datamatters24/research-document-archive huggingface dataset:
469
Title VIII, Subtitle C
‘‘(iii) 1 plus the Secretary’s estimate
of the projected percentage growth in real
gross domestic product per capita (divided
by 100) from fiscal year 1995 to fiscal
year 1996, and
‘‘(iv) 1 plus the Secretary’s estimate
of the percentage change (divided by 100)
in expenditures for all physicians’ services
in fiscal year 1996 (compared with fiscal
year 1995) which will result from changes
in law (including the Common Sense Bal-
anced Budget Act of 1995), determined
without taking into account estimated
changes in expenditures due to changes in
the volume and intensity of physicians’
services or changes in expenditures result-
ing from changes in the update to the con-
version factor under subsection (d),
minus 1 and multiplied by 100.
‘‘(B) SUBSEQUENT
FISCAL
YEARS.—The
sustainable growth rate for all physicians’ serv-
ices for fiscal year 1997 and each subsequent
fiscal year shall be equal to the product of—
‘‘(i) 1 plus the Secretary’s estimate of
the percentage change in the medicare eco-
cess of programs in meeting their goals, and issues to con-
sider when reauthorizing these programs.’’.
(b) CONFORMING AMENDMENT.—The table of con-
tents set forth in section 1(b) of the Congressional Budget
and Impoundment Control Act of 1974 is amended by
adding after the item relating to section 313 the following
new item:
‘‘Sec. 314. Authorizations of appropriations.’’.
CHAPTER 2—ADDITIONAL
BUDGET PROCESS CHANGES
SEC. 321. CBO REPORTS TO BUDGET COMMITTEES.
Section 308 of the Congressional Budget Act of 1974
is amended by—
(1) redesignating subsection (c) as subsection
(d); and
(2) inserting after subsection (b) the following:
‘‘(c) QUARTERLY BUDGET REPORTS.—The Congres-
sional Budget Office shall, as soon as practicable after the
completion of each quarter of the fiscal year, prepare an
analysis comparing revenues, spending, and the deficit for
the current fiscal year to assumptions included in the Con-
gressional budget resolution. In preparing this report, the
Congressional Budget Office shall combine actual budget
figures to date with projected revenue and spending for
the balance of the fiscal year. The Congressional Budget
Office shall include any other information in this report
I 
113TH CONGRESS 
2D SESSION 
H. R. 4436 
To provide the legal framework necessary for the growth of innovative private 
financing options for students to fund postsecondary education, and 
for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 9, 2014 
Mr. PETRI introduced the following bill; which was referred to the Committee 
on Ways and Means, and in addition to the Committees on Education 
and the Workforce and Financial Services, for a period to be subse-
quently determined by the Speaker, in each case for consideration of such 
provisions as fall within the jurisdiction of the committee concerned 
A BILL 
To provide the legal framework necessary for the growth 
of innovative private financing options for students to 
fund postsecondary education, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Investing in Student 
Success Act of 2014’’. 
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TITLE I—AUTHORIZATION OF 
INCOME SHARE AGREEMENTS 
SEC. 101. PURPOSE; LAWFULNESS OF INSTRUMENTS; PRE-
EMPTION OF STATE LAW. 
(a) PURPOSE.—It is the purpose of this title to au-
thorize individuals to enter into income share agreements 
for the purposes of obtaining funds in exchange for agree-
ing to pay to the holder of the contract a specified percent-
age of the individual’s future income. 
(b) LAWFULNESS OF CONTRACTS; PREEMPTION.— 
Any income share agreement that complies with the re-
quirements of section 102 shall be a valid, binding, and 
enforceable contract notwithstanding any State law lim-
iting or otherwise regulating assignments of future wages 
or other income. 
SEC. 102. TERMS AND CONDITIONS OF INCOME SHARE 
AGREEMENT CONTRACTS. 
(a) DEFINITION OF INCOME SHARE AGREEMENT.— 
For purposes of this title, the term ‘‘income share agree-
ment’’ means an agreement between an individual and any 
other person under which the individual commits to pay 
a specified percentage of the individual’s future income, 
for a specified period of time, in exchange for payments 
to or on behalf of such individual for postsecondary edu-
cation, workforce development, or other purposes. 
