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SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Climate Change Technology Deployment 
in Developing Countries Act of 2005''.

SEC. 2. CLIMATE CHANGE TECHNOLOGY DEPLOYMENT IN DEVELOPING COUNTRIES.

    Title VII of the Global Environmental Protection Assistance Act of 
1989 (Public Law 101-240; 103 Stat. 2521) is amending by adding at the 
end the following:

        ``PART C--TECHNOLOGY DEPLOYMENT IN DEVELOPING COUNTRIES

``SEC. 731. DEFINITIONS.

    ``In this part:
            ``(1) Carbon sequestration.--The term `carbon 
        sequestration' means the capture of carbon dioxide through 
        terrestrial, geological, biological, or other means, which 
        prevents the release of carbon dioxide into the atmosphere.
            ``(2) Greenhouse gas.--The term `greenhouse gas' means 
        carbon dioxide, methane, nitrous oxide, hydrofluorocarbons, 
        perfluorocarbons, and sulfur hexafluoride.
            ``(3) Greenhouse gas intensity.--The term `greenhouse gas 
        intensity' means the ratio of greenhouse gas emissions to 
        economic output.

``SEC. 732. REDUCTION OF GREENHOUSE GAS INTENSITY.

    ``(a) Lead Agency.--
            ``(1) In general.--The Department of State shall act as the 
        lead agency for integrating into United States foreign policy 
        the goal of reducing greenhouse gas intensity in developing 
        countries.
            ``(2) Reports.--
                    ``(A) In general.--Not later than 180 days after 
                the date of enactment of this part and each year 
                thereafter, the Secretary of State shall submit to the 
                appropriate authorizing and appropriating committees of 
                Congress a report on the 25 developing countries that 
                are the top energy users, including for each country a 
                description of--
                            ``(i) the quantity and types of energy 
                        used;
                            ``(ii) the greenhouse gas intensity of the 
                        energy, manufacturing, agricultural, and 
                        transportation sectors;
                            ``(iii) the progress of any projects 
                        undertaken to reduce greenhouse gas intensity;
                            ``(iv) the potential for further projects 
                        to reduce greenhouse gas intensity; and
                            ``(v) obstacles to the further reduction of 
                        greenhouse gas intensity.
                    ``(B) Use.--
                            ``(i) Initial report.--The Secretary of 
                        State shall use the initial report submitted 
                        under subparagraph (A) to establish baselines 
                        for the developing countries with respect to 
                        the information provided under clauses (i) and 
                        (ii) of that subparagraph.
                            ``(ii) Annual reports.--The Secretary of 
                        State shall use the annual reports submitted 
                        under subparagraph (A) to track the progress of 
                        the developing countries with respect to 
                        reducing greenhouse gas intensity.
    ``(b) Projects.--The Secretary of State, in coordination with 
Administrator of the United States Agency for International 
Development, shall (directly or through agreements with the World Bank, 
the International Monetary Fund, the Overseas Private Investment 
Corporation, and other development institutions) provide assistance to 
developing countries specifically for projects to reduce greenhouse gas 
intensity, including projects to--
            ``(1) leverage, through bilateral agreements, funds for 
        reduction of greenhouse gas intensity;
            ``(2) increase private investment in projects and 
        activities to reduce greenhouse gas intensity; and
            ``(3) expedite the deployment of technology to reduce 
        greenhouse gas intensity.
    ``(c) Focus.--In carrying out the projects, the Secretary of State 
shall focus on--
            ``(1) promoting the rule of law, property rights, contract 
        protection, and economic freedom; and
            ``(2) increasing capacity, infrastructure, and training.
    ``(d) Priority.--In carrying out the projects, the Secretary of 
State shall give priority to projects in the 25 developing countries 
identified in the report submitted under subsection (a)(2)(A).

``SEC. 733. TECHNOLOGY INVENTORY FOR DEVELOPING COUNTRIES.

    ``(a) In General.--The Secretary of State, in coordination with the 
Secretary of Energy, shall conduct an inventory of greenhouse gas 
intensity reducing technologies that are developed, or under 
development, to identify technologies that are suitable for transfer 
to, deployment in, and commercialization in the developing countries 
identified in the report submitted under section 732(a)(2)(A).
    ``(b) Report.--Not later than 180 days after the completion of the 
inventory under subsection (a), the Secretary of State and the 
Secretary of Energy shall jointly submit to Congress a report that--
            ``(1) includes the results of the completed inventory; and
            ``(2) identifies obstacles to the deployment of the 
        technologies studied.

``SEC. 734. TRADE-RELATED BARRIERS TO EXPORT OF GREENHOUSE GAS 
              INTENSITY REDUCING TECHNOLOGIES.

    ``Not later than 180 days after the date of enactment of this part, 
the United States Trade Representative shall--
            ``(1) identify trade-related barriers maintained by foreign 
        countries to the export of greenhouse gas intensity reducing 
        technologies and practices from the United States; and
            ``(2) negotiate with the foreign countries for the removal 
        of those barriers.

