hiring unemployed workers.
    Sec. 102. Business credit for retention of certain newly hired
    individuals in 2010.

    TITLE II--EXPENSING

    Sec. 201. Increase in expensing of certain depreciable business assets.

    TITLE III--QUALIFIED TAX CREDIT BONDS

    Sec. 301. Issuer allowed refundable credit for certain qualified tax
    credit bonds.

    TITLE IV--EXTENSION OF CURRENT SURFACE TRANSPORTATION PROGRAMS

    Sec. 401. Short title.

    Subtitle A--Federal-aid Highways

    Sec. 411. In general.
    Sec. 412. Administrative expenses.
    Sec. 413. Rescission of unobligated balances.
    Sec. 414. Reconciliation of funds.

    Subtitle B--National Highway Traffic Safety Administration, Federal
    Motor Carrier Safety Administration, and Additional Programs

    Sec. 421. Extension of National Highway Traffic Safety Administration
    Highway Safety Programs.
    Sec. 422. Extension of Federal Motor Carrier Safety Administration
    Programs.
    Sec. 423. Additional programs.

    Subtitle C--Public Transportation Programs

    Sec. 431. Allocation of funds for planning programs.

    [[Page 72]]

    Sec. 432. Special rule for urbanized area formula grants.
    Sec. 433. Allocating amounts for capital investment grants.
    Sec. 434. Apportionment of formula grants for other than urbanized
    areas.
    Sec. 435. Apportionment based on fixed guideway factors.
    Sec. 436. Authorizations for public transportation.
    Sec. 437. Amendments to SAFETEA-LU.

    Subtitle D--Revenue Provisions

    Sec. 441. Repeal of provision prohibiting the crediting of interest to
    the Highway Trust Fund.
    Sec. 442. Restoration of certain foregone interest to Highway Trust
    Fund.
    Sec. 443. Treatment of certain amounts appropriated to Highway Trust
    Fund.
    Sec. 444. Termination of transfers from highway trust fund for certain
    repayments and credits.
    Sec. 445. Extension of authority for expenditures.
    Sec. 446. Level of obligation limitations.

    Subtitle E--Disadvantaged Business Enterprises

    Sec. 451. Disadvantaged business enterprises.

    TITLE V--OFFSET PROVISIONS

    Subtitle A--Foreign Account Tax Compliance

    Part I--Increased Disclosure of Beneficial Owners

    Sec. 501. Reporting on certain foreign accounts.
    Sec. 502. Repeal of certain foreign exceptions to registered bond
    requirements.

    Part II--Under Reporting With Respect to Foreign Assets

    Sec. 511. Disclosure of information with respect to foreign financial
    assets.
    Sec. 512. Penalties for underpayments attributable to undisclosed
    foreign financial assets.
    Sec. 513. Modification of statute of limitations for significant
    omission of income in connection with foreign assets.

    Part III--Other Disclosure Provisions

    Sec. 521. Reporting of activities with respect to passive foreign
    investment companies.
    Sec. 522. Secretary permitted to require financial institutions to file
    certain returns related to withholding on foreign transfers
    electronically.

    Part IV--Provisions Related to Foreign Trusts

    Sec. 531. Clarifications with respect to foreign trusts which are
    treated as having a United States beneficiary.
    Sec. 532. Presumption that foreign trust has United States beneficiary.
    Sec. 533. Uncompensated use of trust property.
    Sec. 534. Reporting requirement of United States owners of foreign
    trusts.
    Sec. 535. Minimum penalty with respect to failure to report on certain
    foreign trusts.

    Part V--Substitute Dividends and Dividend Equivalent Payments Received
    by Foreign Persons Treated as Dividends

    Sec. 541. Substitute dividends and dividend equivalent payments received
    by foreign persons treated as dividends.

    Subtitle B--Delay in Application of Worldwide Allocation of Interest

    Sec. 551. Delay in application of worldwide allocation of interest.

    Subtitle C--Budgetary Provisions

    Sec. 561. Time for payment of corporate estimated taxes.
    Sec. 562. PAYGO Compliance.

    TITLE I--INCENTIVES FOR HIRING AND RETAINING UNEMPLOYED WORKERS

    SEC. 101. PAYROLL TAX FORGIVENESS FOR HIRING UNEMPLOYED WORKERS.

    (a) In General.--Section 3111 is <> amended by
    adding at the end the following new subsection:

    [[Page 73]]

    ``(d) Special Exemption for Certain Individuals Hired in 2010.--
    ``(1) In general.--Subsection <> (a)
    shall not apply to wages paid by a qualified employer with
    respect to employment during the period beginning on the day
    after the date of the enactment of this subsection and ending on
    December 31, 2010, of any qualified individual for services
    performed--
    ``(A) in a trade or business of such qualified
    employer, or
    ``(B) in the case of a qualified employer exempt
    from tax under section 501(a), in furtherance of the
    activities related to the purpose or function
    constituting the basis of the employer's exemption under
    section 501.
    ``(2) Qualified <> employer.--For
    purposes of this subsection--
    ``(A) In general.--The term `qualified employer'
    means any employer other than the United States, any
    State, or any political subdivision thereof, or any
    instrumentality of the foregoing.
    ``(B) Treatment of employees of post-secondary
    educational institutions.--Notwithstanding subparagraph
    (A), the term `qualified employer' includes any employer
    which is a public institution of higher education (as
    defined in section 101(b) of the Higher Education Act of
    1965).
    ``(3) Qualified individual.--
    For <> purposes of this subsection, the term
    `qualified individual' means any individual who--
    ``(A) begins employment with a qualified employer
    after February 3, 2010, and before January 1, 2011,
    ``(B) certifies by signed affidavit, under penalties
    of perjury, that such individual has not been employed
    for more than 40 hours during the 60-day period ending
    on the date such individual begins such employment,
    ``(C) is not employed by the qualified employer to
    replace another employee of such employer unless such
    other employee separated from employment voluntarily or
    for cause, and
    ``(D) is not an individual described in section
    51(i)(1) (applied by substituting `qualified employer'
    for `taxpayer' each place it appears).
    ``(4) Election.--A qualified employer may elect to have this
    subsection not apply. Such election shall be made in such manner
    as the Secretary may require.
    ``(5) Special rule for first calendar quarter of 2010.--
    ``(A) Nonapplication of exemption during first
    quarter.--Paragraph (1) shall not apply with respect to
    wages paid during the first calendar quarter of 2010.
    ``(B) Crediting of first quarter exemption during
    second quarter.--The amount by which the tax imposed
    under subsection (a) would (but for subparagraph (A))
    have been reduced with respect to wages paid by a
    qualified employer during the first calendar quarter of
    2010 shall be treated as a payment against the tax
    imposed under subsection (a) with respect to the
    qualified employer for the second calendar quarter of
    2010 which is made on the date that such tax is due.''.

    [[Page 74]]

    (b) Coordination With Work Opportunity Credit.--Section
    51(c) <>  is amended by adding at the end the
    following new paragraph:
    ``(5) Coordination with payroll tax forgiveness.--The term
    `wages' shall not include any amount paid or incurred to a
    qualified individual (as defined in section 3111(d)(3)) during
    the 1-year period beginning on the hiring date of such
    individual by a qualified employer (as defined in section
    3111(d)) unless such qualified employer makes an election not to
    have section 3111(d) apply.''.

    (c) Transfers to Federal Old-Age and Survivors Insurance Trust
    Fund.--There are hereby appropriated to the Federal Old-Age and
    Survivors Trust Fund and the Federal Disability Insurance Trust Fund
    established under section 201 of the Social Security Act (42 U.S.C. 401)
    amounts equal to the reduction in revenues to the Treasury by reason of
    the amendments made by subsection (a). Amounts appropriated by the
    preceding sentence shall be transferred from the general fund at such
    times and in such manner as to replicate to the extent possible the
    transfers which would have occurred to such Trust Fund had such
    amendments not been enacted.
    (d) Application to Railroad Retirement Taxes.--
    (1) In general.--Section 3221 of the Internal Revenue Code
    of 1986 is amended by redesignating subsection (c) as subsection
    (d) and by inserting after subsection (b) the following new
    subsection:

    ``(c) Special Rate for Certain Individuals Hired in 2010.--
    ``(1) In general.--In <> the case of
    compensation paid by a qualified employer during the period
    beginning on the day after the date of the enactment of this
    subsection and ending on December 31, 2010, with respect to
    having a qualified individual in the employer's employ for
    services rendered to such qualified employer, the applicable
    percentage under subsection (a) shall be equal to the rate of
    tax in effect under section 3111(b) for the calendar year.
    ``(2) Qualified employer.--The <> term
    `qualified employer' means any employer other than the United
    States, any State, or any political subdivision thereof, or any
    instrumentality of the foregoing.
    ``(3) Qualified individual.--
    For <> purposes of this subsection, the term
    `qualified individual' means any individual who--
    ``(A) begins employment with a qualified employer
    after February 3, 2010, and before January 1, 2011,
    ``(B) certifies by signed affidavit, under penalties
    of perjury, that such individual has not been employed
    for more than 40 hours during the 60-day period ending
    on the date such individual begins such employment,
    ``(C) is not employed by the qualified employer to
    replace another employee of such employer unless such
    other employee separated from employment voluntarily or
    for cause, and
    ``(D) is not an individual described in section
    51(i)(1) (applied by substituting `qualified employer'
    for `taxpayer' each place it appears).
    ``(4) Election.--A qualified employer may elect to have this
    subsection not apply. Such election shall be made in such manner
    as the Secretary may require.

    [[Page 75]]

    ``(5) Special rule for first calendar quarter of 2010.--
    ``(A) Nonapplication of exemption during first
    quarter.--Paragraph (1) shall not apply with respect to
    compensation paid during the first calendar quarter of
    2010.
    ``(B) Crediting of first quarter exemption during
    second quarter.--The amount by which the tax imposed
    under subsection (a) would (but for subparagraph (A))
    have been reduced with respect to compensation paid by a
    qualified employer during the first calendar quarter of
    2010 shall be treated as a payment against the tax
    imposed under subsection (a) with respect to the
    qualified employer for the second calendar quarter of
    2010 which is made on the date that such tax is due.''.
    (2) Transfers to social security equivalent benefit
    account.--There are hereby appropriated to the Social Security
    Equivalent Benefit Account established under section 15A(a) of
    the Railroad Retirement Act of 1974 (45 U.S.C. 231n-1(a))
    amounts equal to the reduction in revenues to the Treasury by
    reason of the amendments made by paragraph (1). Amounts
    appropriated by the preceding sentence shall be transferred from
    the general fund at such times and in such manner as to
    replicate to the extent possible the transfers which would have
    occurred to such Account had such amendments not been enacted.

    (e) Effective <> Dates.--
    (1) In general.--Except as provided in paragraph (2), the
    amendments made by this subsection shall apply to wages paid
    after the date of the enactment of this Act.
    (2) Railroad retirement taxes.--The amendments made by
    subsection (d) shall apply to compensation paid after the date
    of the enactment of this Act.
    SEC. 102. <> BUSINESS CREDIT FOR RETENTION
    OF CERTAIN NEWLY HIRED INDIVIDUALS IN
    2010.

    (a) In General.--In the case of any taxable year ending after the
    date of the enactment of this Act, the current year business credit
    determined under section 38(b) of the Internal Revenue Code of 1986 for
    such taxable year shall be increased, with respect to each retained
    worker with respect to which subsection (b)(2) is first satisfied during
    such taxable year, by the lesser of--
    (1) $1,000, or
    (2) 6.2 percent of the wages (as defined in section 3401(a))
    paid by the taxpayer to such retained worker during the 52
    consecutive week period referred to in subsection (b)(2).

    (b) Retained <> Worker.--For purposes of this
    section, the term ``retained worker'' means any qualified individual (as
    defined in section 3111(d)(3) or section 3221(c)(3) of the Internal
    Revenue Code of 1986)--
    (1) who was employed by the taxpayer on any date during the
    taxable year,
    (2) who was so employed by the taxpayer for a period of not
    less than 52 consecutive weeks, and
    (3) whose wages (as defined in section 3401(a)) for such
    employment during the last 26 weeks of such period equaled at
    least 80 percent of such wages for the first 26 weeks of such
    period.

    [[Page 76]]

    (c) Limitation on Carrybacks.--No portion of the unused business
    credit under section 38 of the Internal Revenue Code of 1986 for any
    taxable year which is attributable to the increase in the current year
    business credit under this section may be carried to a taxable year
    beginning before the date of the enactment of this section.
    (d) Treatment of Possessions.--
    (1) Payments to possessions.--
    (A) Mirror code possessions.--The Secretary of the
    Treasury shall pay to each possession of the United
    States with a mirror code tax system amounts equal to
    the loss to that possession by reason of the application
    of this section (other than this subsection).
    Such <> amounts shall be
    determined by the Secretary of the Treasury based on
    information provided by the government of the respective
    possession.
    (B) Other possessions.--
    The <> Secretary of the Treasury shall
    pay to each possession of the United States which does
    not have a mirror code tax system amounts estimated by
    the Secretary of the Treasury as being equal to the
    aggregate benefits that would have been provided to
    residents of such possession by reason of the
    application of this section (other than this subsection)
    if a mirror code tax system had been in effect in such
    possession. The <> preceding sentence
    shall not apply with respect to any possession of the
    United States unless such possession has a plan, which
    has been approved by the Secretary of the Treasury,
    under which such possession will promptly distribute
    such payments to the residents of such possession.
    (2) Coordination with credit allowed against united states
    income taxes.--No increase in the credit determined under
    section 38(b) of the Internal Revenue Code of 1986 against
    United States income taxes for any taxable year determined under
    subsection (a) shall be taken into account with respect to any
    person--
    (A) to whom a credit is allowed against taxes
    imposed by the possession by reason of this section for
    such taxable year, or
    (B) who is eligible for a payment under a plan
    described in paragraph (1)(B) with respect to such
    taxable year.
    (3) Definitions and special rules.--
    (A) Possession of the united states.--For purposes
    of this subsection, the term ``possession of the United
    States'' includes the Commonwealth of Puerto Rico and
    the Commonwealth of the Northern Mariana Islands.
    (B) Mirror code tax system.--For purposes of this
    subsection, the term ``mirror code tax system'' means,
    with respect to any possession of the United States, the
    income tax system of such possession if the income tax
    liability of the residents of such possession under such
    system is determined by reference to the income tax laws
    of the United States as if such possession were the
    United States.
    (C) Treatment of payments.--
    For <> purposes of section
    1324(b)(2) of title 31, United States Code, rules
    similar to the rules of section 1001(b)(3)(C) of the
    American Recovery and Reinvestment Tax Act of 2009 shall
    apply.

    [[Page 77]]

    TITLE II--EXPENSING

    SEC. 201. INCREASE IN EXPENSING OF CERTAIN DEPRECIABLE BUSINESS
    ASSETS.

    (a) In General.--Subsection (b) of <> section 179
    is amended--
    (1) by striking ``($125,000 in the case of taxable years
    beginning after 2006 and before 2011)'' in paragraph (1) and
    inserting ``($250,000 in the case of taxable years beginning
    after 2007 and before 2011)'',
    (2) by striking ``($500,000 in the case of taxable years
    beginning after 2006 and before 2011)'' in paragraph (2) and
    inserting ``($800,000 in the case of taxable years beginning
    after 2007 and before 2011)'',
    (3) by striking paragraphs (5) and (7), and
    (4) by redesignating paragraph (6) as paragraph (5).

    (b) Effective <> Date.--The
    amendments made by this section shall apply to taxable years beginning
    after December 31, 2009.

