,i  #aac? ,,congress  #b;d ,session  ,h4
 ,r4 #deej  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,may #a1 #bjad ,mr4   
,fitzpatrick introduc$ ! foll[+ bill2   
:i* 0 ref]r$ to ! ,committee on ,ways & 
,means1 & 9 addition to ! ,committees on
 ,transportation & ,infra/ructure1      
,education & ! ,work=ce1 ,small         
,bus9ess1 ,en]gy & ,comm]ce1 ,f9ancial  
,s]vices1 & ,natural ,res\rces1 = a     
p]iod to be subsequ5tly det]m9$ by !    
,speak]1 9 ea* case = consid]ation ( su*
 provisions z fall )9 ! jurisdiction ( !
 committee conc]n$  ,a ,,bill  ,to ext5d
 ! em]g5cy unemploym5t comp5sation      
program1 & to /imulate ! economy &      
create opportunities = new job creation4
  #a4 ,%ort title2 table ( cont5ts  7a7 
,%ort title ,?is ,act may be cit$ z !   
,em]g5cy ,unemploym5t ,comp5sation      
,ext5sion ,act ( #bjad4  7b7 ,table (   
cont5ts ,! table ( cont5ts ( ?is ,act is
 z foll[s3  ,sec4 #a4 ,%ort title2 table
 ( cont5ts4 ,title ,i--,provisions      
relat+ to unemploym5t comp5sation ,sec4 

#aja4 ,ext5sion ( em]g5cy unemploym5t   
comp5sation program4 ,sec4 #ajb4        
,tempor>y ext5sion ( ext5d$ b5efit      
provisions4 ,sec4 #ajc4 ,ext5sion (     
fund+ = reemploym5t s]vices &           
reemploym5t & eligibility assessm5t     
activities4 ,sec4 #ajd4 ,additional     
ext5d$ unemploym5t b5efits "u !         
,railroad ,unemploym5t ,insurance ,act4 
,sec4 #aje4 ,flexibility = unemploym5t  
program agreem5ts4 ,sec4 #ajf4 ,end+    
unemploym5t paym5ts to jobless          
millionaires & billionaires4 ,sec4 #ajg4
 ,,gao /udy on ! use ( "w suitability   
requirem5ts 9 unemploym5t insurance     
programs4 ,sec4 #ajh4 ,fund+            
/abilization4 ,sec4 #aji4 ,prepaym5t (  
c]ta9 ,,pbgc premiums4 ,sec4 #aaj4      
,ext5sion ( cu/oms us] fees4 ,sec4 #aaa4
 ,em]g5cy s]vices1 gov]nm5t1 & c]ta9    
nonpr(it volunte]s4 ,title              
,,ii--,provisions relat+ to job creation
 ,sec4 #bja4 ,treatm5t ( employm5t      
assi/ance v\*] programs4 ,sec4 #bjb4    
,disadvantag$ bus9ess ent]prises4 ,sec4 

#bjc4 ,am]ica ,/> ,program4 ,sec4 #bjd4 
,fo/]+ innovation4 ,sec4 #bje4 ,p>tn]%ip
 ,to ,build ,am]ica4 ,sec4 #bjf4        
,key/one ,,xl pipel9e4  ,i ,provisions  
relat+ to unemploym5t comp5sation  #aja4
 ,ext5sion ( em]g5cy unemploym5t        
comp5sation program  7a7 ,ext5sion      
,section #djjg7;a77#b7 ( ! ,supplem5tal 
,appropriations ,act1 #bjjh 7,public    
,law #aaj-beb2 #bf ,u4,s4,c4 #ccjd note7
 is am5d$ by /rik+ ,janu>y #a1 #bjad &  
ins]t+ ,june #a1 #bjad4  7b7 ,fund+     
,section #djjd7;e77#a7 ( ! ,supplem5tal 
,appropriations ,act1 #bjjh 7,public    
,law #aaj-beb2 #bf ,u4,s4,c4 #ccjd note7
 is am5d$--  7#a7 9 subp>agraph 7,i71 by
 /rik+ & at ! end2  7#b7 9 subp>agraph  
7,j71 by ins]t+ & at ! end2 &  7#c7 by  
ins]t+ aft] subp>agraph 7,j7 ! foll[+3  
7,k7 ! am5dm5t made by section #aja7;a7 
( ! ,em]g5cy ,unemploym5t ,comp5sation  
,ext5sion ,act ( #bjad2  4  7c7         
,effective date ,! am5dm5ts made by ?is 
section %all take effect z if includ$ 9 
! enactm5t ( ! ,am]ican ,taxpay] ,relief

 ,act ( #bjab 7,public ,law #aab-bdj74  
#ajb4 ,tempor>y ext5sion ( ext5d$ b5efit
 provisions  7a7 ,9 g5]al ,section #bjje
 ( ! ,assi/ance = ,unemploy$ ,work]s &  
,/ruggl+ ,families ,act1 z conta9$ 9    
,public ,law #aaa-e 7#bf ,u4,s4,c4 #ccjd
 note71 is am5d$--  7#a7 by /rik+       
,decemb] #ca1 #bjac ea* place x appe>s &
 ins]t+ ,may #ca1 #bjad2 &  7#b7 9      
subsection 7c71 by /rik+ ,june #cj1     
#bjad & ins]t+ ,novemb] #cj1 #bjad4  7b7
 ,ext5sion ( mat*+ = /ates ) no wait+   
week ,section #e ( ! ,unemploym5t       
,comp5sation ,ext5sion ,act ( #bjjh     
7,public ,law #aaj-ddi2 #bf ,u4,s4,c4   
#ccjd note7 is am5d$ by /rik+ ,june #cj1
 #bjad & ins]t+ ,novemb] #cj1 #bjad4    
7c7 ,ext5sion ( modification (          
indicators "u ! ext5d$ b5efit program   
,section #bjc ( ! ,f$]al-,/ate ,ext5d$  
,unemploym5t ,comp5sation ,act ( #aigj  
7#bf ,u4,s4,c4 #ccjd note7 is am5d$--   
7#a7 9 subsection 7d71 by /rik+ ,decemb]
 #ca1 #bjac & ins]t+ ,may #ca1 #bjad2 & 
7#b7 9 subsection 7f77#b71 by /rik+     

,decemb] #ca1 #bjac & ins]t+ ,may #ca1  
#bjad4  7d7 ,effective date ,! am5dm5ts 
made by ?is section %all take effect z  
if includ$ 9 ! enactm5t ( ! ,am]ican    
,taxpay] ,relief ,act ( #bjab 7,public  
,law #aab-bdj74  #ajc4 ,ext5sion ( fund+
 = reemploym5t s]vices & reemploym5t &  
eligibility assessm5t activities  7a7   
,ext5sion  7#a7 ,9 g5]al ,section       
#djjd7;c77#b77;,a7 ( ! ,supplem5tal     
,appropriations ,act1 #bjjh 7,public    
,law #aaj-beb2 #bf ,u4,s4,c4 #ccjd note7
 is am5d$ by /rik+ ?r\gh fiscal ye>     
#bjad & ins]t+ ?r\gh ! fir/ five mon?s (
 fiscal ye> #bjae4  7#b7 ,effective date
 ,! am5dm5t made by ?is subsection %all 
take effect z if includ$ 9 ! enactm5t ( 
! ,am]ican ,taxpay] ,relief ,act ( #bjab
 7,public ,law #aab-bdj74  7b7 ,tim+ =  
s]vices & activities  7#a7 ,9 g5]al     
,section #djja7;i77#a77;,a7 ( !         
,supplem5tal ,appropriations ,act1 #bjjh
 7,public ,law #aaj-beb2 #bf ,u4,s4,c4  
#ccjd note7 is am5d$ by add+ at ! end ! 
foll[+ new s5t5ce3  ,at a m9imum1 su*   

reemploym5t s]vices & reemploym5t &     
eligibility assessm5t activities %all be
 provid$ to an individual )9 a "t p]iod 
7det]m9$ appropriate by ! ,secret>y7    
aft] ! date ! individual beg9s to       
receive am\nts "u section #djjb7;b7     
7fir/ ti] b5efits7 &1 if applicable1    
aga9 )9 a "t p]iod 7det]m9$ appropriate 
by ! ,secret>y7 aft] ! date ! individual
 beg9s to receive am\nts "u section     
#djjb7;d7 7?ird ti] b5efits74 4  7#b7   
,effective date ,! am5dm5t made by ?is  
subsection %all apply on & aft] ! date (
 ! enactm5t ( ?is ,act4  7c7 ,purposes (
 s]vices & activities ,! purposes ( !   
reemploym5t s]vices & reemploym5t &     
eligibility assessm5t activities "u     
section #djja7;i7 ( ! ,supplem5tal      
,appropriations ,act1 #bjjh 7,public    
,law #aaj-beb2 #bf ,u4,s4,c4 #ccjd note7
 are--  7#a7 to bett] l9k ! unemploy$ ) 
! ov]all work=ce sy/em by br++          
individuals receiv+ unemploym5t         
insurance b5efits 9 = p]sonaliz$        
assessm5ts & ref]rals to reemploym5t    

s]vices2 &  7#b7 to provide individuals 
receiv+ unemploym5t insurance b5efits ) 
e>ly access to specific /rategies t c   
help get !m back into ! work=ce fa/]1   
includ+ ?r\gh--  7,a7 ! developm5t ( a  
reemploym5t plan2  7,b7 ! provision (   
access to relevant labor m>ket          
in=mation2  7,c7 ! provision ( access to
 in=mation ab\t indu/ry-recogniz$       
cr$5tials t are regionally relevant or  
nationally portable2  7,d7 ! provision (
 ref]rals to reemploym5t s]vices &      
tra9+2 &  7,e7 an assessm5t ( !         
individual's on-go+ eligibility =       
unemploym5t insurance b5efits4  #ajd4   
,additional ext5d$ unemploym5t b5efits  
"u ! ,railroad ,unemploym5t ,insurance  
,act  7a7 ,ext5sion ,section            
#b7;c77#b77;,d77iii7 ( ! ,railroad      
,unemploym5t ,insurance ,act 7#de       
,u4,s4,c4 #ceb7;c77#b77;,d77iii77 is    
am5d$--  7#a7 by /rik+ ,june #cj1 #bjac 
& ins]t+ ,novemb] #cj1 #bjac2 &  7#b7 by
 /rik+ ,decemb] #ca1 #bjac & ins]t+ ,may
 #ca1 #bjad4  7b7 ,cl>ification on      