``SEC. 735. GREENHOUSE GAS INTENSITY REDUCING TECHNOLOGY EXPORT 
              INITIATIVE.

    ``(a) In General.--There is established an interagency working 
group to carry out a Greenhouse Gas Intensity Reducing Technology 
Export Initiative to--
            ``(1) promote the export of greenhouse gas intensity 
        reducing technologies and practices from the United States;
            ``(2) identify developing countries that should be 
        designated as priority countries for the purpose of exporting 
        greenhouse gas intensity reducing technologies and practices, 
        based on the report submitted under section 732(a)(2)(A);
            ``(3) identify potential barriers to adoption of exported 
        greenhouse gas intensity reducing technologies and practices; 
        and
            ``(4) identify previous efforts to export energy 
        technologies to learn best practices.
    ``(b) Composition.--The working group shall be composed of--
            ``(1) the Secretary of State, who shall act as the head of 
        the working group;
            ``(2) the Administrator of the United States Agency for 
        International Development;
            ``(3) the United States Trade Representative;
            ``(4) a designee of the Secretary of Energy; and
            ``(5) a designee of the Secretary of Commerce.
    ``(c) Performance Reviews and Reports.--Not later than 180 days 
after the date of enactment of this part and each year thereafter, the 
interagency working group shall--
            ``(1) conduct a performance review of actions taken and 
        results achieved by the Federal Government (including each of 
        the agencies represented on the interagency working group) to 
        promote the export of greenhouse gas intensity reducing 
        technologies and practices from the United States; and
            ``(2) submit to the appropriate authorizing and 
        appropriating committees of Congress a report that describes 
        the results of the performance reviews and evaluates progress 
        in promoting the export of greenhouse gas intensity reducing 
        technologies and practices from the United States, including 
        any recommendations for increasing the export of the 
        technologies and practices.

``SEC. 736. TECHNOLOGY STRATEGIC PLAN AND DEMONSTRATION PROJECTS.

    ``(a) In General.--The Secretary of State, in coordination with the 
Secretary of Energy and the Administrator of the United States Agency 
for International Development, shall develop a technology strategic 
plan, and carry out demonstration projects, to promote the adoption of 
technologies and practices that reduce greenhouse gas intensity in 
developing countries.
    ``(b) Demonstration Projects.--
            ``(1) In general.--The Secretaries and the Administrator 
        shall plan, coordinate, and carry out demonstration projects 
        under this section in at least 10 eligible countries, as 
        determined by the Secretaries and the Administrator.
            ``(2) Eligibility.--A country shall be eligible for 
        assistance under this subsection if the Secretaries and the 
        Administrator determine that the country has demonstrated a 
        commitment to--
                    ``(A) just and democratic governance, including--
                            ``(i) promoting political pluralism, 
                        equality, and the rule of law;
                            ``(ii) respecting human and civil rights;
                            ``(iii) protecting private property rights;
                            ``(iv) encouraging transparency and 
                        accountability of government; and
                            ``(v) combating corruption; and
                    ``(B) economic freedom, including economic policies 
                that--
                            ``(i) encourage citizens and firms to 
                        participate in global trade and international 
                        capital markets;
                            ``(ii) promote private sector growth and 
                        the sustainable management of natural 
                        resources;
                            ``(iii) strengthen market forces in the 
                        economy; and
                            ``(iv) respect worker rights.
            ``(3) Selection.--In determining which eligible countries 
        to provide funding to under paragraph (1), the Secretaries and 
        the Administrator shall consider--
                    ``(A) the extent to which the country meets or 
                exceeds the eligibility criteria;
                    ``(B) the opportunity to reduce greenhouse gas 
                intensity in the eligible country; and
                    ``(C) the opportunity to generate economic growth 
                in the eligible country.
            ``(4) Types of projects.--Demonstration projects under this 
        section may include--
                    ``(A) coal gasification, coal liquefaction, and 
                clean coal projects;
                    ``(B) carbon sequestration projects;
                    ``(C) cogeneration technology initiatives;
                    ``(D) renewable projects; and
                    ``(E) lower emission transportation.

``SEC. 737. FELLOWSHIP AND EXCHANGE PROGRAMS.

    ``The Secretary of State, in coordination with the Secretary of 
Energy, the Secretary of Commerce, and the Administrator of the 
Environmental Protection Agency, shall carry out fellowship and 
exchange programs under which officials from developing countries visit 
the United States to acquire expertise and knowledge of best practices 
to reduce greenhouse gas intensity in their countries.

``SEC. 738. AUTHORIZATION OF APPROPRIATIONS.

    ``There are authorized to be appropriated such sums as are 
necessary to carry out this part (other than section 736).

``SEC. 739. EFFECTIVE DATE.

    ``Except as otherwise provided in this part, this part takes effect 
on October 1, 2005.

``SEC. 740. TERMINATION OF AUTHORITY.

