come status of applicants for Unemployment Insurance 
and no Federal funds may be expended for purposes of 
determining whether or not the prohibition under sub-
section (a) applies with respect to an individual. 
(e) EFFECTIVE DATE.—The prohibition under sub-
section (a) shall apply to weeks of unemployment begin-
ning on or after the date of the enactment of this Act. 
SEC. 107. GAO STUDY ON THE USE OF WORK SUITABILITY 
REQUIREMENTS IN UNEMPLOYMENT INSUR-
ANCE PROGRAMS. 
(a) STUDY.—The Comptroller General of the United 
States shall conduct a study on the use of work suitability 
requirements to strengthen requirements to ensure that 
unemployment insurance benefits are being provided to in-
dividuals who are actively looking for work and who truly 
want to return to the labor force. Such study shall include 
an analysis of— 
(1) how work suitability requirements work 
under both State and Federal unemployment insur-
ance programs; and 
(2) how to incorporate and improve such re-
quirements under Federal unemployment insurance 
programs; and 
(3) other items determined appropriate by the 
Comptroller General. 
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(b) BRIEFING.—Not later than 90 days after the date 
of the enactment of this Act, the Comptroller General of 
the United States shall brief Congress on the ongoing 
study required under subsection (a). Such briefing shall 
include preliminary recommendations for such legislation 
and administrative action as the Comptroller General de-
termines appropriate. 
SEC. 108. FUNDING STABILIZATION. 
(a) FUNDING STABILIZATION UNDER THE INTERNAL 
REVENUE CODE.—The table in subclause (II) of section 
430(h)(2)(C)(iv) of the Internal Revenue Code of 1986 is 
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%’’. 
(b) FUNDING STABILIZATION UNDER ERISA.— 
(1) IN GENERAL.—The table in subclause (II) 
of section 303(h)(2)(C)(iv) of the Employee Retire-
ment Income Security Act of 1974 is 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% 
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‘‘If the calendar year is: 
The applicable minimum 
percentage is: 
The applicable maximum 
percentage is: 
After 2020 ......................
70% ................................
130%’’. 
(2) CONFORMING AMENDMENT.— 
(A) IN GENERAL.—Clause (ii) of section 
101(f)(2)(D) of such Act is amended by strik-
ing ‘‘2015’’ and inserting ‘‘2020’’. 
(B) 
STATEMENTS.—The 
Secretary 
of 
Labor shall modify the statements required 
under subclauses (I) and (II) of section 
101(f)(2)(D)(i) of such Act to conform to the 
amendments made by this section. 
(c) STABILIZATION NOT TO APPLY FOR PURPOSES 
OF
CERTAIN
ACCELERATED
BENEFIT
DISTRIBUTION 
RULES.— 
(1) INTERNAL REVENUE CODE OF 1986.—The 
second sentence of paragraph (2) of section 436(d) 
of the Internal Revenue Code of 1986 is amended by 
striking ‘‘of such plan’’ and inserting ‘‘of such plan 
(determined by not taking into account any adjust-
ment 
of 
segment 
rates 
under 
section 
430(h)(2)(C)(iv))’’. 
(2) EMPLOYEE RETIREMENT INCOME SECURITY 
ACT OF 1974.—The second sentence of subparagraph 
(B) of section 206(g)(3) of the Employee Retirement 
Income 
Security 
Act 
of 
1974 
(29 
U.S.C. 
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1056(g)(3)(B)) is amended by striking ‘‘of such 
plan’’ and inserting ‘‘of such plan (determined by 
not taking into account any adjustment of segment 
rates under section 303(h)(2)(C)(iv))’’. 
(3) EFFECTIVE DATE.— 
(A) IN GENERAL.—Except as provided in 
subparagraph (B), the amendments made by 
this subsection shall apply to plan years begin-
ning after December 31, 2014. 
(B) COLLECTIVELY BARGAINED PLANS.— 
In the case of a plan maintained pursuant to 1 
or more collective bargaining agreements, the 
amendments made by this subsection shall 
apply to plan years beginning after December 
31, 2015. 
(4) PROVISIONS
RELATING
TO
PLAN
AMEND-
MENTS.— 
(A) IN GENERAL.—If this paragraph ap-
plies to any amendment to any plan or annuity 
contract, such plan or contract shall be treated 
as being operated in accordance with the terms 
of the plan during the period described in sub-
paragraph (B)(ii). 
(B) AMENDMENTS TO WHICH PARAGRAPH 
APPLIES.— 
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(i) IN
GENERAL.—This paragraph 
shall apply to any amendment to any plan 
or annuity contract which is made— 
(I) pursuant to the amendments 
made by this subsection, or pursuant 
to any regulation issued by the Sec-
retary of the Treasury or the Sec-
retary of Labor under any provision 
as so amended, and 
(II) on or before the last day of 
the first plan year beginning on or 
after January 1, 2016, or such later 
date as the Secretary of the Treasury 
may prescribe. 
(ii) 
CONDITIONS.—This 
subsection 
shall not apply to any amendment unless, 
during the period— 
(I) beginning on the date that 
the amendments made by this sub-
section or the regulation described in 
clause (i)(I) takes effect (or in the 
case of a plan or contract amendment 
not required by such amendments or 
such regulation, the effective date 
specified by the plan), and 
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(II) ending on the date described 
in clause (i)(II) (or, if earlier, the 
date the plan or contract amendment 
is adopted), 
the plan or contract is operated as if such 
plan or contract amendment were in effect, 
and such plan or contract amendment ap-
plies retroactively for such period. 
(C) ANTI-CUTBACK RELIEF.—A plan shall 
not be treated as failing to meet the require-
ments of section 204(g) of the Employee Re-
tirement Income Security Act of 1974 and sec-
tion 411(d)(6) of the Internal Revenue Code of 
1986 solely by reason of a plan amendment to 
which this paragraph applies. 
(d) MODIFICATION OF FUNDING TARGET DETER-
MINATION PERIODS.— 
(1) INTERNAL
REVENUE
CODE
OF
1986.— 
Clause (i) of section 430(h)(2)(B) of the Internal 
Revenue Code of 1986 is amended by striking ‘‘the 
first day of the plan year’’ and inserting ‘‘the valu-
ation date for the plan year’’. 
(2) EMPLOYEE RETIREMENT INCOME SECURITY 
ACT OF 1974.—Clause (i) of section 303(h)(2)(B) of 
the Employee Retirement Income Security Act of 
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1974 (29 U.S.C. 1083(h)(2)(B)(i)) is amended by 
striking ‘‘the first day of the plan year’’ and insert-
ing ‘‘the valuation date for the plan year’’. 
(e) EFFECTIVE DATE.— 
(1) IN GENERAL.—The amendments made by 
subsections (a), (b), and (d) shall apply with respect 
to plan years beginning after December 31, 2012. 
