,i #aacth ,,congress #b;d ,session ,h4 ,r4 #deej ,,in ,,the ,,house ,,of ,,representatives ,may #a1 #bjad ,mr4 ,fitzpatrick introduced the following bill2 which was referred to the ,committee on ,ways and ,means1 and in addition to the ,committees on ,transportation and ,infrastructure1 ,education and the ,workforce1 ,small ,business1 ,energy and ,commerce1 ,financial ,services1 and ,natural ,resources1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to extend the emergency unemployment compensation program1 and to stimulate the economy and create opportunities for new job creation4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,emergency ,unemployment ,compensation ,extension ,act of #bjad4 7b7 ,table of contents ,the table of contents of this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4 ,title ,i--,provisions relating to unemployment compensation ,sec4 #aja4 ,extension of emergency unemployment compensation program4 ,sec4 #ajb4 ,temporary extension of extended benefit provisions4 ,sec4 #ajc4 ,extension of funding for reemployment services and reemployment and eligibility assessment activities4 ,sec4 #ajd4 ,additional extended unemployment benefits under the ,railroad ,unemployment ,insurance ,act4 ,sec4 #aje4 ,flexibility for unemployment program agreements4 ,sec4 #ajf4 ,ending unemployment payments to jobless millionaires and billionaires4 ,sec4 #ajg4 ,,gao study on the use of work suitability requirements in unemployment insurance programs4 ,sec4 #ajh4 ,funding stabilization4 ,sec4 #aji4 ,prepayment of certain ,,pbgc premiums4 ,sec4 #aaj4 ,extension of customs user fees4 ,sec4 #aaa4 ,emergency services1 government1 and certain nonprofit volunteers4 ,title ,,ii--,provisions relating to job creation ,sec4 #bja4 ,treatment of employment assistance voucher programs4 ,sec4 #bjb4 ,disadvantaged business enterprises4 ,sec4 #bjc4 ,america ,star ,program4 ,sec4 #bjd4 ,fostering innovation4 ,sec4 #bje4 ,partnership ,to ,build ,america4 ,sec4 #bjf4 ,keystone ,,xl pipeline4 ,i ,provisions relating to unemployment compensation #aja4 ,extension of emergency unemployment compensation program 7a7 ,extension ,section #djjg7;a77#b7 of the ,supplemental ,appropriations ,act1 #bjjh 7,public ,law #aaj-beb2 #bf ,u4,s4,c4 #ccjd note7 is amended by striking ,january #a1 #bjad and inserting ,june #a1 #bjad4 7b7 ,funding ,section #djjd7;e77#a7 of the ,supplemental ,appropriations ,act1 #bjjh 7,public ,law #aaj-beb2 #bf ,u4,s4,c4 #ccjd note7 is amended-- 7#a7 in subparagraph 7,i71 by striking and at the end2 7#b7 in subparagraph 7,j71 by inserting and at the end2 and 7#c7 by inserting after subparagraph 7,j7 the following3 7,k7 the amendment made by section #aja7;a7 of the ,emergency ,unemployment ,compensation ,extension ,act of #bjad2 4 7c7 ,effective date ,the amendments made by this section shall take effect as if included in the enactment of the ,american ,taxpayer ,relief ,act of #bjab 7,public ,law #aab-bdj74 #ajb4 ,temporary extension of extended benefit provisions 7a7 ,in general ,section #bjje of the ,assistance for ,unemployed ,workers and ,struggling ,families ,act1 as contained in ,public ,law #aaa-e 7#bf ,u4,s4,c4 #ccjd note71 is amended-- 7#a7 by striking ,december #ca1 #bjac each place it appears and inserting ,may #ca1 #bjad2 and 7#b7 in subsection 7c71 by striking ,june #cj1 #bjad and inserting ,november #cj1 #bjad4 7b7 ,extension of matching for states with no waiting week ,section #e of the ,unemployment ,compensation ,extension ,act of #bjjh 7,public ,law #aaj-ddi2 #bf ,u4,s4,c4 #ccjd note7 is amended by striking ,june #cj1 #bjad and inserting ,november #cj1 #bjad4 7c7 ,extension of modification of indicators under the extended benefit program ,section #bjc of the ,federal-,state ,extended ,unemployment ,compensation ,act of #aigj 7#bf ,u4,s4,c4 #ccjd note7 is amended-- 7#a7 in subsection 7d71 by striking ,december #ca1 #bjac and inserting ,may #ca1 #bjad2 and 7#b7 in subsection 7f77#b71 by striking ,december #ca1 #bjac and inserting ,may #ca1 #bjad4 7d7 ,effective date ,the amendments made by this section shall take effect as if included in the enactment of the ,american ,taxpayer ,relief ,act of #bjab 7,public ,law #aab-bdj74 #ajc4 ,extension of funding for reemployment services and reemployment and eligibility assessment activities 7a7 ,extension 7#a7 ,in general ,section #djjd7;c77#b77;,a7 of the ,supplemental ,appropriations ,act1 #bjjh 7,public ,law #aaj-beb2 #bf ,u4,s4,c4 #ccjd note7 is amended by striking through fiscal year #bjad and inserting through the first five months of fiscal year #bjae4 7#b7 ,effective date ,the amendment made by this subsection shall take effect as if included in the enactment of the ,american ,taxpayer ,relief ,act of #bjab 7,public ,law #aab-bdj74 7b7 ,timing for services and activities 7#a7 ,in general ,section #djja7;i77#a77;,a7 of the ,supplemental ,appropriations ,act1 #bjjh 7,public ,law #aaj-beb2 #bf ,u4,s4,c4 #ccjd note7 is amended by adding at the end the following new sentence3 ,at a minimum1 such reemployment services and reemployment and eligibility assessment activities shall be provided to an individual within a time period 7determined appropriate by the ,secretary7 after the date the individual begins to receive amounts under section #djjb7;b7 7first tier benefits7 and1 if applicable1 again within a time period 7determined appropriate by the ,secretary7 after the date the individual begins to receive amounts under section #djjb7;d7 7third tier benefits74 4 7#b7 ,effective date ,the amendment made by this subsection shall apply on and after the date of the enactment of this ,act4 7c7 ,purposes of services and activities ,the purposes of the reemployment services and reemployment and eligibility assessment activities under section #djja7;i7 of the ,supplemental ,appropriations ,act1 #bjjh 7,public ,law #aaj-beb2 #bf ,u4,s4,c4 #ccjd note7 are-- 7#a7 to better link the unemployed with the overall workforce system by bringing individuals receiving unemployment insurance benefits in for personalized assessments and referrals to reemployment services2 and 7#b7 to provide individuals receiving unemployment insurance benefits with early access to specific strategies that can help get them back into the workforce faster1 including through-- 7,a7 the development of a reemployment plan2 7,b7 the provision of access to relevant labor market information2 7,c7 the provision of access to information about industry-recognized credentials that are regionally relevant or nationally portable2 7,d7 the provision of referrals to reemployment services and training2 and 7,e7 an assessment of the individual's on-going eligibility for unemployment insurance benefits4 #ajd4 ,additional extended unemployment benefits under the ,railroad ,unemployment ,insurance ,act 7a7 ,extension ,section #b7;c77#b77;,d77iii7 of the ,railroad ,unemployment ,insurance ,act 7#de ,u4,s4,c4 #ceb7;c77#b77;,d77iii77 is amended-- 7#a7 by striking ,june #cj1 #bjac and inserting ,november #cj1 #bjac2 and 7#b7 by striking ,december #ca1 #bjac and inserting ,may #ca1 #bjad4 7b7 ,clarification on authority ,to use funds ,funds appropriated under either the first or second sentence of clause 7iv7 of section #b7;c77#b77;,d7 of the ,railroad ,unemployment ,insurance ,act shall be available to cover the cost of additional extended unemployment benefits provided under such section #b7;c77#b77;,d7 by reason of the amendments made by subsection 7a7 as well as to cover the cost of such benefits provided under such section #b7;c77#b77;,d71 as in effect on the day before the date of enactment of this ,act4 7c7 ,funding for administration ,out of any funds in the ,treasury not otherwise appropriated1 there are appropriated to the ,railroad ,retirement ,board #aje1jjj for administrative expenses associated with the payment of additional extended unemployment benefits provided under section #b7;c77#b77;,d7 of the ,railroad ,unemployment ,insurance ,act by reason of the amendments made by subsection 7a71 to remain