,,ii #aadth ,,congress #b;d ,session ,s4 #cbdc ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,july #ad1 #bjaf ,mr4 ,gardner introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to help rebuild and renew rural communities1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,rebuilding and ,renewing ,rural ,america ,act of #bjaf4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4 ,,title ,i--,revitalizing ,rural ,communities ,subtitle ,a--,philanthropic ,facilitation ,sec4 #aja4 ,facilitation of program-related investments4 ,sec4 #ajb4 ,declaratory judgment remedy4 ,sec4 #ajc4 ,information returns4 ,sec4 #ajd4 ,publicity of information4 ,sec4 #aje4 ,conforming amendments4 ,sec4 #ajf4 ,regulations4 ,sec4 #ajg4 ,effective date4 ,subtitle ,b--,rebuilding ,rural ,main ,street ,sec4 #aaa4 ,tax credits for reduction of lead1 radon1 and asbestos hazards in rural commercial structures4 ,subtitle ,c--,renewing rural ,america ,sec4 #aba4 ,additional new markets tax credit for rural renewal communities4 ,subtitle ,d--,job creator credits ,sec4 #aca4 ,expensing for rural renewal community businesses4 ,sec4 #acb4 ,reduced payroll taxes for individuals and businesses in rural renewal communities4 ,subtitle ,e--,encouraging small business start ups ,sec4 #ada4 ,renewal community business start-up savings accounts4 ,,title ,,ii--,setting ,rural ,america ,free from ,overregulation ,sec4 #bja4 ,short title4 ,sec4 #bjb4 ,reducing excessive ,government in rural ,america4 ,i ,revitalizing ,rural ,communities ,a ,philanthropic ,facilitation #aja4 ,facilitation of program-related investments ,subsection 7c7 of section #didd of the ,internal ,revenue ,code of #aihf is amended to read as follows3 7c7 ,program-,related investments 7#a7 ,treatment of program-related investments ,for purposes of this subchapter1 program-related investments-- 7,a7 are not investments which jeopardize the carrying out of one or more purposes described in section #agj7;c77#b77;,b71 7,b7 are not business holdings under section #didc1 and 7,c7 may be qualifying distributions under section #didb4 7#b7 ,program-related investments defined 7,a7 ,in general ,for purposes of this subchapter and chapter #fa1 an investment made by a private foundation constitutes a program-related investment if-- 7i7 the primary purpose of the investment is to accomplish one or more of the purposes described in section #agj7;c77#b77;,b71 7ii7 no significant purpose of the investment is the production of income or the appreciation of property1 and 7iii7 no purpose of the investment is to accomplish one or more of the purposes described in section #agj7;c77#b77;,d74 7,b7 ,special rules ,for purposes of subparagraph 7,a7-- 7i7 determinations of whether an investment qualifies as a program-related investment shall be based on consideration of all relevant facts and circumstances1 and 7ii7 the fact that the entity produces significant income or capital appreciation shall not1 in the absence of other factors1 be conclusive evidence of a significant purpose involving the production of income or the appreciation of property4 7#c7 ,safe harbor determinations ,the ,secretary shall establish a procedure which shall be substantially similar to the processes for recognition of exemption under section #eja7;a7 or #dide7;g7 and under which an entity seeking to receive program-related investments may petition the ,secretary for a determination that1 based on consideration of all relevant facts and circumstances1 investments by private foundations in such entity will be program-related investments meeting the requirements of paragraph 7#b74 ,under this procedure1 the ,secretary shall rule on all requests within #abj days of submission4 7#d7 ,effect of determination ,once a determination has been made that investments in an entity qualify as program-related investments1 organizations making such investments shall be entitled to rely on the determination1 unless and until the ,secretary publishes notice of revocation of the determination4 7#e7 ,voluntary nature of process ,entities seeking program-related investments are not required to seek a determination under paragraph 7#c71 and the absence of such a determination shall not affect the ability of a private foundation to make a program-related investment based on its own determination that the investment qualifies as a program-related investment4 7#f7 ,organizations treated as private foundations ,for purposes of this subsection and section #fajd;,a1 all references to private foundations include organizations that are treated as private foundations under any of the provisions of sections #didj through #didh1 inclusive1 whether created under ,state law or the law of any federally recognized tribe4 4 #ajb4 ,declaratory judgment remedy ,paragraph 7#a7 of section #gdbh7;a7 of the ,internal ,revenue ,code of #aihf is amended by striking or at the end of subparagraph 7,c7 and by adding after subparagraph 7,d7 the following new subparagraph3 7,e7 with respect to whether investments in an entity are program-related investments 7as described in section #didd7;c77#b771 or 4 #ajc4 ,information returns ,part ,,iii of subchapter ,a of chapter #fa of the ,internal ,revenue ,code of #aihf is amended by inserting after section #fjcc the following new section3 #fjcc;,a4 ,information reporting by for-profit organizations receiving program-related investments 7a7 ,organizations required ,to file ,if investments in an entity have been determined to be program-related investments through a determination of the ,internal ,revenue ,service pursuant to section #didd7;c77#c7 or by a determination of a court pursuant to section #gdbh7;a71 the entity shall1 in addition to any other applicable filing obligations1 file an annual return providing the information specified in subsection 7b7 for any taxable year in which it receives or retains one or more program-related investments 7as defined in section #didd7;c77#b774 7b7 ,required reporting ,the return described in subsection 7a7 shall provide1 in such manner and at such time as the ,secretary may by forms or regulations prescribe1 the following information-- 7#a7 the organization's gross income for the year1 7#b7 its expenses attributable to such income incurred within the year1 7#c7 its disbursements within the year for one or more purposes described in section #agj7;c77#b77;,b71 together with a narrative statement describing the results obtained from the use of those assets for such one or more purposes described in section #agj7;c77#b77;,b71 7#d7 a balance sheet showing its assets1 liabilities1 and net worth as of the beginning and end of such year1 7#e7 the names and addresses of all private foundations holding program-related investments in the organization1 7#f7 a statement of the portion of its liabilities and net worth that represent capitalization obtained by means of program-related investments as of the beginning and end of such year1 7#g7 a statement of any interest1 dividends1 or other distributions paid with respect to any program-related investments during the year1 and 7#h7 such other information as may be necessary for the return described in subsection 7a7 to satisfy the annual financial reporting required by the expenditure responsibility rules pursuant to the regulations under section #dide or as the ,secretary may by forms or regulations prescribe4 4 #ajd4 ,publicity of information ,subchapter ,b of chapter #fa of the ,internal ,revenue ,code of #aihf is amended by inserting after section #fajd the following new section3 #fajd;,a4 ,publicity of information regarding organizations receiving program-related investments 7a7 ,inspection of petitions for determination of program-,related investment status ,if an entity seeks a determination pursuant to section #didd7;c77#c7 that investments by private foundations in such organization will be program-related investments1 the petition seeking such a determination1 