TASK DEFINITION: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
PROBLEM: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Civil Asset Forfeiture Reform Act''.

SEC. 2. LIMITATION OF CUSTOMS AND TAX EXEMPTION UNDER THE TORT CLAIMS 
              PROCEDURES.

    Section 2680(c) of title 28, United States Code, is amended by 
striking ``law-enforcement officer'' and inserting ``law enforcement 
officer, except that this chapter and section 1346(b) shall apply to a 
claim based on the negligent destruction, injury, or loss of goods or 
merchandise (including real property) while in the possession of an 
officer of customs or excise or any other law enforcement officer''.

SEC. 3. LONGER PERIOD FOR FILING CLAIMS IN CERTAIN IN REM PROCEEDINGS.

    Rule C(6) of the Supplemental Rules for Certain Admiralty and 
Maritime Claims to the Federal Rules of Civil Procedures (28 U.S.C. 
App.) is amended by striking ``10 days'' and inserting ``60 days''.

SEC. 4. CLAIM AFTER SEIZURE.

    Section 608 of the Tariff Act of 1930 (19 U.S.C. 1608) is amended 
to read as follows:

``SEC. 608. SEIZURE; CLAIMS; REPRESENTATION.

    ``(a) In General.--
            ``(1) Filing of claim.--At any time within 60 days after 
        the date on which a notice of seizure is first published, a 
        person who claims a vessel, vehicle, aircraft, merchandise, or 
        baggage seized under a law described in section 605 may file 
        with the appropriate customs officer a claim stating the 
        person's interest in the property.
            ``(2) Condemnation.--On filing of a claim under paragraph 
        (1), the customs officer shall transmit the claim, with a 
        duplicate list and description of the articles seized, to the 
        United States attorney for the district in which the seizure 
        was made, who shall proceed to a condemnation of the 
        merchandise or other property in the manner prescribed by law.
    ``(b) Court-Appointed Counsel.--
            ``(1) In general.--If a person filing a claim under 
        subsection (a), or a claim regarding property seized under 
        another law that incorporates by reference the seizure, 
        forfeiture, and condemnation procedures of the customs laws, is 
        financially unable to obtain representation of counsel, the 
        court may appoint appropriate counsel to represent the person 
        with respect to the claim.
            ``(2) Compensation.--(A) The court shall set the 
        compensation for counsel appointed under paragraph (1) in an 
        amount that is equivalent to that provided for counsel 
        appointed under section 3006A of title 18, United States Code.
            ``(B) Compensation of counsel appointed under paragraph (1) 
        shall be paid from the Justice Assets Forfeiture Fund 
        established under section 524 of title 28, United States 
        Code.''.

SEC. 5. BURDEN OF PROOF IN FORFEITURE PROCEEDINGS.

    Section 615 of the Tariff Act of 1930 (19 U.S.C. 1615) is amended 
to read as follows:

``SEC. 615. BURDEN OF PROOF IN FORFEITURE PROCEEDINGS.

    ``(a) In General.--In a suit or action described in subsection (b), 
the burden of proof is on the Government to establish by clear and 
convincing evidence that the property is subject to forfeiture.
    ``(b) Suits and Actions Described.--A suit or action is described 
in this subsection if it is--
            ``(1) a suit or action (other than a suit or action arising 
        under section 592) brought for the forfeiture of a vessel, 
        vehicle, aircraft, merchandise, or baggage seized under any law 
        relating to the collection of duties on imports or tonnage; or
            ``(2) a suit or action brought for the recovery of the 
        value of any vessel, vehicle, aircraft, merchandise, or 
        baggage, because of a violation of that law.''.

SEC. 6. RELEASE OF SEIZED PROPERTY FOR SUBSTANTIAL HARDSHIP.

