To lift the trade embargo on Cuba, and for other purposes.

Summary: Amends the Foreign Assistance Act of 1961 to repeal the embargo on trade with Cuba. 
Prohibits the exercise by the President with respect to Cuba of certain authorities conferred by the Trading With the Enemy Act and exercised on July 1, 1977, as a result of a specified national emergency.  Declares that any prohibition on exports to Cuba under the Export Administration Act of 1979 shall cease to be effective. Authorizes the President to impose export controls with respect to Cuba and exercise certain authorities under the International Emergency Economic Powers Act only on account of an unusual and extraordinary threat to U.S. national security that did not exist before enactment of this Act. 
Repeals: (1) the Cuban Democracy Act of 1992; (2) the Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 1996; and (3) the prohibition under the Food Security Act of 1985 against allocation of the annual sugar quota to any country unless its officials verify that it does not import for reexport to the United States any sugar produced in Cuba. 
Amends the Internal Revenue Code to terminate the denial of foreign tax credit with respect to Cuba. 
Authorizes common carriers to install, maintain, and repair telecommunications equipment and facilities in Cuba, and otherwise provide telecommunications services between the United States and Cuba. 
Prohibits regulation or banning of travel to and from Cuba by U.S. citizens or residents, or of any transactions incident to travel. 
Directs the U.S. Postal Service to provide direct mail service to and from Cuba. 
Prohibits certain U.S. assistance to Cuba.

SECTION 1. REMOVAL OF PROVISIONS RESTRICTING TRADE AND OTHER RELATIONS 
              WITH CUBA.

    (a) Authority for Embargo and Sugar Quota.--Section 620(a) of the 
Foreign Assistance Act of 1961 (22 U.S.C. 2370(a)) is repealed.
    (b) Trading With the Enemy Act.--The authorities conferred upon the 
President by section 5(b) of the Trading With the Enemy Act (50 U.S.C. 
App. 5(b)), which were being exercised with respect to Cuba on July 1, 
1977, as a result of a national emergency declared by the President 
before that date, and are being exercised on the day before the 
effective date of this Act, may not be exercised on or after such 
effective date with respect to Cuba. Any regulations in effect on the 
day before such effective date pursuant to the exercise of such 
authorities, shall cease to be effective on such date.
    (c) Exercise of Authorities Under Other Provisions of Law.--
            (1) Removal of prohibitions.--Any prohibition on exports to 
        Cuba that is in effect on the day before the effective date of 
        this Act under the Export Administration Act of 1979 shall 
        cease to be effective on such effective date.
            (2) Authority for new restrictions.--The President may, on 
        and after the effective date of this Act--
                    (A) impose export controls with respect to Cuba 
                under section 5, 6(j), 6(l), or 6(m) of the Export 
                Administration Act of 1979, and
                    (B) exercise the authorities he has under the 
                International Emergency Economic Powers Act with 
                respect to Cuba pursuant to a declaration of national 
                emergency required by that Act that is made on account 
                of an unusual and extraordinary threat, that did not 
                exist before the enactment of this Act, to the national 
                security, foreign policy, or economy of the United 
                States.
    (d) Cuban Democracy Act.--The Cuban Democracy Act of 1992 (22 
U.S.C. 6001 and following) is repealed.
    (e) Repeal of Cuban Liberty and Democratic Solidarity (LIBERTAD) 
Act of 1996.--
            (1) Repeal.--The Cuban Liberty and Democratic Solidarity 
        (LIBERTAD) Act of 1996 is repealed.
            (2) Conforming amendments.--(A) Section 498A of the Foreign 
        Assistance Act of 1961 (22 U.S.C. 2295a) is amended--
                    (i) in subsection (a)(11) by striking ``and 
                intelligence facilities, including the military and 
                intelligence facilities at Lourdes and Cienfuegos,'' 
                and inserting ``facilities,'';
                    (ii) in subsection (b)--
                            (I) in paragraph (4) by adding ``and'' 
                        after the semicolon;
                            (II) by striking paragraph (5); and
                            (III) by redesignating paragraph (6) as 
                        paragraph (5); and
                    (iii) by striking subsection (d).
            (B) Section 498B(k) of the Foreign Assistance Act of 1961 
        (22 U.S.C. 2295b(k)) is amended by striking paragraphs (3) and 
        (4).
            (C) Section 1611 of title 28, United States Code, is 
        amended by striking subsection (c).
            (D) Sections 514 and 515 of the International Claims 
        Settlement Act of 1949 (22 U.S.C. 1643l and 1643m) are 
        repealed.
    (f) Termination of Denial of Foreign Tax Credit With Respect to 
Cuba.--Subparagraph (A) of section 901(j)(2) of the Internal Revenue 
Code of 1986 (relating to denial of foreign tax credit, etc., with 
respect to certain foreign countries) is amended by adding at the end 
thereof the following new flush sentence: ``Notwithstanding the 
preceding sentence, this subsection shall not apply to Cuba after the 
date which is 60 days after the date of the enactment of this 
sentence.''.
    (g) Sugar Quota Prohibition Under Food Security Act of 1985.--
Section 902(c) of the Food Security Act of 1985 is repealed.

