I 

113TH CONGRESS 

2D SESSION H. R. 4550 

To extend the emergency unemployment compensation program, and to 

stimulate the economy and create opportunities for new job creation. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 1, 2014 

Mr. FITZPATRICK introduced the following bill; which was referred to the 

Committee on Ways and Means, and in addition to the Committees on 

Transportation and Infrastructure, Education and the Workforce, Small 

Business, Energy and Commerce, Financial Services, and Natural Resources, for a period to be subsequently determined by the Speaker, in 

each case for consideration of such provisions as fall within the jurisdiction of the committee concerned 

A BILL 

To extend the emergency unemployment compensation program, and to stimulate the economy and create opportunities for new job creation. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘Emergency Unemployment Compensation Extension Act 

6 of 2014’’. 


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1 (b) TABLE OF CONTENTS.—The table of contents of 

2 this Act is as follows: 

Sec. 1. Short title; table of contents. 

TITLE I—PROVISIONS RELATING TO UNEMPLOYMENT 

COMPENSATION 

Sec. 101. Extension of emergency unemployment compensation program. 

Sec. 102. Temporary extension of extended benefit provisions. 

Sec. 103. Extension of funding for reemployment services and reemployment 

and eligibility assessment activities. 

Sec. 104. Additional extended unemployment benefits under the Railroad Unemployment Insurance Act. 

Sec. 105. Flexibility for unemployment program agreements. 

Sec. 106. Ending unemployment payments to jobless millionaires and billionaires. 

Sec. 107. GAO study on the use of work suitability requirements in unemployment insurance programs. 

Sec. 108. Funding stabilization. 

Sec. 109. Prepayment of certain PBGC premiums. 

Sec. 110. Extension of customs user fees. 

Sec. 111. Emergency services, government, and certain nonprofit volunteers. 

TITLE II—PROVISIONS RELATING TO JOB CREATION 

Sec. 201. Treatment of employment assistance voucher programs. 

Sec. 202. Disadvantaged business enterprises. 

Sec. 203. America Star Program. 

Sec. 204. Fostering innovation. 

Sec. 205. Partnership To Build America. 

Sec. 206. Keystone XL pipeline. 

3 TITLE I—PROVISIONS RELATING 

4 TO UNEMPLOYMENT COM5 PENSATION 

6 SEC. 101. EXTENSION OF EMERGENCY UNEMPLOYMENT 

7 COMPENSATION PROGRAM. 

8 (a) EXTENSION.—Section 4007(a)(2) of the Supple9 mental Appropriations Act, 2008 (Public Law 110–252; 

10 26 U.S.C. 3304 note) is amended by striking ‘‘January 

11 1, 2014’’ and inserting ‘‘June 1, 2014’’. 


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1 (b) FUNDING.—Section 4004(e)(1) of the Supple2 mental Appropriations Act, 2008 (Public Law 110–252; 

3 26 U.S.C. 3304 note) is amended— 

4 (1) in subparagraph (I), by striking ‘‘and’’ at 

5 the end; 

6 (2) in subparagraph (J), by inserting ‘‘and’’ at 

7 the end; and 

8 (3) by inserting after subparagraph (J) the fol9 lowing: 

10 ‘‘(K) the amendment made by section 

11 101(a) of the Emergency Unemployment Com12 pensation Extension Act of 2014;’’. 

13 (c) EFFECTIVE DATE.—The amendments made by 

14 this section shall take effect as if included in the enact15 ment of the American Taxpayer Relief Act of 2012 (Public 

16 Law 112–240). 

17 SEC. 102. TEMPORARY EXTENSION OF EXTENDED BENEFIT 

18 PROVISIONS. 

19 (a) IN GENERAL.—Section 2005 of the Assistance for 

20 Unemployed Workers and Struggling Families Act, as 

21 contained in Public Law 111–5 (26 U.S.C. 3304 note), 

22 is amended— 

23 (1) by striking ‘‘December 31, 2013’’ each 

24 place it appears and inserting ‘‘May 31, 2014’’; and 


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1 (2) in subsection (c), by striking ‘‘June 30, 

2 2014’’ and inserting ‘‘November 30, 2014’’. 

3 (b) EXTENSION OF MATCHING FOR STATES WITH

4 NO WAITING WEEK.—Section 5 of the Unemployment 

5 Compensation Extension Act of 2008 (Public Law 110– 

6 449; 26 U.S.C. 3304 note) is amended by striking ‘‘June 

7 30, 2014’’ and inserting ‘‘November 30, 2014’’. 

8 (c) EXTENSION OF MODIFICATION OF INDICATORS

9 UNDER THE EXTENDED BENEFIT PROGRAM.—Section 

10 203 of the Federal-State Extended Unemployment Com11 pensation Act of 1970 (26 U.S.C. 3304 note) is amend12 ed— 

13 (1) in subsection (d), by striking ‘‘December 

14 31, 2013’’ and inserting ‘‘May 31, 2014’’; and 

15 (2) in subsection (f)(2), by striking ‘‘December 

16 31, 2013’’ and inserting ‘‘May 31, 2014’’. 

17 (d) EFFECTIVE DATE.—The amendments made by 

18 this section shall take effect as if included in the enact19 ment of the American Taxpayer Relief Act of 2012 (Public 

20 Law 112–240). 

21 SEC. 103. EXTENSION OF FUNDING FOR REEMPLOYMENT 

22 SERVICES AND REEMPLOYMENT AND ELIGI23 BILITY ASSESSMENT ACTIVITIES. 

24 (a) EXTENSION.— 


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1 (1) IN GENERAL.—Section 4004(c)(2)(A) of the 

2 Supplemental Appropriations Act, 2008 (Public Law 

3 110–252; 26 U.S.C. 3304 note) is amended by strik4 ing ‘‘through fiscal year 2014’’ and inserting 

5 ‘‘through the first five months of fiscal year 2015’’. 

6 (2) EFFECTIVE DATE.—The amendment made 

7 by this subsection shall take effect as if included in 

8 the enactment of the American Taxpayer Relief Act 

9 of 2012 (Public Law 112–240). 

10 (b) TIMING FOR SERVICES AND ACTIVITIES.— 

11 (1) IN GENERAL.—Section 4001(i)(1)(A) of the 

12 Supplemental Appropriations Act, 2008 (Public Law 

13 110–252; 26 U.S.C. 3304 note) is amended by add14 ing at the end the following new sentence: 

15 ‘‘At a minimum, such reemployment services 

16 and reemployment and eligibility assessment ac17 tivities shall be provided to an individual within 

18 a time period (determined appropriate by the 

19 Secretary) after the date the individual begins 

20 to receive amounts under section 4002(b) (first 

21 tier benefits) and, if applicable, again within a 

22 time period (determined appropriate by the Sec23 retary) after the date the individual begins to 

24 receive amounts under section 4002(d) (third 

25 tier benefits).’’. 


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1 (2) EFFECTIVE DATE.—The amendment made 

2 by this subsection shall apply on and after the date 

3 of the enactment of this Act. 

4 (c) PURPOSES OF SERVICES AND ACTIVITIES.—The 

5 purposes of the reemployment services and reemployment 

6 and eligibility assessment activities under section 4001(i) 

7 of the Supplemental Appropriations Act, 2008 (Public 

8 Law 110–252; 26 U.S.C. 3304 note) are— 

9 (1) to better link the unemployed with the over10 all workforce system by bringing individuals receiv11 ing unemployment insurance benefits in for person12 alized assessments and referrals to reemployment 

13 services; and 

14 (2) to provide individuals receiving unemploy15 ment insurance benefits with early access to specific 

16 strategies that can help get them back into the 

17 workforce faster, including through— 

18 (A) the development of a reemployment 

19 plan; 

20 (B) the provision of access to relevant 

21 labor market information; 

22 (C) the provision of access to information 

23 about industry-recognized credentials that are 

24 regionally relevant or nationally portable; 


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1 (D) the provision of referrals to reemploy2 ment services and training; and 

3 (E) an assessment of the individual’s on4 going eligibility for unemployment insurance 

5 benefits. 

6 SEC. 104. ADDITIONAL EXTENDED UNEMPLOYMENT BENE7 FITS UNDER THE RAILROAD UNEMPLOY8 MENT INSURANCE ACT. 

9 (a) EXTENSION.—Section 2(c)(2)(D)(iii) of the Rail10 road Unemployment Insurance Act (45 U.S.C. 

11 352(c)(2)(D)(iii)) is amended— 

12 (1) by striking ‘‘June 30, 2013’’ and inserting 

13 ‘‘November 30, 2013’’; and 

14 (2) by striking ‘‘December 31, 2013’’ and in15 serting ‘‘May 31, 2014’’. 

16 (b) CLARIFICATION ON AUTHORITY TO USE

17 FUNDS.—Funds appropriated under either the first or 

18 second sentence of clause (iv) of section 2(c)(2)(D) of the 

19 Railroad Unemployment Insurance Act shall be available 

20 to cover the cost of additional extended unemployment 

21 benefits provided under such section 2(c)(2)(D) by reason 

22 of the amendments made by subsection (a) as well as to 

23 cover the cost of such benefits provided under such section 

24 2(c)(2)(D), as in effect on the day before the date of en25 actment of this Act. 


