SECTION 1. SHORT TITLE. This Act may be cited as the ``Rural Rental Housing Act of 2003''. SEC. 2. FINDINGS. Congress makes the following findings: (1) There is a pressing and increasing need for rental housing for rural families and senior citizens, as evidenced by the fact that-- (A) two-thirds of extremely low-income and very low-income rural households do not have access to affordable rental housing units; (B) more than 900,000 rural rental households (10.4 percent) live in either severely or moderately inadequate housing; and (C) substandard housing is a problem for 547,000 rural renters, and approximately 165,000 rural rental units are overcrowded. (2) Many rural United States households live with serious housing problems, including a lack of basic water and wastewater services, structural insufficiencies, and overcrowding, as shown by the fact that-- (A) 28 percent, or 10,400,000, rural households in the United States live with some kind of serious housing problem; (B) approximately 1,000,000 rural renters have multiple housing problems; and (C) an estimated 2,600,000 rural households live in substandard housing with severe structural damage or without indoor plumbing, heat, or electricity. (3) In rural America-- (A) one-third of all renters pay more than 30 percent of their income for housing; (B) 20 percent of rural renters pay more than 50 percent of their income for housing; and (C) 92 percent of all rural renters with significant housing problems pay more than 50 percent of their income for housing costs, and 60 percent pay more than 70 percent of their income for housing. (4) Rural economies are often less diverse, and therefore, jobs and economic opportunity are limited because-- (A) factors that exist in rural environments, such as remoteness and low population density, lead to limited access to many forces driving the economy, such as technology, lending, and investment; and (B) local expertise is often limited in rural areas where the economies are focused on farming or natural resource-based industries. (5) Rural areas have less access to credit than metropolitan areas since-- (A) banks and other investors that look for larger projects with lower risk seek metropolitan areas for loans and investment; (B) credit that is available is often insufficient, leading to the need for interim or bridge financing; and (C) credit in rural areas is often more expensive and available at less favorable terms than in metropolitan areas. (6) The Federal Government investment in rural rental housing has dropped during the last 10 years, as evidenced by the fact that-- (A) Federal spending for rural rental housing has been cut by 73 percent since 1994; and (B) rural rental housing unit production financed by the Federal Government has been reduced by 88 percent since 1990. (7) To address the scarcity of rural rental housing, the Federal Government must work in partnership with State and local governments, private financial institutions, private philanthropic institutions, and the private sector, including nonprofit organizations. SEC. 3. DEFINITIONS. In this Act: (1) Eligible project.--The term ``eligible project'' means a project for the acquisition, rehabilitation, or construction of rental housing and related facilities in an eligible rural area for occupancy by low-income families. (2) Eligible rural area.--The term ``eligible rural area'' means a rural area with a population of not more than 25,000, as determined by the most recent decennial census of the United States, and that is located outside an urbanized area. (3) Eligible sponsor.--The term ``eligible sponsor'' means a public agency, an Indian tribe, a for-profit corporation, or a private nonprofit corporation-- (A) a purpose of which is planning, developing, or managing housing or community development projects in rural areas; and (B) that has a record of accomplishment in housing or community development and meets other criteria established by the Secretary by regulation. (4) Low-income families.--The term ``low-income families'' has the meaning given the term in section 3(b) of the United States Housing Act of 1937 (42 U.S.C. 1437a(b)). (5) Qualified intermediary.--The term ``qualified intermediary'' means a State, a State agency designated by the Governor of the State, a public instrumentality of the State, a private nonprofit community development corporation, a nonprofit housing corporation, a community development loan fund, or a community development credit union, that-- (A) has a record of providing technical and financial assistance for housing and community development activities in rural areas; and (B) has a demonstrated technical and financial capacity to administer assistance made available under this Act. (6) Secretary.--The term ``Secretary'' means the Secretary of Agriculture. (7) State.--The term ``State'' means each of the several States of the United States, the Commonwealth of Puerto Rico, the District of Columbia, the Commonwealth of the Northern Mariana Islands, Guam, the Virgin Islands, American Samoa, the Trust Territories of the Pacific, and any other possession of the United States. SEC. 4. RURAL RENTAL HOUSING ASSISTANCE. (a) In General.--The Secretary may, directly or through 1 or more qualified intermediaries in accordance with section 5, make assistance available to eligible sponsors in the form of loans, grants, interest subsidies, annuities, and other forms of financing assistance, to finance the eligible projects. (b) Applications.-- (1) In general.--To be eligible to receive assistance under this section, an eligible sponsor shall submit to the Secretary, or a qualified intermediary, an application in such form and containing such information as the Secretary shall require by regulation. (2) Affordability restriction.--Each application under this subsection shall include a certification by the applicant that the housing to be acquired, rehabilitated, or constructed with assistance under this section will remain affordable for low- income families for not less than 30 years. (c) Priority for Assistance.--In selecting among applicants for assistance under this section, the Secretary, or a qualified intermediary, shall give priority to providing assistance to eligible projects-- (1) for very low-income families (as defined in section 3(b) of the United States Housing Act of 1937 (42 U.S.C. 1437a(b)); and (2) in low-income communities or in communities with a severe lack of affordable rental housing, in eligible rural areas, as determined by the Secretary; or (3) if the applications are submitted by public agencies, Indian tribes, private nonprofit corporations or limited dividend corporations in which the general partner is a non- profit entity whose principal purposes include planning, developing and managing low-income housing and community development projects. (d) Allocation of Assistance.-- (1) In general.--In carrying out this section, the Secretary shall allocate assistance among the States, taking into account the incidence of rural substandard housing and rural poverty in each State and the share of that State of the national total of such incidence. (2) Small state minimum.--In making an allocation under paragraph (1), the Secretary shall provide each state an amount not less than $2,000,000. (e) Limitations on Amount of Assistance.-- (1) In general.--Except as provided in paragraph (2), assistance made available under this Act may not exceed 50 percent of the total cost of the eligible project. (2) Exception.--Assistance authorized under this Act shall not exceed 75 percent of the total cost of the eligible project, if the project is for the acquisition, rehabilitation, or construction of not more than 20 rental housing units for use by very low-income families. SEC. 5. DELEGATION OF AUTHORITY. (a) In General.--The Secretary may delegate authority for distribution of assistance-- (1) to one or more qualified intermediaries in the State; and (2) for a period of not more than 3 years, at which time that delegation of authority shall be subject to renewal, in the discretion of the Secretary, for 1 or more additional periods of not more than 3 years. (b) Solicitation.-- (1) In general.--The Secretary may, in the discretion of the Secretary, solicit applications from qualified intermediaries for a delegation of authority under this section. (2) Contents of application.--Each application under this subsection shall include-- (A) a certification that the applicant will-- (i) provide matching funds from sources other than this Act in an amount that is not less than the amount of assistance provided to the applicant under this section; and (ii) distribute assistance to eligible sponsors in the State in accordance with section 4; and (B) a description of-- (i) the State or the area within a State to be served; (ii) the incidence of poverty and substandard housing in the State or area to be served; (iii) the technical and financial qualifications of the applicant; and (iv) the assistance sought and a proposed plan for the distribution of such assistance in accordance with section 4. (3) Multistate applications.--The Secretary may, in the discretion of the Secretary, seek application by qualified intermediaries for more than 1 State. SEC. 6. AUTHORIZATION OF APPROPRIATIONS. There is authorized to be appropriated to carry out this Act $250,000,000 for each of fiscal years 2004 through 2008.

Summary: Rural Rental Housing Act of 2003 - Authorizes the Secretary of Agriculture to provide rural rental assistance, with applicant priority given to very low-income families, low-income communities, rural areas, and communities with severe lack of affordable rental housing.


