S.Amdt. 4793

SA 4793. Mr. SANDERS submitted an amendment intended to be proposed
to amendment SA 4753 proposed by Mr. Reid (for himself and Mr.
McConnell) to the bill H.R. 4853, to amend the Internal Revenue Code of
1986 to extend the funding and expenditure authority of the Airport and
Airway Trust Fund, to amend title 49, United States Code, to extend
authorizations for the airport improvement program, and for other
purposes; which was ordered to lie on the table; as follows:

Strike all after the first word and insert the following:

1. SHORT TITLE; ETC.

(a) Short Title.--This Act may be cited as the ``Tax
Relief, Unemployment Insurance Reauthorization, and Job
Creation Act of 2010''.
(b) Amendment of 1986 Code.--Except as otherwise expressly
provided, whenever in this Act an amendment or repeal is
expressed in terms of an amendment to, or repeal of, a
section or other provision, the reference shall be considered
to be made to a section or other provision of the Internal
Revenue Code of 1986.
(c) Table of Contents.--The table of contents for this Act
is as follows:

Sec. 1. Short title; etc.

TITLE I--TEMPORARY EXTENSION OF TAX RELIEF

Sec. 101. Temporary extension of 2001 tax relief.
Sec. 102. Temporary extension of 2003 tax relief.
Sec. 103. Temporary extension of 2009 tax relief.

TITLE II--TEMPORARY EXTENSION OF INDIVIDUAL AMT RELIEF

Sec. 201. Temporary extension of increased alternative minimum tax
exemption amount.
Sec. 202. Temporary extension of alternative minimum tax relief for
nonrefundable personal credits.

TITLE III--RESPONSIBLE ESTATE TAX REFORM

Sec. 301. Short title.

[[Page S8888]]

Sec. 302. Reinstatement of estate tax; repeal of carryover basis.
Sec. 303. Modification of rates and maintenance of unified credit
against the estate tax.
Sec. 304. Modification of rules for value of certain farm, etc., real
property.
Sec. 305. Modification of estate tax rules with respect to land subject
to conservation easements.
Sec. 306. Consistent basis reporting between estate and person
acquiring property from decedent.
Sec. 307. Valuation rules for certain transfers of nonbusiness assets;
limitation on minority discounts.
Sec. 308. Required minimum 10-year term, etc., for grantor retained
annuity trusts.

TITLE IV--TEMPORARY EXTENSION OF INVESTMENT INCENTIVES

Sec. 401. Temporary extension of increased small business expensing.

TITLE V--TEMPORARY EXTENSION OF UNEMPLOYMENT INSURANCE AND RELATED
MATTERS

Sec. 501. Temporary extension of unemployment insurance provisions.
Sec. 502. Temporary modification of indicators under the extended
benefit program.
Sec. 503. Technical amendment relating to collection of unemployment
compensation debts.
Sec. 504. Technical correction relating to repeal of continued dumping
and subsidy offset.
Sec. 505. Additional extended unemployment benefits under the Railroad
Unemployment Insurance Act.

TITLE VI--EXTENSION OF MAKING WORK PAY CREDIT

Sec. 601. Making work pay credit.

TITLE VII--TEMPORARY EXTENSION OF CERTAIN EXPIRING PROVISIONS

Subtitle A--Energy

Sec. 701. Incentives for biodiesel and renewable diesel.
Sec. 702. New energy efficient home credit.
Sec. 703. Special rule for sales or dispositions to implement FERC or
State electric restructuring policy for qualified
electric utilities.
Sec. 704. Extension of grants for specified energy property in lieu of
tax credits.
Sec. 705. Extension of provisions related to alcohol used as fuel.
Sec. 706. Energy efficient appliance credit.
Sec. 707. Credit for nonbusiness energy property.
Sec. 708. Alternative fuel vehicle refueling property.

Subtitle B--Individual Tax Relief

Sec. 721. Deduction for certain expenses of elementary and secondary
school teachers.
Sec. 722. Deduction of State and local sales taxes.
Sec. 723. Contributions of capital gain real property made for
conservation purposes.
Sec. 724. Above-the-line deduction for qualified tuition and related
expenses.
Sec. 725. Tax-free distributions from individual retirement plans for
charitable purposes.
Sec. 726. Parity for exclusion from income for employer-provided mass
transit and parking benefits.
Sec. 727. Refunds disregarded in the administration of Federal programs
and federally assisted programs.

Subtitle C--Business Tax Relief

Sec. 731. Research credit.
Sec. 732. Indian employment tax credit.
Sec. 733. New markets tax credit.
Sec. 734. Railroad track maintenance credit.
Sec. 735. Mine rescue team training credit.
Sec. 736. Employer wage credit for employees who are active duty
members of the uniformed services.
Sec. 737. Accelerated depreciation for business property on an Indian
reservation.
Sec. 738. Enhanced charitable deduction for contributions of food
inventory.
Sec. 739. Enhanced charitable deduction for contributions of book
inventories to public schools.
Sec. 740. Enhanced charitable deduction for corporate contributions of
computer inventory for educational purposes.
Sec. 741. Election to expense mine safety equipment.
Sec. 742. Expensing of environmental remediation costs.
Sec. 743. Modification of tax treatment of certain payments to
controlling exempt organizations.
Sec. 744. Treatment of certain dividends of regulated investment
companies.
Sec. 745. RIC qualified investment entity treatment under FIRPTA.
Sec. 746. Exceptions for active financing income.
Sec. 747. Look-thru treatment of payments between related controlled
foreign corporations under foreign personal holding
company rules.
Sec. 748. Basis adjustment to stock of S corps making charitable
contributions of property.
Sec. 749. Empowerment zone tax incentives.
Sec. 750. Tax incentives for investment in the District of Columbia.
Sec. 751. Work opportunity credit.
Sec. 752. Qualified zone academy bonds.
Sec. 753. Mortgage insurance premiums.
Sec. 754. Temporary exclusion of 100 percent of gain on certain small
business stock.

Subtitle D--Temporary Disaster Relief Provisions

subpart a--new york liberty zone

Sec. 761. Tax-exempt bond financing.

subpart b--go zone

Sec. 762. Increase in rehabilitation credit.
Sec. 763. Low-income housing credit rules for buildings in GO zones.
Sec. 764. Tax-exempt bond financing.
Sec. 765. Bonus depreciation deduction applicable to the GO Zone.

TITLE VIII--SENIOR CITIZENS RELIEF

Sec. 801. Short title.
Sec. 802. Extension and modification of certain economic recovery
payments.

TITLE IX--INFRASTRUCTURE, ENERGY, AND WATER PROVISIONS

Subtitle A--TIGER Discretionary Grants

Sec. 901. TIGER discretionary grants.

Subtitle B--National Infrastructure Bank

Sec. 911. Findings.
Sec. 912. Definitions.
Sec. 913. Establishment of national infrastructure development bank.
Sec. 914. Board of directors.
Sec. 915. Executive committee.
Sec. 916. Risk management committee.
Sec. 917. Audit Committee.
Sec. 918. Personnel.
Sec. 919. Eligibility criteria for assistance from Bank.
Sec. 920. Exemption from local taxation.
Sec. 921. Status and applicability of certain Federal laws; full faith
and credit.
Sec. 922. Compliance with Davis-Bacon Act.
Sec. 923. Applicability of certain State laws.
Sec. 924. Audits; reports to President and Congress.
Sec. 925. Capitalization of bank.
Sec. 926. Sunset.

Subtitle C--Energy and Water Programs

Sec. 931. Energy Efficiency and Conservation Block Grant Program.
Sec. 932. State water pollution control revolving funds.
Sec. 933. State drinking water revolving loan funds.
Sec. 934. State energy conservation plans.
Sec. 935. Temporary program for rapid deployment of renewable energy
and electric power transmission projects.
Sec. 936. Extension of qualifying advanced energy project credit.
Sec. 937. Land and Water Conservation Fund.
Sec. 938. Flood control projects.

Subtitle D--Housing Programs

Sec. 941. National Housing Trust Fund.
Sec. 942. Green retrofit program.

TITLE X--BUDGETARY PROVISIONS

Sec. 1001. Determination of budgetary effects.
Sec. 1002. Emergency designations.

TITLE I--TEMPORARY EXTENSION OF TAX RELIEF

SEC. 101. TEMPORARY EXTENSION OF 2001 TAX RELIEF.

(a) Temporary Extension.--
(1) In general.--Section 901 of the Economic Growth and Tax
Relief Reconciliation Act of 2001 is amended by striking
``December 31, 2010'' both places it appears and inserting
``December 31, 2012''.
(2) Effective date.--The amendment made by this subsection
shall take effect as if included in the enactment of the
Economic Growth and Tax Relief Reconciliation Act of 2001.
(b) Application to Taxpayers With Income of $250,000 or
More.--
(1) Income tax rates.--
(A) 25- and 28- percent rate brackets made permanent.--
Paragraph (2) of section 1(i) is amended to read as follows:
``(2) 25- and 28- percent rate brackets.--The tables under
subsections (a), (b), (c), (d), and (e) shall be applied--
``(A) by substituting `25%' for `28%' each place it appears
(before the application of subparagraph (B)), and
``(B) by substituting `28%' for `31%' each place it
appears.''.
(B) 33-percent rate bracket.--Subsection (i) of section 1
is amended by redesignating paragraph (3) as paragraph (4)
and by inserting after paragraph (2) the following new
paragraph:
``(3) 33-percent rate bracket.--
``(A) In general.--In the case of taxable years beginning
after December 31, 2010--
``(i) the rate of tax under subsections (a), (b), (c), and
(d) on a taxpayer's taxable income in the fourth rate bracket
shall be 33 percent to the extent such income does not exceed
an amount equal to the excess of--

``(I) the applicable amount, over
``(II) the dollar amount at which such bracket begins, and

``(ii) the 36 percent rate of tax under such subsections
shall apply only to the taxpayer's taxable income in such
bracket in excess of the amount to which clause (i) applies.
``(B) Applicable amount.--For purposes of this paragraph,
the term `applicable amount' means the excess of--

[[Page S8889]]

``(i) the applicable threshold, over
``(ii) the sum of the following amounts in effect for the
taxable year:

``(I) the basic standard deduction (within the meaning of
section 63(c)(2)), and
``(II) the exemption amount (within the meaning of section
151(d)(1) (or, in the case of subsection (a), 2 such
exemption amounts).

``(C) Applicable threshold.--For purposes of this
paragraph, the term `applicable threshold' means--
``(i) $250,000 in the case of subsection (a),
``(ii) $200,000 in the case of subsections (b) and (c), and
``(iii) \1/2\ the amount applicable under clause (i) (after
adjustment, if any, under subparagraph (E)) in the case of
subsection (d).
``(D) Fourth rate bracket.--For purposes of this paragraph,
the term `fourth rate bracket' means the bracket which would
(determined without regard to this paragraph) be the 36-
percent rate bracket.
``(E) Inflation adjustment.--For purposes of this
paragraph, a rule similar to the rule of paragraph (1)(C)
shall apply with respect to taxable years beginning in
calendar years after 2010, applied by substituting `2008' for
`1992' in subsection (f)(3)(B).''.
(2) Phaseout of personal exemptions and itemized
deductions.--
(A) Overall limitation on itemized deductions.--Section 68
is amended--
(i) by striking ``the applicable amount'' the first place
it appears in subsection (a) and inserting ``the applicable
threshold in effect under section 1(i)(3)'',
(ii) by striking ``the applicable amount'' in subsection
(a)(1) and inserting ``such applicable threshold'',
(iii) by striking subsection (b) and redesignating
subsections (c), (d), and (e) as subsections (b), (c), and
(d), respectively, and
(iv) by striking subsections (f) and (g).
(B) Phaseout of deductions for personal exemptions.--
(i) In general.--Paragraph (3) of section 151(d) is
amended--

(I) by striking ``the threshold amount'' in subparagraphs
(A) and (B) and inserting ``the applicable threshold in
effect under section 1(i)(3)'',
(II) by striking subparagraph (C) and redesignating
subparagraph (D) as subparagraph (C), and
(III) by striking subparagraphs (E) and (F).

(ii) Conforming amendments.--Paragraph (4) of section
151(d) is amended--

(I) by striking subparagraph (B),
(II) by redesignating clauses (i) and (ii) of subparagraph
(A) as subparagraphs (A) and (B), respectively, and by
indenting such subparagraphs (as so redesignated)
accordingly, and
(III) by striking all that precedes ``in a calendar year
after 1989,'' and inserting the following:

``(4) Inflation adjustment.--In the case of any taxable
year beginning''.
(c) Effective Date.--Except as otherwise provided, the
amendments made by this section shall apply to taxable years
beginning after December 31, 2010.

SEC. 102. TEMPORARY EXTENSION OF 2003 TAX RELIEF.

(a) Extension.--
(1) In general.--Section 303 of the Jobs and Growth Tax
Relief Reconciliation Act of 2003 is amended by striking
``December 31, 2010'' and inserting ``December 31, 2012''.
(2) Effective date.--The amendment made by this subsection
shall take effect as if included in the enactment of the Jobs
and Growth Tax Relief Reconciliation Act of 2003.
(b) 20-percent Capital Gains Rate for Certain High Income
Individuals.--
(1) In general.--Paragraph (1) of section 1(h) is amended
by striking subparagraph (C), by redesignating subparagraphs
(D) and (E) as subparagraphs (E) and (F) and by inserting
after subparagraph (B) the following new subparagraphs:
``(C) 15 percent of the lesser of--
``(i) so much of the adjusted net capital gain (or, if
less, taxable income) as exceeds the amount on which a tax is
determined under subparagraph (B), or
``(ii) the excess (if any) of--

``(I) the amount of taxable income which would (without
regard to this paragraph) be taxed at a rate below 36
percent, over
``(II) the sum of the amounts on which a tax is determined
under subparagraphs (A) and (B),

``(D) 20 percent of the adjusted net capital gain (or, if
less, taxable income) in excess of the sum of the amounts on
which tax is determined under subparagraphs (B) and (C),''.
(2) Dividends.--Subparagraph (A) of section 1(h)(11) is
amended by striking ``qualified dividend income'' and
inserting ``so much of the qualified dividend income as does
not exceed the excess (if any) of--
``(i) the amount of taxable income which would (without
regard to this subsection) be taxed at a rate below 36
percent, over
``(ii) taxable income reduced by qualified dividend
income.''.
(3) Minimum tax.--Paragraph (3) of section 55(b) is amended
by striking subparagraph (C), by redesignating subparagraph
(D) as subparagraph (E), and by inserting after subparagraph
(B) the following new subparagraphs:
``(C) 15 percent of the lesser of--
``(i) so much of the adjusted net capital gain (or, if
less, taxable excess) as exceeds the amount on which tax is
determined under subparagraph (B), or
``(ii) the excess described in section 1(h)(1)(C)(ii), plus
``(D) 20 percent of the adjusted net capital gain (or, if
less, taxable excess) in excess of the sum of the amounts on
which tax is determined under subparagraphs (B) and (C),
plus''.
(c) Conforming Amendments.--
(1) The following provisions are each amended by striking
``15 percent'' and inserting ``20 percent'':
(A) Section 1445(e)(1).
(B) The second sentence of section 7518(g)(6)(A).
(C) Section 53511(f)(2) of title 46, United States Code.
(2) Sections 531 and 541 are each amended by striking ``15
percent of'' and inserting ``the produce of the highest rate
of tax under section 1(c) and''.
(3) Sections 1(h)(1)(B) and 55(b)(3)(B) are each amended by
striking ``5 percent (0 percent in the case of taxable years
beginning after 2007)'' and inserting ``0 percent''.
(4) Section 1445(e)(6) is amended by striking ``15 percent
(20 percent in the case of taxable years beginning after
December 31, 2010)'' and inserting ``20 percent''.
(d) Effective Dates.--
(1) In general.--Except as provided in otherwise provided,
the amendments made by subsections (b) and (c) shall apply to
taxable years beginning after December 31, 2010.
(2) Withholding.--The amendments made by paragraphs (1)(C)
and (3) of subsection (c) shall apply to amounts paid on or
after January 1, 2011.