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1 (c) FUNDING FOR ADMINISTRATION.—Out of any 

2 funds in the Treasury not otherwise appropriated, there 

3 are appropriated to the Railroad Retirement Board 

4 $105,000 for administrative expenses associated with the 

5 payment of additional extended unemployment benefits 

6 provided under section 2(c)(2)(D) of the Railroad Unem7 ployment Insurance Act by reason of the amendments 

8 made by subsection (a), to remain available until ex9 pended. 

10 SEC. 105. FLEXIBILITY FOR UNEMPLOYMENT PROGRAM 

11 AGREEMENTS. 

12 (a) FLEXIBILITY.— 

13 (1) IN GENERAL.—Subsection (g) of section 

14 4001 of the Supplemental Appropriations Act, 2008 

15 (Public Law 110–252; 26 U.S.C. 3304 note) shall 

16 not apply with respect to a State that has enacted 

17 a law before December 1, 2013, that, upon taking 

18 effect, would violate such subsection. 

19 (2) EFFECTIVE DATE.—Paragraph (1) is effec20 tive with respect to weeks of unemployment begin21 ning on or after December 29, 2013. 

22 (b) PERMITTING A SUBSEQUENT AGREEMENT.— 

23 Nothing in title IV of the Supplemental Appropriations 

24 Act, 2008 (Public Law 110–252; 26 U.S.C. 3304 note) 

25 shall preclude a State whose agreement under such title 


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1 was terminated from entering into a subsequent agree2 ment under such title on or after the date of the enact3 ment of this Act if the State, taking into account the ap4 plication of subsection (a), would otherwise meet the re5 quirements for an agreement under such title. 

6 SEC. 106. ENDING UNEMPLOYMENT PAYMENTS TO JOBLESS 

7 MILLIONAIRES AND BILLIONAIRES. 

8 (a) PROHIBITION.—Notwithstanding any other provi9 sion of law, no Federal funds may be used for payments 

10 of unemployment compensation under the emergency un11 employment compensation program under title IV of the 

12 Supplemental Appropriations Act, 2008 (Public Law 110– 

13 252; 26 U.S.C. 3304 note) to an individual whose adjusted 

14 gross income in the preceding year was equal to or greater 

15 than $1,000,000. 

16 (b) COMPLIANCE.—Unemployment Insurance appli17 cations shall include a form or procedure for an individual 

18 applicant to certify the individual’s adjusted gross income 

19 was not equal to or greater than $1,000,000 in the pre20 ceding year. 

21 (c) AUDITS.—The certifications required by sub22 section (b) shall be auditable by the U.S. Department of 

23 Labor or the U.S. Government Accountability Office. 

24 (d) STATUS OF APPLICANTS.—It is the duty of the 

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1 come status of applicants for Unemployment Insurance 

2 and no Federal funds may be expended for purposes of 

3 determining whether or not the prohibition under sub4 section (a) applies with respect to an individual. 

5 (e) EFFECTIVE DATE.—The prohibition under sub6 section (a) shall apply to weeks of unemployment begin7 ning on or after the date of the enactment of this Act. 

8 SEC. 107. GAO STUDY ON THE USE OF WORK SUITABILITY 

9 REQUIREMENTS IN UNEMPLOYMENT INSUR10 ANCE PROGRAMS. 

11 (a) STUDY.—The Comptroller General of the United 

12 States shall conduct a study on the use of work suitability 

13 requirements to strengthen requirements to ensure that 

14 unemployment insurance benefits are being provided to in15 dividuals who are actively looking for work and who truly 

16 want to return to the labor force. Such study shall include 

17 an analysis of— 

18 (1) how work suitability requirements work 

19 under both State and Federal unemployment insur20 ance programs; and 

21 (2) how to incorporate and improve such re22 quirements under Federal unemployment insurance 

23 programs; and 

24 (3) other items determined appropriate by the 

25 Comptroller General. 


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1 (b) BRIEFING.—Not later than 90 days after the date 

2 of the enactment of this Act, the Comptroller General of 

3 the United States shall brief Congress on the ongoing 

4 study required under subsection (a). Such briefing shall 

5 include preliminary recommendations for such legislation 

6 and administrative action as the Comptroller General de7 termines appropriate. 

8 SEC. 108. FUNDING STABILIZATION. 

9 (a) FUNDING STABILIZATION UNDER THE INTERNAL

10 REVENUE CODE.—The table in subclause (II) of section 

11 430(h)(2)(C)(iv) of the Internal Revenue Code of 1986 is 

12 amended to read as follows: 

‘‘If the calendar year is: The applicable minimum 

percentage is: 

The applicable maximum 

percentage is: 

2012, 2013, 2014, 2015, 

2016, or 2017.

90% ................................ 110% 

2018 ............................... 85% ................................ 115% 

2019 ............................... 80% ................................ 120% 

2020 ............................... 75% ................................ 125% 

After 2020 ...................... 70% ................................ 130%’’. 

13 (b) FUNDING STABILIZATION UNDER ERISA.— 

14 (1) IN GENERAL.—The table in subclause (II) 

15 of section 303(h)(2)(C)(iv) of the Employee Retire16 ment Income Security Act of 1974 is amended to 

17 read as follows: 

‘‘If the calendar year is: The applicable minimum 

percentage is: 

The applicable maximum 

percentage is: 

2012, 2013, 2014, 2015, 

2016, or 2017.

90% ................................ 110% 

2018 ............................... 85% ................................ 115% 

2019 ............................... 80% ................................ 120% 

2020 ............................... 75% ................................ 125% 


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‘‘If the calendar year is: The applicable minimum 

percentage is: 

The applicable maximum 

percentage is: 

After 2020 ...................... 70% ................................ 130%’’. 

1 (2) CONFORMING AMENDMENT.— 

2 (A) IN GENERAL.—Clause (ii) of section 

3 101(f)(2)(D) of such Act is amended by strik4 ing ‘‘2015’’ and inserting ‘‘2020’’. 

5 (B) STATEMENTS.—The Secretary of 

6 Labor shall modify the statements required 

7 under subclauses (I) and (II) of section 

8 101(f)(2)(D)(i) of such Act to conform to the 

9 amendments made by this section. 

10 (c) STABILIZATION NOT TO APPLY FOR PURPOSES

11 OF CERTAIN ACCELERATED BENEFIT DISTRIBUTION

12 RULES.— 

13 (1) INTERNAL REVENUE CODE OF 1986.—The 

14 second sentence of paragraph (2) of section 436(d) 

15 of the Internal Revenue Code of 1986 is amended by 

16 striking ‘‘of such plan’’ and inserting ‘‘of such plan 

17 (determined by not taking into account any adjust18 ment of segment rates under section 

19 430(h)(2)(C)(iv))’’. 

20 (2) EMPLOYEE RETIREMENT INCOME SECURITY

21 ACT OF 1974.—The second sentence of subparagraph 

22 (B) of section 206(g)(3) of the Employee Retirement 

23 Income Security Act of 1974 (29 U.S.C. 


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1 1056(g)(3)(B)) is amended by striking ‘‘of such 

2 plan’’ and inserting ‘‘of such plan (determined by 

3 not taking into account any adjustment of segment 

4 rates under section 303(h)(2)(C)(iv))’’. 

5 (3) EFFECTIVE DATE.— 

6 (A) IN GENERAL.—Except as provided in 

7 subparagraph (B), the amendments made by 

8 this subsection shall apply to plan years begin9 ning after December 31, 2014. 

10 (B) COLLECTIVELY BARGAINED PLANS.— 

11 In the case of a plan maintained pursuant to 1 

12 or more collective bargaining agreements, the 

13 amendments made by this subsection shall 

14 apply to plan years beginning after December 

15 31, 2015. 

16 (4) PROVISIONS RELATING TO PLAN AMEND17 MENTS.— 

18 (A) IN GENERAL.—If this paragraph ap19 plies to any amendment to any plan or annuity 

20 contract, such plan or contract shall be treated 

21 as being operated in accordance with the terms 

22 of the plan during the period described in sub23 paragraph (B)(ii). 

24 (B) AMENDMENTS TO WHICH PARAGRAPH

25 APPLIES.— 


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1 (i) IN GENERAL.—This paragraph 

2 shall apply to any amendment to any plan 

3 or annuity contract which is made— 

4 (I) pursuant to the amendments 

5 made by this subsection, or pursuant 

6 to any regulation issued by the Sec7 retary of the Treasury or the Sec8 retary of Labor under any provision 

9 as so amended, and 

10 (II) on or before the last day of 

11 the first plan year beginning on or 

12 after January 1, 2016, or such later 

13 date as the Secretary of the Treasury 

14 may prescribe. 

15 (ii) CONDITIONS.—This subsection 

16 shall not apply to any amendment unless, 

17 during the period— 

18 (I) beginning on the date that 

19 the amendments made by this sub20 section or the regulation described in 

21 clause (i)(I) takes effect (or in the 

22 case of a plan or contract amendment 

23 not required by such amendments or 

24 such regulation, the effective date 

25 specified by the plan), and 


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1 (II) ending on the date described 

2 in clause (i)(II) (or, if earlier, the 

3 date the plan or contract amendment 

4 is adopted), 

5 the plan or contract is operated as if such 

6 plan or contract amendment were in effect, 

7 and such plan or contract amendment ap8 plies retroactively for such period. 