SECTION. 1. SHORT TITLE; FINDINGS. (a) Short Title.--This Act may be cited as the ``Telecommunications Economic Opportunity Act of 1995''. (b) Findings.--The Congress finds the following: (1) It is in the public interest for business enterprises owned by minorities and women to participate in procurement contracts of all providers of telecommunications services. (2) The opportunity for full participation in our free enterprise system by business enterprises that are owned by minorities and women is essential if this Nation is to attain social and economic equality for those businesses and improve the functioning of the national economy. (3) It is in this Nation's interest to expeditiously improve the economically disadvantaged position of business enterprises that are owned by minorities and women. (4) The position of these businesses can be improved through the development by the providers of telecommunications services of substantial long-range and annual goals, which are supported by training and technical assistance, for the purchase, to the maximum practicable extent, of technology, equipment, supplies, services, material and construction from minority business enterprises. (5) Procurement policies which include participation of business enterprises that are owned by minorities and women also benefit the communication industry and its consumers by encouraging the expansion of the numbers of suppliers for procurement, thereby encouraging competition among suppliers and promoting economic efficiency in the process. SEC. 2. PURPOSE. The purposes of this Act are-- (1) to encourage and foster greater economic opportunity for business enterprises that are owned by minorities and women; (2) to promote competition among suppliers to providers of telecommunications services and their affiliates to enhance economic efficiency in the procurement of telephone corporation contracts and contracts of their State commission-regulated subsidiaries and affiliates; (3) to clarify and expand a program for the procurement by State and federally-regulated telephone companies of technology, equipment, supplies, services, materials and construction work from business enterprises that are owned by minorities and women; and (4) to ensure that a fair proportion of the total purchases, contracts, and subcontracts for supplies, commodities, technology, property, and services offered by the providers of telecommunications services and their affiliates are awarded to minority and women business enterprises. SEC. 3. ANNUAL PLAN SUBMISSION. (a) Annual Plans Required.-- (1) In general.--The Commission shall require each provider of telecommunications services to submit annually a detailed and verifiable plan for increasing its procurement from business enterprises that are owned by minorities or women in all categories of procurement in which minorities are under represented. (2) Contents of plans.--The annual plans required by paragraph (1) shall include (but not be limited to) short- and long-term progressive goals and timetables, technical assistance, and training and shall, in addition to goals for direct contracting opportunities, include methods for encouraging both prime contractors and grantees to engage business enterprises that are owned by minorities and women in subcontracts in all categories in which minorities are under represented. (3) Implementation report.--Each provider of telecommunications services shall furnish an annual report to the Commission regarding the implementation of programs established pursuant to this Act in such form as the Commission shall require, and at such time as the Commission shall annually designate. (4) Report to congress.--The Commission shall provide an annual report to Congress, beginning in January 1996, on the progress of activities undertaken by each provider of telecommunications services regarding the implementation of activities pursuant to this Act to develop business enterprises that are owned by minorities or women. The report shall evaluate the accomplishments under this Act and shall recommend a program for enhancing the policy declared in this Act, together with such recommendations for legislation as it deems necessary or desirable to further that policy. (b) Regulations and Criteria for Determining Eligibility of Minority Business Enterprises for Procurement Contracts.-- (1) In general.--The Commission shall establish regulations for implementing programs pursuant to this Act that will govern providers of telecommunications services and their affiliates. (2) Verifying criteria.--The Commission shall develop and publish regulations setting forth criteria for verifying and determining the eligibility of business enterprises that are owned by minorities or women for procurement contracts. (3) Outreach.--The Commission's regulations shall require each provider of telecommunications services and its affiliates to develop and to implement an outreach program to inform and recruit business enterprises that are owned by minorities or women to apply for procurement contracts under this Act. (4) Enforcement.--The Commission shall establish and promulgate such regulations necessary to enforce the provisions of this Act. (c) Waiver Authority.--The requirements of this section may be waived, in whole or in part, by the Commission with respect to a particular contract or subcontract in accordance with guidelines set forth in regulations which the Commission shall prescribe when it determines that the application of such regulations prove to result in undue hardship or unreasonable expense to a provider of telecommunications services. SEC. 4. SANCTIONS AND REMEDIES. (a) False Representation of Businesses; Sanctions.-- (1) In general.--Any person or corporation, through its directors, officers, or agent, which falsely represents the business as a business enterprise that is owned by minorities or women in the procurement or attempt to procure contracts from telephone operating companies and their affiliates pursuant to this article, shall be punished by a fine of not more than $5,000, or by imprisonment for a period not to exceed 5 years of its directors, officers, or agents responsible for the false statements, or by both fine and imprisonment. (2) Holding companies.--Any provider of telecommunications services which falsely represents its annual report to the Commission or its implementation of its programs pursuant to this section shall be subject to a fine of $100,000 and be subject to a penalty of up to 5 years restriction from participation in lines of business activities provided for in this Act. (b) Independent Cause of Action, Remedies, and Attorney Fees.-- (1) Discrimination prohibited.--No otherwise qualified business enterprise that is owned by minorities or women shall solely, by reason of its racial, ethnic, or gender composition be excluded from the participation in, be denied the benefits of, or be subjected to discrimination in procuring contracts from telephone utilities. (2) Civil actions authorized.--Whenever a qualified business enterprise that is owned by minorities or women has reasonable cause to believe that a provider of telecommunications services or its affiliate is engaged in a pattern or practice of resistance to the full compliance of any provision of this Act, the business enterprise may bring a civil action in the appropriate district court of the United States against the provider of telecommunications services or its affiliate requesting such monetary or injunctive relief, or both, as deemed necessary to ensure the full benefits of this Act. (3) Attorneys' fees and costs.--In any action or proceeding to enforce or charge of a violation of a provision of this Act, the court, in its discretion, may allow the prevailing party reasonable attorneys' fees and costs. SEC. 5. DEFINITIONS. For the purpose of this Act, the following definitions apply: (1) The term ``business enterprise owned by minorities or women'' means-- (A) a business enterprise that is at least 51 percent owned by a person or persons who are minority persons or women; or (B) in the case of any publicly owned business, at least 51 percent of the stock of which is owned by one or more persons who are minority persons or women, and whose management and daily business operations are controlled by one or more of those persons. (2) The term ``minority person'' means persons who are Black Americans, Hispanic Americans, Native Americans, Asian Americans, and Pacific Americans. (3) The term ``control'' means exercising the power to make financial and policy decisions. (4) The term ``operate'' means the active involvement in the day-to-day management of the business and not merely being officers or directors. (5) The term ``Commission'' means the Federal Communications Commission. (6) The term ``telecommunications service'' means the offering, on a common carrier basis, of telecommunications facilities, or of telecommunications by means of such facilities. Such term does not include an information service.

Summary: Telecommunications Economic Opportunity Act of 1995 - Directs the Federal Communications Commission (FCC) to require each provider of telecommunications services (provider) to submit annually a detailed and verifiable plan for increasing its procurement from businesses that are owned by minorities and women in all categories of procurement in which minorities are underrepresented. Requires each provider to report annually to the FCC regarding implementation of programs established under this Act. Directs the FCC to report annually to the Congress on the progress of activities undertaken by each provider. Directs the FCC to establish regulations for: (1) implementing programs under this Act; and (2) verifying and determining the eligibility of businesses owned by minorities and women. Requires each provider and its affiliates to develop and implement an outreach program to inform and recruit eligible businesses to apply for procurement contracts under this Act. Allows for the waiver of such requirements when their application to a provider results in undue hardship or unreasonable expense. Provides sanctions and remedies in the case of: (1) a business that falsely represents itself as a business owned by minorities or women; or (2) a provider which makes false representations in its annual report to the FCC or in its implementation of programs under this Act. Prohibits discrimination against eligible businesses attempting to procure contracts from telephone utilities. Authorizes civil actions by eligible businesses to enforce the provisions of this Act.


SECTION 1. SHORT TITLE. This Act may be cited as the ``RCAF/RAF-Americans Congressional Gold Medal Act''. SEC. 2. FINDINGS. Congress finds the following: (1) Europe was at war before the end of 1939. England and her British Commonwealth of Nations, which included the Dominion of Canada, were warring with Nazi Germany. (2) Early in World War II the Royal Canadian Air Force (RCAF) needed large numbers of pilots and the British Commonwealth Air Training Plan (BCATP) made Canada a center for aircrew training. (3) Approximately 8,864 Americans volunteered to join the RCAF beginning as early as 1940 and continuing throughout World War II. These RCAF-Americans came from every state in the Union. (4) Many of the RCAF-Americans were urgently needed as flying instructors and helped to fully staff the BCATP operations. (5) Approximately 750 Americans (244 with the highly regarded Eagle Squadrons) also served in Great Britain with the RAF. The Eagle Squadrons served from February, 1941, until September, 1942, and provided the British welcome relief from the stress of losing large numbers of combat pilots. (6) President Franklin Roosevelt called the BCATP the ``Aerodrome Of Democracy''. Canadian Prime Minister Mackenzie King, General Dwight Eisenhower, and British Prime Minister Winston Churchill, all expressed their gratitude to the United States men and women who took part in the British Commonwealth Air Training Plan. (7) Approximately 3,794 Americans transferred to the U.S. Army Air Force (USAAF) after the attack on Pearl Harbor. The 3 Eagle Squadrons (No.71/No.121/No.133), transferred into the 4th Fighter Group, USAAF in September 1942. (8) The transfer of these courageous RCAF/RAF-Americans helped prevent a shortage of experienced airmen in the aftermath of America's entry into the war. (9) Many of these highly trained and experienced RCAF/RAF- Americans pilots performed crucial roles as flight instructors for the USAAF. (10) The accumulated knowledge and skills possessed by these RCAF/RAF-American airmen resulted in many becoming highly accomplished USAAF combat pilots. (11) One of the most highly decorated military groups, the American Fighter Aces, can count many of these RCAF/RAF- Americans among their venerable ranks. (12) These brave Americans left their families to join the RCAF/RAF and over 800 lost their lives while serving. They represent the exceptional courage that has been displayed in the defense of Freedom throughout our Nation's history. SEC. 3. CONGRESSIONAL GOLD MEDAL. (a) Presentation Authorized.--The Speaker of the House of Representatives and the President pro tempore of the Senate shall make appropriate arrangements for the presentation, on behalf of the Congress, of a single gold medal of appropriate design in commemoration of all U.S. nationals who joined the Royal Canadian Air Force or the Royal Air Force during World War II, both before and after Japan's attack on Pearl Harbor, in recognition of their contributions to the Nation. (b) Design and Striking.--For purposes of the presentation referred to in subsection (a), the Secretary of the Treasury (referred to in this Act as the ``Secretary'') shall strike a gold medal with suitable emblems, devices, and inscriptions, to be determined by the Secretary. (c) Smithsonian Institution.-- (1) In general.--Following the award of the gold medal under subsection (a), the gold medal shall be given to the Smithsonian Institution, where it will be available for display as appropriate and available for research. (2) Sense of congress.--It is the sense of the Congress that the Smithsonian Institution should make the gold medal awarded pursuant to this Act available for display elsewhere, particularly at appropriate locations associated with the U.S. nationals described under subsection (a), and that preference should be given to locations affiliated with the Smithsonian Institution. SEC. 4. DUPLICATE MEDALS. The Secretary may strike and sell duplicates in bronze of the gold medal struck pursuant to section 3 under such regulations as the Secretary may prescribe, at a price sufficient to cover the cost thereof, including labor, materials, dies, use of machinery, and overhead expenses, and the cost of the gold medal. SEC. 5. STATUS OF MEDALS. (a) National Medals.--The medals struck pursuant to this Act are national medals for purposes of chapter 51 of title 31, United States Code. (b) Numismatic Items.--For purposes of section 5134 of title 31, United States Code, all medals struck under this Act shall be considered to be numismatic items.

Summary: RCAF/RAF-Americans Congressional Gold Medal Act This bill directs the Speaker of the House of Representatives and the President pro tempore of the Senate to arrange for the award of a Congressional Gold Medal in commemoration of all U.S. nationals who joined the Royal Canadian Air Force or the Royal Air Force during World War II.


