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

    This Act may be cited as the ``Glacier Bay National Park Boundary 
Adjustment Act of 1998''.

SEC. 2. LAND EXCHANGE AND WILDERNESS DESIGNATION.

    (a) In General.--(1) Subject to conditions set forth in subsection 
(c), if the State of Alaska, in a manner consistent with this Act, 
offers to transfer to the United States the lands identified in 
paragraph (2) in exchange for the lands identified in paragraph (4), 
selected from the area described in section 3(b)(1), the Secretary of 
the Interior (in this Act referred to as the ``Secretary'') shall 
complete such exchange no later than 6 months after the issuance of a 
license to Gustavus Electric Company by the Federal Energy Regulatory 
Commission (in this Act referred to as ``FERC''), in accordance with 
this Act. This land exchange shall be subject to the laws applicable to 
exchanges involving lands managed by the Secretary as part of the 
National Park System in Alaska and the appropriate process for the 
exchange of State lands required by State law.
    (2) The lands to be conveyed to the United States by the State of 
Alaska shall be determined by mutual agreement of the Secretary and the 
State of Alaska. Lands that will be considered for conveyance to the 
United States pursuant to the process required by State law are lands 
owned by the State of Alaska in the Long Lake area within Wrangell-St. 
Elias National Park and Preserve, or other lands owned by the State of 
Alaska.
    (3) If the Secretary and the State of Alaska have not agreed on 
which lands the State of Alaska will convey by a date not later than 6 
months after a license is issued pursuant to this Act, the United 
States shall accept, within 1 year after a license is issued, title to 
land having a sufficiently equal value to satisfy State and Federal 
law, subject to clear title and valid existing rights, and absence of 
environmental contamination, and as provided by the laws applicable to 
exchanges involving lands managed by the Secretary as part of the 
National Park System in Alaska and the appropriate process for the 
exchange of State lands required by State law. Such land shall be 
accepted by the United States, subject to the other provisions of this 
Act, from among the following State lands in the priority listed:


                          copper river meridian

        (A) T.6 S., R. 12 E., partially surveyed, Sec. 5, lots 1, 2, 
    and 3, NE\1/4\, S\1/2\NW\1/4\, and S\1/2\. Containing 617.68 acres, 
    as shown on the plat of survey accepted June 9, 1922.
        (B) T.6 S., R. 11 E., partially surveyed, Sec. 11, lots 1 and 
    2, NE\1/4\, S\1/2\NW\1/4\, SW\1/4\, and N\1/2\SE\1/4\; Sec. 12; 
    Sec. 14, lots 1 and 2, NW\1/4\NW\1/4\. Containing 1,191.75 acres, 
    as shown on the plat of survey accepted June 9, 1922.
        (C) T.6 S., R. 11 E., partially surveyed, Sec. 2, NW\1/4\NE\1/
    4\ and NW\1/4\. Containing 200.00 acres, as shown on the plat of 
    survey accepted June 9, 1922.
        (D) T.6 S., R. 12 E., partially surveyed, Sec. 6. lots 1 
    through 10, E\1/2\SW\1/4\ and SE\1/4\. Containing approximately 
    529.94 acres, as shown on the plat of survey accepted June 9, 1922.
    (4) The lands to be conveyed to the State of Alaska by the United 
States under paragraph (1) are lands to be designated by the Secretary 
and the State of Alaska, consistent with sound land management 
principles, based on those lands determined by FERC with the 
concurrence of the Secretary and the State of Alaska, in accordance 
with section 3(b), to be the minimum amount of land necessary for the 
construction and operation of a hydroelectric project.
    (5) The time periods set forth for the completion of the land 
exchanges described in this Act may be extended as necessary by the 
Secretary should the processes of State law or Federal law delay 
completion of an exchange.
    (6) For purposes of this Act, the term ``land'' means lands, 
waters, and interests therein.
    (b) Wilderness.--(1) To ensure that this transaction maintains, 
within the National Wilderness Preservation System, approximately the 
same amount of area of designated wilderness as currently exists, the 
following lands in Alaska shall be designated as wilderness in the 
priority listed, upon consummation of the land exchange authorized by 
this Act and shall be administered according to the laws governing 
national wilderness areas in Alaska:
        (A) An unnamed island in Glacier Bay National Park lying 
    southeasterly of Blue Mouse Cove in sections 5, 6, 7, and 8, T. 36 
    S., R. 54 E., CRM, and shown on United States Geological Survey 
    quadrangle Mt. Fairweather (D-2), Alaska, containing approximately 
    789 acres.
        (B) Cenotaph Island of Glacier Bay National Park lying within 
    Lituya Bay in sections 23, 24, 25, and 26, T. 37 S., R. 47 E., CRM, 
    and shown on United States Geological Survey quadrangle Mt. 
    Fairweather (C-5), Alaska, containing approximately 280 acres.
        (C) An area of Glacier Bay National Park lying in T. 31. S., R. 
    43 E and T. 32 S., R. 43 E., CRM, that is not currently designated 
    wilderness, containing approximately 2,270 acres.
    (2) The specific boundaries and acreage of these wilderness 
designations may be reasonably adjusted by the Secretary, consistent 
with sound land management principles, to approximately equal, in sum, 
the total wilderness acreage deleted from Glacier Bay National Park and 
Preserve pursuant to the land exchange authorized by this Act.
    (c) Conditions.--Any exchange of lands under this Act may occur 
only if--
        (1) following the submission of a complete license application, 
    FERC has conducted economic and environmental analyses under the 
    Federal Power Act (16 U.S.C. 791-828) (notwithstanding provisions 
    of that Act and the Federal regulations that otherwise exempt this 
    project from economic analyses), the National Environmental Policy 
    Act of 1969 (42 U.S.C. 4321-4370), and the Fish and Wildlife 
    Coordination Act (16 U.S.C. 661-666), that conclude, with the 
    concurrence of the Secretary of the Interior with respect to 
    subparagraphs (A) and (B), that the construction and operation of a 
    hydroelectric power project on the lands described in section 
    3(b)--
            (A) will not adversely impact the purposes and values of 
        Glacier Bay National Park and Preserve (as constituted after 
        the consummation of the land exchange authorized by this 
        section);
            (B) will comply with the requirements of the National 
        Historic Preservation Act (16 U.S.C. 470-470w); and
            (C) can be accomplished in an economically feasible manner;
        (2) FERC held at least one public meeting in Gustavus, Alaska, 
    allowing the citizens of Gustavus to express their views on the 
    proposed project;
        (3) FERC has determined, with the concurrence of the Secretary 
    and the State of Alaska, the minimum amount of land necessary to 
    construct and operate this hydroelectric power project; and
        (4) Gustavus Electric Company has been granted a license by 
    FERC that requires Gustavus Electric Company to submit an 
    acceptable financing plan to FERC before project construction may 
    commence, and the FERC has approved such plan.

SEC. 3. ROLE OF FERC.

    (a) License Application.--(1) The FERC licensing process shall 
apply to any application submitted by Gustavus Electric Company to the 
FERC for the right to construct and operate a hydropower project on the 
lands described in subsection (b).
    (2) FERC is authorized to accept and consider an application filed 
by Gustavus Electric Company for the construction and operation of a 
hydropower plant to be located on lands within the area described in 
subsection (b), notwithstanding section 3(2) of the Federal Power Act 
(16 U.S.C. 796(2)). Such application must be submitted within 3 years 
after the date of the enactment of this Act.
    (3) FERC will retain jurisdiction over any hydropower project 
constructed on this site.
    (b) Analyses.--(1) The lands referred to in subsection (a) of this 
section are lands in the State of Alaska described as follows:


                          copper river meridian

    Township 39 South, Range 59 East, partially surveyed, Section 36 
(unsurveyed), SE\1/4\SW\1/4\, S\1/2\SW\1/4\SW\1/4\, NE\1/4\SW\1/4\, 
W\1/2\W\1/2\NW\1/4\SE\1/4\, and S\1/2\SE\1/4\NW\1/4\. Containing 
approximately 130 acres.
    Township 40 South, Range 59 East, partially surveyed, Section 1 
(unsurveyed), NW\1/4\, SW\1/4\, W\1/2\SE\1/4\, and SW\1/4\SW\1/4\NE\1/
4\, excluding U.S. Survey 944 and Native allotment A-442; Section 2 
(unsurveyed), fractional, that portion lying above the mean high tide 
line of Icy Passage, excluding U.S. Survey 944 and U.S. Survey 945; 
Section 11 (unsurveyed), fractional, that portion lying above the mean 
high tide line of Icy Passage, excluding U.S. Survey 944; Section 12 
(unsurveyed), fractional, NW\1/4\NE\1/4\, W\1/2\NW\1/4\SW\1/4\NE\1/4\, 
and those portions of NW\1/4\ and SW\1/4\ lying above the mean high 
tide line of Icy Passage, excluding U.S. Survey 944 and Native 
allotment A-442. Containing approximately 1,015 acres.
    (2) Additional lands and acreage will be included as needed in the 
study area described in paragraph (1) to account for accretion to these 
lands from natural forces.
    (3) With the concurrence of the Secretary and the State of Alaska, 
the FERC shall determine the minimum amount of lands necessary for 
construction and operation of such project.
    (4) The National Park Service shall participate as a joint lead 
agency in the development of any environmental document under the 
National Environmental Policy Act of 1969 in the licensing of such 
project. Such environmental document shall consider both the impacts 
resulting from licensing and any land exchange necessary to authorize 
such project.
    (c) Issuance of License.--(1) A condition of the license to 
construct and operate any portion of the hydroelectric power project 
shall be FERC's approval, prior to any commencement of construction, of 
a finance plan submitted by Gustavus Electric Company.
    (2) The National Park Service, as the existing supervisor of 
potential project lands ultimately to be deleted from the Federal 
reservation in accordance with this Act, waives its right to impose 
mandatory conditions on such project lands pursuant to section 4(e) of 
the Federal Power Act (16 U.S.C. 797(e)).
    (3) FERC shall not license or relicense the project, or amend the 
project license unless it determines, with the Secretary's concurrence, 
that the project will not adversely impact the purposes and values of 
Glacier Bay National Park and Preserve (as constituted after the 
consummation of the land exchange authorized by this Act). 
Additionally, a condition of the license, or any succeeding license, to 
construct and operate any portion of the hydroelectric power project 
shall require the licensee to mitigate any adverse effects of the 
project on the purposes and values of Glacier Bay National Park and 
Preserve identified by the Secretary after the initial licensing.
    (4) A condition of the license to construct and operate any portion 
of the hydroelectric power project shall be the completion, prior to 
any commencement of construction, of the land exchange described in 
this Act.

SEC. 4. ROLE OF SECRETARY OF THE INTERIOR.

    (a) Special Use Permit.--Notwithstanding the provisions of the 
Wilderness Act (16 U.S.C. 1133-1136), the Secretary shall issue a 
special use permit to Gustavus Electric Company to allow the completion 
of the analyses referred to in section 3. The Secretary shall impose 
conditions in the permit as needed to protect the purposes and values 
of Glacier Bay National Park and Preserve.
    (b) Park System.--The lands acquired from the State of Alaska under 
this Act shall be added to and administered as part of the National 
Park System, subject to valid existing rights. Upon completion of the 
exchange of lands under this Act, the Secretary shall adjust, as 
necessary, the boundaries of the affected National Park System units to 
include the lands acquired from the State of Alaska; and adjust the 
boundary of Glacier Bay National Park and Preserve to exclude the lands 
transferred to the State of Alaska under this Act. Any such adjustment 
to the boundaries of National Park System units resulting from this Act 
shall not be charged against any acreage limitations under section 
103(b) of Public Law 96-487.
    (c) Wilderness Area Boundaries.--The Secretary shall make any 
necessary modifications or adjustments of boundaries of wilderness 
areas as a result of the additions and deletions caused by the land 
exchange referenced in section 2. Any such adjustment to the boundaries 
of National Park System units shall not be considered in applying any 
acreage limitations under section 103(b) of Public Law 96-487.
    (d) Concurrence of the Secretary.--Whenever in this Act the 
concurrence of the Secretary is required, it shall not be unlawfully 
withheld or unreasonably delayed.