    Section 614 of the Tariff Act of 1930 (19 U.S.C. 1614) is amended--
            (1) by inserting ``(a) Release Upon Payment.--'' before 
        ``If''; and
            (2) by adding at the end the following new subsection:
    ``(b) Release of Seized Property for Substantial Hardship.--
            ``(1) Request for release.--(A) A claimant is entitled to 
        immediate release of seized property if continued possession by 
        the Government would cause the claimant substantial hardship.
            ``(B) A claimant seeking release of property under this 
        subsection shall--
                    ``(i) request possession of the property from the 
                appropriate customs officer; and
                    ``(ii) state in the request the basis for such 
                release.
            ``(2) Civil action.--(A) If, within 10 days after the date 
        on which a request is made under paragraph (1), the subject 
        property has not been released, the claimant may file a 
        complaint in any district court that would have jurisdiction 
        over forfeiture proceedings relating to the property.
            ``(B) A complaint under subparagraph (B) shall state--
                    ``(i) the nature of the claim to the seized 
                property;
                    ``(ii) the reason why the continued possession by 
                the United States Government pending the final 
                disposition of forfeiture proceedings will cause 
                substantial hardship to the claimant; and
                    ``(iii) the steps that the claimant has taken to 
                secure release of the property from the appropriate 
                customs officer.
            ``(3) Return of property.--If a complaint is filed under 
        paragraph (2), the district court shall order that the property 
        be returned to the claimant, pending completion of proceedings 
        by the United States Government to obtain forfeiture of the 
        property, if the claimant shows that--
                    ``(A) the claimant is likely to demonstrate a 
                possessory interest in the seized property; and
                    ``(B) continued possession by the United States 
                Government of the seized property is likely to cause 
                substantial hardship to the claimant.
            ``(4) Conditions.--The court may place such conditions on 
        release of the property as the court finds are appropriate to 
        preserve the availability of the property or its equivalent for 
        forfeiture.
            ``(5) Time for decision.--The district court shall render a 
        decision on a complaint filed under paragraph (2) no later than 
        30 days after the date of the filing, unless such 30-day 
        limitation is extended by consent of the parties or by the 
        court for good cause shown.''.

SEC. 7. JUSTICE ASSETS FORFEITURE FUND.

    Section 524(c) of title 28, United States Code, is amended--
            (1) in paragraph (1)--
                    (A) in the matter preceding subparagraph (A) by 
                striking ``law enforcement'';
                    (B) by redesignating subparagraphs (H) and (I) as 
                subparagraphs (I) and (J), respectively; and
                    (C) by inserting after subparagraph (G) the 
                following new subparagraph:
            ``(H) payment of court-awarded compensation for 
        representation of claimants pursuant to section 608(b) of the 
        Tariff Act of 1930;''; and
            (2) in paragraph (9)(A), by striking ``(H)'' and inserting 
        ``(I)''.

SEC. 8. CLARIFICATION REGARDING FORFEITURES UNDER THE CONTROLLED 
              SUBSTANCES ACT.

    Section 511(a)(7) of the Controlled Substances Act (21 U.S.C. 
881(a)(7)) is amended by striking ``without the knowledge or consent of 
that owner'' and inserting ``either without the knowledge of that owner 
or without the consent of that owner''.

SEC. 9. APPLICABILITY.

    The amendments made by this Act apply with respect to claims filed 
under section 608 of the Tariff Act of 1930 and suits and actions filed 
under section 615 of that Act on or after the date of enactment of this 
Act.