(2) ELECTIONS.—A plan sponsor may elect not 
to have the amendments made by subsections (a), 
(b), and (d) apply to any plan year beginning before 
January 1, 2014, either (as specified in the elec-
tion)— 
(A) for all purposes for which such amend-
ments apply, or 
(B) solely for purposes of determining the 
adjusted funding target attainment percentage 
under sections 436 of the Internal Revenue 
Code of 1986 and 206(g) of the Employee Re-
tirement Income Security Act of 1974 for such 
plan year. 
A plan shall not be treated as failing to meet the re-
quirements of section 204(g) of such Act and section 
411(d)(6) of such Code solely by reason of an elec-
tion under this paragraph. 
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SEC. 109. PREPAYMENT OF CERTAIN PBGC PREMIUMS. 
(a) IN GENERAL.—Section 4007 of the Employee Re-
tirement Income Security Act of 1974 (29 U.S.C. 1307) 
is amended by adding at the end the following new sub-
section: 
‘‘(f) ELECTION TO PREPAY FLAT DOLLAR PRE-
MIUMS.— 
‘‘(1) IN GENERAL.—The designated payor may 
elect to prepay during any plan year the premiums 
due under clause (i) or (v), whichever is applicable, 
of section 4006(a)(3)(A) for the number of consecu-
tive subsequent plan years (not greater than 5) spec-
ified in the election. 
‘‘(2) AMOUNT OF PREPAYMENT.— 
‘‘(A) IN
GENERAL.—The amount of the 
prepayment for any subsequent plan year under 
paragraph (1) shall be equal to the amount of 
the premium determined under clause (i) or (v), 
whichever 
is 
applicable, 
of 
section 
4006(a)(3)(A) for the plan year in which the 
prepayment is made. 
‘‘(B) 
ADDITIONAL
PARTICIPANTS.—If 
there is an increase in the number of partici-
pants in the plan during any plan year with re-
spect to which a prepayment has been made, 
the designated payor shall pay a premium for 
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such additional participants at the premium 
rate in effect under clause (i) or (v), whichever 
is applicable, of section 4006(a)(3)(A) for such 
plan year. No credit or other refund shall be 
granted in the case of a plan that has a de-
crease in number of participants during a plan 
year with respect to which a prepayment has 
been made. 
‘‘(C) COORDINATION WITH PREMIUM FOR 
UNFUNDED
VESTED
BENEFITS.—The amount 
of the premium determined under section 
4006(a)(3)(A)(i) for the purpose of determining 
the prepayment amount for any plan year shall 
be determined without regard to the increase in 
such premium under section 4006(a)(3)(E). 
Such increase shall be paid in the same amount 
and at the same time as it would otherwise be 
paid without regard to this subsection. 
‘‘(3) ELECTION.—The election under this sub-
section shall be made at such time and in such man-
ner as the corporation may prescribe.’’. 
(b) CONFORMING AMENDMENT.—The second sen-
tence of subsection (a) of section 4007 of the Employee 
Retirement Income Security Act of 1974 (29 U.S.C. 1307) 
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is amended by striking ‘‘Premiums’’ and inserting ‘‘Ex-
cept as provided in subsection (f), premiums’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to plan years beginning after the 
date of the enactment of this Act. 
SEC. 110. EXTENSION OF CUSTOMS USER FEES. 
Section 13031(j)(3) of the Consolidated Omnibus 
Budget Reconciliation Act of 1985 (19 U.S.C. 58c(j)(3)) 
is amended— 
(1) in subparagraph (A), by striking ‘‘Sep-
tember 30, 2023’’ and inserting ‘‘September 30, 
2024’’; and 
(2) in subparagraph (B)(i), by striking ‘‘Sep-
tember 30, 2023’’ and inserting ‘‘September 30, 
2024’’. 
SEC. 111. EMERGENCY SERVICES, GOVERNMENT, AND CER-
TAIN NONPROFIT VOLUNTEERS. 
(a) IN GENERAL.—Section 4980H(c) of the Internal 
Revenue Code of 1986 is amended by redesignating para-
graphs (5), (6), and (7) as paragraphs (6), (7), and (8), 
respectively, and by inserting after paragraph (4) the fol-
lowing new paragraph: 
‘‘(5) SPECIAL RULES FOR CERTAIN EMERGENCY 
SERVICES, GOVERNMENT, AND NONPROFIT VOLUN-
TEERS.— 
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‘‘(A) 
EMERGENCY
SERVICES
VOLUN-
TEERS.—Qualified services rendered as a bona 
fide volunteer to an eligible employer shall not 
be taken into account under this section as 
service provided by an employee. For purposes 
of the preceding sentence, the terms ‘qualified 
services’, ‘bona fide volunteer’, and ‘eligible em-
ployer’ shall have the respective meanings given 
such terms under section 457(e). 
‘‘(B) CERTAIN OTHER GOVERNMENT AND 
NONPROFIT VOLUNTEERS.— 
‘‘(i) IN GENERAL.—Services rendered 
as a bona fide volunteer to a specified em-
ployer shall not be taken into account 
under this section as service provided by 
an employee. 
‘‘(ii) BONA
FIDE
VOLUNTEER.—For 
purposes of this subparagraph, the term 
‘bona fide volunteer’ means an employee of 
a specified employer whose only compensa-
tion from such employer is in the form 
of— 
‘‘(I) reimbursement for (or rea-
sonable allowance for) reasonable ex-
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penses incurred in the performance of 
services by volunteers, or 
‘‘(II) reasonable benefits (includ-
ing length of service awards), and 
nominal fees, customarily paid by 
similar entities in connection with the 
performance of services by volunteers. 
‘‘(iii) 
SPECIFIED
EMPLOYER.—For 
purposes of this subparagraph, the term 
‘specified employer’ means— 
‘‘(I) any government entity, and 
‘‘(II) any organization described 
in section 501(c) and exempt from tax 
under section 501(a). 
‘‘(iv) COORDINATION WITH SUBPARA-
GRAPH (A).—This subparagraph shall not 
fail to apply with respect to services merely 
because such services are qualified services 
(as defined in section 457(e)(11)(C)).’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply to months beginning after Decem-
ber 31, 2013. 
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TITLE II—PROVISIONS 
RELATING TO JOB CREATION 
SEC. 201. TREATMENT OF EMPLOYMENT ASSISTANCE 
VOUCHER PROGRAMS. 
(a) USE OF UNEMPLOYMENT FUND FOR EMPLOY-
MENT ASSISTANCE VOUCHER PROGRAM.— 
(1) STATE LAW.—Section 3304(a)(4) of the In-
ternal Revenue Code of 1986 is amended by striking 
‘‘and’’ at the end of subparagraph (F), by inserting 
‘‘and’’ at the end of subparagraph (G), and by add-
ing at the end the following new subparagraph: 
‘‘(H) during the 120-day period beginning 
on the date of the enactment of the Emergency 
Unemployment Compensation Extension Act of 
2014, amounts may be withdrawn for the pay-
ment of allowances under an employment as-
sistance voucher program (as defined in section 
3306(v));’’. 