    TITLE III--QUALIFIED TAX CREDIT BONDS

    SEC. 301. ISSUER ALLOWED REFUNDABLE CREDIT FOR CERTAIN QUALIFIED
    TAX CREDIT BONDS.

    (a) Credit Allowed.--Section 6431 is amended by adding at the end
    the following new subsection:
    ``(f) Application of Section to Certain Qualified Tax Credit
    Bonds.--
    ``(1) In general.--In the case of any specified tax credit
    bond--
    ``(A) such bond shall be treated as a qualified bond
    for purposes of this section,
    ``(B) subsection (a) shall be applied without regard
    to the requirement that the qualified bond be issued
    before January 1, 2011,
    ``(C) the amount of the payment determined under
    subsection (b) with respect to any interest payment due
    under such bond shall be equal to the lesser of--
    ``(i) the amount of interest payable under
    such bond on such date, or
    ``(ii) the amount of interest which would have
    been payable under such bond on such date if such
    interest were determined at the applicable credit
    rate determined under section 54A(b)(3),
    ``(D) interest on any such bond shall be includible
    in gross income for purposes of this title,
    ``(E) no credit shall be allowed under section 54A
    with respect to such bond,
    ``(F) any payment made under subsection (b) shall
    not be includible as income for purposes of this title,
    and
    ``(G) the deduction otherwise allowed under this
    title to the issuer of such bond with respect to
    interest paid under such bond shall be reduced by the
    amount of the payment made under this section with
    respect to such interest.

    [[Page 78]]

    ``(2) Special rule for new clean renewable energy bonds and
    qualified energy conservation bonds.--In the case of any
    specified tax credit bond described in clause (i) or (ii) of
    paragraph (3)(A), the amount determined under paragraph
    (1)(C)(ii) shall be 70 percent of the amount so determined
    without regard to this paragraph and sections 54C(b) and 54D(b).
    ``(3) Specified tax credit bond.--For purposes of this
    subsection, the term `specified tax credit bond' means any
    qualified tax credit bond (as defined in section 54A(d)) if--
    ``(A) such bond is--
    ``(i) a new clean renewable energy bond (as
    defined in section 54C),
    ``(ii) a qualified energy conservation bond
    (as defined in section 54D),
    ``(iii) a qualified zone academy bond (as
    defined in section 54E), or
    ``(iv) a qualified school construction bond
    (as defined in section 54F), and
    ``(B) the issuer of such bond makes an irrevocable
    election to have this subsection apply.''.

    (b) Technical Corrections Relating to Qualified School Construction
    Bonds.--
    (1) The second sentence of section 54F(d)(1) <> is amended by striking ``by the State'' and inserting ``by
    the State education agency (or such other agency as is
    authorized under State law to make such allocation)''.
    (2) The second sentence of section 54F(e) is amended by
    striking ``subsection (d)(4)'' and inserting ``paragraphs (2)
    and (4) of subsection (d)''.

    (c) Effective Dates.--
    (1) In general.--The <> amendment made by subsection (a) shall apply to bonds
    issued after the date of the enactment of this Act.
    (2) Technical <> corrections.--The
    amendments made by subsection (b) shall take effect as if
    included in section 1521 of the American Recovery and
    Reinvestment Tax Act of 2009.

    TITLE IV--EXTENSION <> OF CURRENT SURFACE TRANSPORTATION PROGRAMS
    SEC. 401. <> SHORT TITLE.

    This title may be cited as the ``Surface Transportation Extension
    Act of 2010''.

    Subtitle A--Federal-aid Highways

    SEC. 411. IN GENERAL.

    (a) In General.--Except <> as provided in this Act, requirements,
    authorities, conditions, eligibilities, limitations, and other
    provisions authorized under titles I, V, and VI of the SAFETEA-LU (119
    Stat. 1144), the SAFETEA-LU Technical Corrections Act of 2008

    [[Page 79]]

    (122 Stat. 1572), titles I and VI of the Intermodal Surface
    Transportation Act of 1991 (105 Stat. 1914), titles I and V of the
    Transportation Equity Act for the 21st Century (112 Stat. 107), and
    title 23, United States Code (excluding chapter 4 of that title), which
    would otherwise expire on or cease to apply after September 30, 2009, or
    the date specified in section 106(3) of the Continuing Appropriations
    Resolution, 2010 (Public Law 111-68), are incorporated by reference and
    shall continue in effect until December 31, 2010.

    (b) Authorization of Appropriations.--Except as provided in section
    412, there are authorized to be appropriated out of the Highway Trust
    Fund (other than the Mass Transit Account)--
    (1) for fiscal year 2010, a sum equal to the total amount
    authorized to be appropriated out of the Highway Trust Fund for
    programs, projects, and activities for fiscal year 2009 under
    titles I, V, and VI of the SAFETEA-LU (119 Stat. 1144), and
    title 23, United States Code (excluding chapter 4 of that
    title); and
    (2) for <> the period beginning on
    October 1, 2010, and ending on December 31, 2010, a sum equal to
    \1/4\ of the total amount authorized to be appropriated out of
    the Highway Trust Fund for programs, projects, and activities
    for fiscal year 2009 under titles I, V, and VI of the SAFETEA-LU
    (119 Stat. 1144), and title 23, United States Code (excluding
    chapter 4 of that title).

    (c) Use of Funds.--
    (1) Fiscal year 2010.--Except as otherwise expressly
    provided in this Act, funds authorized to be appropriated under
    subsection (b)(1) for fiscal year 2010 shall be distributed,
    administered, limited, and made available for obligation in the
    same manner and at the same level as funds authorized to be
    appropriated out of the Highway Trust Fund for fiscal year 2009
    to carry out programs, projects, activities, eligibilities, and
    requirements under the SAFETEA-LU (119 Stat. 1144), the SAFETEA-
    LU Technical Corrections Act of 2008 (122 Stat. 1572), titles I
    and VI of the Intermodal Surface Transportation Act of 1991 (105
    Stat. 1914), titles I and V of the Transportation Equity Act for
    the 21st Century (112 Stat. 107), and title 23, United States
    Code (excluding chapter 4 of that title).
    (2) Fiscal year 2011.--Except as otherwise expressly
    provided in this Act, funds authorized to be appropriated under
    subsection (b)(2) for the period beginning on October 1, 2010,
    and ending on December 31, 2010, shall be distributed,
    administered, limited, and made available for obligation in the
    same manner and at the same level as \1/4\ of the total amount
    of funds authorized to be appropriated out of the Highway Trust
    Fund for fiscal year 2009 to carry out programs, projects,
    activities, eligibilities, and requirements under the SAFETEA-LU
    (119 Stat. 1144), the SAFETEA-LU Technical Corrections Act of
    2008 (122 Stat. 1572), titles I and VI of the Intermodal Surface
    Transportation Act of 1991 (105 Stat. 1914), titles I and V of
    the Transportation Equity Act for the 21st Century (112 Stat.
    107), and title 23, United States Code (excluding chapter 4 of
    that title).
    (3) Calculation.--The amounts authorized to be appropriated
    under subsection (b) shall be calculated without regard to any
    rescission or cancellation of funds or contract authority

    [[Page 80]]

    for fiscal year 2009 under the SAFETEA-LU (119 Stat. 1144) or
    any other law.
    (4) Contract authority.--
    (A) In general.--Except as provided in subparagraph
    (B), funds authorized to be appropriated under this
    section shall be available for obligation and shall be
    administered in the same manner as if such funds were
    apportioned under chapter 1 of title 23, United States
    Code, and--
    (i) for fiscal year 2010, shall be subject to
    a limitation on obligations for Federal-aid
    highways and highway safety construction programs
    included in an Act making appropriations for
    fiscal year 2010 or a portion of that fiscal year;
    and
    (ii) for <> the period
    beginning on October 1, 2010, and ending on
    December 31, 2010, shall be subject to a
    limitation on obligations included in an Act
    making appropriations for fiscal year 2011 or a
    portion of that fiscal year, except that during
    such period obligations subject to such limitation
    shall not exceed \1/4\ of the limitation on
    obligations included in an Act making
    appropriations for fiscal year 2011.
    (B) Exceptions.--A limitation on obligations
    described in clause (i) or (ii) of subparagraph (A)
    shall not apply to any obligation under--
    (i) section 125 of title 23, United States
    Code; or
    (ii) section 105 of title 23, United States
    Code--
    (I) for fiscal year 2010, only in an
    amount equal to $639,000,000; and
    (II) <>  for the
    period beginning on October 1, 2010, and
    ending on December 31, 2010, only in an
    amount equal to $159,750,000.
    (5) Calculations for distribution of obligation
    limitation.--Upon enactment of an Act making appropriations for
    the Department of Transportation for fiscal year 2011 (other
    than an Act or resolution making continuing appropriations), the
    Secretary shall--
    (A) as necessary for purposes of making the
    calculations for the distribution of any obligation
    limitation under such Act, annualize the amount of
    contract authority provided under this Act for Federal-
    aid highways and highway safety construction programs;
    and
    (B) multiply the resulting distribution of any
    obligation limitation under such Act by \1/4\.

    (d) Extension and Flexibility for Certain Allocated Programs.--
    (1) Fiscal year 2010.--Notwithstanding any other provision
    of law, for fiscal year 2010, the portion of the share of funds
    of a State under subsection (b)(1) determined by the amount that
    the State received or was authorized to receive for fiscal year
    2009 to carry out sections 1301, 1302, 1307, 1702, and 1934 of
    the SAFETEA-LU (119 Stat. 1198, 1204, 1217, 1256, and 1485), and
    section 144(f)(1) of title 23, United States Code, shall be--
    (A) made available to the State for programs
    apportioned under sections 104(b) and 144 of title 23,
    United

    [[Page 81]]

    States Code, and in the same proportion for each such
    program that--
    (i) the amount apportioned to the State for
    that program for fiscal year 2009; bears to
    (ii) the amount apportioned to the State for
    fiscal year 2009 for all programs apportioned
    under such sections of such Code; and
    (B) administered in the same manner and with the
    same period of availability as such funding is
    administered under programs identified in subparagraph
    (A), except that no funds may be used to carry out the
    project described in section 1307(d)(1) of the SAFETEA-
    LU (119 Stat. 1217; 122 Stat. 1577).
    (2) Fiscal year 2011.--Notwithstanding any other provision
    of law, for the period beginning on October 1, 2010, and ending
    on December 31, 2010, the portion of the share of funds of a
    State under subsection (b)(2) determined by \1/4\ of the amount
    that the State received or was authorized to receive for fiscal
    year 2009 to carry out sections 1301, 1302, 1307, 1702, and 1934
    of the SAFETEA-LU (119 Stat. 1198, 1204, 1217, 1256, and 1485)
    and section 144(f)(1) of title 23, United States Code, shall
    be--
    (A) made available to the State for programs
    apportioned under sections 104(b) and 144 of title 23,
    United States Code, and in the same proportion for each
    such program that--
    (i) the amount apportioned to the State for
    that program for fiscal year 2009; bears to
    (ii) the amount apportioned to the State for
    fiscal year 2009 for all programs apportioned
    under such sections of such Code; and
    (B) administered in the same manner and with the
    same period of availability as such funding is
    administered under programs identified in subparagraph
    (A), except that no funds may be used to carry out the
    project described in section 1307(d)(1) of the SAFETEA-
    LU (119 Stat. 1217; 122 Stat. 1577).
    (3) Territories and puerto rico.--
    (A) Fiscal year 2010.--Notwithstanding any other
    provision of law, for fiscal year 2010, the portion of
    the share of funds of a territory or Puerto Rico under
    paragraph (b)(1) determined by the amount that the
    territory or Puerto Rico received or was authorized to
    receive for fiscal year 2009 to carry out section 1934
    of SAFETEA-LU (119 Stat. 1485), shall be--
    (i) for a territory, made available and
    administered in the same manner as funding is made
    available and administered under section 215 of
    title 23, United States Code; and
    (ii) for Puerto Rico, made available and
    administered in the same manner as funding is made
    available and administered under section 165 of
    title 23, United States Code.
    (B) Fiscal year 2011.--Notwithstanding any other
    provision of law, for the period beginning on October 1,
    2010, and ending on December 31, 2010, the portion of
    the share of funds of a territory or Puerto Rico under

    [[Page 82]]

    paragraph (b)(2) determined by \1/4\ of the amount that
    the territory or Puerto Rico received or was authorized
    to receive for fiscal year 2009 to carry out section
    1934 of SAFETEA-LU (119 Stat. 1485), shall be--
    (i) for a territory, made available and
    administered in the same manner as funding is made
    available and administered under section 215 of
    title 23, United States Code; and
    (ii) for Puerto Rico, made available and
    administered in the same manner as funding is made
    available and administered under section 165 of
    title 23, United States Code.
    (C) Territory defined.--In this paragraph, the term
    ``territory'' means any of the following territories of
    the United States: American Samoa, the Commonwealth of
    the Northern Mariana Islands, Guam, or the United States
    Virgin Islands.
    (4) Additional funds.--
    (A) In general.--
    No <> additional funds shall be
    provided for any project or activity under subsection
    (c), or paragraph (1) or (2) of this subsection, that
    the Secretary of Transportation determines was
    sufficiently funded before or during fiscal year 2009 to
    achieve the authorized purpose of the project or
    activity.
    (B) Reservation and redistribution of funds.--Funds
    made available in accordance with paragraph (1) or (2)
    of subsection (c) or paragraph (1) or (2) of this
    subsection for a project or activity described in
    subparagraph (A) shall be--
    (i) reserved by the Secretary of
    Transportation; and
    (ii) distributed to each State in accordance
    with paragraph (1) or (2) of subsection (c), or
    paragraph (1) or (2) of this subsection, as
    appropriate, for use in carrying out other highway
    projects and activities extended by subsection (c)
    or this subsection, in the proportion that--
    (I) the total amount of funds made
    available for fiscal year 2009 for
    projects and activities described in
    subparagraph (A) in the State; bears to
    (II) the total amount of funds made
    available for fiscal year 2009 for those
    projects and activities in all States.

    (e) Extension of Authorizations Under Title V of SAFETEA-LU.--
    (1) In general.--The programs authorized under paragraphs
    (1) through (5) of section 5101(a) of the SAFETEA-LU (119 Stat.
    1779) shall be continued--
    (A) for fiscal year 2010, at the funding levels
    authorized for those programs for fiscal year 2009; and
    (B) for <> the period beginning
    on October 1, 2010, and ending on December 31, 2010, at
    \1/4\ the funding levels authorized for those programs
    for fiscal year 2009.
    (2) Distribution of funds.--Funds for programs continued
    under paragraph (1) shall be distributed to major program areas
    under those programs in the same proportions as funds

    [[Page 83]]

    were allocated for those program areas for fiscal year 2009,
    except that designations for specific activities shall not be
    required to be continued for--
    (A) fiscal year 2010; or
    (B) the period beginning on October 1, 2010, and
    ending on December 31, 2010.
    (3) Additional funds.--
    (A) In general.--
    No <> additional funds shall be
    provided for any project or activity under this
    subsection that the Secretary of Transportation
    determines was sufficiently funded before or during
    fiscal year 2009 to achieve the authorized purpose of
    the project or activity.
    (B) Distribution.--Funds that would have been made
    available under paragraph (1) for a project or activity
    but for the prohibition under subparagraph (A) shall be
    distributed in accordance with paragraph (2).
    SEC. 412. ADMINISTRATIVE EXPENSES.

