S.Amdt. 4795

SA 4795. Mr. BROWN of Ohio 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--MIDDLE CLASS TAX RELIEF

Sec. 101. Repeal of sunset on certain individual income tax rate
relief.
Sec. 102. Reduced rates on capital gains and dividends made permanent.
Sec. 103. Temporary extension of other 2001 tax relief.
Sec. 104. 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--ESTATE TAX RELIEF

Sec. 301. Repeal of EGTRRA sunset.
Sec. 302. Reinstatement of estate tax; repeal of carryover basis.
Sec. 303. Modifications to estate, gift, and generation-skipping
transfer taxes.
Sec. 304. Applicable exclusion amount increased by unused exclusion
amount of deceased spouse.
Sec. 305. Exclusion from gross estate of certain farmland so long as
farmland use by family continues.
Sec. 306. Increase in limitations on the amount excluded from the gross
estate with respect to land subject to a qualified
conservation easement.
Sec. 307. Modification of rules for value of certain farm, etc., real
property.
Sec. 308. Required minimum 10-year term, etc., for grantor retained
annuity trusts.
Sec. 309. Consistent basis reporting between estate and person
acquiring property from decedent.

[[Page S8903]]

TITLE IV--REPEAL OF INFORMATION REPORTING REQUIREMENTS

Sec. 401. Repeal of expansion of information reporting requirements.

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--MAKING WORK PAY

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. Credit for refined coal facilities.
Sec. 703. New energy efficient home credit.
Sec. 704. Excise tax credits and outlay payments for alternative fuel
and alternative fuel mixtures.
Sec. 705. Special rule for sales or dispositions to implement FERC or
State electric restructuring policy for qualified
electric utilities.
Sec. 706. Suspension of limitation on percentage depletion for oil and
gas from marginal wells.
Sec. 707. Extension of grants for specified energy property in lieu of
tax credits.
Sec. 708. Extension of provisions related to alcohol used as fuel.
Sec. 709. Energy efficient appliance credit.
Sec. 710. Credit for nonbusiness energy property.
Sec. 711. Alternative fuel vehicle refueling property.
Sec. 712. Extension of the advanced energy project credit.

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. Look-thru of certain regulated investment company stock in
determining gross estate of nonresidents.
Sec. 727. Parity for exclusion from income for employer-provided mass
transit and parking benefits.
Sec. 728. 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. 15-year straight-line cost recovery for qualified leasehold
improvements, qualified restaurant buildings and
improvements, and qualified retail improvements.
Sec. 738. 7-year recovery period for motorsports entertainment
complexes.
Sec. 739. Accelerated depreciation for business property on an Indian
reservation.
Sec. 740. Enhanced charitable deduction for contributions of food
inventory.
Sec. 741. Enhanced charitable deduction for contributions of book
inventories to public schools.
Sec. 742. Enhanced charitable deduction for corporate contributions of
computer inventory for educational purposes.
Sec. 743. Election to expense mine safety equipment.
Sec. 744. Special expensing rules for certain film and television
productions.
Sec. 745. Expensing of environmental remediation costs.
Sec. 746. Deduction allowable with respect to income attributable to
domestic production activities in Puerto Rico.
Sec. 747. Modification of tax treatment of certain payments to
controlling exempt organizations.
Sec. 748. Treatment of certain dividends of regulated investment
companies.
Sec. 749. RIC qualified investment entity treatment under FIRPTA.
Sec. 750. Exceptions for active financing income.
Sec. 751. Look-thru treatment of payments between related controlled
foreign corporations under foreign personal holding
company rules.
Sec. 752. Basis adjustment to stock of S corps making charitable
contributions of property.
Sec. 753. Empowerment zone tax incentives.
Sec. 754. Tax incentives for investment in the District of Columbia.
Sec. 755. Temporary increase in limit on cover over of rum excise taxes
to Puerto Rico and the Virgin Islands.
Sec. 756. American Samoa economic development credit.
Sec. 757. Work opportunity credit.
Sec. 758. Qualified zone academy bonds.
Sec. 759. Mortgage insurance premiums.
Sec. 760. Temporary exclusion of 100 percent of gain on certain small
business stock.

Subtitle D--Temporary Disaster Relief Provisions

PART I--New York Liberty Zone

Sec. 761. Tax-exempt bond financing.

PART II--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.

Subtitle E--Extension of Health Coverage Improvement

Sec. 771. Improvement of the affordability of the credit.
Sec. 772. Payment for the monthly premiums paid prior to commencement
of the advance payments of credit.
Sec. 773. TAA recipients not enrolled in training programs eligible for
credit.
Sec. 774. TAA pre-certification period rule for purposes of determining
whether there is a 63-day lapse in creditable coverage.
Sec. 775. Continued qualification of family members after certain
events.
Sec. 776. Extension of COBRA benefits for certain TAA-eligible
individuals and PBGC recipients.
Sec. 777. Addition of coverage through voluntary employees' beneficiary
associations.
Sec. 778. Notice requirements.

Subtitle F--Bonus Depreciation

Sec. 781. Extension of bonus depreciation; temporary 100 percent
expensing for certain business assets.

TITLE VIII--INFRASTRUCTURE INVESTMENT

Sec. 801. Extension of Build America Bonds.
Sec. 802. Extension and additional allocations of recovery zone bond
authority.

TITLE IX--NATIONAL INFRASTRUCTURE BANK

Sec. 901. Definitions.
Sec. 902. Appropriations.

Subtitle A--National Infrastructure Bank

Sec. 911. Establishment of Bank.
Sec. 912. Management of Bank.
Sec. 913. Staff and personnel matters.

Subtitle B--Powers and Duties of the Bank

Sec. 921. Powers of the Bank Board.
Sec. 922. Qualified infrastructure project ratings.
Sec. 923. Development of financing package.
Sec. 924. Coupon notes for holders of Infrastructure bonds.
Sec. 925. Exemption from local taxation.

Subtitle C--Studies and Reports

Sec. 931. Report; database.
Sec. 932. Study and report on infrastructure financing mechanisms.
Sec. 933. GAO report.

TITLE X--EXTENSION OF TRADE PROGRAMS

Subtitle A--Trust Funds

Sec. 1001. Modification of Wool Apparel Manufacturers Trust Fund.
Sec. 1002. Extensions of duty suspensions on cotton shirting fabrics
and related provisions.

Subtitle B--Extension of Trade Adjustment Assistance

Sec. 1011. Extension of Trade Adjustment Assistance.

TITLE XI--EMERGENCY SENIOR CITIZENS RELIEF ACT

Sec. 1101. Short title.
Sec. 1102. Extension and modification of certain economic recovery
payments.

TITLE XII--TANF EMERGENCY FUND

Sec. 1201. Extension of TANF Emergency Fund.

TITLE XIII--BUDGETARY PROVISIONS

Sec. 1301. Determination of budgetary effects.
Sec. 1302. Emergency designations.

TITLE I--MIDDLE CLASS TAX RELIEF

SEC. 101. REPEAL OF SUNSET ON CERTAIN INDIVIDUAL INCOME TAX
RATE RELIEF.

(a) Individual Income Tax Rates.--
(1) Repeal of sunset.--Section 901 of the Economic Growth
and Tax Relief Reconciliation Act of 2001 shall not apply to
the amendments made by section 101 of such Act.

[[Page S8904]]

(2) 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.''.
(3) 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--
``(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).''.
(b) Phaseout of Personal Exemptions and Itemized
Deductions.--
(1) Overall limitation on itemized deductions.--Section 68
is amended--
(A) 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)'',
(B) by striking ``the applicable amount'' in subsection
(a)(1) and inserting ``such applicable threshold'',
(C) by striking subsection (b) and redesignating
subsections (c), (d), and (e) as subsections (b), (c), and
(d), respectively, and
(D) by striking subsections (f) and (g).
(2) Phaseout of deductions for personal exemptions.--
(A) 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).
(B) 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''.
(3) Nonapplication of egtrra sunset.--Section 901 of the
Economic Growth and Tax Relief Reconciliation Act of 2001
shall not apply to any amendment made by section 102 or 103
of such Act.
(c) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2010.

SEC. 102. REDUCED RATES ON CAPITAL GAINS AND DIVIDENDS MADE
PERMANENT.

(a) In General.--Section 303 of the Jobs and Growth Tax
Relief Reconciliation Act of 2003 (relating to sunset of
title) is hereby repealed.
(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) 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 531.
(B) Section 541.
(C) Section 1445(e)(1).
(D) The second sentence of section 7518(g)(6)(A).
(E) Section 53511(f)(2) of title 46, United States Code.
(2) 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''.
(3) 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 paragraph (2), 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 OTHER 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) Separate Sunset for Expansion of Adoption Benefits
Under the Patient Protection and Affordable Care Act.--
(1) In general.--Subsection (c) of section 10909 of the
Patient Protection and Affordable Care Act is amended to read
as follows:
``(c) Sunset Provision.--Each provision of law amended by
this section is amended to read as such provision would read
if this section had never been enacted. The amendments made
by the preceding sentence shall apply to taxable years
beginning after December 31, 2011.''.
(2) Conforming amendment.--Subsection (d) of section 10909
of such Act is amended by striking ``The amendments'' and
inserting ``Except as provided in subsection (c), the
amendments''.

SEC. 104. 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

[[Page S8905]]

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--ESTATE TAX RELIEF

SEC. 301. REPEAL OF EGTRRA SUNSET.

Section 901 of the Economic Growth and Tax Relief
Reconciliation Act of 2001 shall not apply to title V of such
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 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. MODIFICATIONS TO ESTATE, GIFT, AND GENERATION-
SKIPPING TRANSFER TAXES.