    ``The authority provided by this part terminates effective December 
31, 2010.''.
Climate Change Technology Deployment in Developing Countries Act of 2005 - Amends the Global Environmental Protection Assistance Act of 1989 to consider the Department of State as the lead agency for integrating into U.S. foreign policy the goal of reducing greenhouse gas intensity in developing countries.

Directs the Secretary of State to: (1) provide assistance to developing countries to reduce greenhouse gas intensity; (2) inventory greenhouse gas intensity reducing technologies and identify appropriate technologies for developing countries; (3) develop a technology strategic plan and carry out demonstration projects in at least ten countries; and (4) carry out fellowship and exchange programs for officials from developing countries to acquire U.S. expertise in greenhouse gas intensity reduction practices.

Directs the U.S. Trade Representative to seek to eliminate foreign trade barriers to the export of U.S. greenhouse gas intensity reducing technologies and practices.

Establishes an interagency working group to carry out a greenhouse gas intensity reducing technology export initiative.

 Terminates programs under this Act as of December 31, 2010.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``National Environmental Policy Act 
Administrative Reorganization Amendments of 1993''.

SEC. 2. ESTABLISHMENT OF OFFICE OF NATIONAL ENVIRONMENTAL POLICY ACT 
              COMPLIANCE.

    Sections 201, 202, and 204 of title II of the National 
Environmental Policy Act of 1969 (42 U.S.C. 4331 et seq.) are 
redesignated and amended to read as follows:
    ``Sec. 201. (a) There is established in the Executive Office of the 
President the Office of National Environmental Policy Act Compliance. 
The Office may be referred to as the `Office of NEPA Compliance'.
    ``(b) The head of the Office shall be the Director of the Office of 
National Environmental Policy Act Compliance, who shall be appointed by 
the President, by and with the advice and consent of the Senate. The 
compensation of the Director shall be at the rate of compensation 
payable to the Deputy Director of the Office of Management and Budget.
    ``Sec. 202. (a) The Director shall--
            ``(1) promulgate regulations governing the implementation 
        of this Act by all Federal agencies (including independent 
        regulatory commissions) which include provisions for public 
        review and comment on the detailed statements required by 
        section 102(2)(C) and, as appropriate, on other documents 
        prepared pursuant to this Act;
            ``(2) mediate interagency disputes, including recommending 
        to the President, as appropriate, resolutions of referrals of 
        interagency disagreements under section 203;
            ``(3) monitor Federal agency implementation of this Act and 
        regulations issued under paragraph (1), including--
                    ``(A) reviewing and approving regulations issued by 
                other Federal agencies to implement this Act;
                    ``(B) determining which Federal agency is the lead 
                agency for purposes of compliance with this Act in 
                cases in which Federal agencies do not agree on which 
                is the lead agency;
                    ``(C) developing alternative procedures for 
                complying with this Act in cases in which emergency 
                circumstances make it necessary for a Federal agency to 
                take an action with significant environmental impact;
                    ``(D) developing alternative procedures for 
                complying with this Act, in cases in which a change in 
                a proposed Federal agency action or new information 
                relating to the environmental impacts of such an action 
                makes it necessary to supplement existing analysis 
                under this Act; and
                    ``(E) developing and publishing guidance to Federal 
                agencies regarding implementation of title I and 
                regulations promulgated under paragraph (1); and
            ``(4) perform such other functions related to environmental 
        laws, policies, and programs as the President may specify.
    ``(b) Nothing in this Act shall be construed to affect, alter, or 
limit the independence of independent regulatory commissions under the 
laws establishing such commissions. The policies, practices, and 
interpretations under this Act and the Environmental Quality 
Improvement Act of 1970 and other laws applicable to, or adopted by, 
such commissions or the Council on Environmental Quality before the 
date of the enactment of the National Environmental Policy Act 
Administrative Reorganization Amendments of 1993 shall continue in 
effect to the extent they are consistent with such independence and 
carry out the purposes of such Acts.
    ``(c)(1) The Director, subject to paragraph (2), shall--
            ``(A) review and appraise the various programs and 
        activities of the Federal Government in light of the policy set 
        forth in title I for the purpose of determining the extent to 
        which such programs and activities are contributing to the 
        achievement of such policy and make recommendations to the 
        President with respect thereto;
            ``(B) coordinate or facilitate the development of 
        recommendations to the President regarding national policies to 
        foster and promote the improvement of environmental quality to 
        meet the conservation, social, economic, health, and other 
        requirements and goals of the Nation; and
            ``(C) coordinate or facilitate the development of such 
        studies, reports thereon, and recommendations with respect to 
        matters of policy and legislation, as the President may 
        request.
    ``(2) The President may transfer to another official in the 
Executive Office of the President, by Executive order, any function of 
the Director under this subsection.
    ``(d)(1) The Director, subject to paragraph (2), shall--
            ``(A) assist Federal agencies and departments in appraising 
        the effectiveness of existing and proposed facilities, 
        programs, policies, and activities of the Federal Government, 
        and those specific major projects designated by the President 
        which do not require individual project authorization by the 
        Congress, which affect environmental quality; and
            ``(B) assist in coordinating among Federal departments and 
        agencies those programs and activities which affect, protect, 
        and improve environmental quality.
    ``(2) The President may transfer to another official in the 
Executive Office of the President or to the head of any Federal agency, 
by Executive order, any function of the Director under this subsection.
    ``(e) The Director shall keep the appropriate Committees of the 
Senate and the House of Representatives informed of the actions, 
regulations, policies, and practices of the Office in carrying out the 
functions and other requirements of the Director and the Office under 
this Act (other than functions of the Director transferred in 
accordance with subsection (c)(2) or (d)(2)).
    ``Sec. 203. Referrals of interagency disagreements by the head of 
any Federal agency concerning proposed major Federal actions 
significantly affecting the quality of the human environment under 
section 102(2)(C) or concerning matters under section 309(b) of the 
Clean Air Act shall be made to the Office for mediation and, as 
appropriate, resolution by the President.''.