SECTION 1. SHORT TITLE. This Act may be cited as the ``Appalachian Regional Commission Reform Act''. SEC. 2. FINDINGS. (a) Headquarters.--Congress finds that-- (1) regional commissions, such as the Delta Regional Authority, the Denali Commission, and the Northern Border Regional Commission, are each headquartered in their respective region; (2) headquartering regional commissions within the region affected is a sensible approach to ensure that the commissions are housed in more affordable locations than the District of Columbia, thereby reducing administrative overhead and making the commissions closer and more accountable to the people the commissions were designed to serve; (3) the Appalachian Regional Commission (referred to in this Act as the ``Commission'') is not headquartered in Appalachia but in Washington, DC; and (4) the headquarters of the Commission should be relocated from the District of Columbia to a more affordable location in the Appalachian region so that it is closer and more accountable to the people the Commission was designed to serve. (b) Performance.--Congress finds that-- (1) the Commission was created to help foster economic opportunity and close health and educational disparities in a geographic region of the United States beleaguered by persistent poverty and high unemployment; (2) the Commission remains the sole Federal agency focused singularly on economic revitalization in the Appalachian region; (3) in 1998, Congress charged the Commission with ``address[ing] the needs of severely and persistently distressed areas of the Appalachian region and focus[ing] special attention on the areas of greatest need''; (4) the Commission has long been criticized for its shortcomings in fulfilling this mission, including in-- (A) a 1999 study titled ``Mountain Money: Federal Tax Dollars Miss the Mark in Core Appalachia'' by Mark Ferenchik and Jill Ripenhoff for the Columbus Dispatch; and (B) a 2008 book titled ``Uneven Ground: Appalachia Since 1945'' by Ronald D. Eller; (5) in 2004, the Office of Management and Budget noted the importance of the Commission ``[f]ocusing efforts on . . . targeting assistance to areas of distress''; (6) in 2017, Citizens Against Government Waste characterized the programming of the Commission as duplicative and called for drastic reductions in the budget of the Commission; (7) in 2017, the Office of Management and Budget, citing a Government Accountability Office study, concluded that the Commission should be abolished, and that conclusion was reflected in the fiscal year 2018 budget request submitted by the President; (8) these recent actions reflect a growing chorus that the Commission should be reformed; and (9) therefore, given the long-recognized shortcomings of the Commission, the long-standing criticism of the Commission, and the need to ensure its optimal performance, the time has arrived for the Commission to be reformed. (c) Persistent Poverty.--Congress finds that-- (1) using 1960 data, the Commission (which was created in 1965) concluded that there were 214 distressed counties in the Appalachian region; (2) in 2017, according to the Commission, there are 84 distressed counties in the Appalachian region, reflecting the areas of most persistent poverty in the region; and (3) therefore, the Commission should be reformed to focus its attention on the areas of most persistent poverty in the region. (d) Area Development Funding for Distressed Counties.--Congress finds that-- (1) according to the study by the Columbus Dispatch referred to in subsection (b)(4)(A), of the 22,169 grants issued by the Commission from fiscal year 1966 through fiscal year 1998, none of the 5 counties that received the most Commission funding was considered distressed, and more than \1/ 4\ of all Commission spending during that period went to States with few, if any, distressed counties; (2) according to author Ronald D. Eller in 2014, ``[the Commission] policies have concentrated resources in a select few `growth centers' in the [Appalachian] region, expanding services to the poor and growing the mountain middle class, but doing little to alter conditions in the most rural distressed counties or to address systemic political or economic inequalities throughout Appalachia''; (3) until 1995, the Commission allocated up to 20 percent of its area development grants for use in distressed counties; (4) following instructions given to the Commission by the Committees on Appropriations of the Senate and the House of Representatives in 1995, this allocation was increased by the Commission to 30 percent; (5) section 7.5(c) of the Code of the Commission (as in effect on the date of enactment of this Act) reflects this 1995 policy change and states that the Commission ``will allocate up to 30 percent of Commission area development funds for use in distressed counties'', even though, according to the Commission's public representations, economic conditions in distressed areas of the Appalachian region have not greatly improved since the 1960s; (6) given the persistent levels of poverty in the distressed counties in the Appalachian region, more area development funding and emphasis should be devoted to those counties; and (7) therefore, the allocation described in paragraph (3) should be increased to 60 percent. (e) Grant Expenditures.--Congress finds that-- (1) section 14524(d) of title 40, United States Code, provides that ``not less than 50 percent of the amount of grant expenditures the Commission approves shall support activities or projects that benefit severely and persistently distressed counties and areas''; (2) given the persistent levels of poverty in the distressed counties in the Appalachian region, more grant expenditures and emphasis should be devoted to those counties; and (3) therefore, the 50 percent threshold in section 14524(d) of title 40, United States Code, should be increased to 60 percent. SEC. 3. MISSION OF THE APPALACHIAN REGIONAL COMMISSION. Section 14301 of title 40, United States Code, is amended by striking subsection (a) and inserting the following: ``(a) Establishment and Mission.-- ``(1) Establishment.--There is an Appalachian Regional Commission (referred to in this chapter as the `Commission'). ``(2) Mission.--The mission of the Commission shall be to focus primarily on poverty reduction and economic development in areas in the Appalachian region with the most persistent poverty.''. SEC. 4. HEADQUARTERS OF THE APPALACHIAN REGIONAL COMMISSION. (a) In General.--Section 14301 of title 40, United States Code, is amended by adding at the end the following: ``(g) Headquarters.--The headquarters of the Commission shall be located in the Appalachian region.''. (b) Implementation.--The Federal Cochairman of the Commission shall take such actions as may be necessary to carry out the amendment made by subsection (a). SEC. 5. GRANT EXPENDITURES. Section 14524(d) of title 40, United States Code, is amended by striking ``50 percent'' and inserting ``60 percent''. SEC. 6. AREA DEVELOPMENT FUNDS FOR DISTRESSED COUNTIES. Section 14526(b) of title 40, United States Code, is amended-- (1) by striking ``In program and'' and inserting the following: ``(1) In general.--In program and''; and (2) by adding at the end the following: ``(2) Area development funds.-- ``(A) In general.--Of the funds made available for each fiscal year for the Area Development Program of the Commission, the Commission shall allocate not less than 60 percent for projects in counties for which a distressed county designation is in effect under this section. ``(B) Methodology.--The methodology for determining whether a county is designated as a distressed county under subsection (a)(1)(A) shall be the methodology in effect on the day before the date of enactment of the Appalachian Regional Commission Reform Act. ``(3) Report.--The Commission shall submit an annual report that describes the allocation of funds, in dollar amounts and percentage of total appropriations, for the Area Development Program to counties described in paragraph (2) to-- ``(A) the Speaker of the House of Representatives; ``(B) the minority leader of the House of Representatives; ``(C) the majority leader of the Senate; ``(D) the minority leader of the Senate; ``(E) the Committee on Appropriations of the House of Representatives; ``(F) the Committee on Appropriations of the Senate; ``(G) the Committee on Transportation and Infrastructure of the House of Representatives; and ``(H) the Committee on Environment and Public Works of the Senate.''.

Summary: Appalachian Regional Commission Reform Act This bill declares that the mission of the Appalachian Regional Commission shall be to focus primarily on poverty reduction and economic development in areas in the Appalachian region with the most persistent poverty. The headquarters of the commission shall be located in that region. The bill increases from 50% to 60% the minimum amount of the grant expenditures approved by the commission that shall support activities or projects that benefit severely and persistently distressed counties and areas. The commission shall: (1) allocate at least 60% of the funds made available each fiscal year for its Area Development Program for projects in counties designated as distressed, and (2) submit an annual report on the allocation of program funds to such counties.


SECTION 1. SHORT TITLE. This Act may be cited as the ``New Aid for Trustworthy, Affordable Drugs Act (NAFTA Drugs Act)''. SEC. 2. HARMONIZATION OF DRUG LAWS REGARDING IMPORTATION INTO NAFTA COUNTRIES FROM OTHER NAFTA COUNTRIES. Section 803 of the Federal Food, Drug, and Cosmetic Act (21 U.S.C. 383) is amended by adding at the end the following subsection: ``(d)(1) Consistent with the North American Free Trade Agreement approved by the Congress under section 101(a) of Public Law 103-182 (referred to in this subsection as `NAFTA'), the United States Trade Representative shall seek to enter into agreements with other NAFTA countries to harmonize regulatory requirements for drugs such that drugs approved for commercial distribution in any NAFTA country may be imported or exported from any NAFTA country into any NAFTA country. ``(2) The United States Trade Representative shall carry out this subsection in consultation with the Secretary and the Commissioner of Food and Drugs. ``(3) The United States Trade Representative may enter into a harmonization agreement under paragraph (1) only if such Representative determines as follows: ``(A) That the proposed agreement provides for regulatory standards for drugs that are consistent with the requirements of this Act. ``(B) That the proposed agreement provides for-- ``(i) the display of a seal on the labeling of the drugs involved, whose purpose is to indicate that the drugs meet the standards of the harmonization agreement and may be imported as provided in paragraph (1); ``(ii) uniform standards applicable to the display of such a seal in any NAFTA country; and ``(iii) approval of such a seal by the appropriate health authority in any NAFTA country before the display of the seal in that country, for the purpose of ensuring that the seal complies with the uniform standards described in clause (ii). ``(C) That the proposed agreement provides that a drug may not be imported into a NAFTA country from another NAFTA country unless the labeling of the drug bears a seal described in subparagraph (B). ``(D) That the proposed agreement provides for a system of unique tracking numbers to indicate-- ``(i) the manufacturer of the drug involved, the NAFTA country of origin, and the wholesale distributors of the drug; and ``(ii) in the case of a prescription drug, the pharmacy that dispenses the drug. ``(E) That the proposed agreement provides for-- ``(i) the placement of a seal described in subparagraph (B) on the labeling of a drug only by a pharmacy registered in accordance with this subparagraph; ``(ii) registration of pharmacies in each NAFTA country by the appropriate health authority in each such country for the purpose of authorizing such pharmacies to place a seal described in subparagraph (B) on the labeling of drugs; and ``(iii) uniform standards applicable to such registration. ``(F) That the proposed agreement-- ``(i) requires drug manufacturers to reimburse the Secretary of Health and Human Services for benefits derived by such manufacturers from research performed by the National Institutes of Health; and ``(ii) authorizes use of such reimbursement to pay the expenses incurred by the Food and Drug Administration in approving seals under subparagraph (B) and registering pharmacies under subparagraph (E). ``(G) That the proposed agreement prohibits any discrimination by any person in the manufacture, distribution, or sale of any drug that bears a seal described in subparagraph (B), on the basis of a prospective customer's citizenship or residency in a NAFTA country, or on the basis of a request for shipment of the drug to any NAFTA country. ``(4) The authority of the United States Trade Representative to enter a harmonization agreement under paragraph (1) terminates one year after the date of the enactment of New Aid for Trustworthy, Affordable Drugs Act (NAFTA Drugs Act). ``(5) For purposes of this subsection, the term `NAFTA country' means each of the United States, Canada, and the United Mexican States-- ``(A) for such time as NAFTA is in force with respect to such country; and ``(B) in the case of each of Canada and the United Mexican States, for such time as the United States applies NAFTA to such country.''.