(a) Modifications to Estate Tax.--
(1) $3,500,000 applicable exclusion amount.--Subsection (c)
of section 2010 is amended to read as follows:
``(c) Applicable Credit Amount.--
``(1) In general.--For purposes of this section, the
applicable credit amount is the amount of the tentative tax
which would be determined under section 2001(c) if the amount
with respect to which such tentative tax is to be computed
were equal to the applicable exclusion amount.
``(2) Applicable exclusion amount.--
``(A) In general.--For purposes of this subsection, the
applicable exclusion amount is $3,500,000.
``(B) Inflation adjustment.--In the case of any decedent
dying in a calendar year after 2010, the dollar amount in
subparagraph (A) shall 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 such calendar year by substituting
`calendar year 2009' for `calendar year 1992' in subparagraph
(B) thereof.
If any amount as adjusted under the preceding sentence is not
a multiple of $10,000, such amount shall be rounded to the
nearest multiple of $10,000.''.
(2) Maximum estate tax rate equal to 45 percent.--
Subsection (c) of section 2001 is amended--
(A) by striking ``but not over $2,000,000'' in the table
contained in paragraph (1),
(B) by striking the last 2 items in such table,
(C) by striking ``(1) In general.--'', and
(D) by striking paragraph (2).
(b) Modifications to Gift Tax.--
(1) Restoration of unified credit against gift tax.--
(A) In general.--Paragraph (1) of section 2505(a), after
the application of section 301(b), is amended by striking
``(determined as if the applicable exclusion amount were
$1,000,000)''.
(B) Effective date.--The amendment made by this paragraph
shall apply to gifts made after December 31, 2010.
(2) Modification of gift tax rate.--On and after January 1,
2011, subsection (a) of section 2502 is amended to read as
such subsection would read if section 511(d) of the Economic
Growth and Tax Relief Reconciliation Act of 2001 had never
been enacted.
(c) Modification of Generation-skipping Transfer Tax.--In
the case of any generation-skipping transfer made after
December 31, 2009, and before January 1, 2011, the applicable
rate determined under section 2641(a) of the Internal Revenue
Code of 1986 shall be zero.
(d) Modifications of Estate and Gift Taxes to Reflect
Differences in Credit Resulting From Different Tax Rates.--
(1) Estate tax.--
(A) In general.--Section 2001(b)(2) is amended by striking
``if the provisions of subsection (c) (as in effect at the
decedent's death)'' and inserting ``if the modifications
described in subsection (g)''.
(B) Modifications.--Section 2001 is amended by adding at
the end the following new subsection:
``(g) Modifications to Gift Tax Payable to Reflect
Different Tax Rates.--For purposes of applying subsection
(b)(2) with respect to 1 or more gifts, the rates of tax
under subsection (c) in effect at the decedent's death shall,
in lieu of the rates of tax in effect at the time of such
gifts, be used both to compute--
``(1) the tax imposed by chapter 12 with respect to such
gifts, and
``(2) the credit allowed against such tax under section
2505, including in computing--
``(A) the applicable credit amount under section
2505(a)(1), and
``(B) the sum of the amounts allowed as a credit for all
preceding periods under section 2505(a)(2).''.
(2) Gift tax.--Section 2505(a) is amended by adding at the
end the following new flush sentence:
``For purposes of applying paragraph (2) for any calendar
year, the rates of tax in effect under section 2502(a)(2) for
such calendar year shall, in lieu of the rates of tax in
effect for preceding calendar periods, be used in determining
the amounts allowable as a credit under this section for all
preceding calendar periods.''.
(e) Conforming Amendment.--Section 2511 is amended by
striking subsection (c).
(f) Effective Date.--Except as otherwise provided in this
section, the amendments made by this section shall apply to
estates of decedents dying, generation-skipping transfers,
and gifts made, after December 31, 2009.

SEC. 304. APPLICABLE EXCLUSION AMOUNT INCREASED BY UNUSED
EXCLUSION AMOUNT OF DECEASED SPOUSE.

(a) In General.--Section 2010(c), as amended by section
302(a), is amended by striking paragraph (2) and inserting
the following new paragraphs:
``(2) Applicable exclusion amount.--For purposes of this
subsection, the applicable exclusion amount is the sum of--
``(A) the basic exclusion amount, and
``(B) in the case of a surviving spouse, the deceased
spousal unused exclusion amount.
``(3) Basic exclusion amount.--
``(A) In general.--For purposes of this subsection, the
basic exclusion amount is $3,500,000.
``(B) Inflation adjustment.--In the case of any decedent
dying in a calendar year after 2010, the dollar amount in
subparagraph (A) shall 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 such calendar year by substituting
`calendar year 2009' for `calendar year 1992' in subparagraph
(B) thereof.
If any amount as adjusted under the preceding sentence is not
a multiple of $10,000, such amount shall be rounded to the
nearest multiple of $10,000.
``(4) Deceased spousal unused exclusion amount.--For
purposes of this subsection, with respect to a surviving
spouse of a deceased spouse dying after December 31, 2010,
the term `deceased spousal unused exclusion amount' means the
lesser of--
``(A) the basic exclusion amount, or
``(B) the excess of--
``(i) the basic exclusion amount of the last such deceased
spouse of such surviving spouse, over
``(ii) the amount with respect to which the tentative tax
is determined under section 2001(b)(1) on the estate of such
deceased spouse.

[[Page S8906]]

``(5) Special rules.--
``(A) Election required.--A deceased spousal unused
exclusion amount may not be taken into account by a surviving
spouse under paragraph (2) unless the executor of the estate
of the deceased spouse files an estate tax return on which
such amount is computed and makes an election on such return
that such amount may be so taken into account. Such election,
once made, shall be irrevocable. No election may be made
under this subparagraph if such return is filed after the
time prescribed by law (including extensions) for filing such
return.
``(B) Examination of prior returns after expiration of
period of limitations with respect to deceased spousal unused
exclusion amount.--Notwithstanding any period of limitation
in section 6501, after the time has expired under section
6501 within which a tax may be assessed under chapter 11 or
12 with respect to a deceased spousal unused exclusion
amount, the Secretary may examine a return of the deceased
spouse to make determinations with respect to such amount for
purposes of carrying out this subsection.
``(6) Regulations.--The Secretary shall prescribe such
regulations as may be necessary or appropriate to carry out
this subsection.''.
(b) Conforming Amendments.--
(1) Paragraph (1) of section 2505(a), as amended by section
302(b)(1), is amended to read as follows:
``(1) the applicable credit amount in effect under section
2010(c) which would apply if the donor died as of the end of
the calendar year, reduced by''.
(2) Section 2631(c) is amended by striking ``the applicable
exclusion amount'' and inserting ``the basic exclusion
amount''.
(3) Section 6018(a)(1) is amended by striking ``applicable
exclusion amount'' and inserting ``basic exclusion amount''.
(c) Effective Dates.--
(1) In general.--Except as provided in paragraph (2), the
amendments made by this section shall apply to estates of
decedents dying and gifts made after December 31, 2010.
(2) Conforming amendment relating to generation-skipping
transfers.--The amendment made by subsection (b)(2) shall
apply to generation-skipping transfers after December 31,
2010.

SEC. 305. EXCLUSION FROM GROSS ESTATE OF CERTAIN FARMLAND SO
LONG AS FARMLAND USE BY FAMILY CONTINUES.

(a) In General.--Part III of subchapter A of chapter 11 is
amended by inserting after section 2033 the following new
section:

``SEC. 2033A. EXCLUSION OF CERTAIN FARMLAND SO LONG AS
FARMLAND USE BY FAMILY CONTINUES.

``(a) In General.--In the case of an estate of a decedent
to which this section applies, the value of the gross estate
shall not include the adjusted value of qualified farmland
included in the estate.
``(b) Estates to Which Section Applies.--This section shall
apply to an estate if--
``(1) the executor--
``(A) elects the application of this section,
``(B) files an agreement referred to in section
2032A(d)(2), and
``(C) obtains a qualified appraisal (as defined in section
170(f)(11)(E)(i)) of the qualified farmland to which the
election applies and attaches such appraisal to the return of
the tax imposed by section 2001,
``(2) the decedent was (at the date of the decedent's
death) a citizen or resident of the United States,
``(3) the decedent for the 3-taxable-year period (10-
taxable-year period in the case of any qualified farmland
which is qualified woodland described in section
2032A(c)(2)(F)(i)) preceding the date of the decedent's death
had an average modified adjusted gross income (as defined in
section 86(b)(2)) not exceeding $750,000,
``(4) 60 percent or more of the adjusted value of the gross
estate at the date of the decedent's death consists of the
adjusted value of real or personal property which is used as
a farm for farming purposes (within the meaning of section
2032A(e)),
``(5) 50 percent or more of the adjusted value of the gross
estate consists of the adjusted value of qualified farmland
which is real property, and
``(6) during the 10-year period ending on the date of the
decedent's death--
``(A) the qualified farmland which is such real property
was owned by the decedent or a member of the decedent's
family, and
``(B) there was material participation (within the meaning
of section 469(h)) by the decedent or a member of the
decedent's family in the operation of such farmland.
``(c) Definitions.--For purposes of this section--
``(1) Qualified farmland.--The term `qualified farmland'
means any real property--
``(A) which is located in the United States,
``(B) which is used as a farm for farming purposes (within
the meaning of section 2032A(e)),
``(C) such use of which is not an activity not engaged in
for profit (within the meaning of section 183),
``(D) which was acquired from or passed from the decedent
to a qualified heir of the decedent and which, on the date of
the decedent's death, was being so used by the decedent or a
member of the decedent's family, and
``(E) which is property designated in the agreement filed
under subsection (b)(1).
``(2) Adjusted value.--The term `adjusted value' means the
value of farmland for purposes of this chapter (determined
without regard to this section), reduced by any amounts
allowable as a deduction in respect to such farmland under
paragraph (3) or (4) of section 2053(a).
``(3) Other terms.--Any other term used in this section
which is also used in section 2032A shall have the same
meaning given such term by section 2032A.
``(d) Annual Information Return to the Secretary.--
``(1) In general.--The qualified heir of any qualified
farmland shall file an information return (at such time and
in such form and manner as the Secretary prescribes) for each
calendar year.
``(2) Contents of return.--The information return required
under paragraph (1) shall set forth any disposition of any
interest in such farmland or any cessation of use of such
farmland as a farm for farming purposes and such other
information as the Secretary may require.
``(e) Imposition of Recapture Tax.--
``(1) In general.--If--
``(A) at any time after the decedent's death and before the
death of the qualified heir--
``(i) the qualified heir disposes of any interest in
qualified farmland (other than by a disposition to a member
of the qualified heir's family),
``(ii) the qualified heir or member ceases to use the
qualified farmland as a farm for farming purposes,
``(iii) the qualified heir or member incurs a nonrecourse
indebtedness secured in whole or in part by a portion of the
qualified farmland, or
``(iv) the qualified heir or member fails to file the
information return with respect to the qualified farmland
required under subsection (d) for 3 successive calendar
years, or
``(B) upon the death of the qualified heir or member, the
executor of the estate of such heir or member does not elect
the application of this section with respect to the qualified
farmland,
then, there is hereby imposed a recapture tax with respect to
such qualified farmland or such interest in or portion of
such qualified farmland.
``(2) Application of recapture tax to earlier
generations.--Upon the imposition of a recapture tax under
paragraph (1) with respect to such qualified farmland or such
interest in or portion of such qualified farmland, there is
also imposed an aggregate amount of any recapture tax which
would have been determined under this subsection with respect
to such farmland, interest, or portion if the such tax had
been imposed and paid on the date of death of the decedent
and on the date of death of any qualified heir (or member) of
such farmland, interest, or portion in any intervening
generation.
``(3) Amount of recapture tax, etc.--
``(A) In general.--Except as provided in subparagraph (B),
rules similar to the rules of section 2032A(c) (other than
paragraphs (1) and (2)(E) thereof) with respect to the
additional estate tax shall apply for purposes of this
subsection with respect to each recapture tax.
``(B) Adjustments to recapture tax.--
``(i) Adjustment to reflect increase in value of
interest.--Subject to clause (ii), the amount of the
recapture tax otherwise determined under rules described in
subparagraph (A) shall be increased by the percentage (if
any) by which the value of the interest in the qualified
farmland at the time of the imposition of such tax is greater
than the adjusted value of such farmland at the time such
farmland would have been included in the estate if no
election under this section had been made.
``(ii) Adjustments to value of interest at time of tax
imposition.--For purposes of determining the value of the
interest in the qualified farmland at the time of the
imposition of such tax, such value shall be reduced (under
rules prescribed by the Secretary) by--

``(I) the basis of any substantial improvements made with
respect to such interest by the qualified heir or member, and
``(II) the aggregate amount of any recapture tax imposed
under paragraph (2).