    (a) Authorization of Contract Authority.--Notwithstanding any other
    provision of this Act or any other law, there are authorized to be
    appropriated from the Highway Trust Fund (other than the Mass Transit
    Account), from amounts provided under section 411, for administrative
    expenses of the Federal-aid highway program--
    (1) $422,425,000 for fiscal year 2010; and
    (2) $105,606,250 <> for the period
    beginning on October 1, 2010, and ending on December 31, 2010.

    (b) Contract Authority.--Funds authorized to be appropriated by this
    section shall be--
    (1) available for obligation, and shall be administered, in
    the same manner as if such funds were apportioned under chapter
    1 of title 23, United States Code; and
    (2) subject to a limitation on obligations for Federal-aid
    highways and highway safety construction programs, except that
    such funds shall remain available until expended.
    SEC. 413. RESCISSION OF UNOBLIGATED BALANCES.

    (a) In General.--The Secretary of Transportation shall restore funds
    rescinded pursuant to section 10212 of the SAFETEA-LU (Public Law 109-
    59; 119 Stat. 1937) to the States and to the programs from which the
    funds were rescinded.
    (b) Administration of Funds.--The restored amounts shall be
    administered in the same manner as the funds originally rescinded,
    except those funds may only be used with an obligation limitation
    provided in an Act making appropriations for Federal-aid highways and
    highway safety construction programs enacted after implementation of the
    rescission under section 10212 of the SAFETEA-LU (Public Law 109-59; 119
    Stat. 1937).
    (c) Funding.--
    (1) In general.--There is authorized to be appropriated from
    the Highway Trust Fund (other than the Mass Transit Account) for
    fiscal year 2010 to carry out this section an amount equal to
    the amount of funds rescinded under section 10212 of the
    SAFETEA-LU (Public Law 109-59; 119 Stat. 1937).
    (2) Availability for obligation.--Funds authorized to be
    appropriated by this section shall be--
    (A) made available under this section and available
    for obligation in the same manner as if the funds were

    [[Page 84]]

    apportioned under chapter 1 of title 23, United States
    Code, except that the funds shall retain the
    characteristics of the funds originally rescinded; and
    (B) subject to a limitation on obligations for
    Federal-aid highways and highway safety construction
    programs included in an Act making appropriations for
    fiscal year 2010 or a portion of the fiscal year.

    (d) Limitation.--No funds authorized to be restored under this
    section shall be restored after the end of fiscal year 2010.
    SEC. 414. RECONCILIATION OF FUNDS.

    The Secretary shall reduce the amount apportioned or allocated for a
    program, project, or activity under this title by amounts apportioned or
    allocated pursuant to the Continuing Appropriations Resolution, 2010
    (Public Law 111-68).

    Subtitle B--National Highway Traffic Safety Administration, Federal
    Motor Carrier Safety Administration, and Additional Programs

    SEC. 421. EXTENSION OF NATIONAL HIGHWAY TRAFFIC SAFETY
    ADMINISTRATION HIGHWAY SAFETY PROGRAMS.

    (a) Chapter 4 Highway Safety Programs.--Section 2001(a)(1) of the
    SAFETEA-LU (119 Stat. 1519) is amended--
    (1) by striking ``and''; and
    (2) by striking ``2009.'' and inserting ``2009, $235,000,000
    for fiscal year 2010, and $58,750,000 for the period beginning
    on October 1, 2010, and ending on December 31, 2010.''.

    (b) Highway Safety Research and Development.--Section 2001(a)(2) of
    the SAFETEA-LU (119 Stat. 1519) is amended--
    (1) by striking ``and''; and
    (2) by striking ``2009.'' and inserting ``2009, $107,329,000
    for fiscal year 2010, and $27,061,000 for the period beginning
    on October 1, 2010, and ending on December 31, 2010.''.

    (c) Occupant Protection Incentive Grants.--
    (1) Extension of program.--Section 405(a) of title 23,
    United States Code, is amended--
    (A) in paragraph (3), by striking ``6'' and
    inserting ``8''; and
    (B) in paragraph (4)(C), by striking ``fifth and
    sixth'' and inserting ``fifth through eighth''.
    (2) Authorization of appropriations.--Section 2001(a)(3) of
    the SAFETEA-LU (119 Stat. 1519) is amended--
    (A) by striking ``and''; and
    (B) by striking ``2009.'' and inserting ``2009,
    $25,000,000 for fiscal year 2010, and $6,250,000 for the
    period beginning on October 1, 2010, and ending on
    December 31, 2010.''.

    (d) Safety Belt Performance Grants.--Section 2001(a)(4) of the
    SAFETEA-LU (119 Stat. 1519) is amended--
    (1) by striking ``and''; and
    (2) by striking ``2009.'' and inserting ``2009, $124,500,000
    for fiscal year 2010, and $31,125,000 for the period beginning
    on October 1, 2010, and ending on December 31, 2010.''.

    [[Page 85]]

    (e) State Traffic Safety Information System Improvements.--Section
    2001(a)(5) of the SAFETEA-LU (119 Stat. 1519) is amended--
    (1) by striking ``and''; and
    (2) by striking ``2009.'' and inserting ``2009, $34,500,000
    for fiscal year 2010, and $8,625,000 for the period beginning on
    October 1, 2010, and ending on December 31, 2010.''.

    (f) Alcohol-impaired Driving Countermeasures Incentive Grant
    Program.--
    (1) Extension of program.--Section 410 of title 23, United
    States Code, is amended--
    (A) in subsection (a)(3)(C), by striking ``fifth,
    sixth, seventh, and eighth'' and inserting ``fifth
    through tenth''; and
    (B) in subsection (b)(2)(C), by striking ``2008 and
    2009'' and inserting ``2008, 2009, 2010, and 2011''.
    (2) Authorization of appropriations.--Section 2001(a)(6) of
    the SAFETEA-LU (119 Stat. 1519) is amended--
    (A) by striking ``and''; and
    (B) by striking ``2009.'' and inserting ``2009,
    $139,000,000 for fiscal year 2010, and $34,750,000 for
    the period beginning on October 1, 2010, and ending on
    December 31, 2010.''.

    (g) National Driver Register.--Section 2001(a)(7) of the SAFETEA-LU
    (119 Stat. 1520) is amended--
    (1) by striking ``and''; and
    (2) by striking ``2009.'' and inserting ``2009, $4,078,000
    for fiscal year 2010, and $1,029,000 for the period beginning on
    October 1, 2010, and ending on December 31, 2010.''.

    (h) High Visibility Enforcement Program.--
    (1) Extension of program.--Section 2009(a) of the SAFETEA-LU
    (23 U.S.C. 402 note) is amended by striking ``2009'' and
    inserting ``2011''.
    (2) Authorization of appropriations.--Section 2001(a)(8) of
    the SAFETEA-LU (119 Stat. 1520) is amended--
    (A) by striking ``and''; and
    (B) by striking ``2009.'' and inserting ``2009,
    $29,000,000 for fiscal year 2010, and $7,250,000 for the
    period beginning on October 1, 2010, and ending on
    December 31, 2010.''.

    (i) Motorcyclist Safety.--
    (1) Extension of program.--Section 2010(d)(1)(B) of the
    SAFETEA-LU (23 U.S.C. 402 note) is amended by striking ``and
    fourth'' and inserting ``fourth, fifth, and sixth''.
    (2) Authorization of appropriations.--Section 2001(a)(9) of
    the SAFETEA-LU (119 Stat. 1520) is amended--
    (A) by striking ``and''; and
    (B) by striking ``2009.'' and inserting ``2009,
    $7,000,000 for fiscal year 2010, and $1,750,000 for the
    period beginning on October 1, 2010, and ending on
    December 31, 2010.''.

    (j) Child Safety and Child Booster Seat Safety Incentive Grants.--
    (1) Extension of program.--Section 2011(c)(2) of the
    SAFETEA-LU (23 U.S.C. 405 note) is amended by striking ``fourth
    fiscal year'' and inserting ``fourth, fifth, and sixth fiscal
    years''.
    (2) Authorization of appropriations.--Section 2001(a)(10) of
    the SAFETEA-LU (119 Stat. 1520) is amended--

    [[Page 86]]

    (A) by striking ``and''; and
    (B) by striking ``2009.'' and inserting ``2009,
    $7,000,000 for fiscal year 2010, and $1,750,000 for the
    period beginning on October 1, 2010, and ending on
    December 31, 2010.''.

    (k) Administrative Expenses.--Section 2001(a)(11) of the SAFETEA-LU
    (119 Stat. 1520) is amended--
    (1) by striking ``and'' the last place it appears; and
    (2) by striking ``2009.'' and inserting ``2009, $25,047,000
    for fiscal year 2010, and $6,332,000 for the period beginning on
    October 1, 2010, and ending on December 31, 2010.''.

    (l) Applicability of Title 23.--Section 2001(c) of the SAFETEA-LU
    (119 Stat. 1520) is amended by striking ``2009'' and inserting ``2011''.
    (m) Drug-impaired Driving Enforcement.--Section 2013(f) of the
    SAFETEA-LU (23 U.S.C. 403 note) is amended by striking ``2009'' and
    inserting ``2011''.
    (n) Older Driver Safety; Law Enforcement Training.--Section 2017 of
    the SAFETEA-LU is amended--
    (1) in subsection (a)(1) (119 Stat. 1541), by striking
    ``2009'' and inserting ``2011''; and
    (2) in subsection (b)(2) (23 U.S.C. 402 note), by striking
    ``2009'' and inserting ``2011''.
    SEC. 422. EXTENSION OF FEDERAL MOTOR CARRIER SAFETY ADMINISTRATION
    PROGRAMS.

    (a) Motor Carrier Safety Grants.--Section 31104(a) of title 49,
    United States Code, is amended--
    (1) in paragraph (4), by striking ``and'' at the end;
    (2) in paragraph (5), by striking the period at the end and
    inserting ``; and''; and
    (3) by adding at the end the following:
    ``(6) $209,000,000 for fiscal year 2010; and
    ``(7) $52,679,000 for the period beginning on October 1,
    2010, and ending on December 31, 2010.''.

    (b) Administrative Expenses.--Section 31104(i)(1) of title 49,
    United States Code, is amended--
    (1) in subparagraph (D), by striking ``and'';
    (2) in subparagraph (E), by striking the period at the end
    and inserting ``; and''; and
    (3) by adding at the end the following:
    ``(F) ``(F) $239,828,000 for fiscal year 2010; and
    ``(G) ``(G) $61,036,000 for the period beginning on
    October 1, 2010, and ending on December 31, 2010.''.

    (c) Grant Programs.--Section 4101(c) of the SAFETEA-LU (119 Stat.
    1715) is amended--
    (1) in paragraph (1), by striking ``2009.'' and inserting
    ``2009, and $25,000,000 for fiscal year 2010, and $6,301,000 for
    the period beginning on October 1, 2010, and ending on December
    31, 2010.'';
    (2) in paragraph (2), by striking ``2009.'' and inserting
    ``2009, $32,000,000 for fiscal year 2010, and $8,066,000 for the
    period beginning on October 1, 2010, and ending on December 31,
    2010.'';
    (3) in paragraph (3), by striking ``2009.'' and inserting
    ``2009, $5,000,000 for fiscal year 2010, and $1,260,000 for the
    period beginning on October 1, 2010, and ending on December 31,
    2010.'';

    [[Page 87]]

    (4) in paragraph (4), by striking ``2009.'' and inserting
    ``2009, $25,000,000 for fiscal year 2010, and $6,301,000 for the
    period beginning on October 1, 2010, and ending on December 31,
    2010.''; and
    (5) in paragraph (5), by striking ``2009.'' and inserting
    ``2009, $3,000,000 for fiscal year 2010, and $756,000 for the
    period beginning on October 1, 2010, and ending on December 31,
    2010.''.

    (d) High-priority Activities.--Section 31104(k) of title 49, United
    States Code, is amended by striking ``2009'' in paragraph (2) and
    inserting ``2009, $15,000,000 for fiscal year 2010, and $3,781,000 for
    the period beginning on October 1, 2010, and ending on December 31,
    2010''.
    (e) New Entrant Audits.--Section 31144(g)(5)(B) of title 49, United
    States Code, is amended by inserting ``(and up to $7,310,000 for the
    period beginning on October 1, 2010, and ending on December 31, 2010)''
    after ``fiscal year''.
    (f) Commercial Driver's License Information System Modernization.--
    Section 4123(d) of the <> SAFETEA-LU (119
    Stat. 1736) is amended--
    (1) in paragraph (3), by striking ``and'' at the end;
    (2) in paragraph (4), by striking the period at the end and
    inserting a semicolon; and
    (3) by adding at the end the following:
    ``(5) $8,000,000 for fiscal year 2010; and
    ``(6) $2,016,000 for the period beginning on October 1,
    2010, and ending on December 31, 2010.''.

    (g) Outreach and Education.--Section 4127(e) of the SAFETEA-LU (119
    Stat. 1741) is <> amended by striking ``and
    2009'' and inserting ``2009, and 2010, and $252,000 to the Federal Motor
    Carrier Safety Administration, and $756,000 to the National Highway
    Traffic Safety Administration, for the period beginning on October 1,
    2010, and ending on December 31, 2010,''.

    (h) Grant Program for Commercial Motor Vehicle Operators.--Section
    4134(c) of the SAFETEA-LU (119 Stat. 1744) <> is amended by striking ``2009'' and inserting ``2009, 2010, and
    $252,000 for the period beginning on October 1, 2010, and ending on
    December 31, 2010,''.

    (i) Motor Carrier Safety Advisory Committee.--Section 4144(d) of the
    SAFETEA-LU (1119 Stat. 1748) <> is amended by
    striking ``September 30, 2010'' and inserting ``December 31, 2010''.

    (j) Working Group for Development of Practices and Procedures To
    Enhance Federal-State Relations.--Section 4213(d) of the SAFETEA-LU (49
    U.S.C. 14710 note) is amended by striking ``September 30, 2009'' and
    inserting ``December 31, 2010''.
    SEC. 423. ADDITIONAL PROGRAMS.

    (a) Hazardous Materials Research Projects.--Section 7131(c) of the
    SAFETEA-LU (119 Stat. 1910) is amended by striking ``through 2009'' and
    inserting ``through 2010, and $315,000 for the period beginning on
    October 1, 2010, and ending on December 31, 2010,''.
    (b) Dingell-Johnson Sport Fish Restoration Act.--Section 4 of the
    Dingell-Johnson Sport Fish Restoration Act (16 U.S.C. 777c) is amended--

    [[Page 88]]

    (1) in subsection (a), in the matter preceding paragraph
    (1), by striking ``2009,'' and inserting ``2010 and for the
    period beginning on October 1, 2010, and ending on December 31,
    2010,''; and
    (2) in subsection (b)(1)(A), by striking ``2010,'' and
    inserting ``and for the period beginning on October 1, 2010, and
    ending on December 31, 2010,''.

    Subtitle C--Public Transportation Programs

    SEC. 431. ALLOCATION OF FUNDS FOR PLANNING PROGRAMS.

    Section 5305(g) of title 49, United States Code, is amended by
    striking ``2009'' and inserting ``2010, and for the period beginning
    October 1, 2010, and ending December 31, 2010,''.
    SEC. 432. SPECIAL RULE FOR URBANIZED AREA FORMULA GRANTS.