SEC. 103. TEMPORARY EXTENSION OF 2009 TAX RELIEF.

(a) American Opportunity Tax Credit.--
(1) In general.--Section 25A(i) is amended by striking ``or
2010'' and inserting ``, 2010, 2011, or 2012''.
(2) Treatment of possessions.--Section 1004(c)(1) of the
American Recovery and Reinvestment Tax Act of 2009 is amended
by striking ``and 2010'' each place it appears and inserting
``, 2010, 2011, and 2012''.
(b) Child Tax Credit.--Section 24(d)(4) is amended--
(1) by striking ``2009 and 2010'' in the heading and
inserting ``2009, 2010, 2011, and 2012'', and
(2) by striking ``or 2010'' and inserting ``, 2010, 2011,
or 2012''.
(c) Earned Income Tax Credit.--Section 32(b)(3) is
amended--
(1) by striking ``2009 and 2010'' in the heading and
inserting ``2009, 2010, 2011, and 2012'', and
(2) by striking ``or 2010'' and inserting ``, 2010, 2011,
or 2012''.
(d) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2010.

TITLE II--TEMPORARY EXTENSION OF INDIVIDUAL AMT RELIEF

SEC. 201. TEMPORARY EXTENSION OF INCREASED ALTERNATIVE
MINIMUM TAX EXEMPTION AMOUNT.

(a) In General.--Paragraph (1) of section 55(d) is
amended--
(1) by striking ``$70,950'' and all that follows through
``2009'' in subparagraph (A) and inserting ``$72,450 in the
case of taxable years beginning in 2010 and $74,450 in the
case of taxable years beginning in 2011'', and
(2) by striking ``$46,700'' and all that follows through
``2009'' in subparagraph (B) and inserting ``$47,450 in the
case of taxable years beginning in 2010 and $48,450 in the
case of taxable years beginning in 2011''.
(b) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2009.
(c) Repeal of EGTRRA Sunset.--Title IX of the Economic
Growth and Tax Relief Reconciliation Act of 2001 (relating to
sunset of provisions of such Act) shall not apply to title
VII of such Act (relating to alternative minimum tax).

SEC. 202. TEMPORARY EXTENSION OF ALTERNATIVE MINIMUM TAX
RELIEF FOR NONREFUNDABLE PERSONAL CREDITS.

(a) In General.--Paragraph (2) of section 26(a) is
amended--
(1) by striking ``or 2009'' and inserting ``2009, 2010, or
2011'', and
(2) by striking ``2009'' in the heading thereof and
inserting ``2011''.
(b)  Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2009.

TITLE III--RESPONSIBLE ESTATE TAX REFORM

SEC. 301. SHORT TITLE.

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

SEC. 302. REINSTATEMENT OF ESTATE TAX; REPEAL OF CARRYOVER
BASIS.

(a) In General.--Each provision of law amended by subtitle
A or E of title V of the Economic Growth and Tax Relief
Reconciliation Act of 2001 is amended to read as such
provision would read if such subtitle had never been enacted.
(b) Conforming Amendment.--On and after January 1, 2011,
paragraph (1) of section 2505(a) of the Internal Revenue Code
of 1986 is amended to read as such paragraph would read if
section 521(b)(2) of the Economic Growth and Tax Relief
Reconciliation Act of 2001 had never been enacted.
(c) Special Election With Respect to Estates of Decedents
Dying in 2010.--Notwithstanding subsection (a), in the case
of an estate of a decedent dying after December 31, 2009, and
before January 1, 2011, the executor (within the meaning of
section 2203 of the Internal Revenue Code of 1986) may elect
to apply such Code as though the amendments

[[Page S8890]]

made by subsection (a) do not apply with respect to chapter
11 of such Code and with respect to property acquired or
passing from such decedent (within the meaning of section
1014(b) of such Code).  Such election shall be made at such
time and in such manner as the Secretary of the Treasury or
the Secretary's delegate shall provide. Such an election once
made shall be revocable only with the consent of the
Secretary of the Treasury or the Secretary's delegate. For
purposes of section 2652(a)(1) of such Code, the
determination of whether any property is subject to the tax
imposed by such chapter 11 shall be made without regard to
any election made under this subsection.
(d) Extension of Time for Performing Certain Acts.--
(1) Estate tax.--In the case of the estate of a decedent
dying after December 31, 2009, and before the date of the
enactment of this Act, the due date for--
(A) filing any return under section 6018 of the Internal
Revenue Code of 1986 (including any election required to be
made on such a return) as such section is in effect after the
date of the enactment of this Act without regard to any
election under subsection (c),
(B) making any payment of tax under chapter 11 of such
Code, and
(C) making any disclaimer described in section 2518(b) of
such Code of an interest in property passing by reason of the
death of such decedent,

shall not be earlier than the date which is 9 months after
the date of the enactment of this Act.
(2) Generation-skipping tax.--In the case of any
generation-skipping transfer made after December 31, 2009,
and before the date of the enactment of this Act, the due
date for filing any return under section 2662 of the Internal
Revenue Code of 1986 (including any election required to be
made on such a return) shall not be earlier than the date
which is 9 months after the date of the enactment of this
Act.
(e) Effective Date.--Except as otherwise provided in this
section, the amendments made by this section shall apply to
estates of decedents dying, and transfers made, after
December 31, 2009.

SEC. 303. MODIFICATION OF RATES AND MAINTENANCE OF UNIFIED
CREDIT AGAINST THE ESTATE TAX.

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

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

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

SEC. 304. MODIFICATION OF RULES FOR VALUE OF CERTAIN FARM,
ETC., REAL PROPERTY.

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

SEC. 305. MODIFICATION OF ESTATE TAX RULES WITH RESPECT TO
LAND SUBJECT TO CONSERVATION EASEMENTS.

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

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

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

SEC. 306. CONSISTENT BASIS REPORTING BETWEEN ESTATE AND
PERSON ACQUIRING PROPERTY FROM DECEDENT.

(a) Consistent Use of Basis.--
(1) Property acquired from a decedent.--Section 1014 is
amended by adding at the end the following new subsection:
``(f) Basis Must Be Consistent With Estate Tax Value.--
``(1) In general.--For purposes of this section, the value
used to determine the basis of any interest in property in
the hands of the person acquiring such property shall not
exceed the value of such interest as finally determined for
purposes of chapter 11.
``(2) Special rule where no final determination.--In any
case in which the value of property has not been finally
determined under chapter 11 and there has been a statement
furnished under section 6035(a), the value used to determine
the basis of any interest in property in the hands of the
person acquiring such property shall not exceed the amount
reported on the statement furnished under section 6035(a).
``(3) Regulations.--The Secretary may by regulations
provide exceptions to the application of this subsection.''.
(2) Property acquired by gifts and transfers in trust.--
Section 1015 is amended by adding at the end the following
new subsection:
``(f) Basis Must Be Consistent With Gift Tax Value.--
``(1) In general.--For purposes of this section, the fair
market value of any interest in property at the time of the
gift of that interest shall not exceed the value of such
interest as finally determined for purposes of chapter 12.
``(2) Special rule where no final determination.--In any
case in which the value of property has not been finally
determined under chapter 12 and there has been a statement
furnished under section 6035(b), the fair market value of any
interest in property at the time of the gift of that interest
shall not exceed the amount reported on the statement
furnished under section 6035(b).
``(3) Regulations.--The Secretary may by regulations
provide exceptions to the application of this subsection.''.
(b) Information Reporting.--
(1) In general.--Subpart A of part III of subchapter A of
chapter 61 is amended by inserting after section 6034A the
following new section:

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

``(a) Information With Respect to Property Acquired From
Decedents.--
``(1) In general.--The executor of any estate required to
file a return under section 6018(a) shall furnish to the
Secretary and to each person acquiring any interest in
property included in the decedent's gross estate for Federal
estate tax purposes a statement identifying the value of each
interest in such property as reported on such return and such
other information with respect to such interest as the
Secretary may prescribe.
``(2) Statements by beneficiaries.--Each person required to
file a return under section 6018(b) shall furnish to the
Secretary and to each other person who holds a legal or
beneficial interest in the property to which such return
relates a statement identifying the information described in
paragraph (1).
``(3) Time for furnishing statement.--
``(A) In general.--Each statement required to be furnished
under paragraph (1) or (2) shall be furnished at such time as
the Secretary may prescribe, but in no case at a time later
than the earlier of--
``(i) the date which is 30 days after the date on which the
return under section 6018 was required to be filed (including
extensions, if any), or
``(ii) the date which is 30 days after the date such return
is filed.
``(B) Adjustments.--In any case in which there is an
adjustment to the information required to be included on a
statement filed under paragraph (1) or (2) after such
statement has been filed, a supplemental statement under such
paragraph shall be filed not later than the date which is 30
days after such adjustment is made.
``(b) Information With Respect to Property Acquired by
Gift.--
``(1) In general.--Each person making a transfer by gift
who is required to file a return under section 6019 with
respect to such transfer shall furnish to the Secretary and
to each person acquiring any interest in property by reason
of such transfer a statement identifying the fair market
value of each interest in such property as reported on such
return and such other information with respect to such
interest as the Secretary may prescribe.
``(2) Time for furnishing statement.--
``(A) In general.--Each statement required to be furnished
under paragraph (1) shall be furnished at such time as the
Secretary may prescribe, but in no case at a time later than
the earlier of--
``(i) the date which is 30 days after the date on which the
return under section 6019 was required to be filed (including
extensions, if any), or
``(ii) the date which is 30 days after the date such return
is filed.
``(B) Adjustments.--In any case in which there is an
adjustment to the information required to be included on a
statement filed under paragraph (1) after such statement has

[[Page S8891]]

been filed, a supplemental statement under such paragraph
shall be filed not later than the date which is 30 days after
such adjustment is made.
``(c) Regulations.--The Secretary shall prescribe such
regulations as necessary to carry out this section, including
regulations relating to--
``(1) applying this section to property with regard to
which no estate or gift tax return is required to be filed,
and
``(2) situations in which the surviving joint tenant or
other recipient may have better information than the executor
regarding the basis or fair market value of the property.''.
(2) Penalty for failure to file.--
(A) Return.--Section 6724(d)(1) is amended by striking
``and'' at the end of subparagraph (B), by striking the
period at the end of subparagraph (C) and inserting ``,
and'', and by adding at the end the following new
subparagraph:
``(D) any statement required to be filed with the Secretary
under section 6035.''.
(B) Statement.--Section 6724(d)(2) is amended by striking
``or'' at the end of subparagraph (GG), by striking the
period at the end of subparagraph (HH) and inserting ``,
or'', and by adding at the end the following new
subparagraph:
``(II) section 6035 (other than a statement described in
paragraph (1)(D)).''.
(3) Clerical amendment.--The table of sections for subpart
A of part III of subchapter A of chapter 61 is amended by
inserting after the item relating to section 6034A the
following new item:

``Sec. 6035. Basis information to persons acquiring property from
decedent or by gift.''.
(c) Penalty for Inconsistent Reporting.--
(1) In general.--Subsection (b) of section 6662 is amended
by inserting after paragraph (7) the following new paragraph:
``(8) Any inconsistent estate or gift basis.''.
(2) Inconsistent basis reporting.--Section 6662 is amended
by adding at the end the following new subsection:
``(k) Inconsistent Estate or Gift Basis Reporting.--For
purposes of this section, the term `inconsistent estate or
gift basis' means--
``(1) in the case of property acquired from a decedent, a
basis determination with respect to such property which is
not consistent with the requirements of section 1014(f), and
``(2) in the case of property acquired by gift, a basis
determination with respect to such property which is not
consistent with the requirements of section 1015(f).''.
(d) Effective Date.--The amendments made by this section
shall apply to transfers for which returns are filed after
the date of the enactment of this Act.

SEC. 307. VALUATION RULES FOR CERTAIN TRANSFERS OF
NONBUSINESS ASSETS; LIMITATION ON MINORITY
DISCOUNTS.

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

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

SEC. 308. REQUIRED MINIMUM 10-YEAR TERM, ETC., FOR GRANTOR
RETAINED ANNUITY TRUSTS.

(a) In General.--Subsection (b) of section 2702 is
amended--
(1) by redesignating paragraphs (1), (2), and (3) as
subparagraphs (A), (B), and (C), respectively, and by moving
such subparagraphs (as so redesignated) 2 ems to the right;
(2) by striking ``For purposes of'' and inserting the
following:
``(1) In general.--For purposes of'';
(3) by striking ``paragraph (1) or (2)'' in paragraph
(1)(C) (as so redesignated) and inserting ``subparagraph (A)
or (B)''; and
(4) by adding at the end the following new paragraph:
``(2) Additional requirements with respect to grantor
retained annuities.--For purposes of subsection (a), in the
case of an interest described in paragraph (1)(A) (determined
without regard to this paragraph) which is retained by the
transferor, such interest shall be treated as described in
such paragraph only if--
``(A) the right to receive the fixed amounts referred to in
such paragraph is for a term of not less than 10 years,
``(B) such fixed amounts, when determined on an annual
basis, do not decrease relative to any prior year during the
first 10 years of the term referred to in subparagraph (A),
and
``(C) the remainder interest has a value greater than zero
determined as of the time of the transfer.''.
(b) Effective Date.--The amendments made by this section
shall apply to transfers made after the date of the enactment
of this Act.

TITLE IV--TEMPORARY EXTENSION OF INVESTMENT INCENTIVES

SEC. 401. TEMPORARY EXTENSION OF INCREASED SMALL BUSINESS
EXPENSING.

(a) Dollar Limitation.--Section 179(b)(1) is amended by
striking ``and'' at the end of subparagraph (B) and by
striking subparagraph (C) and inserting the following new
subparagraphs:
``(C) $125,000 in the case of taxable years beginning in
2012, and
``(D) $25,000 in the case of taxable years beginning after
2012.''.
(b) Reduction in Limitation.--Section 179(b)(2) is amended
by striking ``and'' at the end of subparagraph (B) and by
striking subparagraph (C) and inserting the following new
subparagraphs:
``(C) $500,000 in the case of taxable years beginning in
2012, and
``(D) $200,000 in the case of taxable years beginning after
2012.''.
(c) Inflation Adjustment.--Subsection (b) of section 179 is
amended by adding at the end the following new paragraph:
``(6) Inflation adjustment.--
``(A) In general.--In the case of any taxable year
beginning in calendar year 2012, the $125,000 and $500,000
amounts in paragraphs (1)(C) and (2)(C) shall each be
increased by an amount equal to--
``(i) such dollar amount, multiplied by
``(ii) the cost-of-living adjustment determined under
section 1(f)(3) for the calendar year in which the taxable
year begins, by

[[Page S8892]]

substituting `calendar year 2006' for `calendar year 1992' in
subparagraph (B) thereof.
``(B) Rounding.--
``(i) Dollar limitation.--If the amount in paragraph (1) as
increased under subparagraph (A) is not a multiple of $1,000,
such amount shall be rounded to the nearest multiple of
$1,000.
``(ii) Phaseout amount.--If the amount in paragraph (2) as
increased under subparagraph (A) is not a multiple of
$10,000, such amount shall be rounded to the nearest multiple
of $10,000.''.
(d) Computer Software.--Section 179(d)(1)(A)(ii) is amended
by striking ``2012'' and inserting ``2013''.
(e) Conforming Amendment.--Section 179(c)(2) is amended by
striking ``2012'' and inserting ``2013''.
(f) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2011.