available until expended4 #aje4 ,flexibility for unemployment program agreements 7a7 ,flexibility 7#a7 ,in general ,subsection 7g7 of section #djja of the ,supplemental ,appropriations ,act1 #bjjh 7,public ,law #aaj-beb2 #bf ,u4,s4,c4 #ccjd note7 shall not apply with respect to a ,state that has enacted a law before ,december #a1 #bjac1 that1 upon taking effect1 would violate such subsection4 7#b7 ,effective date ,paragraph 7#a7 is effective with respect to weeks of unemployment beginning on or after ,december #bi1 #bjac4 7b7 ,permitting a subsequent agreement ,nothing in title ,,iv of the ,supplemental ,appropriations ,act1 #bjjh 7,public ,law #aaj-beb2 #bf ,u4,s4,c4 #ccjd note7 shall preclude a ,state whose agreement under such title was terminated from entering into a subsequent agreement under such title on or after the date of the enactment of this ,act if the ,state1 taking into account the application of subsection 7a71 would otherwise meet the requirements for an agreement under such title4 #ajf4 ,ending unemployment payments to jobless millionaires and billionaires 7a7 ,prohibition ,notwithstanding any other provision of law1 no ,federal funds may be used for payments of unemployment compensation under the emergency unemployment compensation program under title ,,iv of the ,supplemental ,appropriations ,act1 #bjjh 7,public ,law #aaj-beb2 #bf ,u4,s4,c4 #ccjd note7 to an individual whose adjusted gross income in the preceding year was equal to or greater than #a1jjj1jjj4 7b7 ,compliance ,unemployment ,insurance applications shall include a form or procedure for an individual applicant to certify the individual's adjusted gross income was not equal to or greater than #a1jjj1jjj in the preceding year4 7c7 ,audits ,the certifications required by subsection 7b7 shall be auditable by the ,u4,s4 ,department of ,labor or the ,u4,s4 ,government ,accountability ,office4 7d7 ,status of applicants ,it is the duty of the ,states to verify the residency1 employment1 legal1 and income status of applicants for ,unemployment ,insurance and no ,federal funds may be expended for purposes of determining whether or not the prohibition under subsection 7a7 applies with respect to an individual4 7e7 ,effective date ,the prohibition under subsection 7a7 shall apply to weeks of unemployment beginning on or after the date of the enactment of this ,act4 #ajg4 ,,gao study on the use of work suitability requirements in unemployment insurance programs 7a7 ,study ,the ,comptroller ,general of the ,united ,states shall conduct a study on the use of work suitability requirements to strengthen requirements to ensure that unemployment insurance benefits are being provided to individuals who are actively looking for work and who truly want to return to the labor force4 ,such study shall include an analysis of-- 7#a7 how work suitability requirements work under both ,state and ,federal unemployment insurance programs2 and 7#b7 how to incorporate and improve such requirements under ,federal unemployment insurance programs2 and 7#c7 other items determined appropriate by the ,comptroller ,general4 7b7 ,briefing ,not later than #ij days after the date of the enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall brief ,congress on the ongoing study required under subsection 7a74 ,such briefing shall include preliminary recommendations for such legislation and administrative action as the ,comptroller ,general determines appropriate4 #ajh4 ,funding stabilization 7a7 ,funding stabilization under the ,internal ,revenue ,code ,the table in subclause 7,,ii7 of section #dcj7;h77#b77;,c77iv7 of the ,internal ,revenue ,code of #aihf is amended to read as follows3 ,if the calendar year is3,the applicable minimum percentage is3,the applicable maximum percentage is3 #bjab1 #bjac1 #bjad1 #bjae1 #bjaf1 or #bjagijaaj #bjahheaae #bjaihjabj #bjbjgeabe ,after #bjbjgjacj 4 7b7 ,funding stabilization under ,,erisa 7#a7 ,in general ,the table in subclause 7,,ii7 of section #cjc7;h77#b77;,c77iv7 of the ,employee ,retirement ,income ,security ,act of #aigd is amended to read as follows3 ,if the calendar year is3,the applicable minimum percentage is3,the applicable maximum percentage is3 #bjab1 #bjac1 #bjad1 #bjae1 #bjaf1 or #bjagijaaj #bjahheaae #bjaihjabj #bjbjgeabe ,after #bjbjgjacj 4 7#b7 ,conforming amendment 7,a7 ,in general ,clause 7ii7 of section #aja7;f77#b77;,d7 of such ,act is amended by striking #bjae and inserting #bjbj4 7,b7 ,statements ,the ,secretary of ,labor shall modify the statements required under subclauses 7,i7 and 7,,ii7 of section #aja7;f77#b77;,d77i7 of such ,act to conform to the amendments made by this section4 7c7 ,stabilization not ,to apply for purposes of certain accelerated benefit distribution rules 7#a7 ,internal ,revenue ,code of #aihf ,the second sentence of paragraph 7#b7 of section #dcf7;d7 of the ,internal ,revenue ,code of #aihf is amended by striking of such plan and inserting of such plan 7determined by not taking into account any adjustment of segment rates under section #dcj7;h77#b77;,c77iv774 7#b7 ,employee ,retirement ,income ,security ,act of #aigd ,the second sentence of subparagraph 7,b7 of section #bjf7;g77#c7 of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajef7;g77#c77;,b77 is amended by striking of such plan and inserting of such plan 7determined by not taking into account any adjustment of segment rates under section #cjc7;h77#b77;,c77iv774 7#c7 ,effective date 7,a7 ,in general ,except as provided in subparagraph 7,b71 the amendments made by this subsection shall apply to plan years beginning after ,december #ca1 #bjad4 7,b7 ,collectively bargained plans ,in the case of a plan maintained pursuant to #a or more collective bargaining agreements1 the amendments made by this subsection shall apply to plan years beginning after ,december #ca1 #bjae4 7#d7 ,provisions relating to plan amendments 7,a7 ,in general ,if this paragraph applies to any amendment to any plan or annuity contract1 such plan or contract shall be treated as being operated in accordance with the terms of the plan during the period described in subparagraph 7,b77ii74 7,b7 ,amendments to which paragraph applies 7i7 ,in general ,this paragraph shall apply to any amendment to any plan or annuity contract which is made-- 7,i7 pursuant to the amendments made by this subsection1 or pursuant to any regulation issued by the ,secretary of the ,treasury or the ,secretary of ,labor under any provision as so amended1 and 7,,ii7 on or before the last day of the first plan year beginning on or after ,january #a1 #bjaf1 or such later date as the ,secretary of the ,treasury may prescribe4 7ii7 ,conditions ,this subsection shall not apply to any amendment unless1 during the period-- 7,i7 beginning on the date that the amendments made by this subsection or the regulation described in clause 7i77,i7 takes effect 7or in the case of a plan or contract amendment not required by such amendments or such regulation1 the effective date specified by the plan71 and 7,,ii7 ending on the date described in clause 7i77,,ii7 7or1 if earlier1 the date the plan or contract amendment is adopted71 the plan or contract is operated as if such plan or contract amendment were in effect1 and such plan or contract amendment applies retroactively for such period4 7,c7 ,anti-cutback relief ,a plan shall not be treated as failing to meet the requirements of section #bjd7;g7 of the ,employee ,retirement ,income ,security ,act of #aigd and section #daa7;d77#f7 of the ,internal ,revenue ,code of #aihf solely by reason of a plan amendment to which this paragraph applies4 7d7 ,modification of funding target determination periods 7#a7 ,internal ,revenue ,code of #aihf ,clause 7i7 of section #dcj7;h77#b77;,b7 of the ,internal ,revenue ,code of #aihf is amended by striking the first day of the plan year and inserting the valuation date for the plan year4 7#b7 ,employee ,retirement ,income ,security ,act of #aigd ,clause 7i7 of section #cjc7;h77#b77;,b7 of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajhc7;h77#b77;,b77i77 