``(f) Application of Other Rules.--Rules similar to the
rules of subsections (d), (e) (other than paragraphs (6) and
(13) thereof), (f), (g), (h), and (i) of section 2032A shall
apply for purposes of this section.
``(g) Regulations.--The Secretary may issue such
regulations or other guidance as may be necessary or
appropriate to carry out the purposes of this section,
including the application of this section in the case of
multiple interests in qualified farmland, and to prevent
fraud and abuse under this section.''.
(b) Basis of Qualified Farmland for Purposes of
Depreciation or Depletion by Qualified Heir.--Section 1014 is
amended by adding at the end the following new subsection:
``(f) Basis of Qualified Farmland for Purposes of
Depreciation or Depletion by Qualified Heir.--For purposes of
the allowance to any qualified heir of any depreciation or
depletion deduction with respect to any interest in property
acquired from a decedent and subject to an election under
section 2033A, the basis of such property in the hands of
such qualified heir (or member of the qualified heir's family
after a disposition described in section 2033A(e)(1)(A)(i))
shall be the adjusted basis of such property in the hands of
the decedent immediately before the death of such
decedent.''.

[[Page S8907]]

(c) Penalty for Failure to File Annual Information
Return.--Section 6652 is amended by redesignating subsection
(m) as subsection (n) and by adding at the end the following
new subsection:
``(m) Failure to File Annual Information Return.--In the
case of each failure to provide an information return as
required under section 2033A(d) at the time prescribed
therefor, unless it is shown that such failure is due to
reasonable cause and not to willful neglect, there shall be
paid, on notice and demand of the Secretary and in the same
manner as tax, by the person failing to provide such return,
an amount equal to $250 for each such failure.''.
(d) Woodlands Subject to Management Plan.--Paragraph (2) of
section 2032A(c) is amended by adding at the end the
following new subparagraph:
``(F) Exception for woodlands subject to forest stewardship
plan.--
``(i) In general.--Subparagraph (E) shall not apply to any
disposition or severance of standing timber on a qualified
woodland that is made pursuant to a forest stewardship plan
developed under the Cooperative Forestry Assistance Act of
1978 (16 U.S.C. 2103a) or an equivalent plan approved by the
State Forester.
``(ii) Compliance with forest stewardship plan.--Clause (i)
shall not apply if, during the 10-year period under paragraph
(1), the qualified heir fails to comply with such forest
stewardship plan or equivalent plan.''.
(e) Certain Conservation Transactions Not Treated as
Dispositions.--Paragraph (8) of section 2032A(c) is amended
to read as follows:
``(8) Certain conservation transactions not treated as
dispositions.--
``(A) Qualified conservation contributions.--A qualified
conservation contribution by gift or otherwise shall not be
deemed a disposition under subsection (c)(1)(A).
``(B) Qualified conservation easement sold to qualified
organization.--A sale of a qualified conservation easement to
a qualified organization shall not be deemed a disposition
under subsection (c)(1)(A).
``(C) Definitions.--For purposes of this paragraph--
``(i) the terms `qualified conservation contribution' and
`qualified organization' have the meanings given such terms
by section 170(h), and
``(ii) the term `qualified conservation easement' has the
meaning given such term by section 2031(c)(8).''.
(f) Clerical Amendment.--The table of sections for part III
of subchapter A of chapter 11 is amended by inserting after
the item relating to section 2033 the following new item:

``Sec. 2033A. Exclusion of certain farmland so long as use as farmland
continues.''.
(g) Effective Date.--The amendments made by this section
shall apply to estates of decedents dying after the date of
the enactment of this Act.

SEC. 306. INCREASE IN LIMITATIONS ON THE AMOUNT EXCLUDED FROM
THE GROSS ESTATE WITH RESPECT TO LAND SUBJECT
TO A QUALIFIED CONSERVATION EASEMENT.

(a) Increase in Dollar Limitation on Exclusion.--Paragraph
(3) of section 2031(c) is amended by striking ``the exclusion
limitation is'' and all that follows and inserting ``the
exclusion limitation is $5,000,000.''.
(b) Increase in Percentage of Value of Land Which Is
Excludable.--Paragraph (2) of section 2031(c) is amended--
(1) by striking ``40 percent'' and inserting ``50
percent'', and
(2) by striking ``2 percentage points'' and inserting ``2.5
percentage points''.
(c) Effective Date.--The amendments made by this section
shall apply to the estates of decedents dying after the date
of the enactment of this Act.

SEC. 307. 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
``$3,500,000''.
(b) Inflation Adjustment.--Paragraph (3) of section
2032A(a) is amended--
(1) by striking ``1998'' and inserting ``2010'',
(2) by striking ``$750,000'' and inserting ``$3,500,000''
in subparagraph (A), and
(3) by striking ``calendar year 1997'' and inserting
``calendar year 2009'' 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. 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.

SEC. 309. 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.--

[[Page S8908]]

``(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
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.

TITLE IV--REPEAL OF INFORMATION REPORTING REQUIREMENTS

SEC. 401. REPEAL OF EXPANSION OF INFORMATION REPORTING
REQUIREMENTS.

(a) Repeal of Payments for Property and Other Gross
Proceeds.--Subsection (b) of section 9006 of the Patient
Protection and Affordable Care Act, and the amendments made
thereby, are hereby repealed; and the Internal Revenue Code
of 1986 shall be applied as if such subsection, and
amendments, had never been enacted.
(b) Repeal of Application to Corporations; Application of
Regulatory Authority.--
(1) In general.--Section 6041 of the Internal Revenue Code
of 1986, as amended by section 9006(a) of the Patient
Protection and Affordable Care Act and section 2101 of the
Small Business Jobs Act of 2010, is amended by striking
subsections (i) and (j) and inserting the following new
subsection:
``(i) Regulations.--The Secretary may prescribe such
regulations and other guidance as may be appropriate or
necessary to carry out the purposes of this section,
including rules to prevent duplicative reporting of
transactions.''.
(2) Effective date.--The amendments made by this subsection
shall apply to payments made after December 31, 2010.

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, 2013'';
(B) in the heading for subsection (b)(2), by striking
``november 30, 2010'' and inserting ``january 3, 2013''; and
(C) in subsection (b)(3), by striking ``April 30, 2011''
and inserting ``June 8, 2013''.
(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 2, 2013''; and
(B) in subsection (c), by striking ``May 1, 2011'' and
inserting ``June 10, 2013''.
(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
9, 2013''.
(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--MAKING WORK PAY

SEC. 601. MAKING WORK PAY CREDIT.

(a) In General.--Section 36A(e) is amended by striking
``December 31, 2010'' and inserting ``December 31, 2012''.

[[Page S8909]]

(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, 2011, and 2012''.
(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 Alternative
Fuel and Alternative Fuel Mixtures.--
(1) Alternative fuel credit.--Paragraph (5) of section
6426(d) is amended by striking ``after December 31, 2009''
and all that follows and inserting ``after--
``(A) September 30, 2014, in the case of liquefied
hydrogen,
``(B) December 31, 2010, in the case of fuels described in
subparagraph (A), (C), (F), or (G) of paragraph (2), and
``(C) December 31, 2009, in any other case.''.
(2) Alternative fuel mixture credit.--Paragraph (3) of
section 6426(e) is amended by striking ``after December 31,
2009'' and all that follows and inserting ``after--
``(A) September 30, 2014, in the case of liquefied
hydrogen,
``(B) December 31, 2010, in the case of fuels described in
subparagraph (A), (C), (F), or (G) of subsection (d)(2), and
``(C) December 31, 2009, in any other case.''.
(3) Payment authority.--
(A) In general.--Paragraph (6) of section 6427(e) is
amended by striking ``and'' at the end of subparagraph (C),
by striking the period at the end of subparagraph (D) and
inserting ``, and'', and by adding at the end the following
new subparagraph:
``(E) any alternative fuel or alternative fuel mixture (as
so defined) involving fuel described in subparagraph (A),
(C), (F), or (G) of section 6426(d)(2) sold or used after
December 31, 2010.''.
(B) Conforming amendment.--Subparagraph (C) of section
6427(e)(6) is amended by inserting ``or (E)'' after
``subparagraph (D)''.
(c) Exclusion of Black Liquor From Credit Eligibility.--The
last sentence of section 6426(d)(2) is amended by striking
``or biodiesel'' and inserting ``biodiesel, or any fuel
(including lignin, wood residues, or spent pulping liquors)
derived from the production of paper or pulp''.
(d) 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.
(e) Effective Date.--The amendments made by this section
shall apply to fuel sold or used after December 31, 2009.

SEC. 702. CREDIT FOR REFINED COAL FACILITIES.

(a) In General.--Subparagraph (B) of section 45(d)(8) is
amended by striking ``January 1, 2010'' and inserting
``January 1, 2012''.
(b) Effective Date.--The amendment made by this section
shall apply to facilities placed in service after December
31, 2009.

SEC. 703. 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. 704. EXCISE TAX CREDITS AND OUTLAY PAYMENTS FOR
ALTERNATIVE FUEL AND ALTERNATIVE FUEL MIXTURES.

(a) In General.--Sections 6426(d)(5), 6426(e)(3), and
6427(e)(6)(C) are each amended by striking ``December 31,
2009'' and inserting ``December 31, 2011''.
(b) Exclusion of Black Liquor From Credit Eligibility.--The
last sentence of section 6426(d)(2) is amended by striking
``or biodiesel'' and inserting ``biodiesel, or any fuel
(including lignin, wood residues, or spent pulping liquors)
derived from the production of paper or pulp''.
(c) Special Rule for 2010.--Notwithstanding any other
provision of law, in the case of any alternative fuel credit
or any alternative fuel mixture credit properly determined
under subsection (d) or (e) of section 6426 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. 705. 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. 706. SUSPENSION OF LIMITATION ON PERCENTAGE DEPLETION
FOR OIL AND GAS FROM MARGINAL WELLS.

(a) In General.--Clause (ii) of section 613A(c)(6)(H) 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. 707. 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 amended by striking ``2011'' and
inserting ``2012''.

SEC. 708. 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. 709. 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).''.

[[Page S8910]]

(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. 710. 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. 711. 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.

SEC. 712. EXTENSION OF THE ADVANCED ENERGY PROJECT CREDIT.

(a) In General.--Subsection (d) of section 48C is amended
by adding at the end the following new paragraph:
``(6) Additional 2010 allocations.--
``(A) In general.--Not later than 180 days after the date
of the enactment of this paragraph, the Secretary, in
consultation with the Secretary of Energy, shall establish a
program to consider and award certifications for qualified
investments eligible for credits under this section to
qualifying advanced energy project sponsors with respect to
applications received on or after the date of the enactment
of this paragraph.
``(B) Limitation.--The total amount of credits that may be
allocated under the program described in subparagraph (A)
shall not exceed the 2010 allocation amount reduced by so
much of the 2010 allocation amount as is taken into account
as an increase in the limitation described in paragraph
(1)(B).
``(C) Application of certain rules.--Rules similar to the
rules of paragraphs (2), (3), (4), and (5) shall apply for
purposes of the program described in subparagraph (A), except
that--
``(i) Certification.--Applicants shall have 2 years from
the date that the Secretary establishes such program to
submit applications.
``(ii) Selection criteria.--For purposes of paragraph
(3)(B)(i), the term `domestic job creation (both direct and
indirect)' means the creation of direct jobs in the United
States producing the property manufactured at the
manufacturing facility described under subsection
(c)(1)(A)(i), and the creation of indirect jobs in the
manufacturing supply chain for such property in the United
States.
``(iii) Review and redistribution.--The Secretary shall
conduct a separate review and redistribution under paragraph
(5) with respect to such program not later than 4 years after
the date of the enactment of this paragraph.
``(D) 2010 allocation amount.--For purposes of this
subsection, the term `2010 allocation amount' means
$5,000,000,000.
``(E) Direct payments.--In lieu of any qualifying advanced
energy project credit which would otherwise be determined
under this section with respect to an allocation to a
taxpayer under this paragraph, the Secretary shall, upon the
election of the taxpayer, make a grant to the taxpayer in the
amount of such credit as so determined. Rules similar to the
rules of section 50 shall apply with respect to any grant
made under this subparagraph.''.
(b) Portion of 2010 Allocation Allocated Toward Pending
Applications Under Original Program.--Subparagraph (B) of
section 48C(d)(1) is amended by inserting ``(increased by so
much of the 2010 allocation amount (not in excess of
$1,500,000,000) as the Secretary determines necessary to make
allocations to qualified investments with respect to which
qualifying applications were submitted before the date of the
enactment of paragraph (6))'' after ``$2,300,000,000''.
(c) Conforming Amendment.--Paragraph (2) of section 1324(b)
of title 31, United States Code, is amended by inserting
``48C(d)(6)(E),'' after ``36C,''.