TITLE V--TEMPORARY EXTENSION OF UNEMPLOYMENT INSURANCE AND RELATED
MATTERS

SEC. 501. TEMPORARY EXTENSION OF UNEMPLOYMENT INSURANCE
PROVISIONS.

(a) In General.--(1) Section 4007 of the Supplemental
Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304
note) is amended--
(A) by striking ``November 30, 2010'' each place it appears
and inserting ``January 3, 2012'';
(B) in the heading for subsection (b)(2), by striking
``november 30, 2010'' and inserting ``january 3, 2012''; and
(C) in subsection (b)(3), by striking ``April 30, 2011''
and inserting ``June 9, 2012''.
(2) Section 2005 of the Assistance for Unemployed Workers
and Struggling Families Act, as contained in Public Law 111-5
(26 U.S.C. 3304 note; 123 Stat. 444), is amended--
(A) by striking ``December 1, 2010'' each place it appears
and inserting ``January 4, 2012''; and
(B) in subsection (c), by striking ``May 1, 2011'' and
inserting ``June 11, 2012''.
(3) Section 5 of the Unemployment Compensation Extension
Act of 2008 (Public Law 110-449; 26 U.S.C. 3304 note) is
amended by striking ``April 30, 2011'' and inserting ``June
10, 2012''.
(b) Funding.--Section 4004(e)(1) of the Supplemental
Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304
note) is amended--
(1) in subparagraph (E), by striking ``and'' at the end;
and
(2) by inserting after subparagraph (F) the following:
``(G) the amendments made by section 501(a)(1) of the Tax
Relief, Unemployment Insurance Reauthorization, and Job
Creation Act of 2010; and''.
(c) Effective Date.--The amendments made by this section
shall take effect as if included in the enactment of the
Unemployment Compensation Extension Act of 2010 (Public Law
111-205).

SEC. 502. TEMPORARY MODIFICATION OF INDICATORS UNDER THE
EXTENDED BENEFIT PROGRAM.

(a) Indicator.--Section 203(d) of the Federal-State
Extended Unemployment Compensation Act of 1970 (26 U.S.C.
3304 note) is amended, in the flush matter following
paragraph (2), by inserting after the first sentence the
following sentence: ``Effective with respect to compensation
for weeks of unemployment beginning after the date of
enactment of the Tax Relief, Unemployment Insurance
Reauthorization, and Job Creation Act of 2010 (or, if later,
the date established pursuant to State law), and ending on or
before December 31, 2011, the State may by law provide that
the determination of whether there has been a state `on' or
`off' indicator beginning or ending any extended benefit
period shall be made under this subsection as if the word
`two' were `three' in subparagraph (1)(A).''.
(b) Alternative Trigger.--Section 203(f) of the Federal-
State Extended Unemployment Compensation Act of 1970 (26
U.S.C. 3304 note) is amended--
(1) by redesignating paragraph (2) as paragraph (3); and
(2) by inserting after paragraph (1) the following new
paragraph:
``(2) Effective with respect to compensation for weeks of
unemployment beginning after the date of enactment of the Tax
Relief, Unemployment Insurance Reauthorization, and Job
Creation Act of 2010 (or, if later, the date established
pursuant to State law), and ending on or before December 31,
2011, the State may by law provide that the determination of
whether there has been a state `on' or `off' indicator
beginning or ending any extended benefit period shall be made
under this subsection as if the word `either' were `any', the
word ``both'' were `all', and the figure `2' were `3' in
clause (1)(A)(ii).''.

SEC. 503. TECHNICAL AMENDMENT RELATING TO COLLECTION OF
UNEMPLOYMENT COMPENSATION DEBTS.

(a) In General.--Section 6402(f)(3)(C), as amended by
section 801 of the Claims Resolution Act of 2010, is amended
by striking ``is not a covered unemployment compensation
debt'' and inserting ``is a covered unemployment compensation
debt''.
(b) Effective Date.--The amendment made by subsection (a)
shall take effect as if included in section 801 of the Claims
Resolution Act of 2010.

SEC. 504. TECHNICAL CORRECTION RELATING TO REPEAL OF
CONTINUED DUMPING AND SUBSIDY OFFSET.

(a) In General.--Section 822(2)(A) of the Claims Resolution
Act of 2010 is amended by striking ``or'' and inserting
``and''.
(b) Effective Date.--The amendment made by subsection (a)
shall take effect as if included in the provisions of the
Claims Resolution Act of 2010.

SEC. 505. ADDITIONAL EXTENDED UNEMPLOYMENT BENEFITS UNDER THE
RAILROAD UNEMPLOYMENT INSURANCE ACT.

(a) Extension.--Section 2(c)(2)(D)(iii) of the Railroad
Unemployment Insurance Act, as added by section 2006 of the
American Recovery and Reinvestment Act of 2009 (Public Law
111-5) and as amended by section 9 of the Worker,
Homeownership, and Business Assistance Act of 2009 (Public
Law 111-92), is amended--
(1) by striking ``June 30, 2010'' and inserting ``June 30,
2011''; and
(2) by striking ``December 31, 2010'' and inserting
``December 31, 2011''.
(b) Clarification on Authority to Use Funds.--Funds
appropriated under either the first or second sentence of
clause (iv) of section 2(c)(2)(D) of the Railroad
Unemployment Insurance Act shall be available to cover the
cost of additional extended unemployment benefits provided
under such section 2(c)(2)(D) by reason of the amendments
made by subsection (a) as well as to cover the cost of such
benefits provided under such section 2(c)(2)(D), as in effect
on the day before the date of the enactment of this Act.

TITLE VI--EXTENSION OF MAKING WORK PAY CREDIT

SEC. 601. MAKING WORK PAY CREDIT.

(a) In General.--Section 36A(e) is amended by striking
``December 31, 2010'' and inserting ``December 31, 2011''.
(b) Treatment of Possessions.--Section 1001(b)(1) of the
American Recovery and Reinvestment Tax Act of 2009 is amended
by striking ``2009 and 2010'' both places it appears and
inserting ``2009, 2010, and 2011''.
(c) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2010.

TITLE VII--TEMPORARY EXTENSION OF CERTAIN EXPIRING PROVISIONS

Subtitle A--Energy

SEC. 701. INCENTIVES FOR BIODIESEL AND RENEWABLE DIESEL.

(a) Credits for Biodiesel and Renewable Diesel Used as
Fuel.--Subsection (g) of section 40A is amended by striking
``December 31, 2009'' and inserting ``December 31, 2011''.
(b) Excise Tax Credits and Outlay Payments for Biodiesel
and Renewable Diesel Fuel Mixtures.--
(1) Paragraph (6) of section 6426(c) is amended by striking
``December 31, 2009'' and inserting ``December 31, 2011''.
(2) Subparagraph (B) of section 6427(e)(6) is amended by
striking ``December 31, 2009'' and inserting ``December 31,
2011''.
(c) Special Rule for 2010.--Notwithstanding any other
provision of law, in the case of any biodiesel mixture credit
properly determined under section 6426(c) of the Internal
Revenue Code of 1986 for periods during 2010, such credit
shall be allowed, and any refund or payment attributable to
such credit (including any payment under section 6427(e) of
such Code) shall be made, only in such manner as the
Secretary of the Treasury (or the Secretary's delegate) shall
provide. Such Secretary shall issue guidance within 30 days
after the date of the enactment of this Act providing for a
one-time submission of claims covering periods during 2010.
Such guidance shall provide for a 180-day period for the
submission of such claims (in such manner as prescribed by
such Secretary) to begin not later than 30 days after such
guidance is issued. Such claims shall be paid by such
Secretary not later than 60 days after receipt. If such
Secretary has not paid pursuant to a claim filed under this
subsection within 60 days after the date of the filing of
such claim, the claim shall be paid with interest from such
date determined by using the overpayment rate and method
under section 6621 of such Code.
(d) Effective Date.--The amendments made by this section
shall apply to fuel sold or used after December 31, 2009.

SEC. 702. NEW ENERGY EFFICIENT HOME CREDIT.

(a) In General.--Subsection (g) of section 45L is amended
by striking ``December 31, 2009'' and inserting ``December
31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to homes acquired after December 31, 2009.

SEC. 703. SPECIAL RULE FOR SALES OR DISPOSITIONS TO IMPLEMENT
FERC OR STATE ELECTRIC RESTRUCTURING POLICY FOR
QUALIFIED ELECTRIC UTILITIES.

(a) In General.--Paragraph (3) of section 451(i) is amended
by striking ``January 1, 2010'' and inserting ``January 1,
2012''.
(b) Effective Date.--The amendment made by this section
shall apply to dispositions after December 31, 2009.

SEC. 704. EXTENSION OF GRANTS FOR SPECIFIED ENERGY PROPERTY
IN LIEU OF TAX CREDITS.

(a) In General.--Subsection (a) of section 1603 of division
B of the American Recovery and Reinvestment Act of 2009 is
amended--
(1) in paragraph (1), by striking ``2009 or 2010'' and
inserting ``2009, 2010, or 2011'', and
(2) in paragraph (2)--
(A) by striking ``after 2010'' and inserting ``after
2011'', and
(B) by striking ``2009 or 2010'' and inserting ``2009,
2010, or 2011''.
(b) Conforming Amendment.--Subsection (j) of section 1603
of division B of such Act is

[[Page S8893]]

amended by striking ``2011'' and inserting ``2012''.

SEC. 705. EXTENSION OF PROVISIONS RELATED TO ALCOHOL USED AS
FUEL.

(a) Extension of Income Tax Credit for Alcohol Used as
Fuel.--
(1) In general.--Paragraph (1) of section 40(e) is
amended--
(A) by striking ``December 31, 2010'' in subparagraph (A)
and inserting ``December 31, 2011'', and
(B) by striking ``January 1, 2011'' in subparagraph (B) and
inserting ``January 1, 2012''.
(2) Reduced amount for ethanol blenders.--Subsection (h) of
section 40 is amended by striking ``2010'' both places it
appears and inserting ``2011''.
(3) Effective date.--The amendments made by this subsection
shall apply to periods after December 31, 2010.
(b) Extension of Excise Tax Credit for Alcohol Used as
Fuel.--
(1) In general.--Paragraph (6) of section 6426(b) is
amended by striking ``December 31, 2010'' and inserting
``December 31, 2011''.
(2) Effective date.--The amendment made by this subsection
shall apply to periods after December 31, 2010.
(c) Extension of Payment for Alcohol Fuel Mixture.--
(1) In general.--Subparagraph (A) of section 6427(e)(6) is
amended by striking ``December 31, 2010'' and inserting
``December 31, 2011''.
(2) Effective date.--The amendment made by this subsection
shall apply to sales and uses after December 31, 2010.
(d) Extension of Additional Duties on Ethanol.--
(1) In general.--Headings 9901.00.50 and 9901.00.52 of the
Harmonized Tariff Schedule of the United States are each
amended in the effective period column by striking ``1/1/
2011'' and inserting ``1/1/2012''.
(2) Effective date.--The amendments made by this subsection
shall take effect on January 1, 2011.

SEC. 706. ENERGY EFFICIENT APPLIANCE CREDIT.

(a) Dishwashers.--Paragraph (1) of section 45M(b) is
amended by striking ``and'' at the end of subparagraph (A),
by striking the period at the end of subparagraph (B) and
inserting a comma, and by adding at the end the following new
subparagraphs:
``(C) $25 in the case of a dishwasher which is manufactured
in calendar year 2011 and which uses no more than 307
kilowatt hours per year and 5.0 gallons per cycle (5.5
gallons per cycle for dishwashers designed for greater than
12 place settings),
``(D) $50 in the case of a dishwasher which is manufactured
in calendar year 2011 and which uses no more than 295
kilowatt hours per year and 4.25 gallons per cycle (4.75
gallons per cycle for dishwashers designed for greater than
12 place settings), and
``(E) $75 in the case of a dishwasher which is manufactured
in calendar year 2011 and which uses no more than 280
kilowatt hours per year and 4 gallons per cycle (4.5 gallons
per cycle for dishwashers designed for greater than 12 place
settings).''.
(b) Clothes Washers.--Paragraph (2) of section 45M(b) is
amended by striking ``and'' at the end of subparagraph (C),
by striking the period at the end of subparagraph (D) and
inserting a comma, and by adding at the end the following new
subparagraphs:
``(E) $175 in the case of a top-loading clothes washer
manufactured in calendar year 2011 which meets or exceeds a
2.2 modified energy factor and does not exceed a 4.5 water
consumption factor, and
``(F) $225 in the case of a clothes washer manufactured in
calendar year 2011--
``(i) which is a top-loading clothes washer and which meets
or exceeds a 2.4 modified energy factor and does not exceed a
4.2 water consumption factor, or
``(ii) which is a front-loading clothes washer and which
meets or exceeds a 2.8 modified energy factor and does not
exceed a 3.5 water consumption factor.''.
(c) Refrigerators.--Paragraph (3) of section 45M(b) is
amended by striking ``and'' at the end of subparagraph (C),
by striking the period at the end of subparagraph (D) and
inserting a comma, and by adding at the end the following new
subparagraphs:
``(E) $150 in the case of a refrigerator manufactured in
calendar year 2011 which consumes at least 30 percent less
energy than the 2001 energy conservation standards, and
``(F) $200 in the case of a refrigerator manufactured in
calendar year 2011 which consumes at least 35 percent less
energy than the 2001 energy conservation standards.''.
(d) Rebasing of Limitations.--
(1) In general.--Paragraph (1) of section 45M(e) is
amended--
(A) by striking ``$75,000,000'' and inserting
``$25,000,000'', and
(B) by striking ``December 31, 2007'' and inserting
``December 31, 2010''.
(2) Exception for certain refrigerators and clothes
washers.--Paragraph (2) of section 45M(e) is amended--
(A) by striking ``subsection (b)(3)(D)'' and inserting
``subsection (b)(3)(F)'', and
(B) by striking ``subsection (b)(2)(D)'' and inserting
``subsection (b)(2)(F)''.
(3) Gross receipts limitation.--Paragraph (3) of section
45M(e) is amended by striking ``2 percent'' and inserting ``4
percent''.
(e) Effective Dates.--
(1) In general.--The amendments made by subsections (a),
(b), and (c) shall apply to appliances produced after
December 31, 2010.
(2) Limitations.--The amendments made by subsection (d)
shall apply to taxable years beginning after December 31,
2010.

SEC. 707. CREDIT FOR NONBUSINESS ENERGY PROPERTY.