SEC. 3. TECHNICAL AND CONFORMING AMENDMENTS TO NEPA.

    Sections 203, 205, 207, and 208 of the National Environmental 
Policy Act of 1969, as in effect on the date of enactment of this Act, 
are redesignated in order as sections 204, 205, 206, and 207, 
respectively; such sections are each amended by striking ``Council'' 
and inserting ``Office'' each place it appears; and section 206 of such 
Act, as in effect on the day before the date of the enactment of this 
Act, is repealed.

SEC. 4. TECHNICAL AND CONFORMING AMENDMENTS TO THE ENVIRONMENTAL 
              QUALITY IMPROVEMENT ACT OF 1970.

    The Environmental Quality Improvement Act of 1970 (42 U.S.C. 4372 
et seq.) is amended--
            (1) in section 202(c) by--
                    (A) striking ``The purposes'' and all that follows 
                through ``(1) to'' and inserting ``the purpose of this 
                title is to''; and
                    (B) striking ``; and'' and all that follows through 
                the end of the section and inserting a period;
            (2) in section 203, by striking subsections (a) through (d) 
        and the designation for subsection (e);
            (3) by striking sections 204 and 205;
            (4) in section 206(a), by striking ``Office of 
        Environmental Quality Management Fund'' and inserting ``Office 
        of National Environmental Policy Act Compliance Management 
        Fund'';
            (5) by redesignating section 206 as section 204; and
            (6) by adding at the end the following:

                             ``definitions

    ``Sec. 205. In this title, each of the terms `Director' and 
`Office' has the meaning given that term in section 3 of the National 
Environmental Policy Act of 1969.''.

SEC. 5. ASSISTANCE FOR OFFICE OF NATIONAL ENVIRONMENTAL POLICY ACT 
              COMPLIANCE.

    The National Environmental Policy Act of 1969 (as amended by 
section 3) is amended by inserting after section 207 the following:
    ``Sec. 208. To assist in the timely performance of the functions of 
the Office, the Director may utilize personnel or otherwise obtain 
assistance from other entities in the Executive Office of the President 
or other Federal agencies, by mutual consent with the heads of those 
entities or agencies, to assist the Director in performing the 
functions of the Office.''.

SEC. 6. AUTHORIZATION OF APPROPRIATIONS.

    Section 209 of the National Environmental Policy Act of 1969 is 
amended to read as follows:
    ``Sec. 209. (a) There are authorized to be appropriated to the 
Director to carry out the functions of the Director under this or any 
other Act--
            ``(1) $1,000,000 for fiscal year 1994;
            ``(2) $1,100,000 for fiscal year 1995;
            ``(3) $1,200,000 for fiscal year 1996; and
            ``(4) $1,400,000 for fiscal year 1997.
    ``(b) Amounts appropriated to, or available for the use of, the 
Office or the Director shall remain available until expended.''.

SEC. 7. DEFINITIONS.

    The National Environmental Policy Act of 1969 is amended by 
inserting after section 2 (42 U.S.C. 4321) the following:
    ``Sec. 3. In this Act:
            ``(1) The term `Director' means the Director of the Office 
        of National Environmental Policy Act Compliance appointed under 
        section 201(b).
            ``(2) The term `Fund' means the Office of National 
        Environmental Policy Act Compliance Management Fund established 
        by section 204 of the Environmental Quality Improvement Act of 
        1970.
            ``(3) The term `Office' means the Office of National 
        Environmental Policy Act Compliance established by section 
        201(a).''.

SEC. 8. TRANSFER OF FUNCTIONS TO SECRETARY OF THE ENVIRONMENT.