Summary: New Aid for Trustworthy, Affordable Drugs Act (NAFTA Drugs Act) - Directs the United States Trade Representative (USTR) to enter into agreements with other North American Free Trade Agreement (NAFTA) countries (Canada and Mexico) to harmonize regulatory requirements such that drugs approved for commercial distribution in any NAFTA country may be imported or exported between NAFTA countries. Permits the USTR to enter into such an agreement only if the agreement provides for: (1) regulatory standards for drugs that are consistent with the requirements of this Act; (2) a seal, to be placed only by a registered pharmacy, certifying that a given drug meets the standards of the harmonization agreement and may be imported; (3) a unique system of tracking numbers identifying certain entities, including the drug manufacturer and the NAFTA county of origin; (4) the reimbursement by drug manufacturers of the Secretary of Health and Human Services for benefits derived from National Institutes of Health research. Sets a sunset of one year after the passage of this Act for the authority of the USTR to enter into harmonization agreements under this Act.


SECTION 1. SHORT TITLE. This Act may be cited as the ``Imperial Valley Desert Conservation and Recreation Act''. SEC. 2. TRANSFER OF LAND TO ANZA-BORREGO DESERT STATE PARK, CALIFORNIA. (a) In General.--On termination of all mining claims to the land described in paragraph (2), the Secretary shall transfer the land described in that paragraph to the State. (b) Description of Land.--The land referred to in paragraph (1) is certain Bureau of Land Management land in San Diego County, California, comprising approximately 934 acres, as generally depicted on the map entitled ``Table Mountain Wilderness Study Area Proposed Transfer to the State'' and dated March 17, 2015. (c) Management.-- (1) In general.--The land transferred under paragraph (1) shall be managed in accordance with the provisions of the California Wilderness Act (California Public Resources Code sections 5093.30-5093.40). (2) Withdrawal.--Subject to valid existing rights, the land transferred under paragraph (1) is withdrawn from-- (A) all forms of entry, appropriation, or disposal under the public land laws; (B) location, entry, and patent under the mining laws; and (C) disposition under all laws relating to mineral and geothermal leasing. (3) Reversion.--If the State ceases to manage the land transferred under paragraph (1) as part of the State Park System or in a manner inconsistent with the California Wilderness Act (California Public Resources Code sections 5093.30-5093.40), the land shall revert to the Secretary at the discretion of the Secretary, to be managed as a Wilderness Study Area. SEC. 3. HOLTVILLE AIRPORT, IMPERIAL COUNTY. (a) In General.--On the submission of an application by Imperial County, California, the Secretary of Transportation shall, in accordance with section 47125 of title 49, United States Code, and section 2641.1 of title 43, Code of Federal Regulations (or successor regulations) seek a conveyance from the Secretary of approximately 3,500 acres of Bureau of Land Management land adjacent to the Imperial County Holtville Airport (L04) for the purposes of airport expansion. (b) Segregation.--The Secretary (acting through the Director of the Bureau of Land Management) shall, with respect to the land to be conveyed under subsection (a)-- (1) segregate the land; (2) endeavor to develop a joint Memorandum of Understanding with the Imperial County Board of Supervisors, the Department of Defense, and the Department of Transportation; such an agreement shall not impose any obligation, term, or condition on the property owned by Imperial County; and (3) prohibit the appropriation of the land until-- (A) the date on which a joint Memorandum of Understanding is signed by the parties listed in paragraph (2); (B) the date on which a notice of realty action terminates the application; and (C) the date on which a document of conveyance is published. SEC. 4. VINAGRE WASH SPECIAL MANAGEMENT AREA. (a) Establishment.--There is established the Vinagre Wash Special Management Area in the State, to be managed by the El Centro Field Office and the Yuma Field Office of the Bureau of Land Management. (b) Purpose.--The purpose of the Management Area is to conserve, protect, and enhance-- (1) the plant and wildlife values of the Management Area; and (2) the outstanding and nationally significant ecological, geological, scenic, recreational, archaeological, cultural, historic, and other resources of the Management Area. (c) Boundaries.--The Management Area shall consist of the public land in Imperial County, California, comprising approximately 81,880 acres, as generally depicted on the map. (d) Map; Legal Description.-- (1) In general.--As soon as practicable, but not later than 3 years, after the date of enactment of this title, the Secretary shall submit a map and legal description of the Management Area to-- (A) the Committee on Natural Resources of the House of Representatives; and (B) the Committee on Energy and Natural Resources of the Senate. (2) Effect.--The map and legal description submitted under paragraph (1) shall have the same force and effect as if included in this title, except that the Secretary may correct any errors in the map and legal description. (3) Availability.--Copies of the map submitted under paragraph (1) shall be on file and available for public inspection in-- (A) the Office of the Director of the Bureau of Land Management; and (B) the appropriate office of the Bureau of Land Management in the State. SEC. 5. MANAGEMENT. (a) In General.--The Secretary shall allow hiking, camping, hunting, and sightseeing and the use of motorized vehicles, mountain bikes, and horses on designated routes in the Management Area in a manner that-- (1) is consistent with the purpose of the Management Area described in section 4(b); (2) ensures public health and safety; and (3) is consistent with applicable laws and regulations, including the Desert Renewable Energy Conservation Plan. (b) Off-Highway Vehicle Use.-- (1) In general.--Subject to paragraphs (2) and (3) and all other applicable laws, the use of off-highway vehicles shall be permitted on routes in the Management Area generally depicted on the map. (2) Closure.--The Secretary may temporarily close or permanently reroute a portion of a route described in paragraph (1)-- (A) to prevent, or allow for restoration of, resource damage; (B) to protect tribal cultural resources, including the resources identified in the tribal cultural resources management plan; (C) to address public safety concerns; or (D) as otherwise required by law. (3) Designation of additional routes.--During the 3-year period beginning on the date of enactment of this title, the Secretary-- (A) shall accept petitions from the public regarding additional routes for off-highway vehicles; and (B) may designate additional routes that the Secretary determines-- (i) would provide significant or unique recreational opportunities; and (ii) are consistent with the purposes of the Management Area. (c) Withdrawal.--Subject to valid existing rights, all Federal land within the Management Area is withdrawn from-- (1) all forms of entry, appropriation, or disposal under the public land laws; (2) location, entry, and patent under the mining laws; and (3) right-of-way, leasing, or disposition under all laws relating to-- (A) minerals; or (B) solar, wind, and geothermal energy. (d) No Buffers.--The establishment of the Management Area shall not-- (1) create a protective perimeter or buffer zone around the Management Area; or (2) preclude uses or activities outside the Management Area that are permitted under other applicable laws, even if the uses or activities are prohibited within the Management Area. (e) Notice of Available Routes.--The Secretary shall ensure that visitors to the Management Area have access to adequate notice relating to the availability of designated routes in the Management Area through-- (1) the placement of appropriate signage along the designated routes; (2) the distribution of maps, safety education materials, and other information that the Secretary determines to be appropriate; and (3) restoration of areas that are not designated as open routes, including vertical mulching. (f) Stewardship.--The Secretary, in consultation with Indian tribes and other interests, shall develop a program to provide opportunities for monitoring and stewardship of the Management Area to minimize environmental impacts and prevent resource damage from recreational use, including volunteer assistance with-- (1) route signage; (2) restoration of closed routes; (3) protection of Management Area resources; and (4) recreation education. (g) Protection of Tribal Cultural Resources.--Not later than 2 years after the date of enactment of this title, the Secretary, in accordance with chapter 2003 of title 54, United States Code, and any other applicable law, shall-- (1) prepare and complete a tribal cultural resources survey of the Management Area; and (2) consult with the Quechan Indian Nation and other Indian tribes demonstrating ancestral, cultural, or other ties to the resources within the Management Area on the development and implementation of the tribal cultural resources survey under paragraph (1). SEC. 6. POTENTIAL WILDERNESS. (a) Protection of Wilderness Character.-- (1) In general.--The Secretary shall manage the Federal land in the Management Area described in paragraph (2) in a manner that preserves the character of the land for the eventual inclusion of the land in the National Wilderness Preservation System. (2) Description of land.--The Federal land described in this paragraph is-- (A) the approximately 10,860 acres of land, as generally depicted as the Indian Pass Additions on the map entitled ``Vinagre Wash Proposed Special Management Area'' and dated November 10, 2009; (B) the approximately 17,250 acres of land, as generally depicted as Milpitas Wash Potential Wilderness on the map entitled ``Vinagre Wash Proposed Special Management Area'' and dated November 10, 2009; (C) the approximately 11,840 acres of land, as generally depicted as Buzzards Peak Potential Wilderness on the map entitled ``Vinagre Wash Proposed Special Management Area'' and dated November 10, 2009; and (D) the approximately 9,350 acres of land, as generally depicted as Palo Verde Mountains Potential Wilderness on the map entitled ``Vinagre Wash Proposed Special Management Area'' and dated November 10, 2009. (3) Use of land.-- (A) Military uses.--The Secretary shall manage the Federal land in the Management Area described in paragraph (2) in a manner that is consistent with the Wilderness Act (16 U.S.C. 1131 et seq.), except that the Secretary may authorize use of the land by the Secretary of the Navy for Naval Special Warfare Tactical Training, including long-range small unit training and navigation, vehicle concealment, and vehicle sustainment training, in accordance with applicable Federal laws. (B) Prohibited uses.--The following shall be prohibited on the Federal land described in paragraph (2): (i) Permanent roads. (ii) Commercial enterprises. (iii) Except as necessary to meet the minimum requirements for the administration of the Federal land and to protect public health and safety-- (I) the use of mechanized vehicles; and (II) the establishment of temporary roads. (4) Wilderness designation.-- (A) In general.--The Federal land described in paragraph (2) shall be designated as wilderness and as a component of the National Wilderness Preservation System on the date on which the Secretary, in consultation with the Secretary of Defense, publishes a notice in the Federal Register that all activities on the Federal land that are incompatible with the Wilderness Act (16 U.S.C. 1131 et seq.) have terminated. (B) Designation.--On designation of the Federal land under clause (i)-- (i) the land described in paragraph (2)(A) shall be incorporated in, and shall be considered to be a part of, the Indian Pass Wilderness; (ii) the land described in paragraph (2)(B) shall be designated as the ``Milpitas Wash Wilderness''; (iii) the land described in paragraph (2)(C) shall be designated as the ``Buzzard Peak Wilderness''; and (iv) the land described in paragraph (2)(D) shall be incorporated in, and shall be considered to be a part of, the Palo Verde Mountains Wilderness. (b) Administration of Wilderness.--Subject to valid existing rights, the land designated as wilderness or as a wilderness addition by this title shall be administered by the Secretary in accordance with this Act and the Wilderness Act (16 U.S.C. 1131 et seq.). SEC. 7. DEFINITIONS. In this Act: (1) Management area.--The term ``Management Area'' means the Vinagre Wash Special Management Area. (2) Map.--The term ``map'' means the map entitled ``Vinagre Wash Proposed Special Management Area; Indian Pass Mountains and Palo Verde Mountains Potential Wilderness Additions, and Buzzards Peak, Milpitas Wash Potential Wilderness'' and dated February 19, 2015. (3) Public land.--The term ``public land'' has the meaning given the term ``public lands'' in section 103 of the Federal Land Policy and Management Act of 1976 (43 U.S.C. 1702). (4) Secretary.--The term ``Secretary'' means the Secretary of the Interior. (5) State.--The term ``State'' means the State of California.