SEC. 5. APPLICABLE LAW.

    The authorities and jurisdiction provided in this Act shall 
continue in effect until such time as this Act is expressly modified or 
repealed by Congress.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.
answer:
Glacier Bay National Park Boundary Adjustment Act of 1998 - Provides for:  (1) an exchange of specified State lands in Alaska for specified Federal lands to be completed within six months after the issuance of a license to Gustavus Electric Company (GEC) by the Federal Energy Regulatory Commission (FERC) for the construction and operation of a hydroelectric project on such Federal lands; or (2) the exchange of other specified Alaska lands having a sufficiently equal value to satisfy State and Federal law within one year after such license is issued if the Secretary of the Interior and Alaska have not agreed on which lands Alaska will convey within such six-month period. 
Designates specified State lands and waters in Alaska as wilderness upon consummation of such exchange to ensure that this transaction maintains approximately the same amount of area of designated wilderness. 
Conditions such land exchange on:  (1) FERC's having conducted economic and environmental analyses pursuant to the Federal Power Act (FPA), the National Environmental Policy Act of 1969, and the Fish and Wildlife Coordination Act that conclude that the construction and operation of a hydroelectric power project on such lands will not adversely impact the purposes and values of the Glacier Bay National Park and Preserve, will comply with the requirements of the National Historic Preservation Act, and can be accomplished in an economically feasible manner; (2) FERC holding at least one public meeting in Gustavus, Alaska, allowing its citizens to express their views on the proposed project; (3) FERC having determined, with the concurrence of the Secretary and Alaska, the minimum amount of land necessary to construct and operate the project; (4) GEC having been granted a FERC license that requires it to submit an acceptable financing plan to FERC before project construction commences; and (5) FERC approving such plan. 
Makes the FERC licensing process applicable to any application submitted by GEC to FERC for the right to construct and operate a hydropower project on specified Alaska lands.  Authorizes FERC to accept and consider an application filed by GEC for construction and operation of such a project, notwithstanding FPA provisions, if submitted within three years after this Act's enactment.  Provides for FERC to retain jurisdiction over any hydropower project constructed on such site.  Sets forth additional provisions regarding issuance of a license for construction or operation of such a project. 
(Sec. 4) Directs the Secretary to issue a special use permit to GEC to allow completion of the required analyses.  Requires the Secretary to impose conditions in the permit as needed to protect the purposes and values of the Preserve.  Requires the lands acquired from Alaska to be added to and administered as part of the National Park System, subject to valid existing rights. 
Continues the authorities and jurisdiction provided in this Act until expressly modified or repealed by the Congress.


question:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Government Accountability Office 
Improvement Act of 2008''.

SEC. 2. AUTHORITY TO OBTAIN RECORDS.

    (a) Authority To Obtain Records.--Section 716 of title 31, United 
States Code, is amended in subsection (a)--
            (1) by striking ``(a)'' and inserting ``(2)''; and
            (2) by inserting after the section heading the following:
    ``(a)(1) The Comptroller General is authorized to obtain such 
agency records as the Comptroller General requires to discharge his 
duties (including audit, evaluation, and investigative duties), 
including through the bringing of civil actions under this section. In 
reviewing a civil action under this section, the court shall recognize 
the continuing force and effect of the authorization in the preceding 
sentence until such time as the authorization is repealed pursuant to 
law.''.
    (b) Interviews.--Section 716(a) of title 31, United States Code, as 
amended by subsection (a), is further amended in the second sentence of 
paragraph (2) by inserting ``and interview agency officers and 
employees'' after ``agency record''.

SEC. 3. ADMINISTERING OATHS.