SOLUTION: Civil Asset Forfeiture Reform Act - Amends the Federal judicial code to exclude from the customs and tax exemption under tort claims procedures a claim based on the negligent destruction, injury, or loss of goods or merchandise (including real property) while in the possession of a customs or other law enforcement officer. 
Extends the period for filing claims in certain in rem proceedings. 
Amends the Tariff Act of 1930 to provide that:  (1) in all suits or actions brought for the forfeiture of any vessel, vehicle, aircraft, merchandise, or baggage seized under the provisions of any law relating to the collection of duties on imports or tonnage, with exceptions, and for the recovery of the value of any forfeited property because of violation of any such law, the burden of proof is on the Government to establish by clear and convincing evidence that the property was subject to forfeiture; (2) any person claiming such property may at any time within 60 days from the date of the first publication of the notice of seizure file a claim with the appropriate customs officer, who shall transmit such claim to the U.S. attorney for the district in which seizure was made; and (3) if the person filing such claim (or a claim regarding seized property under any other provision of law that incorporates by reference the seizure, forfeiture, and condemnation procedures of the customs laws) is financially unable to obtain representation, the court may appoint counsel, subject to specified requirements. 
Specifies that a claimant is entitled to immediate release of seized property if continued possession by the Government would cause the claimant substantial hardship.  Sets forth procedures regarding the request for release, return of property, and time for decision by the court on a complaint for such return. 
Makes sums in the Department of Justice Assets Forfeiture Fund available for the payment of court-awarded compensation for representation of claimants under the Tariff Act, with respect to seizure claims by individuals financially unable to obtain representation of counsel.

PROBLEM: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Neutral Cost Recovery Act of 2001''.

SEC. 2. NEUTRAL COST RECOVERY DEPRECIATION ADJUSTMENT FOR CERTAIN 
              PROPERTY PLACED IN SERVICE AFTER DECEMBER 31, 2001.

    (a) In General.--Section 168 of the Internal Revenue Code of 1986 
(relating to accelerated cost recovery system) is amended by adding at 
the end thereof the following new subsection:
    ``(k) Deduction Adjustment To Allow Equivalent of Expensing for 
Certain Property Placed in Service After December 31, 2001.--
            ``(1) In general.--In the case of tangible property placed 
        in service after December 31, 2001, the deduction under this 
        section with respect to such property--
                    ``(A) shall be determined by substituting `150 
                percent' for `200 percent' in subsection (b)(1) in the 
                case of property to which the 200 percent declining 
                balance method would otherwise apply, and
                    ``(B) for any taxable year after the taxable year 
                during which the property is placed in service shall 
                be--
                            ``(i) the amount determined under this 
                        section for such taxable year without regard to 
                        this subparagraph, multiplied by
                            ``(ii) the applicable neutral cost recovery 
                        ratio for such taxable year.
            ``(2) Applicable neutral cost recovery ratio.--For purposes 
        of paragraph (1)--
                    ``(A) In general.--The applicable neutral cost 
                recovery ratio for the property for any taxable year is 
                the number determined by--
                            ``(i) dividing--
                                    ``(I) the gross domestic product 
                                deflator for the calendar quarter 
                                ending in such taxable year which 
                                corresponds to the calendar quarter 
                                during which the property was placed in 
                                service by the taxpayer, by
                                    ``(II) the gross domestic product 
                                deflator for the calendar quarter 
                                during which the property was placed in 
                                service by the taxpayer, and
                            ``(ii) then multiplying the number 
                        determined under clause (i) by the number equal 
                        to 1.035 to the nth power where `n' is the 
                        number of full years in the period beginning on 
                        the 1st day of the calendar quarter during 
                        which the property was placed in service by the 
                        taxpayer and ending on the day before the 
                        beginning of the corresponding calendar quarter 
                        ending during such taxable year.
                The applicable neutral cost recovery ratio shall never 
                be less than 1. The applicable neutral cost recovery 
                ratio shall be rounded to the nearest \1/1000\.
                    ``(B) Special rule for certain property.--In the 
                case of property described in paragraph (2) or (3) of 
                subsection (b) or in subsection (g), the applicable 
                neutral cost recovery ratio shall be determined without 
                regard to subparagraph (A)(ii).
            ``(3) Gross domestic product deflator.--For purposes of 
        paragraph (2), the gross domestic product deflator for any 
        calendar quarter is the implicit price deflator for the gross 
        domestic product for such quarter (as shown in the first 
        revision thereof).
            ``(4) Election not to have subsection apply.--This 
        subsection shall not apply to any property if the taxpayer 
        elects not to have this subsection apply to such property. Such 
        an election, once made, shall be irrevocable.
            ``(5) Churning transactions.--This subsection shall not 
        apply to any property if this section would not apply to such 
        property were subsection (f)(5)(A)(ii) applied by substituting 
        `2002' for `1981' and `2001' for `1980'.
            ``(6) Additional deduction not to affect basis or 
        recapture.--
                    ``(A) In general.--The additional amount determined 
                under this section by reason of this subsection shall 
                not be taken into account in determining the adjusted 
                basis of any property or of any interest in a pass-thru 
                entity which holds such property and shall not be 
                treated as a deduction for depreciation for purposes of 
                sections 1245 and 1250.
                    ``(B) Pass-thru entity defined.--For purposes of 
                subparagraph (A), the term `pass-thru entity' means--
                            ``(i) a regulated investment company,
                            ``(ii) a real estate investment trust,
                            ``(iii) an S corporation,
                            ``(iv) a partnership,
                            ``(v) an estate or trust, and
                            ``(vi) a common trust fund.''
    (b) Minimum Tax Treatment.--
            (1) Paragraph (1) of section 56(a) of such Code is amended 
        by adding at the end thereof the following new subparagraph:
                    ``(E) Use of neutral cost recovery ratio.--In the 
                case of property to which section 168(k) applies and 
                which is placed in service after December 31, 2001, the 
                deduction allowable under this paragraph with respect 
                to such property for any taxable year (after the 
                taxable year during which the property is placed in 
                service) shall be--
                            ``(i) the amount so allowable for such 
                        taxable year without regard to this 
                        subparagraph, multiplied by
                            ``(ii) the applicable neutral cost recovery 
                        ratio for such taxable year (as determined 
                        under section 168(k)).
                This subparagraph shall not apply to any property with 
                respect to which there is an election in effect not to 
                have section 168(k)) apply.''
            (2) Subparagraph (C) of section 56(g)(4) of such Code is 
        amended by adding at the end the following new clause:
                            ``(v) Neutral cost recovery deduction.--
                        Clause (i) shall not apply to the additional 
                        deduction allowable by reason of section 
                        168(k).''
    (c) Coordination With Depreciation Limitation on Certain 
Automobiles.--Clause (i) of section 280F(a)(1)(B) of such Code is 
amended by adding at the end the following new sentence: ``For purposes 
of this clause, the unrecovered basis of any passenger automobile shall 
be treated as including the additional amount determined under section 
168 by reason of subsection (k) thereof to the extent not allowed as a 
deduction by reason of this paragraph for any taxable year in the 
recovery period.''
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years ending after December 31, 2001.