Summary: Imperial Valley Desert Conservation and Recreation Act This bill directs the Department of the Interior to convey to the state of California approximately 934 acres of specified public lands administered by the Bureau of Land Management (BLM) in San Diego County, upon termination of all mining claims to such lands, to be managed in accordance with the provisions of the California Wilderness Act. On the submission of an application by Imperial County, California, the Department of Transportation shall seek a conveyance from Interior of approximately 3,500 acres of BLM-administered land adjacent to the Imperial County Holtville Airport in Imperial County, California, for purposes of airport expansion. The bill establishes the Vinagre Wash Special Management Area in California to conserve, protect, and enhance its plant and wildlife values and nationally significant resources. The area shall consist of approximately 81,880 acres of certain public lands in Imperial County. Interior shall manage specified lands in the management area to preserve their character for eventual inclusion in the National Wilderness Preservation System.


SECTION 1. SHORT TITLE. This Act may be cited as the ``Workplace Employee Stock Option Act of 2002''. SEC. 2. INCENTIVES TO GRANT EMPLOYEE STOCK OPTIONS. (a) In General.--Section 423 of the Internal Revenue Code of 1986 (relating to employee stock purchase plans) is amended by adding at the end the following new subsection: ``(d) Special Incentives With Respect to Employee Stock Purchase Plans Which Meet Certain Additional Requirements.-- ``(1) In general.--If-- ``(A) section 421(a) would (but for this subsection) apply with respect to the transfer of stock to an individual by reason of this section, and ``(B) the requirements of paragraph (2) are met with respect to such transfer, the rules of paragraph (3) shall apply in lieu of the rules of section 421(a) and section 56(b)(3) shall not apply. ``(2) Requirements.--A transfer of stock to an individual meets the requirements of this paragraph if-- ``(A) the price paid by the individual for the stock under the option is paid only through payroll deductions in substantially equal amounts over a period of not less than 12 months and not more than 60 months, ``(B) such payroll deductions are held in a trust described in paragraph (5), ``(C) the price of the stock acquired under the option is not less than the fair market value of the stock at the time the option is granted, ``(D) ownership of the stock is transferred to the individual at the end of the payroll deduction period (or, if earlier, the date that the price of the stock under the option is fully paid), ``(E) the individual's election to commence withholding to purchase such stock pursuant to the option is made during the 30-day period beginning on the earliest date that the individual could have made the election to commence withholding to acquire stock pursuant to such option, and ``(F) the stock acquired by the individual pursuant to the option-- ``(i) is held by the trust described in paragraph (5) until the individual elects to dispose of such stock, or ``(ii) at the election of the individual, is transferred to the individual. ``(3) Special tax treatment.-- ``(A) Treatment of payroll deductions.--With respect to the payroll deductions referred to in paragraph (2)(A)-- ``(i) the gross income of the individual shall not include an amount equal to such deductions, ``(ii) for purposes of subtitle C, the individual's remuneration for employment shall not include an amount equal to such deductions, and ``(iii) the deduction otherwise allowable under section 162 for remuneration paid to such individual shall be reduced by an amount equal to such deductions. The aggregate amount to which the preceding sentence applies for any taxable year of an individual shall not exceed the limitation under section 402(g)(1) for such taxable year. ``(B) Treatment when share transferred to individual.-- ``(i) Employee.--No amount shall be includible in the gross income of an individual (or treated as remuneration for purposes of subtitle C) by reason of the transfer of ownership of stock acquired pursuant to an option to which this subsection applies. ``(ii) Employer.--There shall be allowed as a deduction under section 162 to the person whose deduction was reduced under subparagraph (A)(iii) (for the taxable year in which such transfer of ownership occurs) an amount equal to the fair market value of the stock at the time of such transfer. ``(C) Treatment when share disposed of.--At the time the stock is disposed of, so much of the gain as does not exceed the deduction allowed under subparagraph (B)(ii) shall be treated as ordinary income. ``(D) Failure to include proper amount of ordinary income.--If-- ``(i) the gain on any disposition of stock acquired pursuant to an option to which this subsection applies exceeds the deduction allowed under subparagraph (B)(ii), and ``(ii) the individual fails to include in gross income as ordinary income at least the amount of such deduction, then the entire amount of gain shall be included in gross income as ordinary income. ``(4) Special rules.-- ``(A) Determination of option price.--For purposes of paragraph (2), an option to acquire stock shall be treated as being granted on the earliest date that the individual could have made the election to acquire stock pursuant to such option. ``(B) Return of payroll deductions.--Nothing in this subsection shall prevent the return of an individual's payroll deductions to the individual if the individuals elects not to use the deducted amounts to acquire the stock. The amount so returned shall be included in the gross income of such individual for the taxable year in which paid to the individual and shall be treated for purposes of subtitle C as remuneration from employment. ``(C) Termination of employment.--If an individual terminates employment with the person who granted the option to acquire stock, paragraph (2)(A) shall not apply to amounts paid within 3 months after such termination to the extent such amounts do not exceed the amount payable under options granted before the date of such termination. In the case of an individual who is disabled or who dies before the close of such 3 months, the preceding sentence shall be applied by substituting `1 year' for `3 months'. ``(D) Treatment of nonresident aliens.--If an individual is a nonresident alien individual for any portion of the taxable year, this subsection shall apply only if-- ``(i) such individual is treated as a resident alien of the United States for purposes of this chapter by reason of an election under subsection (g) or (h) of section 6013, or ``(ii) such individual has income from sources within the United States or which is effectively connected with the conduct of a trade or business in the United States. ``(E) Certain employees may be excluded.--In applying subsection (b)(4) for purposes of this subsection, there may be excluded employees included in a unit of employees covered by an agreement between employee representatives and one or more employers which the Secretary finds to be a collective bargaining agreement, if the benefits provided under this subsection were the subject of good faith bargaining between such employee representatives and such employer or employers. ``(5) Rate of cash compensation must be unaffected.--The grant of any options under the arrangement may not be directly linked with a systematic reduction in the annual rate at which basic or regular cash compensation is paid to employees under the arrangement, as determined under regulations prescribed by the Secretary of the Treasury. ``(6) Trust holding payroll deductions.--A trust is described in this paragraph if-- ``(A) the trust is created or organized in the United States exclusively for the purposes of holding payroll deductions pursuant to this subsection and stock acquired with such payroll deductions, ``(B) a separate account is maintained for each individual, and ``(C) any earnings on payroll deductions of an individual are paid not less often than annually to such individual. The Employee Retirement Income Security Act of 1974 shall not apply to any trust described in this paragraph. ``(7) Regulations.--The Secretary shall prescribe such regulations as may be appropriate to carry out this subsection.'' (b) Exemption From Tax for Trust Holding Payroll Deductions, Etc.-- Subsection (a) of section 501 of such Code is amended by striking ``or section 401(a)'' and inserting ``, section 401(a), or section 423(d)(5)''. (c) Information Reporting.-- (1) In general.--Subpart B of part III of subchapter A of chapter 61 of such Code is amended by adding at the end the following new section: ``SEC. 6050T. RETURNS RELATING TO TRANSFER OF OWNERSHIP OF STOCK ACQUIRED PURSUANT TO CERTAIN STOCK OPTIONS. ``(a) In General.--Any person who is allowed a deduction for any taxable year under section 423(d)(3)(B)(ii) with respect to the transfer of ownership of stock to any individual shall make the return described in subsection (b) with respect to such transfer at such time as the Secretary may by regulations prescribe. ``(b) Form and Manner of Returns.--A return is described in this subsection if such return-- ``(1) is in such form as the Secretary may prescribe, ``(2) contains-- ``(A) the name, address, and TIN of the individual to whom the stock ownership was so transferred, ``(B) the amount of the deduction allowed under section 423(d)(3)(B)(ii) with respect to such transfer, and ``(C) such other information as the Secretary may prescribe. ``(c) Statements To Be Furnished To Persons With Respect To Whom Information Is Required.--Every person required to make a return under subsection (a) shall furnish to each individual whose name is required to be set forth in such return a written statement showing-- ``(1) the name, address, and phone number of the information contact of the person required to make such return, and ``(2) the amount of the deduction described in subsection (a) with respect to stock ownership transferred to such individual. The written statement required under the preceding sentence shall be furnished to the person on or before January 31 of the year following the calendar year for which the return under subsection (a) was required to be made.'' (2) Assessable penalties.-- (A) Subparagraph (B) of section 6724(d)(1) of such Code (relating to definitions) is amended by redesignating clauses (xi) through (xvii) as clauses (xii) through (xviii), respectively, and by inserting after clause (x) the following new clause: ``(xi) section 6050T (relating to returns relating to transfers of ownership of stock acquired pursuant to certain stock options),''. (B) Paragraph (2) of section 6724(d) of such Code is amended by striking ``or'' at the end of the next to last subparagraph, by striking the period at the end of the last subparagraph and inserting ``, or'', and by adding at the end the following new subparagraph: ``(BB) section 6050T(c) (relating to returns relating to transfers of ownership of stock acquired pursuant to certain stock options).''. (3) Clerical amendment.--The table of sections for subpart B of part III of subchapter A of chapter 61 of such Code is amended by inserting after the item relating to section 6050S the following new item: ``Sec. 6050T. Returns relating to transfers of ownership of stock acquired pursuant to certain stock options.''. (d) Effective Date.--The amendments made by this section shall apply to options granted after the date of the enactment of this Act.