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(b) TERMS AND CONDITIONS OF AGREEMENTS.—An 
income share agreement complies with the requirements 
of this section if the contract complies with each of the 
following conditions: 
(1) SPECIFIED PERCENTAGE OF INCOME.—An 
income share agreement shall specify the percentage 
of future income which the individual will be obli-
gated to pay, except that the contract shall exempt, 
at a minimum, the first $10,000 (adjusted each year 
to reflect changes in the Consumer Price Index for 
All Urban Consumers published by the Bureau of 
Labor Statistics of the Department of Labor for the 
most recent 12-month period for which such data 
are available) of an individual’s income when deter-
mining the individual’s obligation for a given year. 
(2) DEFINITION OF INCOME.—An income share 
agreement shall specify the definition of income to 
be used for purposes of calculating an individual’s 
obligation under the contract. 
(3) AGGREGATE LIMITATION ON OBLIGATION.— 
No eligible individual may enter into any income 
share agreement if the total percentage of such indi-
vidual’s future income that the individual agrees to 
pay under that contract, and any other income share 
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agreements of such individual, exceeds 15 percent of 
such future income. 
(4) SPECIFIED DURATION; EXTENSION OF PE-
RIOD.—An income share agreement shall specify the 
maximum period of time during which the individual 
will be obligated to pay a portion of the individual’s 
future income, except that— 
(A) except as provided in subparagraph 
(B), such period may not exceed 360 months; 
and 
(B) such contract may provide that such 
period may be extended by the number of years 
during which the individual’s income is below 
the exemption amount specified in the agree-
ment under paragraph (1). 
(5) EARLY
TERMINATION.—An income share 
agreement shall specify the terms and conditions by 
which the individual may extinguish the individual’s 
obligations under the contract before the end of the 
payment period specified in the agreement, based on 
the remaining term of such period. 
(c) REQUIRED
DISCLOSURES.—An income share 
agreement does not comply with the requirements of this 
section unless the individual who is committing to pay fu-
ture income is provided, before entry into such agreement, 
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a disclosure document that clearly and simply discloses 
that— 
(1) the agreement is not a debt instrument, and 
that the amount the individual will be required to 
pay under the agreement— 
(A) may be more or less than the amount 
provided to the individual; and 
(B) will vary in proportion to the individ-
ual’s future income; 
(2) the obligations of the individual under the 
agreement are not dischargeable under bankruptcy 
law; 
(3) whether the obligations of the individual 
under the agreement may be extinguished by accel-
erating payments, and, if so, under what terms; 
(4) the duration of the individual’s obligations 
under the agreement (absent such accelerating pay-
ments), including any circumstances under which 
the contract would be extended; 
(5) the percentage of income the individual is 
committing to pay and the amount of income that 
is exempt from the calculation of the individual’s ob-
ligation; and 
(6) the definition of income to be used for pur-
poses of calculating the individual’s obligation. 
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(d) NON-INTERFERENCE.—An income share agree-
ment shall not be construed to give the contract holder 
any rights over an individual’s actions—it simply rep-
resents an obligation by the individual pay the specific per-
centage of future income. 
SEC. 103. DEFINITIONS. 
As used in this title: 
(1) STATE.—The term ‘‘State’’ includes, in ad-
dition to the several States of the Union, the Com-
monwealth of Puerto Rico, the District of Columbia, 
Guam, American Samoa, the Virgin Islands, the 
government of the Northern Mariana Islands, and 
the Trust Territory of the Pacific Islands. 
(2) STATE LAW.—The term ‘‘State law’’ means 
any law, decision, rule, regulation, or other action 
having the effect of a law of any State or any polit-
ical subdivision of a State, or any agency or instru-
mentality of a State or political subdivision of a 
State, except that a law of the United States appli-
cable only to the District of Columbia shall be treat-
ed as a State law (rather than a law of the United 
States). 
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SEC. 104. PREEMPTION OF STATE LAW WITH RESPECT TO 
USURY. 
Income share agreements shall not be subject to 
State usury laws. 
TITLE II—TAX TREATMENT OF 
INCOME SHARE AGREEMENTS 
SEC. 201. TAX TREATMENT OF INCOME SHARE AGREE-
MENTS. 
(a) EXCLUSION FROM GROSS INCOME OF INCOME 
SHARE AGREEMENT PROCEEDS.—Payments made under 
an income share agreement to or on behalf of the indi-
vidual who commits to pay a specified percentage of such 
individual’s future income to another person under such 
agreement shall not be includible in the gross income of 
such individual for purposes of the Internal Revenue Code 
of 1986. 