is amended by striking the first day of the plan year and inserting the valuation date for the plan year4 7e7 ,effective date 7#a7 ,in general ,the amendments made by subsections 7a71 7b71 and 7d7 shall apply with respect to plan years beginning after ,december #ca1 #bjab4 7#b7 ,elections ,a plan sponsor may elect not to have the amendments made by subsections 7a71 7b71 and 7d7 apply to any plan year beginning before ,january #a1 #bjad1 either 7as specified in the election7-- 7,a7 for all purposes for which such amendments apply1 or 7,b7 solely for purposes of determining the adjusted funding target attainment percentage under sections #dcf of the ,internal ,revenue ,code of #aihf and #bjf7;g7 of the ,employee ,retirement ,income ,security ,act of #aigd for such plan year4 ,a plan shall not be treated as failing to meet the requirements of section #bjd7;g7 of such ,act and section #daa7;d77#f7 of such ,code solely by reason of an election under this paragraph4 #aji4 ,prepayment of certain ,,pbgc premiums 7a7 ,in general ,section #djjg of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #acjg7 is amended by adding at the end the following new subsection3 7f7 ,election ,to prepay flat dollar premiums 7#a7 ,in general ,the designated payor may elect to prepay during any plan year the premiums due under clause 7i7 or 7v71 whichever is applicable1 of section #djjf7;a77#c77;,a7 for the number of consecutive subsequent plan years 7not greater than #e7 specified in the election4 7#b7 ,amount of prepayment 7,a7 ,in general ,the amount of the prepayment for any subsequent plan year under paragraph 7#a7 shall be equal to the amount of the premium determined under clause 7i7 or 7v71 whichever is applicable1 of section #djjf7;a77#c77;,a7 for the plan year in which the prepayment is made4 7,b7 ,additional participants ,if there is an increase in the number of participants in the plan during any plan year with respect to which a prepayment has been made1 the designated payor shall pay a premium for such additional participants at the premium rate in effect under clause 7i7 or 7v71 whichever is applicable1 of section #djjf7;a77#c77;,a7 for such plan year4 ,no credit or other refund shall be granted in the case of a plan that has a decrease in number of participants during a plan year with respect to which a prepayment has been made4 7,c7 ,coordination with premium for unfunded vested benefits ,the amount of the premium determined under section #djjf7;a77#c77;,a77i7 for the purpose of determining the prepayment amount for any plan year shall be determined without regard to the increase in such premium under section #djjf7;a77#c77;,e74 ,such increase shall be paid in the same amount and at the same time as it would otherwise be paid without regard to this subsection4 7#c7 ,election ,the election under this subsection shall be made at such time and in such manner as the corporation may prescribe4 4 7b7 ,conforming amendment ,the second sentence of subsection 7a7 of section #djjg of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #acjg7 is amended by striking ,premiums and inserting ,except as provided in subsection 7f71 premiums4 7c7 ,effective date ,the amendments made by this section shall apply to plan years beginning after the date of the enactment of this ,act4 #aaj4 ,extension of customs user fees ,section #acjca7;j77#c7 of the ,consolidated ,omnibus ,budget ,reconciliation ,act of #aihe 7#ai ,u4,s4,c4 #eh;c7j77#c77 is amended-- 7#a7 in subparagraph 7,a71 by striking ,september #cj1 #bjbc and inserting ,september #cj1 #bjbd2 and 7#b7 in subparagraph 7,b77i71 by striking ,september #cj1 #bjbc and inserting ,september #cj1 #bjbd4 #aaa4 ,emergency services1 government1 and certain nonprofit volunteers 7a7 ,in general ,section #dihj;,h7c7 of the ,internal ,revenue ,code of #aihf is amended by redesignating paragraphs 7#e71 7#f71 and 7#g7 as paragraphs 7#f71 7#g71 and 7#h71 respectively1 and by inserting after paragraph 7#d7 the following new paragraph3 7#e7 ,special rules for certain emergency services1 government1 and nonprofit volunteers 7,a7 ,emergency services volunteers ,qualified services rendered as a bona fide volunteer to an eligible employer shall not be taken into account under this section as service provided by an employee4 ,for purposes of the preceding sentence1 the terms qualified services1 bona fide volunteer1 and eligible employer shall have the respective meanings given such terms under section #deg7;e74 7,b7 ,certain other government and nonprofit volunteers 7i7 ,in general ,services rendered as a bona fide volunteer to a specified employer shall not be taken into account under this section as service provided by an employee4 7ii7 ,bona fide volunteer ,for purposes of this subparagraph1 the term bona fide volunteer means an employee of a specified employer whose only compensation from such employer is in the form of-- 7,i7 reimbursement for 7or reasonable allowance for7 reasonable expenses incurred in the performance of services by volunteers1 or 7,,ii7 reasonable benefits 7including length of service awards71 and nominal fees1 customarily paid by similar entities in connection with the performance of services by volunteers4 7iii7 ,specified employer ,for purposes of this subparagraph1 the term specified employer means-- 7,i7 any government entity1 and 7,,ii7 any organization described in section #eja7;c7 and exempt from tax under section #eja7;a74 7iv7 ,coordination with subparagraph 7,a7 ,this subparagraph shall not fail to apply with respect to services merely because such services are qualified services 7as defined in section #deg7;e77#aa77;,c774 4 7b7 ,effective date ,the amendments made by this section shall apply to months beginning after ,december #ca1 #bjac4 ,,ii ,provisions relating to job creation #bja4 ,treatment of employment assistance voucher programs 7a7 ,use of unemployment fund for employment assistance voucher program 7#a7 ,state law ,section #ccjd7;a77#d7 of the ,internal ,revenue ,code of #aihf is amended by striking and at the end of subparagraph 7,f71 by inserting and at the end of subparagraph 7,g71 and by adding at the end the following new subparagraph3 7,h7 during the #abj-;day period beginning on the date of the enactment of the ,emergency ,unemployment ,compensation ,extension ,act of #bjad1 amounts may be withdrawn for the payment of allowances under an employment assistance voucher program 7as defined in section #ccjf7v772 4 7#b7 ,permissible expenditures ,section #ccjf7;f7 of such ,code is amended-- 7,a7 by striking and at the end of paragraph 7#e71 7,b7 by redesignating the paragraph relating to the self-employment assistance program as paragraph 7#f7 and striking the period at the end of such paragraph and inserting 2 and1 and 7,c7 by adding at the end the following new paragraph3 7#g7 during the #abj-;day period beginning on the date of the enactment of the ,emergency ,unemployment ,compensation ,extension ,act of #bjad1 amounts may be withdrawn for the payment of allowances under an employment assistance voucher program 7as defined in subsection 7v774 4 7b7 ,employment assistance voucher program defined ,section #ccjf of such ,code is amended by adding at the end the following new subsection3 7v7 ,employment assistance voucher program ,for the purposes of this chapter-- 7#a7 ,in general ,the term employment assistance voucher program means a program under which-- 7,a7 an eligible individual is issued an employment assistance voucher1 7,b7 upon employment with an employer described in paragraph 7#e7-- 7i7 the eligible individual transfers the employment assistance voucher to the employer1 7ii7 the individual ceases to receive unemployment compensation and is paid wages by the employer1 and 7iii7 the employer receives payments upon presenting the voucher to the ,state1 and 7,c7 the program meets such other requirements as the ,secretary of ,labor determines to be appropriate4 7#b7 ,rules relating to unemployed individuals ,for purposes