Summary: Workplace Employee Stock Option Act of 2002 - Amends the Internal Revenue Code to provide for the exclusion from gross income of certain stock purchased with payroll deductions through an employee stock purchase plan.Sets forth special rules with respect to the inclusion of nonresident aliens under the provisions of this Act. Allows certain employees to be excluded from purchasing stock options under this Act.Requires certain employers to submit information returns relating to the transfer of ownership of stock acquired by employees pursuant to certain stock options, and assesses penalties for failure to comply.


SECTION 1. SHORT TITLE. This Act may be cited as the ``Climate Change Investment Act of 2006''. SEC. 2. REPEAL OF TAX SUBSIDIES FOR THE OIL AND GAS INDUSTRY. (a) Repeal of Election To Expense Certain Refineries.-- (1) Subparagraph (B) of section 179C(c)(2) of the Internal Revenue Code of 1986 is amended by striking ``January 1, 2012'' and inserting ``the date of the enactment of the Climate Change Investment Act of 2006''. (2) Paragraph (2) of section 179C(c) of such Code is amended by striking ``January 1, 2008'' each place it appears and inserting ``the date of the enactment of the Climate Change Investment Act of 2006''. (b) Repeal of Amortization of Geological and Geophysical Expenditures.--Subsection (h) of section 167 of such Code is amended by adding at the end the following new paragraph: ``(5) Termination.--This subsection shall not apply to any expenses paid or incurred in any taxable year beginning after the date of the enactment of this Act.''. (c) Repeal of Enhanced Oil Recovery Credit.--Section 43 of such Code (relating to enhanced oil recovery credit) is amended by adding at the end the following new subsection: ``(f) Termination.--This section shall not apply to taxable years beginning after the date of the enactment of this subsection.''. (d) Repeal of Credit for Production of Low Sulfur Diesel Fuel.-- Section 45H of such Code (relating to credit for production of low sulfur diesel fuel) is amended by adding at the end the following new subsection: ``(h) Termination.--This section shall not apply to taxable years beginning after the date of the enactment of this subsection.''. (e) Repeal of Credit for Producing Fuel From a Nonconventional Source.--Subpart D of part IV of subchapter A of chapter 1 of such Code is amended by striking section 45K (relating to credit for producing fuel from a nonconventional source). (f) Repeal of Deduction for Capital Costs Incurred in Complying With Environmental Protection Agency Sulfur Regulations.--Section 179B of such Code (relating to deduction for capital costs incurred in complying with Environmental Protection Agency sulfur regulations) is amended by adding at the end the following new subsection: ``(f) Termination.--This section shall not apply to taxable years beginning after the date of the enactment of this subsection.''. (g) Repeal of Certain Intangible Drilling and Development Costs.-- Subsection (c) of section 263 of such Code (relating to intangible drilling and development costs in the case of oil and gas wells and geothermal wells) is amended by adding at the end the following new sentence: ``This subsection shall not apply to costs incurred after the date of the enactment of this sentence with respect to any oil or gas well.''. (h) Repeal of Certain Oil and Gas Provisions.-- (1) In general.--Part I of subchapter I of chapter 1 of such Code (relating to deductions) is amended by adding at the end the following new section: ``SEC. 618. OIL AND GAS LIMITATION. ``This part shall not apply with respect to any expenditure which relates to any oil or gas well and which is paid or incurred after the date of the enactment of this section.''. (2) Clerical amendment.--The table of sections for part I of subchapter I of chapter 1 of such Code is amended by adding at the end the following new item: ``Sec. 618. Oil and gas limitation.''. (i) Effective Date.-- (1) In general.--Except as provided in paragraph (2), the amendments made by this section shall take effect on the date of the enactment of this Act. (2) Repeal of credit for producing fuel from a nonconventional source.--The amendment made by subsection (e) shall apply with respect to fuels sold or produced after the date of the enactment of this Act. SEC. 3. GREENHOUSE GAS INTENSITY REDUCTION INVESTMENT TAX CREDIT. (a) In General.--Subpart D of part IV of subchapter A of chapter 1 (relating to business-related credits) is amended by adding at the end the following new section: ``SEC. 45N. GREENHOUSE GAS INTENSITY REDUCTION INVESTMENT CREDIT. ``(a) Allowance of Credit.-- ``(1) In general.--For purposes of section 38, in the case of a taxpayer's investment in a greenhouse gas intensity reduction project approved by the Secretary of Energy, the greenhouse gas intensity reduction investment credit determined under this section for the taxable year is an amount equal to-- ``(A) the percentage reduction in greenhouse gas intensity certified for such project for such year by the Secretary of Energy, multiplied by ``(B) the investment in such project during such year which is attributable, directly or indirectly, to the taxpayer, as determined by the Secretary of Energy. ``(2) Aggregate dollar limitation.--The credit determined under paragraph (1) for any taxable year, when added to any credit allowed to the taxpayer with respect to the such project in any preceding taxable year, shall not exceed 50 percent of the investment attributable to the taxpayer with respect to such project through such taxable year. ``(b) Limitation on Aggregate Credit Allowable.-- ``(1) In general.--The amount of the greenhouse gas intensity reduction investment credit determined under subsection (a) for any project, when added to all such credits allowed to all taxpayers with respect to the such project shall not exceed the credit dollar amount allocated to such project under this subsection by the Secretary of Energy from the greenhouse gas intensity reduction investment credit limitation for the calendar year in which such allocation is made. ``(2) Time for making allocation.--An allocation shall be taken into account under paragraph (1) only if it is made not later than the close of the calendar year in which the greenhouse gas intensity reduction project proposal with respect to such project is approved by the Secretary of Energy. ``(3) Overall limitation on aggregate credit allowable.-- The Secretary of Energy may allocate the aggregate credit dollar amount to any such project for a period not to exceed a 10-year period beginning with the calendar year described in paragraph (2). ``(c) Limitation on Amount of Credits Allocated.-- ``(1) In general.--There is a greenhouse gas intensity reduction investment credit limitation amount for each calendar year. Except as provided in paragraph (2), such limitation amount is $600,000,000 for each of calendar years 2008 through 2012, and zero thereafter. ``(2) Carryover of unused issuance limitation.--If for any calendar year the limitation amount imposed by paragraph (1) exceeds the amount of greenhouse gas intensity reduction investment credits allocated during such year, such excess shall be carried forward to the succeeding calendar year as an addition to the limitation imposed by paragraph (1). ``(d) Greenhouse Gas Intensity Reduction Project; Greenhouse Gas Intensity.--For purposes of this section-- ``(1) Greenhouse gas intensity reduction project.--The term `greenhouse gas intensity reduction project' means any project approved under this section by the Secretary of Energy. Such approval shall be based on the following criteria: ``(A) The extent of the reduction in greenhouse gas intensity proposed for the project. ``(B) Improvements in system efficiency. ``(C) In the case of projects located outside the United States, the extent of technology transfer. ``(D) The existence and nature of agreements for sharing project benefits and liability between the taxpayer and any host government. ``(2) Greenhouse gas intensity.--The greenhouse gas intensity for any period is equal to the volume of emissions divided by the economic activity associated with a project. ``(e) Recapture of Credit in Certain Cases.-- ``(1) In general.--If, at any time during the 20-year period of a greenhouse gas intensity reduction project, there is a recapture event with respect to such project, then the tax imposed by this chapter for the taxable year in which such event occurs shall be increased by the credit recapture amount. ``(2) Credit recapture amount.--For purposes of paragraph (1)-- ``(A) In general.--The credit recapture amount is an amount equal to the recapture percentage of all greenhouse gas intensity reduction investment credits previously allowable to a taxpayer with respect to any investment in such project that is attributable to such taxpayer. ``(B) Recapture percentage.--The recapture percentage shall be 100 percent if the recapture event occurs during the first 5 years of the project, 75 percent if the recapture event occurs during the second 5 years of the project, 50 percent if the recapture event occurs during the third 5 years of the project, 25 percent if the recapture event occurs during the fourth 5 years of the project, and 0 percent if the recapture event occurs at any time after the 20th year of the project. ``(3) Recapture event.--For purposes of paragraph (1), there is a recapture event with respect to a greenhouse gas intensity reduction project if-- ``(A) the taxpayer violates a term or condition of the approval of the project by the Secretary of Energy at any time, ``(B) the taxpayer adopts a practice which the Secretary of Energy has specified in its approval of the project as a practice which would tend to defeat the purposes of the program, or ``(C) the taxpayer disposes of any ownership interest arising out of its investment that the Secretary of Energy has determined is attributable to the project, unless the Secretary of Energy determines that such disposition will not have any adverse effect on the greenhouse gas intensity reduction project. If an event which otherwise would be a recapture event is outside the control of the taxpayer, as determined by the Secretary of Energy, such event shall not be treated as a recapture event with respect to such taxpayer. ``(4) Special rules.-- ``(A) Tax benefit rule.--The tax for the taxable year shall be increased under paragraph (1) only with respect to credits allowed by reason of this section which were used to reduce tax liability. In the case of credits not so used to reduce tax liability, the carryforwards and carrybacks under section 39 shall be appropriately adjusted. ``(B) No credits against tax.--Any increase in tax under this subsection shall not be treated as a tax imposed by this chapter for purposes of determining the amount of any credit under this chapter or for purposes of section 55. ``(f) Disallowance of Double Benefit.-- ``(1) Basis reduction.--The basis of any investment in a greenhouse gas intensity reduction project shall be reduced by the amount of any credit determined under this section with respect to such investment. ``(2) Charitable deduction disallowed.--No deduction shall be allowed to a taxpayer under section 170 with respect to any contribution which the Secretary of Energy certifies to the Secretary of the Treasury constitutes an investment in a greenhouse gas intensity reduction project that is attributable to such taxpayer. ``(g) Certification to Treasury.--The Secretary of Energy shall certify to the Secretary of the Treasury before January 31 of each year with respect to each taxpayer which has made an investment in a greenhouse gas intensity reduction project-- ``(1) the amount of the greenhouse gas intensity reduction investment credit allowable to such taxpayer for the preceding calendar year, ``(2) whether a recapture event occurred with respect to such taxpayer during the preceding calendar year, and ``(3) the credit recapture amount, if any, with respect to such taxpayer for the preceding calendar year. ``(h) Regulations.--The Secretary of the Treasury shall prescribe such regulations as may be appropriate to carry out this section, including regulations-- ``(1) which limit the credit for investments which are directly or indirectly subsidized by other Federal benefits, ``(2) which prevent the abuse of the provisions of this section through the use of related parties, and ``(3) which impose appropriate reporting requirements.''. (b) Credit Made Part of General Business Credit.--Subsection (b) of section 38 is amended by striking ``and'' at the end of paragraph (29), by striking the period at the end of paragraph (30) and inserting ``, and'', and by adding at the end the following new paragraph: ``(31) the greenhouse gas intensity reduction investment credit determined under section 45N(a).''. (c) Deduction for Unused Credit.--Subsection (c) of section 196 is amended by striking ``and'' at the end of paragraph (12), by striking the period at the end of paragraph (13) and inserting ``, and'', and by adding at the end the following new paragraph: ``(14) the greenhouse gas intensity reduction investment credit determined under section 45N(a).''. (d) Clerical Amendment.--The table of sections for subpart D of part IV of subchapter A of chapter 1 is amended by adding at the end the following new item: ``Sec. 45N. Greenhouse gas intensity reduction investment credit.''. (e) Effective Date.--The amendments made by this section shall apply to investments made after December 31, 2007.