(a) Extension.--Section 25C(g)(2) is amended by striking
``2010'' and inserting ``2011''.
(b) Return to Pre-ARRA Limitations and Standards.--
(1) In general.--Subsections (a) and (b) of section 25C are
amended to read as follows:
``(a) Allowance of Credit.--In the case of an individual,
there shall be allowed as a credit against the tax imposed by
this chapter for the taxable year an amount equal to the sum
of--
``(1) 10 percent of the amount paid or incurred by the
taxpayer for qualified energy efficiency improvements
installed during such taxable year, and
``(2) the amount of the residential energy property
expenditures paid or incurred by the taxpayer during such
taxable year.
``(b) Limitations.--
``(1) Lifetime limitation.--The credit allowed under this
section with respect to any taxpayer for any taxable year
shall not exceed the excess (if any) of $500 over the
aggregate credits allowed under this section with respect to
such taxpayer for all prior taxable years ending after
December 31, 2005.
``(2) Windows.--In the case of amounts paid or incurred for
components described in subsection (c)(2)(B) by any taxpayer
for any taxable year, the credit allowed under this section
with respect to such amounts for such year shall not exceed
the excess (if any) of $200 over the aggregate credits
allowed under this section with respect to such amounts for
all prior taxable years ending after December 31, 2005.
``(3) Limitation on residential energy property
expenditures.--The amount of the credit allowed under this
section by reason of subsection (a)(2) shall not exceed--
``(A) $50 for any advanced main air circulating fan,
``(B) $150 for any qualified natural gas, propane, or oil
furnace or hot water boiler, and
``(C) $300 for any item of energy-efficient building
property.''.
(2) Modification of standards.--
(A) In general.--Paragraph (1) of section 25C(c) is amended
by striking ``2000'' and all that follows through ``this
section'' and inserting ``2009 International Energy
Conservation Code, as such Code (including supplements) is in
effect on the date of the enactment of the American Recovery
and Reinvestment Tax Act of 2009''.
(B) Wood stoves.--Subparagraph (E) of section 25C(d)(3) is
amended by striking ``, as measured using a lower heating
value''.
(C)  Oil furnaces and hot water boilers.--
(i) In general.--Paragraph (4) of section 25C(d) is amended
to read as follows:
``(4) Qualified natural gas, propane, or oil furnace or hot
water boiler.--The term `qualified natural gas, propane, or
oil furnace or hot water boiler' means a natural gas,
propane, or oil furnace or hot water boiler which achieves an
annual fuel utilization efficiency rate of not less than
95.''.
(ii) Conforming amendment.--Clause (ii) of section
25C(d)(2)(A) is amended to read as follows:
``(ii) a qualified natural gas, propane, or oil furnace or
hot water boiler, or''.
(D) Exterior windows, doors, and skylights.--
(i) In general.--Subsection (c) of section 25C is amended
by striking paragraph (4).
(ii) Application of energy star standards.--Paragraph (1)
of section 25C(c) is amended by inserting ``an exterior
window, a skylight, an exterior door,'' after ``in the case
of'' in the matter preceding subparagraph (A).
(E) Insulation.--Subparagraph (A) of section 25C(c)(2) is
amended by striking ``and meets the prescriptive criteria for
such material or system established by the 2009 International
Energy Conservation Code, as such Code (including
supplements) is in effect on the date of the enactment of the
American Recovery and Reinvestment Tax Act of 2009''.
(3) Subsidized energy financing.--Subsection (e) of section
25C is amended by adding at the end the following new
paragraph:
``(3) Property financed by subsidized energy financing.--
For purposes of determining the amount of expenditures made
by any individual with respect to any property, there shall
not be taken into account expenditures which are made from
subsidized energy financing (as defined in section
48(a)(4)(C)).''.
(c) Effective Date.--The amendments made by this section
shall apply to property placed in service after December 31,
2010.

SEC. 708. ALTERNATIVE FUEL VEHICLE REFUELING PROPERTY.

(a) Extension of Credit.--Paragraph (2) of section 30C(g)
is amended by striking ``December 31, 2010'' and inserting
``December 31, 2011.''.
(b) Effective Date.--The amendment made by this section
shall apply to property placed in service after December 31,
2010.

Subtitle B--Individual Tax Relief

SEC. 721. DEDUCTION FOR CERTAIN EXPENSES OF ELEMENTARY AND
SECONDARY SCHOOL TEACHERS.

(a) In General.--Subparagraph (D) of section 62(a)(2) is
amended by striking ``or 2009'' and inserting ``2009, 2010,
or 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to taxable years beginning after December 31,
2009.

[[Page S8894]]

SEC. 722. DEDUCTION OF STATE AND LOCAL SALES TAXES.

(a) In General.--Subparagraph (I) of section 164(b)(5) is
amended by striking ``January 1, 2010'' and inserting
``January 1, 2012''.
(b) Effective Date.--The amendment made by this section
shall apply to taxable years beginning after December 31,
2009.

SEC. 723. CONTRIBUTIONS OF CAPITAL GAIN REAL PROPERTY MADE
FOR CONSERVATION PURPOSES.

(a) In General.--Clause (vi) of section 170(b)(1)(E) is
amended by striking ``December 31, 2009'' and inserting
``December 31, 2011''.
(b) Contributions by Certain Corporate Farmers and
Ranchers.--Clause (iii) of section 170(b)(2)(B) is amended by
striking ``December 31, 2009'' and inserting ``December 31,
2011''.
(c) Effective Date.--The amendments made by this section
shall apply to contributions made in taxable years beginning
after December 31, 2009.

SEC. 724. ABOVE-THE-LINE DEDUCTION FOR QUALIFIED TUITION AND
RELATED EXPENSES.

(a) In General.--Subsection (e) of section 222 is amended
by striking ``December 31, 2009'' and inserting ``December
31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to taxable years beginning after December 31,
2009.

SEC. 725. TAX-FREE DISTRIBUTIONS FROM INDIVIDUAL RETIREMENT
PLANS FOR CHARITABLE PURPOSES.

(a) In General.--Subparagraph (F) of section 408(d)(8) is
amended by striking ``December 31, 2009'' and inserting
``December 31, 2011''.
(b) Effective Date; Special Rule.--
(1) Effective date.--The amendment made by this section
shall apply to distributions made in taxable years beginning
after December 31, 2009.
(2) Special rule.--For purposes of subsections (a)(6),
(b)(3), and (d)(8) of section 408 of the Internal Revenue
Code of 1986, at the election of the taxpayer (at such time
and in such manner as prescribed by the Secretary of the
Treasury) any qualified charitable distribution made after
December 31, 2010, and before February 1, 2011, shall be
deemed to have been made on December 31, 2010.

SEC. 726. PARITY FOR EXCLUSION FROM INCOME FOR EMPLOYER-
PROVIDED MASS TRANSIT AND PARKING BENEFITS.

(a) In General.--Paragraph (2) of section 132(f) is amended
by striking ``January 1, 2011'' and inserting ``January 1,
2012''.
(b) Effective Date.--The amendment made by this section
shall apply to months after December 31, 2010.

SEC. 727. REFUNDS DISREGARDED IN THE ADMINISTRATION OF
FEDERAL PROGRAMS AND FEDERALLY ASSISTED
PROGRAMS.

(a) In General.--Subchapter A of chapter 65 is amended by
adding at the end the following new section:

``SEC. 6409. REFUNDS DISREGARDED IN THE ADMINISTRATION OF
FEDERAL PROGRAMS AND FEDERALLY ASSISTED
PROGRAMS.

``(a) In General.--Notwithstanding any other provision of
law, any refund (or advance payment with respect to a
refundable credit) made to any individual under this title
shall not be taken into account as income, and shall not be
taken into account as resources for a period of 12 months
from receipt, for purposes of determining the eligibility of
such individual (or any other individual) for benefits or
assistance (or the amount or extent of benefits or
assistance) under any Federal program or under any State or
local program financed in whole or in part with Federal
funds.
``(b) Termination.--Subsection (a) shall not apply to any
amount received after December 31, 2012.''.
(b) Clerical Amendment.--The table of sections for such
subchapter is amended by adding at the end the following new
item:

``Sec. 6409. Refunds disregarded in the administration of Federal
programs and federally assisted programs.''.
(c) Effective Date.--The amendments made by this section
shall apply to amounts received after December 31, 2009.

Subtitle C--Business Tax Relief

SEC. 731. RESEARCH CREDIT.

(a) In General.--Subparagraph (B) of section 41(h)(1) is
amended by striking ``December 31, 2009'' and inserting
``December 31, 2011''.
(b) Conforming Amendment.--Subparagraph (D) of section
45C(b)(1) is amended by striking ``December 31, 2009'' and
inserting ``December 31, 2011''.
(c) Effective Date.--The amendments made by this section
shall apply to amounts paid or incurred after December 31,
2009.

SEC. 732. INDIAN EMPLOYMENT TAX CREDIT.

(a) In General.--Subsection (f) of section 45A is amended
by striking ``December 31, 2009'' and inserting ``December
31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to taxable years beginning after December 31,
2009.

SEC. 733. NEW MARKETS TAX CREDIT.

(a) In General.--Paragraph (1) of section 45D(f) is
amended--
(1) by striking ``and'' at the end of subparagraph (E),
(2) by striking the period at the end of subparagraph (F),
and
(3) by adding at the end the following new subparagraph:
``(G) $3,500,000,000 for 2010 and 2011.''.
(b) Conforming Amendment.--Paragraph (3) of section 45D(f)
is amended by striking ``2014'' and inserting ``2016''.
(c) Effective Date.--The amendments made by this section
shall apply to calendar years beginning after 2009.

SEC. 734. RAILROAD TRACK MAINTENANCE CREDIT.

(a) In General.--Subsection (f) of section 45G is amended
by striking ``January 1, 2010'' and inserting ``January 1,
2012''.
(b) Effective Date.--The amendment made by this section
shall apply to expenditures paid or incurred in taxable years
beginning after December 31, 2009.

SEC. 735. MINE RESCUE TEAM TRAINING CREDIT.

(a) In General.--Subsection (e) of section 45N is amended
by striking ``December 31, 2009'' and inserting ``December
31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to taxable years beginning after December 31,
2009.

SEC. 736. EMPLOYER WAGE CREDIT FOR EMPLOYEES WHO ARE ACTIVE
DUTY MEMBERS OF THE UNIFORMED SERVICES.

(a) In General.--Subsection (f) of section 45P is amended
by striking ``December 31, 2009'' and inserting ``December
31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to payments made after December 31, 2009.

SEC. 737. ACCELERATED DEPRECIATION FOR BUSINESS PROPERTY ON
AN INDIAN RESERVATION.

(a) In General.--Paragraph (8) of section 168(j) is amended
by striking ``December 31, 2009'' and inserting ``December
31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to property placed in service after December 31,
2009.

SEC. 738. ENHANCED CHARITABLE DEDUCTION FOR CONTRIBUTIONS OF
FOOD INVENTORY.

(a) In General.--Clause (iv) of section 170(e)(3)(C) is
amended by striking ``December 31, 2009'' and inserting
``December 31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to contributions made after December 31, 2009.

SEC. 739. ENHANCED CHARITABLE DEDUCTION FOR CONTRIBUTIONS OF
BOOK INVENTORIES TO PUBLIC SCHOOLS.

(a) In General.--Clause (iv) of section 170(e)(3)(D) is
amended by striking ``December 31, 2009'' and inserting
``December 31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to contributions made after December 31, 2009.

SEC. 740. ENHANCED CHARITABLE DEDUCTION FOR CORPORATE
CONTRIBUTIONS OF COMPUTER INVENTORY FOR
EDUCATIONAL PURPOSES.

(a) In General.--Subparagraph (G) of section 170(e)(6) is
amended by striking ``December 31, 2009'' and inserting
``December 31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to contributions made in taxable years beginning
after December 31, 2009.

SEC. 741. ELECTION TO EXPENSE MINE SAFETY EQUIPMENT.

(a) In General.--Subsection (g) of section 179E is amended
by striking ``December 31, 2009'' and inserting ``December
31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to property placed in service after December 31,
2009.

SEC. 742. EXPENSING OF ENVIRONMENTAL REMEDIATION COSTS.

(a) In General.--Subsection (h) of section 198 is amended
by striking ``December 31, 2009'' and inserting ``December
31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to expenditures paid or incurred after December
31, 2009.

SEC. 743. MODIFICATION OF TAX TREATMENT OF CERTAIN PAYMENTS
TO CONTROLLING EXEMPT ORGANIZATIONS.

(a) In General.--Clause (iv) of section 512(b)(13)(E) is
amended by striking ``December 31, 2009'' and inserting
``December 31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to payments received or accrued after December
31, 2009.

SEC. 744. TREATMENT OF CERTAIN DIVIDENDS OF REGULATED
INVESTMENT COMPANIES.

(a) In General.--Paragraphs (1)(C) and (2)(C) of section
871(k) are each amended by striking ``December 31, 2009'' and
inserting ``December 31, 2011''.
(b) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2009.

SEC. 745. RIC QUALIFIED INVESTMENT ENTITY TREATMENT UNDER
FIRPTA.

(a) In General.--Clause (ii) of section 897(h)(4)(A) is
amended by striking ``December 31, 2009'' and inserting
``December 31, 2011''.
(b) Effective Date.--
(1) In general.--The amendment made by subsection (a) shall
take effect on January 1, 2010. Notwithstanding the preceding
sentence, such amendment shall not apply with respect to the
withholding requirement under section 1445 of the Internal
Revenue Code of 1986 for any payment made before the date of
the enactment of this Act.
(2) Amounts withheld on or before date of enactment.--In
the case of a regulated investment company--
(A) which makes a distribution after December 31, 2009, and
before the date of the enactment of this Act; and
(B) which would (but for the second sentence of paragraph
(1)) have been required to

[[Page S8895]]

withhold with respect to such distribution under section 1445
of such Code,

such investment company shall not be liable to any person to
whom such distribution was made for any amount so withheld
and paid over to the Secretary of the Treasury.

SEC. 746. EXCEPTIONS FOR ACTIVE FINANCING INCOME.

(a) In General.--Sections 953(e)(10) and 954(h)(9) are each
amended by striking ``January 1, 2010'' and inserting
``January 1, 2012''.
(b) Conforming Amendment.--Section 953(e)(10) is amended by
striking ``December 31, 2009'' and inserting ``December 31,
2011''.
(c) Effective Date.--The amendments made by this section
shall apply to taxable years of foreign corporations
beginning after December 31, 2009, and to taxable years of
United States shareholders with or within which any such
taxable year of such foreign corporation ends.

SEC. 747. LOOK-THRU TREATMENT OF PAYMENTS BETWEEN RELATED
CONTROLLED FOREIGN CORPORATIONS UNDER FOREIGN
PERSONAL HOLDING COMPANY RULES.

(a) In General.--Subparagraph (C) of section 954(c)(6) is
amended by striking ``January 1, 2010'' and inserting
``January 1, 2012''.
(b) Effective Date.--The amendment made by this section
shall apply to taxable years of foreign corporations
beginning after December 31, 2009, and to taxable years of
United States shareholders with or within which any such
taxable year of such foreign corporation ends.

SEC. 748. BASIS ADJUSTMENT TO STOCK OF S CORPS MAKING
CHARITABLE CONTRIBUTIONS OF PROPERTY.

(a) In General.--Paragraph (2) of section 1367(a) is
amended by striking ``December 31, 2009'' and inserting
``December 31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to contributions made in taxable years beginning
after December 31, 2009.

SEC. 749. EMPOWERMENT ZONE TAX INCENTIVES.