together with any documents submitted in support of such petition and any determination or other document issued by the ,internal ,revenue ,service with respect to such petition1 shall be open to public inspection at the national office of the ,internal ,revenue ,service4 7b7 ,inspection of annual information returns ,the information required to be furnished by section #fjcc;,a1 together with the names and addresses of such entity1 shall be made available to the public at such times and in such places as the ,secretary may prescribe4 7c7 ,public inspection of petitions and annual information returns ,any entity that receives a determination from the ,internal ,revenue ,service that private foundation investments shall be program-related investments pursuant to section #didd7;c77#c7 shall make copies available at the organization's principal office1 during regular business hours1 of the petition for such determination 7together with supporting materials provided with the petition and documents issued by the ,internal ,revenue ,service with respect to such petition71 as well as the annual returns required by section #fjcc;,a filed by such organization4 ,upon request of an individual made at such principal office1 copies of such petition materials and annual reports shall be provided to such individual without charge other than a reasonable fee for any reproduction and mailing costs4 ,the inspection and duplication rights granted in this subsection shall apply to an annual return only during the three-year period beginning on the last day prescribed for filing such return 7determined with regard to any extension of time for filing74 7d7 ,limitation on providing copies ,paragraph 7c7 shall not apply to any request if1 in accordance with regulations promulgated by the ,secretary1 the entity has made the requested documents widely available1 or the ,secretary determines1 upon application by an entity1 that such request is part of a harassment campaign and that compliance with such request is not in the public interest4 4 #aje4 ,conforming amendments 7a7 ,conforming change to section #eja7n7 ,paragraph 7#d77;,a7 of section #eja7n7 of the ,internal ,revenue ,code of #aihf is amended by inserting paragraph 7#b7 of before section #didd7;c74 7b7 ,conforming change to section #ead7;b7 ,paragraph 7#a7 of section #ead7;b7 of the ,internal ,revenue ,code of #aihf is amended by redesignating subparagraphs 7,d7 and 7,e7 as subparagraphs 7,e7 and 7,f7 and by inserting after subparagraph 7,c7 the following new subparagraph3 7,d7 any property owned or treated as owned by a private foundation by virtue of its having made an investment in an entity that has received a determination from the ,internal ,revenue ,service pursuant to section #didd7;c77#c71 or by a court pursuant to section #gdbh7;a71 that such investments in such entity qualify as program-related investments2 4 7c7 ,conforming change to section #didc7;d7 ,paragraph 7#c7 of section #didc7;d7 of the ,internal ,revenue ,code of #aihf is amended by striking or at the end of subparagraph 7,a71 by redesignating subparagraph 7,b7 as subparagraph 7,c7 and by inserting after subparagraph 7,a7 the following new subparagraph3 7,b7 any program-related investment1 as defined in section #didd7;c77#b71 or 4 #ajf4 ,regulations ,the ,secretary of the ,treasury shall1 not later than #a year after the date of the enactment of this ,act1 amend any applicable regulations as may be necessary or appropriate to implement any amendments contained in this subtitle or to carry out the purposes of this subtitle1 including providing additional examples of qualifying program-related investments4 #ajg4 ,effective date ,the amendments made by this subtitle shall apply to investments made after the date of the enactment of this ,act in taxable years ending after such date4 ,b ,rebuilding ,rural ,main ,street #aaa4 ,tax credits for reduction of lead1 radon1 and asbestos hazards in rural commercial structures 7a7 ,in general ,subpart ,d of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new sections3 #de,s4 ,lead hazard reduction activity 7a7 ,allowance of credit ,there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to #aj percent of the lead hazard reduction activity cost paid or incurred by the taxpayer during the taxable year for each eligible commercial structure4 7b7 ,limitation ,the amount of the credit allowed under subsection 7a7 for any eligible commercial structure for any taxable year shall not exceed #a1jjj4 7c7 ,definitions ,for purposes of this section3 7#a7 ,certified lead abatement supervisor ,the term certified lead abatement supervisor means an individual certified by the ,environmental ,protection ,agency pursuant to section #gde4bbf of title #dj1 ,code of ,federal ,regulations1 or an appropriate ,state agency pursuant to section #gde4cbe of title #dj1 ,code of ,federal ,regulations4 7#b7 ,certified inspector ,the term certified inspector means an inspector certified by the ,environmental ,protection ,agency pursuant to section #gde4bbf of title #dj1 ,code of ,federal ,regulations1 or an appropriate ,state agency pursuant to section #gde4cbe of title #dj1 ,code of ,federal ,regulations4 7#c7 ,certified risk assessor ,the term certified risk assessor means a risk assessor certified by the ,environmental ,protection ,agency pursuant to section #gde4bbf of title #dj1 ,code of ,federal ,regulations1 or an appropriate ,state agency pursuant to section #gde4cbe of title #dj1 ,code of ,federal ,regulations4 7#d7 ,eligible commercial structure ,the term eligible commercial structure means1 with respect to any taxable year1 any building which is-- 7,a7 within the scope of ,standard #ij4a-bjjg 7as defined in section #agi7;c77#b771 7,b7 placed in service before #bjjb1 and 7,c7 located in a rural renewal community 7as defined in section #de;,d7f77#d77;,c774 7#e7 ,lead hazard reduction activity cost 7,a7 ,in general ,the term lead hazard reduction activity cost means1 with respect to any eligible commercial structure-- 7i7 the cost for a certified risk assessor to conduct an assessment to determine the presence of lead pipes or a lead-based paint hazard1 7ii7 the cost for performing lead abatement measures by a certified lead abatement supervisor1 including the removal of lead pipes1 the removal of paint and dust1 the permanent enclosure or encapsulation of lead-based paint1 the replacement of painted surfaces1 windows1 or fixtures1 or the removal or permanent covering of soil when lead-based paint hazards are present in such paint1 dust1 or soil1 and 7iii7 the cost for a certified lead abatement supervisor1 those working under the supervision of such supervisor1 or a qualified contractor to perform all preparation1 cleanup1 disposal1 and clearance testing activities associated with the lead abatement measures4 7,b7 ,limitations 7i7 ,other funding ,the term lead hazard reduction activity cost does not include any cost to the extent such cost is funded by any grant1 contract1 or otherwise by another person or any governmental agency4 7ii7 ,initial costs must be incurred before #bjbj ,in the case of an eligible commercial structure for which no significant lead hazard reduction activity cost has been incurred before ,january #a1 #bjbj1 the term lead hazard reduction activity cost shall not include any cost paid or incurred on or after such date4 7#f7 ,lead-based paint hazard ,the term lead-based paint hazard has the meaning given such term by section #gde4fc of title #dj1 ,code of ,federal ,regulations4 7#g7 ,qualified contractor ,the term qualified contractor means a ,lead-,safe ,certified ,firm or certified renovator under the ,lead ,renovation1 ,repair and ,painting ,program of the ,environmental ,protection ,agency4 7d7 ,special rules 7#a7 ,documentation required for credit allowance ,no credit shall be allowed under subsection 7a7 with respect to any eligible commercial structure for any taxable year unless-- 