Summary: Climate Change Investment Act of 2006 - Repeals provisions of the Internal Revenue Code allowing: (1) an election to expense the cost of certain liquid fuel processing refineries; (2) accelerated amortization of geological and geophysical expenditures; (3) a tax credit for enhanced oil recovery costs; (4) a tax credit for the production of low sulfur diesel fuel; (5) a tax credit for producing fuel from a nonconventional source; (6) a tax deduction for capital costs incurred in complying with certain sulfur regulations; (7) a tax deduction for intangible drilling and development costs for oil and gas wells and geothermal wells; and (8) tax deductions for certain oil and gas well expenditures. Allows a business-related tax credit for investment in a greenhouse gas intensity reduction project approved by the Secretary of Energy.


SECTION 1. STAFFING FOR ADEQUATE FIRE AND EMERGENCY RESPONSE. Title III of the Workforce Investment Act of 1998 (Public Law 105- 220; 112 Stat. 1080) is amended by adding at the end the following: ``Subtitle E--Staffing for Adequate Fire and Emergency Response ``SEC. 351. SHORT TITLE. ``This subtitle may be cited as the `Staffing for Adequate Fire and Emergency Response Act of 2001' or as the `SAFER Act of 2001'. ``SEC. 352. PURPOSES. ``The purposes of this subtitle are-- ``(1) to expand on the firefighter assistance grant program under section 33 of the Federal Fire Prevention and Control Act of 1974 (15 U.S.C. 2229), in order to ensure adequate funding to increase the number of firefighting personnel throughout the Nation; ``(2) to substantially increase the hiring of firefighters so that communities can-- ``(A) meet industry minimum standards for providing adequate protection from acts of terrorism and hazards; and ``(B) enhance the ability of firefighter units to save lives, save property, and effectively respond to all types of emergencies; and ``(3) to promote that substantial increase in hiring by establishing a program of grants, authorized for 7 years, to provide direct funding to States, units of local government, and Indian tribal organizations for firefighter salaries and benefits. ``SEC. 353. DEFINITIONS. ``In this subtitle: ``(1) Eligible entity.--The term `eligible entity' means-- ``(A) a State, a unit of local government, a tribal organization, or another public entity; or ``(B) a multi-jurisdictional or regional consortia of entities described in subparagraph (A). ``(2) Firefighter.--The term `firefighter' has the meaning given the term `employee in fire protection activities' in section 3 of the Fair Labor Standards Act of 1938 (29 U.S.C. 203). ``(3) Indian tribe; tribal organization.--The terms `Indian tribe' and `tribal organization' have the meanings given the terms in section 4 of the Indian Self-Determination and Education Assistance Act (25 U.S.C. 450b). ``(4) Secretary.--The term `Secretary' means the Secretary of Labor, acting after consultation with the Director of the Federal Emergency Management Agency. ``(5) State.--The term `State' means each of the several States of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands. ``SEC. 354. AUTHORITY TO MAKE GRANTS. ``(a) Definition.--In this section, the term `qualifying entity', used with respect to a fiscal year, means any eligible entity (including a State) that has submitted an application under section 355 for the fiscal year that meets the requirements of this subtitle and such additional requirements as the Secretary may prescribe. ``(b) Grant Authorization.--The Secretary may make grants to eligible entities to pay for the Federal share of the cost of carrying out projects to hire firefighters. ``(c) Minimum Amount.-- ``(1) Amount.--For any fiscal year, the Secretary shall ensure that the qualifying entities in each State shall receive, through grants made under this section, a total amount that is not less than \1/2\ of 1 percent of the amount appropriated under section 362 for the fiscal year. ``(2) Exception.--Paragraph (1) shall not apply for a fiscal year if the Secretary makes a grant under this section to every qualifying entity for the fiscal year. ``(d) Grant Periods.--The Secretary may make grants under this section for periods of 3 years. ``(e) Federal Share.-- ``(1) In general.--The Federal share of the cost of carrying out a project to hire firefighters under this subtitle shall be not more than 75 percent. ``(2) Non-federal share.--The non-Federal share shall be provided-- ``(A) in cash; ``(B) in the case of a State or unit of local government, from assets received through an asset forfeiture program; or ``(C) in the case of a tribal organization or the Bureau of Indian Affairs, from any Federal funds made available for firefighting functions to assist an Indian tribe. ``(3) Waiver.--The Secretary may waive the requirements of paragraphs (1) and (2) for an eligible entity. ``SEC. 355. APPLICATIONS. ``(a) In General.--To be eligible to receive a grant under this subtitle, an entity shall submit an application to the Secretary at such time, in such manner, and containing such information as the Secretary may prescribe. ``(b) Contents.--Each such application shall-- ``(1) include a long-term strategy and detailed implementation plan, for the hiring to be conducted under the grant, that reflects consultation with community groups and appropriate private and public agencies and reflects consideration of a statewide strategy for such hiring; ``(2) specify the reasons why the entity is unable to hire sufficient firefighters to address the entity's needs, without Federal assistance; ``(3)(A) specify the average number of firefighters employed by the entity during the fiscal year prior to the fiscal year for which the application is submitted; and ``(B) outline the initial and planned level of community support for implementing the strategy and plan, including the level of financial and in-kind contributions or other tangible commitments; ``(4)(A) specify plans for obtaining necessary support and continuing the employment of a greater number of firefighters than the number specified under paragraph (3)(A), following the conclusion of Federal assistance under this subtitle; and ``(B) include an assurance that the entity will continue the employment of firefighters hired with funds made available through the grant for at least 1 year after the end of the grant period; and ``(5) include assurances that the entity will, to the extent practicable, seek, recruit, and hire members of racial and ethnic minority groups and women in order to increase the ranks of minorities and women within the entity's firefighter units. ``(c) Small Jurisdictions.--Notwithstanding any other provision of this subtitle, the Secretary may waive 1 or more of the requirements of subsection (b), and may make special provisions to facilitate the expedited submission, processing, and approval of an application under this section, for an eligible entity that is a unit of local government, or an eligible entity serving a fire district, that has jurisdiction over an area with a population of less than 50,000. ``(d) Preference.--In awarding grants under this subtitle, the Secretary-- ``(1) shall give preference to a unit of local government; and ``(2) may give preference, where feasible, to an eligible entity that submits an application containing a plan that-- ``(A) provides for hiring (including rehiring) career firefighters; and ``(B) requires the entity to contribute a non- Federal share of more than 25 percent of the cost of carrying out a project to hire the firefighters. ``(e) State and Local Applications.--If a unit of local government for a community, and the State in which the community is located, submit applications under this section for a fiscal year to carry out a project in a community, and the unit of local government and State are qualifying entities under section 354(a), the Secretary-- ``(1) shall make a grant under this subtitle to the unit of local government for that year; and ``(2) shall not make a grant under this subtitle to the State to carry out a project in that community for that year. ``SEC. 356. USE OF FUNDS. ``(a) In General.--An eligible entity that receives a grant under this subtitle shall use the funds made available through the grant to hire career firefighters. The funds may only be used to increase the number of firefighters employed by the agency from the number specified under section 355(b)(3)(A). The funds may be used for salaries and benefits for the firefighters. ``(b) Hiring Costs.-- ``(1) Fiscal year 2002.--For fiscal year 2002, in hiring any 1 firefighter, the entity may not use more than $90,000 of such funds. ``(2) Subsequent years.--For each subsequent fiscal year, in hiring any 1 firefighter, the entity may not use more than $90,000 of such funds, increased or decreased by the same percentage as the percentage by which the Consumer Price Index for All Urban Consumers (United States city average), published by the Secretary of Labor, has increased or decreased by September of the preceding fiscal year from such Index for September 2001. ``(3) Waivers.--The Secretary may waive the requirements of paragraph (1) or (2) for an eligible entity. ``(c) Supplement, not Supplant.--Funds appropriated pursuant to the authority of this subtitle shall be used to supplement and not supplant other Federal, State, and local public funds expended to hire firefighters. ``SEC. 357. TECHNICAL ASSISTANCE. ``The Secretary may provide technical assistance to eligible entities to further the purposes of this Act. ``SEC. 358. MONITORING AND EVALUATIONS. ``(a) Monitoring Components.--Each project funded through a grant made under this subtitle shall contain a monitoring component, developed pursuant to regulations established by the Secretary. The monitoring required by this subsection shall include systematic identification and collection of data about the project throughout the period of the project and presentation of such data in a usable form. ``(b) Evaluation Components.--The Secretary may require that selected grant recipients under this subtitle conduct local evaluations or participate in a national evaluation, pursuant to regulations established by the Secretary. Such local or national evaluations may include assessments of the implementation of different projects. The Secretary may require selected grant recipients under this subtitle to conduct local outcome evaluations to determine the effectiveness of projects under this subtitle. ``(c) Periodic Reports.--The Secretary may require a grant recipient under this subtitle to submit to the Secretary the results of the monitoring and evaluations required under subsections (a) and (b) and such other data and information as the Secretary determines to be reasonably necessary. ``(d) Revocation or Suspension of Funding.--If the Secretary determines, as a result of the monitoring or evaluations required by this section, or otherwise, that a grant recipient under this subtitle is not in substantial compliance with the terms and requirements of an approved grant application submitted under section 355, the Secretary may revoke the grant or suspend part or all of the funding provided under the grant. ``SEC. 359. ACCESS TO DOCUMENTS. ``For the purpose of conducting an audit or examination of a grant recipient that carries out a project under this subtitle, the Secretary and the Comptroller General of the United States shall have access to any pertinent books, documents, papers, or records of the grant recipient and any State or local government, person, business, or other entity, that is involved in the project. ``SEC. 360. REPORT TO CONGRESS. ``Not later than September 30, 2008, the Secretary shall submit a report to Congress concerning the experiences of eligible entities in carrying out projects under this subtitle, and the effects of the grants made under this subtitle. The report may include recommendations for such legislation as the Secretary may consider to be appropriate, which may include reauthorization of this subtitle. ``SEC. 361. REGULATIONS. ``The Secretary may issue regulations to carry out this subtitle. ``SEC. 362. AUTHORIZATION OF APPROPRIATIONS. ``(a) In General.--There is authorized to be appropriated to carry out this subtitle-- ``(1) $1,000,000,000 for fiscal year 2002;- ``(2) $1,030,000,000 for fiscal year 2003; ``(3) $1,061,000,000 for fiscal year 2004; ``(4) $1,093,000,000 for fiscal year 2005; ``(5) $1,126,000,000 for fiscal year 2006; ``(6) $1,159,000,000 for fiscal year 2007; and ``(7) $1,194,000,000 for fiscal year 2008. ``(b) Availability.--Funds appropriated under subsection (a) for a fiscal year shall remain available until the end of the second succeeding fiscal year.''. SEC. 2. CONFORMING AMENDMENT. The table of contents in section 1(b) of the Workforce Investment Act of 1998 (Public Law 105-220; 112 Stat. 936) is amended, in the items relating to title III, by adding at the end the following: ``Subtitle E--Staffing for Adequate Fire and Emergency Response ``Sec. 351. Short title. ``Sec. 352. Purposes. ``Sec. 353. Definitions. ``Sec. 354. Authority to make grants. ``Sec. 355. Applications. ``Sec. 356. Use of funds. ``Sec. 357. Technical assistance. ``Sec. 358. Monitoring and evaluations. ``Sec. 359. Access to documents. ``Sec. 360. Report to Congress. ``Sec. 361. Regulations. ``Sec. 362. Authorization of appropriations.''.