of paragraph 7#a7-- 7,a7 ,compensation ,compensation pursuant to paragraph 7#a77;,b77ii7 shall-- 7i7 not be less than #bjj percent of the unemployment compensation otherwise payable to the individual on the date of the individual's employment under the employment assistance voucher program1 7ii7 not be less than the minimum wage 7as specified in section #f of the ,fair ,labor ,standards ,act of #aich71 and 7iii7 be payable for a period not to exceed the maximum number of remaining weeks of unemployment compensation 7including supplemental and emergency7 to which the employee would be entitled 7but for participating in the employment assistance voucher program71 determined as of the date of employment4 7,b7 ,termination of employment ,if1 before the end of the period referred to in subparagraph 7,a77iii71 an individual's employment with an employer under the employment assistance voucher program is terminated for reasons other than cause1 the individual is entitled to the remaining period of entitlement referred to in subparagraph 7,a77iii7 less the number of weeks of such employment4 7,c7 ,certain requirements not to apply ,state requirements relating to availability for work1 active search for work1 and refusal to accept work are not applicable to individuals participating in the employment assistance voucher program4 7#c7 ,employment assistance voucher ,the term employment assistance voucher means a voucher-- 7,a7 obtained by an eligible individual pursuant to the ,state law1 and 7,b7 payable to the employer of the eligible individual-- 7i7 at a rate determined under ,state law but not to exceed #ij percent of the amount of unemployment compensation to which the eligible individual is entitled1 and 7ii7 on the same schedule as unemployment compensation would be payable to the individual but for employment under the employment assistance voucher program4 7#d7 ,eligible individual ,the term eligible individual means an individual who-- 7,a7 is eligible to receive regular unemployment compensation under the ,state law1 extended unemployment1 or emergency unemployment or would be eligible to receive such compensation except for the requirements described in paragraph 7#a77;,b71 7,b7 is identified pursuant to a ,state worker profiling system as an individual likely to exhaust regular unemployment compensation1 7,c7 immediately prior to employment by the eligible employer1 was unemployed for not less than #f months1 and 7,d7 is employed by an eligible employer4 7#e7 ,eligible employer ,the term eligible employer means an employer who agrees to the terms and conditions of employment under the unemployment assistance voucher program and who is approved by the ,state agency4 7#f7 ,treatment of participating individuals under ,federal and ,state law ,individuals participating in an unemployment assistance voucher program shall be treated as unemployed for the purposes of ,federal and ,state laws applicable to unemployment compensation1 except that wages paid to the employee under such program shall be subject to ,federal and ,state taxation to the same extent and in the same manner as wages generally4 7#g7 ,cost limiter ,a ,state program shall not be treated as an employment assistance voucher program for purposes of this chapter unless the program does not result in any cost to the ,unemployment ,trust ,fund 7established by section #ijd7;a7 of the ,social ,security ,act7 in excess of the cost that would be incurred by such ,state and charged to such ,fund1 or to any ,federal funds in the system if the ,state had not participated in such program4 7#h7 ,prevention of employment termination to participate in program ,a ,state program shall not be treated as an employment assistance voucher program for purposes of this chapter unless the ,state has in effect measures to prevent employers from terminating employment for purposes of participating in the employment assistance voucher program4 7#i7 ,prevention in terminating employees during program ,a ,state program shall not be treated as an employment assistance voucher program for purposes of this chapter unless the ,state has in effect measures to recoup payments made to an employer under the program if the employer has terminated from employment more employees during the #abj-;day period referred to in section #ccjd7;a77#d77;,h7 than the employer has hired under the program4 4 7c7 ,conforming amendment ,section #cjc7;a77#e7 of the ,social ,security ,act 7#db ,u4,s4,c4 #ejc7;a77#e77 is amended by striking 2 and and inserting 3 ,provided further1 ,that amounts may be withdrawn for the payment of allowances under an employment assistance voucher program 7as defined in section #ccjf7v7 of the ,internal ,revenue ,code of #aihf72 and4 7d7 ,state reports ,any ,state operating an employment assistance voucher program approved by the ,secretary of ,labor pursuant to section #ccjd7;a77#d77;,h7 of the ,internal ,revenue ,code of #aihf 7as added by this section7 shall report annually to the ,secretary on the number of individuals who participate in the program1 the operating costs of the program1 compliance with program requirements1 and any other relevant aspects of program operations requested by the ,secretary4 7e7 ,report to congress ,not later than #a year after the date of the enactment of this ,act1 the ,secretary of ,labor shall submit a report to the ,congress with respect to the operation of the employment assistance voucher program4 ,such report shall be based on the reports received from the ,states pursuant to subsection 7d7 and include such other information as the ,secretary of ,labor determines is appropriate4 7f7 ,effective date ,the provisions of this section and the amendments made by this section shall take effect on the date of the enactment of this ,act4 #bjb4 ,disadvantaged business enterprises ,section #aaja7;b7 of ,,map-#ba 7#bc ,u4,s4,c4 #aja note7 is amended-- 7#a7 in paragraph 7#b7 by adding at the end the following3 7,c7 ,veteran-owned small business concern ,the term veteran-owned small business concern has the meaning given the term small business concern owned and controlled by veterans in section #c7q7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb7q774 2 7#b7 in paragraph 7#c7 by inserting and veteran-owned small business concerns before the period at the end2 and 7#c7 in paragraph 7#d77;,b7-- 7,a7 in clause 7ii7 by striking and at the end2 7,b7 in clause 7iii7 by striking the period at the end and inserting 2 and2 and 7,c7 by adding at the end the following3 7iv7 veterans4 4 #bjc4 ,america ,star ,program 7a7 ,in general ,the ,secretary shall establish a voluntary program1 to be known as the ,america ,star ,program1 under which manufacturers may have products certified as meeting the standards of labels that indicate to consumers the extent to which the products are manufactured in the ,united ,states4 7b7 ,establishment of labels 7#a7 ,in general ,the ,secretary shall by rule establish such ,america ,star labels as the ,secretary considers appropriate1 including the content of the labels and the standards that a product shall meet in order to bear a particular ,america ,star label4 ,the labels shall be consistent with public perceptions of the meaning of descriptions of the extent to which a product is manufactured in the ,united ,states4 7#b7 ,goals ,the ,america ,star labels shall be designed to achieve the following goals3 7,a7 ,providing clarity for consumers about the extent to which products are manufactured in the ,united ,states4 7,b7 ,encouraging manufacturers to manufacture more products in the ,united ,states4 7,c7 ,highlighting the importance of domestic manufacturing for the economy of the ,united ,states4 7c7 ,certification of products 7#a7 ,application procedures ,a manufacturer that wishes to have a product certified as meeting the standards of an ,america ,star label may apply to the ,secretary for certification in accordance with such procedures as the ,secretary shall by rule establish4 7#b7 ,action by ,secretary ,after