7,a7 after lead hazard reduction activity is complete1 a certified inspector or certified risk assessor provides written documentation to the taxpayer that includes-- 7i7 evidence that the eligible commercial structure meets lead hazard evaluation criteria established by the ,environmental ,protection ,agency or under an authorized ,state or local program1 and 7ii7 documentation showing that the lead hazard reduction activity meets the requirements of this section1 and 7,b7 the taxpayer files with the appropriate ,state agency and attaches to the tax return for the taxable year-- 7i7 the documentation described in subparagraph 7,a71 7ii7 documentation of the lead hazard reduction activity costs paid or incurred during the taxable year with respect to the eligible commercial structure1 and 7iii7 a statement certifying that the commercial structure qualifies as an eligible commercial structure for such taxable year4 7#b7 ,basis reduction ,the basis of any property for which a credit is allowable under subsection 7a7 shall be reduced by the amount of such credit4 7#c7 ,no double benefit ,any deduction allowable for costs taken into account in computing the amount of the credit for lead-based paint abatement shall be reduced by the amount of such credit attributable to such costs4 #de,t4 ,radon hazard reduction activity 7a7 ,allowance of credit ,there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to #aj percent of the radon hazard reduction activity cost paid or incurred by the taxpayer during the taxable year for each eligible commercial structure4 7b7 ,limitation ,the amount of the credit allowed under subsection 7a7 for any eligible commercial structure for any taxable year shall not exceed #a1jjj4 7c7 ,definitions ,for purposes of this section3 7#a7 ,eligible commercial structure ,the term eligible commercial structure means1 with respect to any taxable year1 any building which is-- 7,a7 within the scope of ,standard #ij4a-bjjg 7as defined in section #agi7;c77#b771 7,b7 placed in service before #bjjb1 and 7,c7 located in a rural renewal community 7as defined in section #de;,d7f77#d77;,c774 7#b7 ,qualified radon measurement professional ,the term qualified radon measurement professional means an individual who has demonstrated the minimum degree of appropriate technical knowledge and skills specific to radon measurement in conformance with the requirements of-- 7,a7 a certification standard promulgated by the ,american ,national ,standards ,institute or ,international ,organization for ,standardization1 7,b7 a ,state1 local or other governmental licensing 7or equivalent7 program1 or 7,c7 any other recognized or accredited certification process as determined by the ,secretary4 7#c7 ,qualified radon mitigation professional ,the term qualified radon mitigation professional means an individual who has demonstrated the minimum degree of appropriate technical knowledge and skills specific to radon mitigation in conformance with the requirements of-- 7,a7 a certification standard promulgated by the ,american ,national ,standards ,institute or ,international ,organization for ,standardization1 7,b7 a ,state1 local or other governmental licensing 7or equivalent7 program1 or 7,c7 any other recognized or accredited certification process as determined by the ,secretary4 7#d7 ,radon ,the term radon has the meaning given the term in section #cjb of the ,toxic ,substances ,control ,act 7#ae ,u4,s4,c4 #bffb74 7#e7 ,radon hazard reduction activity cost 7,a7 ,in general ,the term radon hazard reduction activity cost means1 with respect to any eligible commercial structure-- 7i7 the cost for a qualified radon measurement professional to conduct an assessment to determine the indoor radon level of the commercial structure1 and 7ii7 if the indoor radon level of the commercial structure is not less than #b picocuries per liter of air1 as determined by a qualified radon measurement professional1 the cost for performing radon abatement measures by a qualified radon mitigation professional4 7,b7 ,limitations 7i7 ,other funding ,the term radon hazard reduction activity cost does not include any cost to the extent such cost is funded by any grant1 contract1 or otherwise by another person or any governmental agency4 7ii7 ,initial costs must be incurred before #bjbj ,in the case of an eligible commercial structure for which no significant radon hazard reduction activity cost has been incurred before ,january #a1 #bjbj1 the term radon hazard reduction activity cost shall not include any cost paid or incurred on or after such date4 7d7 ,special rules 7#a7 ,documentation required for credit allowance ,no credit shall be allowed under subsection 7a7 with respect to any eligible commercial structure for any taxable year unless-- 7,a7 after radon hazard reduction activity is complete1 a qualified radon measurement professional provides written documentation to the taxpayer that includes-- 7i7 evidence that the eligible commercial structure meets radon hazard evaluation criteria established under an authorized ,state or local program1 and 7ii7 documentation showing that the radon hazard reduction activity meets the requirements of this section1 and 7,b7 the taxpayer files with the appropriate ,state agency and attaches to the tax return for the taxable year-- 7i7 the documentation described in subparagraph 7,a71 7ii7 documentation of the radon hazard reduction activity costs paid or incurred during the taxable year with respect to the eligible commercial structure1 and 7iii7 a statement certifying that the commercial structure qualifies as an eligible commercial structure for such taxable year4 7#b7 ,basis reduction ,the basis of any property for which a credit is allowable under subsection 7a7 shall be reduced by the amount of such credit4 7#c7 ,no double benefit ,any deduction allowable for costs taken into account in computing the amount of the credit for radon abatement shall be reduced by the amount of such credit attributable to such costs4 #de,u4 ,asbestos hazard reduction activity 7a7 ,allowance of credit ,there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to #aj percent of the asbestos hazard reduction activity cost paid or incurred by the taxpayer during the taxable year for each eligible commercial structure4 7b7 ,limitation ,the amount of the credit allowed under subsection 7a7 for any eligible commercial structure for any taxable year shall not exceed #a1jjj4 7c7 ,definitions ,for purposes of this section3 7#a7 ,accredited asbestos abatement contractor or supervisor ,the term accredited asbestos abatement contractor or supervisor means any person accredited as a contractor or supervisor under the ,asbestos ,model ,accreditation ,plan of the ,environmental ,protection ,agency4 7#b7 ,accredited asbestos inspector ,the term accredited asbestos inspector means any person accredited as an inspector under the ,asbestos ,model ,accreditation ,plan of the ,environmental ,protection ,agency4 7#c7 ,asbestos ,the term asbestos has the meaning given the term in section #bjb of the ,toxic ,substances ,control ,act 7#ae ,u4,s4,c4 #bfdb74 7#d7 ,asbestos hazard ,the term asbestos hazard has the meaning given the term imminent hazard to the health and safety in section #aa of the ,asbestos ,school ,hazard ,detection and ,control ,act of #aihj 7#bj ,u4,s4,c4 #cfaj74 7#e7 ,asbestos hazard reduction activity cost 7,a7 ,in general ,the term asbestos hazard reduction activity cost means1 with respect to any eligible commercial structure-- 7i7 the cost for an accredited asbestos inspector to conduct an assessment to determine the presence of a asbestos hazard1 7ii7 the cost for performing asbestos abatement measures by an accredited asbestos abatement contractor or supervisor1 7iii7 the cost for performing interim asbestos control measures to reduce exposure or likely exposure to asbestos hazards1 but only if such measures are evaluated and completed by an accredited