(2) 
PERMISSIBLE
EXPENDITURES.—Section 
3306(f) of such Code is amended— 
(A) by striking ‘‘and’’ at the end of para-
graph (5), 
(B) by redesignating the paragraph relat-
ing to the self-employment assistance program 
as paragraph (6) and striking the period at the 
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end of such paragraph and inserting ‘‘; and’’, 
and 
(C) by adding at the end the following new 
paragraph: 
‘‘(7) during the 120-day period beginning on 
the date of the enactment of the Emergency Unem-
ployment Compensation Extension Act of 2014, 
amounts may be withdrawn for the payment of al-
lowances under an employment assistance voucher 
program (as defined in subsection (v)).’’. 
(b) EMPLOYMENT ASSISTANCE VOUCHER PROGRAM 
DEFINED.—Section 3306 of such Code is amended by 
adding at the end the following new subsection: 
‘‘(v) EMPLOYMENT
ASSISTANCE
VOUCHER
PRO-
GRAM.—For the purposes of this chapter— 
‘‘(1) IN GENERAL.—The term ‘employment as-
sistance voucher program’ means a program under 
which— 
‘‘(A) an eligible individual is issued an em-
ployment assistance voucher, 
‘‘(B) upon employment with an employer 
described in paragraph (5)— 
‘‘(i) the eligible individual transfers 
the employment assistance voucher to the 
employer, 
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‘‘(ii) the individual ceases to receive 
unemployment compensation and is paid 
wages by the employer, and 
‘‘(iii) the employer receives payments 
upon presenting the voucher to the State, 
and 
‘‘(C) the program meets such other re-
quirements as the Secretary of Labor deter-
mines to be appropriate. 
‘‘(2) RULES RELATING TO UNEMPLOYED INDI-
VIDUALS.—For purposes of paragraph (1)— 
‘‘(A) COMPENSATION.—Compensation pur-
suant to paragraph (1)(B)(ii) shall— 
‘‘(i) not be less than 200 percent of 
the unemployment compensation otherwise 
payable to the individual on the date of the 
individual’s employment under the employ-
ment assistance voucher program, 
‘‘(ii) not be less than the minimum 
wage (as specified in section 6 of the Fair 
Labor Standards Act of 1938), and 
‘‘(iii) be payable for a period not to 
exceed the maximum number of remaining 
weeks of unemployment compensation (in-
cluding supplemental and emergency) to 
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which the employee would be entitled (but 
for participating in the employment assist-
ance voucher program), determined as of 
the date of employment. 
‘‘(B) TERMINATION OF EMPLOYMENT.—If, 
before the end of the period referred to in sub-
paragraph (A)(iii), an individual’s employment 
with an employer under the employment assist-
ance voucher program is terminated for reasons 
other than cause, the individual is entitled to 
the remaining period of entitlement referred to 
in subparagraph (A)(iii) less the number of 
weeks of such employment. 
‘‘(C) CERTAIN
REQUIREMENTS
NOT
TO 
APPLY.—State requirements relating to avail-
ability for work, active search for work, and re-
fusal to accept work are not applicable to indi-
viduals participating in the employment assist-
ance voucher program. 
‘‘(3) EMPLOYMENT
ASSISTANCE
VOUCHER.— 
The term ‘employment assistance voucher’ means a 
voucher— 
‘‘(A) obtained by an eligible individual pur-
suant to the State law, and 
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‘‘(B) payable to the employer of the eligible 
individual— 
‘‘(i) at a rate determined under State 
law but not to exceed 90 percent of the 
amount of unemployment compensation to 
which the eligible individual is entitled, and 
‘‘(ii) on the same schedule as unem-
ployment compensation would be payable 
to the individual but for employment under 
the employment assistance voucher pro-
gram. 
‘‘(4) ELIGIBLE INDIVIDUAL.—The term ‘eligible 
individual’ means an individual who— 
‘‘(A) is eligible to receive regular unem-
ployment compensation under the State law, ex-
tended unemployment, or emergency unemploy-
ment or would be eligible to receive such com-
pensation except for the requirements described 
in paragraph (1)(B), 
‘‘(B) is identified pursuant to a State 
worker profiling system as an individual likely 
to exhaust regular unemployment compensation, 
‘‘(C) immediately prior to employment by 
the eligible employer, was unemployed for not 
less than 6 months, and 
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‘‘(D) is employed by an eligible employer. 
‘‘(5) ELIGIBLE EMPLOYER.—The term ‘eligible 
employer’ means an employer who agrees to the 
terms and conditions of employment under the un-
employment assistance voucher program and who is 
approved by the State agency. 
‘‘(6) TREATMENT OF PARTICIPATING INDIVID-
UALS UNDER FEDERAL AND STATE LAW.—Individ-
uals participating in an unemployment assistance 
voucher program shall be treated as unemployed for 
the purposes of Federal and State laws applicable to 
unemployment compensation, except that wages paid 
to the employee under such program shall be subject 
to Federal and State taxation to the same extent 
and in the same manner as wages generally. 
‘‘(7) COST
LIMITER.—A State program shall 
not be treated as an employment assistance voucher 
program for purposes of this chapter unless the pro-
gram does not result in any cost to the Unemploy-
ment Trust Fund (established by section 904(a) of 
the Social Security Act) in excess of the cost that 
would be incurred by such State and charged to 
such Fund, or to any Federal funds in the system 
if the State had not participated in such program. 
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‘‘(8) PREVENTION
OF
EMPLOYMENT
TERMI-
NATION
TO
PARTICIPATE
IN
PROGRAM.—A State 
program shall not be treated as an employment as-
sistance voucher program for purposes of this chap-
ter unless the State has in effect measures to pre-
vent employers from terminating employment for 
purposes of participating in the employment assist-
ance voucher program. 
‘‘(9) PREVENTION
IN
TERMINATING
EMPLOY-
EES DURING PROGRAM.—A State program shall not 
be treated as an employment assistance voucher pro-
gram for purposes of this chapter unless the State 
has in effect measures to recoup payments made to 
an employer under the program if the employer has 
terminated from employment more employees during 
the 
120-day 
period 
referred 
to 
in 
section 
3304(a)(4)(H) than the employer has hired under 
the program.’’. 
(c) CONFORMING AMENDMENT.—Section 303(a)(5) 
of the Social Security Act (42 U.S.C. 503(a)(5)) is amend-
ed by striking ‘‘; and’’ and inserting ‘‘: Provided further, 
That amounts may be withdrawn for the payment of al-
lowances under an employment assistance voucher pro-
gram (as defined in section 3306(v) of the Internal Rev-
enue Code of 1986); and’’. 
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(d) STATE REPORTS.—Any State operating an em-
ployment assistance voucher program approved by the 
Secretary of Labor pursuant to section 3304(a)(4)(H) of 
the Internal Revenue Code of 1986 (as added by this sec-
tion) shall report annually to the Secretary on the number 
of individuals who participate in the program, the oper-
ating costs of the program, compliance with program re-
quirements, and any other relevant aspects of program op-
erations requested by the Secretary. 