SOLUTION: Amends the Internal Revenue Code to require that the depreciation deduction for tangible property placed in service after 2001 be computed using neutral cost recovery ratios.

PROBLEM: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Invest USA Act of 2007''.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Administration.--The term ``Administration'' means the 
        United States Direct Investment Administration established 
        under section 4.
            (2) Appropriate congressional committees.--The term 
        ``appropriate congressional committees'' means the Committee on 
        Finance and the Committee on Commerce, Science, and 
        Transportation of the Senate and the Committee on Energy and 
        Commerce and the Committee on Ways and Means of the House of 
        Representatives.
            (3) Critical high-technology industries.--The term 
        ``critical high-technology industries'' means industries 
        involved in technology--
                    (A) the development of which will--
                            (i) provide a wide array of economic, 
                        environmental, energy, and defense-related 
                        returns for the United States; and
                            (ii) ensure United States economic, 
                        environmental, energy, and defense-related 
                        welfare; and
                    (B) in which the United States has an abiding 
                interest in creating or maintaining secure domestic 
                sources.
            (4) Department.--The term ``Department'' means the 
        Department of Commerce.
            (5) Under secretary.--The term ``Under Secretary'' means 
        the Under Secretary of Commerce for United States Direct 
        Investment described in section 4(a).
            (6) United states direct investment promotion committee.--
        The term ``United States Direct Investment Promotion 
        Committee'' means the Interagency United States Direct 
        Investment Promotion Committee established under section 7.
            (7) WTO agreement.--The term ``WTO Agreement'' means the 
        Agreement establishing the World Trade Organization entered 
        into on April 15, 1994.

