S.Amdt. 2894

SA 2894. Mr. LEE submitted an amendment intended to be proposed to
amendment SA 2874 proposed by Mr. McConnell to the bill H.R. 3762, to
provide for reconciliation pursuant to section 2002 of the concurrent
resolution on the budget for fiscal year 2016; which was ordered to lie
on the table; as follows:

At the appropriate place, insert the following:

SEC. ____. PAYMENTS IN LIEU OF TAXES.

Section 6903 of title 31, United States Code, is amended--
(1) in subsection (b)(1), in the matter preceding
subparagraph (A), by striking ``A payment'' and inserting
``Except as provided in subsection (e), a payment''; and
(2) by adding at the end the following:
``(e) Alternate Payment.--
``(1) In general.--A unit of general local government may
opt out of the payment calculation that would otherwise apply
under subsection (b)(1), by notifying the Secretary of the
Interior, by the deadline established by the Secretary of the
Interior, of the election of the unit of general local
government to receive an alternate payment amount, as
calculated in accordance with the formula established under
paragraph (2).
``(2) Formula.--As soon as practicable after the date of
enactment of this subsection, the Secretary of the Interior
shall establish an alternate payment formula that is based on
the estimated forgone property taxes, using a fair market
valuation, due to the presence of Federal land within the
unit of general local government without raising new
revenue.''.
______