au?ority ,to use funds ,funds           
appropriat$ "u ei!r ! fir/ or second    
s5t5ce ( clause 7iv7 ( section          
#b7;c77#b77;,d7 ( ! ,railroad           
,unemploym5t ,insurance ,act %all be    
available to cov] ! co/ ( additional    
ext5d$ unemploym5t b5efits provid$ "u   
su* section #b7;c77#b77;,d7 by reason ( 
! am5dm5ts made by subsection 7a7 z well
 z to cov] ! co/ ( su* b5efits provid$  
"u su* section #b7;c77#b77;,d71 z 9     
effect on ! day be=e ! date ( enactm5t (
 ?is ,act4  7c7 ,fund+ = adm9i/ration   
,out ( any funds 9 ! ,treasury n o!rwise
 appropriat$1 !re are appropriat$ to !  
,railroad ,retirem5t ,bo>d #aje1jjj =   
adm9i/rative exp5ses associat$ ) !      
paym5t ( additional ext5d$ unemploym5t  
b5efits provid$ "u section              
#b7;c77#b77;,d7 ( ! ,railroad           
,unemploym5t ,insurance ,act by reason (
 ! am5dm5ts made by subsection 7a71 to  
rema9 available until exp5d$4  #aje4    
,flexibility = unemploym5t program      
agreem5ts  7a7 ,flexibility  7#a7 ,9    

g5]al ,subsection 7g7 ( section #djja ( 
! ,supplem5tal ,appropriations ,act1    
#bjjh 7,public ,law #aaj-beb2 #bf       
,u4,s4,c4 #ccjd note7 %all n apply )    
respect to a ,/ate t has enact$ a law   
be=e ,decemb] #a1 #bjac1 t1 ^u tak+     
effect1 w\ld violate su* subsection4    
7#b7 ,effective date ,p>agraph 7#a7 is  
effective ) respect to weeks (          
unemploym5t beg9n+ on or aft] ,decemb]  
#bi1 #bjac4  7b7 ,p]mitt+ a subsequ5t   
agreem5t ,no?+ 9 title ,,iv ( !         
,supplem5tal ,appropriations ,act1 #bjjh
 7,public ,law #aaj-beb2 #bf ,u4,s4,c4  
#ccjd note7 %all preclude a ,/ate ^:    
agreem5t "u su* title 0 t]m9at$ f ent]+ 
into a subsequ5t agreem5t "u su* title  
on or aft] ! date ( ! enactm5t ( ?is    
,act if ! ,/ate1 tak+ into acc\nt !     
application ( subsection 7a71 w\ld      
o!rwise meet ! requirem5ts = an agreem5t
 "u su* title4  #ajf4 ,end+ unemploym5t 
paym5ts to jobless millionaires &       
billionaires  7a7 ,prohibition ,not)/&+ 
any o!r provision ( law1 no ,f$]al funds

 may be us$ = paym5ts ( unemploym5t     
comp5sation "u ! em]g5cy unemploym5t    
comp5sation program "u title ,,iv ( !   
,supplem5tal ,appropriations ,act1 #bjjh
 7,public ,law #aaj-beb2 #bf ,u4,s4,c4  
#ccjd note7 to an individual ^: adju/$  
gross income 9 ! prec$+ ye> 0 equal to  
or great] ?an #a1jjj1jjj4  7b7          
,compliance ,unemploym5t ,insurance     
applications %all include a =m or       
proc$ure = an individual applicant to   
c]tify ! individual's adju/$ gross      
income 0 n equal to or great] ?an       
#a1jjj1jjj 9 ! prec$+ ye>4  7c7 ,audits 
,! c]tifications requir$ by subsection  
7b7 %all be auditable by ! ,u4,s4       
,dep>tm5t ( ,labor or ! ,u4,s4 ,gov]nm5t
 ,acc\ntability ,(fice4  7d7 ,/atus (   
applicants ,x is ! duty ( ! ,/ates to   
v]ify ! resid5cy1 employm5t1 legal1 &   
income /atus ( applicants = ,unemploym5t
 ,insurance & no ,f$]al funds may be    
exp5d$ = purposes ( det]m9+ :e!r or n ! 
prohibition "u subsection 7a7 applies ) 
respect to an individual4  7e7          

,effective date ,! prohibition "u       
subsection 7a7 %all apply to weeks (    
unemploym5t beg9n+ on or aft] ! date ( !
 enactm5t ( ?is ,act4  #ajg4 ,,gao /udy 
on ! use ( "w suitability requirem5ts 9 
unemploym5t insurance programs  7a7     
,/udy ,! ,comptroll] ,g5]al ( ! ,unit$  
,/ates %all conduct a /udy on ! use ( "w
 suitability requirem5ts to /r5g!n      
requirem5ts to ensure t unemploym5t     
insurance b5efits are be+ provid$ to    
individuals :o are actively look+ = "w &
 :o truly want to return to ! labor =ce4
 ,su* /udy %all include an analysis (-- 
7#a7 h[ "w suitability requirem5ts "w "u
 bo? ,/ate & ,f$]al unemploym5t         
insurance programs2 &  7#b7 h[ to       
incorporate & improve su* requirem5ts "u
 ,f$]al unemploym5t insurance programs2 
&  7#c7 o!r items det]m9$ appropriate by
 ! ,comptroll] ,g5]al4  7b7 ,brief+ ,n  
lat] ?an #ij days aft] ! date ( !       
enactm5t ( ?is ,act1 ! ,comptroll]      
,g5]al ( ! ,unit$ ,/ates %all brief     
,congress on ! ongo+ /udy requir$ "u    

subsection 7a74 ,su* brief+ %all include
 prelim9>y recomm5dations = su*         
legislation & adm9i/rative action z !   
,comptroll] ,g5]al det]m9es appropriate4
  #ajh4 ,fund+ /abilization  7a7 ,fund+ 
/abilization "u ! ,int]nal ,rev5ue ,code
 ,! table 9 subclause 7,,ii7 ( section  
#dcj7;h77#b77;,c77iv7 ( ! ,int]nal      
,rev5ue ,code ( #aihf is am5d$ to read z
 foll[s3  ,if ! cal5d> ye> is3,!        
applicable m9imum p]c5tage is3,!        
applicable maximum p]c5tage is3  #bjab1 
#bjac1 #bjad1 #bjae1 #bjaf1 or          
#bjagijaaj #bjahheaae #bjaihjabj        
#bjbjgeabe ,aft] #bjbjgjacj 4  7b7      
,fund+ /abilization "u ,,erisa  7#a7 ,9 
g5]al ,! table 9 subclause 7,,ii7 (     
section #cjc7;h77#b77;,c77iv7 ( !       
,employee ,retirem5t ,income ,security  
,act ( #aigd is am5d$ to read z foll[s3 
,if ! cal5d> ye> is3,! applicable m9imum
 p]c5tage is3,! applicable maximum      
p]c5tage is3  #bjab1 #bjac1 #bjad1      
#bjae1 #bjaf1 or #bjagijaaj #bjahheaae  
#bjaihjabj #bjbjgeabe ,aft] #bjbjgjacj 4

  7#b7 ,con=m+ am5dm5t  7,a7 ,9 g5]al   
,clause 7ii7 ( section #aja7;f77#b77;,d7
 ( su* ,act is am5d$ by /rik+ #bjae &   
ins]t+ #bjbj4  7,b7 ,/atem5ts ,!        
,secret>y ( ,labor %all modify !        
/atem5ts requir$ "u subclauses 7,i7 &   
7,,ii7 ( section #aja7;f77#b77;,d77i7 ( 
su* ,act to con=m to ! am5dm5ts made by 
?is section4  7c7 ,/abilization n ,to   
apply = purposes ( c]ta9 accel]at$      
b5efit di/ribution rules  7#a7 ,int]nal 
,rev5ue ,code ( #aihf ,! second s5t5ce (
 p>agraph 7#b7 ( section #dcf7;d7 ( !   
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by /rik+ ( su* plan & ins]t+ ( su* plan 
7det]m9$ by n tak+ into acc\nt any      
adju/m5t ( segm5t rates "u section      
#dcj7;h77#b77;,c77iv774  7#b7 ,employee 
,retirem5t ,income ,security ,act (     
#aigd ,! second s5t5ce ( subp>agraph    
7,b7 ( section #bjf7;g77#c7 ( !         
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4             
#ajef7;g77#c77;,b77 is am5d$ by /rik+ ( 
su* plan & ins]t+ ( su* plan 7det]m9$ by

 n tak+ into acc\nt any adju/m5t (      
segm5t rates "u section                 
#cjc7;h77#b77;,c77iv774  7#c7 ,effective
 date  7,a7 ,9 g5]al ,except z provid$ 9
 subp>agraph 7,b71 ! am5dm5ts made by   
?is subsection %all apply to plan ye>s  
beg9n+ aft] ,decemb] #ca1 #bjad4  7,b7  
,collectively b>ga9$ plans ,9 ! case ( a
 plan ma9ta9$ pursuant to #a or m       
collective b>ga9+ agreem5ts1 ! am5dm5ts 
made by ?is subsection %all apply to    
plan ye>s beg9n+ aft] ,decemb] #ca1     
#bjae4  7#d7 ,provisions relat+ to plan 
am5dm5ts  7,a7 ,9 g5]al ,if ?is p>agraph
 applies to any am5dm5t to any plan or  
annuity contract1 su* plan or contract  
%all be treat$ z be+ op]at$ 9 accordance
 ) ! t]ms ( ! plan dur+ ! p]iod describ$
 9 subp>agraph 7,b77ii74  7,b7 ,am5dm5ts
 to :i* p>agraph applies  7i7 ,9 g5]al  
,?is p>agraph %all apply to any am5dm5t 
to any plan or annuity contract :i* is  
made--  7,i7 pursuant to ! am5dm5ts made
 by ?is subsection1 or pursuant to any  
regulation issu$ by ! ,secret>y ( !     