9 (C) ANTI-CUTBACK RELIEF.—A plan shall 

10 not be treated as failing to meet the require11 ments of section 204(g) of the Employee Re12 tirement Income Security Act of 1974 and sec13 tion 411(d)(6) of the Internal Revenue Code of 

14 1986 solely by reason of a plan amendment to 

15 which this paragraph applies. 

16 (d) MODIFICATION OF FUNDING TARGET DETER17 MINATION PERIODS.— 

18 (1) INTERNAL REVENUE CODE OF 1986.— 

19 Clause (i) of section 430(h)(2)(B) of the Internal 

20 Revenue Code of 1986 is amended by striking ‘‘the 

21 first day of the plan year’’ and inserting ‘‘the valu22 ation date for the plan year’’. 

23 (2) EMPLOYEE RETIREMENT INCOME SECURITY

24 ACT OF 1974.—Clause (i) of section 303(h)(2)(B) of 

25 the Employee Retirement Income Security Act of 


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1 1974 (29 U.S.C. 1083(h)(2)(B)(i)) is amended by 

2 striking ‘‘the first day of the plan year’’ and insert3 ing ‘‘the valuation date for the plan year’’. 

4 (e) EFFECTIVE DATE.— 

5 (1) IN GENERAL.—The amendments made by 

6 subsections (a), (b), and (d) shall apply with respect 

7 to plan years beginning after December 31, 2012. 

8 (2) ELECTIONS.—A plan sponsor may elect not 

9 to have the amendments made by subsections (a), 

10 (b), and (d) apply to any plan year beginning before 

11 January 1, 2014, either (as specified in the elec12 tion)— 

13 (A) for all purposes for which such amend14 ments apply, or 

15 (B) solely for purposes of determining the 

16 adjusted funding target attainment percentage 

17 under sections 436 of the Internal Revenue 

18 Code of 1986 and 206(g) of the Employee Re19 tirement Income Security Act of 1974 for such 

20 plan year. 

21 A plan shall not be treated as failing to meet the re22 quirements of section 204(g) of such Act and section 

23 411(d)(6) of such Code solely by reason of an elec24 tion under this paragraph. 


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1 SEC. 109. PREPAYMENT OF CERTAIN PBGC PREMIUMS. 

2 (a) IN GENERAL.—Section 4007 of the Employee Re3 tirement Income Security Act of 1974 (29 U.S.C. 1307) 

4 is amended by adding at the end the following new sub5 section: 

6 ‘‘(f) ELECTION TO PREPAY FLAT DOLLAR PRE7 MIUMS.— 

8 ‘‘(1) IN GENERAL.—The designated payor may 

9 elect to prepay during any plan year the premiums 

10 due under clause (i) or (v), whichever is applicable, 

11 of section 4006(a)(3)(A) for the number of consecu12 tive subsequent plan years (not greater than 5) spec13 ified in the election. 

14 ‘‘(2) AMOUNT OF PREPAYMENT.— 

15 ‘‘(A) IN GENERAL.—The amount of the 

16 prepayment for any subsequent plan year under 

17 paragraph (1) shall be equal to the amount of 

18 the premium determined under clause (i) or (v), 

19 whichever is applicable, of section 

20 4006(a)(3)(A) for the plan year in which the 

21 prepayment is made. 

22 ‘‘(B) ADDITIONAL PARTICIPANTS.—If 

23 there is an increase in the number of partici24 pants in the plan during any plan year with re25 spect to which a prepayment has been made, 

26 the designated payor shall pay a premium for 


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1 such additional participants at the premium 

2 rate in effect under clause (i) or (v), whichever 

3 is applicable, of section 4006(a)(3)(A) for such 

4 plan year. No credit or other refund shall be 

5 granted in the case of a plan that has a de6 crease in number of participants during a plan 

7 year with respect to which a prepayment has 

8 been made. 

9 ‘‘(C) COORDINATION WITH PREMIUM FOR

10 UNFUNDED VESTED BENEFITS.—The amount 

11 of the premium determined under section 

12 4006(a)(3)(A)(i) for the purpose of determining 

13 the prepayment amount for any plan year shall 

14 be determined without regard to the increase in 

15 such premium under section 4006(a)(3)(E). 

16 Such increase shall be paid in the same amount 

17 and at the same time as it would otherwise be 

18 paid without regard to this subsection. 

19 ‘‘(3) ELECTION.—The election under this sub20 section shall be made at such time and in such man21 ner as the corporation may prescribe.’’. 

22 (b) CONFORMING AMENDMENT.—The second sen23 tence of subsection (a) of section 4007 of the Employee 

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1 is amended by striking ‘‘Premiums’’ and inserting ‘‘Ex2 cept as provided in subsection (f), premiums’’. 

3 (c) EFFECTIVE DATE.—The amendments made by 

4 this section shall apply to plan years beginning after the 

5 date of the enactment of this Act. 

6 SEC. 110. EXTENSION OF CUSTOMS USER FEES. 

7 Section 13031(j)(3) of the Consolidated Omnibus 

8 Budget Reconciliation Act of 1985 (19 U.S.C. 58c(j)(3)) 

9 is amended— 

10 (1) in subparagraph (A), by striking ‘‘Sep11 tember 30, 2023’’ and inserting ‘‘September 30, 

12 2024’’; and 

13 (2) in subparagraph (B)(i), by striking ‘‘Sep14 tember 30, 2023’’ and inserting ‘‘September 30, 

15 2024’’. 

16 SEC. 111. EMERGENCY SERVICES, GOVERNMENT, AND CER17 TAIN NONPROFIT VOLUNTEERS. 

18 (a) IN GENERAL.—Section 4980H(c) of the Internal 

19 Revenue Code of 1986 is amended by redesignating para20 graphs (5), (6), and (7) as paragraphs (6), (7), and (8), 

21 respectively, and by inserting after paragraph (4) the fol22 lowing new paragraph: 

23 ‘‘(5) SPECIAL RULES FOR CERTAIN EMERGENCY

24 SERVICES, GOVERNMENT, AND NONPROFIT VOLUN25 TEERS.— 


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1 ‘‘(A) EMERGENCY SERVICES VOLUN2 TEERS.—Qualified services rendered as a bona 

3 fide volunteer to an eligible employer shall not 

4 be taken into account under this section as 

5 service provided by an employee. For purposes 

6 of the preceding sentence, the terms ‘qualified 

7 services’, ‘bona fide volunteer’, and ‘eligible em8 ployer’ shall have the respective meanings given 

9 such terms under section 457(e). 

10 ‘‘(B) CERTAIN OTHER GOVERNMENT AND

11 NONPROFIT VOLUNTEERS.— 

12 ‘‘(i) IN GENERAL.—Services rendered 

13 as a bona fide volunteer to a specified em14 ployer shall not be taken into account 

15 under this section as service provided by 

16 an employee. 

17 ‘‘(ii) BONA FIDE VOLUNTEER.—For 

18 purposes of this subparagraph, the term 

19 ‘bona fide volunteer’ means an employee of 

20 a specified employer whose only compensa21 tion from such employer is in the form 

22 of— 

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1 penses incurred in the performance of 

2 services by volunteers, or 

3 ‘‘(II) reasonable benefits (includ4 ing length of service awards), and 

5 nominal fees, customarily paid by 

6 similar entities in connection with the 

7 performance of services by volunteers. 

8 ‘‘(iii) SPECIFIED EMPLOYER.—For 

9 purposes of this subparagraph, the term 

10 ‘specified employer’ means— 

11 ‘‘(I) any government entity, and 

12 ‘‘(II) any organization described 

13 in section 501(c) and exempt from tax 

14 under section 501(a). 

15 ‘‘(iv) COORDINATION WITH SUBPARA16 GRAPH (A).—This subparagraph shall not 

17 fail to apply with respect to services merely 

18 because such services are qualified services 

19 (as defined in section 457(e)(11)(C)).’’. 

20 (b) EFFECTIVE DATE.—The amendments made by 

21 this section shall apply to months beginning after Decem22 ber 31, 2013. 


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1 TITLE II—PROVISIONS 

2 RELATING TO JOB CREATION 

3 SEC. 201. TREATMENT OF EMPLOYMENT ASSISTANCE 

4 VOUCHER PROGRAMS. 

5 (a) USE OF UNEMPLOYMENT FUND FOR EMPLOY6 MENT ASSISTANCE VOUCHER PROGRAM.— 

7 (1) STATE LAW.—Section 3304(a)(4) of the In8 ternal Revenue Code of 1986 is amended by striking 

9 ‘‘and’’ at the end of subparagraph (F), by inserting 

10 ‘‘and’’ at the end of subparagraph (G), and by add11 ing at the end the following new subparagraph: 

12 ‘‘(H) during the 120-day period beginning 

13 on the date of the enactment of the Emergency 

14 Unemployment Compensation Extension Act of 

15 2014, amounts may be withdrawn for the pay16 ment of allowances under an employment as17 sistance voucher program (as defined in section 

18 3306(v));’’. 