    Section 5307(b)(2) of title 49, United States Code, is amended--
    (1) in the paragraph heading, by striking ``2009'' and
    inserting ``2010, and the period beginning october 1, 2010, and
    ending december 31, 2010'';
    (2) in subparagraph (A), by striking ``2009,'' and inserting
    ``2010, and the period beginning October 1, 2010, and ending
    December 31, 2010,''; and
    (3) in subparagraph (E)--
    (A) in the subparagraph heading, by striking ``and
    2009'' and inserting ``through 2010 and during the
    period beginning october 1, 2010, and ending december
    31, 2010''; and
    (B) in the matter preceding clause (i), by striking
    ``and 2009'' and inserting ``through 2010, and during
    the period beginning October 1, 2010, and ending
    December 31, 2010,''.
    SEC. 433. ALLOCATING AMOUNTS FOR CAPITAL INVESTMENT GRANTS.

    Section 5309(m) of title 49, United States Code, is amended--
    (1) in paragraph (2)--
    (A) in the heading, by striking ``2009'' and
    inserting ``2010 and october 1, 2010, through december
    31, 2010'';
    (B) in the matter preceding subparagraph (A), by
    striking ``2009'' and inserting ``2010, and during the
    period beginning October 1, 2010, and ending December
    31, 2010,''; and
    (C) in subparagraph (A)(i), by striking ``2009'' and
    inserting ``2010, and $50,000,000 for the period
    beginning October 1, 2010, and ending December 31,
    2010,'';
    (2) in paragraph (6)--
    (A) in subparagraph (B), by striking ``2009'' and
    inserting ``2010, and $3,750,000 shall be available for
    the period beginning October 1, 2010, and ending
    December 31, 2010,''; and
    (B) in subparagraph (C), by striking ``2009'' and
    inserting ``2010, and $1,250,000 shall be available for
    the period beginning October 1, 2010 and ending December
    31, 2010,''; and
    (3) in paragraph (7)--

    [[Page 89]]

    (A) in subparagraph (A)--
    (i) by redesignating clauses (i) through
    (viii) as subclauses (I) through (VIII),
    respectively;
    (ii) in the matter preceding subclause (I), as
    so redesignated, by striking ``$10,000,000'' and
    all that follows through ``2009'' and inserting
    the following:
    ``(i) Fiscal years 2006 through 2010.--
    $10,000,000 shall be available in each of fiscal
    years 2006 through 2010''; and
    (iii) by inserting after subclause (VIII), as
    so redesignated, the following:
    ``(ii) Special rule for october 1, 2010,
    through december 31, 2010.--$2,500,000 shall be
    available in the period beginning October 1, 2010,
    and ending December 31, 2010, for ferry boats or
    ferry terminal facilities. The Secretary shall set
    aside a portion of such amount in accordance with
    clause (i), except that the Secretary shall set
    aside 25 percent of each dollar amount specified
    in subclauses (I) through (VIII).'';''.
    (B) in subparagraph (B), by inserting after
    ``2009.'' the following:
    ``(v) $13,500,000 for fiscal year 2010.
    ``(vi) $3,375,000 for the period beginning
    October 1, 2010, and ending December 31, 2010.'';
    (C) in subparagraph (C), by inserting ``, and during
    the period beginning October 1, 2010, and ending
    December 31, 2010,'' after ``fiscal year'';
    (D) in subparagraph (D), by inserting ``, and not
    less than $8,750,000 shall be available for the period
    beginning October 1, 2010, and ending December 31,
    2010,'' after ``year''; and
    (E) in subparagraph (E), by inserting ``, and
    $750,000 shall be available for the period beginning
    October 1, 2010, and ending December 31, 2010,'' after
    ``year''.
    SEC. 434. APPORTIONMENT OF FORMULA GRANTS FOR OTHER THAN URBANIZED
    AREAS.

    Section 5311(c)(1) of title 49, United States Code, is amended by
    adding at the end the following:
    ``(E) $15,000,000 for fiscal year 2010.
    ``(F) $3,750,000 for the period beginning October 1,
    2010, and ending December 31, 2010.''.
    SEC. 435. APPORTIONMENT BASED ON FIXED GUIDEWAY FACTORS.

    Section 5337 of title 49, United States Code, is amended--
    (1) in subsection (a), in the matter preceding paragraph
    (1), by striking ``2009'' and inserting ``2010''; and
    (2) by adding at the end the following:

    ``(g) Special Rule for October 1, 2010, Through December 31, 2010.--
    The Secretary shall apportion amounts made available for fixed guideway
    modernization under section 5309 for the period beginning October 1,
    2010, and ending December 31, 2010, in accordance with subsection (a),
    except that the Secretary shall apportion 25 percent of each dollar
    amount specified in subsection (a).''.

    [[Page 90]]

    SEC. 436. AUTHORIZATIONS FOR PUBLIC TRANSPORTATION.

    (a) Formula and Bus Grants.--Section 5338(b) of title 49, United
    States Code, is amended--
    (1) in paragraph (1)--
    (A) in subparagraph (C), by striking ``and'' at the
    end;
    (B) in subparagraph (D), by striking the period at
    the end and inserting a semicolon; and
    (C) by adding at the end the following:
    ``(E) $8,360,565,000 for fiscal year 2010; and
    ``(F) $2,090,141,250 for the period beginning
    October 1, 2010, and ending December 31, 2010.''; and
    (2) in paragraph (2)--
    (A) in subparagraph (A), by striking ``and
    $113,500,000 for fiscal year 2009'' and inserting
    ``$113,500,000 for each of fiscal years 2009 and 2010,
    and $28,375,000 for the period beginning October 1,
    2010, and ending December 31, 2010,'';
    (B) in subparagraph (B), by striking ``and
    $4,160,365,000 for fiscal year 2009'' and inserting
    ``$4,160,365,000 for each of fiscal years 2009 and 2010,
    and $1,040,091,250 for the period beginning October 1,
    2010, and ending December 31, 2010,'';
    (C) in subparagraph (C), by striking ``and
    $51,500,000 for fiscal year 2009'' and inserting
    ``$51,500,000 for each of fiscal years 2009 and 2010,
    and $12,875,000 for the period beginning October 1,
    2010, and ending December 31, 2010,'';
    (D) in subparagraph (D), by striking ``and
    $1,666,500,000 for fiscal year 2009'' and inserting
    ``$1,666,500,000 for each of fiscal years 2009 and 2010,
    and $416,625,000 for the period beginning October 1,
    2010 and ending December 31, 2010,'';
    (E) in subparagraph (E), by striking ``and
    $984,000,000 for fiscal year 2009'' and inserting
    ``$984,000,000 for each of fiscal years 2009 and 2010,
    and $246,000,000 for the period beginning October 1,
    2010 and ending December 31, 2010,'';
    (F) in subparagraph (F), by striking ``and
    $133,500,000 for fiscal year 2009'' and inserting
    ``$133,500,000 for each of fiscal years 2009 and 2010,
    and $33,375,000 for the period beginning October 1, 2010
    and ending December 31, 2010,'';
    (G) in subparagraph (G), by striking ``and
    $465,000,000 for fiscal year 2009'' and inserting
    ``$465,000,000 for each of fiscal years 2009 and 2010,
    and $116,250,000 for the period beginning October 1,
    2010 and ending December 31, 2010,'';
    (H) in subparagraph (H), by striking ``and
    $164,500,000 for fiscal year 2009'' and inserting
    ``$164,500,000 for each of fiscal years 2009 and 2010,
    and $41,125,000 for the period beginning October 1, 2010
    and ending December 31, 2010,'';
    (I) in subparagraph (I), by striking ``and
    $92,500,000 for fiscal year 2009'' and inserting
    ``$92,500,000 for each of fiscal years 2009 and 2010,
    and $23,125,000 for the period beginning October 1, 2010
    and ending December 31, 2010,'';

    [[Page 91]]

    (J) in subparagraph (J), by striking ``and
    $26,900,000 for fiscal year 2009'' and inserting
    ``$26,900,000 for each of fiscal years 2009 and 2010,
    and $6,725,000 for the period beginning October 1, 2010
    and ending December 31, 2010,'';
    (K) in subparagraph (K), by striking ``and
    $3,500,000 for fiscal year 2009'' and inserting
    ``$3,500,000 for each of fiscal years 2009 and 2010, and
    $875,000 for the period beginning October 1, 2010 and
    ending December 31, 2010,'';
    (L) in subparagraph (L), by striking ``and
    $25,000,000 for fiscal year 2009'' and inserting
    ``$25,000,000 for each of fiscal years 2009 and 2010,
    and $6,250,000 for the period beginning October 1, 2010
    and ending December 31, 2010,'';
    (M) in subparagraph (M), by striking ``and
    $465,000,000 for fiscal year 2009'' and inserting
    ``$465,000,000 for each of fiscal years 2009 and 2010,
    and $116,250,000 for the period beginning October 1,
    2010 and ending December 31, 2010,''; and
    (N) in subparagraph (N), by striking ``and
    $8,800,000 for fiscal year 2009'' and inserting
    ``$8,800,000 for each of fiscal years 2009 and 2010, and
    $2,200,000 for the period beginning October 1, 2010 and
    ending December 31, 2010,''.

    (b) Capital Investment Grants.--Section 5338(c) of title 49, United
    States Code, is amended--
    (1) in paragraph (3), by striking ``and'' at the end;
    (2) in paragraph (4), by striking the period at the end and
    inserting a semicolon; and
    (3) by adding at the end the following:
    ``(5) $2,000,000,000 for fiscal year 2010; and
    ``(6) $500,000,000 for the period of October 1, 2010 through
    December 31, 2010.''.

    (c) Research and University Research Centers.--Section 5338(d) of
    title 49, United States Code, is amended--
    (1) in paragraph (1), in the matter preceding subparagraph
    (A), by striking ``and $69,750,000 for fiscal year 2009'' and
    inserting ``$69,750,000 for each of fiscal years 2009 and 2010,
    and $17,437,500 for the period beginning October 1, 2010, and
    ending December 31, 2010''; and
    (2) by adding at the end the following:
    ``(3) Additional <> authorizations.--
    ``(A) In general.--
    ``(i) Fiscal year 2010.--Of amounts authorized
    to be appropriated for fiscal year 2010 under
    paragraph (1), the Secretary shall allocate for
    each of the activities and projects described in
    subparagraphs (A) through (F) of paragraph (1) an
    amount equal to the amount allocated for fiscal
    year 2009 under each such subparagraph.
    ``(ii) October 1, 2010 through december 31,
    2010.--Of amounts authorized to be appropriated
    for the period beginning October 1, 2010, through
    December 31, 2010, under paragraph (1), the
    Secretary shall allocate for each of the
    activities and projects described in subparagraphs
    (A) through (F) of paragraph (1) an amount equal
    to 25 percent of the amount allocated for fiscal
    year 2009 under each such subparagraph.
    ``(B) University centers program.--

    [[Page 92]]

    ``(i) Fiscal year 2010.--Of the amounts
    allocated under subparagraph (A)(i) for the
    university centers program under section 5506 for
    fiscal year 2010, the Secretary shall allocate for
    each program described in clauses (i) through
    (iii) and (v) through (viii) of paragraph (2)(A)
    an amount equal to the amount allocated for fiscal
    year 2009 under each such clause.
    ``(ii) October 1, 2010 through december 31,
    2010.--Of the amounts allocated under subparagraph
    (A)(i) for the university centers program under
    section 5506 for the period beginning October 1,
    2010, and ending December 31, 2010, the Secretary
    shall allocate for each program described in
    clauses (i) through (iii) and (v) through (viii)
    of paragraph (2)(A) an amount equal to 25 percent
    of the amount allocated for fiscal year 2009 under
    each such clause.
    ``(iii) Funding.--
    If <> the Secretary
    determines that a project or activity described in
    paragraph (2) received sufficient funds in fiscal
    year 2009, or a previous fiscal year, to carry out
    the purpose for which the project or activity was
    authorized, the Secretary may not allocate any
    amounts under clause (i) or (ii) for the project
    or activity for fiscal year 2010, or any
    subsequent fiscal year.''.

    (d) Administration.--Section 5338(e) of title 49, United States
    Code, is amended--
    (1) in paragraph (3), by striking ``and'' at the end;
    (2) in paragraph (4), by striking the period at the end and
    inserting a semicolon; and
    (3) by adding at the end the following:
    ``(5) $98,911,000 for fiscal year 2010; and
    ``(6) $24,727,750 for the period beginning October 1, 2010,
    and ending December 31, 2010.''.
    SEC. 437. AMENDMENTS TO SAFETEA-LU.

    (a) Contracted Paratransit Pilot.--Section 3009(i)(1) of the
    SAFETEA-LU (Public Law 109-59; 119 Stat. 1572) is amended by striking
    ``2009'' and inserting ``2010, and for the period beginning October 1,
    2010, and ending December 31, 2010''.
    (b) Public-private Partnership Pilot Program.--Section 3011 of the
    SAFETEA-LU (49 U.S.C. 5309 note) is amended--
    (1) in subsection (c)(5), by striking ``2009'' and inserting
    ``2010 and the period beginning October 1, 2010, and ending
    December 31, 2010''; and
    (2) in subsection (d), by striking ``2009'' and inserting
    ``2010, and for the period beginning October 1, 2010, and ending
    December 31, 2010''.

    (c) Elderly Individuals and Individuals With Disabilities Pilot
    Program.--Section 3012(b)(8) of the SAFETEA-LU (49 U.S.C. 5310 note) is
    amended by striking ``September 30, 2009'' and inserting ``December 31,
    2010''.
    (d) Obligation Ceiling.--Section 3040 of the SAFETEA-LU (Public Law
    109-59; 119 Stat. 1639) is amended--
    (1) in paragraph (4), by striking ``and'' at the end;
    (2) in paragraph (5), by striking the period at the end and
    inserting a semicolon; and
    (3) by adding at the end the following:

    [[Page 93]]

    ``(6) $10,507,752,000 for fiscal year 2010, of which not
    more than $8,360,565,000 shall be from the Mass Transit Account;
    and
    ``(7) $2,626,938,000 for the period beginning October 1,
    2010, and ending December 31, 2010, of which not more than
    $2,090,141,250 shall be from the Mass Transit Account.''.

    (e) Project Authorizations for New Fixed Guideway Capital
    Projects.--Section 3043 of the SAFETEA-LU (Public Law 109-59; 119 Stat.
    1640) is amended--
    (1) in subsection (b), in the matter preceding paragraph
    (1), by striking ``2009'' and inserting ``2010, and for the
    period beginning October 1, 2010, and ending December 31,
    2010,''; and
    (2) in subsection (c), in the matter preceding paragraph
    (1), by striking ``2009'' and inserting ``2010, and for the
    period beginning October 1, 2010, and ending December 31,
    2010,''.

    (f) Allocations for National Research and Technology Programs.--
    Section 3046 of the SAFETEA-LU (49 U.S.C. 5338 note) is amended--
    (1) in subsection (b), by inserting ``or period'' after
    ``fiscal year''; and
    (2) by adding at the end the following:

    ``(c) Additional Appropriations.--The Secretary shall allocate
    amounts appropriated pursuant to section 5338(d) of title 49, United
    States Code, for national research and technology programs under
    sections 5312, 5314, and 5322 of such title--
    ``(1) for fiscal year 2010, in amounts equal to the amounts
    allocated for fiscal year 2009 under each of paragraphs (2),
    (3), (5), (6), and (8) through (25) of subsection (a); and
    ``(2) for the period beginning October 1, 2010, and ending
    December 31, 2010, in amounts equal to 25 percent of the amounts
    allocated for fiscal year 2009 under each of paragraphs (2),
    (3), (5), (6), and (8) through (25) of subsection (a).

    ``(d) Funding.--If <> the Secretary determines
    that a project or activity described in subsection (a) received
    sufficient funds in fiscal year 2009, or a previous fiscal year, to
    carry out the purpose for which the project or activity was authorized,
    the Secretary may not allocate any amounts under subsection (c) for the
    project or activity for fiscal year 2010, or any subsequent fiscal
    year.''.