    (a) Transfers.--There are transferred to the Secretary of the 
Environment--
            (1) the functions of the Council on Environmental Quality 
        under paragraphs (2), (5), (6), and (7) of section 204 of the 
        National Environmental Policy Act of 1969, as in effect on the 
        day before the date of the enactment of this Act; and
            (2) the functions of the Chairman of the Council on 
        Environmental Quality (as Director of the Office of 
        Environmental Quality) under paragraphs (3), (4), (6), and (7) 
        of section 203(d) of the Environmental Quality Improvement Act 
        of 1970, as in effect on the day before the date of the 
        enactment of this Act.
    (b) Construction.--The functions transferred to the Secretary of 
the Environment by this section or pursuant to any executive order 
issued pursuant to amendments made by this Act shall not be construed 
by anyone to affect, alter, change, or amend any other law or 
regulation administered by the Secretary or his or her delegate.
    (c) Accountability.--The Secretary of the Environment shall be 
accountable to the appropriate committees of the Senate and House of 
Representatives for all functions described in subsection (b).
    (d) Authorization of Appropriations.--There is authorized to be 
appropriated to the Secretary such sums as may be necessary 
specifically to carry out the functions described in subsection (b) 
effectively and in a timely manner.

SEC. 9. TERMINATION OF COUNCIL ON ENVIRONMENTAL QUALITY AND OFFICE OF 
              ENVIRONMENTAL QUALITY.

    (a) Termination.--The Council on Environmental Quality and the 
Office of Environmental Quality are terminated.
    (b) References.--Reference to the Council on Environmental Quality, 
the Office of Environmental Quality, or any officer or employee of that 
council or that office in any other Federal law, Executive order, rule, 
regulation, or delegation of authority, or in any document of or 
relating to the Council on Environmental Quality--
            (1) with respect to functions that were vested in that 
        council or office on the day before the date of the enactment 
        of this Act and are vested in the Director of the Office of 
        National Environmental Policy Act Compliance Office by section 
        202 of the National Environmental Policy Act of 1969, as 
        amended by section 2 of this Act, is deemed to refer to the 
        Director of the Office of National Environmental Policy Act 
        Compliance or to such other official to whom such a function is 
        transferred in accordance with section 202(c)(2) or (d)(2) of 
        that Act, as appropriate; or
            (2) with regard to disputes, disagreements, and matters 
        described in sections 202(a)(2) and 203 of that Act, as amended 
        by section 2 of this Act, is deemed to refer to the Director of 
        the Office of National Environmental Policy Act Compliance or 
        to that office, as appropriate.
    (c) Savings Provisions.--
            (1) Continuation of orders, etc.--All orders, 
        determinations, rules, regulations, agreements, grants, 
        contracts, privileges, and other administrative actions--
                    (A) which have been issued, made, granted, or 
                allowed to become effective by the President, the 
                Council on Environmental Quality, or the Office of 
                Environmental Quality, in the performance of functions 
                of the Council on Environmental Quality or the Office 
                of Environmental Quality, or by a court of competent 
                jurisdiction with respect to those functions, and
                    (B) which are in effect on the date of the 
                enactment of this Act, or were final before that date 
                of enactment and are to become effective on or after 
                that date of enactment,
        shall continue in effect according to their terms until 
        modified, terminated, superseded, set aside, or revoked in 
        accordance with law by the President, the Director of the 
        Office of National Environmental Policy Act Compliance, any 
        other authorized official, a court of competent jurisdiction, 
        or operation of law.
            (2) Continuation of proceedings and applications.--The 
        provisions of this Act shall not affect any proceedings pending 
        before the Council on Environmental Quality on the date of the 
        enactment of this Act, but such proceedings shall be continued. 
        Orders shall be issued in such proceedings, appeals shall be 
        taken therefrom, and payments shall be made pursuant to such 
        orders, as if this Act had not been enacted, and orders issued 
        in any such proceedings shall continue in effect until 
        modified, terminated, superseded, or revoked by a duly 
        authorized official, by a court of competent jurisdiction, or 
        by operation of law. Nothing in this paragraph shall be 
        considered to prohibit the discontinuance or modification of 
        any such proceeding under the same terms and conditions and to 
        the same extent that such proceeding could have been 
        discontinued or modified if this Act had not been enacted.
            (3) Suits not affected.--The provisions of this section 
        shall not affect suits commenced before the date of the 
        enactment of this Act, and in all such suits, proceedings shall 
        be had, appeals taken, and judgments rendered in the same 
        manner and with the same effect as if this Act had not been 
        enacted.
            (4) Suits involving council or office.--No suit, action, or 
        other proceeding commenced by or against the Council on 
        Environmental Quality or the Office of Environmental Quality, 
        or by or against any individual in the official capacity of 
        such individual as an officer or employee of the Council or 
        that Office, shall abate by reason of the enactment of this 
        Act.
            (5) Rulemaking.--Any administrative action relating to the 
        preparation or promulgation of a regulation by the Council on 
        Environmental Quality shall be continued by the Director of the 
        Office of National Environmental Policy Act Compliance or the 
        President with the same effect as if this Act had not been 
        enacted.
            (6) Assets and interests.--The contracts, liabilities, 
        records, property, and other assets and interests of the 
        Council on Environmental Quality and the Office of 
        Environmental Quality shall, on and after the date of the 
        enactment of this Act, be considered to be the contracts, 
        liabilities, records, property, and other assets and interests 
        of the Office of National Environmental Policy Act Compliance.
    (d) Continuing Availability of Amounts.--Amounts available to the 
Council on Environmental Quality on the date of the enactment of this 
Act shall be available for use by the Director of the Office of 
National Environmental Policy Act Compliance.