(a) In General.--Section 1391 is amended--
(1) by striking ``December 31, 2009'' in subsection
(d)(1)(A)(i) and inserting ``December 31, 2011''; and
(2) by striking the last sentence of subsection (h)(2).
(b) Increased Exclusion of Gain on Stock of Empowerment
Zone Businesses.--Subparagraph (C) of section 1202(a)(2) is
amended--
(1) by striking ``December 31, 2014'' and inserting
``December 31, 2016''; and
(2) by striking ``2014'' in the heading and inserting
``2016''.
(c) Treatment of Certain Termination Dates Specified in
Nominations.--In the case of a designation of an empowerment
zone the nomination for which included a termination date
which is contemporaneous with the date specified in
subparagraph (A)(i) of section 1391(d)(1) of the Internal
Revenue Code of 1986 (as in effect before the enactment of
this Act), subparagraph (B) of such section shall not apply
with respect to such designation if, after the date of the
enactment of this section, the entity which made such
nomination amends the nomination to provide for a new
termination date in such manner as the Secretary of the
Treasury (or the Secretary's designee) may provide.
(d) Effective Date.--The amendments made by this section
shall apply to periods after December 31, 2009.

SEC. 750. TAX INCENTIVES FOR INVESTMENT IN THE DISTRICT OF
COLUMBIA.

(a) In General.--Subsection (f) of section 1400 is amended
by striking ``December 31, 2009'' each place it appears and
inserting ``December 31, 2011''.
(b) Tax-exempt DC Empowerment Zone Bonds.--Subsection (b)
of section 1400A is amended by striking ``December 31, 2009''
and inserting ``December 31, 2011''.
(c) Zero-percent Capital Gains Rate.--
(1) Acquisition date.--Paragraphs (2)(A)(i), (3)(A),
(4)(A)(i), and (4)(B)(i)(I) of section 1400B(b) are each
amended by striking ``January 1, 2010'' and inserting
``January 1, 2012''.
(2) Limitation on period of gains.--
(A) In general.--Paragraph (2) of section 1400B(e) is
amended--
(i) by striking ``December 31, 2014'' and inserting
``December 31, 2016''; and
(ii) by striking ``2014'' in the heading and inserting
``2016''.
(B) Partnerships and s-corps.--Paragraph (2) of section
1400B(g) is amended by striking ``December 31, 2014'' and
inserting ``December 31, 2016''.
(d) First-time Homebuyer Credit.--Subsection (i) of section
1400C is amended by striking ``January 1, 2010'' and
inserting ``January 1, 2012''.
(e) Effective Dates.--
(1) In general.--Except as otherwise provided in this
subsection, the amendments made by this section shall apply
to periods after December 31, 2009.
(2) Tax-exempt dc empowerment zone bonds.--The amendment
made by subsection (b) shall apply to bonds issued after
December 31, 2009.
(3) Acquisition dates for zero-percent capital gains
rate.--The amendments made by subsection (c) shall apply to
property acquired or substantially improved after December
31, 2009.
(4) Homebuyer credit.--The amendment made by subsection (d)
shall apply to homes purchased after December 31, 2009.

SEC. 751. WORK OPPORTUNITY CREDIT.

(a) In General.--Subparagraph (B) of section 51(c)(4) is
amended by striking ``August 31, 2011'' and inserting
``December 31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to individuals who begin work for the employer
after the date of the enactment of this Act.

SEC. 752. QUALIFIED ZONE ACADEMY BONDS.

(a) In General.--Section 54E(c)(1) is amended--
(1) by striking ``2008 and'' and inserting ``2008,'', and
(2) by inserting ``and $400,000,000 for 2011'' after
``2010,''.
(b) Repeal of Refundable Credit for QZABs.--Paragraph (3)
of section 6431(f) is amended by inserting ``determined
without regard to any allocation relating to the national
zone academy bond limitation for 2011 or any carryforward of
such allocation'' after ``54E)'' in subparagraph (A)(iii).
(c) Effective Date.--The amendments made by this section
shall apply to obligations issued after December 31, 2010.

SEC. 753. MORTGAGE INSURANCE PREMIUMS.

(a) In General.--Clause (iv) of section 163(h)(3)(E) is
amended by striking ``December 31, 2010'' and inserting
``December 31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to amounts paid or accrued after December 31,
2010.

SEC. 754. TEMPORARY EXCLUSION OF 100 PERCENT OF GAIN ON
CERTAIN SMALL BUSINESS STOCK.

(a) In General.--Paragraph (4) of section 1202(a) is
amended--
(1) by striking ``January 1, 2011'' and inserting ``January
1, 2012'', and
(2) by inserting ``and 2011'' after ``2010'' in the heading
thereof.
(b) Effective Date.--The amendments made by this section
shall apply to stock acquired after December 31, 2010.

Subtitle D--Temporary Disaster Relief Provisions

PART

Subpart A--New York Liberty Zone

SEC. 761. TAX-EXEMPT BOND FINANCING.

(a) In General.--Subparagraph (D) of section 1400L(d)(2) is
amended by striking ``January 1, 2010'' and inserting
``January 1, 2012''.
(b) Effective Date.--The amendment made by this section
shall apply to bonds issued after December 31, 2009.

Subpart B--GO Zone

SEC. 762. INCREASE IN REHABILITATION CREDIT.

(a) In General.--Subsection (h) of section 1400N is amended
by striking ``December 31, 2009'' and inserting ``December
31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to amounts paid or incurred after December 31,
2009.

SEC. 763. LOW-INCOME HOUSING CREDIT RULES FOR BUILDINGS IN GO
ZONES.

Section 1400N(c)(5) is amended by striking ``January 1,
2011'' and inserting ``January 1, 2012''.

SEC. 764. TAX-EXEMPT BOND FINANCING.

(a) In General.--Paragraphs (2)(D) and (7)(C) of section
1400N(a) are each amended by striking ``January 1, 2011'' and
inserting ``January 1, 2012''.
(b) Conforming Amendments.--Sections 702(d)(1) and 704(a)
of the Heartland Disaster Tax Relief Act of 2008 are each
amended by striking ``January 1, 2011'' each place it appears
and inserting ``January 1, 2012''.

SEC. 765. BONUS DEPRECIATION DEDUCTION APPLICABLE TO THE GO
ZONE.

(a) In General.--Paragraph (6) of section 1400N(d) is
amended--
(1) by striking ``December 31, 2010'' both places it
appears in subparagraph (B) and inserting ``December 31,
2011'', and
(2) by striking ``January 1, 2010'' in the heading and the
text of subparagraph (D) and inserting ``January 1, 2012''.
(b) Effective Date.--The amendment made by this section
shall apply to property placed in service after December 31,
2009.

TITLE VIII--SENIOR CITIZENS RELIEF

SEC. 801. SHORT TITLE.

This Act may be cited as the ``Emergency Senior Citizens
Relief Act of 2010''.

SEC. 802. EXTENSION AND MODIFICATION OF CERTAIN ECONOMIC
RECOVERY PAYMENTS.

(a) Extension and Modification of Payments.--Section 2201
of the American Recovery and Reinvestment Tax Act of 2009 is
amended--
(1) in subsection (a)(1)(A)--
(A) by inserting ``for each of calendar years 2009 and
2011'' after ``shall disburse'',
(B) by inserting ``(for purposes of payments made for
calendar year 2009), or the 3-month period ending with
December 2010 (for purposes of payments made for calendar
year 2011)'' after ``the date of the enactment of this Act'',
and
(C) by adding at the end the following new sentence: ``In
the case of an individual who is eligible for a payment under
the preceding sentence by reason of entitlement to a benefit
described in subparagraph (B)(i), no such payment shall be
made to such individual for calendar year 2011 unless such
individual was paid a benefit described in such subparagraph
(B)(i) for any month in the 12-month period ending with
December 2010.'',
(2) in subsection (a)(1)(B)(iii), by inserting ``(for
purposes of payments made under this paragraph for calendar
year 2009), or the 3-month period ending with December 2010
(for purposes of payments made under this paragraph for
calendar year 2011)'' before the period at the end,
(3) in subsection (a)(2)--

[[Page S8896]]

(A) by inserting ``, or who are utilizing a foreign or
domestic Army Post Office, Fleet Post Office, or Diplomatic
Post Office address'' after ``Northern Mariana Islands'', and
(B) by striking ``current address of record'' and inserting
``address of record, as of the date of certification under
subsection (b) for a payment under this section'',
(4) in subsection (a)(3)--
(A) by inserting ``per calendar year (determined with
respect to the calendar year for which the payment is made,
and without regard to the date such payment is actually paid
to such individual)'' after ``only 1 payment under this
section'', and
(B) by inserting ``FOR THE SAME YEAR'' after ``PAYMENTS''
in the heading thereof,
(5) in subsection (a)(4)--
(A) by inserting ``(or, in the case of subparagraph (D),
shall not be due)'' after ``made'' in the matter preceding
subparagraph (A),
(B) by striking subparagraph (A) and inserting the
following:
``(A) in the case of an individual entitled to a benefit
specified in paragraph (1)(B)(i) or paragraph
(1)(B)(ii)(VIII) if --
``(i) for the most recent month of such individual's
entitlement in the applicable 3-month period described in
paragraph (1); or
``(ii) for any month thereafter which is before the month
after the month of the payment;

such individual's benefit under such paragraph was not
payable by reason of subsection (x) or (y) of section 202 of
the Social Security Act (42 U.S.C. 402) or section 1129A of
such Act (42 U.S.C. 1320a-8a);'',
(C) in subparagraph (B), by striking ``3 month period'' and
inserting ``applicable 3-month period'',
(D) by striking subparagraph (C) and inserting the
following:
``(C) in the case of an individual entitled to a benefit
specified in paragraph (1)(C) if--
``(i) for the most recent month of such individual's
eligibility in the applicable 3-month period described in
paragraph (1); or
``(ii) for any month thereafter which is before the month
after the month of the payment;

such individual's benefit under such paragraph was not able
by reason of subsection (e)(1)(A) or (e)(4) of section 1611
(42 U.S.C. 1382) or section 1129A of such Act (42 U.S.C.
1320a-8a); or''
(E) by striking subparagraph (D) and inserting the
following:
``(D) in the case of any individual whose date of death
occurs--
``(i) before the date of receipt of the payment; or
``(ii) in the case of a direct deposit, before the date on
which such payment is deposited into such individual's
account.'',
(F) by adding at the end the following flush sentence:

``In the case of any individual whose date of death occurs
before a payment is negotiated (in the case of a check) or
deposited (in the case of a direct deposit), such payment
shall not be due and shall not be reissued to the estate of
such individual or to any other person.'', and
(G) by adding at the end, as amended by subparagraph (F),
the following new sentence: ``Subparagraphs (A)(ii) and
(C)(ii) shall apply only in the case of certifications under
subsection (b) which are, or but for this paragraph would be,
made after the date of the enactment of Emergency Senior
Citizens Relief Act of 2010, and shall apply to such
certifications without regard to the calendar year of the
payments to which such certifications apply.''.
(6) in subsection (a)(5)--
(A) by inserting ``, in the case of payments for calendar
year 2009, and no later than April 30, 2011, in the case of
payments for calendar year 2011'' before the period at the
end of the first sentence of subparagraph (A), and
(B) by striking subparagraph (B) and inserting the
following:
``(B) Deadline.--No payment for calendar year 2009 shall be
disbursed under this section after December 31, 2010, and no
payment for calendar year 2011 shall be disbursed under this
section after December 31, 2012, regardless of any
determinations of entitlement to, or eligibility for, such
payment made after whichever of such dates is applicable to
such payment.'',
(7) in subsection (b), by inserting ``(except that such
certification shall be affected by a determination that an
individual is an individual described in subparagraph (A),
(B), (C), or (D) of subsection (a)(4) during a period
described in such subparagraphs), and no individual shall be
certified to receive a payment under this section for a
calendar year if such individual has at any time been denied
certification for such a payment for such calendar year by
reason of subparagraph (A)(ii) or (C)(ii) of subsection
(a)(4) (unless such individual is subsequently determined not
to have been an individual described in either such
subparagraph at the time of such denial)'' before the period
at the end of the last sentence,
(8) in subsection (c), by striking paragraph (4) and
inserting the following:
``(4) Payments subject to offset and reclamation.--
Notwithstanding paragraph (3), any payment made under this
section--
``(A) shall, in the case of a payment by direct deposit
which is made after the date of the enactment of the
Emergency Senior Citizens Relief Act of 2010, be subject to
the reclamation provisions under subpart B of part 210 of
title 31, Code of Federal Regulations (relating to
reclamation of benefit payments); and
``(B) shall not, for purposes of section 3716 of title 31,
United States Code, be considered a benefit payment or cash
benefit made under the applicable program described in
subparagraph (B) or (C) of subsection (a)(1), and all amounts
paid shall be subject to offset under such section 3716 to
collect delinquent debts.'',
(9) in subsection (e)--
(A) by striking ``2011'' and inserting ``2013'',
(B) by inserting ``section 2(b) of the Emergency Senior
Citizens Relief Act of 2010,'' after ``section 2202,'' in
paragraph (1), and
(C) by adding at the following new paragraph:
``(5)(A) For the Secretary of the Treasury, an additional
$5,200,000 for purposes described in paragraph (1).
``(B) For the Commissioner of Social Security, an
additional $5,000,000 for the purposes described in paragraph
(2)(B).
``(C) For the Railroad Retirement Board, an additional
$600,000 for the purposes described in paragraph (3)(B).
``(D) For the Secretary of Veterans Affairs, an additional
$625,000 for the Information Systems Technology account''.
(b) Extension of Special Credit for Certain Government
Retirees.--
(1) In general.--In the case of an eligible individual (as
defined in section 2202(b) of the American Recovery and
Reinvestment Tax Act of 2009, applied by substituting
``2011'' for ``2009''), with respect to the first taxable
year of such individual beginning in 2011, section 2202 of
the American Recovery and Reinvestment Tax Act of 2009 shall
be applied by substituting ``2011'' for ``2009'' each place
it appears.
(2) Conforming amendment.--Subsection (c) of section 36A of
the Internal Revenue Code of 1986 is amended by inserting ``,
and any credit allowed to the taxpayer under section 2(b)(1)
of the Emergency Senior Citizens Relief Act of 2010'' after
``the American Recovery and Reinvestment Tax Act of 2009''.
(c) Effective Date.--
(1) In general.--Except as otherwise provided in paragraph
(2), the amendments made by this section shall take effect on
the date of the enactment of this Act.
(2) Application of rule relating to deceased individuals.--
The amendment made by subsection (a)(5)(F) shall take effect
as if included in section 2201 of the American Recovery and
Reinvestment Tax Act of 2009.

TITLE IX--INFRASTRUCTURE, ENERGY, AND WATER PROVISIONS

Subtitle A--TIGER Discretionary Grants

SEC. 901. TIGER DISCRETIONARY GRANTS.

There are appropriated, out of any money in the Treasury
not otherwise appropriated, $5,000,000,000 for each of fiscal
years 2011 and 2012, for the discretionary grant program
established under the heading ``national infrastructure
investments'' under the heading ``Office of the Secretary''
under the heading ``DEPARTMENT OF TRANSPORTATION'' of title I
of division A of the Consolidated Appropriations Act, 2010
(Public Law 111-117; 123 Stat. 3036), commonly referred to as
the ``TIGER II Discretionary Grant Program'': Provided, That
the amount of a grant under this section may not exceed
$400,000,000:  Provided further, That not less than 20
percent of the funds made available under this section for
each fiscal year may be awarded to projects located in rural
areas:  Provided further, That not less than 1 percent of the
funds made available under this section for each fiscal year
may be used for the planning, preparation, or design of
projects eligible for funding under the TIGER II
Discretionary Grant Program:  Provided further, That not more
than 15 percent of the funds made available under this
section for a fiscal year may be awarded to projects in a
single State:  Provided further, That the Secretary may award
a grant of less than $10,000,000 to fund a significant
project in a smaller city, region, or State:  Provided
further, That the Federal share of the cost of a significant
project in a smaller city, region, or State may exceed 80
percent:  Provided further, That, of the amounts made
available under this section for a fiscal year, the Secretary
may use an amount not to exceed $750,000,000 for the purpose
of paying the subsidy and administrative costs of projects
eligible for Federal credit assistance under chapter 6 of
title 23, United States Code, if the Secretary finds that
such use of the funds would advance the purposes of this
section.