,treasury or ! ,secret>y ( ,labor "u any
 provision z s am5d$1 &  7,,ii7 on or   
be=e ! la/ day ( ! fir/ plan ye> beg9n+ 
on or aft] ,janu>y #a1 #bjaf1 or su*    
lat] date z ! ,secret>y ( ! ,treasury   
may prescribe4  7ii7 ,conditions ,?is   
subsection %all n apply to any am5dm5t  
unless1 dur+ ! p]iod--  7,i7 beg9n+ on !
 date t ! am5dm5ts made by ?is          
subsection or ! regulation describ$ 9   
clause 7i77,i7 takes effect 7or 9 ! case
 ( a plan or contract am5dm5t n requir$ 
by su* am5dm5ts or su* regulation1 !    
effective date specifi$ by ! plan71 &   
7,,ii7 end+ on ! date describ$ 9 clause 
7i77,,ii7 7or1 if e>li]1 ! date ! plan  
or contract am5dm5t is adopt$71  ! plan 
or contract is op]at$ z if su* plan or  
contract am5dm5t 7 9 effect1 & su* plan 
or contract am5dm5t applies             
retroactively = su* p]iod4  7,c7        
,anti-cutback relief ,a plan %all n be  
treat$ z fail+ to meet ! requirem5ts (  
section #bjd7;g7 ( ! ,employee          
,retirem5t ,income ,security ,act (     

#aigd & section #daa7;d77#f7 ( !        
,int]nal ,rev5ue ,code ( #aihf solely by
 reason ( a plan am5dm5t to :i* ?is     
p>agraph applies4  7d7 ,modification (  
fund+ t>get det]m9ation p]iods  7#a7    
,int]nal ,rev5ue ,code ( #aihf ,clause  
7i7 ( section #dcj7;h77#b77;,b7 ( !     
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by /rik+ ! fir/ day ( ! plan ye> &      
ins]t+ ! valuation date = ! plan ye>4   
7#b7 ,employee ,retirem5t ,income       
,security ,act ( #aigd ,clause 7i7 (    
section #cjc7;h77#b77;,b7 ( ! ,employee 
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4                    
#ajhc7;h77#b77;,b77i77 is am5d$ by /rik+
 ! fir/ day ( ! plan ye> & ins]t+ !     
valuation date = ! plan ye>4  7e7       
,effective date  7#a7 ,9 g5]al ,!       
am5dm5ts made by subsections 7a71 7b71 &
 7d7 %all apply ) respect to plan ye>s  
beg9n+ aft] ,decemb] #ca1 #bjab4  7#b7  
,elections ,a plan sponsor may elect n  
to h ! am5dm5ts made by subsections 7a71
 7b71 & 7d7 apply to any plan ye> beg9n+

 be=e ,janu>y #a1 #bjad1 ei!r 7z        
specifi$ 9 ! election7--  7,a7 = all    
purposes = :i* su* am5dm5ts apply1 or   
7,b7 solely = purposes ( det]m9+ !      
adju/$ fund+ t>get atta9m5t p]c5tage "u 
sections #dcf ( ! ,int]nal ,rev5ue ,code
 ( #aihf & #bjf7;g7 ( ! ,employee       
,retirem5t ,income ,security ,act (     
#aigd = su* plan ye>4  ,a plan %all n be
 treat$ z fail+ to meet ! requirem5ts ( 
section #bjd7;g7 ( su* ,act & section   
#daa7;d77#f7 ( su* ,code solely by      
reason ( an election "u ?is p>agraph4   
#aji4 ,prepaym5t ( c]ta9 ,,pbgc premiums
  7a7 ,9 g5]al ,section #djjg ( !       
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #acjg7 is   
am5d$ by add+ at ! end ! foll[+ new     
subsection3  7f7 ,election ,to prepay   
flat doll> premiums  7#a7 ,9 g5]al ,!   
designat$ payor may elect to prepay dur+
 any plan ye> ! premiums due "u clause  
7i7 or 7v71 :i*ev] is applicable1 (     
section #djjf7;a77#c77;,a7 = ! numb] (  
consecutive subsequ5t plan ye>s 7n      

great] ?an #e7 specifi$ 9 ! election4   
7#b7 ,am\nt ( prepaym5t  7,a7 ,9 g5]al  
,! am\nt ( ! prepaym5t = any subsequ5t  
plan ye> "u p>agraph 7#a7 %all be equal 
to ! am\nt ( ! premium det]m9$ "u clause
 7i7 or 7v71 :i*ev] is applicable1 (    
section #djjf7;a77#c77;,a7 = ! plan ye> 
9 :i* ! prepaym5t is made4  7,b7        
,additional p>ticipants ,if !re is an   
increase 9 ! numb] ( p>ticipants 9 !    
plan dur+ any plan ye> ) respect to :i* 
a prepaym5t has be5 made1 ! designat$   
payor %all pay a premium = su*          
additional p>ticipants at ! premium rate
 9 effect "u clause 7i7 or 7v71 :i*ev]  
is applicable1 ( section                
#djjf7;a77#c77;,a7 = su* plan ye>4 ,no  
cr$it or o!r refund %all be grant$ 9 !  
case ( a plan t has a decrease 9 numb] (
 p>ticipants dur+ a plan ye> ) respect  
to :i* a prepaym5t has be5 made4  7,c7  
,coord9ation ) premium = unfund$ ve/$   
b5efits ,! am\nt ( ! premium det]m9$ "u 
section #djjf7;a77#c77;,a77i7 = !       
purpose ( det]m9+ ! prepaym5t am\nt =   

any plan ye> %all be det]m9$ )\t reg>d  
to ! increase 9 su* premium "u section  
#djjf7;a77#c77;,e74 ,su* increase %all  
be paid 9 ! same am\nt & at ! same "t z 
x w\ld o!rwise be paid )\t reg>d to ?is 
subsection4  7#c7 ,election ,! election 
"u ?is subsection %all be made at su* "t
 & 9 su* mann] z ! corporation may      
prescribe4  4  7b7 ,con=m+ am5dm5t ,!   
second s5t5ce ( subsection 7a7 ( section
 #djjg ( ! ,employee ,retirem5t ,income 
,security ,act ( #aigd 7#bi ,u4,s4,c4   
#acjg7 is am5d$ by /rik+ ,premiums &    
ins]t+ ,except z provid$ 9 subsection   
7f71 premiums4  7c7 ,effective date ,!  
am5dm5ts made by ?is section %all apply 
to plan ye>s beg9n+ aft] ! date ( !     
enactm5t ( ?is ,act4  #aaj4 ,ext5sion ( 
cu/oms us] fees ,section #acjca7;j77#c7 
( ! ,consolidat$ ,omnibus ,budget       
,reconciliation ,act ( #aihe 7#ai       
,u4,s4,c4 #eh;c7j77#c77 is am5d$--  7#a7
 9 subp>agraph 7,a71 by /rik+ ,septemb] 
#cj1 #bjbc & ins]t+ ,septemb] #cj1      
#bjbd2 &  7#b7 9 subp>agraph 7,b77i71 by

 /rik+ ,septemb] #cj1 #bjbc & ins]t+    
,septemb] #cj1 #bjbd4  #aaa4 ,em]g5cy   
s]vices1 gov]nm5t1 & c]ta9 nonpr(it     
volunte]s  7a7 ,9 g5]al ,section        
#dihj;,h7c7 ( ! ,int]nal ,rev5ue ,code (
 #aihf is am5d$ by r$esignat+ p>agraphs 
7#e71 7#f71 & 7#g7 z p>agraphs 7#f71    
7#g71 & 7#h71 respectively1 & by ins]t+ 
aft] p>agraph 7#d7 ! foll[+ new         
p>agraph3  7#e7 ,special rules = c]ta9  
em]g5cy s]vices1 gov]nm5t1 & nonpr(it   
volunte]s  7,a7 ,em]g5cy s]vices        
volunte]s ,qualifi$ s]vices r5d]$ z a   
bona fide volunte] to an eligible       
employ] %all n be tak5 into acc\nt "u   
?is section z s]vice provid$ by an      
employee4 ,= purposes ( ! prec$+ s5t5ce1
 ! t]ms qualifi$ s]vices1 bona fide     
volunte]1 & eligible employ] %all h !   
respective mean+s giv5 su* t]ms "u      
section #deg7;e74  7,b7 ,c]ta9 o!r      
gov]nm5t & nonpr(it volunte]s  7i7 ,9   
g5]al ,s]vices r5d]$ z a bona fide      
volunte] to a specifi$ employ] %all n be
 tak5 into acc\nt "u ?is section z      

s]vice provid$ by an employee4  7ii7    
,bona fide volunte] ,= purposes ( ?is   
subp>agraph1 ! t]m bona fide volunte]   
means an employee ( a specifi$ employ]  
^: only comp5sation f su* employ] is 9 !
 =m (--  7,i7 reimbursem5t = 7or        
reasonable all[ance =7 reasonable       
exp5ses incurr$ 9 ! p]=mance ( s]vices  
by volunte]s1 or  7,,ii7 reasonable     
b5efits 7includ+ l5g? ( s]vice aw>ds71 &
 nom9al fees1 cu/om>ily paid by simil>  
entities 9 connection ) ! p]=mance (    
s]vices by volunte]s4  7iii7 ,specifi$  
employ] ,= purposes ( ?is subp>agraph1 !
 t]m specifi$ employ] means--  7,i7 any 
gov]nm5t entity1 &  7,,ii7 any          
organization describ$ 9 section #eja7;c7
 & exempt f tax "u section #eja7;a74    
7iv7 ,coord9ation ) subp>agraph 7,a7    
,?is subp>agraph %all n fail to apply ) 
respect to s]vices m]ely because su*    
s]vices are qualifi$ s]vices 7z def9$ 9 
section #deg7;e77#aa77;,c774  4  7b7    
,effective date ,! am5dm5ts made by ?is 
section %all apply to mon?s beg9n+ aft] 

,decemb] #ca1 #bjac4  ,,ii ,provisions  
relat+ to job creation  #bja4 ,treatm5t 
( employm5t assi/ance v\*] programs  7a7
 ,use ( unemploym5t fund = employm5t    
assi/ance v\*] program  7#a7 ,/ate law  
,section #ccjd7;a77#d7 ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ by /rik+ 
& at ! end ( subp>agraph 7,f71 by ins]t+
 & at ! end ( subp>agraph 7,g71 & by    
add+ at ! end ! foll[+ new subp>agraph3 
7,h7 dur+ ! #abj-;day p]iod beg9n+ on ! 
date ( ! enactm5t ( ! ,em]g5cy          
,unemploym5t ,comp5sation ,ext5sion ,act
 ( #bjad1 am\nts may be )drawn = !      
paym5t ( all[ances "u an employm5t      
assi/ance v\*] program 7z def9$ 9       
section #ccjf7v772  4  7#b7 ,p]missible 
exp5ditures ,section #ccjf7;f7 ( su*    
,code is am5d$--  7,a7 by /rik+ & at !  
end ( p>agraph 7#e71  7,b7 by r$esignat+
 ! p>agraph relat+ to ! self-employm5t  
assi/ance program z p>agraph 7#f7 &     
/rik+ ! p]iod at ! end ( su* p>agraph & 
ins]t+ 2 &1 &  7,c7 by add+ at ! end !  
foll[+ new p>agraph3  7#g7 dur+ !       