receiving an application for certification under paragraph 7#a71 the ,secretary shall1 not later than a reasonable time to be specified by the ,secretary by rule-- 7,a7 determine whether the product meets the standards of the label2 7,b7 if the product meets such standards1 certify the product2 and 7,c7 notify the manufacturer of the determination and whether the product has been certified4 7d7 ,monitoring2 withdrawal of certification 7#a7 ,monitoring ,the ,secretary shall conduct such monitoring and compliance review as the ,secretary considers necessary to-- 7,a7 detect violations of subsection 7h72 and 7,b7 ensure that products certified as meeting the standards of ,america ,star labels continue to meet such standards4 7#b7 ,withdrawal of certification 7,a7 ,on initiative of ,secretary ,if the ,secretary determines that a product certified as meeting the standards of an ,america ,star label no longer meets such standards1 the ,secretary shall-- 7i7 notify the manufacturer of the determination and any corrective action that would enable the product to meet such standards2 and 7ii7 if the manufacturer does not take such action within a reasonable time after receiving notification under clause 7i71 to be specified by the ,secretary by rule1 the ,secretary shall withdraw the certification of the product and notify the manufacturer of the withdrawal4 7,b7 ,at request of manufacturer ,at the request of the manufacturer of a product1 the ,secretary shall withdraw the certification of the product and notify the manufacturer of the withdrawal4 7e7 ,regulations 7#a7 ,in general ,the ,secretary may promulgate such regulations as are necessary to implement this section4 7#b7 ,deadline ,not later than #b years after the date of the enactment of this ,act1 the ,secretary shall promulgate such regulations as are necessary to begin certifying products under the ,america ,star ,program4 7f7 ,administration by contract ,the ,secretary may enter into a contract with a person under which such person carries out certification determinations under subsection 7c71 monitoring activities and withdrawal determinations under subsection 7d71 collection of fees under subsection 7k77#a7 and the remission of such fees to the ,secretary 7but not the establishment of the amounts of such fees71 and related administrative activities4 ,for purposes of subsections 7h7 and 7j71 such a determination1 activity1 or collection by such person shall be considered to be an action of the ,secretary4 7g7 ,consultation 7#a7 ,with ,federal ,trade ,commission ,in establishing the ,america ,star labels and operating the ,america ,star ,program1 the ,secretary shall consult with the ,federal ,trade ,commission to ensure consistency with the requirements enforced by the ,commission with respect to representations of the extent to which products are manufactured in the ,united ,states4 7#b7 ,with private-sector companies ,in establishing the ,america ,star labels and operating the ,america ,star ,program1 the ,secretary should consult with private-sector companies that have developed labeling programs to verify or certify to consumers the extent to which products are manufactured in the ,united ,states4 7h7 ,prohibited conduct ,unless there is in effect a certification by the ,secretary that a product meets the standards of an ,america ,star label1 a person may not place such label on such product1 use such label in any marketing materials for such product1 or in any other way represent that such product meets or is certified as meeting the standards of such label4 7i7 ,enforcement 7#a7 ,civil penalty ,any person who knowingly violates subsection 7h7 shall be subject to a civil penalty of not more than #aj1jjj4 7#b7 ,ineligibility 7,a7 ,in general ,except as provided in subparagraph 7,c71 if the ,secretary determines that a manufacturer-- 7i7 has made a false statement to the ,secretary in connection with the ,america ,star ,program2 7ii7 knowing1 or having reason to know1 that a product does not meet the standards of an ,america ,star label1 has placed such label on such product1 has used such label in any marketing materials for such product1 or in any other way has represented that such product meets or is certified as meeting the standards of such label2 or 7iii7 has otherwise violated the purposes of the ,america ,star ,program2 the ,secretary may not1 for a period of #e years after the conduct described in clause 7i71 7ii71 or 7iii71 certify the product to which such conduct relates as meeting the standards of an ,america ,star label4 7,b7 ,effect on existing certification ,in the case of a product with respect to which1 at the time of the determination of the ,secretary under subparagraph 7,a71 there is in effect a certification by the ,secretary that the product meets the standards of an ,america ,star label-- 7i7 if the product continues to meet such standards1 the ,secretary may either withdraw the certification or allow the certification to continue in effect1 as the ,secretary considers appropriate2 and 7ii7 if the product no longer meets such standards1 the ,secretary shall withdraw the certification4 7,c7 ,waiver ,notwithstanding subparagraph 7,a71 the ,secretary may waive or reduce the period referred to in such subparagraph if the ,secretary determines that the waiver or reduction is in the best interests of the ,america ,star ,program4 7#c7 ,false statements ,a false statement in connection with the ,america ,star ,program to a person with whom the ,secretary contracts under subsection 7f7 shall be considered a false statement to the ,secretary for purposes of paragraph 7#b77;,a77i7 and section #ajja of title #ah1 ,united ,states ,code4 7j7 ,administrative appeal 7#a7 ,expedited appeals procedure ,the ,secretary shall establish an expedited administrative appeals procedure under which persons may appeal an action of the ,secretary under this section that-- 7,a7 adversely affects such person2 or 7,b7 is inconsistent with the ,america ,star ,program4 7#b7 ,appeal of final decision ,a final decision of the ,secretary under paragraph 7#a7 may be appealed to the ,united ,states district court for the district in which the person is located4 7k7 ,offsetting collections 7#a7 ,in general ,the ,secretary may collect reasonable fees from-- 7,a7 manufacturers that apply for certification of products as meeting the standards of ,america ,star labels2 and 7,b7 manufacturers of products for which such certifications are in effect4 7#b7 ,account ,the fees collected under paragraph 7#a7 shall be credited to the account that incurs the cost of the certification services provided under this section4 7#c7 ,use ,the fees collected under paragraph 7#a7 shall be available to the ,secretary1 without further appropriation or fiscal-year limitation1 to pay the expenses of the ,secretary incurred in providing certification services under this section4 7l7 ,definitions ,in this section3 7#a7 ,america ,star label ,the term ,america ,star label means a label described in subsection 7a7 and established by the ,secretary under subsection 7b77#a74 7#b7 ,america ,star ,program ,the term ,america ,star ,program means the voluntary labeling program established under this section4 7#c7 ,secretary ,the term ,secretary means the ,secretary of ,commerce4 #bjd4 ,fostering innovation ,not later than #ahj days after the date of the enactment of this ,act1 the ,securities and ,exchange ,commission shall revise the definition of accelerated filer1 as such term is defined in ,rule #ab;b-#b of the ,commission 7#ag ,c4,f4,r4 #bdj4ab;b-#b71 to include issuers that have annual revenues of greater than #ajj1jjj1jjj during the most recently completed fiscal year for which audited financial statements are available and have an aggregated worldwide market value of the voting and non-voting common equity held by its non-affiliates of #bej1jjj1jjj or more1 but less than #gjj1jjj1jjj1 as of the last business day of the issuer's most recently completed second fiscal quarter4 #bje4 ,partnership ,to ,build ,america 7a7 ,american ,infrastructure ,fund 7#a7 ,american ,infrastructure ,fund 7,a7 ,in general ,there is established a wholly owned ,government corporation to be called the ,american ,infrastructure ,fund 7,,aif7-- 7i7 which shall be headed by the ,board of ,trustees established under paragraph 7#b72 7ii7 which may have separate sub-accounts or subsidiaries for funds used to make loans1 bond guarantees1 and equity investments under this subsection and funds used to make bond guarantees under this subsection2 7iii7 which shall be available to the ,,aif to pay for the costs of carrying out this subsection1 including the compensation of the ,board and other employees of the ,,aif2 and 7iv7 the funds of which may be invested by the ,board in such manner as the ,board determines appropriate4 7,b7 ,deposits to ,,aif ,all funds received from bond issuances1 loan payments1 bond guarantee fees1 and any other funds received in carrying out this subsection shall be held by ,,aif4 7,c7 ,limitations ,the charter of the ,,aif shall limit its activities to those activities described as the mission of the ,board under paragraph 7#b77;,b74 7,d7 ,oversight ,the ,,aif shall register with the ,securities and ,exchange ,commission and the ,secretary shall report to ,congress annually as to whether the ,,aif is fulfilling the mission of the ,board under paragraph 7#b77;,b74 7,e7 ,treatment of ,,aif ,title #ca1 ,united ,states ,code1 is amended in each of sections #iajg7;c77#c7 and #iajh7;d77#b7-- 7i7 by inserting the ,american ,infrastructure ,fund1 after the ,regional ,banks for ,cooperatives12 and 7ii7 by striking those banks and inserting those entities4 7#b7 ,board of ,trustees 7,a7 ,in general ,there is established a ,board of ,trustees of the ,,aif 7the ,board71 which shall be composed of #aa members1 of which at least #d must be risk management experts1 as certified by the ,board1 having substantial experience in bond guarantees or municipal credit4 7,b7 ,mission ,the ,mission of the ,board is-- 7i7 to operate the ,,aif and its subsidiaries to be a low cost provider of bond guarantees1 loans1 and equity investments to ,state and local governments and non-profit infrastructure providers for both urban and rural non-profit infrastructure projects that provide a positive economic impact and to meet such other standards as the ,board may develop2 7ii7 to operate the ,,aif in a self-sustaining manner so as to allow the ,,aif to repay its infrastructure bonds when due2 7iii7 to not have a profit motive1 but seek at all times to pursue its mission of providing low cost bond guarantees and loans while covering its costs1 reserves as may be needed1 and applying prudent underwriting standards2 7iv7 to only consider projects put forth by ,state and local governments and not to seek projects directly2 7v7 to at all times make clear that no taxpayer money supports the ,,aif or ever will2 and 7vi7 to engage in no other activities other than those permitted under this subsection4 7,c7 ,membership 7i7 ,presidentially appointed members ,except as provided under clause 7iii71 #d members of the ,board shall be appointed by the ,president1 by and with the advice and consent of the ,senate1 and serve for a term of #g years4 7ii7 ,additional members ,except as provided under clause 7iii71 #g members of the ,board shall be appointed by the current members of the ,board appointed pursuant to this clause or clause 7iii77,,ii71 and serve for a term of #g years4 7iii7 ,initial members ,the ,board shall initially consist of the following members1 who shall be appointed not later than the end of the #fj-;day period beginning on the date that bonds are issued under paragraph 7#e73 7,i7 ,four members1 appointed by the ,president1 by and with the advice and consent of the ,senate4 7,,ii7 ,seven additional members1 appointed one each by the seven entities purchasing the largest amount of bonds 7by aggregate face amount of bonds purchased7 under paragraph 7#e74 7iv7 ,staggered terms ,the members of the ,board shall serve staggered terms1 with #b each of the initial members of the ,board serving for terms of #d1 #e1 #f1 #g1 and #h years1 respectively1 and the initial ,chair selected under clause 7v7 serving for #i years4 ,the decision of which ,board members1 other than the ,chair1 serve for which initial terms shall be made by the members of the ,board drawing lots4 7v7 ,chair ,the members of the ,board shall choose #a member to serve as the ,chair of the ,board for a term of #g years1 except that the initial ,chair shall serve for a term of #g years1 as described under clause 7iv74 7vi7 ,vacancies ,any member of the ,board appointed to fill a vacancy occurring before the expiration of the term to which that member's predecessor was appointed shall be appointed only for the remainder of the term4 7vii7 ,continuation of service ,each member of the ,board may continue to serve after the expiration of the term of office to which that member was appointed until a successor has been appointed4 7viii7 ,conflicts of interest ,no member of the ,board may have a financial interest in1 or be employed by1 a ,qualified ,infrastructure ,project 7,,qip7 related to assistance provided under this subsection or any entity that has purchased bonds under paragraph 7#e74 ,owning municipal credit of any ,state or local government or owning the securities of a diversified company that engages in infrastructure activities1 provided those activities constitute less than #bj percent of the company's revenues1 or investing in broadly held investment funds shall not be deemed to create a conflict of interest4 ,the ,board may issue regulations to define terms used under this clause4 7,d7 ,compensation ,the members of the ,board shall be compensated at an amount to be set by the ,board1 but under no circumstances may such compensation be higher than the rate prescribed for level ,,iv of the ,executive ,schedule under section #ecae of title #e1 ,united ,states ,code4 7,e7 ,staff ,the ,board shall employ and set compensation for such staff as the ,board determines as is necessary to carry out the activities and mission of the ,,aif1 and such staff may be paid without regard to the provisions of chapter #ea and subchapter ,,iii of chapter #ec1 ,united ,states ,code1 relating to classification and ,general ,schedule pay rates4 7,f7 ,procedures ,the ,board shall establish such procedures as are necessary to carry out this subsection4 7,g7 ,corporate governance standards 7i7 ,board committees generally ,the ,board shall maintain all of the committees required to be maintained by the board of directors of an issuer listed on the ,new ,york ,stock ,exchange as of the date of the enactment of this subsection4 7ii7 ,risk management committee ,the ,board shall maintain a risk management committee1 which shall-- 7,i7 consist of #d members of the ,board1 with the initial #d members consisting of #b members appointed under paragraph 7#c77;,c77i7 and #b members appointed under subparagraph 7,c77iii77,,ii72 7,,ii7 employ additional staff who are certified by the ,board as having significant and relevant experience in insurance underwriting and credit risk management2 and 7,,iii7 establish the risk management policies used by the ,board4 7iii7 ,standards ,the ,board shall1 to the extent practicable1 follow all standards with respect to corporate governance that are required to be followed by the board of directors of an issuer listed on the ,new ,york ,stock ,exchange as of the date of the enactment of this subsection4 7#c7 ,infrastructure investment 7,a7 ,in general ,the ,,aif shall provide bond guarantees to debt issued by ,state and local governments and non-profit infrastructure providers1 make loans to ,states1 local governments1 and non-profit infrastructure providers1 and make equity investments in projects sponsored by ,state and local governments and non-profit infrastructure provider to help ,qualified ,infrastructure ,projects 7,q,i,ps74 ,the ,,aif may not make any loans or provide bond guaranties