    Section 711 of title 31, United States Code, is amended by striking 
paragraph (4) and inserting the following:
            ``(4) administer oaths to witnesses, except that, in 
        matters other than auditing and settling accounts, the 
        authority of an officer or employee to administer oaths to 
        witnesses pursuant to a delegation under paragraph (2) shall 
        not be available without the prior express approval of the 
        Comptroller General (or a designee).''.

SEC. 4. ACCESS TO CERTAIN INFORMATION.

    (a) Access to Certain Information.--Subchapter II of chapter 7 of 
title 31, United States Code, is amended by adding at the end the 
following:
``Sec. 721. Access to certain information
    ``(a) No provision of the Social Security Act shall be construed to 
limit, amend, or supersede the authority of the Comptroller General to 
obtain any information, to inspect any record, or to interview any 
officer or employee under section 716 of this title, including with 
respect to any information disclosed to or obtained by the Secretary of 
Health and Human Services under part C or D of title XVIII of the 
Social Security Act.
    ``(b) No provision of the Federal Food, Drug, and Cosmetic Act 
shall be construed to limit, amend, or supersede the authority of the 
Comptroller General to obtain any information, to inspect any record, 
or to interview any officer or employee under section 716 of this 
title, including with respect to any information concerning any method 
or process which as a trade secret is entitled to protection.
    ``(c) No provision of the Hart-Scott-Rodino Antitrust Improvements 
Act of 1976 and the amendments made by that Act shall be construed to 
limit, amend, or supersede the authority of the Comptroller General to 
obtain any information, to inspect any record, or to interview any 
officer or employee under section 716 of this title, including with 
respect to any information disclosed to the Assistant Attorney General 
of the Antitrust Division of the Department of Justice or the Federal 
Trade Commission for purposes of pre-merger review under section 7A of 
the Clayton Act (15 U.S.C. 18a).
    ``(d)(1) The Comptroller General shall prescribe such policies and 
procedures as are necessary to protect from public disclosure 
proprietary or trade secret information obtained consistent with this 
section.
    ``(2) Nothing in this section shall be construed--
            ``(A) to alter or amend the prohibitions against the 
        disclosure of trade secret or other sensitive information 
        prohibited by section 1905 of title 18 and other applicable 
        laws; or
            ``(B) to affect the applicability of section 716(e) of this 
        title, including the protections against unauthorized 
        disclosure contained in that section, to information obtained 
        consistent with this section.''.
    (b) Clerical Amendment.--The analysis for chapter 7 of title 31, 
United States Code, is amended by inserting after the item relating to 
section 720 the following:

``721. Access to certain information.''.

SEC. 5. COMPTROLLER GENERAL REPORTS.

    Section 719 of title 31, United States Code, is amended--
            (1) in subsection (b)(1)(B), by striking ``and'' at the 
        end;
            (2) in subsection (b)(1)(C), by striking the period at the 
        end and inserting ``; and'';
            (3) by adding at the end of subsection (b)(1) the 
        following:
            ``(D) for agencies subject to sections 901 to 903 and other 
        agencies designated by the Comptroller General, an assessment 
        of their overall degree of cooperation in making personnel 
        available for interview, providing written answers to 
        questions, submitting to an oath authorized by the Comptroller 
        General under section 711, granting access to records, 
        providing timely comments to draft reports, adopting 
        recommendations in reports and responding to such other matters 
        as the Comptroller General deems appropriate.'';
            (4) in subsection (c)(2)(B), by striking ``and'' at the 
        end;
            (5) in subsection (c)(3), by striking the period at the end 
        and inserting ``; and'', and
            (6) by adding at the end of subsection (c) the following:
            ``(4) as soon as practicable when an agency does not, 
        within a reasonable time, respond to a request by the 
        Comptroller General regarding any matter described in 
        subsection (b)(1)(D).''.

            Passed the House of Representatives July 29, 2008.

            Attest:

                                            LORRAINE C. MILLER,

                                                                 Clerk.
answer:
Government Accountability Office Improvement Act of 2008 - Authorizes the Comptroller General to: (1) obtain federal agency records required to discharge his or her duties, including through bringing civil actions under this Act; (2) interview agency officers and employees to get information about agency duties, powers, activities, organization, and financial transactions; and (3) administer oaths to witnesses (currently, the Comptroller General may administer oaths to witnesses when auditing and settling accounts).