SEC. 3. RELATION TO CFIUS.

    The provisions of this Act shall not affect the implementation or 
application of section 721 of the Defense Production Act of 1950 (50 
U.S.C. App. 2170) and the activities of the Committee on Foreign 
Investment in the United States (or any successor committee).

SEC. 4. ESTABLISHMENT OF UNITED STATES DIRECT INVESTMENT 
              ADMINISTRATION.

    (a) In General.--There is established in the Department of Commerce 
a United States Direct Investment Administration, which shall be headed 
by an Under Secretary of Commerce for United States Direct Investment. 
The Under Secretary shall be appointed by the President, by and with 
the advice and consent of the Senate, and shall be compensated at the 
rate of pay provided for a position at level III of the Executive 
Schedule under section 5314 of title 5, United States Code.
    (b) Deputy Under Secretary.--There shall be in the Administration a 
Deputy Under Secretary for United States Direct Investment, who shall 
be appointed by the President, by and with the advice of the Senate, 
and shall be compensated at the rate of pay provided for a position at 
level IV of the Executive Schedule under section 5315 of title 5, 
United States Code.
    (c) Staff.--The Under Secretary may appoint such additional 
personnel to serve in the Administration as the Under Secretary 
determines necessary.
    (d) Duties.--The Under Secretary, in cooperation with the Economics 
and Statistics Administration and other offices at the Department, 
shall--
            (1) collect and analyze data related to the flow of direct 
        investment in the United States and throughout the world, as 
        described in section 5;
            (2) submit to the appropriate congressional committees an 
        annual United States Direct Investment Report, as described in 
        section 6;
            (3) develop and publish an annual United States Direct 
        Investment Agenda;
            (4) assume responsibility as the lead agency for advocating 
        and implementing strategic policies that will increase direct 
        investment in the United States; and
            (5) coordinate with the President regarding implementation 
        of section 721 of the Defense Production Act of 1950 (50 U.S.C. 
        App. 2170) and the activities of the Committee on Foreign 
        Investment in the United States (or any successor committee).
    (e) Conforming Amendments.--
            (1) Section 5314 of title 5, United States Code, is amended 
        by adding at the end the following: ``Under Secretary of 
        Commerce for United States Direct Investment.''.
            (2) Section 5315 of title 5, United States Code, is amended 
        by adding at the end the following: ``Deputy Under Secretary of 
        Commerce for United States Direct Investment.''.

SEC. 5. ANNUAL DIRECT INVESTMENT REPORT.