    Subtitle D--Revenue Provisions

    SEC. 441. REPEAL OF PROVISION PROHIBITING THE CREDITING OF
    INTEREST TO THE HIGHWAY TRUST FUND.

    (a) In General.--Paragraph (1) of section 9503(f) <> is amended by striking subparagraph (B).

    (b) Conforming Amendments.--Such paragraph, as amended by paragraph
    (1), is further amended--
    (1) by striking ``, and'' at the end of subparagraph (A) and
    inserting a period; and
    (2) by striking ``1998'' in the matter preceding
    subparagraph (A) and all that follows through ``the opening
    balance'' and inserting ``1998, the opening balance''.

    (c) Effective <> Date.--The amendments made
    by this section shall take effect on the date of the enactment of this
    title.

    [[Page 94]]

    SEC. 442. RESTORATION OF CERTAIN FOREGONE INTEREST TO HIGHWAY
    TRUST FUND.

    (a) In General.--Paragraph (2) of section 9503(f) <> is amended to read as follows:
    ``(2) Restoration of foregone interest.--Out of money in the
    Treasury not otherwise appropriated, there is hereby
    appropriated--
    ``(A) $14,700,000,000 to the Highway Account (as
    defined in subsection (e)(5)(B)) in the Highway Trust
    Fund; and
    ``(B) $4,800,000,000 to the Mass Transit Account in
    the Highway Trust Fund.''.

    (b) Conforming Amendment.--Paragraph (1) of section 9503(e) is
    amended by striking ``this subsection'' and inserting ``this section''.
    (c) Effective <> Date.--The amendments made
    by this section shall take effect on the date of the enactment of this
    Act.
    SEC. 443. TREATMENT OF CERTAIN AMOUNTS APPROPRIATED TO HIGHWAY
    TRUST FUND.

    (a) In General.--Section 9503(f), as amended by this Act, is amended
    by adding at the end the following new paragraph:
    ``(4) Treatment of appropriated amounts.--Any amount
    appropriated under this subsection to the Highway Trust Fund
    shall remain available without fiscal year limitation.''.

    (b) Effective Date.--The amendment made by this section shall take
    effect on the date of the enactment of this Act.
    SEC. 444. TERMINATION OF TRANSFERS FROM HIGHWAY TRUST FUND FOR
    CERTAIN REPAYMENTS AND CREDITS.

    (a) In General.--Section 9503(c) is amended by striking paragraph
    (2) and by redesignating paragraphs (3), (4), (5), and (6) as paragraphs
    (2), (3), (4), and (5), respectively.
    (b) Conforming Amendments.--
    (1) Section 9502(a) is amended by striking ``section
    9503(c)(7)'' and inserting ``section 9503(c)(5)''.
    (2) Section 9503(b)(4)(D) is amended by striking ``paragraph
    (4)(D) or (5)(B)'' and inserting ``paragraph (3)(D) or (4)(B)''.
    (3) Paragraph (2) of section 9503(c), as redesignated by
    subsection (a), is amended by adding at the end the following
    new sentence: ``The amounts payable from the Highway Trust Fund
    under the preceding sentence shall be determined by taking into
    account only the portion of the taxes which are deposited into
    the Highway Trust Fund.''.
    (4) Section 9503(e)(5)(A) is amended by striking ``(2), (3),
    and (4)'' and inserting ``(2) and (3)''.
    (5) Section 9504(a) is amended by striking ``section
    9503(c)(4), section 9503(c)(5)'' and inserting ``section
    9503(c)(3), section 9503(c)(4)''.
    (6) Section 9504(b)(2) is amended by striking ``section
    9503(c)(5)'' and inserting ``section 9503(c)(4)''.
    (7) Section 9504(e) is amended by striking ``section
    9503(c)(4)'' and inserting section ``9503(c)(3)''.

    (c) Effective <> Date.--The
    amendment made by this section shall apply to transfers relating to
    amounts paid and credits allowed after the date of the enactment of this
    Act.
    SEC. 445. EXTENSION OF AUTHORITY FOR EXPENDITURES.

    (a) Highways Trust Fund.--

    [[Page 95]]

    (1) Highway account.--Paragraph (1) <> of section 9503(c) is amended--
    (A) by striking ``September 30, 2009 (October 1,
    2009'' and inserting ``December 31, 2010 (January 1,
    2011''; and
    (B) by striking ``under'' and all that follows and
    inserting ``under the Surface Transportation Extension
    Act of 2010 or any other provision of law which was
    referred to in this paragraph before the date of the
    enactment of such Act (as such Act and provisions of law
    are in effect on the date of the enactment of such
    Act).''.
    (2) Mass transit account.--Paragraph (3) of section 9503(e)
    is amended--
    (A) by striking ``October 1, 2009'' and inserting
    ``January 1, 2011''; and
    (B) by striking ``in accordance with'' and all that
    follows and inserting ``in accordance with the Surface
    Transportation Extension Act of 2010 or any other
    provision of law which was referred to in this paragraph
    before the date of the enactment of such Act (as such
    Act and provisions of law are in effect on the date of
    the enactment of such Act).''.
    (3) Exception to limitation on transfers.--Subparagraph (B)
    of section 9503(b)(6) is amended by striking ``September 30,
    2009 (October 1, 2009'' and inserting ``December 31, 2010
    (January 1, 2011''.

    (b) Sport Fish Restoration and Boating Trust Fund.--
    (1) In general.--Paragraph (2) of section 9504(b) is
    amended--
    (A) by striking ``(as in effect'' in subparagraph
    (A) and all that follows in such subparagraph and
    inserting ``(as in effect on the date of the enactment
    of the Surface Transportation Extension Act of 2010),'',
    (B) by striking ``(as in effect'' in subparagraph
    (B) and all that follows in such subparagraph and
    inserting ``(as in effect on the date of the enactment
    of the Surface Transportation Extension Act of 2010),
    and'', and
    (C) by striking ``(as in effect'' in subparagraph
    (C) and all that follows in such subparagraph and
    inserting ``(as in effect on the date of the enactment
    of the Surface Transportation Extension Act of 2010).''.
    (2) Exception to limitation on transfers.--Paragraph (2) of
    section 9504(d) is amended by striking ``October 1, 2009'' and
    inserting ``January 1, 2011''.

    (c) Effective <> Date.--The amendments made
    by this section shall take effect on September 30, 2009.
    SEC. 446. LEVEL OF OBLIGATION LIMITATIONS.

    (a) Highway Category.--Section 8003(a) of the SAFETEA-LU (2 U.S.C.
    901 note; 119 Stat. 1917) is amended--
    (1) in paragraph (4), by striking ``and'' at the end;
    (2) in paragraph (5), by striking the period at the end and
    inserting ``; and''; and
    (3) by adding at the end the following:
    ``(6) for the period beginning on October 1, 2009, and
    ending on September 30, 2010, $42,469,970,178.
    ``(7) for the period beginning on October 1, 2010, and
    ending on December 31, 2010, $10,617,492,545.''.

    [[Page 96]]

    (b) Mass Transit Category.--Section 8003(b) of the SAFETEA-LU (2
    U.S.C. 901 note; 119 Stat. 1917) is amended--
    (1) in paragraph (4), by striking ``and'' at the end;
    (2) in paragraph (5), by striking the period at the end and
    inserting ``; and''; and
    (3) by adding at the end the following:
    ``(6) for the period beginning on October 1, 2009, and
    ending on December 31, 2010, $10,338,065,000.
    ``(7) for the period beginning on October 1, 2010, and
    ending on December 31, 2010, $2,584,516,250.''.

    (c) Treatment of Funds.--No adjustment pursuant to section 110 of
    title 23, United States Code, shall be made for fiscal year 2010 or
    fiscal year 2011.

    Subtitle E--Disadvantaged Business Enterprises

    SEC. 451. <> DISADVANTAGED BUSINESS
    ENTERPRISES.

    (a) Definitions.--In this section, the following definitions apply:
    (1) Small business concern.--The term ``small business
    concern'' has the meaning that term has under section 3 of the
    Small Business Act (15 U.S.C. 632), except that the term shall
    not include any concern or group of concerns controlled by the
    same socially and economically disadvantaged individual or
    individuals which has average annual gross receipts over the
    preceding 3 fiscal years in excess of $22,410,000, as adjusted
    annually by the Secretary of Transportation for inflation.
    (2) Socially and economically disadvantaged individuals.--
    The term ``socially and economically disadvantaged individuals''
    has the meaning that term has under section 8(d) of the Small
    Business Act (15 U.S.C. 637(d)) and relevant subcontracting
    regulations issued pursuant to that Act, except that women shall
    be presumed to be socially and economically disadvantaged
    individuals for purposes of this section.

    (b) General Rule.--Except to the extent that the Secretary of
    Transportation determines otherwise, not less than 10 percent of the
    amounts made available for any program under titles I, III, and V of
    SAFETEA-LU (Public Law 109-59), subtitles A and C of this title, and
    section 403 of title 23, United States Code, shall be expended through
    small business concerns owned and controlled by socially and
    economically disadvantaged individuals.
    (c) Annual <> Listing of Disadvantaged Business
    Enterprises.--Each State shall annually
    (1) survey and compile a list of the small business concerns
    referred to in subsection (a) and the location of the concerns
    in the State; and
    (2) notify <> the Secretary of
    Transportation, in writing, of the percentage of the concerns
    that are controlled by women, by socially and economically
    disadvantaged individuals (other than women), and by individuals
    who are women and are otherwise socially and economically
    disadvantaged individuals.

    (d) Uniform <> Certification.--The Secretary of
    Transportation shall establish minimum uniform criteria for State
    governments to use in certifying whether a concern qualifies for
    purposes of this section. The minimum uniform criteria shall include,
    but not

    [[Page 97]]

    be limited to, on-site visits, personal interviews, licenses, analysis
    of stock ownership, listing of equipment, analysis of bonding capacity,
    listing of work completed, resume of principal owners, financial
    capacity, and type of work preferred.

    (e) Compliance With Court Orders.--Nothing in this section limits
    the eligibility of an entity or person to receive funds made available
    under titles I, III, and V of SAFETEA-LU (Public Law 109-59), subtitles
    A and C of this title, and section 403 of title 23, United States Code,
    if the entity or person is prevented, in whole or in part, from
    complying with subsection (b) because a Federal court issues a final
    order in which the court finds that the requirement of subsection (b),
    or the program established under subsection (b), is unconstitutional.

    TITLE V--OFFSET PROVISIONS

    Subtitle A--Foreign Account Tax Compliance

    PART I--INCREASED DISCLOSURE OF BENEFICIAL OWNERS

    SEC. 501. REPORTING ON CERTAIN FOREIGN ACCOUNTS.

    (a) In General.--The Internal Revenue Code of 1986 is amended by
    inserting after chapter 3 the following new chapter:

    ``CHAPTER 4--TAXES TO ENFORCE REPORTING ON CERTAIN FOREIGN ACCOUNTS

    ``Sec. 1471. Withholdable payments to foreign financial institutions.
    ``Sec. 1472. Withholdable payments to other foreign entities.
    ``Sec. 1473. Definitions.
    ``Sec. 1474. Special rules.

    ``SEC. 1471. WITHHOLDABLE PAYMENTS TO FOREIGN FINANCIAL
    INSTITUTIONS.

    ``(a) In General.--In the case of any withholdable payment to a
    foreign financial institution which does not meet the requirements of
    subsection (b), the withholding agent with respect to such payment shall
    deduct and withhold from such payment a tax equal to 30 percent of the
    amount of such payment.
    ``(b) Reporting Requirements, etc.--
    ``(1) In general.--The requirements of this subsection are
    met with respect to any foreign financial institution if an
    agreement is in effect between such institution and the
    Secretary under which such institution agrees--
    ``(A) to obtain such information regarding each
    holder of each account maintained by such institution as
    is necessary to determine which (if any) of such
    accounts are United States accounts,
    ``(B) to comply with such verification and due
    diligence procedures as the Secretary may require with
    respect to the identification of United States accounts,
    ``(C) in the case of any United States account
    maintained by such institution, to report on an annual
    basis

    [[Page 98]]

    the information described in subsection (c) with respect
    to such account,
    ``(D) to deduct and withhold a tax equal to 30
    percent of--
    ``(i) any passthru payment which is made by
    such institution to a recalcitrant account holder
    or another foreign financial institution which
    does not meet the requirements of this subsection,
    and
    ``(ii) in the case of any passthru payment
    which is made by such institution to a foreign
    financial institution which has in effect an
    election under paragraph (3) with respect to such
    payment, so much of such payment as is allocable
    to accounts held by recalcitrant account holders
    or foreign financial institutions which do not
    meet the requirements of this subsection,
    ``(E) to comply with requests by the Secretary for
    additional information with respect to any United States
    account maintained by such institution, and
    ``(F) in any case in which any foreign law would
    (but for a waiver described in clause (i)) prevent the
    reporting of any information referred to in this
    subsection or subsection (c) with respect to any United
    States account maintained by such institution--
    ``(i) to attempt to obtain a valid and
    effective waiver of such law from each holder of
    such account, and
    ``(ii) if a waiver described in clause (i) is
    not obtained from each such holder within a
    reasonable period of time, to close such account.
    Any agreement entered into under this subsection may be
    terminated by the Secretary upon a determination by the
    Secretary that the foreign financial institution is out of
    compliance with such agreement.
    ``(2) Financial institutions deemed to meet requirements in
    certain cases.--A foreign financial institution may be treated
    by the Secretary as meeting the requirements of this subsection
    if--
    ``(A) such institution--
    ``(i) complies with such procedures as the
    Secretary may prescribe to ensure that such
    institution does not maintain United States
    accounts, and
    ``(ii) meets such other requirements as the
    Secretary may prescribe with respect to accounts
    of other foreign financial institutions maintained
    by such institution, or
    ``(B) such institution is a member of a class of
    institutions with respect to which the Secretary has
    determined that the application of this section is not
    necessary to carry out the purposes of this section.
    ``(3) Election to be withheld upon rather than withhold on
    payments to recalcitrant account holders and nonparticipating
    foreign financial institutions.--In the case of a foreign
    financial institution which meets the requirements of this
    subsection and such other requirements as the Secretary may
    provide and which elects the application of this paragraph--

    [[Page 99]]

    ``(A) the requirements of paragraph (1)(D) shall not
    apply,
    ``(B) the <> withholding tax
    imposed under subsection (a) shall apply with respect to
    any withholdable payment to such institution to the
    extent such payment is allocable to accounts held by
    recalcitrant account holders or foreign financial
    institutions which do not meet the requirements of this
    subsection, and
    ``(C) the agreement described in paragraph (1)
    shall--
    ``(i) require such institution to notify the
    withholding agent with respect to each such
    payment of the institution's election under this
    paragraph and such other information as may be
    necessary for the withholding agent to determine
    the appropriate amount to deduct and withhold from
    such payment, and
    ``(ii) include a waiver of any right under any
    treaty of the United States with respect to any
    amount deducted and withheld pursuant to an
    election under this paragraph.
    To the extent provided by the Secretary, the election under this
    paragraph may be made with respect to certain classes or types
    of accounts of the foreign financial institution.