(b) TREATMENT
OF PAYMENTS
OF FUTURE IN-
COME.—Payments of future income received by another 
person under an income share agreement shall be treated 
for purposes of the Internal Revenue Code of 1986— 
(1) first, with respect to so much of such pay-
ments as does not exceed the amount of the pay-
ments to which subsection (a) applies with respect to 
such agreement, as a repayment of investment in the 
contract which reduces the holder’s basis in such 
agreement, and 
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(2) second, as interest which is includible in 
gross income. 
(c) INCOME SHARE AGREEMENT.—For purposes of 
this title, the term ‘‘income share agreement’’ has the 
meaning given such term under title I. 
TITLE III—QUALIFIED 
EDUCATION LOAN 
SEC. 301. QUALIFIED EDUCATION LOAN. 
(a) IN GENERAL.—Paragraph (1) of section 221(d) 
of the Internal Revenue Code of 1986 is amended by add-
ing at the end the following: ‘‘Such term includes any in-
come share agreement (as defined in section 102 of the 
Investing in Student Success Act of 2014), except that 
payments made by the taxpayer during the taxable year 
to meet an income share agreement obligation shall not 
be taken into account under subsection (a).’’. 
(b) INFORMATION REPORTING NOT REQUIRED.— 
Subsection (e) of section 6050S of such Code is amended 
by inserting ‘‘(without regard to the last sentence there-
of)’’ after ‘‘section 221(d)(1)’’. 
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TITLE IV—FEDERAL INDIVIDUAL 
ASSISTANCE TREATMENT OF 
INCOME SHARE AGREEMENTS 
SEC. 401. AMOUNTS RECEIVED NOT TREATED AS INCOME 
IN 
CALCULATION 
OF 
FINANCIAL 
NEED 
UNDER THE HIGHER EDUCATION ACT OF 
1965. 
No portion of any amounts received by an individual 
for entering into an income share agreement (as such term 
is defined in title I) shall be included as income or assets 
in the computation of expected family contribution for any 
program funded in whole or in part under the Higher 
Education Act of 1965. 
TITLE V—INVESTMENT 
COMPANY TREATMENT 
SEC. 501. BUSINESSES MAKING INCOME SHARE AGREE-
MENTS EXCLUDED FROM INVESTMENT COM-
PANY TREATMENT. 
Section 3(c) of the Investment Company Act of 1940 
(15 U.S.C. 80a–3(c)) is amended— 
(1) in paragraph (4), by inserting after ‘‘indus-
trial banking,’’ the following: ‘‘income share agree-
ments (as defined under section 102 of the Investing 
in Student Success Act of 2014),’’; and 
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238
HR 2539 EAS
(1) inserting ‘‘or pursuant to part B of subtitle
IV of title 49, United States Code’’ at the end of para-
graph (3)(A); and
(2) striking paragraph (5) and inserting the fol-
lowing:
‘‘(5) all rules, regulations, or final orders of the
Intermodal Surface Transportation Board made
reviewable by section 2321 of this title; and’’.
SEC. 512. MIGRANT AND SEASONAL AGRICULTURAL WORK-
ER PROTECTION ACT.
Section 401(b) of the Migrant and Seasonal Agricul-
tural Worker Protection Act (29 U.S.C. 1841(b)) is amend-
ed by—
(1) striking ‘‘part II of the Interstate Commerce
Act (49 U.S.C. 301 et seq.), or any successor provi-
sion of’’ in paragraph (2)(C) and inserting ‘‘part B
of’’; and
(2) striking ‘‘part II of the Interstate Commerce
Act (49 U.S.C. 301 et seq.), and any successor provi-
sion of’’ in paragraph (3) and inserting ‘‘part B of’’.
SEC. 513. TITLE 39, UNITED STATES CODE.
(a) Section 5005 of title 39, United States Code, is
amended by striking ‘‘Interstate Commerce Commission’’ in
subsection (b)(3) and inserting ‘‘Intermodal Surface Trans-
portation Board’’.