#abj-;day p]iod beg9n+ on ! date ( !    
enactm5t ( ! ,em]g5cy ,unemploym5t      
,comp5sation ,ext5sion ,act ( #bjad1    
am\nts may be )drawn = ! paym5t (       
all[ances "u an employm5t assi/ance v\*]
 program 7z def9$ 9 subsection 7v774  4 
7b7 ,employm5t assi/ance v\*] program   
def9$ ,section #ccjf ( su* ,code is     
am5d$ by add+ at ! end ! foll[+ new     
subsection3  7v7 ,employm5t assi/ance   
v\*] program ,= ! purposes ( ?is *apt]--
  7#a7 ,9 g5]al ,! t]m employm5t        
assi/ance v\*] program means a program  
"u :i*--  7,a7 an eligible individual is
 issu$ an employm5t assi/ance v\*]1     
7,b7 ^u employm5t ) an employ] describ$ 
9 p>agraph 7#e7--  7i7 ! eligible       
individual transf]s ! employm5t         
assi/ance v\*] to ! employ]1  7ii7 !    
individual ceases to receive unemploym5t
 comp5sation & is paid wages by !       
employ]1 &  7iii7 ! employ] receives    
paym5ts ^u pres5t+ ! v\*] to ! ,/ate1 & 
7,c7 ! program meets su* o!r requirem5ts
 z ! ,secret>y ( ,labor det]m9es to be  

appropriate4  7#b7 ,rules relat+ to     
unemploy$ individuals ,= purposes (     
p>agraph 7#a7--  7,a7 ,comp5sation      
,comp5sation pursuant to p>agraph       
7#a77;,b77ii7 %all--  7i7 n be less ?an 
#bjj p]c5t ( ! unemploym5t comp5sation  
o!rwise payable to ! individual on !    
date ( ! individual's employm5t "u !    
employm5t assi/ance v\*] program1  7ii7 
n be less ?an ! m9imum wage 7z specifi$ 
9 section #f ( ! ,fair ,labor ,/&>ds    
,act ( #aich71 &  7iii7 be payable = a  
p]iod n to exce$ ! maximum numb] (      
rema9+ weeks ( unemploym5t comp5sation  
7includ+ supplem5tal & em]g5cy7 to :i* !
 employee w\ld be entitl$ 7b =          
p>ticipat+ 9 ! employm5t assi/ance v\*] 
program71 det]m9$ z ( ! date (          
employm5t4  7,b7 ,t]m9ation ( employm5t 
,if1 be=e ! end ( ! p]iod ref]r$ to 9   
subp>agraph 7,a77iii71 an individual's  
employm5t ) an employ] "u ! employm5t   
assi/ance v\*] program is t]m9at$ =     
reasons o!r ?an cause1 ! individual is  
entitl$ to ! rema9+ p]iod ( entitlem5t  

ref]r$ to 9 subp>agraph 7,a77iii7 less !
 numb] ( weeks ( su* employm5t4  7,c7   
,c]ta9 requirem5ts n to apply ,/ate     
requirem5ts relat+ to availability = "w1
 active se>* = "w1 & refusal to accept  
"w are n applicable to individuals      
p>ticipat+ 9 ! employm5t assi/ance v\*] 
program4  7#c7 ,employm5t assi/ance v\*]
 ,! t]m employm5t assi/ance v\*] means a
 v\*]--  7,a7 obta9$ by an eligible     
individual pursuant to ! ,/ate law1 &   
7,b7 payable to ! employ] ( ! eligible  
individual--  7i7 at a rate det]m9$ "u  
,/ate law b n to exce$ #ij p]c5t ( !    
am\nt ( unemploym5t comp5sation to :i* !
 eligible individual is entitl$1 &  7ii7
 on ! same s*$ule z unemploym5t         
comp5sation w\ld be payable to !        
individual b = employm5t "u ! employm5t 
assi/ance v\*] program4  7#d7 ,eligible 
individual ,! t]m eligible individual   
means an individual :o--  7,a7 is       
eligible to receive regul> unemploym5t  
comp5sation "u ! ,/ate law1 ext5d$      
unemploym5t1 or em]g5cy unemploym5t or  

w\ld be eligible to receive su*         
comp5sation except = ! requirem5ts      
describ$ 9 p>agraph 7#a77;,b71  7,b7 is 
id5tifi$ pursuant to a ,/ate work]      
pr(il+ sy/em z an individual likely to  
exhau/ regul> unemploym5t comp5sation1  
7,c7 imm$iately prior to employm5t by ! 
eligible employ]1 0 unemploy$ = n less  
?an #f mon?s1 &  7,d7 is employ$ by an  
eligible employ]4  7#e7 ,eligible       
employ] ,! t]m eligible employ] means an
 employ] :o agrees to ! t]ms &          
conditions ( employm5t "u ! unemploym5t 
assi/ance v\*] program & :o is approv$  
by ! ,/ate ag5cy4  7#f7 ,treatm5t (     
p>ticipat+ individuals "u ,f$]al & ,/ate
 law ,individuals p>ticipat+ 9 an       
unemploym5t assi/ance v\*] program %all 
be treat$ z unemploy$ = ! purposes (    
,f$]al & ,/ate laws applicable to       
unemploym5t comp5sation1 except t wages 
paid to ! employee "u su* program %all  
be subject to ,f$]al & ,/ate taxation to
 ! same ext5t & 9 ! same mann] z wages  
g5]ally4  7#g7 ,co/ limit] ,a ,/ate     

program %all n be treat$ z an employm5t 
assi/ance v\*] program = purposes ( ?is 
*apt] unless ! program does n result 9  
any co/ to ! ,unemploym5t ,tru/ ,fund   
7e/abli%$ by section #ijd7;a7 ( !       
,social ,security ,act7 9 excess ( ! co/
 t w\ld be incurr$ by su* ,/ate & *>g$  
to su* ,fund1 or to any ,f$]al funds 9 !
 sy/em if ! ,/ate _h n p>ticipat$ 9 su* 
program4  7#h7 ,prev5tion ( employm5t   
t]m9ation to p>ticipate 9 program ,a    
,/ate program %all n be treat$ z an     
employm5t assi/ance v\*] program =      
purposes ( ?is *apt] unless ! ,/ate has 
9 effect measures to prev5t employ]s f  
t]m9at+ employm5t = purposes (          
p>ticipat+ 9 ! employm5t assi/ance v\*] 
program4  7#i7 ,prev5tion 9 t]m9at+     
employees dur+ program ,a ,/ate program 
%all n be treat$ z an employm5t         
assi/ance v\*] program = purposes ( ?is 
*apt] unless ! ,/ate has 9 effect       
measures to rec\p paym5ts made to an    
employ] "u ! program if ! employ] has   
t]m9at$ f employm5t m employees dur+ !  

#abj-;day p]iod ref]r$ to 9 section     
#ccjd7;a77#d77;,h7 ?an ! employ] has    
hir$ "u ! program4  4  7c7 ,con=m+      
am5dm5t ,section #cjc7;a77#e7 ( !       
,social ,security ,act 7#db ,u4,s4,c4   
#ejc7;a77#e77 is am5d$ by /rik+ 2 & &   
ins]t+ 3 ,provid$ fur!r1 ,t am\nts may  
be )drawn = ! paym5t ( all[ances "u an  
employm5t assi/ance v\*] program 7z     
def9$ 9 section #ccjf7v7 ( ! ,int]nal   
,rev5ue ,code ( #aihf72 &4  7d7 ,/ate   
reports ,any ,/ate op]at+ an employm5t  
assi/ance v\*] program approv$ by !     
,secret>y ( ,labor pursuant to section  
#ccjd7;a77#d77;,h7 ( ! ,int]nal ,rev5ue 
,code ( #aihf 7z add$ by ?is section7   
%all report annually to ! ,secret>y on !
 numb] ( individuals :o p>ticipate 9 !  
program1 ! op]at+ co/s ( ! program1     
compliance ) program requirem5ts1 & any 
o!r relevant aspects ( program op]ations
 reque/$ by ! ,secret>y4  7e7 ,report to
 congress ,n lat] ?an #a ye> aft] ! date
 ( ! enactm5t ( ?is ,act1 ! ,secret>y ( 
,labor %all submit a report to !        

,congress ) respect to ! op]ation ( !   
employm5t assi/ance v\*] program4 ,su*  
report %all be bas$ on ! reports receiv$
 f ! ,/ates pursuant to subsection 7d7 &
 include su* o!r in=mation z ! ,secret>y
 ( ,labor det]m9es is appropriate4  7f7 
,effective date ,! provisions ( ?is     
section & ! am5dm5ts made by ?is section
 %all take effect on ! date ( ! enactm5t
 ( ?is ,act4  #bjb4 ,disadvantag$       
bus9ess ent]prises ,section #aaja7;b7 ( 
,,map-#ba 7#bc ,u4,s4,c4 #aja note7 is  
am5d$--  7#a7 9 p>agraph 7#b7 by add+ at
 ! end ! foll[+3  7,c7 ,vet]an-own$     
small bus9ess conc]n ,! t]m vet]an-own$ 
small bus9ess conc]n has ! mean+ giv5 ! 
t]m small bus9ess conc]n own$ &         
controll$ by vet]ans 9 section #c7q7 ( !
 ,small ,bus9ess ,act 7#ae ,u4,s4,c4    
#fcb7q774  2  7#b7 9 p>agraph 7#c7 by   
ins]t+ & vet]an-own$ small bus9ess      
conc]ns be=e ! p]iod at ! end2 &  7#c7 9
 p>agraph 7#d77;,b7--  7,a7 9 clause    
7ii7 by /rik+ & at ! end2  7,b7 9 clause
 7iii7 by /rik+ ! p]iod at ! end &      

ins]t+ 2 &2 &  7,c7 by add+ at ! end !  
foll[+3  7iv7 vet]ans4  4  #bjc4 ,am]ica
 ,/> ,program  7a7 ,9 g5]al ,! ,secret>y
 %all e/abli% a volunt>y program1 to be 
kn[n z ! ,am]ica ,/> ,program1 "u :i*   
manufactur]s may h products c]tifi$ z   
meet+ ! /&>ds ( labels t indicate to    
consum]s ! ext5t to :i* ! products are  
manufactur$ 9 ! ,unit$ ,/ates4  7b7     
,e/abli%m5t ( labels  7#a7 ,9 g5]al ,!  
,secret>y %all by rule e/abli% su*      
,am]ica ,/> labels z ! ,secret>y        
consid]s appropriate1 includ+ ! cont5t (
 ! labels & ! /&>ds t a product %all    
meet 9 ord] to be> a p>ticul> ,am]ica   
,/> label4 ,! labels %all be consi/5t ) 
public p]ceptions ( ! mean+ (           
descriptions ( ! ext5t to :i* a product 
is manufactur$ 9 ! ,unit$ ,/ates4  7#b7 
,goals ,! ,am]ica ,/> labels %all be    
design$ to a*ieve ! foll[+ goals3  7,a7 
,provid+ cl>ity = consum]s ab\t ! ext5t 
to :i* products are manufactur$ 9 !     
,unit$ ,/ates4  7,b7 ,enc\rag+          
manufactur]s to manufacture m products 9