    ``(c) Information Required To Be Reported on United States
    Accounts.--
    ``(1) In general.--The agreement described in subsection (b)
    shall require the foreign financial institution to report the
    following with respect to each United States account maintained
    by such institution:
    ``(A) The name, address, and TIN of each account
    holder which is a specified United States person and, in
    the case of any account holder which is a United States
    owned foreign entity, the name, address, and TIN of each
    substantial United States owner of such entity.
    ``(B) The account number.
    ``(C) The account balance or value (determined at
    such time and in such manner as the Secretary may
    provide).
    ``(D) Except to the extent provided by the
    Secretary, the gross receipts and gross withdrawals or
    payments from the account (determined for such period
    and in such manner as the Secretary may provide).
    ``(2) Election to be subject to same reporting as united
    states financial institutions.--In the case of a foreign
    financial institution which elects the application of this
    paragraph--
    ``(A) subparagraphs (C) and (D) of paragraph (1)
    shall not apply, and
    ``(B) the agreement described in subsection (b)
    shall require such foreign financial institution to
    report such information with respect to each United
    States account maintained by such institution as such
    institution would be required to report under sections
    6041, 6042, 6045, and 6049 if--
    ``(i) such institution were a United States
    person, and

    [[Page 100]]

    ``(ii) each holder of such account which is a
    specified United States person or United States
    owned foreign entity were a natural person and
    citizen of the United States.
    An election under this paragraph shall be made at such
    time, in such manner, and subject to such conditions as
    the Secretary may provide.
    ``(3) Separate requirements for qualified intermediaries.--
    In the case of a foreign financial institution which is treated
    as a qualified intermediary by the Secretary for purposes of
    section 1441 and the regulations issued thereunder, the
    requirements of this section shall be in addition to any
    reporting or other requirements imposed by the Secretary for
    purposes of such treatment.

    ``(d) Definitions.--For purposes of this section--
    ``(1) United states account.--
    ``(A) In general.--The term `United States account'
    means any financial account which is held by one or more
    specified United States persons or United States owned
    foreign entities.
    ``(B) Exception for certain accounts held by
    individuals.--Unless the foreign financial institution
    elects to not have this subparagraph apply, such term
    shall not include any depository account maintained by
    such financial institution if--
    ``(i) each holder of such account is a natural
    person, and
    ``(ii) with respect to each holder of such
    account, the aggregate value of all depository
    accounts held (in whole or in part) by such holder
    and maintained by the same financial institution
    which maintains such account does not exceed
    $50,000.
    To the extent provided by the Secretary, financial
    institutions which are members of the same expanded
    affiliated group shall be treated for purposes of clause
    (ii) as a single financial institution.
    ``(C) Elimination of duplicative reporting
    requirements.--Such term shall not include any financial
    account in a foreign financial institution if--
    ``(i) such account is held by another
    financial institution which meets the requirements
    of subsection (b), or
    ``(ii) the holder of such account is otherwise
    subject to information reporting requirements
    which the Secretary determines would make the
    reporting required by this section with respect to
    United States accounts duplicative.
    ``(2) Financial account.--Except as otherwise provided by
    the Secretary, the term `financial account' means, with respect
    to any financial institution--
    ``(A) any depository account maintained by such
    financial institution,
    ``(B) any custodial account maintained by such
    financial institution, and
    ``(C) any equity or debt interest in such financial
    institution (other than interests which are regularly
    traded on an established securities market).

    [[Page 101]]

    Any equity or debt interest which constitutes a financial
    account under subparagraph (C) with respect to any financial
    institution shall be treated for purposes of this section as
    maintained by such financial institution.
    ``(3) United states owned foreign entity.--The term `United
    States owned foreign entity' means any foreign entity which has
    one or more substantial United States owners.
    ``(4) Foreign financial institution.--The term `foreign
    financial institution' means any financial institution which is
    a foreign entity. Except as otherwise provided by the Secretary,
    such term shall not include a financial institution which is
    organized under the laws of any possession of the United States.
    ``(5) Financial institution.--Except as otherwise provided
    by the Secretary, the term `financial institution' means any
    entity that--
    ``(A) accepts deposits in the ordinary course of a
    banking or similar business,
    ``(B) as a substantial portion of its business,
    holds financial assets for the account of others, or
    ``(C) is engaged (or holding itself out as being
    engaged) primarily in the business of investing,
    reinvesting, or trading in securities (as defined in
    section 475(c)(2) without regard to the last sentence
    thereof), partnership interests, commodities (as defined
    in section 475(e)(2)), or any interest (including a
    futures or forward contract or option) in such
    securities, partnership interests, or commodities.
    ``(6) Recalcitrant account holder.--The term `recalcitrant
    account holder' means any account holder which--
    ``(A) fails to comply with reasonable requests for
    the information referred to in subsection (b)(1)(A) or
    (c)(1)(A), or
    ``(B) fails to provide a waiver described in
    subsection (b)(1)(F) upon request.
    ``(7) Passthru payment.--The term `passthru payment' means
    any withholdable payment or other payment to the extent
    attributable to a withholdable payment.

    ``(e) Affiliated Groups.--
    ``(1) In general.--The <> requirements
    of subsections (b) and (c)(1) shall apply--
    ``(A) with respect to United States accounts
    maintained by the foreign financial institution, and
    ``(B) except as otherwise provided by the Secretary,
    with respect to United States accounts maintained by
    each other foreign financial institution (other than any
    foreign financial institution which meets the
    requirements of subsection (b)) which is a member of the
    same expanded affiliated group as such foreign financial
    institution.
    ``(2) Expanded affiliated group.--For purposes of this
    section, the term `expanded affiliated group' means an
    affiliated group as defined in section 1504(a), determined--
    ``(A) by substituting `more than 50 percent' for `at
    least 80 percent' each place it appears, and
    ``(B) without regard to paragraphs (2) and (3) of
    section 1504(b).
    A partnership or any other entity (other than a corporation)
    shall be treated as a member of an expanded affiliated group if
    such entity is controlled (within the meaning of section

    [[Page 102]]

    954(d)(3)) by members of such group (including any entity
    treated as a member of such group by reason of this sentence).

    ``(f) Exception for Certain Payments.--Subsection (a) shall not
    apply to any payment to the extent that the beneficial owner of such
    payment is--
    ``(1) any foreign government, any political subdivision of a
    foreign government, or any wholly owned agency or
    instrumentality of any one or more of the foregoing,
    ``(2) any international organization or any wholly owned
    agency or instrumentality thereof,
    ``(3) any foreign central bank of issue, or
    ``(4) any other class of persons identified by the Secretary
    for purposes of this subsection as posing a low risk of tax
    evasion.
    ``SEC. 1472. WITHHOLDABLE PAYMENTS TO OTHER FOREIGN ENTITIES.

    ``(a) In General.--In the case of any withholdable payment to a non-
    financial foreign entity, if--
    ``(1) the beneficial owner of such payment is such entity or
    any other non-financial foreign entity, and
    ``(2) the requirements of subsection (b) are not met with
    respect to such beneficial owner,

    then the withholding agent with respect to such payment shall deduct and
    withhold from such payment a tax equal to 30 percent of the amount of
    such payment.
    ``(b) Requirements for Waiver of Withholding.--The requirements of
    this subsection are met with respect to the beneficial owner of a
    payment if--
    ``(1) such beneficial owner or the payee provides the
    withholding agent with either--
    ``(A) a certification that such beneficial owner
    does not have any substantial United States owners, or
    ``(B) the name, address, and TIN of each substantial
    United States owner of such beneficial owner,
    ``(2) the withholding agent does not know, or have reason to
    know, that any information provided under paragraph (1) is
    incorrect, and
    ``(3) the withholding agent reports the information provided
    under paragraph (1)(B) to the Secretary in such manner as the
    Secretary may provide.

    ``(c) Exceptions.--Subsection (a) shall not apply to--
    ``(1) except as otherwise provided by the Secretary, any
    payment beneficially owned by--
    ``(A) any corporation the stock of which is
    regularly traded on an established securities market,
    ``(B) any corporation which is a member of the same
    expanded affiliated group (as defined in section
    1471(e)(2) without regard to the last sentence thereof)
    as a corporation described in subparagraph (A),
    ``(C) any entity which is organized under the laws
    of a possession of the United States and which is wholly
    owned by one or more bona fide residents (as defined in
    section 937(a)) of such possession,
    ``(D) any foreign government, any political
    subdivision of a foreign government, or any wholly owned
    agency or instrumentality of any one or more of the
    foregoing,

    [[Page 103]]

    ``(E) any international organization or any wholly
    owned agency or instrumentality thereof,
    ``(F) any foreign central bank of issue, or
    ``(G) any other class of persons identified by the
    Secretary for purposes of this subsection, and
    ``(2) any class of payments identified by the Secretary for
    purposes of this subsection as posing a low risk of tax evasion.

    ``(d) Non-Financial Foreign Entity.--For purposes of this section,
    the term `non-financial foreign entity' means any foreign entity which
    is not a financial institution (as defined in section 1471(d)(5)).
    ``SEC. 1473. DEFINITIONS.

    ``For purposes of this chapter--
    ``(1) Withholdable payment.--Except as otherwise provided by
    the Secretary--
    ``(A) In general.--The term `withholdable payment'
    means--
    ``(i) any payment of interest (including any
    original issue discount), dividends, rents,
    salaries, wages, premiums, annuities,
    compensations, remunerations, emoluments, and
    other fixed or determinable annual or periodical
    gains, profits, and income, if such payment is
    from sources within the United States, and
    ``(ii) any gross proceeds from the sale or
    other disposition of any property of a type which
    can produce interest or dividends from sources
    within the United States.
    ``(B) Exception for income connected with united
    states business.--Such term shall not include any item
    of income which is taken into account under section
    871(b)(1) or 882(a)(1) for the taxable year.
    ``(C) Special rule for sourcing interest paid by
    foreign branches of domestic financial institutions.--
    Subparagraph (B) of section 861(a)(1) shall not apply.
    ``(2) Substantial united states owner.--
    ``(A) In general.--The term `substantial United
    States owner' means--
    ``(i) with respect to any corporation, any
    specified United States person which owns,
    directly or indirectly, more than 10 percent of
    the stock of such corporation (by vote or value),
    ``(ii) with respect to any partnership, any
    specified United States person which owns,
    directly or indirectly, more than 10 percent of
    the profits interests or capital interests in such
    partnership, and
    ``(iii) in the case of a trust--
    ``(I) any specified United States
    person treated as an owner of any
    portion of such trust under subpart E of
    part I of subchapter J of chapter 1, and
    ``(II) to the extent provided by the
    Secretary in regulations or other
    guidance, any specified United States
    person which holds, directly or
    indirectly, more than 10 percent of the
    beneficial interests of such trust.

    [[Page 104]]

    ``(B) Special rule for investment vehicles.--In the
    case of any financial institution described in section
    1471(d)(5)(C), clauses (i), (ii), and (iii) of
    subparagraph (A) shall be applied by substituting `0
    percent' for `10 percent'.
    ``(3) Specified united states person.--Except as otherwise
    provided by the Secretary, the term `specified United States
    person' means any United States person other than--
    ``(A) any corporation the stock of which is
    regularly traded on an established securities market,
    ``(B) any corporation which is a member of the same
    expanded affiliated group (as defined in section
    1471(e)(2) without regard to the last sentence thereof)
    as a corporation the stock of which is regularly traded
    on an established securities market,
    ``(C) any organization exempt from taxation under
    section 501(a) or an individual retirement plan,
    ``(D) the United States or any wholly owned agency
    or instrumentality thereof,
    ``(E) any State, the District of Columbia, any
    possession of the United States, any political
    subdivision of any of the foregoing, or any wholly owned
    agency or instrumentality of any one or more of the
    foregoing,
    ``(F) any bank (as defined in section 581),
    ``(G) any real estate investment trust (as defined
    in section 856),
    ``(H) any regulated investment company (as defined
    in section 851),
    ``(I) any common trust fund (as defined in section
    584(a)), and
    ``(J) any trust which--
    ``(i) is exempt from tax under section 664(c),
    or
    ``(ii) is described in section 4947(a)(1).
    ``(4) Withholding agent.--The term `withholding agent' means
    all persons, in whatever capacity acting, having the control,
    receipt, custody, disposal, or payment of any withholdable
    payment.
    ``(5) Foreign entity.--The term `foreign entity' means any
    entity which is not a United States person.
    ``SEC. 1474. SPECIAL RULES.

    ``(a) Liability for Withheld Tax.--Every person required to deduct
    and withhold any tax under this chapter is hereby made liable for such
    tax and is hereby indemnified against the claims and demands of any
    person for the amount of any payments made in accordance with the
    provisions of this chapter.
    ``(b) Credits and Refunds.--
    ``(1) In general.--Except as provided in paragraph (2), the
    determination of whether any tax deducted and withheld under
    this chapter results in an overpayment by the beneficial owner
    of the payment to which such tax is attributable shall be made
    as if such tax had been deducted and withheld under subchapter A
    of chapter 3.
    ``(2) Special rule where foreign financial institution is
    beneficial owner of payment.--

    [[Page 105]]

    ``(A) In general.--In the case of any tax properly
    deducted and withheld under section 1471 from a
    specified financial institution payment--
    ``(i) if the foreign financial institution
    referred to in subparagraph (B) with respect to
    such payment is entitled to a reduced rate of tax
    with respect to such payment by reason of any
    treaty obligation of the United States--
    ``(I) the amount of any credit or
    refund with respect to such tax shall
    not exceed the amount of credit or
    refund attributable to such reduction in
    rate, and
    ``(II) no interest shall be allowed
    or paid with respect to such credit or
    refund, and
    ``(ii) if such foreign financial institution
    is not so entitled, no credit or refund shall be
    allowed or paid with respect to such tax.
    ``(B) Specified financial institution payment.--The
    term `specified financial institution payment' means any
    payment if the beneficial owner of such payment is a
    foreign financial institution.
    ``(3) Requirement to identify substantial united states
    owners.--No credit or refund shall be allowed or paid with
    respect to any tax properly deducted and withheld under this
    chapter unless the beneficial owner of the payment provides the
    Secretary such information as the Secretary may require to
    determine whether such beneficial owner is a United States owned
    foreign entity (as defined in section 1471(d)(3)) and the
    identity of any substantial United States owners of such entity.

    ``(c) Confidentiality of Information.--
    ``(1) In <> general.--For purposes of
    this chapter, rules similar to the rules of section 3406(f)
    shall apply.
    ``(2) Disclosure of list of participating foreign financial
    institutions permitted.--The identity of a foreign financial
    institution which meets the requirements of section 1471(b)
    shall not be treated as return information for purposes of
    section 6103.

    ``(d) Coordination With Other Withholding Provisions.--The Secretary
    shall provide for the coordination of this chapter with other
    withholding provisions under this title, including providing for the
    proper crediting of amounts deducted and withheld under this chapter
    against amounts required to be deducted and withheld under such other
    provisions.
    ``(e) Treatment of Withholding Under Agreements.--Any tax deducted
    and withheld pursuant to an agreement described in section 1471(b) shall
    be treated for purposes of this title as a tax deducted and withheld by
    a withholding agent under section 1471(a).
    ``(f) Regulations.--The Secretary shall prescribe such regulations
    or other guidance as may be necessary or appropriate to carry out the
    purposes of, and prevent the avoidance of, this chapter.''.
    (b) Special Rule for Interest on Overpayments.--Subsection (e) of
    section 6611 <> is amended by adding at the end the
    following new paragraph:

    [[Page 106]]

    ``(4) Certain <> withholding taxes.--
    In the case of any overpayment resulting from tax deducted and
    withheld under chapter 3 or 4, paragraphs (1), (2), and (3)
    shall be applied by substituting `180 days' for `45 days' each
    place it appears.''.