(e) REPORT TO CONGRESS.—Not later than 1 year 
after the date of the enactment of this Act, the Secretary 
of Labor shall submit a report to the Congress with re-
spect to the operation of the employment assistance vouch-
er program. Such report shall be based on the reports re-
ceived from the States pursuant to subsection (d) and in-
clude such other information as the Secretary of Labor 
determines is appropriate. 
(f) EFFECTIVE DATE.—The provisions of this section 
and the amendments made by this section shall take effect 
on the date of the enactment of this Act. 
SEC. 202. DISADVANTAGED BUSINESS ENTERPRISES. 
Section 1101(b) of MAP–21 (23 U.S.C. 101 note) is 
amended— 
(1) in paragraph (2) by adding at the end the 
following: 
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‘‘(C) VETERAN-OWNED
SMALL
BUSINESS 
CONCERN.—The term ‘veteran-owned small 
business concern’ has the meaning given the 
term ‘small business concern owned and con-
trolled by veterans’ in section 3(q) of the Small 
Business Act (15 U.S.C. 632(q)).’’; 
(2) in paragraph (3) by inserting ‘‘and veteran- 
owned small business concerns’’ before the period at 
the end; and 
(3) in paragraph (4)(B)— 
(A) in clause (ii) by striking ‘‘and’’ at the 
end; 
(B) in clause (iii) by striking the period at 
the end and inserting ‘‘; and’’; and 
(C) by adding at the end the following: 
‘‘(iv) veterans.’’. 
SEC. 203. AMERICA STAR PROGRAM. 
(a) IN GENERAL.—The Secretary shall establish a 
voluntary program, to be known as the ‘‘America Star 
Program’’, under which manufacturers may have products 
certified as meeting the standards of labels that indicate 
to consumers the extent to which the products are manu-
factured in the United States. 
(b) ESTABLISHMENT OF LABELS.— 
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(1) IN GENERAL.—The Secretary shall by rule 
establish such America Star labels as the Secretary 
considers appropriate, including the content of the 
labels and the standards that a product shall meet 
in order to bear a particular America Star label. The 
labels shall be consistent with public perceptions of 
the meaning of descriptions of the extent to which 
a product is manufactured in the United States. 
(2) GOALS.—The America Star labels shall be 
designed to achieve the following goals: 
(A) Providing clarity for consumers about 
the extent to which products are manufactured 
in the United States. 
(B) Encouraging manufacturers to manu-
facture more products in the United States. 
(C) Highlighting the importance of domes-
tic manufacturing for the economy of the 
United States. 
(c) CERTIFICATION OF PRODUCTS.— 
(1) APPLICATION
PROCEDURES.—A manufac-
turer that wishes to have a product certified as 
meeting the standards of an America Star label may 
apply to the Secretary for certification in accordance 
with such procedures as the Secretary shall by rule 
establish. 
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(2) ACTION BY SECRETARY.—After receiving an 
application for certification under paragraph (1), the 
Secretary shall, not later than a reasonable time to 
be specified by the Secretary by rule— 
(A) determine whether the product meets 
the standards of the label; 
(B) if the product meets such standards, 
certify the product; and 
(C) notify the manufacturer of the deter-
mination and whether the product has been cer-
tified. 
(d) 
MONITORING; 
WITHDRAWAL
OF
CERTIFI-
CATION.— 
(1) MONITORING.—The Secretary shall conduct 
such monitoring and compliance review as the Sec-
retary considers necessary to— 
(A) detect violations of subsection (h); and 
(B) ensure that products certified as meet-
ing the standards of America Star labels con-
tinue to meet such standards. 
(2) WITHDRAWAL OF CERTIFICATION.— 
(A) ON INITIATIVE OF SECRETARY.—If the 
Secretary determines that a product certified as 
meeting the standards of an America Star label 
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no longer meets such standards, the Secretary 
shall— 
(i) notify the manufacturer of the de-
termination and any corrective action that 
would enable the product to meet such 
standards; and 
(ii) if the manufacturer does not take 
such action within a reasonable time after 
receiving notification under clause (i), to 
be specified by the Secretary by rule, the 
Secretary shall withdraw the certification 
of the product and notify the manufacturer 
of the withdrawal. 
(B) AT REQUEST OF MANUFACTURER.—At 
the request of the manufacturer of a product, 
the Secretary shall withdraw the certification of 
the product and notify the manufacturer of the 
withdrawal. 
(e) REGULATIONS.— 
(1) IN GENERAL.—The Secretary may promul-
gate such regulations as are necessary to implement 
this section. 
(2) DEADLINE.—Not later than 2 years after 
the date of the enactment of this Act, the Secretary 
shall promulgate such regulations as are necessary 
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to begin certifying products under the America Star 
Program. 
(f) ADMINISTRATION BY CONTRACT.—The Secretary 
may enter into a contract with a person under which such 
person carries out certification determinations under sub-
section (c), monitoring activities and withdrawal deter-
minations under subsection (d), collection of fees under 
subsection (k)(1) and the remission of such fees to the 
Secretary (but not the establishment of the amounts of 
such fees), and related administrative activities. For pur-
poses of subsections (h) and (j), such a determination, ac-
tivity, or collection by such person shall be considered to 
be an action of the Secretary. 
(g) CONSULTATION.— 
(1) WITH
FEDERAL
TRADE
COMMISSION.—In 
establishing the America Star labels and operating 
the America Star Program, the Secretary shall con-
sult with the Federal Trade Commission to ensure 
consistency with the requirements enforced by the 
Commission with respect to representations of the 
extent to which products are manufactured in the 
United States. 
(2) WITH PRIVATE-SECTOR COMPANIES.—In es-
tablishing the America Star labels and operating the 
America Star Program, the Secretary should consult 
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with private-sector companies that have developed 
labeling programs to verify or certify to consumers 
the extent to which products are manufactured in 
the United States. 
(h) PROHIBITED CONDUCT.—Unless there is in effect 
a certification by the Secretary that a product meets the 
standards of an America Star label, a person may not 
place such label on such product, use such label in any 
marketing materials for such product, or in any other way 
represent that such product meets or is certified as meet-
ing the standards of such label. 
(i) ENFORCEMENT.— 
(1) CIVIL PENALTY.—Any person who know-
ingly violates subsection (h) shall be subject to a 
civil penalty of not more than $10,000. 
(2) INELIGIBILITY.— 
(A) IN GENERAL.—Except as provided in 
subparagraph (C), if the Secretary determines 
that a manufacturer— 
(i) has made a false statement to the 
Secretary in connection with the America 
Star Program; 
(ii) knowing, or having reason to 
know, that a product does not meet the 
standards of an America Star label, has 
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placed such label on such product, has 
used such label in any marketing materials 
for such product, or in any other way has 
represented that such product meets or is 
certified as meeting the standards of such 
label; or 
(iii) has otherwise violated the pur-
poses of the America Star Program; 
the Secretary may not, for a period of 5 years 
after the conduct described in clause (i), (ii), or 
(iii), certify the product to which such conduct 
relates as meeting the standards of an America 
Star label. 