 ! ,unit$ ,/ates4  7,c7 ,highlight+ !   
importance ( dome/ic manufactur+ = !    
economy ( ! ,unit$ ,/ates4  7c7         
,c]tification ( products  7#a7          
,application proc$ures ,a manufactur] t 
wi%es to h a product c]tifi$ z meet+ !  
/&>ds ( an ,am]ica ,/> label may apply  
to ! ,secret>y = c]tification 9         
accordance ) su* proc$ures z ! ,secret>y
 %all by rule e/abli%4  7#b7 ,action by 
,secret>y ,aft] receiv+ an application =
 c]tification "u p>agraph 7#a71 !       
,secret>y %all1 n lat] ?an a reasonable 
"t to be specifi$ by ! ,secret>y by     
rule--  7,a7 det]m9e :e!r ! product     
meets ! /&>ds ( ! label2  7,b7 if !     
product meets su* /&>ds1 c]tify !       
product2 &  7,c7 notify ! manufactur] ( 
! det]m9ation & :e!r ! product has be5  
c]tifi$4  7d7 ,monitor+2 )drawal (      
c]tification  7#a7 ,monitor+ ,!         
,secret>y %all conduct su* monitor+ &   
compliance review z ! ,secret>y consid]s
 necess>y to--  7,a7 detect violations (
 subsection 7h72 &  7,b7 ensure t       

products c]tifi$ z meet+ ! /&>ds (      
,am]ica ,/> labels cont9ue to meet su*  
/&>ds4  7#b7 ,)drawal ( c]tification    
7,a7 ,on initiative ( ,secret>y ,if !   
,secret>y det]m9es t a product c]tifi$ z
 meet+ ! /&>ds ( an ,am]ica ,/> label no
 long] meets su* /&>ds1 ! ,secret>y     
%all--  7i7 notify ! manufactur] ( !    
det]m9ation & any corrective action t   
w\ld enable ! product to meet su* /&>ds2
 &  7ii7 if ! manufactur] does n take   
su* action )9 a reasonable "t aft]      
receiv+ notification "u clause 7i71 to  
be specifi$ by ! ,secret>y by rule1 !   
,secret>y %all )draw ! c]tification ( ! 
product & notify ! manufactur] ( !      
)drawal4  7,b7 ,at reque/ ( manufactur] 
,at ! reque/ ( ! manufactur] ( a        
product1 ! ,secret>y %all )draw !       
c]tification ( ! product & notify !     
manufactur] ( ! )drawal4  7e7           
,regulations  7#a7 ,9 g5]al ,! ,secret>y
 may promulgate su* regulations z are   
necess>y to implem5t ?is section4  7#b7 
,deadl9e ,n lat] ?an #b ye>s aft] ! date

 ( ! enactm5t ( ?is ,act1 ! ,secret>y   
%all promulgate su* regulations z are   
necess>y to beg9 c]tify+ products "u !  
,am]ica ,/> ,program4  7f7 ,adm9i/ration
 by contract ,! ,secret>y may ent] into 
a contract ) a p]son "u :i* su* p]son   
c>ries out c]tification det]m9ations "u 
subsection 7c71 monitor+ activities &   
)drawal det]m9ations "u subsection 7d71 
collection ( fees "u subsection 7k77#a7 
& ! remission ( su* fees to ! ,secret>y 
7b n ! e/abli%m5t ( ! am\nts ( su*      
fees71 & relat$ adm9i/rative activities4
 ,= purposes ( subsections 7h7 & 7j71   
su* a det]m9ation1 activity1 or         
collection by su* p]son %all be consid]$
 to be an action ( ! ,secret>y4  7g7    
,consultation  7#a7 ,) ,f$]al ,trade    
,commission ,9 e/abli%+ ! ,am]ica ,/>   
labels & op]at+ ! ,am]ica ,/> ,program1 
! ,secret>y %all consult ) ! ,f$]al     
,trade ,commission to ensure consi/5cy )
 ! requirem5ts en=c$ by ! ,commission ) 
respect to repres5tations ( ! ext5t to  
:i* products are manufactur$ 9 ! ,unit$ 

,/ates4  7#b7 ,) private-sector         
companies ,9 e/abli%+ ! ,am]ica ,/>     
labels & op]at+ ! ,am]ica ,/> ,program1 
! ,secret>y %\ld consult )              
private-sector companies t h develop$   
label+ programs to v]ify or c]tify to   
consum]s ! ext5t to :i* products are    
manufactur$ 9 ! ,unit$ ,/ates4  7h7     
,prohibit$ conduct ,unless !re is 9     
effect a c]tification by ! ,secret>y t a
 product meets ! /&>ds ( an ,am]ica ,/> 
label1 a p]son may n place su* label on 
su* product1 use su* label 9 any m>ket+ 
mat]ials = su* product1 or 9 any o!r way
 repres5t t su* product meets or is     
c]tifi$ z meet+ ! /&>ds ( su* label4    
7i7 ,en=cem5t  7#a7 ,civil p5alty ,any  
p]son :o kn[+ly violates subsection 7h7 
%all be subject to a civil p5alty ( n m 
?an #aj1jjj4  7#b7 ,ineligibility  7,a7 
,9 g5]al ,except z provid$ 9 subp>agraph
 7,c71 if ! ,secret>y det]m9es t a      
manufactur]--  7i7 has made a false     
/atem5t to ! ,secret>y 9 connection ) ! 
,am]ica ,/> ,program2  7ii7 kn[+1 or    

hav+ reason to "k1 t a product does n   
meet ! /&>ds ( an ,am]ica ,/> label1 has
 plac$ su* label on su* product1 has us$
 su* label 9 any m>ket+ mat]ials = su*  
product1 or 9 any o!r way has repres5t$ 
t su* product meets or is c]tifi$ z     
meet+ ! /&>ds ( su* label2 or  7iii7 has
 o!rwise violat$ ! purposes ( ! ,am]ica 
,/> ,program2  ! ,secret>y may n1 = a   
p]iod ( #e ye>s aft] ! conduct describ$ 
9 clause 7i71 7ii71 or 7iii71 c]tify !  
product to :i* su* conduct relates z    
meet+ ! /&>ds ( an ,am]ica ,/> label4   
7,b7 ,effect on exi/+ c]tification ,9 ! 
case ( a product ) respect to :i*1 at ! 
"t ( ! det]m9ation ( ! ,secret>y "u     
subp>agraph 7,a71 !re is 9 effect a     
c]tification by ! ,secret>y t ! product 
meets ! /&>ds ( an ,am]ica ,/> label--  
7i7 if ! product cont9ues to meet su*   
/&>ds1 ! ,secret>y may ei!r )draw !     
c]tification or all[ ! c]tification to  
cont9ue 9 effect1 z ! ,secret>y consid]s
 appropriate2 &  7ii7 if ! product no   
long] meets su* /&>ds1 ! ,secret>y %all 

)draw ! c]tification4  7,c7 ,waiv]      
,not)/&+ subp>agraph 7,a71 ! ,secret>y  
may waive or r$uce ! p]iod ref]r$ to 9  
su* subp>agraph if ! ,secret>y det]m9es 
t ! waiv] or r$uction is 9 ! be/ int]e/s
 ( ! ,am]ica ,/> ,program4  7#c7 ,false 
/atem5ts ,a false /atem5t 9 connection )
 ! ,am]ica ,/> ,program to a p]son ) :om
 ! ,secret>y contracts "u subsection 7f7
 %all be consid]$ a false /atem5t to !  
,secret>y = purposes ( p>agraph         
7#b77;,a77i7 & section #ajja ( title    
#ah1 ,unit$ ,/ates ,code4  7j7          
,adm9i/rative appeal  7#a7 ,exp$it$     
appeals proc$ure ,! ,secret>y %all      
e/abli% an exp$it$ adm9i/rative appeals 
proc$ure "u :i* p]sons may appeal an    
action ( ! ,secret>y "u ?is section t-- 
7,a7 adv]sely affects su* p]son2 or     
7,b7 is inconsi/5t ) ! ,am]ica ,/>      
,program4  7#b7 ,appeal ( f9al decision 
,a f9al decision ( ! ,secret>y "u       
p>agraph 7#a7 may be appeal$ to ! ,unit$
 ,/ates di/rict c\rt = ! di/rict 9 :i* !
 p]son is locat$4  7k7 ,(fsett+         

collections  7#a7 ,9 g5]al ,! ,secret>y 
may collect reasonable fees f--  7,a7   
manufactur]s t apply = c]tification (   
products z meet+ ! /&>ds ( ,am]ica ,/>  
labels2 &  7,b7 manufactur]s ( products 
= :i* su* c]tifications are 9 effect4   
7#b7 ,acc\nt ,! fees collect$ "u        
p>agraph 7#a7 %all be cr$it$ to ! acc\nt
 t incurs ! co/ ( ! c]tification s]vices
 provid$ "u ?is section4  7#c7 ,use ,!  
fees collect$ "u p>agraph 7#a7 %all be  
available to ! ,secret>y1 )\t fur!r     
appropriation or fiscal-ye> limitation1 
to pay ! exp5ses ( ! ,secret>y incurr$ 9
 provid+ c]tification s]vices "u ?is    
section4  7l7 ,def9itions ,9 ?is        
section3  7#a7 ,am]ica ,/> label ,! t]m 
,am]ica ,/> label means a label describ$
 9 subsection 7a7 & e/abli%$ by !       
,secret>y "u subsection 7b77#a74  7#b7  
,am]ica ,/> ,program ,! t]m ,am]ica ,/> 
,program means ! volunt>y label+ program
 e/abli%$ "u ?is section4  7#c7         
,secret>y ,! t]m ,secret>y means !      
,secret>y ( ,comm]ce4  #bjd4 ,fo/]+     

innovation ,n lat] ?an #ahj days aft] ! 
date ( ! enactm5t ( ?is ,act1 !         
,securities & ,ex*ange ,commission %all 
revise ! def9ition ( accel]at$ fil]1 z  
su* t]m is def9$ 9 ,rule #ab;b-#b ( !   
,commission 7#ag ,c4,f4,r4              
#bdj4ab;b-#b71 to include issu]s t h    
annual rev5ues ( great] ?an #ajj1jjj1jjj
 dur+ ! mo/ rec5tly complet$ fiscal ye> 
= :i* audit$ f9ancial /atem5ts are      
available & h an aggregat$ worldwide    
m>ket value ( ! vot+ & non-vot+ common  
equity held by its non-affiliates (     
#bej1jjj1jjj or m1 b less ?an           
#gjj1jjj1jjj1 z ( ! la/ bus9ess day ( ! 
issu]'s mo/ rec5tly complet$ second     
fiscal qu>t]4  #bje4 ,p>tn]%ip ,to      
,build ,am]ica  7a7 ,am]ican            
,infra/ructure ,fund  7#a7 ,am]ican     
,infra/ructure ,fund  7,a7 ,9 g5]al ,!re
 is e/abli%$ a :olly own$ ,gov]nm5t     
corporation to be call$ ! ,am]ican      
,infra/ructure ,fund 7,,aif7--  7i7 :i* 
%all be head$ by ! ,bo>d ( ,tru/ees     
e/abli%$ "u p>agraph 7#b72  7ii7 :i* may