Requires the Comptroller General to prescribe such policies and procedures as are necessary to protect from public disclosure proprietary or trade secret information obtained under this Act.

Declares that no provision of the Social Security Act, the Federal Food, Drug, and Cosmetic Act, or the Hart-Scott-Rodino Antitrust Improvements Act of 1976 shall be construed to limit, amend, or supersede the authority of the Comptroller General to obtain information, inspect records, or interview specified agency officers or employees, including with respect to: (1) information disclosed to or obtained by the Secretary of Health and Human Services under the Social Security Act; (2) information concerning any method or process protected as a trade secret; and (3) information disclosed to the Assistant Attorney General of the Antitrust Division of the Department of Justice (DOJ) or the Federal Trade Commission (FTC) for purposes of pre-merger review under the Clayton Act. Declares that this Act shall not be construed to: (1) alter or amend the prohibitions against the disclosure of trade secret or other sensitive information; and (2) affect the applicability of requirements governing the availability of agency information to information obtained.

Requires the Comptroller General to: (1) report annually on the cooperation of agencies subject to the Chief Financial Officers Act of 1990 and other agencies designated by the Comptroller General in making personnel available for interviews, providing written answers to questions, submitting to an oath authorized by the Comptroller General, granting access to records, providing timely comments to draft reports, adopting report recommendations, and responding to such matters as the Comptroller General deems appropriate; and (2) report to Congress when agencies do not respond to requests regarding such matters.


question:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Investing in U.S. Territories, Not 
Corporations Act of 2011''.

SEC. 2. LIMITATION ON GOVERNMENT ASSISTANCE TO RUM PRODUCERS.

    Subsection (e) of section 7652 of the Internal Revenue Code of 1986 
(relating to shipments of rum to the United States) is amended by 
redesignating paragraphs (3) and (4) as paragraphs (4) and (5), 
respectively, and by inserting after paragraph (2) the following new 
paragraph:
            ``(3) Limitation on government assistance to rum 
        producers.--
                    ``(A) In general.--If the amount of direct and 
                indirect government assistance paid or incurred by any 
                covered government during any calendar year to persons 
                producing rum within the jurisdiction of such 
                government exceeds the limitation under subparagraph 
                (B), the amount which would (but for this paragraph) be 
                covered into the treasury of such government under this 
                subsection shall be reduced for each of the 2 
                succeeding calendar years by the amount of such excess.
                    ``(B) Limitation.--The limitation under this 
                subparagraph is the amount equal to 15 percent of the 
                amount which would (but for this paragraph) be covered 
                into the treasury of such government under this section 
                for the calendar year.
                    ``(C) Separate application to each producer.--The 
                provisions of subparagraphs (A) and (B) shall also be 
                applied separately to each rum producer, taking into 
                account only the assistance paid or incurred by any 
                covered government to such producer and only such 
                producer's production to which subsection (a)(3) or 
                (b)(3) applies, whichever is applicable.
                    ``(D) Government assistance.--For purposes of this 
                paragraph--
                            ``(i) Direct government assistance.--The 
                        term `direct government assistance' includes 
                        any transfer of funds, grant, subsidy (other 
                        than any generally available tax subsidy), 
                        loan, equity investment, loan guarantee, 
                        production or marketing incentive, income or 
                        price support, provision of goods or services 
                        (other than generally available infrastructure 
                        and public services), and such other assistance 
                        provided by a covered government as the 
                        Secretary identifies as consistent with the 
                        purposes of this paragraph.
                            ``(ii) Indirect government assistance.--The 
                        term `indirect government assistance' includes 
                        any amounts expended by a covered government--
                                    ``(I) to promote, market, or 
                                otherwise support the rum industry 
                                within the jurisdiction of such 
                                government,
                                    ``(II) to pay principal and 
                                interest on, and expenses related to, 
                                indebtedness incurred, the proceeds of 
                                which are used to provide rum 
                                subsidies, or
                                    ``(III) for any other purpose 
                                identified by the Secretary as 
                                consistent with the purposes of this 
                                paragraph.
                            ``(iii) Certain debt-financed payments 
                        excluded.--The terms `direct government 
                        assistance' and `indirect government 
                        assistance' shall not include any payment made 
                        by a covered government to a rum producer out 
                        of funds raised through a loan (including the 
                        issuance of a debt instrument), but shall 
                        include any payment of principal and interest 
                        on the loan (or debt instrument).
                    ``(E) Annual reports.--Each covered government 
                shall, for each calendar year, submit a report to the 
                Secretary detailing the amount and type of direct and 
                indirect government assistance provided by such 
                government to each rum producer during such calendar 
                year and to rum producers in the aggregate during such 
                year. Such report shall be submitted at such time, and 
                in such form, as is prescribed by the Secretary.
                    ``(F) Covered government.--For purposes of this 
                paragraph, the term `covered government' means the 
                government of Puerto Rico and the government of the 
                Virgin Islands.''.