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 S8911]]

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. LOOK-THRU OF CERTAIN REGULATED INVESTMENT COMPANY
STOCK IN DETERMINING GROSS ESTATE OF
NONRESIDENTS.

(a) In General.--Paragraph (3) of section 2105(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 estates of decedents dying after December 31,
2009.

SEC. 727. 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. 728. 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. 15-YEAR STRAIGHT-LINE COST RECOVERY FOR QUALIFIED
LEASEHOLD IMPROVEMENTS, QUALIFIED RESTAURANT
BUILDINGS AND IMPROVEMENTS, AND QUALIFIED
RETAIL IMPROVEMENTS.

(a) In General.--Clauses (iv), (v), and (ix) of section
168(e)(3)(E) are each amended by striking ``January 1, 2010''
and inserting ``January 1, 2012''.
(b) Conforming Amendments.--
(1) Clause (i) of section 168(e)(7)(A) is amended by
striking ``if such building is placed in service after
December 31, 2008, and before January 1, 2010,''.
(2) Paragraph (8) of section 168(e) is amended by striking
subparagraph (E).
(3) Section 179(f)(2) is amended--
(A) by striking ``(without regard to the dates specified in
subparagraph (A)(i) thereof)'' in subparagraph (B), and
(B) by striking ``(without regard to subparagraph (E)
thereof)'' in subparagraph (C).
(c) Effective Date.--The amendments made by this section
shall apply to property placed in service after December 31,
2009.

SEC. 738. 7-YEAR RECOVERY PERIOD FOR MOTORSPORTS
ENTERTAINMENT COMPLEXES.

(a) In General.--Subparagraph (D) of section 168(i)(15) 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. 739. 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. 740. 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. 741. 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. 742. 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. 743. 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. 744. SPECIAL EXPENSING RULES FOR CERTAIN FILM AND
TELEVISION PRODUCTIONS.

(a) In General.--Subsection (f) of section 181 is amended
by striking ``December 31, 2009'' and inserting ``December
31, 2011''.

[[Page S8912]]

(b) Effective Date.--The amendment made by this section
shall apply to productions commencing after December 31,
2009.

SEC. 745. 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. 746. DEDUCTION ALLOWABLE WITH RESPECT TO INCOME
ATTRIBUTABLE TO DOMESTIC PRODUCTION ACTIVITIES
IN PUERTO RICO.

(a) In General.--Subparagraph (C) of section 199(d)(8) is
amended--
(1) by striking ``first 4 taxable years'' and inserting
``first 6 taxable years''; and
(2) by striking ``January 1, 2010'' and inserting ``January
1, 2012''.
(b) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2009.

SEC. 747. 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. 748. 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. 749. 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 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. 750. 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. 751. 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. 752. 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. 753. 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. 754. 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. 755. TEMPORARY INCREASE IN LIMIT ON COVER OVER OF RUM
EXCISE TAXES TO PUERTO RICO AND THE VIRGIN
ISLANDS.

(a) In General.--Paragraph (1) of section 7652(f) is
amended by striking ``January 1, 2010'' and inserting
``January 1, 2012''.
(b) Effective Date.--The amendment made by this section
shall apply to distilled spirits brought into the United
States after December 31, 2009.

SEC. 756. AMERICAN SAMOA ECONOMIC DEVELOPMENT CREDIT.

(a) In General.--Subsection (d) of section 119 of division
A of the Tax Relief and Health Care Act of 2006 is amended--
(1) by striking ``first 4 taxable years'' and inserting
``first 6 taxable years'', and
(2) by striking ``January 1, 2010'' and inserting ``January
1, 2012''.
(b) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2009.

SEC. 757. 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. 758. 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. 759. 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. 760. 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.

[[Page S8913]]

Subtitle D--Temporary Disaster Relief Provisions

PART I--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.

PART II--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.

Subtitle E--Extension of Health Coverage Improvement

SEC. 771. IMPROVEMENT OF THE AFFORDABILITY OF THE CREDIT.

(a) In General.--Section 35(a) is amended by striking
``January 1, 2011'' and inserting ``January 1, 2012''.
(b) Conforming Amendment.--Section 7527(b) is amended by
striking ``January 1, 2011'' and inserting ``January 1,
2012''.
(c) Effective Date.--The amendments made by this section
shall apply to coverage months beginning after December 31,
2010.

SEC. 772. PAYMENT FOR THE MONTHLY PREMIUMS PAID PRIOR TO
COMMENCEMENT OF THE ADVANCE PAYMENTS OF CREDIT.

(a) In General.--Section 7527(e) is amended by striking
``January 1, 2011'' and inserting ``January 1, 2012''.
(b) Effective Date.--The amendment made by this section
shall apply to coverage months beginning after December 31,
2010.

SEC. 773. TAA RECIPIENTS NOT ENROLLED IN TRAINING PROGRAMS
ELIGIBLE FOR CREDIT.

(a) In General.--Section 35(c)(2)(B) is amended by striking
``January 1, 2011'' and inserting ``January 1, 2012''.
(b) Effective Date.--The amendment made by this section
shall apply to coverage months beginning after December 31,
2010.

SEC. 774. TAA PRE-CERTIFICATION PERIOD RULE FOR PURPOSES OF
DETERMINING WHETHER THERE IS A 63-DAY LAPSE IN
CREDITABLE COVERAGE.

(a) IRC Amendment.--Section 9801(c)(2)(D) is amended by
striking ``January 1, 2011'' and inserting ``January 1,
2012''.
(b) ERISA Amendment.--Section 701(c)(2)(C) of the Employee
Retirement Income Security Act of 1974 (29 U.S.C.
1181(c)(2)(C)) is amended by striking ``January 1, 2011'' and
inserting ``January 1, 2012''.
(c) PHSA Amendment.--Section 2701(c)(2)(C) of the Public
Health Service Act (42 U.S.C. 300gg(c)(2)(C)) is amended by
striking ``January 1, 2011'' and inserting ``January 1,
2012''.
(d) Effective Date.--The amendments made by this section
shall apply to plan years beginning after December 31, 2010.

SEC. 775. CONTINUED QUALIFICATION OF FAMILY MEMBERS AFTER
CERTAIN EVENTS.

(a) In General.--Section 35(g)(9) is amended by striking
``January 1, 2011'' and inserting ``January 1, 2012''.
(b) Conforming Amendment.--Section 173(f)(8) of the
Workforce Investment Act of 1998 (29 U.S.C. 2918(f)(8)) is
amended by striking ``January 1, 2011'' and inserting
``January 1, 2012''.
(c) Effective Date.--The amendments made by this section
shall apply to months beginning after December 31, 2010.

SEC. 776. EXTENSION OF COBRA BENEFITS FOR CERTAIN TAA-
ELIGIBLE INDIVIDUALS AND PBGC RECIPIENTS.

(a) ERISA Amendments.--
(1) PBGC recipients.--Section 602(2)(A)(v) of the Employee
Retirement Income Security Act of 1974 (29 U.S.C.
1162(2)(A)(v)) is amended by striking ``December 31, 2010''
and inserting ``December 31, 2011''.
(2) TAA-eligible individuals.--Section 602(2)(A)(vi) of
such Act (29 U.S.C. 1162(2)(A)(vi)) is amended by striking
``December 31, 2010'' and inserting ``December 31, 2011''.
(b) IRC Amendments.--
(1) PBGC recipients.--Section 4980B(f)(2)(B)(i)(V) is
amended by striking ``December 31, 2010'' and inserting
``December 31, 2011''.
(2) TAA-eligible individuals.--Section
4980B(f)(2)(B)(i)(VI) is amended by striking ``December 31,
2010'' and inserting ``December 31, 2011''.
(c) PHSA Amendments.--Section 2202(2)(A)(iv) of the Public
Health Service Act (42 U.S.C. 300bb-2(2)(A)(iv)) is amended
by striking ``December 31, 2010'' and inserting ``December
31, 2011''.
(d) Effective Date.--The amendments made by this section
shall apply to periods of coverage which would (without
regard to the amendments made by this section) end on or
after December 31, 2010.

SEC. 777. ADDITION OF COVERAGE THROUGH VOLUNTARY EMPLOYEES'
BENEFICIARY ASSOCIATIONS.

(a) In General.--Section 35(e)(1)(K) is amended by striking
``January 1, 2011'' and inserting ``January 1, 2012''.
(b) Effective Date.--The amendment made by this section
shall apply to coverage months beginning after December 31,
2010.

SEC. 778. NOTICE REQUIREMENTS.

(a) In General.--Section 7527(d)(2) is amended by striking
``January 1, 2011'' and inserting ``January 1, 2012''.
(b) Effective Date.--The amendment made by this section
shall apply to certificates issued after December 31, 2010.

Subtitle F--Bonus Depreciation

SEC. 781. EXTENSION OF BONUS DEPRECIATION; TEMPORARY 100
PERCENT EXPENSING FOR CERTAIN BUSINESS ASSETS.

(a) In General.--Paragraph (2) of section 168(k) is
amended--
(1) by striking ``January 1, 2012'' in subparagraph (A)(iv)
and inserting ``January 1, 2014'', and
(2) by striking ``January 1, 2011'' each place it appears
and inserting ``January 1, 2013''.
(b) Temporary 100 Percent Expensing.--Subsection (k) of
section 168 is amended by adding at the end the following new
paragraph:
``(5) Special rule for property acquired during certain
pre-2012 periods.--In the case of qualified property acquired
by the taxpayer (under rules similar to the rules of clauses
(ii) and (iii) of paragraph (2)(A)) after September 8, 2010,
and before January 1, 2012, and which is placed in service by
the taxpayer before January 1, 2012 (January 1, 2013, in the
case of property described in subparagraph (2)(B) or (2)(C)),
paragraph (1)(A) shall be applied by substituting `100
percent' for `50 percent'.''.
(c) Extension of Election to Accelerate the AMT Credit in
Lieu of Bonus Depreciation.--
(1) Extension.--Clause (iii) of section 168(k)(4)(D) is
amended by striking ``or production'' and all that follows
and inserting ``or production--

``(I) after March 31, 2008, and before January 1, 2010, and
``(II) after December 31, 2010, and before January 1, 2013,

shall be taken into account under subparagraph (B)(ii)
thereof,''.
(2) Rules for round 2 extension property.--Paragraph (4) of
section 168(k) is amended by adding at the end the following
new subparagraph:
``(I) Special rules for round 2 extension property.--
``(i) In general.--In the case of round 2 extension
property, this paragraph shall be applied without regard to--

``(I) the limitation described in subparagraph (B)(i)
thereof, and
``(II) the business credit increase amount under
subparagraph (E)(iii) thereof.