Subtitle B--National Infrastructure Bank

SEC. 911. FINDINGS.

Congress finds the following:
(1) According to the American Society of Civil Engineers,
the current condition of the infrastructure in the United
States earns a grade point average of D, and an estimated
$2,200,000,000,000 investment is needed over the next 5 years
to meet adequate conditions.
(2) According to the National Surface Transportation Policy
and Revenue Study Commission, $225,000,000,000 is needed
annually from all sources for the next 50 years to upgrade
our surface transportation system to a state of good repair
and create a more advanced system.
(3) According to the Federal Highway Administration up to
$131,700,000,000 must be invested annually for a 20-year
period to improve bridge efficiencies and the physical
condition and operational performance of the highway system
of the United States.

[[Page S8897]]

(4) According to the Federal Transit Administration, up to
$21,800,000,000 must be invested annually for a 20-year
period to improve conditions and performance of the major
transit systems of the United States.
(5) The Environmental Protection Agency projects that--
(A) $183,600,000,000 is needed for installation and
maintenance of drinking water transmission and distribution
systems through 2022; and
(B) $202,500,000,000 is needed for publicly owned
wastewater systems-related infrastructure needs through 2024.
(6) According to the Edison Electric Institute, to maintain
current levels of service given expected growth in demand,
electric utilities need to invest an annual average of--
(A) $28,000,000,000 for generation;
(B) $12,000,000,000 for transmission; and
(C) $34,000,000,000 for distribution of electricity.
(7) According to the American Council on Renewable Energy,
renewable energy could provide up to 635 gigawatts of new
electricity generating capacity by 2025--a substantial
contribution and potentially more than the Nation's need for
new capacity, according to the United States Energy
Information Administration.
(8) According to the United States Green Building Council,
United States buildings account for 38.9 percent of primary
energy use, 38 percent of carbon emissions, and 72 percent of
electricity consumption.
(9) There are over 1,200,000 units of public housing
nationwide, with an accumulated capital needs backlog of
approximately $18,000,000,000, with an additional
$2,000,000,000 accruing each year.
(10) According to the Organization for Economic Cooperation
and Development (OECD), the United States ranks 15th among
OECD nations in broadband access per 100 inhabitants.
(11) Although grant programs of the Government must
continue to play a central role in financing the
transportation, environment, energy, and telecommunications
infrastructure needs of the United States, current and
foreseeable demands on existing Federal, State, and local
funding for infrastructure expansion exceed the resources to
support these programs by margins wide enough to prompt
serious concerns about the United States' ability to sustain
long-term economic development, productivity, and
international competitiveness.
(12) The capital markets, including central banks, pension
funds, financial institutions, sovereign wealth funds and
insurance companies, have a growing interest in
infrastructure investment. The establishment of a United
States Government-owned institution that would provide this
investment opportunity through high quality bond issues that
would be used to finance qualifying infrastructure projects
would attract needed capital for United States infrastructure
development.

SEC. 912. DEFINITIONS.

For purposes of this subtitle, the following definitions
shall apply, unless the context requires otherwise:
(1) Bank.--The term ``Bank'' means the National
Infrastructure Development Bank established under section
913(a) of this subtitle.
(2) Board.--The term ``Board'' means the National
Infrastructure Development Bank Board.
(3) Chief asset and liability management officer.--The term
``chief asset and liability management officer'' means the
chief individual responsible for coordinating the management
of assets and liabilities of the Bank.
(4) Chief compliance officer.--The term ``chief compliance
officer or CCO'' means the chief individual responsible for
overseeing and managing the compliance and regulatory affairs
issues of the Bank.
(5) Chief financial officer.--The term ``chief financial
officer or CFO'' means the chief individual responsible for
managing the financial risks, planning, and reporting of the
Bank.
(6) Chief loan origination officer.--The term ``chief loan
origination officer'' means the chief individual responsible
for the processing of new loans provided by the Bank.
(7) Chief operations officer.--The term ``chief operations
officer or COO'' means the chief individual responsible for
information technology and the day to day operations of the
Bank.
(8) Chief risk officer.--The term ``chief risk officer or
CRO'' means the chief individual responsible for managing
operational and compliance-related risks of the Bank.
(9) Chief treasury officer.--The term ``chief treasury
officer'' means the chief individual responsible for managing
the Bank's treasury operations.
(10) Development.--The terms ``development'' and
``develop'' mean, with respect to an infrastructure project,
any--
(A) preconstruction planning, feasibility review,
permitting, design work, and other preconstruction
activities; and
(B) construction, reconstruction, rehabilitation,
replacement, or expansion.
(11) Disadvantaged community.--The term ``disadvantaged
community'' means a community with a median household income
of less than 80 percent of the statewide median household
income for the State in which the community is located.
(12) Energy infrastructure project.--The term ``energy
infrastructure project'' means any project for energy
transmission, energy efficiency enhancement for buildings,
public housing, and schools, renewable energy, and energy
storage.
(13) Entity.--The term ``entity'' means an individual,
corporation, partnership (including a public-private
partnership), joint venture, trust, and a State or other
governmental entity, including a political subdivision or any
other instrumentality of a State or a revolving fund.
(14) Environmental infrastructure project.--The term
``environmental infrastructure project'' means any project
for the establishment, maintenance, or enhancement of any
drinking water and wastewater treatment facility, storm water
management system, dam, levee, open space management system,
solid waste disposal facility, hazardous waste facility, or
industrial site cleanup.
(15) Executive director.--The term ``executive director''
means the individual serving as the chief executive officer
of the Bank.
(16) General counsel.--The term ``general counsel'' means
the individual who serves as the chief lawyer for the Bank.
(17) Infrastructure project.--The term ``infrastructure
project'' means any energy, environmental,
telecommunications, or transportation infrastructure project.
(18) Public benefit bond.--The term ``public benefit bond''
means a bond issued with respect to an infrastructure project
in accordance with this subtitle if--
(A) the net spendable proceeds from the sale of the issue
may be used for expenditures incurred after the date of
issuance with respect to the project, subject to the rules of
the Bank;
(B) the bond issued by the Bank is in registered form and
meets the requirements of this subtitle and otherwise
applicable law;
(C) the term of each bond which is part of the issue is
greater than 30 years; and
(D) the payment of principal with respect to the bond is
the obligation of the Bank.
(19) Public-private partnership.--The term ``public-private
partnership'' means any entity--
(A)(i) which is undertaking the development of all or part
of an infrastructure project, which will have a public
benefit, pursuant to requirements established in one or more
contracts between the entity and a State or an
instrumentality of a State; or
(ii) the activities of which, with respect to such an
infrastructure project, are subject to regulation by a State
or any instrumentality of a State; and
(B) which owns, leases, or operates, or will own, lease, or
operate, the project in whole or in part, and at least one of
the participants in the entity is a nongovernmental entity.
(20) Revolving fund.--The term ``revolving fund'' means a
fund or program established by a State or a political
subdivision or other instrumentality of a State, the
principal activity of which is to make loans, commitments, or
other financial accommodation available for the development
of one or more categories of infrastructure projects.
(21) Secretary.--The term ``Secretary'' means the Secretary
of the Treasury or the designee of the Secretary.
(22) Smart grid.--The term ``smart grid'' means a system
that provides for any of the smart grid functions set forth
in section 1306(d) of the Energy Independence and Security
Act of 2007 (42 U.S.C. 17386(d)).
(23) Smart growth.--The term ``smart growth'' means growth
in the center of a city to avoid urban sprawl.
(24) State.--The term ``State'' includes the District of
Columbia, Puerto Rico, Guam, American Samoa, the Virgin
Islands, the Commonwealth of Northern Mariana Islands, and
any other territory of the United States.
(25) Telecommunications infrastructure project.--The term
``telecommunications infrastructure project'' means any
project involving infrastructure required to provide
communications by wire or radio.
(26) Transportation infrastructure project.--The term
``transportation infrastructure project'' means any project
for the construction, maintenance, or enhancement of
highways, roads, bridges, transit and intermodal systems,
inland waterways, commercial ports, airports, high speed rail
and freight rail systems.

SEC. 913. ESTABLISHMENT OF NATIONAL INFRASTRUCTURE
DEVELOPMENT BANK.

(a) Establishment of National Infrastructure Development
Bank.--The National Infrastructure Development Bank is
established as a wholly owned Government corporation subject
to chapter 91 of title 31, United States Code (commonly known
as the ``Government Corporation Control Act''), except as
otherwise provided in this subtitle.
(b) Responsibility of the Secretary.--The Secretary shall
take such action as may be necessary to assist in
implementing the establishment of the Bank in accordance with
this subtitle.
(c) Conforming Amendment.--Section 9101(3) of title 31,
United States Code, is amended by inserting after
subparagraph (N) the following:
``(O) the National Infrastructure Development Bank.''.

SEC. 914. BOARD OF DIRECTORS.

(a) In General.--The Bank shall have a Board of Directors
consisting of 5 members appointed by the President by and
with the advice and consent of the Senate.
(b) Qualifications.--The directors of the Board shall
include individuals representing different regions of the
United States and--
(1) 2 of the directors shall have public sector experience;
and

[[Page S8898]]

(2) 3 of the directors shall have private sector
experience.
(c) Chairperson and Vice Chairperson.--As designated at the
time of appointment, one of the directors of the Board shall
be designated chairperson of the Board by the President and
one shall be designated as vice chairperson of the Board by
the President.
(d) Terms.--
(1) In general.--Except as provided in paragraph (2) and
subsection (f), each director shall be appointed for a term
of 6 years.
(2) Initial staggered terms.--Of the initial members of the
Board--
(A) the chairperson and vice chairperson shall be appointed
for terms of 6 years;
(B) 1 shall be appointed for a term of 5 years;
(C) 1 shall be appointed for a term of 4 years; and
(D) 1 shall be appointed for a term of 3 years.
(e) Date of Initial Nominations.--The initial nominations
by the President for appointment of directors to the Board
shall be made not later than 60 days after the date of
enactment of this Act.
(f) Vacancies.--
(1) In general.--A vacancy on the Board shall be filled in
the manner in which the original appointment was made.
(2) Appointment to replace during term.--Any director
appointed to fill a vacancy occurring before the expiration
of the term for which the director's predecessor was
appointed shall be appointed only for the remainder of the
term.
(3) Duration.--A director may serve after the expiration of
that director's term until a successor has taken office.
(g) Quorum.--Three directors shall constitute a quorum.
(h) Reappointment.--A director of the Board appointed by
the President may be reappointed by the President in
accordance with this section.
(i) Per Diem Reimbursement.--Directors of the Board shall
serve on a part-time basis and shall receive a per diem when
engaged in the actual performance of Bank business, plus
reasonable reimbursement for travel, subsistence, and other
necessary expenses incurred in the performance of their
duties.
(j) Limitations.--A director of the Board may not
participate in any review or decision affecting a project
under consideration for assistance under this subtitle if the
director has or is affiliated with a person who has an
interest in such project.
(k) Powers and Limitations of the Board.--
(1) Powers.--In order to carry out the purposes of the Bank
as set forth in this subtitle, the Board shall be responsible
for monitoring and overseeing infrastructure projects and
have the following powers:
(A) To make senior and subordinated loans and purchase
senior and subordinated debt securities and enter into a
binding commitment to make any such loan or purchase any such
security, on such terms as the Board may determine, in the
Board's discretion, to be appropriate, the proceeds of which
are to be used to finance or refinance the development of one
or more infrastructure projects.
(B) To issue and sell debt securities of the Bank on such
terms as the Board shall determine from time to time.
(C) To issue public benefit bonds and to provide direct
subsidies to infrastructure projects from amounts made
available from the issuance of such bonds.
(D) To make loan guarantees.
(E) To make agreements and contracts with any entity in
furtherance of the business of the Bank.
(F) To borrow on the global capital market and lend to
regional, State, and local entities, and commercial banks for
the purpose of funding infrastructure projects.
(G) To purchase, pool, and sell infrastructure-related
loans and securities on the global capital market.
(H) To purchase in the open market any of the Bank's
outstanding obligations at any time and at any price.
(I) To monitor and oversee infrastructure projects
financed, in whole or in part, by the Bank.
(J) To acquire, lease, pledge, exchange, and dispose of
real and personal property and otherwise exercise all the
usual incidents of ownership of property to the extent the
exercise of such powers are appropriate to and consistent
with the purposes of the Bank.
(K) To sue and be sued in the Bank's corporate capacity in
any court of competent jurisdiction, except that no
attachment, injunction, or similar process, may be issued
against the property of the Bank or against the Bank with
respect to such property.
(L) To indemnify the directors and officers of the Bank for
liabilities arising out of the actions of the directors and
officers in such capacity, in accordance with, and subject to
the limitations contained in, this subtitle.
(M) To serve as the primary liaison between the Bank,
Congress, the executive branch, and State and local
governments and to represent the Bank's interests.
(N) To exercise all other lawful powers which are necessary
or appropriate to carry out, and are consistent with, the
purposes of the Bank.
(2) Limitations.--
(A) Issuance of debt security.--The Board may not issue any
debt security without the prior consent of the Secretary.
(B) Issuance of voting security.--The Board may not issue
any voting security in the Bank to any entity other than the
Secretary.
(3) Actions consistent with self-supporting entity
status.--The Board shall conduct its business in a manner
consistent with the requirements of this section.
(4) Coordination with state and local regulatory
authority.--The provision of financial assistance by the
Board pursuant to this subtitle shall not be construed as--
(A) limiting the right of any State or political
subdivision or other instrumentality of a State to approve or
regulate rates of return on private equity invested in a
project; or
(B) otherwise superseding any State law or regulation
applicable to a project.
(5) Federal personnel requests.--The Board shall have the
power to request the detail, on a reimbursable basis, of
personnel from other Federal agencies with specific expertise
not available from within the Bank or elsewhere. The head of
any Federal agency may detail, on a reimbursable basis, any
personnel of such agency requested by the Board and shall not
withhold unreasonably the detail of any personnel requested
by the Board.
(l) Meetings.--
(1) Open to the public; notice.--All meetings of the Board
held to conduct the business of the Bank shall be open to the
public and shall be preceded by reasonable notice.
(2) Initial meeting.--The Board shall meet not later than
90 days after the date on which all directors of the Board
are first appointed and otherwise at the call of the
Chairperson.
(3) Exception for closed meetings.--Pursuant to such rules
as the Board may establish through their bylaws, the
directors may close a meeting of the Board if, at the
meeting, there is likely to be disclosed information which
could adversely affect or lead to speculation relating to an
infrastructure project under consideration for assistance
under this subtitle or in financial or securities or
commodities markets or institutions, utilities, or real
estate. The determination to close any meeting of the Board
shall be made in a meeting of the Board, open to the public,
and preceded by reasonable notice. The Board shall prepare
minutes of any meeting which is closed to the public and make
such minutes available as soon as the considerations
necessitating closing such meeting no longer apply.

SEC. 915. EXECUTIVE COMMITTEE.