asbestos abatement contractor or supervisor using accepted methods1 are conducted by an accredited asbestos abatement contractor or supervisor1 and have an expected useful life of more than #aj years1 and 7iv7 the cost for an accredited asbestos abatement supervisor1 those working under the supervision of such supervisor1 or an accredited asbestos abatement contractor or supervisor to perform all preparation1 cleanup1 disposal1 and clearance testing activities associated with the asbestos abatement measures or interim asbestos control measures4 7,b7 ,limitations 7i7 ,other funding ,the term asbestos hazard reduction activity cost does not include any cost to the extent such cost is funded by any grant1 contract1 or otherwise by another person or any governmental agency4 7ii7 ,initial costs must be incurred before #bjbj ,in the case of an eligible commercial structure for which no significant asbestos hazard reduction activity cost has been incurred before ,january #a1 #bjbj1 the term asbestos hazard reduction activity cost shall not include any cost paid or incurred on or after such date4 7#f7 ,eligible commercial structure ,the term eligible commercial structure means1 with respect to any taxable year1 any building which is-- 7,a7 within the scope of ,standard #ij4a-bjjg 7as defined in section #agi7;c77#b771 7,b7 placed in service before #bjjb1 and 7,c7 located in a rural renewal community 7as defined in section #de;,d7f77#d77;,c774 7d7 ,special rules 7#a7 ,documentation required for credit allowance ,no credit shall be allowed under subsection 7a7 with respect to any eligible commercial structure for any taxable year unless-- 7,a7 after asbestos hazard reduction activity is complete1 an accredited asbestos inspector provides written documentation to the taxpayer that includes-- 7i7 evidence that the eligible commercial structure meets asbestos hazard evaluation criteria established under an authorized ,state or local program1 and 7ii7 documentation showing that the asbestos hazard reduction activity meets the requirements of this section1 and 7,b7 the taxpayer files with the appropriate ,state agency and attaches to the tax return for the taxable year-- 7i7 the documentation described in subparagraph 7,a71 7ii7 documentation of the asbestos hazard reduction activity costs paid or incurred during the taxable year with respect to the eligible commercial structure1 and 7iii7 a statement certifying that the commercial structure qualifies as an eligible commercial structure for such taxable year4 7#b7 ,basis reduction ,the basis of any property for which a credit is allowable under subsection 7a7 shall be reduced by the amount of such credit4 7#c7 ,no double benefit ,any deduction allowable for costs taken into account in computing the amount of the credit for asbestos abatement shall be reduced by the amount of such credit attributable to such costs4 4 7b7 ,technical amendments 7#a7 ,section #ch7;b7 is amended-- 7,a7 in paragraph 7#ce71 by striking plus at the end1 7,b7 in paragraph 7#cf71 by striking the period at the end and inserting a comma1 and 7,c7 by adding at the end the following new paragraphs3 7#cg7 the lead hazard reduction activity credit determined under section #de,s7a71 7#ch7 the radon hazard reduction activity credit determined under section #de,t7a71 plus 7#ci7 the asbestos hazard reduction activity credit determined under section #de,u7a74 4 7#b7 ,the table of sections for subpart ,d of part ,,iv of subchapter ,a of chapter #a is amended by adding at the end the following new items3 ,sec4 #de,s4 ,lead hazard reduction activity4,sec4 #de,t4 ,radon hazard reduction activity4,sec4 #de,u4 ,asbestos hazard reduction activity4 4 7c7 ,effective date ,the amendments made by this section shall apply to costs incurred after ,december #ca1 #bjaf1 in taxable years ending after that date4 ,c ,renewing rural ,america #aba4 ,additional new markets tax credit for rural renewal communities 7a7 ,allocations designated for rural renewal ,section #de;,d7f7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new paragraph3 7#d7 ,additional limitation for rural renewal communities 7,a7 ,in general ,the new markets tax credit limitation otherwise determined under paragraph 7#a7 shall be increased by #c1ejj1jjj1jjj for #bjag1 #bjah1 and #bjai4 ,a qualified community development entity shall be eligible for an allocation under paragraph 7#b7 of the increase described in the preceding sentence only if a significant mission of such entity is serving1 or providing investment capital for1 rural renewal communities4 7,b7 ,application of carryover ,paragraph 7#c7 shall be applied separately with respect to the increase provided under this paragraph4 7,c7 ,rural renewal community ,for purposes of this paragraph1 the term rural renewal community means any low-income community-- 7i7 which-- 7,i7 has a population of at least #bjj people but not more than #be1jjj people1 and 7,,ii7 is not located in a metropolitan area which has a population of #bjj1jjj or more1 or 7ii7 which is entirely within an ,indian reservation 7as determined by the ,secretary of the ,interior74 4 7b7 ,effective date ,the amendment made by this section shall apply to calendar years beginning after ,december #ca1 #bjaf4 ,d ,job creator credits #aca4 ,expensing for rural renewal community businesses 7a7 ,in general ,part ,,iv of subchapter ,b of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after section #agi;,e the following new section3 #agi;,f4 ,expensing for rural renewal community businesses 7a7 ,in general ,a rural renewal community business may elect to treat the cost of any qualified property as property which is not chargeable to capital account4 ,any cost so treated shall be allowed as a deduction for the taxable year in which the qualified property is placed in service4 7b7 ,qualified property ,for purposes of this section1 the term qualified property means property-- 7#a7 which is-- 7,a7 tangible property 7to which section #afh applies71 or 7,b7 computer software 7as defined in section #aig7;e77#c77;,b77 which is described in section #aig7;e77#c77;,a77i7 and to which section #afg applies1 7#b7 which is section #abde property 7as defined in section #abde7;a77#c771 and 7#c7 which is acquired by purchase 7as defined in section #agi7;d77#b77 for use in the active conduct of a trade or business4 ,such term shall not include any property described in section #ej7;b74 7c7 ,rural renewal community business ,for purposes of this section-- 7#a7 ,in general ,the term rural renewal community business means-- 7,a7 any rural renewal community business entity1 and 7,b7 any rural renewal community proprietorship4 7#b7 ,rural renewal community business entity ,the term rural renewal community business entity means1 with respect to any taxable year1 any corporation or partnership if for such year-- 7,a7 every trade or business of such entity is the active conduct of a qualified business within a rural renewal community1 7,b7 at least #ej percent of the total gross income of such entity is derived from the active conduct of such business1 7,c7 a substantial portion of the use of the tangible property of such entity 7whether owned or leased7 is within an rural renewal community1 7,d7 a substantial portion of the intangible property of such entity is used in the active conduct of any such business1 7,e7 a substantial portion of the services performed for such entity by its employees are performed in a rural renewal community1 7,f7 at least #ce percent of its employees are residents of a rural renewal community1 7,g7 less than #e percent of the average of the aggregate unadjusted bases of the property of such entity is attributable to collectibles 7as defined in section #djh7m77#b77 other than collectibles that are held primarily for sale to customers in the ordinary course of such business1 and 7,h7 less than #e percent of the average of the aggregate unadjusted bases of the