,i #aacth ,,congress #b;d ,session ,h4 ,r4 #ebdb ,,in ,,the ,,house ,,of ,,representatives ,july #bi1 #bjad ,mrs4 ,davis of ,california 7for herself1 ,ms4 ,de,lauro1 and ,ms4 ,del,bene7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means1 and in addition to the ,committee on ,education and the ,workforce1 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 amend the ,richard ,b4 ,russell ,national ,school ,lunch ,act to establish a permanent1 nationwide summer electronic benefits transfer for children program4 #a4 ,short title ,this ,act may be cited as the ,stop ,child ,summer ,hunger ,act of #bjad4 #b4 ,summer electronic benefits transfer for children program ,section #ac7;a7 of the ,richard ,b4 ,russell ,national ,school ,lunch ,act 7#db ,u4,s4,c4 #agfa7;a77 is amended by adding at the end the following3 7#ac7 ,summer electronic benefits transfer for children program 7,a7 ,definitions ,in this paragraph3 7i7 ,eligible household ,the term eligible household means a household that includes #a or more children who are eligible to receive free or reduced price lunches under this ,act or free or reduced price breakfasts under the ,child ,nutrition ,act of #aiff 7#db ,u4,s4,c4 #agga et seq474 7ii7 ,summer ,,ebt card ,the term summer ,,ebt card means an electronic benefit transfer card that is issued to an eligible household under this paragraph and limited to food purchases4 7,b7 ,program ,the ,secretary shall establish a program under which the ,secretary shall provide to eligible households summer ,,ebt cards for the purpose of providing access to food for children during summer months-- 7i7 to reduce or eliminate the food insecurity and hunger of children2 and 7ii7 to improve the nutritional status of children4 7,c7 ,use ,an eligible household may use a summer ,,ebt card only to purchase food from retail food stores that have been approved for participation in the supplemental nutrition assistance program established under the ,food and ,nutrition ,act of #bjjh 7#g ,u4,s4,c4 #bjaa et seq471 in accordance with section #g7;b7 of that ,act 7#g ,u4,s4,c4 #bjaf7;b774 7,d7 ,amount ,each summer ,,ebt card issued shall be in an amount of-- 7i7 for calendar year #bjaf1 #aej in food assistance per child per summer2 and 7ii7 for each subsequent calendar year1 the amount specified in clause 7i7 as adjusted to reflect changes in reimbursement rates for school meals under this ,act between calendar year #bjaf and the most recent calendar year4 7,e7 ,timing ,summer ,,ebt cards shall be issued at the end of the regular school year4 7,f7 ,funding 7i7 ,in general ,on ,october #a1 #bjae1 and on each ,october #a thereafter1 out of any funds in the ,treasury not otherwise appropriated1 the ,secretary of the ,treasury shall transfer to the ,secretary such sums as are necessary to carry out this section1 to remain available until expended4 7ii7 ,receipt and acceptance ,the ,secretary shall be entitled to receive1 shall accept1 and shall use to carry out this section the funds transferred under clause 7i71 without further appropriation4 7,g7 ,regulations 7i7 ,in general ,not later than ,october #a1 #bjae1 the ,secretary shall issue regulations to carry out this paragraph4 7ii7 ,requirements ,regulations issued under this subparagraph shall require that-- 7,i7 children shall be eligible to participate and shall be enrolled into the program under this paragraph for a summer without further application if the children are enrolled to participate in the free or reduced price lunch program under this ,act or the free or reduced price breakfast program under the ,child ,nutrition ,act of #aiff 7#db ,u4,s4,c4 #agga et seq47 during the school year immediately preceding the summer2 and 7,,ii7 local educational agencies shall distribute to the families of all children enrolled in schools participating in programs authorized under this ,act and the ,child ,nutrition ,act of #aiff 7#db ,u4,s4,c4 #agga et seq47 and1 to the maximum extent practicable1 the families of all children enrolled in schools of the local educational agency information1 as provided by the ,secretary1-- 7aa7 regarding the program authorized under this paragraph1 including eligibility rules and how children in eligible households that are not automatically enrolled under subclause 7,i7 may apply for program benefits2 and 7bb7 to assist households receiving summer ,,ebt cards in making healthy food choices and maximizing resources4 7iii7 ,alternative timing 7,i7 ,in general ,in issuing regulations under this subparagraph1 the ,secretary shall allow alternative plans for the timing of issuance of the summer electronic benefit cards under subparagraph 7,d7 in any part of a ,state in which the school year does not include a typical summer break1 on the condition that the ,secretary determines that no alternative plan increases or decreases ,federal costs4 7,,ii7 ,considerations ,in developing regulations under subclause 7,i71 the ,secretary shall consider the ability of a ,state effectively to issue benefits under an alternative schedule4 4 #c4 ,defer deduction of interest expense related to deferred income 7a7 ,in general ,section #afc of the ,internal ,revenue ,code of #aihf 7relating to deductions for interest expense7 is amended by redesignating subsection 7n7 as subsection 7o7 and by inserting after subsection 7m7 the following new subsection3 7n7 ,deferral of deduction for interest expense related to deferred income 7#a7 ,general rule ,the amount of foreign-related interest expense of any taxpayer allowed as a deduction under this chapter for any taxable year shall not exceed an amount equal to the applicable percentage of the sum of-- 7,a7 the taxpayer's foreign-related interest expense for the taxable year1 plus 7,b7 the taxpayer's deferred foreign-related interest expense4 ,for purposes of this paragraph1 the applicable percentage is the percentage equal to the current inclusion ratio4 7#b7 ,treatment of deferred deductions ,if1 for any taxable year1 the amount of the limitation determined under paragraph 7#a7 exceeds the taxpayer's foreign-related interest expense for the taxable year1 there shall be allowed as a deduction for the taxable year an amount equal to the lesser of-- 7,a7 such excess1 or 7,b7 the taxpayer's deferred foreign-related interest expense4 7#c7 ,definitions and special rule ,for purposes of this subsection-- 7,a7 ,foreign-related interest expense ,the term foreign-related interest expense means1 with respect to any taxpayer for any taxable year1 the amount which bears the same ratio to the amount of interest expense for such taxable year allocated and apportioned under sections #hfa1 #hfd7;e71 and #hfd7;f7 to income from sources outside the ,united ,states as-- 7i7 the value of all stock held by the taxpayer in all section #ijb corporations with respect to which the taxpayer meets the ownership requirements of subsection 7a7 or 7b7 of section #ijb1 bears to 7ii7 the value of all assets of the taxpayer which generate gross income from sources outside the ,united ,states4 7,b7 ,deferred foreign-related interest expense ,the term deferred foreign-related interest expense means the excess1 if any1 of the aggregate foreign-related interest expense for all prior taxable years beginning after ,december #ca1 #bjad1 over the aggregate amount allowed as a deduction under paragraphs 7#a7 and 7#b7 for all such prior taxable years4 7,c7 ,value of assets ,except as otherwise provided by the ,secretary1 for purposes of subparagraph 7,a77ii71 the value of any asset shall be the amount with respect to such asset determined for purposes of allocating and apportioning interest expense under sections #hfa1 #hfd7;e71 and #hfd7;f74 7,d7 ,current inclusion ratio ,the term current inclusion ratio means1 with respect to any domestic corporation which meets the ownership requirements of subsection 7a7 or 7b7 of section #ijb with respect to one or more section #ijb corporations for any taxable year1 the ratio 7expressed as a percentage7 of-- 7i7 the sum of all dividends received by the domestic corporation from all such section #ijb corporations during the taxable year plus amounts includible in gross income under section #iea7;a7 from all such section #ijb corporations1 in each case computed without regard to section #gh1 divided by 7ii7 the aggregate amount of post-#aihf undistributed earnings4 7,e7 ,aggregate amount of post-#aihf undistributed earnings ,the term aggregate amount of post-#aihf undistributed earnings means1 with respect to any domestic corporation which meets the ownership requirements of subsection 7a7 or 7b7 of section #ijb with respect to one or more section #ijb corporations1 the domestic corporation's pro rata share of the post-#aihf undistributed earnings 7as defined in section #ijb7;c77#a77 of all such section #ijb corporations4 7,f7 ,foreign currency conversion ,for purposes of determining the current inclusion ratio1 and except as otherwise provided by the ,secretary1 the aggregate amount of post-#aihf undistributed earnings for the taxable year shall be determined by translating each section #ijb corporation's post-#aihf undistributed earnings into dollars using the average exchange rate for such year4 7,g7 ,section #ijb corporation ,the term section #ijb corporation has the meaning given to such term by section #iji7;d77#e74 7#d7 ,treatment of affiliated groups ,the current inclusion ratio of each member of an affiliated group 7as defined in section #hfd7;e77#e77;,a77 shall be determined as if all members of such group were a single corporation4 7#e7 ,application to separate categories of income ,this subsection shall be applied separately with respect to the categories of income specified in section #ijd7;d77#a74 7#f7 ,regulations ,the ,secretary may prescribe such regulations or other guidance as is necessary or appropriate to carry out the purposes of this subsection1 including regulations or other guidance providing-- 7,a7 for the proper application of this subsection with respect to changes in ownership of a section #ijb corporation1 7,b7 that certain corporations that otherwise would not be members of the affiliated group will be treated as members of the affiliated group for purposes of this subsection1 7,c7 for the proper application of this subsection with respect to the taxpayer's share of a deficit in earnings and profits of a section #ijb corporation1 7,d7 for appropriate adjustments to the determination of the value of stock in any section #ijb corporation for purposes of this subsection or to the foreign-related interest expense to account for income that is subject to tax under section #hhb7;a77#a71 and 7,e7 for the proper application of this subsection with respect to interest expense that is directly allocable to income with respect to certain assets4 4 7b7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after ,december #ca1 #bjad4