19 (2) PERMISSIBLE EXPENDITURES.—Section 

20 3306(f) of such Code is amended— 

21 (A) by striking ‘‘and’’ at the end of para22 graph (5), 

23 (B) by redesignating the paragraph relat24 ing to the self-employment assistance program 

25 as paragraph (6) and striking the period at the 


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1 end of such paragraph and inserting ‘‘; and’’, 

2 and 

3 (C) by adding at the end the following new 

4 paragraph: 

5 ‘‘(7) during the 120-day period beginning on 

6 the date of the enactment of the Emergency Unem7 ployment Compensation Extension Act of 2014, 

8 amounts may be withdrawn for the payment of al9 lowances under an employment assistance voucher 

10 program (as defined in subsection (v)).’’. 

11 (b) EMPLOYMENT ASSISTANCE VOUCHER PROGRAM

12 DEFINED.—Section 3306 of such Code is amended by 

13 adding at the end the following new subsection: 

14 ‘‘(v) EMPLOYMENT ASSISTANCE VOUCHER PRO15 GRAM.—For the purposes of this chapter— 

16 ‘‘(1) IN GENERAL.—The term ‘employment as17 sistance voucher program’ means a program under 

18 which— 

19 ‘‘(A) an eligible individual is issued an em20 ployment assistance voucher, 

21 ‘‘(B) upon employment with an employer 

22 described in paragraph (5)— 

23 ‘‘(i) the eligible individual transfers 

24 the employment assistance voucher to the 

25 employer, 


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1 ‘‘(ii) the individual ceases to receive 

2 unemployment compensation and is paid 

3 wages by the employer, and 

4 ‘‘(iii) the employer receives payments 

5 upon presenting the voucher to the State, 

6 and 

7 ‘‘(C) the program meets such other re8 quirements as the Secretary of Labor deter9 mines to be appropriate. 

10 ‘‘(2) RULES RELATING TO UNEMPLOYED INDI11 VIDUALS.—For purposes of paragraph (1)— 

12 ‘‘(A) COMPENSATION.—Compensation pur13 suant to paragraph (1)(B)(ii) shall— 

14 ‘‘(i) not be less than 200 percent of 

15 the unemployment compensation otherwise 

16 payable to the individual on the date of the 

17 individual’s employment under the employ18 ment assistance voucher program, 

19 ‘‘(ii) not be less than the minimum 

20 wage (as specified in section 6 of the Fair 

21 Labor Standards Act of 1938), and 

22 ‘‘(iii) be payable for a period not to 

23 exceed the maximum number of remaining 

24 weeks of unemployment compensation (in25 cluding supplemental and emergency) to 


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1 which the employee would be entitled (but 

2 for participating in the employment assist3 ance voucher program), determined as of 

4 the date of employment. 

5 ‘‘(B) TERMINATION OF EMPLOYMENT.—If, 

6 before the end of the period referred to in sub7 paragraph (A)(iii), an individual’s employment 

8 with an employer under the employment assist9 ance voucher program is terminated for reasons 

10 other than cause, the individual is entitled to 

11 the remaining period of entitlement referred to 

12 in subparagraph (A)(iii) less the number of 

13 weeks of such employment. 

14 ‘‘(C) CERTAIN REQUIREMENTS NOT TO

15 APPLY.—State requirements relating to avail16 ability for work, active search for work, and re17 fusal to accept work are not applicable to indi18 viduals participating in the employment assist19 ance voucher program. 

20 ‘‘(3) EMPLOYMENT ASSISTANCE VOUCHER.— 

21 The term ‘employment assistance voucher’ means a 

22 voucher— 

23 ‘‘(A) obtained by an eligible individual pur24 suant to the State law, and 


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1 ‘‘(B) payable to the employer of the eligible 

2 individual— 

3 ‘‘(i) at a rate determined under State 

4 law but not to exceed 90 percent of the 

5 amount of unemployment compensation to 

6 which the eligible individual is entitled, and 

7 ‘‘(ii) on the same schedule as unem8 ployment compensation would be payable 

9 to the individual but for employment under 

10 the employment assistance voucher pro11 gram. 

12 ‘‘(4) ELIGIBLE INDIVIDUAL.—The term ‘eligible 

13 individual’ means an individual who— 

14 ‘‘(A) is eligible to receive regular unem15 ployment compensation under the State law, ex16 tended unemployment, or emergency unemploy17 ment or would be eligible to receive such com18 pensation except for the requirements described 

19 in paragraph (1)(B), 

20 ‘‘(B) is identified pursuant to a State 

21 worker profiling system as an individual likely 

22 to exhaust regular unemployment compensation, 

23 ‘‘(C) immediately prior to employment by 

24 the eligible employer, was unemployed for not 

25 less than 6 months, and 


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1 ‘‘(D) is employed by an eligible employer. 

2 ‘‘(5) ELIGIBLE EMPLOYER.—The term ‘eligible 

3 employer’ means an employer who agrees to the 

4 terms and conditions of employment under the un5 employment assistance voucher program and who is 

6 approved by the State agency. 

7 ‘‘(6) TREATMENT OF PARTICIPATING INDIVID8 UALS UNDER FEDERAL AND STATE LAW.—Individ9 uals participating in an unemployment assistance 

10 voucher program shall be treated as unemployed for 

11 the purposes of Federal and State laws applicable to 

12 unemployment compensation, except that wages paid 

13 to the employee under such program shall be subject 

14 to Federal and State taxation to the same extent 

15 and in the same manner as wages generally. 

16 ‘‘(7) COST LIMITER.—A State program shall 

17 not be treated as an employment assistance voucher 

18 program for purposes of this chapter unless the pro19 gram does not result in any cost to the Unemploy20 ment Trust Fund (established by section 904(a) of 

21 the Social Security Act) in excess of the cost that 

22 would be incurred by such State and charged to 

23 such Fund, or to any Federal funds in the system 

24 if the State had not participated in such program. 


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1 ‘‘(8) PREVENTION OF EMPLOYMENT TERMI2 NATION TO PARTICIPATE IN PROGRAM.—A State 

3 program shall not be treated as an employment as4 sistance voucher program for purposes of this chap5 ter unless the State has in effect measures to pre6 vent employers from terminating employment for 

7 purposes of participating in the employment assist8 ance voucher program. 

9 ‘‘(9) PREVENTION IN TERMINATING EMPLOY10 EES DURING PROGRAM.—A State program shall not 

11 be treated as an employment assistance voucher pro12 gram for purposes of this chapter unless the State 

13 has in effect measures to recoup payments made to 

14 an employer under the program if the employer has 

15 terminated from employment more employees during 

16 the 120-day period referred to in section 

17 3304(a)(4)(H) than the employer has hired under 

18 the program.’’. 

19 (c) CONFORMING AMENDMENT.—Section 303(a)(5) 

20 of the Social Security Act (42 U.S.C. 503(a)(5)) is amend21 ed by striking ‘‘; and’’ and inserting ‘‘: Provided further, 

22 That amounts may be withdrawn for the payment of al23 lowances under an employment assistance voucher pro24 gram (as defined in section 3306(v) of the Internal Rev25 enue Code of 1986); and’’. 


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1 (d) STATE REPORTS.—Any State operating an em2 ployment assistance voucher program approved by the 

3 Secretary of Labor pursuant to section 3304(a)(4)(H) of 

4 the Internal Revenue Code of 1986 (as added by this sec5 tion) shall report annually to the Secretary on the number 

6 of individuals who participate in the program, the oper7 ating costs of the program, compliance with program re8 quirements, and any other relevant aspects of program op9 erations requested by the Secretary. 

10 (e) REPORT TO CONGRESS.—Not later than 1 year 

11 after the date of the enactment of this Act, the Secretary 

12 of Labor shall submit a report to the Congress with re13 spect to the operation of the employment assistance vouch14 er program. Such report shall be based on the reports re15 ceived from the States pursuant to subsection (d) and in16 clude such other information as the Secretary of Labor 

17 determines is appropriate. 

18 (f) EFFECTIVE DATE.—The provisions of this section 

19 and the amendments made by this section shall take effect 

20 on the date of the enactment of this Act. 

21 SEC. 202. DISADVANTAGED BUSINESS ENTERPRISES. 

22 Section 1101(b) of MAP–21 (23 U.S.C. 101 note) is 

23 amended— 

24 (1) in paragraph (2) by adding at the end the 

25 following: 


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1 ‘‘(C) VETERAN-OWNED SMALL BUSINESS

2 CONCERN.—The term ‘veteran-owned small 

3 business concern’ has the meaning given the 

4 term ‘small business concern owned and con5 trolled by veterans’ in section 3(q) of the Small 

6 Business Act (15 U.S.C. 632(q)).’’; 

7 (2) in paragraph (3) by inserting ‘‘and veteran8 owned small business concerns’’ before the period at 

9 the end; and 

10 (3) in paragraph (4)(B)— 

11 (A) in clause (ii) by striking ‘‘and’’ at the 

12 end; 

13 (B) in clause (iii) by striking the period at 

14 the end and inserting ‘‘; and’’; and 

15 (C) by adding at the end the following: 

16 ‘‘(iv) veterans.’’. 