    (c) Conforming Amendments.--
    (1) Section 6414 <>  is amended by
    inserting ``or 4'' after ``chapter 3''.
    (2) Paragraph (1) of section 6501(b) is amended by inserting
    ``4,'' after ``chapter 3,''.
    (3) Paragraph (2) of section 6501(b) is amended--
    (A) by inserting ``4,'' after ``chapter 3,'' in the
    text thereof, and
    (B) by striking ``taxes and tax imposed by chapter
    3'' in the heading thereof and inserting ``and
    withholding taxes''.
    (4) Paragraph (3) of section 6513(b) is amended--
    (A) by inserting ``or 4'' after ``chapter 3'', and
    (B) by inserting ``or 1474(b)'' after ``section
    1462''.
    (5) Subsection (c) of section 6513 is amended by inserting
    ``4,'' after ``chapter 3,''.
    (6) Paragraph (1) of section 6724(d) is amended by inserting
    ``under chapter 4 or'' after ``filed with the Secretary'' in the
    last sentence thereof.
    (7) Paragraph (2) of section 6724(d) is amended by inserting
    ``or 4'' after ``chapter 3''.
    (8) The table of chapters of the Internal Revenue Code of
    1986 is amended by adding at the end the following new item:

    ``Chapter 4--Taxes To Enforce Reporting on Certain Foreign Accounts.''.

    (d) Effective <> Date.--
    (1) In general.--Except as otherwise provided in this
    subsection, the amendments made by this section shall apply to
    payments made after December 31, 2012.
    (2) Grandfathered treatment of outstanding obligations.--The
    amendments made by this section shall not require any amount to
    be deducted or withheld from any payment under any obligation
    outstanding on the date which is 2 years after the date of the
    enactment of this Act or from the gross proceeds from any
    disposition of such an obligation.
    (3) Interest on overpayments.--The amendment made by
    subsection (b) shall apply--
    (A) in the case of such amendment's application to
    paragraph (1) of section 6611(e) of the Internal Revenue
    Code of 1986, to returns the due date for which
    (determined without regard to extensions) is after the
    date of the enactment of this Act,
    (B) in the case of such amendment's application to
    paragraph (2) of such section, to claims for credit or
    refund of any overpayment filed after the date of the
    enactment of this Act (regardless of the taxable period
    to which such refund relates), and
    (C) in the case of such amendment's application to
    paragraph (3) of such section, to refunds paid after the
    date of the enactment of this Act (regardless of the
    taxable period to which such refund relates).

    [[Page 107]]

    SEC. 502. REPEAL OF CERTAIN FOREIGN EXCEPTIONS TO REGISTERED BOND
    REQUIREMENTS.

    (a) Repeal of Exception to Denial of Deduction for Interest on Non-
    Registered Bonds.--
    (1) In general.--Paragraph (2) of section 163(f) <> is amended by striking subparagraph (B) and by
    redesignating subparagraph (C) as subparagraph (B).
    (2) Conforming amendments.--
    (A) Paragraph (2) of section 149(a) is amended by
    inserting ``or'' at the end of subparagraph (A), by
    striking ``, or'' at the end of subparagraph (B) and
    inserting a period, and by striking subparagraph (C).
    (B) Subparagraph (A) of section 163(f)(2) is amended
    by inserting ``or'' at the end of clause (ii), by
    striking ``, or'' at the end of clause (iii) and
    inserting a period, and by striking clause (iv).
    (C) Subparagraph (B) of section 163(f)(2), as
    redesignated by paragraph (1), is amended--
    (i) by striking ``, and subparagraph (B),'' in
    the matter preceding clause (i), and
    (ii) by amending clause (i) to read as
    follows:
    ``(i) such obligation is of a type which the
    Secretary has determined by regulations to be used
    frequently in avoiding Federal taxes, and''.
    (D) Sections 165(j)(2)(A) and 1287(b)(1) are each
    amended by striking ``except that clause (iv) of
    subparagraph (A), and subparagraph (B), of such section
    shall not apply''.

    (b) Repeal of Treatment as Portfolio Debt.--
    (1) In general.--Paragraph (2) of section 871(h) is amended
    to read as follows:
    ``(2) Portfolio interest.--For purposes of this subsection,
    the term `portfolio interest' means any interest (including
    original issue discount) which--
    ``(A) would be subject to tax under subsection (a)
    but for this subsection, and
    ``(B) is paid on an obligation--
    ``(i) which is in registered form, and
    ``(ii) with respect to which--
    ``(I) the United States person who
    would otherwise be required to deduct
    and withhold tax from such interest
    under section 1441(a) receives a
    statement (which meets the requirements
    of paragraph (5)) that the beneficial
    owner of the obligation is not a United
    States person, or
    ``(II) the Secretary has determined
    that such a statement is not required in
    order to carry out the purposes of this
    subsection.''.
    (2) Conforming amendments.--
    (A) Section 871(h)(3)(A) is amended by striking
    ``subparagraph (A) or (B) of''.
    (B) Paragraph (2) of section 881(c) is amended to
    read as follows:
    ``(2) Portfolio interest.--For purposes of this subsection,
    the term `portfolio interest' means any interest (including
    original issue discount) which--

    [[Page 108]]

    ``(A) would be subject to tax under subsection (a)
    but for this subsection, and
    ``(B) is paid on an obligation--
    ``(i) which is in registered form, and
    ``(ii) with respect to which--
    ``(I) the person who would otherwise
    be required to deduct and withhold tax
    from such interest under section 1442(a)
    receives a statement which meets the
    requirements of section 871(h)(5) that
    the beneficial owner of the obligation
    is not a United States person, or
    ``(II) the Secretary has determined
    that such a statement is not required in
    order to carry out the purposes of this
    subsection.''.

    (c) Dematerialized Book Entry Systems Treated as Registered Form.--
    Paragraph (3) of section 163(f) <> is amended by
    inserting ``, except that a dematerialized book entry system or other
    book entry system specified by the Secretary shall be treated as a book
    entry system described in such section'' before the period at the end.

    (d) Repeal of Exception to Requirement That Treasury Obligations Be
    in Registered Form.--
    (1) In general.--Subsection (g) of section 3121 of title 31,
    United States Code, is amended by striking paragraph (2) and by
    redesignating paragraphs (3) and (4) as paragraphs (2) and (3),
    respectively.
    (2) Conforming amendments.--Paragraph (1) of section 3121(g)
    of such title is amended--
    (A) by adding ``or'' at the end of subparagraph (A),
    (B) by striking ``; or'' at the end of subparagraph
    (B) and inserting a period, and
    (C) by striking subparagraph (C).

    (e) Preservation of Exception for Excise Tax Purposes.--Paragraph
    (1) of section 4701(b) <> is amended to read as
    follows:
    ``(1) Registration-required obligation.--
    ``(A) In general.--The term `registration-required
    obligation' has the same meaning as when used in section
    163(f), except that such term shall not include any
    obligation which--
    ``(i) is required to be registered under
    section 149(a), or
    ``(ii) is described in subparagraph (B).
    ``(B) Certain obligations not included.--An
    obligation is described in this subparagraph if--
    ``(i) there are arrangements reasonably
    designed to ensure that such obligation will be
    sold (or resold in connection with the original
    issue) only to a person who is not a United States
    person,
    ``(ii) interest on such obligation is payable
    only outside the United States and its
    possessions, and
    ``(iii) on the face of such obligation there
    is a statement that any United States person who
    holds such obligation will be subject to
    limitations under the United States income tax
    laws.''.

    (f) Effective <> Date.--The
    amendments made by this section shall apply to obligations issued after
    the date which is 2 years after the date of the enactment of this Act.

    [[Page 109]]

    PART II--UNDER REPORTING WITH RESPECT TO FOREIGN ASSETS

    SEC. 511. DISCLOSURE OF INFORMATION WITH RESPECT TO FOREIGN
    FINANCIAL ASSETS.

    (a) In General.--Subpart A of part III of subchapter A of chapter 61
    is amended by inserting after section 6038C the following new section:
    ``SEC. 6038D. INFORMATION WITH RESPECT TO FOREIGN FINANCIAL
    ASSETS.

    ``(a) In General.--Any individual who, during any taxable year,
    holds any interest in a specified foreign financial asset shall attach
    to such person's return of tax imposed by subtitle A for such taxable
    year the information described in subsection (c) with respect to each
    such asset if the aggregate value of all such assets exceeds $50,000 (or
    such higher dollar amount as the Secretary may prescribe).
    ``(b) Specified Foreign Financial Assets.--For purposes of this
    section, the term `specified foreign financial asset' means--
    ``(1) any financial account (as defined in section
    1471(d)(2)) maintained by a foreign financial institution (as
    defined in section 1471(d)(4)), and
    ``(2) any of the following assets which are not held in an
    account maintained by a financial institution (as defined in
    section 1471(d)(5))--
    ``(A) any stock or security issued by a person other
    than a United States person,
    ``(B) any financial instrument or contract held for
    investment that has an issuer or counterparty which is
    other than a United States person, and
    ``(C) any interest in a foreign entity (as defined
    in section 1473).

    ``(c) Required Information.--The information described in this
    subsection with respect to any asset is:
    ``(1) In the case of any account, the name and address of
    the financial institution in which such account is maintained
    and the number of such account.
    ``(2) In the case of any stock or security, the name and
    address of the issuer and such information as is necessary to
    identify the class or issue of which such stock or security is a
    part.
    ``(3) In the case of any other instrument, contract, or
    interest--
    ``(A) such information as is necessary to identify
    such instrument, contract, or interest, and
    ``(B) the names and addresses of all issuers and
    counterparties with respect to such instrument,
    contract, or interest.
    ``(4) The maximum value of the asset during the taxable
    year.

    ``(d) Penalty for Failure To Disclose.--
    ``(1) In general.--If any individual fails to furnish the
    information described in subsection (c) with respect to any
    taxable year at the time and in the manner described in
    subsection (a), such person shall pay a penalty of $10,000.

    [[Page 110]]

    ``(2) Increase in penalty where failure continues after
    notification.--If <> any failure described
    in paragraph (1) continues for more than 90 days after the day
    on which the Secretary mails notice of such failure to the
    individual, such individual shall pay a penalty (in addition to
    the penalties under paragraph (1)) of $10,000 for each 30-day
    period (or fraction thereof) during which such failure continues
    after the expiration of such 90-day period. The penalty imposed
    under this paragraph with respect to any failure shall not
    exceed $50,000.

    ``(e) Presumption That Value of Specified Foreign Financial Assets
    Exceeds Dollar Threshold.--If--
    ``(1) <> the Secretary determines that
    an individual has an interest in one or more specified foreign
    financial assets, and
    ``(2) such individual does not provide sufficient
    information to demonstrate the aggregate value of such assets,

    then the aggregate value of such assets shall be treated as being in
    excess of $50,000 (or such higher dollar amount as the Secretary
    prescribes for purposes of subsection (a)) for purposes of assessing the
    penalties imposed under this section.
    ``(f) Application to Certain Entities.--To the extent provided by
    the Secretary in regulations or other guidance, the provisions of this
    section shall apply to any domestic entity which is formed or availed of
    for purposes of holding, directly or indirectly, specified foreign
    financial assets, in the same manner as if such entity were an
    individual.
    ``(g) Reasonable Cause Exception.--No penalty shall be imposed by
    this section on any failure which is shown to be due to reasonable cause
    and not due to willful neglect. The fact that a foreign jurisdiction
    would impose a civil or criminal penalty on the taxpayer (or any other
    person) for disclosing the required information is not reasonable cause.
    ``(h) Regulations.--The Secretary shall prescribe such regulations
    or other guidance as may be necessary or appropriate to carry out the
    purposes of this section, including regulations or other guidance which
    provide appropriate exceptions from the application of this section in
    the case of--
    ``(1) classes of assets identified by the Secretary,
    including any assets with respect to which the Secretary
    determines that disclosure under this section would be
    duplicative of other disclosures,
    ``(2) nonresident aliens, and
    ``(3) bona fide residents of any possession of the United
    States.''.

    (b) Clerical Amendment.--The table of sections for subpart A of part
    III of subchapter A of chapter 61 is amended by inserting after the item
    relating to section 6038C the following new item:

    ``Sec. 6038D. Information with respect to foreign financial assets.''.

    (c) Effective <> Date.--The
    amendments made by this section shall apply to taxable years beginning
    after the date of the enactment of this Act.
    SEC. 512. PENALTIES FOR UNDERPAYMENTS ATTRIBUTABLE TO UNDISCLOSED
    FOREIGN FINANCIAL ASSETS.

    (a) In General.--Section 6662, <> as amended by
    this Act, is amended--

    [[Page 111]]

    (1) in subsection (b), by inserting after paragraph (6) the
    following new paragraph:
    ``(7) Any undisclosed foreign financial asset
    understatement.'', and
    (2) by adding at the end the following new subsection:

    ``(j) Undisclosed Foreign Financial Asset Understatement.--
    ``(1) In general.--For purposes of this section, the term
    `undisclosed foreign financial asset understatement' means, for
    any taxable year, the portion of the understatement for such
    taxable year which is attributable to any transaction involving
    an undisclosed foreign financial asset.
    ``(2) Undisclosed foreign financial asset.--For purposes of
    this subsection, the term `undisclosed foreign financial asset'
    means, with respect to any taxable year, any asset with respect
    to which information was required to be provided under section
    6038, 6038B, 6038D, 6046A, or 6048 for such taxable year but was
    not provided by the taxpayer as required under the provisions of
    those sections.
    ``(3) Increase in penalty for undisclosed foreign financial
    asset understatements.--In the case of any portion of an
    underpayment which is attributable to any undisclosed foreign
    financial asset understatement, subsection (a) shall be applied
    with respect to such portion by substituting `40 percent' for
    `20 percent'.''.

    (b) Effective <> Date.--The
    amendments made by this section shall apply to taxable years beginning
    after the date of the enactment of this Act.
    SEC. 513. MODIFICATION OF STATUTE OF LIMITATIONS FOR SIGNIFICANT
    OMISSION OF INCOME IN CONNECTION WITH
    FOREIGN ASSETS.

    (a) Extension of Statute of Limitations.--
    (1) In general.--Paragraph (1) of section 6501(e) <> is amended by redesignating subparagraphs (A) and
    (B) as subparagraphs (B) and (C), respectively, and by inserting
    before subparagraph (B) (as so redesignated) the following new
    subparagraph:
    ``(A) General <> rule.--If the
    taxpayer omits from gross income an amount properly
    includible therein and--
    ``(i) such amount is in excess of 25 percent
    of the amount of gross income stated in the
    return, or
    ``(ii) such amount--
    ``(I) is attributable to one or more
    assets with respect to which information
    is required to be reported under section
    6038D (or would be so required if such
    section were applied without regard to
    the dollar threshold specified in
    subsection (a) thereof and without
    regard to any exceptions provided
    pursuant to subsection (h)(1) thereof),
    and
    ``(II) is in excess of $5,000,
    the tax may be assessed, or a proceeding in court for
    collection of such tax may be begun without assessment,
    at any time within 6 years after the return was
    filed.''.
    (2) Conforming amendments.--

    [[Page 112]]

    (A) Subparagraph (B) of section
    6501(e)(1), <> as redesignated by
    paragraph (1), is amended by striking all that precedes
    clause (i) and inserting the following:
    ``(B) Determination of gross income.--For purposes
    of subparagraph (A)--''.
    (B) Paragraph (2) of section 6229(c) is amended by
    striking ``which is in excess of 25 percent of the
    amount of gross income stated in its return'' and
    inserting ``and such amount is described in clause (i)
    or (ii) of section 6501(e)(1)(A)''.