``(ii) Taxpayers previously electing acceleration.--In the
case of a taxpayer who made the election under subparagraph
(A) for its first taxable year ending after March 31, 2008,
or a taxpayer who made the election under subparagraph
(H)(ii) for its first taxable year ending after December 31,
2008--

``(I) the taxpayer may elect not to have this paragraph
apply to round 2 extension property, but
``(II) if the taxpayer does not make the election under
subclause (I), in applying this paragraph to the taxpayer the
bonus depreciation amount, maximum amount, and maximum
increase amount shall be computed and applied to eligible
qualified property which is round 2 extension property.

The amounts described in subclause (II) shall be computed
separately from any amounts computed with respect to eligible
qualified property which is not round 2 extension property.
``(iii) Taxpayers not previously electing acceleration.--In
the case of a taxpayer who neither made the election under
subparagraph (A) for its first taxable year ending after
March 31, 2008, nor made the election under subparagraph
(H)(ii) for its first taxable year ending after December 31,
2008--

``(I) the taxpayer may elect to have this paragraph apply
to its first taxable year ending after December 31, 2010, and
each subsequent taxable year, and
``(II) if the taxpayer makes the election under subclause
(I), this paragraph shall only apply to eligible qualified
property which is round 2 extension property.

``(iv) Round 2 extension property.--For purposes of this
subparagraph, the term `round 2 extension property' means
property which is eligible qualified property solely by
reason of the extension of the application of the special
allowance under paragraph (1) pursuant to the amendments made
by section 401(a) of the Tax Relief, Unemployment Insurance
Reauthorization, and Job Creation Act of 2010 (and the
application of such extension to this paragraph pursuant to
the

[[Page S8914]]

amendment made by section 401(c)(1) of such Act).''.
(d) Conforming Amendments.--
(1) The heading for subsection (k) of section 168 is
amended by striking ``January 1, 2011'' and inserting
``January 1, 2013''.
(2) The heading for clause (ii) of section 168(k)(2)(B) is
amended by striking ``pre-january 1, 2011'' and inserting
``pre-january 1, 2013''.
(3) Subparagraph (D) of section 168(k)(4) is amended--
(A) by striking clauses (iv) and (v),
(B) by inserting ``and'' at the end of clause (ii), and
(C) by striking the comma at the end of clause (iii) and
inserting a period.
(4) Paragraph (5) of section 168(l) is amended--
(A) by inserting ``and'' at the end of subparagraph (A),
(B) by striking subparagraph (B), and
(C) by redesignating subparagraph (C) as subparagraph (B).
(5) Subparagraph (C) of section 168(n)(2) is amended by
striking ``January 1, 2011'' and inserting ``January 1,
2013''.
(6) Subparagraph (D) of section 1400L(b)(2) is amended by
striking ``January 1, 2011'' and inserting ``January 1,
2013''.
(7) Subparagraph (B) of section 1400N(d)(3) is amended by
striking ``January 1, 2011'' and inserting ``January 1,
2013''.
(e) Effective Dates.--
(1) In general.--Except as provided in paragraph (2), the
amendments made by this section shall apply to property
placed in service after December 31, 2010, in taxable years
ending after such date.
(2) Temporary 100 percent expensing.--The amendment made by
subsection (b) shall apply to property placed in service
after September 8, 2010, in taxable years ending after such
date.

TITLE VIII--INFRASTRUCTURE INVESTMENT

SEC. 801. EXTENSION OF BUILD AMERICA BONDS.

(a) In General.--Subparagraph (B) of section 54AA(d)(1) is
amended by striking ``January 1, 2011'' and inserting
``January 1, 2012''.
(b) Extension of Payments to Issuers.--
(1) In general.--Section 6431 is amended--
(A) by striking ``January 1, 2011'' in subsection (a) and
inserting ``January 1, 2012''; and
(B) by striking ``January 1, 2011'' in subsection (f)(1)(B)
and inserting ``a particular date''.
(2) Conforming amendments.--Subsection (g) of section 54AA
is amended--
(A) by striking ``January 1, 2011'' and inserting ``January
1, 2012''; and
(B) by striking ``Qualified Bonds Issued Before 2011'' in
the heading and inserting ``Certain Qualified Bonds''.
(c) Reduction in Percentage of Payments to Issuers.--
Subsection (b) of section 6431 is amended--
(1) by striking ``The Secretary'' and inserting the
following:
``(1) In general.--The Secretary'';
(2) by striking ``35 percent'' and inserting ``the
applicable percentage''; and
(3) by adding at the end the following new paragraph:
``(2) Applicable percentage.--For purposes of this
subsection, the term `applicable percentage' means the
percentage determined in accordance with the following table:

------------------------------------------------------------------------
``In the case of a qualified bond issued     The applicable percentage
during calendar year:                         is:
------------------------------------------------------------------------
2009 or 2010..............................  35 percent
2011......................................  32 percent.''.
------------------------------------------------------------------------

(d) Current Refundings Permitted.--Subsection (g) of
section 54AA is amended by adding at the end the following
new paragraph:
``(3) Treatment of current refunding bonds.--
``(A) In general.--For purposes of this subsection, the
term `qualified bond' includes any bond (or series of bonds)
issued to refund a qualified bond if--
``(i) the average maturity date of the issue of which the
refunding bond is a part is not later than the average
maturity date of the bonds to be refunded by such issue,
``(ii) the amount of the refunding bond does not exceed the
outstanding amount of the refunded bond, and
``(iii) the refunded bond is redeemed not later than 90
days after the date of the issuance of the refunding bond.
``(B) Applicable percentage.--In the case of a refunding
bond referred to in subparagraph (A), the applicable
percentage with respect to such bond under section 6431(b)
shall be the lowest percentage specified in paragraph (2) of
such section.
``(C) Determination of average maturity.--For purposes of
subparagraph (A)(i), average maturity shall be determined in
accordance with section 147(b)(2)(A).''.

SEC. 802. EXTENSION AND ADDITIONAL ALLOCATIONS OF RECOVERY
ZONE BOND AUTHORITY.

(a) Extension of Recovery Zone Bond Authority.--Section
1400U-2(b)(1) and section 1400U-3(b)(1)(B) are each amended
by striking ``January 1, 2011'' and inserting ``January 1,
2012''.
(b) Additional Allocations of Recovery Zone Bond Authority
Based on Unemployment.--Section 1400U-1 is amended by adding
at the end the following new subsection:
``(c) Allocation of 2010 Recovery Zone Bond Limitations
Based on Unemployment.--
``(1) In general.--The Secretary shall allocate the 2010
national recovery zone economic development bond limitation
and the 2010 national recovery zone facility bond limitation
among the States in the proportion that each such State's
2009 unemployment number bears to the aggregate of the 2009
unemployment numbers for all of the States.
``(2) Minimum allocation.--The Secretary shall adjust the
allocations under paragraph (1) for each State to the extent
necessary to ensure that no State (prior to any reduction
under paragraph (3)) receives less than 0.9 percent of the
2010 national recovery zone economic development bond
limitation and 0.9 percent of the 2010 national recovery zone
facility bond limitation.
``(3) Allocations by states.--
``(A) In general.--Each State with respect to which an
allocation is made under paragraph (1) shall reallocate such
allocation among the counties and large municipalities (as
defined in subsection (a)(3)(B)) in such State in the
proportion that each such county's or municipality's 2009
unemployment number bears to the aggregate of the 2009
unemployment numbers for all the counties and large
municipalities (as so defined) in such State.
``(B) 2010 allocation reduced by amount of previous
allocation.--Each State shall reduce (but not below zero)--
``(i) the amount of the 2010 national recovery zone
economic development bond limitation allocated to each county
or large municipality (as so defined) in such State by the
amount of the national recovery zone economic development
bond limitation allocated to such county or large
municipality under subsection (a)(3)(A) (determined without
regard to any waiver thereof), and
``(ii) the amount of the 2010 national recovery zone
facility bond limitation allocated to each county or large
municipality (as so defined) in such State by the amount of
the national recovery zone facility bond limitation allocated
to such county or large municipality under subsection
(a)(3)(A) (determined without regard to any waiver thereof).
``(C) Waiver of suballocations.--A county or municipality
may waive any portion of an allocation made under this
paragraph. A county or municipality shall be treated as
having waived any portion of an allocation made under this
paragraph which has not been allocated to a bond issued
before May 1, 2011. Any allocation waived (or treated as
waived) under this subparagraph may be used or reallocated by
the State.
``(D) Special rule for a municipality in a county.--In the
case of any large municipality any portion of which is in a
county, such portion shall be treated as part of such
municipality and not part of such county.
``(4) 2009 unemployment number.--For purposes of this
subsection, the term `2009 unemployment number' means, with
respect to any State, county or municipality, the number of
individuals in such State, county, or municipality who were
determined to be unemployed by the Bureau of Labor Statistics
for December 2009.
``(5) 2010 national limitations.--
``(A) Recovery zone economic development bonds.--The 2010
national recovery zone economic development bond limitation
is $10,000,000,000. Any allocation of such limitation under
this subsection shall be treated for purposes of section
1400U-2 in the same manner as an allocation of national
recovery zone economic development bond limitation.
``(B) Recovery zone facility bonds.--The 2010 national
recovery zone facility bond limitation is $15,000,000,000.
Any allocation of such limitation under this subsection shall
be treated for purposes of section 1400U-3 in the same manner
as an allocation of national recovery zone facility bond
limitation.''.
(c) Authority of State to Waive Certain 2009 Allocations.--
Subparagraph (A) of section 1400U-1(a)(3) is amended by
adding at the end the following: ``A county or municipality
shall be treated as having waived any portion of an
allocation made under this subparagraph which has not been
allocated to a bond issued before May 1, 2011. Any allocation
waived (or treated as waived) under this subparagraph may be
used or reallocated by the State.''.

TITLE IX--NATIONAL INFRASTRUCTURE BANK

SEC. 901. DEFINITIONS.