17 SEC. 203. AMERICA STAR PROGRAM. 

18 (a) IN GENERAL.—The Secretary shall establish a 

19 voluntary program, to be known as the ‘‘America Star 

20 Program’’, under which manufacturers may have products 

21 certified as meeting the standards of labels that indicate 

22 to consumers the extent to which the products are manu23 factured in the United States. 

24 (b) ESTABLISHMENT OF LABELS.— 


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1 (1) IN GENERAL.—The Secretary shall by rule 

2 establish such America Star labels as the Secretary 

3 considers appropriate, including the content of the 

4 labels and the standards that a product shall meet 

5 in order to bear a particular America Star label. The 

6 labels shall be consistent with public perceptions of 

7 the meaning of descriptions of the extent to which 

8 a product is manufactured in the United States. 

9 (2) GOALS.—The America Star labels shall be 

10 designed to achieve the following goals: 

11 (A) Providing clarity for consumers about 

12 the extent to which products are manufactured 

13 in the United States. 

14 (B) Encouraging manufacturers to manu15 facture more products in the United States. 

16 (C) Highlighting the importance of domes17 tic manufacturing for the economy of the 

18 United States. 

19 (c) CERTIFICATION OF PRODUCTS.— 

20 (1) APPLICATION PROCEDURES.—A manufac21 turer that wishes to have a product certified as 

22 meeting the standards of an America Star label may 

23 apply to the Secretary for certification in accordance 

24 with such procedures as the Secretary shall by rule 

25 establish. 


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1 (2) ACTION BY SECRETARY.—After receiving an 

2 application for certification under paragraph (1), the 

3 Secretary shall, not later than a reasonable time to 

4 be specified by the Secretary by rule— 

5 (A) determine whether the product meets 

6 the standards of the label; 

7 (B) if the product meets such standards, 

8 certify the product; and 

9 (C) notify the manufacturer of the deter10 mination and whether the product has been cer11 tified. 

12 (d) MONITORING; WITHDRAWAL OF CERTIFI13 CATION.— 

14 (1) MONITORING.—The Secretary shall conduct 

15 such monitoring and compliance review as the Sec16 retary considers necessary to— 

17 (A) detect violations of subsection (h); and 

18 (B) ensure that products certified as meet19 ing the standards of America Star labels con20 tinue to meet such standards. 

21 (2) WITHDRAWAL OF CERTIFICATION.— 

22 (A) ON INITIATIVE OF SECRETARY.—If the 

23 Secretary determines that a product certified as 

24 meeting the standards of an America Star label 


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1 no longer meets such standards, the Secretary 

2 shall— 

3 (i) notify the manufacturer of the de4 termination and any corrective action that 

5 would enable the product to meet such 

6 standards; and 

7 (ii) if the manufacturer does not take 

8 such action within a reasonable time after 

9 receiving notification under clause (i), to 

10 be specified by the Secretary by rule, the 

11 Secretary shall withdraw the certification 

12 of the product and notify the manufacturer 

13 of the withdrawal. 

14 (B) AT REQUEST OF MANUFACTURER.—At 

15 the request of the manufacturer of a product, 

16 the Secretary shall withdraw the certification of 

17 the product and notify the manufacturer of the 

18 withdrawal. 

19 (e) REGULATIONS.— 

20 (1) IN GENERAL.—The Secretary may promul21 gate such regulations as are necessary to implement 

22 this section. 

23 (2) DEADLINE.—Not later than 2 years after 

24 the date of the enactment of this Act, the Secretary 

25 shall promulgate such regulations as are necessary 


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1 to begin certifying products under the America Star 

2 Program. 

3 (f) ADMINISTRATION BY CONTRACT.—The Secretary 

4 may enter into a contract with a person under which such 

5 person carries out certification determinations under sub6 section (c), monitoring activities and withdrawal deter7 minations under subsection (d), collection of fees under 

8 subsection (k)(1) and the remission of such fees to the 

9 Secretary (but not the establishment of the amounts of 

10 such fees), and related administrative activities. For pur11 poses of subsections (h) and (j), such a determination, ac12 tivity, or collection by such person shall be considered to 

13 be an action of the Secretary. 

14 (g) CONSULTATION.— 

15 (1) WITH FEDERAL TRADE COMMISSION.—In 

16 establishing the America Star labels and operating 

17 the America Star Program, the Secretary shall con18 sult with the Federal Trade Commission to ensure 

19 consistency with the requirements enforced by the 

20 Commission with respect to representations of the 

21 extent to which products are manufactured in the 

22 United States. 

23 (2) WITH PRIVATE-SECTOR COMPANIES.—In es24 tablishing the America Star labels and operating the 

25 America Star Program, the Secretary should consult 


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1 with private-sector companies that have developed 

2 labeling programs to verify or certify to consumers 

3 the extent to which products are manufactured in 

4 the United States. 

5 (h) PROHIBITED CONDUCT.—Unless there is in effect 

6 a certification by the Secretary that a product meets the 

7 standards of an America Star label, a person may not 

8 place such label on such product, use such label in any 

9 marketing materials for such product, or in any other way 

10 represent that such product meets or is certified as meet11 ing the standards of such label. 

12 (i) ENFORCEMENT.— 

13 (1) CIVIL PENALTY.—Any person who know14 ingly violates subsection (h) shall be subject to a 

15 civil penalty of not more than $10,000. 

16 (2) INELIGIBILITY.— 

17 (A) IN GENERAL.—Except as provided in 

18 subparagraph (C), if the Secretary determines 

19 that a manufacturer— 

20 (i) has made a false statement to the 

21 Secretary in connection with the America 

22 Star Program; 

23 (ii) knowing, or having reason to 

24 know, that a product does not meet the 

25 standards of an America Star label, has 


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1 placed such label on such product, has 

2 used such label in any marketing materials 

3 for such product, or in any other way has 

4 represented that such product meets or is 

5 certified as meeting the standards of such 

6 label; or 

7 (iii) has otherwise violated the pur8 poses of the America Star Program; 

9 the Secretary may not, for a period of 5 years 

10 after the conduct described in clause (i), (ii), or 

11 (iii), certify the product to which such conduct 

12 relates as meeting the standards of an America 

13 Star label. 

14 (B) EFFECT ON EXISTING CERTIFI15 CATION.—In the case of a product with respect 

16 to which, at the time of the determination of 

17 the Secretary under subparagraph (A), there is 

18 in effect a certification by the Secretary that 

19 the product meets the standards of an America 

20 Star label— 

21 (i) if the product continues to meet 

22 such standards, the Secretary may either 

23 withdraw the certification or allow the cer24 tification to continue in effect, as the Sec25 retary considers appropriate; and 


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1 (ii) if the product no longer meets 

2 such standards, the Secretary shall with3 draw the certification. 

4 (C) WAIVER.—Notwithstanding subpara5 graph (A), the Secretary may waive or reduce 

6 the period referred to in such subparagraph if 

7 the Secretary determines that the waiver or re8 duction is in the best interests of the America 

9 Star Program. 

10 (3) FALSE STATEMENTS.—A false statement in 

11 connection with the America Star Program to a per12 son with whom the Secretary contracts under sub13 section (f) shall be considered a false statement to 

14 the Secretary for purposes of paragraph (2)(A)(i) 

15 and section 1001 of title 18, United States Code. 

16 (j) ADMINISTRATIVE APPEAL.— 

17 (1) EXPEDITED APPEALS PROCEDURE.—The 

18 Secretary shall establish an expedited administrative 

19 appeals procedure under which persons may appeal 

20 an action of the Secretary under this section that— 

21 (A) adversely affects such person; or 

22 (B) is inconsistent with the America Star 

23 Program. 

24 (2) APPEAL OF FINAL DECISION.—A final deci25 sion of the Secretary under paragraph (1) may be 


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1 appealed to the United States district court for the 

2 district in which the person is located. 

3 (k) OFFSETTING COLLECTIONS.— 

4 (1) IN GENERAL.—The Secretary may collect 

5 reasonable fees from— 

6 (A) manufacturers that apply for certifi7 cation of products as meeting the standards of 

8 America Star labels; and 

9 (B) manufacturers of products for which 

10 such certifications are in effect. 

11 (2) ACCOUNT.—The fees collected under para12 graph (1) shall be credited to the account that in13 curs the cost of the certification services provided 

14 under this section. 

15 (3) USE.—The fees collected under paragraph 

16 (1) shall be available to the Secretary, without fur17 ther appropriation or fiscal-year limitation, to pay 

18 the expenses of the Secretary incurred in providing 

19 certification services under this section. 

20 (l) DEFINITIONS.—In this section: 

21 (1) AMERICA STAR LABEL.—The term ‘‘Amer22 ica Star label’’ means a label described in subsection 

23 (a) and established by the Secretary under sub24 section (b)(1). 


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1 (2) AMERICA STAR PROGRAM.—The term 

2 ‘‘America Star Program’’ means the voluntary label3 ing program established under this section. 

4 (3) SECRETARY.—The term ‘‘Secretary’’ means 

5 the Secretary of Commerce. 