‘‘(B) The PBM may not require that a 
plan enrollee use a retail pharmacy, mail order 
pharmacy, specialty pharmacy, or other phar-
macy entity providing pharmacy services in 
which the PBM has an ownership interest or 
that has an ownership interest in the PBM or 
provide an incentive to a plan enrollee to en-
courage the enrollee to use a retail pharmacy, 
mail order pharmacy, specialty pharmacy, or 
other pharmacy entity providing pharmacy serv-
ices in which the PBM has an ownership inter-
est or that has an ownership interest in the 
PBM, if the incentive is applicable only to such 
pharmacies.’’. 
(b) REGULAR UPDATE
OF PRESCRIPTION DRUG 
PRICING STANDARD.—Paragraph (6) of section 1860D– 
12(b) of the Social Security Act (42 U.S.C. 1395w– 
112(b)) is amended to read as follows: 
‘‘(6) REGULAR
UPDATE
OF
PRESCRIPTION 
DRUG PRICING STANDARD.— 
‘‘(A) IN GENERAL.—If the PDP sponsor of 
a prescription drug plan uses a standard for re-
imbursement (as described in subparagraph 
(B)) of pharmacies based on the cost of a drug, 
each contract entered into with such sponsor 
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ments, taken into account under subsection (a), 
the qualified research expenses and basic research 
payments taken into account in determining 
such averages shall be determined on a basis con-
sistent with the determination of qualified re-
search expenses and basic research payments, re-
spectively, for the credit year. 
‘‘(B) PREVENTION
OF
DISTORTIONS.—The 
Secretary may prescribe regulations to prevent 
distortions in calculating a taxpayer’s qualified 
research expenses or basic research payments 
caused by a change in accounting methods used 
by such taxpayer between the current year and 
a year taken into account in determining the av-
erage qualified research expenses or average basic 
research payments taken into account under sub-
section (a).’’. 
(2) Section 41(e) of such Code is amended— 
(A) by striking all that precedes paragraph 
(6) and inserting the following: 
‘‘(e) BASIC RESEARCH PAYMENTS.—For purposes of 
this section— 
‘‘(1) IN
GENERAL.—The term ‘basic research 
payment’ means, with respect to any taxable year, 
any amount paid in cash during such taxable year 
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HR 4438 RDS 
(iii) by striking ‘‘and (iv)’’ each place it 
appears in subparagraph (A)(iv) (as so redesig-
nated) and inserting ‘‘and (iii)’’, 
(iv) by striking subclause (IV) of subpara-
graph (A)(iv) (as so redesignated), by striking 
‘‘, and’’ at the end of subparagraph (A)(iv)(III) 
(as so redesignated) and inserting a period, and 
by adding ‘‘and’’ at the end of subparagraph 
(A)(iv)(II) (as so redesignated), 
(v) by striking ‘‘(A)(vi)’’ in subparagraph 
(B) and inserting ‘‘(A)(v)’’, and 
(vi) by striking ‘‘(A)(iv)(II)’’ in subpara-
graph (B)(i)(II) and inserting ‘‘(A)(iii)(II)’’, 
(B) by striking ‘‘, and the gross receipts of 
the predecessor,’’ in subparagraph (A)(iv)(II) 
(as so redesignated), 
(C) by striking ‘‘, and the gross receipts 
of,’’ in subparagraph (B), 
(D) by striking ‘‘, or gross receipts of,’’ in 
subparagraph (B)(i)(I), and 
(E) by striking subparagraph (C). 
(d) EFFECTIVE DATE.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), the amendments made by this section 
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HR 4438 RDS 
shall apply to taxable years beginning after Decem-
ber 31, 2013. 
(2) SUBSECTION (b).—The amendment made 
by subsection (b) shall apply to amounts paid or in-
curred after December 31, 2013. 
SEC. 3. PAYGO SCORECARD. 
(a) PAYGO SCORECARD.—The budgetary effects of 
this Act shall not be entered on either PAYGO scorecard 
maintained pursuant to section 4(d) of the Statutory Pay- 
As-You-Go Act of 2010. 
(b) SENATE PAYGO SCORECARD.—The budgetary ef-
fects of this Act shall not be entered on any PAYGO score-
card maintained for purposes of section 201 of S. Con. 
Res. 21 (110th Congress). 
Passed the House of Representatives May 9, 2014. 
Attest: 
KAREN L. HAAS, 
Clerk. 
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tion by the States of the amendment shall not 
exceed 40 percent of the Base Deficit. 