 h sep>ate sub-acc\nts or subsidi>ies = 
funds us$ to make loans1 bond gu>antees1
 & equity inve/m5ts "u ?is subsection & 
funds us$ to make bond gu>antees "u ?is 
subsection2  7iii7 :i* %all be available
 to ! ,,aif to pay = ! co/s ( c>ry+ out 
?is subsection1 includ+ ! comp5sation ( 
! ,bo>d & o!r employees ( ! ,,aif2 &    
7iv7 ! funds ( :i* may be inve/$ by !   
,bo>d 9 su* mann] z ! ,bo>d det]m9es    
appropriate4  7,b7 ,deposits to ,,aif   
,all funds receiv$ f bond issuances1    
loan paym5ts1 bond gu>antee fees1 & any 
o!r funds receiv$ 9 c>ry+ out ?is       
subsection %all be held by ,,aif4  7,c7 
,limitations ,! *>t] ( ! ,,aif %all     
limit its activities to ^? activities   
describ$ z ! mission ( ! ,bo>d "u       
p>agraph 7#b77;,b74  7,d7 ,ov]sight ,!  
,,aif %all regi/] ) ! ,securities &     
,ex*ange ,commission & ! ,secret>y %all 
report to ,congress annually z to :e!r !
 ,,aif is fulfill+ ! mission ( ! ,bo>d  
"u p>agraph 7#b77;,b74  7,e7 ,treatm5t (
 ,,aif ,title #ca1 ,unit$ ,/ates ,code1 

is am5d$ 9 ea* ( sections #iajg7;c77#c7 
& #iajh7;d77#b7--  7i7 by ins]t+ !      
,am]ican ,infra/ructure ,fund1 aft] !   
,regional ,banks = ,coop]atives12 &     
7ii7 by /rik+ ^? banks & ins]t+ ^?      
entities4  7#b7 ,bo>d ( ,tru/ees  7,a7  
,9 g5]al ,!re is e/abli%$ a ,bo>d (     
,tru/ees ( ! ,,aif 7! ,bo>d71 :i* %all  
be compos$ ( #aa memb]s1 ( :i* at lea/  
#d mu/ be risk managem5t exp]ts1 z      
c]tifi$ by ! ,bo>d1 hav+ sub/antial     
exp]i5ce 9 bond gu>antees or municipal  
cr$it4  7,b7 ,mission ,! ,mission ( !   
,bo>d is--  7i7 to op]ate ! ,,aif & its 
subsidi>ies to be a l[ co/ provid] (    
bond gu>antees1 loans1 & equity         
inve/m5ts to ,/ate & local gov]nm5ts &  
non-pr(it infra/ructure provid]s = bo?  
urban & rural non-pr(it infra/ructure   
projects t provide a positive economic  
impact & to meet su* o!r /&>ds z ! ,bo>d
 may develop2  7ii7 to op]ate ! ,,aif 9 
a self-su/a9+ mann] s z to all[ ! ,,aif 
to repay its infra/ructure bonds :5 due2
  7iii7 to n h a pr(it motive1 b seek at

 all times to pursue its mission (      
provid+ l[ co/ bond gu>antees & loans   
:ile cov]+ its co/s1 res]ves z may be   
ne$$1 & apply+ prud5t und]writ+ /&>ds2  
7iv7 to only consid] projects put =? by 
,/ate & local gov]nm5ts & n to seek     
projects directly2  7v7 to at all times 
make cle> t no taxpay] money supports ! 
,,aif or ev] w2 &  7vi7 to engage 9 no  
o!r activities o!r ?an ^? p]mitt$ "u ?is
 subsection4  7,c7 ,memb]%ip  7i7       
,presid5tially appo9t$ memb]s ,except z 
provid$ "u clause 7iii71 #d memb]s ( !  
,bo>d %all be appo9t$ by ! ,presid5t1 by
 & ) ! advice & cons5t ( ! ,s5ate1 &    
s]ve = a t]m ( #g ye>s4  7ii7           
,additional memb]s ,except z provid$ "u 
clause 7iii71 #g memb]s ( ! ,bo>d %all  
be appo9t$ by ! curr5t memb]s ( ! ,bo>d 
appo9t$ pursuant to ?is clause or clause
 7iii77,,ii71 & s]ve = a t]m ( #g ye>s4 
7iii7 ,initial memb]s ,! ,bo>d %all     
initially consi/ ( ! foll[+ memb]s1 :o  
%all be appo9t$ n lat] ?an ! end ( !    
#fj-;day p]iod beg9n+ on ! date t bonds 

are issu$ "u p>agraph 7#e73  7,i7 ,f\r  
memb]s1 appo9t$ by ! ,presid5t1 by & ) !
 advice & cons5t ( ! ,s5ate4  7,,ii7    
,sev5 additional memb]s1 appo9t$ "o ea* 
by ! sev5 entities pur*as+ ! l>ge/ am\nt
 ( bonds 7by aggregate face am\nt (     
bonds pur*as$7 "u p>agraph 7#e74  7iv7  
,/agg]$ t]ms ,! memb]s ( ! ,bo>d %all   
s]ve /agg]$ t]ms1 ) #b ea* ( ! initial  
memb]s ( ! ,bo>d s]v+ = t]ms ( #d1 #e1  
#f1 #g1 & #h ye>s1 respectively1 & !    
initial ,*air select$ "u clause 7v7 s]v+
 = #i ye>s4 ,! decision ( :i* ,bo>d     
memb]s1 o!r ?an ! ,*air1 s]ve = :i*     
initial t]ms %all be made by ! memb]s ( 
! ,bo>d draw+ lots4  7v7 ,*air ,! memb]s
 ( ! ,bo>d %all *oose #a memb] to s]ve z
 ! ,*air ( ! ,bo>d = a t]m ( #g ye>s1   
except t ! initial ,*air %all s]ve = a  
t]m ( #g ye>s1 z describ$ "u clause     
7iv74  7vi7 ,vacancies ,any memb] ( !   
,bo>d appo9t$ to fill a vacancy occurr+ 
be=e ! expiration ( ! t]m to :i* t      
memb]'s pr$ecessor 0 appo9t$ %all be    
appo9t$ only = ! rema9d] ( ! t]m4  7vii7

 ,cont9uation ( s]vice ,ea* memb] ( !   
,bo>d may cont9ue to s]ve aft] !        
expiration ( ! t]m ( (fice to :i* t     
memb] 0 appo9t$ until a successor has   
be5 appo9t$4  7viii7 ,conflicts ( int]e/
 ,no memb] ( ! ,bo>d may h a f9ancial   
int]e/ 91 or be employ$ by1 a ,qualifi$ 
,infra/ructure ,project 7,,qip7 relat$  
to assi/ance provid$ "u ?is subsection  
or any entity t has pur*as$ bonds "u    
p>agraph 7#e74 ,own+ municipal cr$it (  
any ,/ate or local gov]nm5t or own+ !   
securities ( a div]sifi$ company t      
engages 9 infra/ructure activities1     
provid$ ^? activities con/itute less ?an
 #bj p]c5t ( ! company's rev5ues1 or    
inve/+ 9 broadly held inve/m5t funds    
%all n be deem$ to create a conflict (  
int]e/4 ,! ,bo>d may issue regulations  
to def9e t]ms us$ "u ?is clause4  7,d7  
,comp5sation ,! memb]s ( ! ,bo>d %all be
 comp5sat$ at an am\nt to be set by !   
,bo>d1 b "u no circum/ances may su*     
comp5sation be high] ?an ! rate         
prescrib$ = level ,,iv ( ! ,executive   

,s*$ule "u section #ecae ( title #e1    
,unit$ ,/ates ,code4  7,e7 ,/aff ,!     
,bo>d %all employ & set comp5sation =   
su* /aff z ! ,bo>d det]m9es z is        
necess>y to c>ry out ! activities &     
mission ( ! ,,aif1 & su* /aff may be    
paid )\t reg>d to ! provisions ( *apt]  
#ea & sub*apt] ,,iii ( *apt] #ec1 ,unit$
 ,/ates ,code1 relat+ to classification 
& ,g5]al ,s*$ule pay rates4  7,f7       
,proc$ures ,! ,bo>d %all e/abli% su*    
proc$ures z are necess>y to c>ry out ?is
 subsection4  7,g7 ,corporate gov]nance 
/&>ds  7i7 ,bo>d committees g5]ally ,!  
,bo>d %all ma9ta9 all ( ! committees    
requir$ to be ma9ta9$ by ! bo>d (       
directors ( an issu] li/$ on ! ,new     
,york ,/ock ,ex*ange z ( ! date ( !     
enactm5t ( ?is subsection4  7ii7 ,risk  
managem5t committee ,! ,bo>d %all ma9ta9
 a risk managem5t committee1 :i* %all-- 
7,i7 consi/ ( #d memb]s ( ! ,bo>d1 ) !  
initial #d memb]s consi/+ ( #b memb]s   
appo9t$ "u p>agraph 7#c77;,c77i7 & #b   
memb]s appo9t$ "u subp>agraph           

7,c77iii77,,ii72  7,,ii7 employ         
additional /aff :o are c]tifi$ by !     
,bo>d z hav+ significant & relevant     
exp]i5ce 9 insurance und]writ+ & cr$it  
risk managem5t2 &  7,,iii7 e/abli% !    
risk managem5t policies us$ by ! ,bo>d4 
7iii7 ,/&>ds ,! ,bo>d %all1 to ! ext5t  
practicable1 foll[ all /&>ds ) respect  
to corporate gov]nance t are requir$ to 
be foll[$ by ! bo>d ( directors ( an    
issu] li/$ on ! ,new ,york ,/ock        
,ex*ange z ( ! date ( ! enactm5t ( ?is  
subsection4  7#c7 ,infra/ructure        
inve/m5t  7,a7 ,9 g5]al ,! ,,aif %all   
provide bond gu>antees to debt issu$ by 
,/ate & local gov]nm5ts & non-pr(it     
infra/ructure provid]s1 make loans to   
,/ates1 local gov]nm5ts1 & non-pr(it    
infra/ructure provid]s1 & make equity   
inve/m5ts 9 projects sponsor$ by ,/ate &
 local gov]nm5ts & non-pr(it            
infra/ructure provid] to help ,qualifi$ 
,infra/ructure ,projects 7,q,i,ps74 ,!  
,,aif may n make any loans or provide   
bond gu>anties to =-pr(it entities4     

