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(6) Subparagraph (A) of section 50(a)(2) is
amended by inserting ‘‘or qualified revitalization
building (respectively)’’ after ‘‘qualified rehabilitated
building’’.
(7) Subparagraph (B) of section 50(a)(2) is
amended by adding at the end the following new
sentence: ‘‘A similar rule shall apply for purposes of
section 1400K.’’.
(8) Paragraph (2) of section 50(b) is amended
by striking ‘‘and’’ at the end of subparagraph (C),
by striking the period at the end of subparagraph
(D) and inserting ‘‘; and’’, and by adding at the end
the following new subparagraph:
‘‘(E) a qualified revitalization building (as
defined in section 1400K) to the extent of the
portion of the basis which is attributable to
qualified revitalization expenditures (as defined
in section 1400K).’’.
(9) The last sentence of section 50(b)(3) is
amended to read as follows: ‘‘If any qualified reha-
bilitated building or qualified revitalization building
is used by the tax-exempt organization pursuant to
a lease, this paragraph shall not apply for purposes
of determining the amount of the rehabilitation cred-
it or the commercial revitalization credit.’’.
135
(10) Subparagraph (C) of section 50(b)(4) is
amended—
(A) by inserting ‘‘or commercial revitaliza-
tion’’ after ‘‘rehabilitated’’ in the text and head-
ing; and
(B) by inserting ‘‘or commercial revitaliza-
tion’’ after ‘‘rehabilitation’’.
(11) Subparagraph (C) of section 469(i)(3) is
amended—
(A) by inserting ‘‘or section 1400K’’ after
‘‘section 42’’; and
(B) by striking ‘‘CREDIT’’ in the heading
and inserting ‘‘AND COMMERCIAL REVITALIZA-
TION CREDITS’’.
(h) CLERICAL AMENDMENTS.—The table of sub-
chapters for chapter 1 is amended by adding at the end
the following new item:
‘‘Subchapter X. Renewal Communities.’’.
SEC. 606. EVALUATION AND REPORTING REQUIREMENTS.
Not later than the close of the fourth calendar year
after the year in which the Secretary of Housing and
Urban Development first designates an area as a renewal
community under section 1400E of the Internal Revenue
Code of 1986, and at the close of each fourth calendar
year thereafter, such Secretary shall prepare and submit
to the Congress a report on the effects of such designa-
136
tions in stimulating the creation of new jobs, particularly
for disadvantaged workers and long-term unemployed in-
dividuals, and promoting the revitalization of economically
distressed areas.
SEC. 607. EXCLUSION OF EFFECTS OF THIS ACT FROM
PAYGO SCORECARD.
Upon the enactment of this Act, the Director of the
Office of Management and Budget shall not make any es-
timates of changes in receipts under section 252(d) of the
Balanced Budget and Emergency Deficit Control Act of
1985 resulting from the enactment of this Act.
TITLE VII—ESTABLISHMENT OF
THE PROTECT SOCIAL SECU-
RITY ACCOUNT
SEC. 701. ESTABLISHMENT OF SPECIAL RESERVE AC-
COUNT.
Section 201 of the Social Security Act is amended
by adding at the end the following new subsection:
‘‘(n)(1) There is established within the Treasury a
special reserve account to be known as the ‘Protect Social
Security Account’ (hereinafter in this subsection referred
to as the ‘account’). The account shall be used to save
budget surpluses until a reform measure is enacted to en-
sure the long-term solvency of the OASDI trust funds.
137
‘‘(2) The Secretary of the Treasury shall pay into the
account annually at the end of each fiscal year during the
fiscal-year period beginning on October 1, 1997, and end-
ing on September 30, 2008, amounts totalling, in the ag-
gregate, 90 percent of the projected surplus, if any, in the
total budget of the United States Government for that fis-
cal-year period.
‘‘(3) For purposes of determining budget surpluses
under paragraph (2), within 10 days after the date of en-
actment of this subsection, the Secretary of the Treasury,
in consultation with the Director of the Office of Manage-
ment and Budget, shall project the budget surplus, if any,
for the total budget of the United States Government for
the fiscal-year period beginning on October 1, 1997, and
ending on September 30, 2008.
‘‘(4) The Secretary of the Treasury shall invest the
funds held in the account pending enactment of the reform
measure referred to in paragraph (1). The purposes for
which obligations of the United States may be issued
under chapter 31 of title 31, United States Code, are here-
by extended to authorize, in the manner provided in sub-
section (d), the issuance at par of public-debt obligations
for purchase for the account. The interest on, and the pro-
ceeds from redemption of, any obligations held in the ac-
count shall be credited to and form a part of the account.
138
‘‘(5) As used in this subsection, the term ‘total budg-
et of the United States Government’ means all spending
and receipt accounts of the United States Government
that are designated as on-budget or off-budget accounts.’’.
SEC. 702. EFFECTIVE DATE.
The amendment made by section 701 shall apply
to fiscal years beginning on or after October 1, 1997.
Passed the House of Representatives September 26,
1998.
Attest:
Clerk.