    (a) Annual Direct Investment Report.--Not later than October 1, 
2008, and annually thereafter, the Under Secretary shall submit a 
report on the data identified and the analysis described in subsection 
(b) for the preceding calendar year (which shall be known as the 
``Annual Direct Investment Report''). The Report shall be submitted to 
the President and the appropriate congressional committees.
    (b) Data Identification.--
            (1) In general.--The data identified and analysis for the 
        Report described in subsection (a) means the data identified 
        and analyzed by the Under Secretary of Commerce, in cooperation 
        with the Economic and Statistics Administration and other 
        offices at the Department and with the assistance of other 
        departments and agencies, including the Office of the United 
        States Trade Representative, for the preceding calendar year 
        regarding the following:
                    (A) Policies, programs, and practices at the State 
                and regional level designed to attract direct 
                investment.
                    (B) The amount of direct investment attracted in 
                each such State and region.
                    (C) Policies, programs, and practices in foreign 
                countries designed to attract direct investment, and 
                the amount of direct investment attracted in each such 
                foreign country.
                    (D) A comparison of the levels of direct investment 
                attracted in the United States and in foreign 
                countries, including a matrix of inputs affecting the 
                level of direct investment.
                    (E) Specific sectors in the United States and in 
                foreign countries in which direct investments are being 
                made, including the specific amounts invested in each 
                sector, with particular emphasis on critical high-
                technology industries.
                    (F) Trends in direct investment, with particular 
                emphasis on critical high-technology industries.
                    (G) The best policy and practices at the Federal, 
                State, and regional levels regarding direct investment 
                policy, with specific reference to programs and 
                policies that have the greatest potential to increase 
                direct investment in the United States and enhance 
                United States competitive advantage relative to foreign 
                countries. Particular emphasis should be given to 
                attracting direct investment in critical high-
                technology industries.
                    (H) Policies, programs, and practices in foreign 
                countries designed to attract direct investment that 
                are not in compliance with the WTO Agreement and the 
                agreements annexed to that Agreement.
            (2) Certain factors taken into account in making 
        analysis.--In making any analysis under paragraph (1), the 
        Under Secretary shall take into account--
                    (A) the relative impact of policies, programs, and 
                practices of foreign governments on United States 
                commerce;
                    (B) the availability of information to document the 
                effect of policies, programs, and practices;
                    (C) the extent to which such act, policy, or 
                practice is subject to international agreements to 
                which the United States is a party; and
                    (D) the impact trends in direct investment have had 
                on--
                            (i) the competitiveness of United States 
                        industries in the international economy, with 
                        particular emphasis on critical high-technology 
                        industries;
                            (ii) the value of goods and services 
                        exported from and imported to the United 
                        States;
                            (iii) employment in the United States, in 
                        particular high-wage employment; and
                            (iv) the provision of health care, 
                        pensions, and other benefits provided by 
                        companies based in the United States.
    (c) Assistance of Other Agencies.--
            (1) Furnishing of information.--The head of each department 
        or agency of the executive branch of the Government, including 
        any independent agency, is authorized and directed to furnish 
        to the Under Secretary, upon request, such data, reports, and 
        other information as is necessary for the Under Secretary to 
        carry out the functions under this Act.
            (2) Restrictions on release or use of information.--Nothing 
        in this subsection shall authorize the release of information 
        to, or the use of information by, the Under Secretary in a 
        manner inconsistent with law or any procedure established 
        pursuant thereto.
            (3) Personnel and services.--The head of any department, 
        agency, or instrumentality of the United States may detail such 
        personnel and may furnish such services, with or without 
        reimbursement, as the Under Secretary may request to assist in 
        carrying out the functions of the Under Secretary.
    (d) Annual Revisions and Updates.--The Under Secretary shall 
annually revise and update the Report described in subsection (a).

SEC. 6. ANNUAL DIRECT INVESTMENT AGENDA.

    (a) In General.--Not later than October 1, 2008, and annually 
thereafter, the Under Secretary shall submit an agenda based on the 
data and analysis described in section 5 for the preceding calendar 
year, to the President and the appropriate congressional committees. 
The agenda shall be known as the ``Annual Direct Investment Agenda'' 
and shall include--
            (1) an evaluation of the research and development program 
        expenditures being made in the United States with particular 
        emphasis to critical high-technology industries considered 
        essential to United States economic security and necessary for 
        long-term United States economic competitiveness in world 
        markets; and
            (2) proposals that identify the policies, programs, and 
        practices in foreign countries and that the United States 
        should pursue that--
                    (A) encourage direct investment in the United 
                States that will enhance the country's competitive 
                advantage relative to foreign countries, with 
                particular emphasis on critical high-technology 
                industries;
                    (B) enhance the viability of the manufacturing 
                sector in the United States;
                    (C) increase opportunities for high-wage jobs and 
                promote high levels of employment;
                    (D) encourage economic growth; and
                    (E) increase opportunities for the provision of 
                health care, pensions, and other benefits provided by 
                companies based in the United States.
    (b) Submission.--To the extent practical, the Under Secretary shall 
submit the Annual Direct Investment Agenda concurrently with the Annual 
Direct Investment Report.
    (c) Consultation With Congress on Annual Direct Investment 
Agenda.--The Under Secretary shall keep the appropriate congressional 
committees currently informed with respect to the Annual Direct 
Investment Agenda and implementation of the Agenda. After the 
submission of the Agenda, the Under Secretary shall also consult 
periodically with, and take into account the views of, the appropriate 
congressional committees regarding implementation of the Agenda.