(a) In General.--The Board shall have an executive
committee consisting of 9 members, headed by the executive
director of the Bank.
(b) Executive Director.--A majority of the Board shall have
the authority to appoint and reappoint the executive
director.
(c) CEO.--The executive director shall be the chief
executive officer of the Bank, with such executive functions,
powers, and duties as may be prescribed by this subtitle, the
bylaws of the Bank, or the Board.
(d) Other Executive Officers.--The Board shall appoint,
remove, fix the compensation, and define duties of 8 other
executive officers to serve on the Executive Committee as
the--
(1) chief compliance officer;
(2) chief financial officer;
(3) chief asset and liability management officer;
(4) chief loan origination officer;
(5) chief operations officer;
(6) chief risk officer;
(7) chief treasury officer; and
(8) general counsel.
(e) Qualifications.--The executive director and other
executive officers shall have demonstrated experience and
expertise in one or more of the following:
(1) Transportation infrastructure.
(2) Environmental infrastructure.
(3) Energy infrastructure.
(4) Telecommunications infrastructure.
(5) Economic development.
(6) Workforce development.
(7) Public health.
(8) Private or public finance.
(f) Duties.--In order to carry out the purposes of the Bank
as set forth in this subtitle, the executive committee
shall--
(1) establish disclosure and application procedures for
entities nominating projects for assistance under this
subtitle;
(2) accept, for consideration, project proposals relating
to the development of infrastructure projects, which meet the
basic criteria established by the Board, and which are
submitted by an entity;
(3) provide recommendations to the Board and place project
proposals accepted by the executive committee on a list for
consideration for financial assistance from the Board;
(4) provide technical assistance to entities receiving
financing from the Bank and otherwise implement decisions of
the Board.
(g) Vacancy.--A vacancy in the position of executive
director shall be filled in the manner in which the original
appointment was made.
(h) Compensation.--The compensation of the executive
director and other executive officers of the executive
committee shall be determined by the Board.
(i) Removal.--The executive director and other executive
officers may be removed at the discretion of a majority of
the Board.
(j) Term.--The executive director and other executive
officers shall serve a 6-year term and may be reappointed in
accordance with this section.
(k) Limitations.--The executive director and other
executive officers shall not--
(1) hold any other public office;

[[Page S8899]]

(2) have any interest in an infrastructure project
considered by the Board;
(3) have any interest in an investment institution,
commercial bank, or other entity seeking financial assistance
for any infrastructure project from the Bank; and
(4) have any such interest during the 2-year period
beginning on the date such officer ceases to serve in such
capacity.

SEC. 916. RISK MANAGEMENT COMMITTEE.

(a) Establishment of Risk Management Committee.--The Bank
shall establish a risk management committee consisting of 5
members, headed by the chief risk officer.
(b) Appointments.--A majority of the Board shall have the
authority to appoint and reappoint the CRO of the Bank.
(c) Functions; Duties.--
(1) In general.--The CRO shall have such functions, powers,
and duties as may be prescribed by one or more of the
following: this subtitle, the bylaws of the Bank, and the
Board. The CRO shall report directly to the Board.
(2) Risk management duties.--In order to carry out the
purposes of this subtitle, the risk management committee
shall--
(A) create financial, credit, and operational risk
management guidelines and policies to be adhered to by the
Bank;
(B) set guidelines to ensure diversification of lending
activities by both region and infrastructure project type;
(C) create conforming standards for infrastructure finance
securities;
(D) monitor financial, credit and operational exposure of
the Bank; and
(E) provide financial recommendations to the Board.
(d) Other Risk Management Officers.--The Board shall
appoint, remove, fix the compensation, and define the duties
of 4 other risk management officers to serve on the risk
management committee.
(e) Qualifications.--The CRO and other risk management
officers shall have demonstrated experience and expertise in
one or more of the following:
(1) Treasury and asset and liability management.
(2) Investment regulations.
(3) Insurance.
(4) Credit risk management and credit evaluations.
(5) Related disciplines.
(f) Vacancy.--A vacancy in the position of CRO or any other
risk management officer shall be filled in the manner in
which the original appointment was made.
(g) Compensation.--The compensation of the CRO and other
risk management officers shall be determined by the Board.
(h) Removal.--The CRO and any other risk management
officers may be removed at the discretion of a majority of
the Board.
(i) Term.--The CRO and other risk management officers shall
serve a 6-year term and may be reappointed in accordance with
this section.
(j) Limitations.--The CRO and other risk management
officers shall not--
(1) hold any other public office;
(2) have any interest in an infrastructure project
considered by the Board;
(3) have any interest in an investment institution,
commercial bank, or other entity seeking financial assistance
for any infrastructure project from the Bank; and
(4) have any such interest during the 2-year period
beginning on the date such officer ceases to serve in such
capacity.

SEC. 917. AUDIT COMMITTEE.

(a) In General.--The Bank shall have an audit committee
consisting of 5 members, headed by the chief compliance
officer of the Bank.
(b) Appointments.--A majority of the Board shall have the
authority to appoint and reappoint the CCO of the Bank.
(c) Functions; Duties.--The CCO shall have such functions,
powers, and duties as may be prescribed by one or more of the
following: this subtitle, the bylaws of the Bank, and the
Board. The CCO shall report directly to the Board.
(d) Audit Duties.--In order to carry out the purposes of
the Bank under this subtitle, the audit committee shall--
(1) provide internal controls and internal auditing
activities for the Bank;
(2) maintain responsibility for the accounting activities
of the Bank;
(3) issue financial reports of the Bank; and
(4) complete reports with outside auditors and public
accountants appointed by the Board.
(e) Other Audit Officers.--The Board shall appoint, remove,
fix the compensation, and define the duties of 4 other audit
officers to serve on the audit committee.
(f) Qualifications.--The CCO and other audit officers shall
have demonstrated experience and expertise in one or more of
the following:
(1) Internal auditing.
(2) Internal investigations.
(3) Accounting practices.
(4) Financing practices.
(g) Vacancy.--A vacancy in the position of CCO or any other
audit officer shall be filled in the manner in which the
original appointment was made.
(h) Compensation.--The compensation of the CCO and other
audit officers shall be determined by the Board.
(i) Removal.--The CCO and other audit officers may be
removed at the discretion of a majority of the Board.
(j) Term.--The CCO and other audit officers shall serve a
6-year term and may be reappointed in accordance with this
section.
(k) Limitations.--The CCO and other audit officers shall
not--
(1) hold any other public office;
(2) have any interest in an infrastructure project
considered by the Board;
(3) have any interest in an investment institution,
commercial bank, or other entity seeking financial assistance
for any infrastructure project from the Bank; and
(4) have any such interest during the 2-year period
beginning on the date such officer ceases to serve in such
capacity.

SEC. 918. PERSONNEL.

The chairperson of the Board, executive director, chief
risk officer, and chief compliance officer shall appoint,
remove, fix the compensation of, and define the duties of
such qualified personnel to serve under the Board, executive
committee, risk management committee, or audit committee, as
the case may be, as necessary and prescribed by one or more
of the following: this subtitle, the bylaws of the Bank, and
the Board.

SEC. 919. ELIGIBILITY CRITERIA FOR ASSISTANCE FROM BANK.

(a) In General.--No financial assistance shall be available
under this subtitle from the Bank unless the applicant for
such assistance has demonstrated to the satisfaction of the
Board that the project for which such assistance is being
sought meets--
(1) the requirements of this subtitle; and
(2) any criteria established in accordance with this
subtitle by the Board.
(b) Establishment of Project Criteria.--
(1) In general.--Consistent with the requirements of
subsections (c) and (d), the Board shall establish--
(A) criteria for determining eligibility for financial
assistance under this subtitle;
(B) disclosure and application procedures to be followed by
entities to nominate projects for assistance under this
subtitle; and
(C) such other criteria as the Board may consider to be
appropriate for purposes of carrying out this subtitle.
(2) Factors to be taken into account.--
(A) In general.--The Bank shall conduct an analysis that
takes into account the economic, environmental, social
benefits, and costs of each project under consideration for
financial assistance under this subtitle, prioritizing
projects that contribute to economic growth, lead to job
creation, and are of regional or national significance.
(B) Criteria.--The criteria established pursuant to
paragraph (1)(A) shall provide for the consideration of the
following factors in considering eligibility for financial
assistance under this subtitle:
(i) The means by which development of the infrastructure
project under consideration is being financed, including--

(I) the terms and conditions and financial structure of the
proposed financing; and
(II) the financial assumptions and projections on which the
project is based.

(ii) The likelihood that the provision of assistance by the
Bank will cause such development to proceed more promptly and
with lower costs for financing than would be the case without
such assistance.
(iii) The extent to which the provision of assistance by
the Bank maximizes the level of private investment in the
infrastructure project while providing a public benefit.
(c) Factors for Specific Types of Projects.--
(1) Transportation infrastructure projects.--For any
transportation infrastructure project, the Board shall
consider the following:
(A) Job creation, including workforce development for women
and minorities, responsible employment practices, and quality
job training opportunities.
(B) Reduction in carbon emissions.
(C) Reduction in surface and air traffic congestion.
(D) Smart growth in urban areas.
(E) Poverty and inequality reduction through targeted
training and employment opportunities for low-income workers.
(F) Use of smart tolling, such as vehicle miles traveled
and congestion pricing, for highway, road, and bridge
projects.
(G) Public health benefits.
(2) Environmental infrastructure project.--For any
environmental infrastructure project, the Board shall
consider the following:
(A) Public health benefits.
(B) Pollution reductions.
(C) Job creation, including workforce development for women
and minorities, responsible employment practices, and quality
job training opportunities.
(D) Poverty and inequality reduction through targeted
training and employment opportunities for low-income workers.
(3) Energy infrastructure project.--For any energy
infrastructure project, the Board shall consider the
following:
(A) Job creation, including workforce development for women
and minorities, responsible employment practices, and quality
job training opportunities.
(B) Poverty and inequality reduction through targeted
training and employment opportunities for low-income workers.
(C) Reduction in carbon emissions.
(D) Smart growth in urban areas.
(E) Expanded use of renewable energy, including
hydroelectric, solar, and wind.
(F) Development of a smart grid.
(G) Energy efficient building, housing, and school
modernization.
(H) In any case in which the project is also a public
housing project--
(i) improvement of the physical shape and layout;
(ii) environmental improvement; and
(iii) mobility improvements for residents.
(I) Public health benefits.

[[Page S8900]]

(4) Telecommunications.--For any telecommunications
project, the Board shall consider the following:
(A) The extent to which assistance expands or improves
broadband and wireless services in rural and disadvantaged
communities.
(B) Poverty and inequality reduction through targeted
training and employment opportunities for low-income workers.
(C) Job creation, including work force development for
women and minorities, responsible employment practices, and
quality job training opportunities.
(d) Consideration of Project Proposals.--
(1) Participation by other agency personnel.--Consideration
of projects by the executive committee and the Board shall be
conducted with personnel on detail to the Bank from relevant
Federal agencies from among individuals who are familiar with
and experienced in the selection criteria for competitive
projects.
(2) Fees.--A fee may be charged for the review of any
project proposal in such amount as maybe considered
appropriate by the executive committee to cover the cost of
such review.
(e) Discretion of Board.--Consistent with other provisions
of this subtitle, any determination of the Board to provide
assistance to any project, and the manner in which such
assistance is provided, including the terms, conditions,
fees, and charges shall be at the sole discretion of the
Board.
(f) State and Local Permits Required.--The provision of
assistance by the Board in accordance with this subtitle
shall not be deemed to relieve any recipient of assistance or
the related project of any obligation to obtain required
State and local permits and approvals.
(g) Annual Report.--An entity receiving assistance from the
Board shall make annual reports to the Board on the use of
any such assistance, compliance with the criteria set forth
in this section, and a disclosure of all entities with a
development, ownership, or operational interest in a project
assisted or proposed to be assisted under this subtitle.

SEC. 920. EXEMPTION FROM LOCAL TAXATION.

All notes, debentures, bonds or other such obligations
issued by the Bank, and the interest on or credits with
respect to such bonds or other obligations, shall not be
subject to taxation by any State, county, municipality, or
local taxing authority.

SEC. 921. STATUS AND APPLICABILITY OF CERTAIN FEDERAL LAWS;
FULL FAITH AND CREDIT.

(a) Budgeting and Auditors Practices.--The Bank shall
comply with all Federal laws regulating the budgetary and
auditing practices of a government corporation, except as
otherwise provided in this subtitle.
(b) Full Faith and Credit.--Any bond or other obligation
issued by the Bank under this subtitle shall be an obligation
supported by the full faith and credit of the United States.
(c) Effect of and Exemptions From Other Laws.--
(1) Exempt securities.--All debt securities and other
obligations issued by the Bank pursuant to this subtitle
shall be deemed to be exempt securities within the meaning of
laws administered by the Securities and Exchange Commission
to the same extent as securities which are direct obligations
of, or obligations fully guaranteed as to principal or
interest by, the United States.
(2) Open market operations and state tax exempt status.--
The obligations of the Bank shall be deemed to be obligations
of the United States for the purposes of the provision
designated as (b)(2) of the 2nd undesignated paragraph of
section 14 of the Federal Reserve Act (12 U.S.C. 355) and
section 3124 of title 31, United States Code.
(3) No priority as a federal claim.--The priority
established in favor of the United States by section 3713 of
title 31, United States Code, shall not apply with respect to
any indebtedness of the Bank.
(d) Federal Reserve Banks as Depositories, Custodians, and
Fiscal Agents.--The Federal reserve banks may act as
depositories for, or custodians or fiscal agents of, the
Bank.
(e) Access to Book-entry System.--The Secretary may
authorize the Bank to use the book-entry system of the
Federal reserve system.

SEC. 922. COMPLIANCE WITH DAVIS-BACON ACT.

All laborers and mechanics employed by contractors and
subcontractors on projects funded directly by or assisted in
whole or in part by and through the Bank pursuant to this
subtitle shall be paid wages at rates not less than those
prevailing on projects of a character similar in the locality
as determined by the Secretary of Labor in accordance with
subchapter IV of chapter 31 of part A of title 40, United
States Code. With respect to the labor standards specified in
this section, the Secretary of Labor shall have the authority
and functions set forth in Reorganization Plan Numbered 14 of
1950 (64 Stat. 1267; 5 U.S.C. App.) and section 3145 of title
40, United States Code.

SEC. 923. APPLICABILITY OF CERTAIN STATE LAWS.

The receipt by any entity of any assistance under this
subtitle, directly or indirectly, and any financial
assistance provided by any governmental entity in connection
with such assistance under this subtitle shall be valid and
lawful notwithstanding any State or local restrictions
regarding extensions of credit or other benefits to private
persons or entities, or other similar restrictions.

SEC. 924. AUDITS; REPORTS TO PRESIDENT AND CONGRESS.

(a) Accounting.--The books of account of the Bank shall be
maintained in accordance with generally accepted accounting
principles and shall be subject to an annual audit by
independent public accountants appointed by the Board and of
nationally recognized standing.
(b) Reports.--
(1) Board.--The Board shall submit to the President and
Congress, within 90 days after the last day of each fiscal
year, a complete and detailed report with respect to the
preceding fiscal year, setting forth--
(A) a summary of the Bank's operations, for such preceding
fiscal year;
(B) a schedule of the Bank's obligations and capital
securities outstanding at the end of such preceding fiscal
year, with a statement of the amounts issued and redeemed or
paid during such preceding fiscal year; and
(C) the status of projects receiving funding or other
assistance pursuant to this subtitle, including disclosure of
all entities with a development, ownership, or operational
interest in such projects.
(2) GAO.--Not later than 5 years after the date of
enactment of this Act, the Comptroller General of the United
States shall submit to Congress a report evaluating
activities of the Bank for the fiscal years covered by the
report that includes an assessment of the impact and benefits
of each funded project, including a review of how effectively
each project accomplished the goals prioritized by the Bank's
project criteria.
(c) Books and Records.--
(1) In general.--The Bank shall maintain adequate books and
records to support the financial transactions of the Bank
with a description of financial transactions and
infrastructure projects receiving funding, and the amount of
funding for each project maintained on a publically
accessible database.
(2) Audits by the secretary and gao.--The books and records
of the Bank shall be maintained in accordance with
recommended accounting practices and shall be open to
inspection by the Secretary and the Comptroller General of
the United States.