6 SEC. 204. FOSTERING INNOVATION. 

7 Not later than 180 days after the date of the enact8 ment of this Act, the Securities and Exchange Commission 

9 shall revise the definition of ‘‘accelerated filer’’, as such 

10 term is defined in Rule 12b–2 of the Commission (17 

11 C.F.R. 240.12b–2), to include issuers that have annual 

12 revenues of greater than $100,000,000 during the most 

13 recently completed fiscal year for which audited financial 

14 statements are available and have an aggregated world15 wide market value of the voting and non-voting common 

16 equity held by its non-affiliates of $250,000,000 or more, 

17 but less than $700,000,000, as of the last business day 

18 of the issuer’s most recently completed second fiscal quar19 ter. 

20 SEC. 205. PARTNERSHIP TO BUILD AMERICA. 

21 (a) AMERICAN INFRASTRUCTURE FUND.— 

22 (1) AMERICAN INFRASTRUCTURE FUND.— 

23 (A) IN GENERAL.—There is established a 

24 wholly owned Government corporation to be 


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1 called the American Infrastructure Fund 

2 (‘‘AIF’’)— 

3 (i) which shall be headed by the 

4 Board of Trustees established under para5 graph (2); 

6 (ii) which may have separate sub-ac7 counts or subsidiaries for funds used to 

8 make loans, bond guarantees, and equity 

9 investments under this subsection and 

10 funds used to make bond guarantees under 

11 this subsection; 

12 (iii) which shall be available to the 

13 AIF to pay for the costs of carrying out 

14 this subsection, including the compensation 

15 of the Board and other employees of the 

16 AIF; and 

17 (iv) the funds of which may be in18 vested by the Board in such manner as the 

19 Board determines appropriate. 

20 (B) DEPOSITS TO AIF.—All funds received 

21 from bond issuances, loan payments, bond 

22 guarantee fees, and any other funds received in 

23 carrying out this subsection shall be held by 

24 AIF. 


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1 (C) LIMITATIONS.—The charter of the 

2 AIF shall limit its activities to those activities 

3 described as the mission of the Board under 

4 paragraph (2)(B). 

5 (D) OVERSIGHT.—The AIF shall register 

6 with the Securities and Exchange Commission 

7 and the Secretary shall report to Congress an8 nually as to whether the AIF is fulfilling the 

9 mission of the Board under paragraph (2)(B). 

10 (E) TREATMENT OF AIF.—Title 31, 

11 United States Code, is amended in each of sec12 tions 9107(c)(3) and 9108(d)(2)— 

13 (i) by inserting ‘‘the American Infra14 structure Fund,’’ after ‘‘the Regional 

15 Banks for Cooperatives,’’; and 

16 (ii) by striking ‘‘those banks’’ and in17 serting ‘‘those entities’’. 

18 (2) BOARD OF TRUSTEES.— 

19 (A) IN GENERAL.—There is established a 

20 Board of Trustees of the AIF (the ‘‘Board’’), 

21 which shall be composed of 11 members, of 

22 which at least 4 must be risk management ex23 perts, as certified by the Board, having sub24 stantial experience in bond guarantees or mu25 nicipal credit. 


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1 (B) MISSION.—The Mission of the Board 

2 is— 

3 (i) to operate the AIF and its subsidi4 aries to be a low cost provider of bond 

5 guarantees, loans, and equity investments 

6 to State and local governments and non7 profit infrastructure providers for both 

8 urban and rural non-profit infrastructure 

9 projects that provide a positive economic 

10 impact and to meet such other standards 

11 as the Board may develop; 

12 (ii) to operate the AIF in a self-sus13 taining manner so as to allow the AIF to 

14 repay its infrastructure bonds when due; 

15 (iii) to not have a profit motive, but 

16 seek at all times to pursue its mission of 

17 providing low cost bond guarantees and 

18 loans while covering its costs, reserves as 

19 may be needed, and applying prudent un20 derwriting standards; 

21 (iv) to only consider projects put forth 

22 by State and local governments and not to 

23 seek projects directly; 


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1 (v) to at all times make clear that no 

2 taxpayer money supports the AIF or ever 

3 will; and 

4 (vi) to engage in no other activities 

5 other than those permitted under this sub6 section. 

7 (C) MEMBERSHIP.— 

8 (i) PRESIDENTIALLY APPOINTED

9 MEMBERS.—Except as provided under 

10 clause (iii), 4 members of the Board shall 

11 be appointed by the President, by and with 

12 the advice and consent of the Senate, and 

13 serve for a term of 7 years. 

14 (ii) ADDITIONAL MEMBERS.—Except 

15 as provided under clause (iii), 7 members 

16 of the Board shall be appointed by the cur17 rent members of the Board appointed pur18 suant to this clause or clause (iii)(II), and 

19 serve for a term of 7 years. 

20 (iii) INITIAL MEMBERS.—The Board 

21 shall initially consist of the following mem22 bers, who shall be appointed not later than 

23 the end of the 60-day period beginning on 

24 the date that bonds are issued under para25 graph (5): 


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1 (I) Four members, appointed by 

2 the President, by and with the advice 

3 and consent of the Senate. 

4 (II) Seven additional members, 

5 appointed one each by the seven enti6 ties purchasing the largest amount of 

7 bonds (by aggregate face amount of 

8 bonds purchased) under paragraph 

9 (5). 

10 (iv) STAGGERED TERMS.—The mem11 bers of the Board shall serve staggered 

12 terms, with 2 each of the initial members 

13 of the Board serving for terms of 4, 5, 6, 

14 7, and 8 years, respectively, and the initial 

15 Chair selected under clause (v) serving for 

16 9 years. The decision of which Board 

17 members, other than the Chair, serve for 

18 which initial terms shall be made by the 

19 members of the Board drawing lots. 

20 (v) CHAIR.—The members of the 

21 Board shall choose 1 member to serve as 

22 the Chair of the Board for a term of 7 

23 years, except that the initial Chair shall 

24 serve for a term of 7 years, as described 

25 under clause (iv). 


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1 (vi) VACANCIES.—Any member of the 

2 Board appointed to fill a vacancy occurring 

3 before the expiration of the term to which 

4 that member’s predecessor was appointed 

5 shall be appointed only for the remainder 

6 of the term. 

7 (vii) CONTINUATION OF SERVICE.— 

8 Each member of the Board may continue 

9 to serve after the expiration of the term of 

10 office to which that member was appointed 

11 until a successor has been appointed. 

12 (viii) CONFLICTS OF INTEREST.—No 

13 member of the Board may have a financial 

14 interest in, or be employed by, a Qualified 

15 Infrastructure Project (‘‘QIP’’) related to 

16 assistance provided under this subsection 

17 or any entity that has purchased bonds 

18 under paragraph (5). Owning municipal 

19 credit of any State or local government or 

20 owning the securities of a diversified com21 pany that engages in infrastructure activi22 ties, provided those activities constitute 

23 less than 20 percent of the company’s reve24 nues, or investing in broadly held invest25 ment funds shall not be deemed to create 


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1 a conflict of interest. The Board may issue 

2 regulations to define terms used under this 

3 clause. 

4 (D) COMPENSATION.—The members of the 

5 Board shall be compensated at an amount to be 

6 set by the Board, but under no circumstances 

7 may such compensation be higher than the rate 

8 prescribed for level IV of the Executive Sched9 ule under section 5315 of title 5, United States 

10 Code. 

11 (E) STAFF.—The Board shall employ and 

12 set compensation for such staff as the Board 

13 determines as is necessary to carry out the ac14 tivities and mission of the AIF, and such staff 

15 may be paid without regard to the provisions of 

16 chapter 51 and subchapter III of chapter 53, 

17 United States Code, relating to classification 

18 and General Schedule pay rates. 

19 (F) PROCEDURES.—The Board shall es20 tablish such procedures as are necessary to 

21 carry out this subsection. 

22 (G) CORPORATE GOVERNANCE STAND23 ARDS.— 

24 (i) BOARD COMMITTEES GEN25 ERALLY.—The Board shall maintain all of 


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1 the committees required to be maintained 

2 by the board of directors of an issuer listed 

3 on the New York Stock Exchange as of the 

4 date of the enactment of this subsection. 

5 (ii) RISK MANAGEMENT COM6 MITTEE.—The Board shall maintain a risk 

7 management committee, which shall— 

8 (I) consist of 4 members of the 

9 Board, with the initial 4 members 

10 consisting of 2 members appointed 

11 under paragraph (3)(C)(i) and 2 

12 members appointed under subpara13 graph (C)(iii)(II); 

14 (II) employ additional staff who 

15 are certified by the Board as having 

16 significant and relevant experience in 

17 insurance underwriting and credit risk 

18 management; and 

19 (III) establish the risk manage20 ment policies used by the Board. 

21 (iii) STANDARDS.—The Board shall, 

22 to the extent practicable, follow all stand23 ards with respect to corporate governance 

24 that are required to be followed by the 

25 board of directors of an issuer listed on the 


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1 New York Stock Exchange as of the date 

2 of the enactment of this subsection. 

3 (3) INFRASTRUCTURE INVESTMENT.— 

4 (A) IN GENERAL.—The AIF shall provide 

5 bond guarantees to debt issued by State and 

6 local governments and non-profit infrastructure 

7 providers, make loans to States, local govern8 ments, and non-profit infrastructure providers, 

9 and make equity investments in projects spon10 sored by State and local governments and non11 profit infrastructure provider to help Qualified 

12 Infrastructure Projects (‘‘QIPs’’). The AIF 

13 may not make any loans or provide bond guar14 anties to for-profit entities. 