to for-profit entities4 7,b7 ,qualified ,infrastructure ,projects ,a project qualifies as a ,,qip under this subsection if-- 7i7 the project involves the construction1 maintenance1 improvement1 or repair of a transportation1 energy1 water1 communications1 or educational facility2 and 7ii7 the recipient of bond guarantees1 loans1 equity investments1 or any other financing technique authorized under this ,act provides written assurances prescribed by the ,,aif that the project will be performed in compliance with the requirements of all ,federal laws that would otherwise apply to similar projects to which the ,united ,states is a party4 7,c7 ,application for assistance 7i7 ,in general ,a ,state or local government that wishes to receive a loan or bond guarantee under this subsection shall submit an application to the ,board in such form and manner and containing such information as the ,board may require4 7ii7 ,requirement for non-profit infrastructure providers to apply through ,state or local governments ,a non-profit infrastructure provider may only receive a bond guarantee1 loan1 or equity investment under this subsection if the ,state or local government for the jurisdiction in which the non-profit infrastructure provider is located submits an application pursuant to clause 7i7 on behalf of such non-profit infrastructure provider4 7,d7 ,limitations on single ,state awards 7i7 ,annual limitation ,the ,board shall set an annual limit1 as a percentage of total assistance provided under this subsection during a year1 on the amount of assistance a single ,state 7including local governments and other non-profit infrastructure providers within such ,state7 may receive in assistance provided under this subsection4 7ii7 ,cumulative limitation ,the ,board shall set a limit1 as a percentage of total assistance provided under this subsection outstanding at any one time1 on the amount of assistance a single ,state 7including local governments and other non-profit infrastructure providers within such ,state7 may receive in assistance provided under this subsection4 7,e7 ,loan specifications ,loans made under this subsection shall have such maturity and carry such interest rate as the ,board determines appropriate4 7,f7 ,bond guarantee ,the ,board shall charge such fees for ,bond guarantees made under this subsection as the ,board determines appropriate4 7,g7 ,equity investments ,with respect to a ,,qip1 the amount of an equity investment made by the ,,aif in such ,,qip may not exceed #bj percent of the total cost of the ,,qip4 7,h7 ,public-private partnership requirements ,at least #be percent of the assistance provided under this subsection shall be provided to ,q,i,ps for which at least #bj percent of the financing for such ,q,i,ps comes from private debt or equity4 7,i7 ,prohibition on principal forgiveness ,with respect to a loan made under this subsection1 the ,board may not forgive any amount of principal on such loan4 7#d7 ,american ,infrastructure ,bonds 7,a7 ,in general ,the ,secretary shall1 not later than the end of the #ij-;day period following the date of the enactment of this subsection and acting through the ,,aif1 issue bonds1 to be called ,american ,infrastructure ,bonds1 the proceeds from which shall be deposited into the ,,aif4 7,b7 ,forms and denominations2 interest ,american ,infrastructure ,bonds shall-- 7i7 be in such forms and denominations as determined by the ,secretary1 and shall have a #ej-year maturity2 and 7ii7 bear interest of #a percent4 7,c7 ,no full faith and credit ,interest and principal payments paid to holders of ,american ,infrastructure ,bonds shall be paid from the ,,aif1 to the extent funds are available1 and shall not be backed by the full faith and credit of the ,united ,states4 7,d7 ,amount of bonds ,the aggregate face amount of the bonds issued under this paragraph shall be #ej1jjj1jjj1jjj4 7,e7 ,sale of ,american ,infrastructure ,bonds 7i7 ,competitive bidding process ,the ,secretary shall sell the #ej1jjj1jjj1jjj of ,american ,infrastructure ,bonds-- 7,i7 through a competitive bidding process that encourages aggressive bidding2 7,,ii7 in a manner so as to ensure that there are at least #g different un-affiliated purchasers2 and 7,,iii7 with prospective purchasers bidding on how low of a multiplier they will accept 7for purposes of subsection 7b77#a7 of section #iff of the ,internal ,revenue ,code of #aihf7 when purchasing the ,american ,infrastructure ,bonds1 for purposes of applying the foreign earnings exclusion described under that section4 7ii7 ,limitation ,the multiplier described under clause 7i77,,iii7 may not be greater than #f4 7,f7 ,reimbursement of costs ,the ,board shall repay the ,secretary1 from funds in the ,,aif1 for the costs to the ,secretary in carrying out this paragraph4 7#e7 ,additional bonds 7,a7 ,in general ,the ,board may issue such other bonds as the ,board determines appropriate1 the proceeds from which shall be deposited into the ,,aif4 7,b7 ,no full faith and credit ,interest and principal payments paid to holders of bonds issued pursuant to subparagraph 7,a7 shall be paid from the ,,aif1 to the extent funds are available1 and shall not be backed by the full faith and credit of the ,united ,states4 7#f7 ,definitions ,for purposes of this subsection-- 7,a7 ,bond guarantee ,the term bond guarantee has the meaning given the term loan guarantee under section #ejb of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;a74 7,b7 ,cost ,with respect to a loan or a bond guarantee1 the term cost has the meaning given such term under section #ejb of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;a74 7,c7 ,non-profit infrastructure provider ,the term non-profit infrastructure provider means a non-profit entity that seeks to finance a ,,qip4 7,d7 ,loan ,the term loan has the meaning given the term direct loan under section #ejb of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;a74 7,e7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury4 7,f7 ,state ,the term ,state means each of the several ,states1 the ,district of ,columbia1 any territory or possession of the ,united ,states1 and each federally recognized ,indian tribe4 7b7 ,foreign earnings exclusion for purchase of infrastructure bonds 7#a7 ,in general ,subpart ,f of part ,,iii of subchapter ,n of chapter #a of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new section3 #iff4 ,foreign earnings exclusion for purchase of infrastructure bonds 7a7 ,exclusion ,in the case of a corporation which is a ,united ,states shareholder and for which the election under this section is in effect for the taxable year1 gross income does not include an amount equal to the qualified cash dividend amount4 7b7 ,qualified cash dividend amount ,for purposes of this section1 the term qualified cash dividend amount means an amount of the cash dividends which are received during a taxable year by such shareholder from controlled foreign corporations equal to-- 7#a7 the multiplier determined under section #bje7;a77#d77;,e7 of the ,emergency ,unemployment ,compensation ,extension ,act of #bjad for such shareholder1 multiplied by 7#b7 the face amount of qualified infrastructure bonds acquired at its original issue 7directly or through an underwriter7 by such shareholder4 7c7 ,limitations 7#a7 ,in general ,the amount of dividends taken into account under subsection 7a7 for a taxable year shall not exceed the lesser of-- 7,a7 the cash dividends received by the taxpayer for such taxable year1 or 7,b7 the amount shown on the applicable financial statement as earnings permanently reinvested outside the ,united ,states4 7#b7 ,dividends must be extraordinary ,the amount of dividends taken into account under subsection 7a7 shall not exceed the excess 7if any7 of-- 7,a7 the cash dividends received during the taxable year by such shareholder from controlled foreign corporations1 over 7,b7 the annual average for the base period years of the cash dividends received during each base period year by such shareholder from