Summary: Staffing for Adequate Fire and Emergency Response Act of 2001 - SAFER Act of 2001 - Amends the Workforce Investment Act of 1998 to authorize the Secretary of Labor to make matching grants for up to 75 percent of the costs of projects to hire firefighters to eligible States, local governments, tribal organizations, or other public entities, or multi-jurisdictional or regional consortia of such entities.


SECTION 1. SHORT TITLE. This Act may be cited as the ``Competitiveness Tax Credit Act''. SEC. 2. TEMPORARY INVESTMENT CREDIT FOR NEW MANUFACTURING AND OTHER PRODUCTIVE EQUIPMENT. (a) Allowance of Credit.--Section 46 of the Internal Revenue Code of 1986 (relating to amount of investment credit) is amended by striking ``and'' at the end of paragraph (2), by striking the period at the end of paragraph (3) and inserting ``, and'', and by adding at the end the following new paragraph: ``(4) the manufacturing and other productive equipment credit.'' (b) Amount of Credit.--Section 48 of such Code is amended by adding at the end the following new subsection: ``(c) Manufacturing and Other Productive Equipment Credit.-- ``(1) In general.--For purposes of section 46, the manufacturing and other productive equipment credit for any taxable year is an amount equal to the sum of-- ``(A) the domestic equipment credit, and ``(B) the nondomestic equipment credit. ``(2) Amount of domestic and nondomestic equipment credits.--For purposes of this subsection-- ``(A) Domestic equipment credit.-- ``(i) In general.--The domestic equipment credit for any taxable year is 10 percent of the amount equal to the product of-- ``(I) the domestic equipment ratio, and ``(II) the qualified increase amount. ``(ii) Domestic equipment ratio.--The domestic equipment ratio for any taxable year is a fraction in which-- ``(I) the numerator is the aggregate bases of the qualified manufacturing and other productive equipment properties placed in service during such taxable year which are of domestic origin, and ``(II) the denominator is the aggregate bases of all qualified manufacturing and other productive equipment properties placed in service during such taxable year. ``(B) Nondomestic equipment credit.-- ``(i) In general.--The nondomestic equipment credit for any taxable year is 7 percent of the amount equal to the product of-- ``(I) the nondomestic equipment ratio, and ``(II) the qualified increase amount. ``(ii) Nondomestic equipment ratio.--The nondomestic equipment ratio for any taxable year is a fraction in which-- ``(I) the numerator is the aggregate bases of the qualified manufacturing and other productive equipment properties placed in service during such taxable year which are not of domestic origin, and ``(II) the denominator is the aggregate bases of all qualified manufacturing and other productuve equipment properties placed in service during such taxable year. ``(C) Determination of domestic origin.-- ``(i) In general.--Property shall be treated as being of domestic origin only if-- ``(I) the property was completed in the United States, and ``(II) at least 50 percent of the basis of the property is attributable to value added within the United States. ``(ii) United states.--The term `United States' includes the Commonwealth of Puerto Rico and the possessions of the United States. ``(3) Qualified manufacturing and other productive equipment property.--For purposes of this subsection-- ``(A) In general.--The term `qualified manufacturing and other productive equipment property' means any property-- ``(i) which is used as an integral part of the manufacture or production of tangible personal property and increases the efficiency of the manufacturing or production process; ``(ii) which is tangible property to which section 168 applies, other than 3-year property (within the meaning of section 168(e)), ``(iii) which is section 1245 property (as defined in section 1245(a)(3)), and ``(iv)(I) the construction, reconstruction, or erection of which is completed by the taxpayer, or ``(II) which is acquired by the taxpayer, if the original use of such property commences with the taxpayer. ``(B) Special rule for computer software.--In the case of any computer software-- ``(i) which is used to control or monitor a manufacturing or production process, ``(ii) which increases the efficiency of the manufacturing or production process, and ``(iii) with respect to which depreciation (or amortization in lieu of depreciation) is allowable, such software shall be treated as qualified manufacturing and other productive equipment property. ``(4) Qualified increase amount.--For purposes of this subsection-- ``(A) In general.--The term `qualified increase amount' means the excess (if any) of-- ``(i) the aggregate bases of qualified manufacturing and other productive equipment properties placed in service during the taxable year, over ``(ii) the base amount. ``(B) Base amount.--The term `base amount' means the product of-- ``(i) the fixed-base percentage, and ``(ii) the average annual gross receipts of the taxpayer for the 4 taxable years preceding the taxable year for which the credit is being determined (in this subsection referred to as the `credit year'). ``(C) Minimum base amount.--In no event shall the base amount be less than 50 percent of the amount determined under subparagraph (A)(i). ``(D) Fixed-base percentage.-- ``(i) In general.--The fixed-base percentage is the percentage which the aggregate amounts described in subparagraph (A)(i) for taxable years beginning after December 31, 1987, and before January 1, 1993, is of the aggregate gross receipts of the taxpayer for such taxable years. ``(ii) Rounding.--The percentages determined under clause (i) shall be rounded to the nearest \1/100\ of 1 percent. ``(E) Other rules.--Rules similar to the rules of paragraphs (4) and (5) of section 41(c) shall apply for purposes of this paragraph. ``(5) Coordination with other credits.--This subsection shall not apply to any property to which the energy credit or rehabilitation credit would apply unless the taxpayer elects to waive the application of such credits to such property. ``(6) Certain progress expenditure rules made applicable.-- Rules similar to rules of subsections (c)(4) and (d) of section 46 (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990) shall apply for purposes of this subsection. ``(7) Termination date.--This subsection shall not apply to any property placed in service after the expiration of the 2- year period beginning on the date of the enactment of this Act.'' (c) Technical Amendments.-- (1) Clause (ii) of section 49(a)(1)(C) of such Code is amended by inserting ``or qualified manufacturing and other productive equipment property'' after ``energy property''. (2) Subparagraph (E) of section 50(a)(2) of such Code is amended by inserting ``or 48(c)(6)'' before the period at the end. (3)(A) The section heading for section 48 of such Code is amended to read as follows: ``SEC. 48. OTHER CREDITS.'' (B) The table of sections for subpart E of part IV of subchapter A of chapter 1 of such Code is amended by striking the item relating to section 48 and inserting the following: ``Sec. 48. Other credits.'' (d) Effective Date.--The amendments made by this section shall apply to-- (1) property acquired by the taxpayer after the date of the enactment of this Act, and (2) property the construction, reconstruction, or erection of which is completed by the taxpayer after the date of the enactment of this Act, but only to the extent of the basis thereof attributable to construction, reconstruction, or erection after such date.

Summary: Competitiveness Tax Credit Act - Amends the Internal Revenue Code to allow an investment tax credit for manufacturing and other productive equipment based upon a determination of the domestic origin of such property. Makes such credit applicable for the two-year period beginning on the date of enactment of this Act.