Seven Point Plan for Growing Jobs Act

In general

Section 202 of the Public Works and Economic Development Act of 1965 (42 U.S.C. 3142) is amended—

Department of Labor job training programs

The Secretary shall review job training programs carried out or supported by the Department of Labor, and identify ways to increase efficiency and reduce duplicative and unnecessary processes and activities in those programs. In particular, the Secretary shall examine ways to reduce paperwork and bureaucratic restrictions with respect to those programs.

Job training programs generally

In addition, the Secretary shall review and identify ways in which the Secretary can provide financial assistance, in a cost-effective manner, to workers to enable the workers to participate in short-term job training programs.

to carry out a research, development, and demonstration program to facilitate the deployment of a wind energy program in deep offshore waters of the United States;

to improve the energy efficiency, reliability, and capacity of offshore wind turbines; and

to reduce the cost of manufacturing, construction, deployment, generation, and maintenance of offshore wind energy systems.

the design, demonstration, and deployment of advanced wind turbine foundations and support structures, blades, turbine systems, components, and supporting land- and water-based infrastructure for application in deep offshore water;

the full-scale testing and establishment of regional demonstrations of deep offshore water wind components and systems to validate technology and performance issues relating to the components;

for inclusion in a publically accessible database, assessments of the deep offshore water wind resources of the United States, including—

the design, demonstration, and deployment of integrated sensors, actuators, and advanced materials (including composite materials);

advanced blade manufacturing activity (including automation, materials, and the assembly of large-scale components) to stimulate the development of the blade manufacturing capacity of the United States;

methods to assess and mitigate the effects of wind energy systems on marine ecosystems and marine industries; and

other research areas, as determined to be appropriate by the Secretary.

agree to cover transitional depth and deep offshore water technologies to complement the activities of a national offshore wind center;

agree to host an offshore wind energy research and development program funded by the Department of Energy in coordination with an engineering program of the institution of higher education;

employ individuals who have proven expertise relating to the development of novel materials for commercial applications; and

have access to, and use the resources of—

to focus on deepwater floating offshore wind energy technologies; and

to facilitate the conduct of initiatives to advance 1 or more activities described in section 202(b).

Employers

Section 601(a) of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 is amended by striking and at the end of paragraph (1), by striking the period at the end of paragraph (2), and by adding at the end the following new paragraph:

Self-employed individuals

Section 601(a)(1) of such Act is amended by inserting (8.40 percent in the case of self-employment income not to exceed $50,000) after 10.40 percent.

Section 601 of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 is amended by striking subsection (b).

Section 601(e)(2) of such Act is amended by striking subsection (a)(2) and inserting paragraphs (2) and (3) of subsection (a).

The headings for title VI and section 601 of such Act are each amended by striking employee.

In general

The amendments made by this section shall apply to wages paid and self-employment income earned after December 31, 2010.

Special transition rule

by striking placed in service before January 1, 2012 in clauses (iv) and (v), and

by striking placed in service after December 31, 2008, and before January 1, 2012 in clause (ix).

In general

Subparagraph (E) of section 168(e)(3) of the Internal Revenue Code of 1986 is amended by striking and at the end of clause (viii), by striking the period at the end of clause (ix) and inserting , and,, and by adding at the end the following new clause:

Conforming amendments

In general

Paragraph (1) of section 179(b) of the Internal Revenue Code of 1986, as amended by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, is amended by striking shall not exceed— and all that follows and inserting shall not exceed $125,000..

Reduction in Limitation

Paragraph (2) of section 179(b) of such Code, as so amended, is amended by striking exceeds— and all that follows and inserting exceeds $500,000..

Conforming amendment

Subsection (b) of section 179 of such Code, as so amended, is amended by striking paragraph (6).

Computer software

Clause (ii) of section 179(d)(1)(A) of such Code, as so amended, is amended by striking and before 2013.

Revocation of election

Paragraph (2) of section 179(c) of such Code, as so amended, is amended to read as follows:

by striking beginning in 2010 or 2011 in paragraph (1), and

by striking paragraph (4) and inserting the following new paragraph:

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).

Effective date

The amendment made by this subsection shall apply to payments made after December 31, 2010.

In general

Subparagraph (B) of section 41(h)(1) of the Internal Revenue Code of 1986, as amended by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, is amended by striking December 31, 2011 and inserting December 31, 2016.

Conforming amendment

Subparagraph (D) of section 45C(b)(1) of such Code, as so amended, is amended by striking December 31, 2011 and inserting December 31, 2016.

by striking 14 percent (12 percent in the case of taxable years ending before January 1, 2009) in subparagraph (A) and inserting 20 percent (14 percent in the case of taxable years ending before January 1, 2013), and

by striking 6 percent in subparagraph (B)(ii) and inserting 10 percent (7 percent in the case of taxable years ending before January 1, 2013).

the term Administrator means the Administrator of the Office of Information and Regulatory Affairs in the Office of Management and Budget;

the term agency has the same meaning as in section 3502(1) of title 44, United States Code;

the term economically significant guidance document means a significant guidance document that may reasonably be anticipated to lead to an annual effect on the economy of $100,000,000 or more or adversely affect in a material way the economy or a sector of the economy, except that economically significant guidance documents do not include guidance documents on Federal expenditures and receipts;

the term disseminated—

the term guidance document means an agency statement of general applicability and future effect, other than a regulatory action, that sets forth a policy on a statutory, regulatory or technical issue or an interpretation of a statutory or regulatory issue;

the term regulation means an agency statement of general applicability and future effect, which the agency intends to have the force and effect of law, that is designed to implement, interpret, or prescribe law or policy or to describe the procedure or practice requirements of an agency;

the term regulatory action means any substantive action by an agency (normally published in the Federal Register) that promulgates or is expected to lead to the promulgation of a final regulation, including notices of inquiry, advance notices of proposed rulemaking, and notices of proposed rulemaking;

the term significant guidance document—

the term significant regulatory action means any regulatory action that is likely to result in a regulation that may—

an assessment, including the underlying analysis, of benefits anticipated from the significant regulatory action, such as—

to the extent feasible, a quantification of the benefits assessed under paragraph (1);

an assessment, including the underlying analysis, of costs anticipated from the regulatory action, such as—

to the extent feasible, a quantification of the costs assessed under paragraph (3); and

an assessment, including the underlying analysis, of costs and benefits of potentially effective and reasonably feasible alternatives to the planned significant regulatory action, identified by the agency or the public (including improving the current regulation and reasonably viable nonregulatory actions), and an explanation why the planned regulatory action is preferable to the identified potential alternatives.

Agency standards for significant guidance documents

Public access and feedback for significant guidance documents

Notice and public comment for economically significant guidance documents

Emergencies

Effective date

This section shall take effect 60 days after the date of enactment of this Act.

In general

The table contained in section 40(h)(2) of the Internal Revenue Code of 1986 is amended—

Elimination of small ethanol producer credit

Section 40(b)(4)(A) of such Code is amended by inserting (zero after the date of the enactment of the Seven Point Plan for Growing Jobs Act) after 10 cents.

Section 6426(b)(2)(A)(ii) of the Internal Revenue Code of 1986 is amended by inserting (zero after the date of the enactment of the Seven Point Plan for Growing Jobs Act) after 45 cents.

Section 6427(e)(6)(A) of such Code is amended by inserting the date of the enactment the Seven Point Plan for Growing Jobs Act, in the case of any alcohol fuel mixture involving ethanol) after 2011.

by striking heading 9901.00.50; and

by striking U.S. notes 2 and 3.