(B) 
EFFECT
ON
EXISTING
CERTIFI-
CATION.—In the case of a product with respect 
to which, at the time of the determination of 
the Secretary under subparagraph (A), there is 
in effect a certification by the Secretary that 
the product meets the standards of an America 
Star label— 
(i) if the product continues to meet 
such standards, the Secretary may either 
withdraw the certification or allow the cer-
tification to continue in effect, as the Sec-
retary considers appropriate; and 
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(ii) if the product no longer meets 
such standards, the Secretary shall with-
draw the certification. 
(C) WAIVER.—Notwithstanding subpara-
graph (A), the Secretary may waive or reduce 
the period referred to in such subparagraph if 
the Secretary determines that the waiver or re-
duction is in the best interests of the America 
Star Program. 
(3) FALSE STATEMENTS.—A false statement in 
connection with the America Star Program to a per-
son with whom the Secretary contracts under sub-
section (f) shall be considered a false statement to 
the Secretary for purposes of paragraph (2)(A)(i) 
and section 1001 of title 18, United States Code. 
(j) ADMINISTRATIVE APPEAL.— 
(1) EXPEDITED
APPEALS
PROCEDURE.—The 
Secretary shall establish an expedited administrative 
appeals procedure under which persons may appeal 
an action of the Secretary under this section that— 
(A) adversely affects such person; or 
(B) is inconsistent with the America Star 
Program. 
(2) APPEAL OF FINAL DECISION.—A final deci-
sion of the Secretary under paragraph (1) may be 
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appealed to the United States district court for the 
district in which the person is located. 
(k) OFFSETTING COLLECTIONS.— 
(1) IN GENERAL.—The Secretary may collect 
reasonable fees from— 
(A) manufacturers that apply for certifi-
cation of products as meeting the standards of 
America Star labels; and 
(B) manufacturers of products for which 
such certifications are in effect. 
(2) ACCOUNT.—The fees collected under para-
graph (1) shall be credited to the account that in-
curs the cost of the certification services provided 
under this section. 
(3) USE.—The fees collected under paragraph 
(1) shall be available to the Secretary, without fur-
ther appropriation or fiscal-year limitation, to pay 
the expenses of the Secretary incurred in providing 
certification services under this section. 
(l) DEFINITIONS.—In this section: 
(1) AMERICA STAR LABEL.—The term ‘‘Amer-
ica Star label’’ means a label described in subsection 
(a) and established by the Secretary under sub-
section (b)(1). 
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(2) AMERICA
STAR
PROGRAM.—The term 
‘‘America Star Program’’ means the voluntary label-
ing program established under this section. 
(3) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of Commerce. 
SEC. 204. FOSTERING INNOVATION. 
Not later than 180 days after the date of the enact-
ment of this Act, the Securities and Exchange Commission 
shall revise the definition of ‘‘accelerated filer’’, as such 
term is defined in Rule 12b–2 of the Commission (17 
C.F.R. 240.12b–2), to include issuers that have annual 
revenues of greater than $100,000,000 during the most 
recently completed fiscal year for which audited financial 
statements are available and have an aggregated world-
wide market value of the voting and non-voting common 
equity held by its non-affiliates of $250,000,000 or more, 
but less than $700,000,000, as of the last business day 
of the issuer’s most recently completed second fiscal quar-
ter. 
SEC. 205. PARTNERSHIP TO BUILD AMERICA. 
(a) AMERICAN INFRASTRUCTURE FUND.— 
(1) AMERICAN INFRASTRUCTURE FUND.— 
(A) IN GENERAL.—There is established a 
wholly owned Government corporation to be 
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called 
the 
American 
Infrastructure 
Fund 
(‘‘AIF’’)— 
(i) which shall be headed by the 
Board of Trustees established under para-
graph (2); 
(ii) which may have separate sub-ac-
counts or subsidiaries for funds used to 
make loans, bond guarantees, and equity 
investments under this subsection and 
funds used to make bond guarantees under 
this subsection; 
(iii) which shall be available to the 
AIF to pay for the costs of carrying out 
this subsection, including the compensation 
of the Board and other employees of the 
AIF; and 
(iv) the funds of which may be in-
vested by the Board in such manner as the 
Board determines appropriate. 
(B) DEPOSITS TO AIF.—All funds received 
from bond issuances, loan payments, bond 
guarantee fees, and any other funds received in 
carrying out this subsection shall be held by 
AIF. 
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(C) LIMITATIONS.—The charter of the 
AIF shall limit its activities to those activities 
described as the mission of the Board under 
paragraph (2)(B). 
(D) OVERSIGHT.—The AIF shall register 
with the Securities and Exchange Commission 
and the Secretary shall report to Congress an-
nually as to whether the AIF is fulfilling the 
mission of the Board under paragraph (2)(B). 
(E) 
TREATMENT
OF
AIF.—Title 
31, 
United States Code, is amended in each of sec-
tions 9107(c)(3) and 9108(d)(2)— 
(i) by inserting ‘‘the American Infra-
structure Fund,’’ after ‘‘the Regional 
Banks for Cooperatives,’’; and 
(ii) by striking ‘‘those banks’’ and in-
serting ‘‘those entities’’. 
(2) BOARD OF TRUSTEES.— 
(A) IN GENERAL.—There is established a 
Board of Trustees of the AIF (the ‘‘Board’’), 
which shall be composed of 11 members, of 
which at least 4 must be risk management ex-
perts, as certified by the Board, having sub-
stantial experience in bond guarantees or mu-
nicipal credit. 
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(B) MISSION.—The Mission of the Board 
is— 
(i) to operate the AIF and its subsidi-
aries to be a low cost provider of bond 
guarantees, loans, and equity investments 
to State and local governments and non- 
profit infrastructure providers for both 
urban and rural non-profit infrastructure 
projects that provide a positive economic 
impact and to meet such other standards 
as the Board may develop; 
(ii) to operate the AIF in a self-sus-
taining manner so as to allow the AIF to 
repay its infrastructure bonds when due; 
(iii) to not have a profit motive, but 
seek at all times to pursue its mission of 
providing low cost bond guarantees and 
loans while covering its costs, reserves as 
may be needed, and applying prudent un-
derwriting standards; 
(iv) to only consider projects put forth 
by State and local governments and not to 
seek projects directly; 
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(v) to at all times make clear that no 
taxpayer money supports the AIF or ever 
will; and 
(vi) to engage in no other activities 
other than those permitted under this sub-
section. 