SEC. 10. TECHNICAL AND CONFORMING AMENDMENTS.

    The National Environmental Policy Act of 1969 (42 U.S.C. 4321 et 
seq.) is amended--
            (1) in section 2 (42 U.S.C. 4321)--
                    (A) by inserting ``and'' after ``man;''; and
                    (B) by striking ``Nation;'' and all that follows 
                through the end of the section and inserting 
                ``Nation.'';
            (2) by striking ``Council on Environmental Quality'' each 
        place that term appears and inserting ``Director'';
            (3) in section 102(2)(B) (42 U.S.C. 4332(2)(B)) by striking 
        ``established by title II of this Act'';
            (4) in section 102(2)(G) (42 U.S.C. 4332(2)(G)) by 
        inserting ``and'' after the semicolon;
            (5) in section 102(2)(H) (42 U.S.C. 4332(2)(H)) by striking 
        ``; and'' and inserting a period;
            (6) by striking section 102(2)(I) (42 U.S.C. 4332(2)(I));
            (7) in section 205(1) (42 U.S.C. 4345(1)) by striking ``the 
        Citizen's'' and all that follows through ``and with''; and
            (8) in section 205(2) (42 U.S.C. 4345(2)) by striking ``the 
        Council's'' and inserting ``the Office's''.

                                 

HR 3484 IH----2
National Environmental Policy Act Administrative Reorganization Amendments of 1993 - Amends the National Environmental Policy Act of 1969 (the Act) to replace provisions regarding the Council on Environmental Quality with those establishing an Office of National Environmental Policy (NEPA) Compliance in the Executive Office of the President.  Requires the Office to be headed by a Director appointed by the President. 
Requires the Director to:  (1) promulgate regulations governing the implementation of the Act by all Federal agencies; (2) mediate interagency disputes; (3) monitor Federal agency implementation of the Act and regulations; and (4) perform other functions related to environmental laws, policies, and programs as specified by the President. 
Amends the Environmental Quality Improvement Act of 1970 to remove provisions regarding the Office of Environmental Quality. 
Authorizes appropriations for the Office of NEPA Compliance. 
Transfers certain duties of the Council, including making an annual report on the state of the environment, to the Secretary of the Environment.  Authorizes appropriations. 
Terminates the Council and the Office of Environmental Quality and transfers functions to the Office of NEPA Compliance.  Makes existing Council funds available for the Director.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Entrepreneurial Equity Capital 
Formation Act''.

TITLE I--TAX-FREE CONVERSIONS OF SPECIALIZED SMALL BUSINESS INVESTMENT 
                   COMPANIES INTO PASS-THRU ENTITIES

SEC. 101. MODIFICATIONS TO PROVISIONS RELATING TO REGULATED INVESTMENT 
              COMPANIES.

    (a) In General.--Section 851 of the Internal Revenue Code of 1986 
(relating to definition of regulated investment company) is amended by 
adding at the end the following new subsection:
    ``(i) Special Rules for Specialized Small Business Investment 
Companies.--
            ``(1) In general.--For purposes of determining whether a 
        specialized small business investment company is a regulated 
        investment company for purposes of this subchapter--
                    ``(A) income derived in connection with activities 
                as a specialized small business investment company 
                (including compensation for services rendered in 
                connection with investments made as part of such 
                activities) shall be treated as qualifying income under 
                subsection (b)(2),
                    ``(B) subsection (b)(3) shall not apply, and
                    ``(C) the requirements of subsection (b)(4) shall 
                be treated as met if, at the close of each quarter of 
                the taxable year, at least 50 percent of the value of 
                its total assets is represented by--
                            ``(i) assets described in subsection 
                        (b)(4)(A)(i), and
                            ``(ii) other investments permitted under 
                        the Small Business Investment Act of 1958.
            ``(2) Waiver of distribution requirement; certain earnings 
        and profits disregarded.--In the case of a specialized small 
        business investment company--
                    ``(A) section 852(a)(1) and section 4982(a) shall 
                not apply, and
                    ``(B) earning and profits accumulated while the 
                company is a specialized small business investment 
                company shall be disregarded for purposes of section 
                852(a)(2).
            ``(3) Specialized small business investment company.--For 
        purposes of this subsection, the term `specialized small 
        business investment company' means any corporation which--
                    ``(A) as of September 30, 1996, held a license to 
                operate under section 301(d) of the Small Business 
                Investment Act of 1958, or
                    ``(B) holds a license from the Small Business 
                Administration, issued after such date, to operate as a 
                specialized small business investment company.''
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 1996.

SEC. 102. TAX-FREE REORGANIZATION OF SPECIALIZED SMALL BUSINESS 
              INVESTMENT COMPANY AS A PARTNERSHIP.