SEC. 7. UNITED STATES DIRECT INVESTMENT PROMOTION COMMITTEE.

    (a) Establishment.--The President shall establish and the Under 
Secretary shall assume lead responsibility for an Interagency United 
States Direct Investment Promotion Committee. The functions of the 
Committee shall be to--
            (1) coordinate all United States Government activities 
        related to the promotion of direct investment in the United 
        States;
            (2) advocate and implement strategic policies, programs, 
        and practices that will increase direct investment in the 
        United States;
            (3) train United States Government officials to pursue 
        strategic policies, programs, and practices that will increase 
        direct investment in the United States;
            (4) consult with business, labor, State, regional, and 
        local government officials on strategic policies, programs, and 
        practices that will increase direct investment in the United 
        States;
            (5) develop and publish materials that can be used by 
        Federal, State, regional, and local government officials to 
        increase direct investment in the United States;
            (6) create and maintain a database of direct investment 
        opportunities in the United States;
            (7) create and maintain an interactive website that can be 
        used to access direct investment opportunities in different 
        sectors and geographical areas of the United States, with 
        particular emphasis on critical high-technology industries;
            (8) coordinate direct investment marketing activities with 
        State Economic Development Agencies; and
            (9) host regular meetings and discussions with State, 
        regional, and local economic development officials to consider 
        best policy practices to increase direct investment in the 
        United States.
    (b) Members.--The Committee shall be composed of the following:
            (1) The Secretary of Commerce.
            (2) The United States Trade Representative.
            (3) Members of the United States International Trade 
        Commission.
            (4) The Secretary of the Treasury.
            (5) Members of the National Economic Council.
            (6) The Secretary of Agriculture.
            (7) Such other officials as the President determines to be 
        necessary.

SEC. 8. DESIGNATION OF ADDITIONAL RENEWAL COMMUNITIES.

    Section 1400E of the Internal Revenue Code of 1986 (relating to 
designation of renewal communities) is amended by adding at the end the 
following new subsection:
    ``(h) Additional Designations Permitted.--
            ``(1) In general.--In addition to the areas designated 
        under subsection (a), the Under Secretary of Commerce for 
        United States Direct Investment, after consultation with the 
        Secretary of the Treasury, may designate in the aggregate an 
        additional 10 nominated areas as renewal communities under this 
        section, subject to the availability of eligible nominated 
        areas.
            ``(2) Period designations may be made and take effect.--A 
        designation may be made under this subsection after the date of 
        the enactment of this subsection and before the date which is 5 
        years after such date of enactment. Subject to subparagraphs 
        (B) and (C) of subsection (b)(1), a designation made under this 
        subsection shall remain in effect during the period beginning 
        with such designation and ending on the date which is 8 years 
        after such designation.
            ``(3) Application of rules.--Except as otherwise provided 
        in paragraph (1), the rules of this section shall apply to 
        designations under this subsection.''.

SOLUTION:
Invest USA Act of 2007 - Establishes in the Department of Commerce a United States Direct Investment Administration, headed by an Under Secretary of Commerce for United States Direct Investment.

Requires the Under Secretary to collect, analyze, and report annually to the President and the appropriate congressional committees: (1) on specified data about direct investment in each state and region; and (2) an agenda based on such data and analysis.

Requires the President to establish, and the Under Secretary to assume lead responsibility for, an Interagency United States Direct Investment Promotion Committee.

Amends the Internal Revenue Code (relating to designation of renewal communities) to authorize the Under Secretary to designate an additional 10 nominated areas as renewal communities.