property of such entity is attributable to nonqualified financial property 7as defined in section #acig;,c7e774 7#c7 ,rural renewal community proprietorship ,the term rural renewal community proprietorship means1 with respect to any taxable year1 any qualified business carried on by an individual as a proprietorship if for such year-- 7,a7 at least #ej percent of the total gross income of such individual from such business is derived from the active conduct of such business in a rural renewal community1 7,b7 a substantial portion of the use of the tangible property of such individual in such business 7whether owned or leased7 is within a rural renewal community1 7,c7 a substantial portion of the intangible property of such business is used in the active conduct of such business1 7,d7 a substantial portion of the services performed for such individual in such business by employees of such business are performed in a rural renewal community1 7,e7 at least #ce percent of such employees are residents of a rural renewal community1 7,f7 less than #e percent of the average of the aggregate unadjusted bases of the property of such individual which is used in such business is attributable to collectibles 7as defined in section #djh7m77#b77 other than collectibles that are held primarily for sale to customers in the ordinary course of such business1 and 7,g7 less than #e percent of the average of the aggregate unadjusted bases of the property of such individual which is used in such business is attributable to nonqualified financial property4 ,for purposes of this paragraph1 the term employee includes the proprietor4 7#d7 ,rural renewal community ,the term rural renewal community has the meaning given such term under section #de;,d7f77#d77;,c74 7#e7 ,treatment of businesses straddling census tract lines ,for purposes of paragraphs 7#b7 and 7#c71 rules similar to the rules of section #acig;,c7f7 shall apply4 7d7 ,special rules ,for purposes of this section-- 7#a7 ,cost ,rules similar to the rules of section #agi7;d77#c7 shall apply4 7#b7 ,recapture ,rules similar to the rules of section #agi7;d77#aj7 shall apply4 7e7 ,termination ,this section shall not apply to property placed in service after ,december #ca1 #bjai4 4 7b7 ,conforming amendments 7#a7 ,section #bfc7;a77#a7 of the ,internal ,revenue ,code of #aihf is amended by striking or at the end of subparagraph 7,k71 by striking the period at the end of subparagraph 7,l7 and inserting 1 or1 and by adding at the end the following new subparagraph3 7,m7 expenditures for which a deduction is allowed under section #agi;,f4 4 7#b7 ,subparagraph 7,b7 of section #cab7k77#c7 is amended by striking or #agi;,e each places it appears and inserting #agi;,e1 or #agi;,f4 7#c7 ,paragraphs 7#b77;,c7 and 7#c77;,c7 of section #abde7;a7 of such ,code are each amended by inserting #agi;,f1 after #agi;,e14 7#d7 ,the table of contents for part ,,vi of subchapter ,b of chapter #a of such ,code is amended by inserting after the item relating to section #agi;,e the following new item3 ,sec4 #agi;,f4 ,expensing for rural renewal community businesses4 4 7c7 ,effective date ,the amendments made by this section shall apply to property placed in service after ,december #ca1 #bjaf4 #acb4 ,reduced payroll taxes for individuals and businesses in rural renewal communities 7a7 ,in ,general 7#a7 ,employees ,in the case of employment during #bjag1 #bjah1 and #bjai1 the rate of tax under #caja7;a7 of the ,internal ,revenue ,code of #aihf 7including for purposes of determining the applicable percentage under sections #cbja7;a7 and #cbaa7;a77#a7 of such ,code7 shall be #d4b percent for any remuneration received during any period in which the individual's principal residence 7within the meaning of section #aba of such ,code7 is located in a rural renewal community4 7#b7 ,employers 7,a7 ,in general ,in the case of employment during #bjag1 #bjah1 and #bjai1 the rate of tax under section #caaa7;a7 of the ,internal ,revenue ,code of #aihf 7including for purposes of determining the applicable percentage under sections #cbba7;a7 of such ,code7 for any rural renewal community business entity shall be #d4b percent with respect to remuneration paid for qualified services4 7,b7 ,qualified services ,for purposes of this section1 the term qualified services means services performed-- 7i7 in a trade or business of a rural renewal community business entity1 or 7ii7 in the case of a rural renewal community business entity exempt from tax under section #eja7;a7 of the ,internal ,revenue ,code of #aihf1 in furtherance of the activities related to the purpose or function constituting the basis of the employer's exemption under section #eja of such ,code4 7#c7 ,self-employed individuals ,in the case of self-employment income for taxable years beginning in #bjag1 #bjah1 or #bjai which is attributable to a rural renewal community proprietorship1 the rate of tax under section #adja7;a7 shall be #h4dj percent4 7b7 ,definitions ,for purposes of this section-- 7#a7 ,rural renewal community ,the term rural renewal community has the meaning given such term under section #de;,d7f77#d77;,c7 of the ,internal ,revenue ,code of #aihf4 7#b7 ,rural renewal community business entity ,the term rural renewal community business entity has the meaning given such term under section #agi;,f7c77#b7 of the ,internal ,revenue ,code of #aihf4 7#c7 ,rural renewal community proprietorship ,the term rural renewal community proprietorship has the meaning given such term under section #agi;,f7c77#c7 of the ,internal ,revenue ,code of #aihf4 7c7 ,transfers of ,funds 7#a7 ,transfers to federal old-age and survivors insurance trust fund ,there are hereby appropriated to the ,federal ,old-,age and ,survivors ,trust ,fund and the ,federal ,disability ,insurance ,trust ,fund established under section #bja of the ,social ,security ,act 7#db ,u4,s4,c4 #dja7 amounts equal to the reduction in revenues to the ,treasury by reason of the application of subsection 7a74 ,amounts appropriated by the preceding sentence shall be transferred from the general fund at such times and in such manner as to replicate to the extent possible the transfers which would have occurred to such ,trust ,fund had such amendments not been enacted4 7#b7 ,transfers to social security equivalent benefit account ,there are hereby appropriated to the ,social ,security ,equivalent ,benefit ,account established under section #ae;,a7a7 of the ,railroad ,retirement ,act of #aigd 7#de ,u4,s4,c4 #bcan-#a7;a77 amounts equal to the reduction in revenues to the ,treasury by reason of the application of paragraphs 7#a7 and 7#b7 of subsection 7a74 ,amounts appropriated by the preceding sentence shall be transferred from the general fund at such times and in such manner as to replicate to the extent possible the transfers which would have occurred to such ,account had such amendments not been enacted4 7#c7 ,coordination with other federal laws ,for purposes of applying any provision of ,federal law other than the provisions of the ,internal ,revenue ,code of #aihf1 the rate of tax in effect under section #caja7;a7 shall be determined without regard to the reduction in such rate under this section4 ,e ,encouraging small business start ups #ada4 ,renewal community business start-up savings accounts 7a7 ,in general ,part ,,viii of subchapter ,b of chapter #a of the ,internal ,revenue ,code of #aihf is amended by redesignating section #bbd as section #bbe and inserting after section #bbc the following new section3 #bbd4 ,renewal community business start-up savings accounts 7a7 ,allowance of deduction ,in the case of an individual1 there shall be allowed as a deduction for the taxable year an amount equal to amount of contributions made to the rural renewal community business start-up savings account of such individual4 7b7 ,rural renewal community business start-,up savings account ,the term rural renewal community business start-up