SEC. 925. CAPITALIZATION OF BANK.

(a) Authorization of Appropriation.--Subject to subsection
(b), there is authorized to be appropriated to the Secretary
for purchase of the shares of the Bank $15,000,000,000 for
each of fiscal years 2011 and 2012, with the aggregate
representing 10 percent of the total subscribed capital of
the Bank.
(b) Reservation for Rural Areas.--For each fiscal year, not
less than 20 percent of any amounts appropriated to carry out
this subtitle shall be used to finance projects in rural
areas.
(c) Callable Capital.--Of the total subscribed capital of
the Bank, 90 percent shall be callable capital subject to
call from the Secretary only as and when required by the Bank
to meet its obligations on borrowing of funds for inclusion
in its ordinary capital resources or guarantees chargeable to
such resources.
(d) Outstanding Loans.--At any time, the aggregate amount
outstanding of bonds issued by the Bank shall not exceed 250
percent of its total subscribed capital.

SEC. 926. SUNSET.

The Bank shall cease to exist 15 years after the date of
enactment of this Act.

Subtitle C--Energy and Water Programs

SEC. 931. ENERGY EFFICIENCY AND CONSERVATION BLOCK GRANT
PROGRAM.

In addition to the amounts made available under section
548(a)(1) of the Energy Independence and Security Act of 2007
(42 U.S.C. 17158(a)(1)), there is authorized to be
appropriated to carry out the Energy Efficiency and
Conservation Block Grant Program established under 542(a) of
that Act (42 U.S.C. 17152(a)) $3,000,000,000 for each of
fiscal years 2011 and 2012, to remain available until
expended.

SEC. 932. STATE WATER POLLUTION CONTROL REVOLVING FUNDS.

(a) Authorization of Appropriations.--Subject to
subsections (b) through (j), there is authorized to be
appropriated to carry out title VI of the Federal Water
Pollution Control Act (33 U.S.C. 1381 et seq.) $2,500,000,000
for each of fiscal years 2011 and 2012, to remain available
until expended.
(b) Management and Oversight.--Of the amounts made
available under subsection (a), the Administrator of the
Environmental Protection Agency (referred to in this subtitle
as the ``Administrator'') may reserve not more than 1 percent
for management and oversight purposes.
(c) Non-Federal Share.--A capitalization grant provided
using the funds made available under subsection (a) shall not
be subject to the non-Federal share requirements of section
202 of the Federal Water Pollution Control Act (33 U.S.C.
1282) or paragraph (2) or (3) of section 602(b) of that Act
(33 U.S.C. 1382(b)).
(d) Reallocation.--The Administrator shall reallocate the
funds made available under subsection (a) for eligible
projects that are not under contract or construction during
the 1-year period beginning on the date of enactment of this
Act.
(e) Priority.--Notwithstanding the priority rankings a
project would otherwise receive under the program under title
VI of the Federal Water Pollution Control Act (33 U.S.C. 1381
et seq.), priority for the funds made available under
subsection (a) shall be given to projects that--

[[Page S8901]]

(1) are included on a State priority list; and
(2) are ready to proceed to construction during the 1-year
period beginning on the date of enactment of this Act.
(f) Forms of Assistance.--Notwithstanding section 603(d) of
the Federal Water Pollution Control Act (33 U.S.C. 1383(d)),
of the amount of a capitalization grant provided using the
funds made available under subsection (a), a State shall use
not less than 50 percent to provide additional subsidization
to eligible recipients in the form of--
(1) forgiveness of principal;
(2) negative interest loans;
(3) grants; or
(4) any combination of those forms.
(g) Green Energy.--To the extent that sufficient eligible
project applications exist, not less than 20 percent of the
funds made available under subsection (a) shall be used for
projects to address--
(1) green infrastructure;
(2) water or energy efficiency improvements; or
(3) other environmentally innovative activities.
(h) Indian Tribes.--
(1) In general.--Notwithstanding the limitation specified
in subsection (c) of section 518 of the Federal Water
Pollution Control Act (33 U.S.C. 1377), the Administrator may
reserve not more than 1.5 percent of the funds made available
under subsection (a) for grants to Indian tribes under that
section.
(2) Indian health service.--Of the amount reserved under
paragraph (1), the Administrator may transfer to the Indian
Health Service not more than 4 percent to support management
and oversight of tribal projects.
(i) Prohibition.--No funds made available under subsection
(a) shall be available for the purchase of any land or
easement pursuant to section 603(c) of the Federal Water
Pollution Control Act (33 U.S.C. 1383(c)).
(j) Debt Obligations.--Notwithstanding section 603(d)(2) of
the Federal Water Pollution Control Act (33 U.S.C.
1383(d)(2)), the funds made available under subsection (a)
may be used to purchase, refinance, or restructure the debt
obligation of an eligible recipient only in a case in which
the debt obligation was incurred on or after October 1, 2008.

SEC. 933. STATE DRINKING WATER REVOLVING LOAN FUNDS.

(a) Authorization of Appropriations.--Subject to
subsections (b) through (j), there is authorized to be
appropriated to carry out section 1452 of the Safe Drinking
Water Act (42 U.S.C. 300j-12) $2,500,000,000 for each of
fiscal years 2011 and 2012, to remain available until
expended.
(b) Management and Oversight.--Of the amounts made
available under subsection (a), the Administrator of the
Environmental Protection Agency (referred to in this subtitle
as the ``Administrator'') may reserve not more than 1 percent
for management and oversight purposes.
(c) Non-Federal Share.--A capitalization grant provided
using the funds made available under subsection (a) shall not
be subject to the non-Federal share requirements of section
1452(e) of the Safe Drinking Water Act (42 U.S.C. 300j-
12(e)).
(d) Reallocation.--The Administrator shall reallocate the
funds made available under subsection (a) for eligible
projects that are not under contract or construction during
the 1-year period beginning on the date of enactment of this
Act.
(e) Priority.--Notwithstanding the priority rankings a
project would otherwise receive under the program under
section 1452 of the Safe Drinking Water Act (42 U.S.C. 300j-
12), priority for the funds made available under subsection
(a) shall be given to projects that--
(1) are included on a State priority list; and
(2) are ready to proceed to construction during the 1-year
period beginning on the date of enactment of this Act.
(f) Forms of Assistance.--Notwithstanding section 1452(f)
of the Safe Drinking Water Act (42 U.S.C. 300j-12(f)), of the
amount of a capitalization grant provided using the funds
made available under subsection (a), a State shall use not
less than 50 percent to provide additional subsidization to
eligible recipients in the form of--
(1) forgiveness of principal;
(2) negative interest loans;
(3) grants; or
(4) any combination of those forms.
(g) Green Energy.--To the extent that sufficient eligible
project applications exist, not less than 20 percent of the
funds made available under subsection (a) shall be used for
projects to address--
(1) green infrastructure;
(2) water or energy efficiency improvements; or
(3) other environmentally innovative activities.
(h) Indian Health Service.--Of the amounts made available
under subsection (a) that are reserved under for allocation
to Indian tribes and Alaska Native villages under section
1452(i) of the Safe Drinking Water Act (42 U.S.C. 300j-
12(i)), the Administrator may transfer to the Indian Health
Service not more than 4 percent to support management and
oversight of tribal projects.
(i) Prohibition.--No funds made available under subsection
(a) shall be available for any activity authorized under
section 1452(k) of the Safe Drinking Water Act (42 U.S.C.
300j-12(k)).
(j) Debt Obligations.--Notwithstanding section 1452(f)(2)
of the Safe Drinking Water Act (42 U.S.C. 300j-12(f)(2)), the
funds made available under subsection (a) may be used to
purchase, refinance, or restructure the debt obligation of an
eligible recipient only in a case in which the debt
obligation was incurred on or after October 1, 2008.

SEC. 934. STATE ENERGY CONSERVATION PLANS.

There is authorized to be appropriated to the Secretary of
Energy to provide grants for State renewable energy and
efficiency projects under part D of title III of the Energy
Policy and Conservation Act (42 U.S.C. 6321 et seq.)
$2,000,000,000 for each of fiscal years 2011 and 2012, to
remain available until expended.

SEC. 935. TEMPORARY PROGRAM FOR RAPID DEPLOYMENT OF RENEWABLE
ENERGY AND ELECTRIC POWER TRANSMISSION
PROJECTS.

There is authorized to be appropriated to the Secretary of
Energy to make loan guarantees under section 1705 of the
Energy Policy Act of 2005 (42 U.S.C. 16516) for renewable
energy, biofuel, and electric grid projects $1,000,000,000
for each of fiscal years 2011 and 2012.

SEC. 936. EXTENSION OF QUALIFYING ADVANCED ENERGY PROJECT
CREDIT.

(a) In General.--Section 48C of the Internal Revenue Code
of 1986 is amended--
(1) by striking ``shall not exceed $2,300,000,000.'' in
subsection (d)(1)(B) and inserting ``shall not exceed--
``(i) $2,300,000,000 in the case of taxable years beginning
during the 2-year period beginning on the date the Secretary
establishes the program under this paragraph,
``(ii) $1,000,000,000 in the case of taxable years
beginning during the 1-year period immediately following such
2-year period, and
``(iii) $1,000,000,000 in the case of taxable years
beginning during the 1-year period immediately following the
1-year period described in clause (ii).'', and
(2) by striking ``2-year period'' in subsection (d)(2)(A)
and inserting ``4-year period''.
(b) Effective Date.--The amendments made by this section
shall apply as if included in the amendments made by section
1302 of the American Recovery and Reinvestment Tax Act of
2009.

SEC. 937. LAND AND WATER CONSERVATION FUND.

(a) Purposes.--The purposes of the amendments made by
subsection (b) are--
(1) to provide consistent and reliable authority for, and
for the funding of, the land and water conservation fund
established under section 2 of the Land and Water
Conservation Fund Act of 1965 (16 U.S.C. 460l-5); and
(2) to maximize the effectiveness of the fund for future
generations.
(b) Amendments.--
(1) Permanent authorization.--Section 2 of the Land and
Water Conservation Fund Act of 1965 (16 U.S.C. 460l-5) is
amended--
(A) in the matter preceding subsection (a), by striking
``During the period ending September 30, 2015, there'' and
inserting ``There''; and
(B) in subsection (c)(1), by striking ``through September
30, 2015''.
(2) Full funding.--Section 3 of the Land and Water
Conservation Fund Act of 1965 (16 U.S.C. 460l-6) is amended
to read as follows:

``SEC. 3. AVAILABILITY OF FUNDS.

``Monies covered into the fund under section 2 shall be
available for expenditure to carry out the purposes of this
Act, without further appropriation.''.

SEC. 938. FLOOD CONTROL PROJECTS.

(a) Authorization of Appropriations.--There is authorized
to be appropriated to the Secretary of the Army, acting
through the Chief of Engineers, for the purposes described in
subsection (b), $1,000,000,000 for each of fiscal years 2011
and 2012.
(b) Use of Amounts.--
(1) In general.--Subject to paragraph (2), amounts
appropriated under subsection (a) shall be used to carry out
Corps of Engineer projects relating to navigable channels,
including projects that--
(A) reduce flood and storm damage;
(B) restore aquatic ecosystems; or
(C) relate to municipal water or wastewater.
(2) Allocation of amounts.--For each project funded under
this section--
(A) 50 percent of the amount allocated to carry out the
project shall be used for construction; and
(B) 50 percent of the amount allocated to carry out the
project shall be used for operations and maintenance.

Subtitle D--Housing Programs

SEC. 941. NATIONAL HOUSING TRUST FUND.

There is appropriated, out of any money in the Treasury not
otherwise appropriated, for the Housing Trust Fund
established pursuant to section 1338 of the Federal Housing
Enterprises Financial Safety and Soundness Act of 1992 (12
U.S.C. 4568), $1,500,000,000 to the Secretary of Housing and
Urban Development to provide grants to States to build,
preserve, and rehabilitate rental homes that are affordable
for very low-income families: Provided, That notwithstanding
the limitations set forth in subsection (c) of such section
1338, each State shall be entitled to receive a minimum
allocation of amounts made available under this heading equal
to the greater of $3,000,000 or 0.5 percent of the total
amount of funds made available in that fiscal year.

SEC. 942. GREEN RETROFIT PROGRAM.

There is appropriated, out of any money in the Treasury not
otherwise appropriated, for

[[Page S8902]]

energy retrofit and green investments under the grant program
established under the subheading ``Assisted Housing Stability
And Energy And Green Retrofit Investments'' under the heading
``Housing Programs'' under title XII of division A of the
American Recovery and Reinvestment Act of 2009, $500,000,000:
Provided, That in addition to the assisted housing deemed
eligible to receive grants under such heading, that such
grant amounts may be made available to housing that is
receiving or has received assistance pursuant to the HOME
Investment Partnerships program under title II of the
Cranston-Gonzalez National Affordable Housing Act (42 U.S.C.
12721 et seq.), the community development block grant program
under title I of the Housing and Community Development Act of
1974 (42 U.S.C. 5301 et seq.), or the low-income housing tax
credit allocated pursuant to section 42 of the Internal
Revenue Code of 1986: Provided further, That grant amounts
made available under this heading shall be awarded on a
competitive basis nationwide: Provided further, That grant
amounts made available under this heading shall be available
for housing of not less than 20 units: Provided further, That
in allocating grants under this heading, the Secretary of
Housing and Urban Development shall (1) ensure that such
grants are made in a manner that balances the needs of rural
and urban communities, and (2) ensure an equitable geographic
distribution of funds.

TITLE X--BUDGETARY PROVISIONS

SEC. 1001. DETERMINATION OF BUDGETARY EFFECTS.

The budgetary effects of this Act, for the purpose of
complying with the Statutory Pay-As-You-Go Act of 2010, shall
be determined by reference to the latest statement titled
``Budgetary Effects of PAYGO Legislation'' for this Act,
jointly submitted for printing in the Congressional Record by
the Chairmen of the House and Senate Budget Committees,
provided that such statement has been submitted prior to the
vote on passage in the House acting first on this conference
report or amendment between the Houses.

SEC. 1002. EMERGENCY DESIGNATIONS.

(a) Statutory Paygo.--This Act is designated as an
emergency requirement pursuant to section 4(g) of the
Statutory Pay-As-You-Go Act of 2010 (Public Law 111-139; 2
U.S.C. 933(g)) except to the extent that the budgetary
effects of this Act are determined to be subject to the
current policy adjustments under sections 4(c) and 7 of the
Statutory Pay-As-You-Go Act.
(b) Senate.--In the Senate, this Act is designated as an
emergency requirement pursuant to section 403(a) of S. Con.
Res. 13 (111th Congress), the concurrent resolution on the
budget for fiscal year 2010.
(c) House of Representatives.--In the House of
Representatives, every provision of this Act is expressly
designated as an emergency for purposes of pay-as-you-go
principles except to the extent that any such provision is
subject to the current policy adjustments under section 4(c)
of the Statutory Pay-As-You-Go Act of 2010.
______