SEC. 2. TELECOMMUNICATIONS EQUIPMENT AND FACILITIES.

    Any common carrier within the meaning of section 3 of the 
Communications Act of 1934 (47 U.S.C. 153) is authorized to install, 
maintain, and repair telecommunications equipment and facilities in 
Cuba, and otherwise provide telecommunications services between the 
United States and Cuba. The authority of this section includes the 
authority to upgrade facilities and equipment.

SEC. 3. TRAVEL.

    (a) In General.--Travel to and from Cuba by individuals who are 
citizens or residents of the United States, and any transactions 
ordinarily incident to such travel, may not be regulated or prohibited 
if such travel would be lawful in the United States.
    (b) Transactions Incident to Travel.--Any transactions ordinarily 
incident to travel which may not be regulated or prohibited under 
subsection (a) include, but are not limited to--
            (1) transactions ordinarily incident to travel or 
        maintenance in Cuba; and
            (2) normal banking transactions involving foreign currency 
        drafts, traveler's checks, or other negotiable instruments 
        incident to such travel.

SEC. 4. DIRECT MAIL DELIVERY TO CUBA.

    The United States Postal Service shall take such actions as are 
necessary to provide direct mail service to and from Cuba, including, 
in the absence of common carrier service between the 2 countries, the 
use of charter providers.

SEC. 5. PROHIBITION ON FEDERAL ASSISTANCE.

    (a) Prohibition.--No Federal funds may be used to provide any 
assistance to Cuba.
    (b) Definitions.--For purposes of subsection (a)--
            (1) the term ``assistance to Cuba'' includes, but is not 
        limited to--
                    (A) assistance to or for the benefit of Cuba that 
                is provided by grant, commercial sale, guaranty, or 
                insurance, or by any other means on terms more 
                favorable than that generally available in the 
                applicable market, whether in the form of a loan, 
                lease, credit, or a reserve, including, but not limited 
                to--
                            (i) insurance, financing, extensions of 
                        credit, or participation in extensions of 
                        credit provided by the Export-Import Bank of 
                        the United States for exports to or imports 
                        from Cuba;
                            (ii) insurance, reinsurance, financing, or 
                        equity investment provided by the Overseas 
                        Private Investment Corporation for projects in 
                        Cuba;
                            (iii) any export credit, credit guaranty, 
                        bonus, or other payment carried out through the 
                        Commodity Credit Corporation in support of 
                        export sales of agricultural commodities to 
                        Cuba;
                            (iv) assistance under any provision of the 
                        Agricultural Trade and Development Assistance 
                        Act of 1954 to, or in support of export sales 
                        of agricultural commodities to, Cuba;
                            (v) financing or other assistance under the 
                        Agricultural Trade Act of 1978 in support of 
                        export sales of agricultural commodities to 
                        Cuba; and
                            (vi) any loan, credit, or other financing 
                        by any United States agency to any person for 
                        the purpose of financing transactions involving 
                        confiscated property (within the meaning of 
                        section 4 of the Cuba Liberty and Democratic 
                        Solidarity (LIBERTAD) Act of 1996, as in effect 
                        on the day before the date of the enactment of 
                        this Act);
                and
                    (B) an exchange, reduction, or forgiveness of Cuban 
                debt owed in return for a grant of an equity interest 
                in a property, investment, or operation of the 
                Government of Cuba (including the government of any 
                political subdivision of Cuba, and any agency or 
                instrumentality of the Government of Cuba) or of a 
                Cuban national;
        and
            (2) the term ``agency or instrumentality of the Government 
        of Cuba'' means an agency or instrumentality of a foreign state 
        as defined in section 1603(b) of title 28, United States Code, 
        with each reference in such section to ``a foreign state'' 
        deemed to be a reference to Cuba.

SEC. 6. EFFECTIVE DATE.

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