    (b) Additional Reports Subject to Extended Period.--Paragraph (8) of
    section 6501(c) is amended--
    (1) by inserting ``pursuant to an election under section
    1295(b) or'' before ``under section 6038'',
    (2) by inserting ``1298(f),'' before ``6038'', and
    (3) by inserting ``6038D,'' after ``6038B,''.

    (c) Clarifications Related to Failure To Disclose Foreign
    Transfers.--Paragraph (8) of section 6501(c) is amended by striking
    ``event'' and inserting ``tax return, event,''.
    (d) Effective <> Date.--The
    amendments made by this section shall apply to--
    (1) returns filed after the date of the enactment of this
    Act; and
    (2) returns filed on or before such date if the period
    specified in section 6501 of the Internal Revenue Code of 1986
    (determined without regard to such amendments) for assessment of
    such taxes has not expired as of such date.

    PART III--OTHER DISCLOSURE PROVISIONS

    SEC. 521. REPORTING OF ACTIVITIES WITH RESPECT TO PASSIVE FOREIGN
    INVESTMENT COMPANIES.

    (a) In General.--Section 1298 is amended by redesignating subsection
    (f) as subsection (g) and by inserting after subsection (e) the
    following new subsection:
    ``(f) Reporting Requirement.--Except as otherwise provided by the
    Secretary, each United States person who is a shareholder of a passive
    foreign investment company shall file an annual report containing such
    information as the Secretary may require.''.
    (b) Conforming Amendment.--Subsection (e) of section 1291 is amended
    by striking ``, (d), and (f)'' and inserting ``and (d)''.
    (c) <>  Effective Date.--The amendments
    made by this section take effect on the date of the enactment of this
    Act.
    SEC. 522. SECRETARY PERMITTED TO REQUIRE FINANCIAL INSTITUTIONS TO
    FILE CERTAIN RETURNS RELATED TO
    WITHHOLDING ON FOREIGN TRANSFERS
    ELECTRONICALLY.

    (a) In General.--Subsection (e) of section 6011 is amended by adding
    at the end the following new paragraph:
    ``(4) Special rule for returns filed by financial
    institutions with respect to withholding on foreign transfers.--
    The numerical limitation under paragraph (2)(A) shall not apply
    to any return filed by a financial institution (as defined in
    section 1471(d)(5)) with respect to tax for which such
    institution is made liable under section 1461 or 1474(a).''.

    [[Page 113]]

    (b) Conforming Amendment.--Subsection (c) of section <> 6724 is amended by inserting ``or with respect to a return
    described in section 6011(e)(4)'' before the end period.

    (c) Effective <> Date.--The amendment made
    by this section shall apply to returns the due date for which
    (determined without regard to extensions) is after the date of the
    enactment of this Act.

    PART IV--PROVISIONS RELATED TO FOREIGN TRUSTS

    SEC. 531. CLARIFICATIONS WITH RESPECT TO FOREIGN TRUSTS WHICH ARE
    TREATED AS HAVING A UNITED STATES
    BENEFICIARY.

    (a) In General.--Paragraph (1) of section 679(c) is amended by
    adding at the end the following:
    ``For purposes of subparagraph (A), an amount shall be treated
    as accumulated for the benefit of a United States person even if
    the United States person's interest in the trust is contingent
    on a future event.''.

    (b) Clarification Regarding Discretion To Identify Beneficiaries.--
    Subsection (c) of section 679 is amended by adding at the end the
    following new paragraph:
    ``(4) Special rule in case of discretion to identify
    beneficiaries.--For purposes of paragraph (1)(A), if any person
    has the discretion (by authority given in the trust agreement,
    by power of appointment, or otherwise) of making a distribution
    from the trust to, or for the benefit of, any person, such trust
    shall be treated as having a beneficiary who is a United States
    person unless--
    ``(A) the terms of the trust specifically identify
    the class of persons to whom such distributions may be
    made, and
    ``(B) none of those persons are United States
    persons during the taxable year.''.

    (c) Clarification That Certain Agreements and Understandings Are
    Terms of the Trust.--Subsection (c) of section 679, as amended by
    subsection (b), is amended by adding at the end the following new
    paragraph:
    ``(5) Certain agreements and understandings treated as terms
    of the trust.--For purposes of paragraph (1)(A), if any United
    States person who directly or indirectly transfers property to
    the trust is directly or indirectly involved in any agreement or
    understanding (whether written, oral, or otherwise) that may
    result in the income or corpus of the trust being paid or
    accumulated to or for the benefit of a United States person,
    such agreement or understanding shall be treated as a term of
    the trust.''.
    SEC. 532. PRESUMPTION THAT FOREIGN TRUST HAS UNITED STATES
    BENEFICIARY.

    (a) In General.--Section 679 is amended by redesignating subsection
    (d) as subsection (e) and inserting after subsection (c) the following
    new subsection:
    ``(d) Presumption That Foreign Trust Has United States
    Beneficiary.--If a United States person directly or indirectly transfers
    property to a foreign trust (other than a trust described in

    [[Page 114]]

    section 6048(a)(3)(B)(ii)), the Secretary may treat such trust as having
    a United States beneficiary for purposes of applying this section to
    such transfer unless such person--
    ``(1) submits such information to the Secretary as the
    Secretary may require with respect to such transfer, and
    ``(2) demonstrates to the satisfaction of the Secretary that
    such trust satisfies the requirements of subparagraphs (A) and
    (B) of subsection (c)(1).''.

    (b) Effective <> Date.--The
    amendments made by this section shall apply to transfers of property
    after the date of the enactment of this Act.
    SEC. 533. UNCOMPENSATED USE OF TRUST PROPERTY.

    (a) In General.--Paragraph (1) of section <> 643(i) is amended--
    (1) by striking ``directly or indirectly to'' and inserting
    ``(or permits the use of any other trust property) directly or
    indirectly to or by'', and
    (2) by inserting ``(or the fair market value of the use of
    such property)'' after ``the amount of such loan''.

    (b) Exception for Compensated Use.--Paragraph (2) of section 643(i)
    is amended by adding at the end the following new subparagraph:
    ``(E) Exception for compensated use of property.--In
    the case of the use of any trust property other than a
    loan of cash or marketable securities, paragraph (1)
    shall not apply to the extent that the trust is paid the
    fair market value of such use within a reasonable period
    of time of such use.''.

    (c) Application to Grantor Trusts.--Subsection (c) of section 679,
    as amended by this Act, is amended by adding at the end the following
    new paragraph:
    ``(6) Uncompensated use of trust property treated as a
    payment.--For purposes of this subsection, a loan of cash or
    marketable securities (or the use of any other trust property)
    directly or indirectly to or by any United States person
    (whether or not a beneficiary under the terms of the trust)
    shall be treated as paid or accumulated for the benefit of a
    United States person. The preceding sentence shall not apply to
    the extent that the United States person repays the loan at a
    market rate of interest (or pays the fair market value of the
    use of such property) within a reasonable period of time.''.

    (d) Conforming Amendments.--Paragraph (3) of section 643(i) is
    amended--
    (1) by inserting ``(or use of property)'' after ``If any
    loan'',
    (2) by inserting ``or the return of such property'' before
    ``shall be disregarded'', and
    (3) by striking ``regarding loan principal'' in the heading
    thereof.

    (e) Effective <> Date.--The
    amendments made by this section shall apply to loans made, and uses of
    property, after the date of the enactment of this Act.
    SEC. 534. REPORTING REQUIREMENT OF UNITED STATES OWNERS OF FOREIGN
    TRUSTS.

    (a) In General.--Paragraph (1) of section 6048(b) is amended by
    inserting ``shall submit such information as the Secretary may

    [[Page 115]]

    prescribe with respect to such trust for such year and'' before ``shall
    be responsible to ensure''.
    (b) Effective <> Date.--The
    amendment made by this section shall apply to taxable years beginning
    after the date of the enactment of this Act.
    SEC. 535. MINIMUM PENALTY WITH RESPECT TO FAILURE TO REPORT ON
    CERTAIN FOREIGN TRUSTS.

    (a) In General.--Subsection (a) of section <> 6677 is amended--
    (1) by inserting ``the greater of $10,000 or'' before ``35
    percent'', and
    (2) by striking the last sentence and inserting the
    following: ``At such time as the gross reportable amount with
    respect to any failure can be determined by the Secretary, any
    subsequent penalty imposed under this subsection with respect to
    such failure shall be reduced as necessary to assure that the
    aggregate amount of such penalties do not exceed the gross
    reportable amount (and to the extent that such aggregate amount
    already exceeds the gross reportable amount the Secretary shall
    refund such excess to the taxpayer).''

    (b) Effective <> Date.--The
    amendments made by this section shall apply to notices and returns
    required to be filed after December 31, 2009.

    PART V--SUBSTITUTE DIVIDENDS AND DIVIDEND EQUIVALENT PAYMENTS RECEIVED
    BY FOREIGN PERSONS TREATED AS DIVIDENDS

    SEC. 541. SUBSTITUTE DIVIDENDS AND DIVIDEND EQUIVALENT PAYMENTS
    RECEIVED BY FOREIGN PERSONS TREATED AS
    DIVIDENDS.

    (a) In General.--Section 871 is amended by redesignating subsection
    (l) as subsection (m) and by inserting after subsection (k) the
    following new subsection:
    ``(l) Treatment <> of Dividend Equivalent
    Payments.--
    ``(1) In general.--For purposes of subsection (a), sections
    881 and 4948(a), and chapters 3 and 4, a dividend equivalent
    shall be treated as a dividend from sources within the United
    States.
    ``(2) Dividend equivalent.--For purposes of this subsection,
    the term `dividend equivalent' means--
    ``(A) any substitute dividend made pursuant to a
    securities lending or a sale-repurchase transaction that
    (directly or indirectly) is contingent upon, or
    determined by reference to, the payment of a dividend
    from sources within the United States,
    ``(B) any payment made pursuant to a specified
    notional principal contract that (directly or
    indirectly) is contingent upon, or determined by
    reference to, the payment of a dividend from sources
    within the United States, and
    ``(C) any other payment determined by the Secretary
    to be substantially similar to a payment described in
    subparagraph (A) or (B).

    [[Page 116]]

    ``(3) Specified notional principal contract.--For purposes
    of this subsection, the term `specified notional principal
    contract' means--
    ``(A) any notional principal contract if--
    ``(i) in connection with entering into such
    contract, any long party to the contract transfers
    the underlying security to any short party to the
    contract,
    ``(ii) in connection with the termination of
    such contract, any short party to the contract
    transfers the underlying security to any long
    party to the contract,
    ``(iii) the underlying security is not readily
    tradable on an established securities market,
    ``(iv) in connection with entering into such
    contract, the underlying security is posted as
    collateral by any short party to the contract with
    any long party to the contract, or
    ``(v) such contract is identified by the
    Secretary as a specified notional principal
    contract,
    ``(B) in the case of payments made after the date
    which is 2 years after the date of the enactment of this
    subsection, any notional principal contract unless the
    Secretary determines that such contract is of a type
    which does not have the potential for tax avoidance.
    ``(4) Definitions.--For purposes of paragraph (3)(A)--
    ``(A) Long party.--The term `long party' means, with
    respect to any underlying security of any notional
    principal contract, any party to the contract which is
    entitled to receive any payment pursuant to such
    contract which is contingent upon, or determined by
    reference to, the payment of a dividend from sources
    within the United States with respect to such underlying
    security.
    ``(B) Short party.--The term `short party' means,
    with respect to any underlying security of any notional
    principal contract, any party to the contract which is
    not a long party with respect to such underlying
    security.
    ``(C) Underlying security.--The term `underlying
    security' means, with respect to any notional principal
    contract, the security with respect to which the
    dividend referred to in paragraph (2)(B) is paid. For
    purposes of this paragraph, any index or fixed basket of
    securities shall be treated as a single security.
    ``(5) Payments determined on gross basis.--For purposes of
    this subsection, the term `payment' includes any gross amount
    which is used in computing any net amount which is transferred
    to or from the taxpayer.
    ``(6) Prevention of over-withholding.--In the case of any
    chain of dividend equivalents one or more of which is subject to
    tax under subsection (a) or section 881, the Secretary may
    reduce such tax, but only to the extent that the taxpayer can
    establish that such tax has been paid with respect to another
    dividend equivalent in such chain, or is not otherwise due, or
    as the Secretary determines is appropriate to address the role
    of financial intermediaries in such chain. For purposes of this
    paragraph, a dividend shall be treated as a dividend equivalent.
    ``(7) Coordination <> with chapters 3 and
    4.--For purposes of chapters 3 and 4, each person that is a
    party to any contract

    [[Page 117]]

    or other arrangement that provides for the payment of a dividend
    equivalent shall be treated as having control of such
    payment.''.

    (b) Effective <> Date.--The
    amendments made by this section shall apply to payments made on or after
    the date that is 180 days after the date of the enactment of this Act.

    Subtitle B--Delay in Application of Worldwide Allocation of Interest

    SEC. 551. DELAY IN APPLICATION OF WORLDWIDE ALLOCATION OF
    INTEREST.

    (a) In General.--Paragraphs (5)(D) and (6) of <> section 864(f) are each amended by striking ``December 31, 2017''
    and inserting ``December 31, 2020''.

    (b) Effective <> Date.--The amendments made
    by this section shall take effect on the date of the enactment of this
    Act.

    Subtitle C--Budgetary Provisions

    SEC. 561. TIME <> FOR PAYMENT OF
    CORPORATE ESTIMATED TAXES.

    Notwithstanding section 6655 of the Internal Revenue Code of 1986,
    in the case of a corporation with assets of not less than $1,000,000,000
    (determined as of the end of the preceding taxable year)--
    (1) the percentage under paragraph (1) of section 202(b) of
    the Corporate Estimated Tax Shift Act of 2009 in effect on the
    date of the enactment of this Act is increased by 23 percentage
    points,
    (2) the amount of any required installment of corporate
    estimated tax which is otherwise due in July, August, or
    September of 2015 shall be 121.5 percent of such amount,
    (3) the amount of any required installment of corporate
    estimated tax which is otherwise due in July, August, or
    September of 2019 shall be 106.5 percent of such amount, and
    (4) the amount of the next required installment after an
    installment referred to in paragraph (2) or (3) shall be
    appropriately reduced to reflect the amount of the increase by
    reason of such paragraph.
    SEC. 562. PAYGO COMPLIANCE.

    The budgetary effects of this Act, for purposes 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 Chairman of the House and Senate Budget
    Committees, provided that such statement has been

    [[Page 118]]

    submitted prior to the vote on passage in the House acting first on this
    conference report or amendments between the Houses.

    Approved March 18, 2010.

    LEGISLATIVE HISTORY--H.R. 2847:
    ---------------------------------------------------------------------------

    HOUSE REPORTS: No. 111-149 (Comm. on Appropriations).
    SENATE REPORTS: No. 111-34 (Comm. on Appropriations).
    CONGRESSIONAL RECORD:
    Vol. 155 (2009):
    June 16-18, considered and passed
    House.
    Oct. 7, 8, 13, Nov. 5, considered
    and passed Senate, amended.
    Dec. 16, House concurred in Senate
    amendment with an amendment.
    Vol. 156 (2010):
    Feb. 11, 22-24, Senate considered
    and concurred in House amendment
    with an amendment.
    Mar. 4, House concurred in Senate
    amendment with an amendment.
    Mar. 11, 15, 17, Senate considered
    and concurred in House
    amendment.
    DAILY COMPILATION OF PRESIDENTIAL DOCUMENTS (2010):
    Mar. 18, Presidential remarks.