    (a) In General.--If, during the 180-day period beginning on the 
date of the enactment of this Act, a corporation which is a specialized 
small business investment company transfers substantially all of its 
assets to a partnership (including its license to operate as a 
specialized small business investment company) solely in exchange for 
partnership interests in such partnership, no gain or loss shall be 
recognized to the corporation on such a transfer if--
            (1) immediately after such exchange, such corporation holds 
        partnership interests in such partnership having a value equal 
        to at least 80 percent of the total value of all partnership 
        interests in such partnership, and
            (2) before the close of such period, such corporation 
        transfers all partnership interests held by the corporation in 
        such partnership, and all remaining assets of the corporation, 
        to its shareholders in the complete liquidation of such 
        corporation.
If, prior to the date of enactment of this Act or at any time before 
the close of the 120-day period beginning on such date, a corporation 
files an application with the Small Business Administration for 
approval of a transfer described in the preceding sentence, the 180-day 
period referred to in the preceding sentence shall not expire before 
the date which is 180 days after the date such Administration grants 
preliminary approval of such transfer.
    (b) Nonrecognition of Gain or Loss to Corporation on Distribution 
of Partnership Interests.--In the case of any distribution of a 
partnership interest acquired by the liquidating corporation in an 
exchange to which subsection (a) applies--
            (1) no gain or loss shall be recognized to the liquidating 
        corporation by reason of such distribution, and
            (2) such distribution shall not be treated as a sale or 
        exchange for purposes of section 708(b)(1)(B) of the Internal 
        Revenue Code of 1986.
    (c) Gain Recognized by Shareholders on Receipt of Property Other 
Than Partnership Interests.--
            (1) In general.--No gain or loss shall be recognized to a 
        shareholder of a corporation on the transfer of such 
        shareholder's stock in such corporation to such corporation 
        solely in exchange for a partnership interest in the 
        partnership referred to in subsection (a)(1).
            (2) Receipt of property.--If paragraph (1) would apply to 
        an exchange but for the fact that there is received, in 
        addition to the partnership interests permitted to be received 
        under paragraph (1), other property or money, then--
                    (A) gain (if any) to such recipient shall be 
                recognized, but not in excess of--
                            (i) the amount of money received, plus
                            (ii) the fair market value of such other 
                        property received, and
                    (B) no loss to such recipient shall be recognized.
    (d) Basis.--The basis of property received in any exchange to which 
this section applies shall be determined in accordance with rules 
similar to the rules of section 358 of the Internal Revenue Code of 
1986.
    (e) Imposition of Tax in Certain Cases.--If, at any time during the 
3-year period beginning on the date of the transfer referred to in 
subsection (a) to a partnership, such partnership ceases its investment 
activities or ceases to have at least 75 percent of the value of its 
assets (at cost) represented by investments permitted for specialized 
small business investment companies under the Small Business Investment 
Act of 1958, there is hereby imposed a tax on the income of such 
partnership equal to the aggregate amount of tax which would have been 
imposed under chapter 1 of the Internal Revenue Code of 1986 but for 
subsections (a) and (b). Any tax imposed by this subsection shall be 
treated for purposes of such Code as a tax imposed by chapter 1.
    (f) Specialized Small Business Investment Company.--For purposes of 
this section, the term ``specialized small business investment 
company'' has the meaning given such term by section 1202(k) of the 
Internal Revenue Code of 1986 (as added by this Act).

  TITLE II--ADDITIONAL INCENTIVES RELATED TO INVESTING IN SPECIALIZED 
                  SMALL BUSINESS INVESTMENT COMPANIES

SEC. 201. EXPANSION OF NONRECOGNITION TREATMENT FOR SECURITIES GAIN 
              ROLLED OVER INTO SPECIALIZED SMALL BUSINESS INVESTMENT 
              COMPANIES.

    (a) Extension of Rollover Period.--Paragraph (1) of section 1044(a) 
of the Internal Revenue Code of 1986 (relating to nonrecognition of 
gain) is amended by striking ``60-day period'' and inserting ``180-day 
period''.
    (b) Increase of Maximum Exclusion.--
            (1) In general.--Paragraphs (1) and (2) of section 1044(b) 
        of such Code (relating to limitations) are amended to read as 
        follows:
            ``(1) Limitation on individuals.--In the case of an 
        individual, the amount of gain which may be excluded under 
        subsection (a) for any taxable year shall not exceed--
                    ``(A) $750,000, reduced by
                    ``(B) the amount of gain excluded under subsection 
                (a) for all preceding taxable years.
            ``(2) Limitation on C corporations.--In the case of a C 
        corporation, the amount of gain which may be excluded under 
        subsection (a) for any taxable year shall not exceed--
                    ``(A) $2,000,000, reduced by
                    ``(B) the amount of gain excluded under subsection 
                (a) for all preceding taxable years.''
            (2) Conforming amendment.--Subparagraph (A) of section 
        1044(b)(3) of such Code (relating to special rules for married 
        individuals) is amended to read as follows:
                    ``(A) Separate returns.--In the case of a separate 
                return by a married individual, paragraph (1) shall be 
                applied by substituting `$375,000' for `$750,000'.''
    (c) Extension to Preferred Stock.--Paragraph (1) of section 1044(a) 
of such Code is amended by striking ``common''.
    (d) Definition of Specialized Small Business Investment Company.--
Paragraph (3) of section 1044(c) of such Code (relating to definitions 
and special rules) is amended to read as follows:
            ``(3) Specialized small business investment company.--The 
        term `specialized small business investment company' means any 
        partnership or corporation which--
                    ``(A) as of September 30, 1996, is licensed by the 
                Small Business Administration under section 301(d) of 
                the Small Business Investment Act of 1958, or
                    ``(B) holds a license from the Small Business 
                Administration, issued after such date, to operate as a 
                specialized small business investment company.''
    (e) Effective Date.--The amendments made by this section shall 
apply to sales occurring after the date of the enactment of this Act.