In this title, the following definitions shall apply:
(1) Bank.--The term ``Bank'' means the ``National
Infrastructure Bank'' established under section 911.
(2) Board.--The term ``Board'' means the board of directors
of the Bank, established under section 912.
(3) Chairperson; vice chairperson.--The terms
``Chairperson'' and ``Vice Chairperson'' mean the Chairperson
and Vice Chairperson of the Board, respectively.
(4) Financing mechanism.--
(A) In general.--The term ``financing mechanism'' means a
method used by the Bank to pledge the full faith and credit
of the United States to provide money, credit, or other
capital to a qualified infrastructure project.
(B) Inclusions.--The term ``financing mechanism''
includes--
(i) a direct subsidy;
(ii) a general purpose infrastructure bond; and
(iii) a project-based infrastructure bond.
(5) Financing package.--The term ``financing package''
means 1 or more financing

[[Page S8915]]

mechanisms used by the Bank to meet the Federal commitment
for a qualified infrastructure project.
(6) General purpose infrastructure bond.--The term
``general purpose infrastructure bond'' means a bond issued
as part of an issue in accordance with this title, 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 any qualified infrastructure project
or purpose, subject to the rules of the Bank;
(B) the bond is issued by the Bank, is in registered form,
and meets the requirements of this title 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.
(7) Infrastructure project.--The term ``infrastructure
project'' means the building, improvement, or increase in
capacity of a basic installation, facility, asset, or stock
that is associated with--
(A) a mass transit system;
(B) a road or bridge; or
(C) a drinking water system or a wastewater system.
(8) Project-based infrastructure bond.--The term ``project-
based infrastructure bond'' means any bond issued as part of
an issue, if--
(A) the net spendable proceeds from the sale of the issue
are to be used for expenditures incurred after the date of
issuance only with respect to the qualified infrastructure
project for which the bond is issued;
(B) the bond is issued by the Bank, meets the requirements
of section 149(a) of title 26, United States Code, for
registration, and otherwise meets the requirements of this
title and other applicable law;
(C) the term of each bond which is part of the issue is
equal to the useful life of the qualified infrastructure
project funded through use of the bond; and
(D) the payment of principal with respect to the bond is
the obligation of the Bank.
(9) Public sponsor.--The term ``public sponsor'' includes a
State or local government, an Indian tribe (as defined in
section 4 of the Indian Self-Determination and Education
Assistance Act (25 U.S.C. 450b), a public transit agency,
public housing agency, a public infrastructure agency, or a
consortium of those entities, including a public entity that
has partnered with a private nonprofit or for-profit entity.
(10) Qualified infrastructure project.--The term
``qualified infrastructure project'' means an infrastructure
project designated by the Board as a qualified infrastructure
project in accordance with section 922.

SEC. 902. APPROPRIATIONS.

Until such time as the Bank has received funds from the
issuance of bonds sufficient to carry out this title and the
administration of the Bank, there are authorized to be
appropriated and are hereby appropriated to the Bank,
$6,000,000,000, to remain available until expended.

Subtitle A--National Infrastructure Bank

SEC. 911. ESTABLISHMENT OF BANK.

There is established the ``National Infrastructure Bank'',
which shall be an independent establishment of the Federal
Government, as defined in section 104 of title 5, United
States Code.

SEC. 912. MANAGEMENT OF BANK.

(a) Board of Directors.--
(1) In general.--The management of the Bank shall be vested
in a Board of Directors consisting of 5 members, appointed by
the President, by and with the advice and consent of the
Senate, from among individuals who are citizens of the United
States.
(2) Member expertise.--Not fewer than 1 member of the Board
shall have demonstrated expertise in--
(A) transit infrastructure;
(B) road and bridge infrastructure;
(C) water infrastructure; or
(D) public finance.
(3) Political affiliation.--Section 2(a)(2) of the Federal
Deposit Insurance Act (12 U.S.C. 1812(a)(2) shall apply to
members of the Board of Directors of the Bank in the same
manner as it applies to the Board of Directors of the Federal
Deposit Insurance Corporation.
(4) Meetings.--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.
(5) Date of appointments.--The initial nominations to the
Board shall be made not later than 60 days after the date of
enactment of this Act.
(b) Chairperson and Vice Chairperson.--The Chairperson and
Vice Chairperson of the Board shall be appointed and shall
serve in the same manner as is provided for members of the
Federal Deposit Insurance Corporation under section 2(b) of
the Federal Deposit Insurance Act (12 U.S.C. 1812(b)).
(c) Terms.--
(1) Appointed members.--Except as provided in paragraph
(2), each member of the Board 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 a term of 6 years;
(B) 1 member shall be appointed for a term of 5 years;
(C) 1 member shall be appointed for a term of 4 years; and
(D) 1 member shall be appointed for a term of 3 years.
(3) Interim appointments.--Any member of the Board
appointed to fill a vacancy occurring before the expiration
of the term for which the predecessor of such member was
appointed shall be appointed only for the remainder of such
term.
(4) Continuation of service.--The Chairperson, Vice
Chairperson, and each other member of the Board may continue
to serve after the expiration of the term of office to which
such member was appointed, until a successor has been
appointed.
(d) Vacancy.--Any vacancy on the Board shall be filled in
the manner in which the original appointment was made.
(e) Ineligibility for Other Offices.--
(1) Restriction during service.--No member of the Board
may, during service on the Board--
(A) be an officer or director of, or otherwise be employed
by, any entity engaged in or otherwise associated with an
infrastructure project assisted or considered under this
title;
(B) hold stock in any such entity; or
(C) hold any other elected or appointed public office.
(2) Post service restriction.--
(A) In general.--No member of the Board may hold any
office, position, or employment in any entity engaged in or
otherwise associated with an infrastructure project assisted
under this title during the 2-year period beginning on the
date on which such member ceases to serve on the Board.
(B) Exception for members who serve full term.--The
limitation contained in subparagraph (A) does not apply to
any member who has ceased to serve on the Board after serving
the full term for which such member was appointed.
(3) Certification.--Upon taking office, each member of the
Board shall certify under oath that such member has complied
with this subsection, and such certification shall be filed
with the secretary of the Board.

SEC. 913. STAFF AND PERSONNEL MATTERS.

(a) Executive Director.--
(1) In general.--The Chairperson may appoint and terminate,
and fix the compensation of, an executive director of the
Bank, in accordance with title 5, United States Code.
(2) Confirmation of executive director.--The employment of
an executive director shall be subject to confirmation by the
Board.
(3) Qualifications of executive director.--An individual
appointed as the executive director under paragraph (1) shall
have demonstrated expertise in--
(A) transit infrastructure;
(B) road and bridge infrastructure;
(C) water infrastructure; or
(D) public finance.
(b) Other Personnel.--The Board may appoint and terminate,
and fix the compensation of, in accordance with title 5,
United States Code, such personnel as are necessary to enable
the Bank to perform the duties of the Bank.
(c) Inspector General.--
(1) In general.--Section 11 of the Inspector General Act of
1978 (5 U.S.C. App.) is amended--
(A) in paragraph (1), by inserting ``the Chairperson of the
National Infrastructure Bank;'' after ``the Chairperson of
the Federal Deposit Insurance Corporation;''; and
(B) in paragraph (2), by inserting ``the National
Infrastructure Bank;'' after ``the Federal Deposit Insurance
Corporation;''.
(2) Executive schedule level iv.--Section 5315 of title 5,
United States Code, is amended by inserting after the item
relating to the Inspector General of the Federal Deposit
Insurance Corporation, the following:
``Inspector General, National Infrastructure Bank.''.
(d) Support From Other Agencies.--The head of any other
Federal agency may detail employees to the Bank for purposes
of carrying out the duties of the Bank.
(e) Compensation of Board Members.--
(1) Chairperson.--Section 5314 of title 5, United States
Code, is amended by inserting after the item relating to the
Chairman of the Board of Directors of the Federal Deposit
Insurance Corporation, the following:
``Chairperson, Board of Directors, National Infrastructure
Bank.''.
(2) Other members.--Section 5315 of title 5, United States
Code, is amended by inserting after the item relating to the
Inspector General of the Federal Deposit Insurance
Corporation, the following:
``Member, Board of Directors of the National Infrastructure
Bank.''.

Subtitle B--Powers and Duties of the Bank

SEC. 921. POWERS OF THE BANK BOARD.

(a) Hearings.--The Board may, in carrying out this title--
(1) hold such hearings, meet and act at such times and
places, take such testimony, receive such evidence, and
administer such oaths, as the Board considers advisable; and
(2) require, by subpoena or otherwise, the attendance and
testimony of such witnesses and the production of such books,
records, correspondence, memoranda, papers, documents, tapes,
and materials, as the Board considers advisable.
(b) Issuance and Enforcement of Subpoenas.--
(1) Issuance.--A subpoena issued under subsection (a)
shall--
(A) bear the signature of the Chairperson and a majority of
the members of the Board; and
(B) be served by any person or class of persons designated
by the Chairperson for that purpose.

[[Page S8916]]

(2) Enforcement.--In the case of contumacy or failure to
obey a subpoena issued under subsection (a)(2), the United
States district court for the district in which the
subpoenaed person resides, is served, or may be found may
issue an order requiring the person to appear at any
designated place to testify or to produce documentary or
other evidence.
(3) Noncompliance.--Any failure to obey the order of the
court may be punished by the court as a contempt of court.
(c) Witness Allowances and Fees.--
(1) In general.--Section 1821 of title 28, United States
Code, shall apply to a witness requested or subpoenaed to
appear at a hearing of the Board.
(2) Expenses.--The per diem and mileage allowances for a
witness shall be paid from funds available to pay the
expenses of the Board.
(d) Information From Federal Agencies.--The Board may, upon
request, secure directly from a Federal agency, such
information as the Board considers necessary to carry out
this title, and the head of such agency shall promptly
respond to any such request for the provision of information.
(e) Incorporation of Federal Transit Processes for Board
Statements.--Section 5334(l) of title 49, United States Code,
as added by section 3032 of the Federal Public Transportation
Act of 2005 (Public Law 109-59, 119 Stat. 1627), shall apply
to statements of the Board in the same manner and to the same
extent as that section applies to statements of the
Administrator of the Federal Transit Administration.

SEC. 922. QUALIFIED INFRASTRUCTURE PROJECT RATINGS.

(a) In General.--Beginning on and after January 1, 2012,
the Bank shall, upon application and otherwise in accordance
with this section, designate infrastructure projects as
qualified projects for purposes of assistance under this
title.
(b) Applicants.--The Bank shall accept applications for the
designation of qualified infrastructure projects under this
section from among public sponsors, for any infrastructure
project having--
(1) a potential Federal commitment of an amount that is not
less than $25,000,000;
(2) a public sponsor; and
(3) regional or national significance.
(c) Guidelines for Developing Projects.--The Secretary
shall establish guidelines to assist grant recipients under
this title to develop applications for funding under this
section.
(d) Ratings.--In making a determination as to a designation
of a qualified infrastructure project, the Board shall
evaluate and rate each applicant based on the factors
appropriate for that type of infrastructure project, which
shall include--
(1) for any transit project--
(A) regional or national significance;
(B) promotion of economic growth;
(C) reduction in traffic congestion;
(D) environmental benefits, including reduction in
pollution from reduced use of automobiles from direct trip
reduction and indirect trip reduction through land use and
density changes;
(E) urban land use policies, including those that promote
smart growth; and
(F) mobility improvements;
(2) for any highway, bridge, or road project--
(A) regional or national significance;
(B) promotion of economic growth;
(C) reduction in traffic congestion;
(D) environmental improvement;
(E) urban land use policies, including those that promote
smart growth; and
(F) mobility improvements; and
(3) for any water project--
(A) regional or national significance;
(B) promotion of economic growth;
(C) health benefits from the associated projects, including
health care cost reduction due to removal of pollutants; and
(D) environmental benefits.
(e) Determination Among Projects of Different
Infrastructure Types.--The Bank shall establish, by rule,
comprehensive criteria for allocating qualified status among
different types of infrastructure projects for purposes of
this title--
(1) including--
(A) a full view of the project benefits, as compared to
project costs;
(B) a preference for projects that have national or
substantial regional impact;
(C) a preference for projects which leverage private
financing, including public-private partnerships, for either
the explicit cost of the project or for enhancements which
increase the benefits of the project;
(D) an understanding of the importance of balanced
investment in various types of infrastructure, as emphasized
in the current allocation of Federal resources between modes;
and
(E) an understanding of the importance of diverse
investment in infrastructure in all regions of the country;
and
(2) that do not eliminate any project based on size, but
rather allow for selection of the projects that are most
meritorious.
(f) Process and Personnel for Creating Ratings Process.--
(1) In general.--The ratings processes described in this
section shall be subject to Federal notice and rulemaking
procedures.
(2) Participation by other agency personnel.--The ratings,
and development of the ratings process, shall be conducted by
personnel on detail to the Bank from the Department of
Transportation, the United States Army Corps of Engineers,
and other relevant departments and agencies from among
individuals who are familiar with and experienced in the
selection criteria for competitive projects. The Bank shall
reimburse those departments and agencies for the staff which
are on detail to the Bank.
(g) Compliance With Other Applicable Law.--Projects
receiving financial assistance from the Bank under this
section shall comply with applicable provisions of Federal
law and regulations, including--
(1) for transit, requirements that would apply to a project
receiving funding under section 5307 of title 49, United
States Code;
(2) for roads and bridges, requirements that would apply to
a project that receives funds apportioned under section
104(b)(3) of title 23, United States Code; and
(3) for water, requirements that would apply to a project
that receives funds through a grant or loan under--
(A) section 103 of the Housing and Community Development
Act of 1974 (42 U.S.C. 5303);
(B) section 1452 of the Public Health Service Act (42
U.S.C. 300j-12); or
(C) section 601 of the Federal Water Pollution Control Act
(33 U.S.C. 1381), as that section applied before the
beginning of fiscal year 1995.
(h) Authority To Determine Funding.--Notwithstanding any
other provision of law, the Bank shall determine the
appropriate Federal share of funds for each project described
in subsection (g) for purposes of this title.