savings account means a trust created or organized in the ,united ,states exclusively for the purpose of paying the eligible costs of the individual who is the designated beneficiary of the trust 7and designated as a renewal community business start-up savings account at the time created or organized71 but only if the written governing instrument creating the trust meets the following requirements3 7#a7 ,except in the case of a rollover contribution described in subsection 7d77#d71 no contribution will be accepted unless it is in cash1 and contributions will not be accepted if such contribution would result in aggregate contributions to all rural renewal community business start-up savings account of the individual for such taxable year and all prior taxable years exceeding #ej1jjj4 7#b7 ,the trustee is a bank 7as defined in section #djh7n77 or such other person who demonstrates to the satisfaction of the ,secretary that the manner in which such other person will administer the trust will be consistent with the requirements of this section4 7#c7 ,no part of the trust funds will be invested in life insurance contracts4 7#d7 ,the assets of the trust will not be commingled with other property except in a common trust fund or common investment fund4 7c7 ,tax treatment of accounts 7#a7 ,in general ,a rural renewal community business start-up savings account shall be exempt from taxation under this subtitle4 ,notwithstanding the preceding sentence1 the renewal community business start-up savings account shall be subject to the taxes imposed by section #eaa 7relating to imposition of tax on unrelated business income of charitable organizations74 7#b7 ,account terminations ,rules similar to the rules of paragraphs 7#b7 and 7#d7 of section #djh7;e7 shall apply to rural renewal community business start-up savings accounts1 and any amount treated as distributed under such rules shall be treated as not used to pay for eligible costs4 7d7 ,tax treatment of distributions 7#a7 ,qualified distributions 7,a7 ,in general ,any qualified distribution from a rural renewal community business start-up savings account shall not be included in gross income4 7,b7 ,qualified distribution ,for purposes of this section1 the term qualified distribution means the amount of any payment or distribution made from a rural renewal community business start-up savings account during the taxable year to the extent that such distribution does not exceed the lesser of-- 7i7 the eligible costs paid or incurred by the taxpayer during the taxable year which are made not later than the last day of the #eth taxable year beginning after the initial distribution from the account1 or 7ii7 #ej1jjj4 ,for purposes of clause 7i71 a taxpayer shall be treated as having paid or incurred the taxpayer's allocable share of eligible costs of any entity in which the taxpayer directly holds stock or a capital or profits interest4 7,c7 ,eligible costs 7i7 ,in general ,for purposes of this section1 the term eligible costs means costs paid or incurred by the taxpayer with respect to the designated rural renewal community business of the taxpayer for operating capital1 the purchase of equipment or facilities1 marketing1 training1 incorporation1 and accounting fees4 7ii7 ,designated rural renewal community business ,for purposes of clause 7i71 the term designated rural renewal community business means-- 7,i7 any rural renewal community business entity 7as defined in section #agi;,f7c77 in which the taxpayer is a shareholder or partner and which is designated by the taxpayer for purposes of this section1 or 7,,ii7 any rural renewal community proprietorship of which the taxpayer is the owner and which is designated by the taxpayer for purposes of this section4 ,any designation made under this clause1 once made1 may not be revoked4 7,d7 ,disallowance of excluded amounts as deduction1 credit1 or exclusion ,no deduction1 credit1 or exclusion shall be allowed to the taxpayer under any other section of this chapter for any qualified distribution to the extent taken into account in determining the amount of the exclusion under this paragraph4 7#b7 ,nonqualified distributions 7,a7 ,in general ,any amount paid or distributed out of a rural renewal community business start-up savings account which is not a qualified distribution1 including any amount paid out pursuant to a termination of such an account1 shall be included in the gross income of the taxpayer as provided in section #gb4 7,b7 ,treatment of amounts remaining in account ,any remaining amount in a small business start-up savings account following the date described in paragraph 7#a77;,b77i7 shall be treated as distributed during the taxable year following such date and such distribution shall not be treated as a qualified distribution4 7,c7 ,additional tax 7i7 ,in general ,the tax imposed by this chapter on the account beneficiary for any taxable year in which there is a payment or distribution from a rural renewal community business start-up savings account of such beneficiary which is includible in income under subparagraph 7,a7 shall be increased by #aj percent of the amount which is so includible4 7ii7 ,exception ,clause 7i7 shall not apply if the payment or distribution is made after the account beneficiary becomes disabled within the meaning of section #gb7m77#g7 or dies4 7#c7 ,excess contributions returned before due date of return 7,a7 ,in general ,if any excess contribution is contributed for a taxable year to any rural renewal community business start-up savings account of an individual1 paragraph 7#b7 shall not apply to distributions from the rural renewal community business start-up savings accounts of such individual 7to the extent such distributions do not exceed the aggregate excess contributions to all such accounts of such individual for such year7 if-- 7i7 such distribution is received by the individual on or before the last day prescribed by law 7including extensions of time7 for filing such individual's return for such taxable year1 and 7ii7 such distribution is accompanied by the amount of net income attributable to such excess contribution4 7,b7 ,excess contribution ,for purposes of subparagraph 7,a71 the term excess contribution means any contribution 7other than a rollover contribution described in paragraph 7#d77 which when added to all previous contributions for the taxable year exceeds the amount allowable as a contribution under subsection 7b77#a74 7#d7 ,rollover contribution ,paragraph 7#b7 shall not apply to any amount paid or distributed from a rural renewal community business start-up savings account to the account beneficiary to the extent the amount received is paid into a rural renewal community business start-up savings account for the benefit of such beneficiary not later than the #fjth day after the day on which the beneficiary receives the payment or distribution4 ,for purposes of this paragraph1 rules similar to the rules of section #djh7;d77#c77;,d7 shall apply4 7#e7 ,transfer of account incident to divorce ,the transfer of an individual's interest in a rural renewal community business start-up savings account to an individual's spouse or former spouse under a divorce or separation instrument described in subparagraph 7,a7 of section #ga7;b77#b7 shall not be considered a taxable transfer made by such individual notwithstanding any other provision of this subtitle1 and such interest shall1 after such transfer1 be treated as a rural renewal community business start-up savings account with respect to which such spouse is the account beneficiary4 7#f7 ,treatment after death of account beneficiary 7,a7 ,treatment if designated beneficiary is spouse ,if the account beneficiary's surviving spouse acquires such beneficiary's interest in a rural renewal community business start-up savings account by reason of being the designated beneficiary of such account at the death of the account beneficiary1 such account shall