15 (B) QUALIFIED INFRASTRUCTURE

16 PROJECTS.—A project qualifies as a QIP under 

17 this subsection if— 

18 (i) the project involves the construc19 tion, maintenance, improvement, or repair 

20 of a transportation, energy, water, commu21 nications, or educational facility; and 

22 (ii) the recipient of bond guarantees, 

23 loans, equity investments, or any other fi24 nancing technique authorized under this 

25 Act provides written assurances prescribed 


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1 by the AIF that the project will be per2 formed in compliance with the require3 ments of all Federal laws that would other4 wise apply to similar projects to which the 

5 United States is a party. 

6 (C) APPLICATION FOR ASSISTANCE.— 

7 (i) IN GENERAL.—A State or local 

8 government that wishes to receive a loan or 

9 bond guarantee under this subsection shall 

10 submit an application to the Board in such 

11 form and manner and containing such in12 formation as the Board may require. 

13 (ii) REQUIREMENT FOR NON-PROFIT

14 INFRASTRUCTURE PROVIDERS TO APPLY

15 THROUGH STATE OR LOCAL GOVERN16 MENTS.—A non-profit infrastructure pro17 vider may only receive a bond guarantee, 

18 loan, or equity investment under this sub19 section if the State or local government for 

20 the jurisdiction in which the non-profit in21 frastructure provider is located submits an 

22 application pursuant to clause (i) on behalf 

23 of such non-profit infrastructure provider. 

24 (D) LIMITATIONS ON SINGLE STATE

25 AWARDS.— 


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1 (i) ANNUAL LIMITATION.—The Board 

2 shall set an annual limit, as a percentage 

3 of total assistance provided under this sub4 section during a year, on the amount of as5 sistance a single State (including local gov6 ernments and other non-profit infrastruc7 ture providers within such State) may re8 ceive in assistance provided under this sub9 section. 

10 (ii) CUMULATIVE LIMITATION.—The 

11 Board shall set a limit, as a percentage of 

12 total assistance provided under this sub13 section outstanding at any one time, on the 

14 amount of assistance a single State (in15 cluding local governments and other non16 profit infrastructure providers within such 

17 State) may receive in assistance provided 

18 under this subsection. 

19 (E) LOAN SPECIFICATIONS.—Loans made 

20 under this subsection shall have such maturity 

21 and carry such interest rate as the Board deter22 mines appropriate. 

23 (F) BOND GUARANTEE.—The Board shall 

24 charge such fees for Bond guarantees made 


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1 under this subsection as the Board determines 

2 appropriate. 

3 (G) EQUITY INVESTMENTS.—With respect 

4 to a QIP, the amount of an equity investment 

5 made by the AIF in such QIP may not exceed 

6 20 percent of the total cost of the QIP. 

7 (H) PUBLIC-PRIVATE PARTNERSHIP RE8 QUIREMENTS.—At least 25 percent of the as9 sistance provided under this subsection shall be 

10 provided to QIPs for which at least 20 percent 

11 of the financing for such QIPs comes from pri12 vate debt or equity. 

13 (I) PROHIBITION ON PRINCIPAL FORGIVE14 NESS.—With respect to a loan made under this 

15 subsection, the Board may not forgive any 

16 amount of principal on such loan. 

17 (4) AMERICAN INFRASTRUCTURE BONDS.— 

18 (A) IN GENERAL.—The Secretary shall, 

19 not later than the end of the 90-day period fol20 lowing the date of the enactment of this sub21 section and acting through the AIF, issue 

22 bonds, to be called ‘‘American Infrastructure 

23 Bonds’’, the proceeds from which shall be de24 posited into the AIF. 


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1 (B) FORMS AND DENOMINATIONS; INTER2 EST.—American Infrastructure Bonds shall— 

3 (i) be in such forms and denomina4 tions as determined by the Secretary, and 

5 shall have a 50-year maturity; and 

6 (ii) bear interest of 1 percent. 

7 (C) NO FULL FAITH AND CREDIT.—Inter8 est and principal payments paid to holders of 

9 American Infrastructure Bonds shall be paid 

10 from the AIF, to the extent funds are available, 

11 and shall not be backed by the full faith and 

12 credit of the United States. 

13 (D) AMOUNT OF BONDS.—The aggregate 

14 face amount of the bonds issued under this 

15 paragraph shall be $50,000,000,000. 

16 (E) SALE OF AMERICAN INFRASTRUCTURE

17 BONDS.— 

18 (i) COMPETITIVE BIDDING PROC19 ESS.—The Secretary shall sell the 

20 $50,000,000,000 of American Infrastruc21 ture Bonds— 

22 (I) through a competitive bidding 

23 process that encourages aggressive 

24 bidding; 


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1 (II) in a manner so as to ensure 

2 that there are at least 7 different un3 affiliated purchasers; and 

4 (III) with prospective purchasers 

5 bidding on how low of a multiplier 

6 they will accept (for purposes of sub7 section (b)(1) of section 966 of the 

8 Internal Revenue Code of 1986) when 

9 purchasing the American Infrastruc10 ture Bonds, for purposes of applying 

11 the foreign earnings exclusion de12 scribed under that section. 

13 (ii) LIMITATION.—The multiplier de14 scribed under clause (i)(III) may not be 

15 greater than 6. 

16 (F) REIMBURSEMENT OF COSTS.—The 

17 Board shall repay the Secretary, from funds in 

18 the AIF, for the costs to the Secretary in car19 rying out this paragraph. 

20 (5) ADDITIONAL BONDS.— 

21 (A) IN GENERAL.—The Board may issue 

22 such other bonds as the Board determines ap23 propriate, the proceeds from which shall be de24 posited into the AIF. 


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1 (B) NO FULL FAITH AND CREDIT.—Inter2 est and principal payments paid to holders of 

3 bonds issued pursuant to subparagraph (A) 

4 shall be paid from the AIF, to the extent funds 

5 are available, and shall not be backed by the 

6 full faith and credit of the United States. 

7 (6) DEFINITIONS.—For purposes of this sub8 section— 

9 (A) BOND GUARANTEE.—The term ‘‘bond 

10 guarantee’’ has the meaning given the term 

11 ‘‘loan guarantee’’ under section 502 of the Fed12 eral Credit Reform Act of 1990 (2 U.S.C. 

13 661a). 

14 (B) COST.—With respect to a loan or a 

15 bond guarantee, the term ‘‘cost’’ has the mean16 ing given such term under section 502 of the 

17 Federal Credit Reform Act of 1990 (2 U.S.C. 

18 661a). 

19 (C) NON-PROFIT INFRASTRUCTURE PRO20 VIDER.—The term ‘‘non-profit infrastructure 

21 provider’’ means a non-profit entity that seeks 

22 to finance a QIP. 

23 (D) LOAN.—The term ‘‘loan’’ has the 

24 meaning given the term ‘‘direct loan’’ under 


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1 section 502 of the Federal Credit Reform Act 

2 of 1990 (2 U.S.C. 661a). 

3 (E) SECRETARY.—The term ‘‘Secretary’’ 

4 means the Secretary of the Treasury. 

5 (F) STATE.—The term ‘‘State’’ means 

6 each of the several States, the District of Co7 lumbia, any territory or possession of the 

8 United States, and each federally recognized In9 dian tribe. 

10 (b) FOREIGN EARNINGS EXCLUSION FOR PURCHASE

11 OF INFRASTRUCTURE BONDS.— 

12 (1) IN GENERAL.—Subpart F of part III of 

13 subchapter N of chapter 1 of the Internal Revenue 

14 Code of 1986 is amended by adding at the end the 

15 following new section: 

16 ‘‘SEC. 966. FOREIGN EARNINGS EXCLUSION FOR PURCHASE 

17 OF INFRASTRUCTURE BONDS. 

18 ‘‘(a) EXCLUSION.—In the case of a corporation which 

19 is a United States shareholder and for which the election 

20 under this section is in effect for the taxable year, gross 

21 income does not include an amount equal to the qualified 

22 cash dividend amount. 

23 ‘‘(b) QUALIFIED CASH DIVIDEND AMOUNT.—For 

24 purposes of this section, the term ‘qualified cash dividend 

25 amount’ means an amount of the cash dividends which 


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1 are received during a taxable year by such shareholder 

2 from controlled foreign corporations equal to— 

3 ‘‘(1) the multiplier determined under section 

4 205(a)(4)(E) of the Emergency Unemployment 

5 Compensation Extension Act of 2014 for such share6 holder, multiplied by 

7 ‘‘(2) the face amount of qualified infrastructure 

8 bonds acquired at its original issue (directly or 

9 through an underwriter) by such shareholder. 

10 ‘‘(c) LIMITATIONS.— 

11 ‘‘(1) IN GENERAL.—The amount of dividends 

12 taken into account under subsection (a) for a tax13 able year shall not exceed the lesser of— 

14 ‘‘(A) the cash dividends received by the 

15 taxpayer for such taxable year, or 

16 ‘‘(B) the amount shown on the applicable 

17 financial statement as earnings permanently re18 invested outside the United States. 