SEC. 202. MODIFICATIONS TO EXCLUSION FOR GAIN FROM QUALIFIED SMALL 
              BUSINESS STOCK.

    (a) In General.--Section 1202 of the Internal Revenue Code of 1986 
(relating to 50-percent exclusion for gain from certain small business 
stock) is amended by redesignating subsection (k) as subsection (l) and 
by inserting after subsection (j) the following new subsection:
    ``(k) Special Rules for Specialized Small Business Investment 
Companies.--
            ``(1) Increase in exclusion; corporate investors 
        eligible.--In the case of--
                    ``(A) the sale or exchange of stock in a 
                specialized small business investment company, and
                    ``(B) any amount treated under subsection (g) or 
                paragraph (2) of this subsection as gain described in 
                subsection (a) by reason of the holding, sale, or 
                exchange of an interest in a specialized small business 
                investment company,
        subsection (a) shall be applied by substituting `60 percent' 
        for `50 percent' and, in the case of interests acquired after 
        the date of the enactment of this subsection, without being 
        limited to taxpayers other than corporations.
            ``(2) Exclusion allowable for certain gain on sale or 
        exchange of interests in certain specialized small business 
        investment companies.--
                    ``(A) In general.--If any interest in a specialized 
                small business investment company which is a pass-thru 
                entity (as defined in subsection (g)(4)) is sold or 
                exchanged, gain on such sale or exchange shall be 
                treated as gain described in subsection (a) to the 
                extent attributable to unrealized small business stock 
                gain.
                    ``(B) Unrealized small business stock gain.--For 
                purposes of subparagraph (A), the term `unrealized 
                small business stock gain' means the amount which would 
                be eligible gain if the qualified small business stock 
                held by such company had been sold at the time of the 
                sale of the interest referred to in subparagraph (A).
                    ``(C) Certain rules to apply.--Rules similar to the 
                rules of paragraphs (2)(B) and (3) of subsection (g) 
                shall apply for purposes of this subsection.
            ``(3) Application of active business requirement to stock 
        held by specialized small business investment companies.--For 
        purposes of determining whether stock held by a specialized 
        small business investment company is qualified small business 
        stock, subsection (e) shall be applied by treating as a 
        qualified trade or business any trade or business in which such 
        company is permitted to invest under the Small Business 
        Investment Act of 1958.
            ``(4) Specialized small business investment company.--For 
        purposes of this subsection, the term `specialized small 
        business investment company' means any partnership or 
        corporation which--
                    ``(A) as of September 30, 1996, is licensed by the 
                Small Business Administration under section 301(d) of 
                the Small Business Investment Act of 1958, or
                    ``(B) holds a license from the Small Business 
                Administration, issued after such date, to operate as a 
                specialized small business investment company.''
    (b) Definition of Specialized Small Business Investment Company for 
Purposes of Waiver of Active Business Requirement.--Subparagraph (B) of 
section 1202(c)(2) of such Code is amended to read as follows:
                    ``(B) Special rule for specialized small business 
                investment companies.--Notwithstanding any provision of 
                subsection (e), a corporation shall be treated as 
                meeting the active business requirements of such 
                subsection for any period during which such corporation 
                qualifies as a specialized small business investment 
                company (as defined in subsection (k)(4)).''
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1996.

TABLE OF CONTENTS: 
     Title I:  Tax-Free Conversions of Specialized Small Business 
          Investment Companies Into Pass-Thru Entities 
     Title II:  Additional Incentives Related to Investing in 
          Specialized Small Business Investment Companies 
Entrepreneurial Equity Capital Formation Act - 
Title I:  Tax-Free Conversions of Specialized Small Business Investment Companies Into Pass-Thru Entities
 - Amends the Internal Revenue Code to set forth special rules for determining whether a specialized small business investment company is a regulated investment company, to define such a company, to waive the distribution requirement for such a company, and to disregard certain earnings and profits of such a company. 
Permits the tax-free reorganization of a specialized small investment company as a partnership if the reorganization is carried out within a specified time period following enactment and other specified conditions are met. 
Title II:  Additional Incentives Related to Investing in Specialized Small Business Investment Companies
 - Sets forth additional tax incentives for investing in specialized small business investment companies.