be treated as if the spouse were the account beneficiary4 7,b7 ,other cases 7i7 ,in general ,if1 by reason of the death of the account beneficiary1 any person acquires the account beneficiary's interest in a rural renewal community business start-up savings account in a case to which subparagraph 7,a7 does not apply-- 7,i7 such account shall cease to be a rural renewal community business start-up savings account as of the date of death1 and 7,,ii7 an amount equal to the fair market value of the assets in such account on such date shall be includible1 if such person is not the estate of such beneficiary1 in such person's gross income for the taxable year which includes such date1 or if such person is the estate of such beneficiary1 in such beneficiary's gross income for the last taxable year of such beneficiary4 7ii7 ,special rules 7,i7 ,reduction of inclusion for predeath expenses ,the amount includible in gross income under clause 7i7 by any person 7other than the estate7 shall be reduced by the amount of qualified distributions which were paid or incurred by the decedent before the date of the decedent's death and paid by such person within #a year after such date4 7,,ii7 ,deduction for estate taxes ,an appropriate deduction shall be allowed under section #fia7;c7 to any person 7other than the decedent or the decedent's spouse7 with respect to amounts included in gross income under clause 7i7 by such person4 7e7 ,community property laws ,this section shall be applied without regard to any community property laws4 7f7 ,reports ,the trustee of a rural renewal community business start-up savings account shall make such reports regarding such account to the ,secretary and to the individual for whom the account is1 or is to be1 maintained with respect to contributions 7and the years to which they relate7 and distributions aggregating #aj or more in any calendar year1 and such other matters as the ,secretary may require4 ,the reports required by this subsection-- 7#a7 shall be filed at such time and in such manner as the ,secretary prescribes1 and 7#b7 shall be furnished to individuals-- 7,a7 not later than ,january #ca of the calendar year following the calendar year to which such reports relate1 and 7,b7 in such manner as the ,secretary prescribes4 7g7 ,regulations ,the ,secretary shall issue such regulations or other guidance as may be necessary to carry out this section1 including for purposes of subsection 7d77#a77;,b77i7 the making reports by regarding eligible costs of an entity in which the taxpayer directly holds stock or a capital or profits interest4 4 7b7 ,deduction allowed whether or not individual itemizes deductions ,section #fb7;a7 of the ,internal ,revenue ,code of #aihf is amended by inserting after paragraph 7#ba7 the following new paragraph3 7#bb7 ,rural renewal community business start-up savings accounts ,the deduction allowed by section #bbd4 4 7c7 ,tax on prohibited transactions 7#a7 ,in general ,paragraph 7#a7 of section #dige7;e7 of the ,internal ,revenue ,code of #aihf is amended by striking or at the end of subparagraph 7,f71 by redesignating subparagraph 7,g7 as subparagraph 7,h71 and by inserting after subparagraph 7,f7 the following new subparagraph3 7,g7 a rural renewal community business start-up savings account described in section #bbd1 or 4 7#b7 ,special rule ,subsection 7c7 of section #dige of such ,code is amended by adding at the end of subsection 7c7 the following new paragraph3 7#g7 ,special rule for rural renewal community business start-up savings accounts ,an individual for whose benefit a rural renewal community business start-up savings account is established and any contributor to such account shall be exempt from the tax imposed by this section with respect to any transaction concerning such account 7which would otherwise be taxable under this section7 if section #bbd7;d77#b7 applies with respect to such transaction4 4 7d7 ,failure ,to ,provide ,reports on rural renewal community business start-,up savings accounts ,paragraph 7#b7 of section #ffic7;a7 of the ,internal ,revenue ,code of #aihf is amended by redesignating subparagraphs 7,d71 7,e71 and 7,f7 as subparagraphs 7,e71 7,f71 and 7,g71 respectively1 and by inserting after subparagraph 7,c7 the following new subparagraph3 7,d7 section #bbd7;f7 7relating to rural renewal community business start-up savings accounts71 4 7e7 ,excess contributions ,section #digc of the ,internal ,revenue ,code of #aihf is amended-- 7#a7 in subsection 7a71 by striking or at the end of paragraph 7#e71 by inserting or at the end of paragraph 7#f71 and inserting after paragraph 7#f7 the following new paragraph3 7#g7 a rural renewal community business start-up savings account 7within the meaning of section #bbd7;c771 1 and 7#b7 by adding at the end the following new subsection3 7i7 ,excess contributions to rural renewal community business start-,up savings accounts ,for purposes of this section1 in the case of contributions to a rural renewal community business start-up savings account 7within the meaning of section #bbd7;b771 the term excess contributions means the sum of-- 7#a7 the excess 7if any7 of-- 7,a7 the amount contributed for the taxable year to such accounts 7other than a rollover contribution described in section #bbd7;d77#d771 over 7,b7 the amount allowable as a contribution under section #bbd7;b77#a71 and 7#b7 the amount determined under this subsection for the preceding taxable year1 reduced by the sum of-- 7,a7 the distributions out of the accounts for the taxable year1 and 7,b7 the excess 7if any7 of the maximum amount allowable as a contribution under sections #bbd7;b77#a7 for the taxable year over the amount contributed to the accounts for the taxable year4 ,for purposes of this subsection1 any contribution which is distributed from a rural renewal community business start-up savings account in a distribution described in section #bbd7;d77#c7 shall be treated as an amount not contributed4 4 7f7 ,clerical amendment ,the table of contents for part ,,viii of subchapter ,b of chapter #a of such ,code is amended by redesignating the item relating to section #bbd as relating to section #bbe and by inserting after the item relating to section #bbc the following new item3 ,sec4 #bbd4 ,rural renewal community business start-up savings accounts4 4 7g7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after ,december #ca1 #bjaf4 ,,ii ,setting ,rural ,america ,free from ,overregulation #bja4 ,short title ,this title may be cited as the ,reducing ,excessive ,government in ,rural ,america ,act of #bjaf4 #bjb4 ,reducing excessive ,government in rural ,america 7a7 ,definitions ,in this section-- 7#a7 the term cost to rural ,america with respect to a rule1 means all costs incurred by1 and expenditures required of1 individuals and entities located in a rural area in complying with the rule2 7#b7 the term joint resolution means a joint resolution-- 7,a7 reported by the ,committee on the ,budget of the ,senate or the ,house of ,representatives in accordance with subsection 7b77#c72 7,b7 which does not have a preamble2 7,c7 the title of which is as follows3 ,joint resolution relating to repeal of costly rules for rural ,america42 7,d7 the matter after the resolving clause of which is as follows3 ,that the following rules shall have no force or effect3 41 the blank space being filled in with the list of major rules affecting rural ,america recommended to be repealed under subsection 7b7 by the committees of the ,house in which the joint resolution is reported2 and 7,e7 that will result in a reduction of the cost to rural ,america of all rules of not less than #aj percent during the #aj-;fiscal-year period beginning with the next full fiscal year2 7#c7 the term major rule affecting rural ,america means a rule having or likely to result in an annual cost to rural ,america of not less than #ajj1jjj1jjj2 7#d7 the term rule has the meaning given that term in