(C) MEMBERSHIP.— 
(i) 
PRESIDENTIALLY
APPOINTED 
MEMBERS.—Except as provided under 
clause (iii), 4 members of the Board shall 
be appointed by the President, by and with 
the advice and consent of the Senate, and 
serve for a term of 7 years. 
(ii) ADDITIONAL
MEMBERS.—Except 
as provided under clause (iii), 7 members 
of the Board shall be appointed by the cur-
rent members of the Board appointed pur-
suant to this clause or clause (iii)(II), and 
serve for a term of 7 years. 
(iii) INITIAL
MEMBERS.—The Board 
shall initially consist of the following mem-
bers, who shall be appointed not later than 
the end of the 60-day period beginning on 
the date that bonds are issued under para-
graph (5): 
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(I) Four members, appointed by 
the President, by and with the advice 
and consent of the Senate. 
(II) Seven additional members, 
appointed one each by the seven enti-
ties purchasing the largest amount of 
bonds (by aggregate face amount of 
bonds purchased) under paragraph 
(5). 
(iv) STAGGERED TERMS.—The mem-
bers of the Board shall serve staggered 
terms, with 2 each of the initial members 
of the Board serving for terms of 4, 5, 6, 
7, and 8 years, respectively, and the initial 
Chair selected under clause (v) serving for 
9 years. The decision of which Board 
members, other than the Chair, serve for 
which initial terms shall be made by the 
members of the Board drawing lots. 
(v) CHAIR.—The members of the 
Board shall choose 1 member to serve as 
the Chair of the Board for a term of 7 
years, except that the initial Chair shall 
serve for a term of 7 years, as described 
under clause (iv). 
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(vi) VACANCIES.—Any member of the 
Board appointed to fill a vacancy occurring 
before the expiration of the term to which 
that member’s predecessor was appointed 
shall be appointed only for the remainder 
of the term. 
(vii) CONTINUATION
OF
SERVICE.— 
Each member of the Board may continue 
to serve after the expiration of the term of 
office to which that member was appointed 
until a successor has been appointed. 
(viii) CONFLICTS OF INTEREST.—No 
member of the Board may have a financial 
interest in, or be employed by, a Qualified 
Infrastructure Project (‘‘QIP’’) related to 
assistance provided under this subsection 
or any entity that has purchased bonds 
under paragraph (5). Owning municipal 
credit of any State or local government or 
owning the securities of a diversified com-
pany that engages in infrastructure activi-
ties, provided those activities constitute 
less than 20 percent of the company’s reve-
nues, or investing in broadly held invest-
ment funds shall not be deemed to create 
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a conflict of interest. The Board may issue 
regulations to define terms used under this 
clause. 
(D) COMPENSATION.—The members of the 
Board shall be compensated at an amount to be 
set by the Board, but under no circumstances 
may such compensation be higher than the rate 
prescribed for level IV of the Executive Sched-
ule under section 5315 of title 5, United States 
Code. 
(E) STAFF.—The Board shall employ and 
set compensation for such staff as the Board 
determines as is necessary to carry out the ac-
tivities and mission of the AIF, and such staff 
may be paid without regard to the provisions of 
chapter 51 and subchapter III of chapter 53, 
United States Code, relating to classification 
and General Schedule pay rates. 
(F) PROCEDURES.—The Board shall es-
tablish such procedures as are necessary to 
carry out this subsection. 
(G) CORPORATE
GOVERNANCE
STAND-
ARDS.— 
(i) 
BOARD
COMMITTEES
GEN-
ERALLY.—The Board shall maintain all of 
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the committees required to be maintained 
by the board of directors of an issuer listed 
on the New York Stock Exchange as of the 
date of the enactment of this subsection. 
(ii) 
RISK
MANAGEMENT
COM-
MITTEE.—The Board shall maintain a risk 
management committee, which shall— 
(I) consist of 4 members of the 
Board, with the initial 4 members 
consisting of 2 members appointed 
under paragraph (3)(C)(i) and 2 
members appointed under subpara-
graph (C)(iii)(II); 
(II) employ additional staff who 
are certified by the Board as having 
significant and relevant experience in 
insurance underwriting and credit risk 
management; and 
(III) establish the risk manage-
ment policies used by the Board. 
(iii) STANDARDS.—The Board shall, 
to the extent practicable, follow all stand-
ards with respect to corporate governance 
that are required to be followed by the 
board of directors of an issuer listed on the 
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New York Stock Exchange as of the date 
of the enactment of this subsection. 
(3) INFRASTRUCTURE INVESTMENT.— 
(A) IN GENERAL.—The AIF shall provide 
bond guarantees to debt issued by State and 
local governments and non-profit infrastructure 
providers, make loans to States, local govern-
ments, and non-profit infrastructure providers, 
and make equity investments in projects spon-
sored by State and local governments and non- 
profit infrastructure provider to help Qualified 
Infrastructure Projects (‘‘QIPs’’). The AIF 
may not make any loans or provide bond guar-
anties to for-profit entities. 
(B) 
QUALIFIED
INFRASTRUCTURE 
PROJECTS.—A project qualifies as a QIP under 
this subsection if— 
(i) the project involves the construc-
tion, maintenance, improvement, or repair 
of a transportation, energy, water, commu-
nications, or educational facility; and 
(ii) the recipient of bond guarantees, 
loans, equity investments, or any other fi-
nancing technique authorized under this 
Act provides written assurances prescribed 
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by the AIF that the project will be per-
formed in compliance with the require-
ments of all Federal laws that would other-
wise apply to similar projects to which the 
United States is a party. 
(C) APPLICATION FOR ASSISTANCE.— 
(i) IN
GENERAL.—A State or local 
government that wishes to receive a loan or 
bond guarantee under this subsection shall 
submit an application to the Board in such 
form and manner and containing such in-
formation as the Board may require. 
(ii) REQUIREMENT
FOR
NON-PROFIT 
INFRASTRUCTURE
PROVIDERS
TO
APPLY 
THROUGH
STATE
OR
LOCAL
GOVERN-
MENTS.—A non-profit infrastructure pro-
vider may only receive a bond guarantee, 
loan, or equity investment under this sub-
section if the State or local government for 
the jurisdiction in which the non-profit in-
frastructure provider is located submits an 
application pursuant to clause (i) on behalf 
of such non-profit infrastructure provider. 
(D) 
LIMITATIONS
ON
SINGLE
STATE 
AWARDS.— 
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(i) ANNUAL LIMITATION.—The Board 
shall set an annual limit, as a percentage 
of total assistance provided under this sub-
section during a year, on the amount of as-
sistance a single State (including local gov-
ernments and other non-profit infrastruc-
ture providers within such State) may re-
ceive in assistance provided under this sub-
section. 
(ii) CUMULATIVE
LIMITATION.—The 
Board shall set a limit, as a percentage of 
total assistance provided under this sub-
section outstanding at any one time, on the 
amount of assistance a single State (in-
cluding local governments and other non- 
profit infrastructure providers within such 
State) may receive in assistance provided 
under this subsection. 