(iv) The deficit for the first fiscal year 
commencing 42 or more months after ratifica-
tion by the States of the amendment shall not 
exceed 20 percent of the Base Deficit. 
(v) There shall be no deficit for any fiscal 
year commencing 54 or more months after rati-
fication by the States of the amendment. 
Æ 
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113TH CONGRESS 
2D SESSION 
H. R. 4443 
AN ACT 
To designate the facility of the United States Postal Service 
located at 90 Vermilyea Avenue, in New York, New 
York, as the ‘‘Corporal Juan Mariel Alcantara Post Of-
fice Building’’. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. CORPORAL JUAN MARIEL ALCANTARA POST 
OFFICE BUILDING. 
(a) DESIGNATION.—The facility of the United States 
Postal Service located at 90 Vermilyea Avenue, in New 
York, New York, shall be known and designated as the 
‘‘Corporal Juan Mariel Alcantara Post Office Building’’. 
(b) REFERENCES.—Any reference in a law, map, reg-
ulation, document, paper, or other record of the United 
States to the facility referred to in subsection (a) shall 
be deemed to be a reference to the ‘‘Corporal Juan Mariel 
Alcantara Post Office Building’’. 
Passed the House of Representatives September 8, 
2014. 
Attest: 
Clerk.
113TH CONGRESS 
2D SESSION 
H. R. 4443 
AN ACT 
To designate the facility of the United States Post-
al Service located at 90 Vermilyea Avenue, in 
New York, New York, as the ‘‘Corporal Juan 
Mariel Alcantara Post Office Building’’.
Calendar No. 592 
113TH CONGRESS 
2D SESSION 
H. R. 4443 
AN ACT 
To designate the facility of the United States Post-
al Service located at 90 Vermilyea Avenue, in 
New York, New York, as the ‘‘Corporal Juan 
Mariel Alcantara Post Office Building’’. 
NOVEMBER 13, 2014 
Reported without amendment 
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H. R. 4443 
One Hundred Thirteenth Congress 
of the 
United States of America 
AT THE SECOND SESSION 
Begun and held at the City of Washington on Friday, 
the third day of January, two thousand and fourteen 
An Act 
To designate the facility of the United States Postal Service located at 90 Vermilyea 
Avenue, in New York, New York, as the ‘‘Corporal Juan Mariel Alcantara Post 
Office Building’’. 
Be it enacted by the Senate and House of Representatives of 
the United States of America in Congress assembled, 
SECTION 1. CORPORAL JUAN MARIEL ALCANTARA POST OFFICE 
BUILDING. 
(a) DESIGNATION.—The facility of the United States Postal 
Service located at 90 Vermilyea Avenue, in New York, New York, 
shall be known and designated as the ‘‘Corporal Juan Mariel 
Alcantara Post Office Building’’. 
(b) REFERENCES.—Any reference in a law, map, regulation, 
document, paper, or other record of the United States to the facility 
referred to in subsection (a) shall be deemed to be a reference 
to the ‘‘Corporal Juan Mariel Alcantara Post Office Building’’. 
Speaker of the House of Representatives. 
Vice President of the United States and
President of the Senate.
I 
113TH CONGRESS 
2D SESSION 
H. R. 4443 
To designate the facility of the United States Postal Service located at 
90 Vermilyea Avenue, in New York, New York, as the ‘‘Corporal Juan 
Mariel Alcantara Post Office Building’’. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 9, 2014 
Mr. RANGEL introduced the following bill; which was referred to the 
Committee on Oversight and Government Reform 
A BILL 
To designate the facility of the United States Postal Service 
located at 90 Vermilyea Avenue, in New York, New 
York, as the ‘‘Corporal Juan Mariel Alcantara Post Of-
fice Building’’. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. CORPORAL JUAN MARIEL ALCANTARA POST 
OFFICE BUILDING. 
(a) DESIGNATION.—The facility of the United States 
Postal Service located at 90 Vermilyea Avenue, in New 
York, New York, shall be known and designated as the 
‘‘Corporal Juan Mariel Alcantara Post Office Building’’. 
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HR 4443 IH 
(b) REFERENCES.—Any reference in a law, map, reg-
ulation, document, paper, or other record of the United 
States to the facility referred to in subsection (a) shall 
be deemed to be a reference to the ‘‘Corporal Juan Mariel 
Alcantara Post Office Building’’. 
Æ 
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