SEC. 923. DEVELOPMENT OF FINANCING PACKAGE.

(a) In General.--Not later than 60 days after the date on
which the Board determines appropriate financing packages for
qualified infrastructure projects under section 922, the
Board shall notify the Committee on Banking, Housing, and
Urban Affairs of the Senate.
(b) Financing Packages.--The Board is authorized--
(1) to act as a centralized entity to provide financing for
qualified infrastructure projects;
(2) to issue general purpose infrastructure bonds, and to
provide direct subsidies to qualified infrastructure projects
from amounts made available from the issuance of such bonds;
(3) to issue project-based infrastructure bonds for the
financing of specific qualified infrastructure projects;
(4) to provide loan guarantees to State or local
governments issuing debt to finance qualified infrastructure
projects, under rules prescribed by the Board, in a manner
similar to that described in chapter 6 of title 23, United
States Code;
(5) to issue loans, at varying interest rates, including
very low interest rates, to qualified project sponsors for
qualified projects;
(6) to leverage resources and stimulate public and private
investment in infrastructure; and
(7) to encourage States to create additional opportunities
for the financing of infrastructure projects.
(c) General Purpose and Infrastructure Bonds.--General
purpose and project-based infrastructure bonds issued by the
Bank under this title shall be subject to such terms and
limitations as may be established by rules of the Bank, in
consultation with the Secretary of the Treasury.
(d) Bond Obligation Limit.--The aggregate outstanding
amount of all bonds authorized to be issued under this title
may not exceed $60,000,000,000.
(e) Full Faith and Credit.--Any obligation issued by the
Bank under this title shall be an obligation supported by the
full faith and credit of the United States.
(f) Limitation on Funds From Bond Issuance.--Not more than
1 percent of funds resulting from the issuance of bonds under
this title may be used to fund the operations of the Bank.

SEC. 924. COUPON NOTES FOR HOLDERS OF INFRASTRUCTURE BONDS.

(a) Issuance of Coupon Notes.--Under regulations prescribed
by the Bank, in consultation with the Secretary of the
Treasury, there may be a separation (including at issuance)
of the ownership of an infrastructure bond and the
entitlement to the interest with respect to such bond (in
this section referred to as a ``coupon note''). In case of
any such separation, such interest shall be allowed to the
person who on the payment date holds the instrument
evidencing the entitlement to the interest, and not to the
holder of the bond.
(b) Redemption of Coupon Notes.--A coupon note may be used
by the owner thereof for the purpose of making any payment to
the Federal Government, and shall be accepted for such
purpose by the Secretary of the Treasury, subject to rules
issued by the Bank, in consultation with the Secretary of the
Treasury.

SEC. 925. EXEMPTION FROM LOCAL TAXATION.

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

Subtitle C--Studies and Reports

SEC. 931. REPORT; DATABASE.

(a) Report.--Not later than 1 year after the date of
enactment of this Act, and annually thereafter, the Board
shall submit to the Committee on Banking, Housing, and Urban
Affairs of the Senate a report describing the activities of
the Board, for the fiscal year covered by the report,
relating to--

[[Page S8917]]

(1) the evaluations of qualified infrastructure projects
under section 922; and
(2) the financing packages of qualified infrastructure
projects under section 1023.
(b) Database.--The Bank shall develop, maintain, and update
a publicly-accessible database that contains--
(1) a description of each qualified infrastructure project
that receives funding from the Bank under this title--
(A) by project mode or modes;
(B) by project location;
(C) by project sponsor or sponsors; and
(D) by project total cost;
(2) the amount of funding that each qualified
infrastructure project receives from the Bank under this
title; and
(3) the form of financing that each qualified
infrastructure project receives from the Bank under section
923.

SEC. 932. STUDY AND REPORT ON INFRASTRUCTURE FINANCING
MECHANISMS.

(a) In General.--Not later than 2 years after the date of
enactment of this Act, and every 3 years thereafter, the
Board shall conduct a study evaluating the effectiveness of
each Federal financing mechanism that is used to support an
infrastructure system of the United States.
(b) Requirements.--A study conducted under subsection (a)
shall--
(1) evaluate the economic efficacy and transparency of each
financing mechanism used by--
(A) the Bank to fund qualified infrastructure projects; and
(B) each agency and department of the Federal Government to
support infrastructure systems, including--
(i) infrastructure formula funding;
(ii) user fees; and
(iii) modal taxes; and
(2) contain recommendations for improving each funding
mechanism evaluated under subparagraphs (A) and (B) of
paragraph (1) to increase the economic efficacy and
transparency of the Bank, and each agency and department of
the Federal Government, to finance infrastructure projects in
the United States.
(c) Report.--Not later than 30 days after the date on which
the Board completes the study conducted under subsection (a),
the Board shall submit to the Committee on Banking, Housing,
and Urban Affairs of the Senate, a report containing each
evaluation and recommendation contained in the study.

SEC. 933. GAO REPORT.

Not later than 5 years after the date of enactment of this
Act, the Comptroller General of the United States shall
submit to the Committee on Banking, Housing, and Urban
Affairs of the Senate, a report evaluating the activities of
the Bank for the fiscal years covered by the report,
including--
(1) the evaluations of qualified infrastructure projects
under section 922; and
(2) the financing packages of qualified infrastructure
projects under section 923.

TITLE X--EXTENSION OF TRADE PROGRAMS

Subtitle A--Trust Funds

SEC. 1001. MODIFICATION OF WOOL APPAREL MANUFACTURERS TRUST
FUND.

(a) In General.--Section 4002(c)(2)(A) of the Miscellaneous
Trade and Technical Corrections Act of 2004 (Public Law 108-
429; 118 Stat. 2600) is amended by striking ``chapter 51''
and inserting ``chapter 62''.
(b) Full Restoration of Payment Levels in Calendar Year
2010.--
(1) Transfer of amounts.--
(A) In general.--Not later than 30 days after the date of
the enactment of this Act, the Secretary of the Treasury
shall transfer to the Wool Apparel Manufacturers Trust Fund,
out of the general fund of the Treasury of the United States,
amounts determined by the Secretary of the Treasury to be
equivalent to amounts received in the general fund that are
attributable to the duty received on articles classified
under chapter 62 of the Harmonized Tariff Schedule of the
United States, subject to the limitation in subparagraph (B).
(B) Limitation.--The Secretary of the Treasury shall not
transfer more than the amount determined by the Secretary to
be necessary for--
(i) U.S. Customs and Border Protection to make payments to
eligible manufacturers under section 4002(c)(3) of the
Miscellaneous Trade and Technical Corrections Act of 2004 so
that the amount of such payments, when added to any other
payments made to eligible manufacturers under section
4002(c)(3) of such Act for calendar year 2010, equal the
total amount of payments authorized to be provided to
eligible manufacturers under section 4002(c)(3) of such Act
for calendar year 2010; and
(ii) the Secretary of Commerce to provide grants to
eligible manufacturers under section 4002(c)(6) of the
Miscellaneous Trade and Technical Corrections Act of 2004 so
that the amounts of such grants, when added to any other
grants made to eligible manufacturers under section
4002(c)(6) of such Act for calendar year 2010, equal the
total amount of grants authorized to be provided to eligible
manufacturers under section 4002(c)(6) of such Act for
calendar year 2010.
(2) Payment of amounts.--U.S. Customs and Border Protection
shall make payments described in paragraph (1) to eligible
manufacturers not later than 30 days after such transfer of
amounts from the general fund of the Treasury of the United
States to the Wool Apparel Manufacturers Trust Fund. The
Secretary of Commerce shall promptly provide grants described
in paragraph (1) to eligible manufacturers after such
transfer of amounts from the general fund of the Treasury of
the United States to the Wool Apparel Manufacturers Trust
Fund.
(c) Rule of Construction.--The amendment made by subsection
(a) shall not be construed to affect the availability of
amounts transferred to the Wool Apparel Manufacturers Trust
Fund before the date of the enactment of this Act.

SEC. 1002. EXTENSIONS OF DUTY SUSPENSIONS ON COTTON SHIRTING
FABRICS AND RELATED PROVISIONS.