section #hjd of title #e1 ,united ,states ,code2 and 7#e7 the term rural area means an area that-- 7,a7 has a population of not less than #bjj individuals and not more than #be1jjj individuals2 and 7,b7 is not located with a metropolitan statistical area which has a population of more than #bjj1jjj individuals4 7b7 ,action by committees 7#a7 ,in general ,not later than #f months after the date of enactment of this ,act1 each committee of the ,senate and the ,house of ,representatives shall submit to the ,committee on the ,budget of its ,house a list of the rules that-- 7,a7 are within the jurisdiction of the committee2 7,b7 the committee determines are major rules affecting rural ,america2 and 7,c7 the committee recommends should be repealed4 7#b7 ,considerations ,in determining whether to recommend repealing major rules affecting rural ,america within its jurisdiction1 a committee of the ,senate or the ,house of ,representatives shall consider-- 7,a7 whether the major rule affecting rural ,america achieved1 or has been ineffective in achieving1 the original purpose of the major rule affecting rural ,america2 7,b7 any adverse effects that could materialize if the major rule affecting rural ,america is repealed1 in particular if those adverse effects are the reason the major rule affecting rural ,america was originally enacted2 7,c7 whether the costs of the major rule affecting rural ,america outweigh any benefits of the major rule affecting rural ,america to the ,united ,states2 7,d7 whether the major rule affecting rural ,america has become obsolete due to changes in technology1 economic conditions1 market practices1 or any other factors2 and 7,e7 whether the major rule affecting rural ,america overlaps with another rule4 7#c7 ,combining of recommendations ,the ,committee on the ,budget of the ,senate and the ,committee on the ,budget of the ,house of ,representatives1 upon receiving recommendations from all relevant committees under paragraph 7#a71 shall report to its ,house a joint resolution carrying out all such recommendations without any substantive revision1 if the committee determines the joint resolution meets the requirement under subsection 7a77#b77;,e74 7c7 ,expedited procedures 7#a7 ,consideration in ,house of ,representatives 7,a7 ,placement on calendar ,upon a joint resolution being reported by the ,committee on the ,budget of the ,house of ,representatives1 or upon receipt of a joint resolution from the ,senate1 the joint resolution shall be placed immediately on the calendar4 7,b7 ,proceeding to consideration 7i7 ,in general ,it shall be in order1 not later than #fj days after the date on which a joint resolution is reported by the ,committee on the ,budget of the ,house of ,representatives1 to move to proceed to consider a joint resolution in the ,house of ,representatives4 7ii7 ,procedure ,for a motion to proceed to consider a joint resolution-- 7,i7 all points of order against the motion are waived2 7,,ii7 such a motion shall not be in order after the ,house of ,representatives has disposed of a motion to proceed to the joint resolution2 7,,iii7 the previous question shall be considered as ordered on the motion to its adoption without intervening motion2 7,,iv7 the motion shall not be debatable2 and 7,v7 a motion to reconsider the vote by which the motion is disposed of shall not be in order4 7,c7 ,consideration ,the ,house of ,representatives shall establish rules for consideration of a joint resolution in the ,house of ,representatives4 7#b7 ,expedited consideration in ,senate 7,a7 ,placement on calendar ,upon a joint resolution being reported by the ,committee on the ,budget of the ,senate1 or upon receipt of a joint resolution from the ,house of ,representatives1 the joint resolution shall be placed immediately on the calendar4 7,b7 ,proceeding to consideration 7i7 ,in general ,notwithstanding rule ,,xxii of the ,standing ,rules of the ,senate1 it is in order1 not later than #fj days after the date on which a joint resolution is reported by the ,committee on the ,budget of the ,senate 7even though a previous motion to the same effect has been disagreed to7 to move to proceed to the consideration of a joint resolution4 7ii7 ,procedure ,for a motion to proceed to the consideration of a joint resolution-- 7,i7 all points of order against the motion are waived2 7,,ii7 the motion is not debatable2 7,,iii7 the motion is not subject to a motion to postpone2 7,,iv7 a motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order2 and 7,v7 if the motion is agreed to1 the joint resolution shall remain the unfinished business until disposed of4 7,c7 ,floor consideration generally ,if the ,senate proceeds to consideration of a joint resolution-- 7i7 all points of order against the joint resolution 7and against consideration of the joint resolution7 are waived2 7ii7 consideration of the joint resolution1 and all amendments thereto and debatable motions and appeals in connection therewith1 shall be limited to not more than #aj hours1 which shall be divided equally between the majority and minority leaders or their designees2 7iii7 a motion to postpone or a motion to commit the joint resolution is not in order2 and 7iv7 a motion to proceed to the consideration of other business is not in order4 7,d7 ,requirements for amendments 7i7 ,in general ,no amendment that is not germane to the provisions of a joint resolution shall be considered4 7ii7 ,repeal of major rules affecting rural ,america ,notwithstanding clause 7i7 or any other rule1 an amendment or series of amendments to a joint resolution shall always be in order if such amendment or series of amendments proposes to repeal a major rule affecting rural ,america that would result in a decrease in the total cost to rural ,america of all rules during the #aj-;fiscal-year period beginning with the next full fiscal year4 7,e7 ,vote on passage ,the vote on passage shall occur immediately following the conclusion of the consideration of a joint resolution1 and a single quorum call at the conclusion of the debate if requested in accordance with the rules of the ,senate4 7,f7 ,rulings of the chair on procedure ,appeals from the decisions of the ,chair relating to the application of this subsection or the rules of the ,senate1 as the case may be1 to the procedure relating to a joint resolution shall be decided without debate4 7#c7 ,consideration after passage ,if the ,president vetoes the joint resolution1 consideration of a veto message in the ,senate under this section shall be not more than #b hours equally divided between the majority and minority leaders or their designees4 7#d7 ,rules of ,house of ,representatives and ,senate ,this subsection is enacted by ,congress-- 7,a7 as an exercise of the rulemaking power of the ,senate and ,house of ,representatives1 respectively1 and as such is deemed a part of the rules of each ,house1 respectively1 but applicable only with respect to the procedure to be followed in that ,house in the case of a joint resolution1 and supersede other rules only to the extent that they are inconsistent with such rules2 and 7,b7 with full recognition of the constitutional right of either ,house to change the rules 7so far as relating to the procedure of that ,house7 at any time1 in the same manner1 and to the same extent as in the case of any other rule of that ,house4 7d7 ,effect of joint resolution 7#a7 ,in general ,a major rule affecting rural ,america shall cease to have force or effect if ,congress enacts a joint resolution repealing the major rule affecting rural ,america4 7#b7 ,limitation on subsequent rulemaking ,a rule that ceases to have force or effect under paragraph 7#a7 may not be reissued in substantially the same form1 and a new rule that is substantially the same as such a rule may not be issued1 unless the reissued or new rule is specifically authorized by a law enacted after the date of the joint resolution repealing the original rule4