7,b7 ,qualifi$ ,infra/ructure ,projects 
,a project qualifies z a ,,qip "u ?is   
subsection if--  7i7 ! project involves 
! con/ruction1 ma9t5ance1 improvem5t1 or
 repair ( a transportation1 en]gy1 wat]1
 communications1 or educational         
facility2 &  7ii7 ! recipi5t ( bond     
gu>antees1 loans1 equity inve/m5ts1 or  
any o!r f9anc+ te*nique au?oriz$ "u ?is 
,act provides writt5 assurances         
prescrib$ by ! ,,aif t ! project w be   
p]=m$ 9 compliance ) ! requirem5ts ( all
 ,f$]al laws t w\ld o!rwise apply to    
simil> projects to :i* ! ,unit$ ,/ates  
is a p>ty4  7,c7 ,application =         
assi/ance  7i7 ,9 g5]al ,a ,/ate or     
local gov]nm5t t wi%es to receive a loan
 or bond gu>antee "u ?is subsection %all
 submit an application to ! ,bo>d 9 su* 
=m & mann] & conta9+ su* in=mation z !  
,bo>d may require4  7ii7 ,requirem5t =  
non-pr(it infra/ructure provid]s to     
apply ?r\gh ,/ate or local gov]nm5ts ,a 
non-pr(it infra/ructure provid] may only
 receive a bond gu>antee1 loan1 or      

equity inve/m5t "u ?is subsection if !  
,/ate or local gov]nm5t = ! jurisdiction
 9 :i* ! non-pr(it infra/ructure provid]
 is locat$ submits an application       
pursuant to clause 7i7 on behalf ( su*  
non-pr(it infra/ructure provid]4  7,d7  
,limitations on s+le ,/ate aw>ds  7i7   
,annual limitation ,! ,bo>d %all set an 
annual limit1 z a p]c5tage ( total      
assi/ance provid$ "u ?is subsection dur+
 a ye>1 on ! am\nt ( assi/ance a s+le   
,/ate 7includ+ local gov]nm5ts & o!r    
non-pr(it infra/ructure provid]s )9 su* 
,/ate7 may receive 9 assi/ance provid$  
"u ?is subsection4  7ii7 ,cumulative    
limitation ,! ,bo>d %all set a limit1 z 
a p]c5tage ( total assi/ance provid$ "u 
?is subsection out/&+ at any "o "t1 on !
 am\nt ( assi/ance a s+le ,/ate 7includ+
 local gov]nm5ts & o!r non-pr(it        
infra/ructure provid]s )9 su* ,/ate7 may
 receive 9 assi/ance provid$ "u ?is     
subsection4  7,e7 ,loan specifications  
,loans made "u ?is subsection %all h su*
 maturity & c>ry su* int]e/ rate z !    

,bo>d det]m9es appropriate4  7,f7 ,bond 
gu>antee ,! ,bo>d %all *>ge su* fees =  
,bond gu>antees made "u ?is subsection z
 ! ,bo>d det]m9es appropriate4  7,g7    
,equity inve/m5ts ,) respect to a ,,qip1
 ! am\nt ( an equity inve/m5t made by ! 
,,aif 9 su* ,,qip may n exce$ #bj p]c5t 
( ! total co/ ( ! ,,qip4  7,h7          
,public-private p>tn]%ip requirem5ts ,at
 lea/ #be p]c5t ( ! assi/ance provid$ "u
 ?is subsection %all be provid$ to      
,q,i,ps = :i* at lea/ #bj p]c5t ( !     
f9anc+ = su* ,q,i,ps comes f private    
debt or equity4  7,i7 ,prohibition on   
pr9cipal =giv5ess ,) respect to a loan  
made "u ?is subsection1 ! ,bo>d may n   
=give any am\nt ( pr9cipal on su* loan4 
7#d7 ,am]ican ,infra/ructure ,bonds     
7,a7 ,9 g5]al ,! ,secret>y %all1 n lat] 
?an ! end ( ! #ij-;day p]iod foll[+ !   
date ( ! enactm5t ( ?is subsection &    
act+ ?r\gh ! ,,aif1 issue bonds1 to be  
call$ ,am]ican ,infra/ructure ,bonds1 ! 
proce$s f :i* %all be deposit$ into !   
,,aif4  7,b7 ,=ms & d5om9ations2 int]e/ 

,am]ican ,infra/ructure ,bonds %all--   
7i7 be 9 su* =ms & d5om9ations z det]m9$
 by ! ,secret>y1 & %all h a #ej-ye>     
maturity2 &  7ii7 be> int]e/ ( #a p]c5t4
  7,c7 ,no full fai? & cr$it ,int]e/ &  
pr9cipal paym5ts paid to hold]s (       
,am]ican ,infra/ructure ,bonds %all be  
paid f ! ,,aif1 to ! ext5t funds are    
available1 & %all n be back$ by ! full  
fai? & cr$it ( ! ,unit$ ,/ates4  7,d7   
,am\nt ( bonds ,! aggregate face am\nt (
 ! bonds issu$ "u ?is p>agraph %all be  
#ej1jjj1jjj1jjj4  7,e7 ,sale ( ,am]ican 
,infra/ructure ,bonds  7i7 ,competitive 
bidd+ process ,! ,secret>y %all sell !  
#ej1jjj1jjj1jjj ( ,am]ican              
,infra/ructure ,bonds--  7,i7 ?r\gh a   
competitive bidd+ process t enc\rages   
aggressive bidd+2  7,,ii7 9 a mann] s z 
to ensure t !re are at lea/ #g diff]5t  
un-affiliat$ pur*as]s2 &  7,,iii7 )     
prospective pur*as]s bidd+ on h[ l[ ( a 
multipli] !y w accept 7= purposes (     
subsection 7b77#a7 ( section #iff ( !   
,int]nal ,rev5ue ,code ( #aihf7 :5      

pur*as+ ! ,am]ican ,infra/ructure       
,bonds1 = purposes ( apply+ ! =eign     
e>n+s exclusion describ$ "u t section4  
7ii7 ,limitation ,! multipli] describ$  
"u clause 7i77,,iii7 may n be great] ?an
 #f4  7,f7 ,reimbursem5t ( co/s ,! ,bo>d
 %all repay ! ,secret>y1 f funds 9 !    
,,aif1 = ! co/s to ! ,secret>y 9 c>ry+  
out ?is p>agraph4  7#e7 ,additional     
bonds  7,a7 ,9 g5]al ,! ,bo>d may issue 
su* o!r bonds z ! ,bo>d det]m9es        
appropriate1 ! proce$s f :i* %all be    
deposit$ into ! ,,aif4  7,b7 ,no full   
fai? & cr$it ,int]e/ & pr9cipal paym5ts 
paid to hold]s ( bonds issu$ pursuant to
 subp>agraph 7,a7 %all be paid f !      
,,aif1 to ! ext5t funds are available1 &
 %all n be back$ by ! full fai? & cr$it 
( ! ,unit$ ,/ates4  7#f7 ,def9itions ,= 
purposes ( ?is subsection--  7,a7 ,bond 
gu>antee ,! t]m bond gu>antee has !     
mean+ giv5 ! t]m loan gu>antee "u       
section #ejb ( ! ,f$]al ,cr$it ,re=m    
,act ( #aiij 7#b ,u4,s4,c4 #ffa;a74     
7,b7 ,co/ ,) respect to a loan or a bond

 gu>antee1 ! t]m co/ has ! mean+ giv5   
su* t]m "u section #ejb ( ! ,f$]al      
,cr$it ,re=m ,act ( #aiij 7#b ,u4,s4,c4 
#ffa;a74  7,c7 ,non-pr(it infra/ructure 
provid] ,! t]m non-pr(it infra/ructure  
provid] means a non-pr(it entity t seeks
 to f9ance a ,,qip4  7,d7 ,loan ,! t]m  
loan has ! mean+ giv5 ! t]m direct loan 
"u section #ejb ( ! ,f$]al ,cr$it ,re=m 
,act ( #aiij 7#b ,u4,s4,c4 #ffa;a74     
7,e7 ,secret>y ,! t]m ,secret>y means ! 
,secret>y ( ! ,treasury4  7,f7 ,/ate ,! 
t]m ,/ate means ea* ( ! sev]al ,/ates1 !
 ,di/rict ( ,columbia1 any t]ritory or  
possession ( ! ,unit$ ,/ates1 & ea*     
f$]ally recogniz$ ,indian tribe4  7b7   
,=eign e>n+s exclusion = pur*ase (      
infra/ructure bonds  7#a7 ,9 g5]al      
,subp>t ,f ( "p ,,iii ( sub*apt] ,n (   
*apt] #a ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by add+ at ! end ! foll[+
 new section3  #iff4 ,=eign e>n+s       
exclusion = pur*ase ( infra/ructure     
bonds  7a7 ,exclusion ,9 ! case ( a     
corporation :i* is a ,unit$ ,/ates      

%>ehold] & = :i* ! election "u ?is      
section is 9 effect = ! taxable ye>1    
gross income does n include an am\nt    
equal to ! qualifi$ ca% divid5d am\nt4  
7b7 ,qualifi$ ca% divid5d am\nt ,=      
purposes ( ?is section1 ! t]m qualifi$  
ca% divid5d am\nt means an am\nt ( ! ca%
 divid5ds :i* are receiv$ dur+ a taxable
 ye> by su* %>ehold] f controll$ =eign  
corporations equal to--  7#a7 !         
multipli] det]m9$ "u section            
#bje7;a77#d77;,e7 ( ! ,em]g5cy          
,unemploym5t ,comp5sation ,ext5sion ,act
 ( #bjad = su* %>ehold]1 multipli$ by   
7#b7 ! face am\nt ( qualifi$            
infra/ructure bonds acquir$ at its      
orig9al issue 7directly or ?r\gh an     
und]writ]7 by su* %>ehold]4  7c7        
,limitations  7#a7 ,9 g5]al ,! am\nt (  
divid5ds tak5 into acc\nt "u subsection 
7a7 = a taxable ye> %all n exce$ ! less]
 (--  7,a7 ! ca% divid5ds receiv$ by !  
taxpay] = su* taxable ye>1 or  7,b7 !   
am\nt %[n on ! applicable f9ancial      
/atem5t z e>n+s p]man5tly re9ve/$       

outside ! ,unit$ ,/ates4  7#b7 ,divid5ds
 mu/ be extraord9>y ,! am\nt ( divid5ds 
tak5 into acc\nt "u subsection 7a7 %all 
n exce$ ! excess 7if any7 (--  7,a7 !   
ca% divid5ds receiv$ dur+ ! taxable ye> 
by su* %>ehold] f controll$ =eign       
corporations1 ov]  7,b7 ! annual av]age 
= ! base p]iod ye>s ( ! ca% divid5ds    
receiv$ dur+ ea* base p]iod ye> by su*  
%>ehold] f controll$ =eign corporations4
  7#c7 ,r$uction ( b5efit if increase 9 
relat$ p>ty indebt$ness ,! am\nt (      
divid5ds :i* w\ld 7b = ?is p>agraph7 be 
tak5 into acc\nt "u subsection 7a7 %all 
be r$uc$ by ! excess 7if any7 (--  7,a7 
! am\nt ( indebt$ness ( ! controll$     
=eign corporation to any relat$ p]son 7z
 def9$ 9 section #ied7;d77#c77 z ( !    
close ( ! taxable ye> = :i* ! election  
"u ?is section is 9 effect1 ov]  7,b7 ! 
am\nt ( indebt$ness ( ! controll$ =eign 
corporation to any relat$ p]son 7z s    
def9$7 z ( ! close ( ! prec$+ taxable   
ye>4  ,all controll$ =eign corporations 
) respect to :i* ! taxpay] is a ,unit$  