controlled foreign corporations4 7#c7 ,reduction of benefit if increase in related party indebtedness ,the amount of dividends which would 7but for this paragraph7 be taken into account under subsection 7a7 shall be reduced by the excess 7if any7 of-- 7,a7 the amount of indebtedness of the controlled foreign corporation to any related person 7as defined in section #ied7;d77#c77 as of the close of the taxable year for which the election under this section is in effect1 over 7,b7 the amount of indebtedness of the controlled foreign corporation to any related person 7as so defined7 as of the close of the preceding taxable year4 ,all controlled foreign corporations with respect to which the taxpayer is a ,united ,states shareholder shall be treated as #a controlled foreign corporation for purposes of this subsection4 ,the ,secretary may prescribe such regulations as may be necessary or appropriate to prevent the avoidance of the purposes of this subsection1 including regulations which provide that cash dividends shall not be taken into account under subsection 7a7 to the extent such dividends are attributable to the direct or indirect transfer 7including through the use of intervening entities or capital contributions7 of cash or other property from a related person 7as so defined7 to a controlled foreign corporation4 7d7 ,definitions and special rules ,for purposes of this section-- 7#a7 ,qualified infrastructure bonds ,the term qualified infrastructure bond means a bond issued under section #bje7;a77#d7 of the ,emergency ,unemployment ,compensation ,extension ,act of #bjad4 7#b7 ,applicable financial statement ,the term applicable financial statement means1 with respect to a taxable year-- 7,a7 with respect to a ,united ,states shareholder which is required to file a financial statement with the ,securities and ,exchange ,commission 7or which is included in such a statement so filed by another person71 the most recent audited annual financial statement 7including the notes which form an integral part of such statement7 of such shareholder 7or which includes such shareholder7-- 7i7 which was so filed for such taxable year1 and 7ii7 which is certified as being prepared in accordance with generally accepted accounting principles1 and 7,b7 with respect to any other ,united ,states shareholder1 the most recent audited financial statement 7including the notes which form an integral part of such statement7 of such shareholder 7or which includes such shareholder7-- 7i7 which is certified as being prepared in accordance with generally accepted accounting principles1 and 7ii7 which is used for the purposes of a statement or report-- 7,i7 to creditors1 7,,ii7 to shareholders1 or 7,,iii7 for any other substantial nontax purpose4 7#c7 ,base period years 7,a7 ,in general ,the base period years are the #c taxable years-- 7i7 which are among the #e most recent preceding taxable years ending before the taxable year1 and 7ii7 which are determined by disregarding-- 7,i7 #a taxable year for which the amount described in subsection 7c77#b77;,b7 is the largest1 and 7,,ii7 #a taxable year for which such amount is the smallest4 7,b7 ,shorter period ,if the taxpayer has fewer than #e taxable years ending before the taxable year1 then in lieu of applying subparagraph 7,a71 the base period years shall include all the taxable years of the taxpayer ending before such taxable year4 7,c7 ,mergers1 acquisitions1 etc 7i7 ,in general ,rules similar to the rules of subparagraphs 7,a7 and 7,b7 of section #da7;f77#c7 shall apply for purposes of this paragraph4 7ii7 ,spin-offs1 etc ,if there is a distribution to which section #cee 7or so much of section #cef as relates to section #cee7 applies during the #e-year period referred to in subparagraph 7,a77i7 and the controlled corporation 7within the meaning of section #cee7 is a ,united ,states shareholder-- 7,i7 the controlled corporation shall be treated as being in existence during the period that the distributing corporation 7within the meaning of section #cee7 is in existence1 and 7,,ii7 for purposes of applying subsection 7c77#b7 to the controlled corporation and the distributing corporation1 amounts described in subsection 7c77#b77;,b7 which are received or includible by the distributing corporation or controlled corporation 7as the case may be7 before the distribution referred to in subclause 7,i7 from a controlled foreign corporation shall be allocated between such corporations in proportion to their respective interests as ,united ,states shareholders of such controlled foreign corporation immediately after such distribution4 ,subclause 7,,ii7 shall not apply if neither the controlled corporation nor the distributing corporation is a ,united ,states shareholder of such controlled foreign corporation immediately after such distribution4 7#d7 ,dividend ,the term dividend shall not include amounts includible in gross income as a dividend under section #gh1 #cfg1 or #abdh4 ,in the case of a liquidation under section #ccb to which section #cfg7;b7 applies1 the preceding sentence shall not apply to the extent the ,united ,states shareholder actually receives cash as part of the liquidation4 7#e7 ,coordination with dividend received deduction ,no deduction shall be allowed under section #bdc or #bde for any dividend which is excluded from income by subsection 7a74 7#f7 ,controlled groups ,all ,united ,states shareholders which are members of an affiliated group filing a consolidated return under section #aeja shall be treated as one ,united ,states shareholder4 7#g7 ,reporting ,the ,secretary shall require by regulation or other guidance the reporting of such information as the ,secretary may require to carry out this section4 7e7 ,denial of foreign tax credit2 denial of certain expenses 7#a7 ,foreign tax credit 7,a7 ,in general ,no credit shall be allowed under section #ija for any taxes paid or accrued 7or treated as paid or accrued7 with respect to the excluded portion of any dividend4 7,b7 ,denial of deduction of related tax ,no deduction shall be allowed under this chapter for any tax for which credit is not allowable by reason of the preceding sentence4 7#b7 ,expenses ,no deduction shall be allowed for expenses directly allocable to the excludable portion described in paragraph 7#a74 7#c7 ,excludable portion ,for purposes of paragraph 7#a71 unless the taxpayer otherwise specifies1 the excludable portion of any dividend or other amount is the amount which bears the same ratio to the amount of such dividend or other amount as the amount excluded from income under subsection 7a7 for the taxable year bears to the amount described in subsection 7c77#b77;,a7 for such year4 7#d7 ,coordination with section #gh ,section #gh shall not apply to any tax which is not allowable as a credit under section #ija by reason of this subsection4 7f7 ,election ,to have section apply ,a taxpayer may elect to have this section apply for any taxable year4 4 7#b7 ,clerical amendment ,the table of sections for subpart ,f of part ,,iii of subchapter ,n of chapter #a of such ,code is amended by adding at the end the following new item3 ,sec4 #iff4 ,foreign earnings exclusion for purchase of infrastructure bonds4 4 7#c7 ,effective date ,the amendments made by this section shall apply to dividends received for taxable years ending after the date of the enactment of this ,act4 #bjf4 ,keystone ,,xl pipeline ,notwithstanding ,executive ,order ,no4 #acccg 7#c ,u4,s4,c4 #cja note71 ,executive ,order ,no4 #aadbc 7#c ,u4,s4,c4 #cja note71 section #cja of title #c1 ,united ,states ,code1 and any other ,executive order or provision of law1 no ,presidential permit shall be required to authorize the construction1 connection1 operation1 and maintenance of border crossing facilities for the pipeline described in the application filed on ,may #d1 #bjab1 by ,trans,canada ,keystone ,pipeline1 ,l4,p41 to the ,department of ,state for the ,keystone ,,xl pipeline1 for the importation of crude oil to be located at the ,united ,states-,canada ,border4