(E) LOAN SPECIFICATIONS.—Loans made 
under this subsection shall have such maturity 
and carry such interest rate as the Board deter-
mines appropriate. 
(F) BOND GUARANTEE.—The Board shall 
charge such fees for Bond guarantees made 
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under this subsection as the Board determines 
appropriate. 
(G) EQUITY INVESTMENTS.—With respect 
to a QIP, the amount of an equity investment 
made by the AIF in such QIP may not exceed 
20 percent of the total cost of the QIP. 
(H) PUBLIC-PRIVATE
PARTNERSHIP
RE-
QUIREMENTS.—At least 25 percent of the as-
sistance provided under this subsection shall be 
provided to QIPs for which at least 20 percent 
of the financing for such QIPs comes from pri-
vate debt or equity. 
(I) PROHIBITION ON PRINCIPAL FORGIVE-
NESS.—With respect to a loan made under this 
subsection, the Board may not forgive any 
amount of principal on such loan. 
(4) AMERICAN INFRASTRUCTURE BONDS.— 
(A) IN
GENERAL.—The Secretary shall, 
not later than the end of the 90-day period fol-
lowing the date of the enactment of this sub-
section and acting through the AIF, issue 
bonds, to be called ‘‘American Infrastructure 
Bonds’’, the proceeds from which shall be de-
posited into the AIF. 
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(B) FORMS AND DENOMINATIONS; INTER-
EST.—American Infrastructure Bonds shall— 
(i) be in such forms and denomina-
tions as determined by the Secretary, and 
shall have a 50-year maturity; and 
(ii) bear interest of 1 percent. 
(C) NO FULL FAITH AND CREDIT.—Inter-
est and principal payments paid to holders of 
American Infrastructure Bonds shall be paid 
from the AIF, to the extent funds are available, 
and shall not be backed by the full faith and 
credit of the United States. 
(D) AMOUNT OF BONDS.—The aggregate 
face amount of the bonds issued under this 
paragraph shall be $50,000,000,000. 
(E) SALE OF AMERICAN INFRASTRUCTURE 
BONDS.— 
(i) 
COMPETITIVE
BIDDING
PROC-
ESS.—The 
Secretary 
shall 
sell 
the 
$50,000,000,000 of American Infrastruc-
ture Bonds— 
(I) through a competitive bidding 
process that encourages aggressive 
bidding; 
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(II) in a manner so as to ensure 
that there are at least 7 different un- 
affiliated purchasers; and 
(III) with prospective purchasers 
bidding on how low of a multiplier 
they will accept (for purposes of sub-
section (b)(1) of section 966 of the 
Internal Revenue Code of 1986) when 
purchasing the American Infrastruc-
ture Bonds, for purposes of applying 
the foreign earnings exclusion de-
scribed under that section. 
(ii) LIMITATION.—The multiplier de-
scribed under clause (i)(III) may not be 
greater than 6. 
(F) REIMBURSEMENT
OF
COSTS.—The 
Board shall repay the Secretary, from funds in 
the AIF, for the costs to the Secretary in car-
rying out this paragraph. 
(5) ADDITIONAL BONDS.— 
(A) IN GENERAL.—The Board may issue 
such other bonds as the Board determines ap-
propriate, the proceeds from which shall be de-
posited into the AIF. 
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(B) NO FULL FAITH AND CREDIT.—Inter-
est and principal payments paid to holders of 
bonds issued pursuant to subparagraph (A) 
shall be paid from the AIF, to the extent funds 
are available, and shall not be backed by the 
full faith and credit of the United States. 
(6) DEFINITIONS.—For purposes of this sub-
section— 
(A) BOND GUARANTEE.—The term ‘‘bond 
guarantee’’ has the meaning given the term 
‘‘loan guarantee’’ under section 502 of the Fed-
eral Credit Reform Act of 1990 (2 U.S.C. 
661a). 
(B) COST.—With respect to a loan or a 
bond guarantee, the term ‘‘cost’’ has the mean-
ing given such term under section 502 of the 
Federal Credit Reform Act of 1990 (2 U.S.C. 
661a). 
(C) NON-PROFIT
INFRASTRUCTURE
PRO-
VIDER.—The term ‘‘non-profit infrastructure 
provider’’ means a non-profit entity that seeks 
to finance a QIP. 
(D) LOAN.—The term ‘‘loan’’ has the 
meaning given the term ‘‘direct loan’’ under 
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section 502 of the Federal Credit Reform Act 
of 1990 (2 U.S.C. 661a). 
(E) SECRETARY.—The term ‘‘Secretary’’ 
means the Secretary of the Treasury. 
(F) STATE.—The term ‘‘State’’ means 
each of the several States, the District of Co-
lumbia, any territory or possession of the 
United States, and each federally recognized In-
dian tribe. 
(b) FOREIGN EARNINGS EXCLUSION FOR PURCHASE 
OF INFRASTRUCTURE BONDS.— 
(1) IN GENERAL.—Subpart F of part III of 
subchapter N of chapter 1 of the Internal Revenue 
Code of 1986 is amended by adding at the end the 
following new section: 
‘‘SEC. 966. FOREIGN EARNINGS EXCLUSION FOR PURCHASE 
OF INFRASTRUCTURE BONDS. 
‘‘(a) EXCLUSION.—In the case of a corporation which 
is a United States shareholder and for which the election 
under this section is in effect for the taxable year, gross 
income does not include an amount equal to the qualified 
cash dividend amount. 
‘‘(b) QUALIFIED CASH DIVIDEND AMOUNT.—For 
purposes of this section, the term ‘qualified cash dividend 
amount’ means an amount of the cash dividends which 
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are received during a taxable year by such shareholder 
from controlled foreign corporations equal to— 
‘‘(1) the multiplier determined under section 
205(a)(4)(E) of the Emergency Unemployment 
Compensation Extension Act of 2014 for such share-
holder, multiplied by 
‘‘(2) the face amount of qualified infrastructure 
bonds acquired at its original issue (directly or 
through an underwriter) by such shareholder. 
‘‘(c) LIMITATIONS.— 
‘‘(1) IN GENERAL.—The amount of dividends 
taken into account under subsection (a) for a tax-
able year shall not exceed the lesser of— 
‘‘(A) the cash dividends received by the 
taxpayer for such taxable year, or 
‘‘(B) the amount shown on the applicable 
financial statement as earnings permanently re-
invested outside the United States. 
‘‘(2) DIVIDENDS MUST BE EXTRAORDINARY.— 
The amount of dividends taken into account under 
subsection (a) shall not exceed the excess (if any) 
of— 
‘‘(A) the cash dividends received during 
the taxable year by such shareholder from con-
trolled foreign corporations, over 
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‘‘(B) the annual average for the base pe-
riod years of the cash dividends received during 
each base period year by such shareholder from 
controlled foreign corporations. 