19 ‘‘(2) DIVIDENDS MUST BE EXTRAORDINARY.— 

20 The amount of dividends taken into account under 

21 subsection (a) shall not exceed the excess (if any) 

22 of— 

23 ‘‘(A) the cash dividends received during 

24 the taxable year by such shareholder from con25 trolled foreign corporations, over 


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1 ‘‘(B) the annual average for the base pe2 riod years of the cash dividends received during 

3 each base period year by such shareholder from 

4 controlled foreign corporations. 

5 ‘‘(3) REDUCTION OF BENEFIT IF INCREASE IN

6 RELATED PARTY INDEBTEDNESS.—The amount of 

7 dividends which would (but for this paragraph) be 

8 taken into account under subsection (a) shall be re9 duced by the excess (if any) of— 

10 ‘‘(A) the amount of indebtedness of the 

11 controlled foreign corporation to any related 

12 person (as defined in section 954(d)(3)) as of 

13 the close of the taxable year for which the elec14 tion under this section is in effect, over 

15 ‘‘(B) the amount of indebtedness of the 

16 controlled foreign corporation to any related 

17 person (as so defined) as of the close of the pre18 ceding taxable year. 

19 All controlled foreign corporations with respect to 

20 which the taxpayer is a United States shareholder 

21 shall be treated as 1 controlled foreign corporation 

22 for purposes of this subsection. The Secretary may 

23 prescribe such regulations as may be necessary or 

24 appropriate to prevent the avoidance of the purposes 

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1 vide that cash dividends shall not be taken into ac2 count under subsection (a) to the extent such divi3 dends are attributable to the direct or indirect trans4 fer (including through the use of intervening entities 

5 or capital contributions) of cash or other property 

6 from a related person (as so defined) to a controlled 

7 foreign corporation. 

8 ‘‘(d) DEFINITIONS AND SPECIAL RULES.—For pur9 poses of this section— 

10 ‘‘(1) QUALIFIED INFRASTRUCTURE BONDS.— 

11 The term ‘qualified infrastructure bond’ means a 

12 bond issued under section 205(a)(4) of the Emer13 gency Unemployment Compensation Extension Act 

14 of 2014. 

15 ‘‘(2) APPLICABLE FINANCIAL STATEMENT.— 

16 The term ‘applicable financial statement’ means, 

17 with respect to a taxable year— 

18 ‘‘(A) with respect to a United States 

19 shareholder which is required to file a financial 

20 statement with the Securities and Exchange 

21 Commission (or which is included in such a 

22 statement so filed by another person), the most 

23 recent audited annual financial statement (in24 cluding the notes which form an integral part 


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1 of such statement) of such shareholder (or 

2 which includes such shareholder)— 

3 ‘‘(i) which was so filed for such tax4 able year, and 

5 ‘‘(ii) which is certified as being pre6 pared in accordance with generally accept7 ed accounting principles, and 

8 ‘‘(B) with respect to any other United 

9 States shareholder, the most recent audited fi10 nancial statement (including the notes which 

11 form an integral part of such statement) of 

12 such shareholder (or which includes such share13 holder)— 

14 ‘‘(i) which is certified as being pre15 pared in accordance with generally accept16 ed accounting principles, and 

17 ‘‘(ii) which is used for the purposes of 

18 a statement or report— 

19 ‘‘(I) to creditors, 

20 ‘‘(II) to shareholders, or 

21 ‘‘(III) for any other substantial 

22 nontax purpose. 

23 ‘‘(3) BASE PERIOD YEARS.— 

24 ‘‘(A) IN GENERAL.—The base period years 

25 are the 3 taxable years— 


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1 ‘‘(i) which are among the 5 most re2 cent preceding taxable years ending before 

3 the taxable year, and 

4 ‘‘(ii) which are determined by dis5 regarding— 

6 ‘‘(I) 1 taxable year for which the 

7 amount described in subsection 

8 (c)(2)(B) is the largest, and 

9 ‘‘(II) 1 taxable year for which 

10 such amount is the smallest. 

11 ‘‘(B) SHORTER PERIOD.—If the taxpayer 

12 has fewer than 5 taxable years ending before 

13 the taxable year, then in lieu of applying sub14 paragraph (A), the base period years shall in15 clude all the taxable years of the taxpayer end16 ing before such taxable year. 

17 ‘‘(C) MERGERS, ACQUISITIONS, ETC.— 

18 ‘‘(i) IN GENERAL.—Rules similar to 

19 the rules of subparagraphs (A) and (B) of 

20 section 41(f)(3) shall apply for purposes of 

21 this paragraph. 

22 ‘‘(ii) SPIN-OFFS, ETC.—If there is a 

23 distribution to which section 355 (or so 

24 much of section 356 as relates to section 

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1 ferred to in subparagraph (A)(i) and the 

2 controlled corporation (within the meaning 

3 of section 355) is a United States share4 holder— 

5 ‘‘(I) the controlled corporation 

6 shall be treated as being in existence 

7 during the period that the distributing 

8 corporation (within the meaning of 

9 section 355) is in existence, and 

10 ‘‘(II) for purposes of applying 

11 subsection (c)(2) to the controlled cor12 poration and the distributing corpora13 tion, amounts described in subsection 

14 (c)(2)(B) which are received or includ15 ible by the distributing corporation or 

16 controlled corporation (as the case 

17 may be) before the distribution re18 ferred to in subclause (I) from a con19 trolled foreign corporation shall be al20 located between such corporations in 

21 proportion to their respective interests 

22 as United States shareholders of such 

23 controlled foreign corporation imme24 diately after such distribution. 


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1 Subclause (II) shall not apply if neither 

2 the controlled corporation nor the distrib3 uting corporation is a United States share4 holder of such controlled foreign corpora5 tion immediately after such distribution. 

6 ‘‘(4) DIVIDEND.—The term ‘dividend’ shall not 

7 include amounts includible in gross income as a divi8 dend under section 78, 367, or 1248. In the case of 

9 a liquidation under section 332 to which section 

10 367(b) applies, the preceding sentence shall not 

11 apply to the extent the United States shareholder 

12 actually receives cash as part of the liquidation. 

13 ‘‘(5) COORDINATION WITH DIVIDEND RECEIVED

14 DEDUCTION.—No deduction shall be allowed under 

15 section 243 or 245 for any dividend which is ex16 cluded from income by subsection (a). 

17 ‘‘(6) CONTROLLED GROUPS.—All United States 

18 shareholders which are members of an affiliated 

19 group filing a consolidated return under section 

20 1501 shall be treated as one United States share21 holder. 

22 ‘‘(7) REPORTING.—The Secretary shall require 

23 by regulation or other guidance the reporting of 

24 such information as the Secretary may require to 

25 carry out this section. 


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1 ‘‘(e) DENIAL OF FOREIGN TAX CREDIT; DENIAL OF

2 CERTAIN EXPENSES.— 

3 ‘‘(1) FOREIGN TAX CREDIT.— 

4 ‘‘(A) IN GENERAL.—No credit shall be al5 lowed under section 901 for any taxes paid or 

6 accrued (or treated as paid or accrued) with re7 spect to the excluded portion of any dividend. 

8 ‘‘(B) DENIAL OF DEDUCTION OF RELATED

9 TAX.—No deduction shall be allowed under this 

10 chapter for any tax for which credit is not al11 lowable by reason of the preceding sentence. 

12 ‘‘(2) EXPENSES.—No deduction shall be al13 lowed for expenses directly allocable to the exclud14 able portion described in paragraph (1). 

15 ‘‘(3) EXCLUDABLE PORTION.—For purposes of 

16 paragraph (1), unless the taxpayer otherwise speci17 fies, the excludable portion of any dividend or other 

18 amount is the amount which bears the same ratio to 

19 the amount of such dividend or other amount as the 

20 amount excluded from income under subsection (a) 

21 for the taxable year bears to the amount described 

22 in subsection (c)(2)(A) for such year. 

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1 able as a credit under section 901 by reason of this 

2 subsection. 

3 ‘‘(f) ELECTION TO HAVE SECTION APPLY.—A tax4 payer may elect to have this section apply for any taxable 

5 year.’’. 

6 (2) CLERICAL AMENDMENT.—The table of sec7 tions for subpart F of part III of subchapter N of 

8 chapter 1 of such Code is amended by adding at the 

9 end the following new item: 

‘‘Sec. 966. Foreign earnings exclusion for purchase of infrastructure bonds.’’. 

10 (3) EFFECTIVE DATE.—The amendments made 

11 by this section shall apply to dividends received for 

12 taxable years ending after the date of the enactment 

13 of this Act. 

14 SEC. 206. KEYSTONE XL PIPELINE. 

15 Notwithstanding Executive Order No. 13337 (3 

16 U.S.C. 301 note), Executive Order No. 11423 (3 U.S.C. 

17 301 note), section 301 of title 3, United States Code, and 

18 any other Executive order or provision of law, no Presi19 dential permit shall be required to authorize the construc20 tion, connection, operation, and maintenance of border 

21 crossing facilities for the pipeline described in the applica22 tion filed on May 4, 2012, by TransCanada Keystone 

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1 stone XL pipeline, for the importation of crude oil to be 

2 located at the United States-Canada Border. 

Æ 


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