(a) Extensions.--Each of the following headings of the
Harmonized Tariff Schedule of the United States is amended by
striking the date in the effective date column and inserting
``12/31/2013'':
(1) Heading 9902.52.08 (relating to woven fabrics of
cotton).
(2) Heading 9902.52.09 (relating to woven fabrics of
cotton).
(3) Heading 9902.52.10 (relating to woven fabrics of
cotton).
(4) Heading 9902.52.11 (relating to woven fabrics of
cotton).
(5) Heading 9902.52.12 (relating to woven fabrics of
cotton).
(6) Heading 9902.52.13 (relating to woven fabrics of
cotton).
(7) Heading 9902.52.14 (relating to woven fabrics of
cotton).
(8) Heading 9902.52.15 (relating to woven fabrics of
cotton).
(9) Heading 9902.52.16 (relating to woven fabrics of
cotton).
(10) Heading 9902.52.17 (relating to woven fabrics of
cotton).
(11) Heading 9902.52.18 (relating to woven fabrics of
cotton).
(12) Heading 9902.52.19 (relating to woven fabrics of
cotton).
(13) Heading 9902.52.20 (relating to woven fabrics of
cotton).
(14) Heading 9902.52.21 (relating to woven fabrics of
cotton).
(15) Heading 9902.52.22 (relating to woven fabrics of
cotton).
(16) Heading 9902.52.23 (relating to woven fabrics of
cotton).
(17) Heading 9902.52.24 (relating to woven fabrics of
cotton).
(18) Heading 9902.52.25 (relating to woven fabrics of
cotton).
(19) Heading 9902.52.26 (relating to woven fabrics of
cotton).
(20) Heading 9902.52.27 (relating to woven fabrics of
cotton).
(21) Heading 9902.52.28 (relating to woven fabrics of
cotton).
(22) Heading 9902.52.29 (relating to woven fabrics of
cotton).
(23) Heading 9902.52.30 (relating to woven fabrics of
cotton).
(24) Heading 9902.52.31 (relating to woven fabrics of
cotton).
(b) Extension of Duty Refunds and Pima Cotton Trust Fund;
Modification of Affidavit Requirements.--Section 407 of title
IV of division C of the Tax Relief and Health Care Act of
2006 (Public Law 109-432; 120 Stat. 3060) is amended--
(1) in subsection (b)--
(A) in paragraph (1), by striking ``amounts determined by
the Secretary'' and all that follows through ``5208.59.80''
and inserting ``amounts received in the general fund that are
attributable to duties received since January 1, 2004, on
articles classified under heading 5208''; and
(B) in paragraph (2), by striking ``October 1, 2008'' and
inserting ``December 31, 2013'';
(2) in subsection (d)--
(A) in the matter preceding paragraph (1), by inserting
``annually'' after ``provided''; and
(B) in paragraph (1), by inserting ``during the year in
which the affidavit is filed and'' after ``imported cotton
fabric''; and
(3) in subsection (f)--
(A) in the matter preceding paragraph (1), by inserting
``annually'' after ``provided''; and
(B) in paragraph (1), by inserting ``during the year in
which the affidavit is filed and'' after ``United States''.
(c) Effective Date.--The amendments made by this section
shall take effect on the date of the enactment of this Act
and apply with respect to affidavits filed on or after such
date of enactment.

Subtitle B--Extension of Trade Adjustment Assistance

SEC. 1011. EXTENSION OF TRADE ADJUSTMENT ASSISTANCE.

(a) In General.--Section 1893(a) of the Trade and
Globalization Adjustment Assistance Act of 2009 (Public Law
111-5; 123 Stat. 422) is amended by striking ``2011'' each
place it appears and inserting ``2012''.
(b) Application of Prior Law.--Section 1893(b) of the Trade
and Globalization Adjustment Assistance Act of 2009 (Public
Law 111-5; 123 Stat. 422 (19 U.S.C. 2271 note prec.)) is
amended to read as follows:
``(b) Application of Prior Law.--Chapters 2, 3, 4, 5, and 6
of title II of the Trade Act of 1974 (19 U.S.C. 2271 et seq.)
shall be applied and administered beginning January 1, 2012,
as if the amendments made by this subtitle (other than part
VI) had never been enacted, except that in applying and
administering such chapters--
``(1) section 245 of that Act shall be applied and
administered by substituting `2012' for `2007';
``(2) section 246(b)(1) of that Act shall be applied and
administered by substituting `December 31, 2012' for `the
date that is 5 years' and all that follows through `State';
``(3) section 256(b) of that Act shall be applied and
administered by substituting `the

[[Page S8918]]

1-year period beginning January 1, 2012' for `each of fiscal
years 2003 through 2007, and $4,000,000 for the 3-month
period beginning on October 1, 2007';
``(4) section 298(a) of that Act shall be applied and
administered by substituting `the 1-year period beginning
January 1, 2012' for `each of the fiscal years' and all that
follows through `October 1, 2007'; and
``(5) subject to subsection (a)(2), section 285 of that Act
shall be applied and administered--
``(A) in subsection (a), by substituting `2012' for `2007'
each place it appears; and
``(B) by applying and administering subsection (b) as if it
read as follows:
`` `(b) Other Assistance.--
`` `(1) Assistance for firms.--
`` `(A) In general.--Except as provided in subparagraph
(B), assistance may not be provided under chapter 3 after
December 31, 2012.
`` `(B) Exception.--Notwithstanding subparagraph (A), any
assistance approved under chapter 3 on or before December 31,
2012, may be provided--
`` `(i) to the extent funds are available pursuant to such
chapter for such purpose; and
`` `(ii) to the extent the recipient of the assistance is
otherwise eligible to receive such assistance.
`` `(2) Farmers.--
`` `(A) In general.--Except as provided in subparagraph
(B), assistance may not be provided under chapter 6 after
December 31, 2012.
`` `(B) Exception.--Notwithstanding subparagraph (A), any
assistance approved under chapter 6 on or before December 31,
2012, may be provided--
`` `(i) to the extent funds are available pursuant to such
chapter for such purpose; and
`` `(ii) to the extent the recipient of the assistance is
otherwise eligible to receive such assistance.'.''.
(c) Conforming Amendments.--
(1) Section 236(a)(2)(A) of the Trade Act of 1974 (19
U.S.C. 2296(a)(2)(A)) is amended to read as follows:
``(2)(A) The total amount of payments that may be made
under paragraph (1) shall not exceed--
``(i) $575,000,000 for fiscal year 2011; and
``(ii) $143,750,000 for the period beginning October 1,
2011, and ending December 31, 2011.''.
(2) Section 245(a) of the Trade Act of 1974 (19 U.S.C.
2317(a)) is amended by striking ``2010'' and inserting
``2011''.
(3) Section 246(b)(1) of the Trade Act of 1974 (19 U.S.C.
2318(b)(1)) is amended by striking ``2010'' and inserting
``2011''.
(4) Section 255(a) of the Trade Act of 1974 (19 U.S.C.
2345(a)) is amended to read as follows:
``(a) In General.--
``(1) Authorization.--There are authorized to be
appropriated to the Secretary to carry out the provisions of
this chapter--
``(A) $50,000,000 for fiscal year 2011; and
``(B) $12,501,000 for the period beginning October 1, 2011,
and ending December 31, 2011.
``(2) Availability of appropriations.--Amounts appropriated
pursuant to this subsection shall remain available until
expended.''.
(5) Section 275(f) of the Trade Act of 1974 (19 U.S.C.
2371d(f)) is amended by striking ``2011'' and inserting
``2012''.
(6) Section 276(c)(2) of the Trade Act of 1974 (19 U.S.C.
2371e(c)(2)) is amended to read as follows:
``(2) Funds to be used.--Of the funds appropriated pursuant
to section 277(c), the Secretary may make available, to
provide grants to eligible communities under paragraph (1),
not more than--
``(A) $25,000,000 for fiscal year 2011; and
``(B) $6,250,000 for the period beginning October 1, 2011,
and ending December 31, 2011.''.
(7) Section 277(c) of the Trade Act of 1974 (19 U.S.C.
2371f(c)) is amended--
(A) by amending paragraph (1) to read as follows:
``(1) In general.--There are authorized to be appropriated
to the Secretary to carry out this subchapter--
``(A) $150,000,000 for fiscal year 2011; and
``(B) $37,500,000 for the period beginning October 1, 2011,
and ending December 31, 2011.''; and
(B) by striking paragraph (2) and redesignating paragraph
(3) as paragraph (2).
(8) Section 278(e) of the Trade Act of 1974 (19 U.S.C.
2372(e)) is amended by striking ``2011'' and inserting
``2012''.
(9) Section 279A(h)(2) of the Trade Act of 1974 (19 U.S.C.
2373(h)(2)) is amended by striking ``2011'' and inserting
``2012''.
(10) Section 279B(a) of the Trade Act of 1974 (19 U.S.C.
2373a(a)) is amended to read as follows:
``(a) In General.--
``(1) Authorization.--There are authorized to be
appropriated to the Secretary of Labor to carry out the
Sector Partnership Grant program under section 279A--
``(A) $40,000,000 for fiscal year 2011; and
``(B) $10,000,000 for the period beginning October 1, 2011,
and ending December 31, 2011.
``(2) Availability of appropriations.--Funds appropriated
pursuant to this section shall remain available until
expended.''.
(11) Section 285 of the Trade Act of 1974 (19 U.S.C. 2271
note) is amended--
(A) by striking ``2010'' each place it appears and
inserting ``2011''; and
(B) in subsection (a)(2)(A), by inserting ``pursuant to
petitions filed under section 221 before January 1, 2012''
after ``title''.
(12) Section 298(a) of the Trade Act of 1974 (19 U.S.C.
2401g(a)) is amended by striking ``for each of the fiscal
years 2009 and 2010, and $22,500,000 for the period beginning
October 1, 2010, and ending December 31, 2010'' and inserting
``for the 1-year period beginning January 1, 2011''.
(13) The table of contents for the Trade Act of 1974 is
amended by striking the item relating to section 235 and
inserting the following:

``Sec. 235. Employment and case management services.''.

(d) Effective Date.--The amendments made by this section
shall take effect on January 1, 2011.

TITLE XI--EMERGENCY SENIOR CITIZENS RELIEF ACT

SEC. 1101. SHORT TITLE.

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

SEC. 1102. 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)--
(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
payable 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 the 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

[[Page S8919]]

(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 1102(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
1102(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 XII--TANF EMERGENCY FUND

SEC. 1201. EXTENSION OF TANF EMERGENCY FUND.

(a) In General.--Effective as if included in the enactment
of Public Law 111-5, section 403(c) of the Social Security
Act (42 U.S.C. 603(c)) is amended--
(1) in paragraph (2)--
(A) in subparagraph (A), by inserting ``, and for fiscal
year 2011, $1,500,000,000'' before ``for payment'';
(B) in subparagraph (B)--
(i) by inserting ``for fiscal year 2009'' after ``under
subparagraph (A)'';
(ii) by inserting ``and the amounts appropriated under such
subparagraph for fiscal year 2011 shall remain available only
through fiscal year 2011'' after ``fiscal year 2010''; and
(iii) by striking ``and 2010'' and inserting ``, 2010, and
2011'';
(C) in subparagraph (C), by striking ``2010'' and inserting
``2011'';
(2) in paragraph (3)--
(A) in subparagraph (A)(i), in the matter preceding
subclause (I), by striking ``or 2010'' and inserting ``,
2010, or 2011'';
(B) in subparagraph (B)(i), in the matter preceding
subclause (I), by striking ``or 2010'' and inserting ``,
2010, or 2011'';
(C) subparagraph (C)(i), in the matter preceding subclause
(I), by striking ``or 2010'' and inserting ``, 2010, or
2011'';
(3) in paragraph (5), by striking ``and 2010'' and
inserting ``, 2010, and 2011''; and
(4) in paragraph (9)(B)(i), by striking ``or 2008'' and
inserting ``, 2008, or 2009''.
(b) Conforming Amendments.--Effective as if included in the
enactment of Public Law 111-5, section 2101 of Public Law
111-5 is amended--
(1) in subsection (a)(2)--
(A) by striking ``2010'' and inserting ``2011''; and
(B) by striking the comma after ``repealed'' and all that
follows through the period and inserting a period; and
(2) in subsection (d)(1), by striking ``2010'' and
inserting ``2011''.
(c) Administration.--Section 403(c) of the Social Security
Act (42 U.S.C. 603(c)) and section 2101 of Public Law 111-5
shall be applied and administered--
(1) as if the repeals made under subsections (a)(2) and
(d)(1) of such section 2101 (as in effect on the day before
the date of enactment of this Act) had never taken effect;
and
(2) notwithstanding section 811(a) of Public Law 111-291,
in accordance with the amendments made by this section for
fiscal year 2011.

TITLE XIII--BUDGETARY PROVISIONS

SEC. 1301. 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. 1302. 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.
______