‘‘(3) REDUCTION OF BENEFIT IF INCREASE IN 
RELATED PARTY INDEBTEDNESS.—The amount of 
dividends which would (but for this paragraph) be 
taken into account under subsection (a) shall be re-
duced by the excess (if any) of— 
‘‘(A) the amount of indebtedness of the 
controlled foreign corporation to any related 
person (as defined in section 954(d)(3)) as of 
the close of the taxable year for which the elec-
tion under this section is in effect, over 
‘‘(B) the amount of indebtedness of the 
controlled foreign corporation to any related 
person (as so defined) as of the close of the pre-
ceding taxable year. 
All controlled foreign corporations with respect to 
which the taxpayer is a United States shareholder 
shall be treated as 1 controlled foreign corporation 
for purposes of this subsection. The Secretary may 
prescribe such regulations as may be necessary or 
appropriate to prevent the avoidance of the purposes 
of this subsection, including regulations which pro-
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vide that cash dividends shall not be taken into ac-
count under subsection (a) to the extent such divi-
dends are attributable to the direct or indirect trans-
fer (including through the use of intervening entities 
or capital contributions) of cash or other property 
from a related person (as so defined) to a controlled 
foreign corporation. 
‘‘(d) DEFINITIONS AND SPECIAL RULES.—For pur-
poses of this section— 
‘‘(1) QUALIFIED
INFRASTRUCTURE
BONDS.— 
The term ‘qualified infrastructure bond’ means a 
bond issued under section 205(a)(4) of the Emer-
gency Unemployment Compensation Extension Act 
of 2014. 
‘‘(2) APPLICABLE
FINANCIAL
STATEMENT.— 
The term ‘applicable financial statement’ means, 
with respect to a taxable year— 
‘‘(A) with respect to a United States 
shareholder which is required to file a financial 
statement with the Securities and Exchange 
Commission (or which is included in such a 
statement so filed by another person), the most 
recent audited annual financial statement (in-
cluding the notes which form an integral part 
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of such statement) of such shareholder (or 
which includes such shareholder)— 
‘‘(i) which was so filed for such tax-
able year, and 
‘‘(ii) which is certified as being pre-
pared in accordance with generally accept-
ed accounting principles, and 
‘‘(B) with respect to any other United 
States shareholder, the most recent audited fi-
nancial statement (including the notes which 
form an integral part of such statement) of 
such shareholder (or which includes such share-
holder)— 
‘‘(i) which is certified as being pre-
pared in accordance with generally accept-
ed accounting principles, and 
‘‘(ii) which is used for the purposes of 
a statement or report— 
‘‘(I) to creditors, 
‘‘(II) to shareholders, or 
‘‘(III) for any other substantial 
nontax purpose. 
‘‘(3) BASE PERIOD YEARS.— 
‘‘(A) IN GENERAL.—The base period years 
are the 3 taxable years— 
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‘‘(i) which are among the 5 most re-
cent preceding taxable years ending before 
the taxable year, and 
‘‘(ii) which are determined by dis-
regarding— 
‘‘(I) 1 taxable year for which the 
amount 
described 
in 
subsection 
(c)(2)(B) is the largest, and 
‘‘(II) 1 taxable year for which 
such amount is the smallest. 
‘‘(B) SHORTER PERIOD.—If the taxpayer 
has fewer than 5 taxable years ending before 
the taxable year, then in lieu of applying sub-
paragraph (A), the base period years shall in-
clude all the taxable years of the taxpayer end-
ing before such taxable year. 
‘‘(C) MERGERS, ACQUISITIONS, ETC.— 
‘‘(i) IN
GENERAL.—Rules similar to 
the rules of subparagraphs (A) and (B) of 
section 41(f)(3) shall apply for purposes of 
this paragraph. 
‘‘(ii) SPIN-OFFS, ETC.—If there is a 
distribution to which section 355 (or so 
much of section 356 as relates to section 
355) applies during the 5-year period re-
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ferred to in subparagraph (A)(i) and the 
controlled corporation (within the meaning 
of section 355) is a United States share-
holder— 
‘‘(I) the controlled corporation 
shall be treated as being in existence 
during the period that the distributing 
corporation (within the meaning of 
section 355) is in existence, and 
‘‘(II) for purposes of applying 
subsection (c)(2) to the controlled cor-
poration and the distributing corpora-
tion, amounts described in subsection 
(c)(2)(B) which are received or includ-
ible by the distributing corporation or 
controlled corporation (as the case 
may be) before the distribution re-
ferred to in subclause (I) from a con-
trolled foreign corporation shall be al-
located between such corporations in 
proportion to their respective interests 
as United States shareholders of such 
controlled foreign corporation imme-
diately after such distribution. 
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Subclause (II) shall not apply if neither 
the controlled corporation nor the distrib-
uting corporation is a United States share-
holder of such controlled foreign corpora-
tion immediately after such distribution. 
‘‘(4) DIVIDEND.—The term ‘dividend’ shall not 
include amounts includible in gross income as a divi-
dend under section 78, 367, or 1248. In the case of 
a liquidation under section 332 to which section 
367(b) applies, the preceding sentence shall not 
apply to the extent the United States shareholder 
actually receives cash as part of the liquidation. 
‘‘(5) COORDINATION WITH DIVIDEND RECEIVED 
DEDUCTION.—No deduction shall be allowed under 
section 243 or 245 for any dividend which is ex-
cluded from income by subsection (a). 
‘‘(6) CONTROLLED GROUPS.—All United States 
shareholders which are members of an affiliated 
group filing a consolidated return under section 
1501 shall be treated as one United States share-
holder. 
‘‘(7) REPORTING.—The Secretary shall require 
by regulation or other guidance the reporting of 
such information as the Secretary may require to 
carry out this section. 
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‘‘(e) DENIAL OF FOREIGN TAX CREDIT; DENIAL OF 
CERTAIN EXPENSES.— 
‘‘(1) FOREIGN TAX CREDIT.— 
‘‘(A) IN GENERAL.—No credit shall be al-
lowed under section 901 for any taxes paid or 
accrued (or treated as paid or accrued) with re-
spect to the excluded portion of any dividend. 
‘‘(B) DENIAL OF DEDUCTION OF RELATED 
TAX.—No deduction shall be allowed under this 
chapter for any tax for which credit is not al-
lowable by reason of the preceding sentence. 
‘‘(2) EXPENSES.—No deduction shall be al-
lowed for expenses directly allocable to the exclud-
able portion described in paragraph (1). 
‘‘(3) EXCLUDABLE PORTION.—For purposes of 
paragraph (1), unless the taxpayer otherwise speci-
fies, the excludable portion of any dividend or other 
amount is the amount which bears the same ratio to 
the amount of such dividend or other amount as the 
amount excluded from income under subsection (a) 
for the taxable year bears to the amount described 
in subsection (c)(2)(A) for such year. 
‘‘(4) COORDINATION WITH SECTION 78.—Sec-
tion 78 shall not apply to any tax which is not allow-
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