,/ates %>ehold] %all be treat$ z #a     
controll$ =eign corporation = purposes (
 ?is subsection4 ,! ,secret>y may       
prescribe su* regulations z may be      
necess>y or appropriate to prev5t !     
avoidance ( ! purposes ( ?is subsection1
 includ+ regulations :i* provide t ca%  
divid5ds %all n be tak5 into acc\nt "u  
subsection 7a7 to ! ext5t su* divid5ds  
are attributable to ! direct or indirect
 transf] 7includ+ ?r\gh ! use ( int]v5+ 
entities or capital contributions7 ( ca%
 or o!r prop]ty f a relat$ p]son 7z s   
def9$7 to a controll$ =eign corporation4
  7d7 ,def9itions & special rules ,=    
purposes ( ?is section--  7#a7 ,qualifi$
 infra/ructure bonds ,! t]m qualifi$    
infra/ructure bond means a bond issu$ "u
 section #bje7;a77#d7 ( ! ,em]g5cy      
,unemploym5t ,comp5sation ,ext5sion ,act
 ( #bjad4  7#b7 ,applicable f9ancial    
/atem5t ,! t]m applicable f9ancial      
/atem5t means1 ) respect to a taxable   
ye>--  7,a7 ) respect to a ,unit$ ,/ates
 %>ehold] :i* is requir$ to file a      

f9ancial /atem5t ) ! ,securities &      
,ex*ange ,commission 7or :i* is includ$ 
9 su* a /atem5t s fil$ by ano!r p]son71 
! mo/ rec5t audit$ annual f9ancial      
/atem5t 7includ+ ! notes :i* =m an      
integral "p ( su* /atem5t7 ( su*        
%>ehold] 7or :i* includes su*           
%>ehold]7--  7i7 :i* 0 s fil$ = su*     
taxable ye>1 &  7ii7 :i* is c]tifi$ z   
be+ prep>$ 9 accordance ) g5]ally       
accept$ acc\nt+ pr9ciples1 &  7,b7 )    
respect to any o!r ,unit$ ,/ates        
%>ehold]1 ! mo/ rec5t audit$ f9ancial   
/atem5t 7includ+ ! notes :i* =m an      
integral "p ( su* /atem5t7 ( su*        
%>ehold] 7or :i* includes su*           
%>ehold]7--  7i7 :i* is c]tifi$ z be+   
prep>$ 9 accordance ) g5]ally accept$   
acc\nt+ pr9ciples1 &  7ii7 :i* is us$ = 
! purposes ( a /atem5t or report--  7,i7
 to cr$itors1  7,,ii7 to %>ehold]s1 or  
7,,iii7 = any o!r sub/antial nontax     
purpose4  7#c7 ,base p]iod ye>s  7,a7 ,9
 g5]al ,! base p]iod ye>s are ! #c      
taxable ye>s--  7i7 :i* are among ! #e  

mo/ rec5t prec$+ taxable ye>s end+ be=e 
! taxable ye>1 &  7ii7 :i* are det]m9$  
by disreg>d+--  7,i7 #a taxable ye> =   
:i* ! am\nt describ$ 9 subsection       
7c77#b77;,b7 is ! l>ge/1 &  7,,ii7 #a   
taxable ye> = :i* su* am\nt is !        
smalle/4  7,b7 ,%ort] p]iod ,if !       
taxpay] has few] ?an #e taxable ye>s    
end+ be=e ! taxable ye>1 !n 9 lieu (    
apply+ subp>agraph 7,a71 ! base p]iod   
ye>s %all include all ! taxable ye>s ( !
 taxpay] end+ be=e su* taxable ye>4     
7,c7 ,m]g]s1 acquisitions1 etc  7i7 ,9  
g5]al ,rules simil> to ! rules (        
subp>agraphs 7,a7 & 7,b7 ( section      
#da7;f77#c7 %all apply = purposes ( ?is 
p>agraph4  7ii7 ,sp9-(fs1 etc ,if !re is
 a di/ribution to :i* section #cee 7or s
 mu* ( section #cef z relates to section
 #cee7 applies dur+ ! #e-ye> p]iod      
ref]r$ to 9 subp>agraph 7,a77i7 & !     
controll$ corporation 7)9 ! mean+ (     
section #cee7 is a ,unit$ ,/ates        
%>ehold]--  7,i7 ! controll$ corporation
 %all be treat$ z be+ 9 exi/5ce dur+ !  

p]iod t ! di/ribut+ corporation 7)9 !   
mean+ ( section #cee7 is 9 exi/5ce1 &   
7,,ii7 = purposes ( apply+ subsection   
7c77#b7 to ! controll$ corporation & !  
di/ribut+ corporation1 am\nts describ$ 9
 subsection 7c77#b77;,b7 :i* are receiv$
 or includible by ! di/ribut+           
corporation or controll$ corporation 7z 
! case may be7 be=e ! di/ribution ref]r$
 to 9 subclause 7,i7 f a controll$ =eign
 corporation %all be allocat$ betwe5 su*
 corporations 9 proportion to _!        
respective int]e/s z ,unit$ ,/ates      
%>ehold]s ( su* controll$ =eign         
corporation imm$iately aft] su*         
di/ribution4  ,subclause 7,,ii7 %all n  
apply if nei!r ! controll$ corporation  
nor ! di/ribut+ corporation is a ,unit$ 
,/ates %>ehold] ( su* controll$ =eign   
corporation imm$iately aft] su*         
di/ribution4  7#d7 ,divid5d ,! t]m      
divid5d %all n include am\nts includible
 9 gross income z a divid5d "u section  
#gh1 #cfg1 or #abdh4 ,9 ! case ( a      
liquidation "u section #ccb to :i*      

section #cfg7;b7 applies1 ! prec$+      
s5t5ce %all n apply to ! ext5t ! ,unit$ 
,/ates %>ehold] actually receives ca% z 
"p ( ! liquidation4  7#e7 ,coord9ation )
 divid5d receiv$ d$uction ,no d$uction  
%all be all[$ "u section #bdc or #bde = 
any divid5d :i* is exclud$ f income by  
subsection 7a74  7#f7 ,controll$ gr\ps  
,all ,unit$ ,/ates %>ehold]s :i* are    
memb]s ( an affiliat$ gr\p fil+ a       
consolidat$ return "u section #aeja %all
 be treat$ z "o ,unit$ ,/ates %>ehold]4 
7#g7 ,report+ ,! ,secret>y %all require 
by regulation or o!r guidance ! report+ 
( su* in=mation z ! ,secret>y may       
require to c>ry out ?is section4  7e7   
,d5ial ( =eign tax cr$it2 d5ial ( c]ta9 
exp5ses  7#a7 ,=eign tax cr$it  7,a7 ,9 
g5]al ,no cr$it %all be all[$ "u section
 #ija = any taxes paid or accru$ 7or    
treat$ z paid or accru$7 ) respect to ! 
exclud$ portion ( any divid5d4  7,b7    
,d5ial ( d$uction ( relat$ tax ,no      
d$uction %all be all[$ "u ?is *apt] =   
any tax = :i* cr$it is n all[able by    

reason ( ! prec$+ s5t5ce4  7#b7 ,exp5ses
 ,no d$uction %all be all[$ = exp5ses   
directly allocable to ! excludable      
portion describ$ 9 p>agraph 7#a74  7#c7 
,excludable portion ,= purposes (       
p>agraph 7#a71 unless ! taxpay] o!rwise 
specifies1 ! excludable portion ( any   
divid5d or o!r am\nt is ! am\nt :i* be>s
 ! same ratio to ! am\nt ( su* divid5d  
or o!r am\nt z ! am\nt exclud$ f income 
"u subsection 7a7 = ! taxable ye> be>s  
to ! am\nt describ$ 9 subsection        
7c77#b77;,a7 = su* ye>4  7#d7           
,coord9ation ) section #gh ,section #gh 
%all n apply to any tax :i* is n        
all[able z a cr$it "u section #ija by   
reason ( ?is subsection4  7f7 ,election 
,to h section apply ,a taxpay] may elect
 to h ?is section apply = any taxable   
ye>4  4  7#b7 ,cl]ical am5dm5t ,! table 
( sections = subp>t ,f ( "p ,,iii (     
sub*apt] ,n ( *apt] #a ( su* ,code is   
am5d$ by add+ at ! end ! foll[+ new     
item3  ,sec4 #iff4 ,=eign e>n+s         
exclusion = pur*ase ( infra/ructure     

bonds4  4  7#c7 ,effective date ,!      
am5dm5ts made by ?is section %all apply 
to divid5ds receiv$ = taxable ye>s end+ 
aft] ! date ( ! enactm5t ( ?is ,act4    
#bjf4 ,key/one ,,xl pipel9e ,not)/&+    
,executive ,ord] ,no4 #acccg 7#c        
,u4,s4,c4 #cja note71 ,executive ,ord]  
,no4 #aadbc 7#c ,u4,s4,c4 #cja note71   
section #cja ( title #c1 ,unit$ ,/ates  
,code1 & any o!r ,executive ord] or     
provision ( law1 no ,presid5tial p]mit  
%all be requir$ to au?orize !           
con/ruction1 connection1 op]ation1 &    
ma9t5ance ( bord] cross+ facilities = ! 
pipel9e describ$ 9 ! application fil$ on
 ,may #d1 #bjab1 by ,trans,canada       
,key/one ,pipel9e1 ,l4,p41 to !         
,dep>tm5t ( ,/ate = ! ,key/one ,,xl     
pipel9e1 = ! importation ( crude oil to 
be locat$ at ! ,unit$ ,/ates-,canada    
,bord]4