SEC. 3. MAXIMUM AND MINIMUM ALLOCATIONS OF RUM EXCISE TAXES BETWEEN 
              PUERTO RICO AND THE VIRGIN ISLANDS.

    Section 7652 of the Internal Revenue Code of 1986 is amended by 
inserting after subsection (h) the following new subsection:
    ``(i) Limitations on Allocation of Rum Excise Taxes Between Puerto 
Rico and the Virgin Islands.--
            ``(1) In general.--Notwithstanding subsections (a), (b), 
        and (e), if, without regard to this subsection and subsection 
        (e)(3), the Secretary determines that the respective shares of 
        Puerto Rico and the Virgin Islands of the aggregate amount to 
        be covered into their treasuries under this section for any 
        calendar year are not within the parameters of paragraph (2), 
        the Secretary shall increase or decrease such shares to the 
        extent necessary to bring them within such parameters.
            ``(2) Parameters.--The parameters of this paragraph are 
        that--
                    ``(A) Puerto Rico's share shall be at least 65 
                percent but not more than 70 percent of such aggregate 
                amount, and
                    ``(B) the Virgin Islands's share shall be at least 
                30 percent but not more than 35 percent of such 
                aggregate amount.
            ``(3) Application with subsection (e)(3).--This subsection 
        shall be applied before subsection (e)(3).''.

SEC. 4. DENIAL OF COVER OVER FOR RUM REDISTILLED INTO CANE NEUTRAL 
              SPIRITS.

    Section 7652 of the Internal Revenue Code of 1986 is amended by 
inserting after subsection (i) the following new subsection:
    ``(j) Denial of Cover Over for Rum Redistilled Into Cane Neutral 
Spirits.--No amount shall be covered over under subsection (a) or (b) 
with respect to rum which is redistilled into cane neutral spirits 
after being brought into the United States. The Secretary shall 
prescribe such information reporting as the Secretary determines 
necessary to carry out the preceding sentence.''.

SEC. 5. EFFECTIVE DATE.

    (a) In General.--Except as provided in subsection (b), the 
amendments made by this section shall apply to calendar years after 
2011.
    (b) Denial of Cover Over for Rum Redistilled Into Cane Neutral 
Spirits.--The amendment made by section 4 shall apply to rum brought 
into the United States after the date of the enactment of this Act.
answer:

Investing in U.S. Territories, Not Corporations Act of 2011 - Amends the Internal Revenue Code, with respect to shipments of rum to the United States from Puerto Rico and the Virgin Islands, to: (1) limit during a two-year period the amount of direct and indirect government assistance by the governments of Puerto Rico and the Virgin Islands to rum producers from rum excise taxes covered-over into the treasuries of such governments to 15% of the amounts covered-over, (2) impose limitations on the allocation of rum excise taxes between Puerto Rico and the Virgin Islands, and (3) deny any payment of rum excise taxes covered over into the treasuries of Puerto Rico and the Virgin Islands for rum redistilled into cane neutral spirits after being brought into the United States.