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SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Keeping Families Home Act of 2014''.

SEC. 2. DEED-FOR-LEASE PROGRAM.

    (a) Establishment.--
            (1) In general.--Each servicer shall establish a deed-for-
        lease program (hereinafter referred to as the ``Program''), 
        which shall permit an eligible mortgagor to--
                    (A) enter into a deed in lieu of foreclosure 
                agreement;
                    (B) continue to occupy and lease the property that 
                is the subject of such agreement for a 1-year period 
                that begins on the date of such agreement; and
                    (C) have a right of first refusal to purchase such 
                property after the end of the 1-year lease period, if 
                the owner of the property intends to sell the property 
                at that time.
            (2) Exception for small servicers.--The Program requirement 
        under paragraph (1) shall not apply to a small servicer, as 
        such term is defined by the Secretary of Housing and Urban 
        Development.
    (b) Notice Requirement.--Servicers shall provide each eligible 
mortgagor with information about the Program and how to apply to 
participate in the Program.
    (c) Lease Terms.--A lease entered into by an eligible mortgagor 
under the Program shall--
            (1) carry a monthly rent amount equal to the fair market 
        rent for such property, as determined by an independent private 
        appraiser hired by and paid by the servicer; and
            (2) contain all typical lease provisions for similar rental 
        property.
    (d) Application Process.--
            (1) In general.--An eligible mortgagor may apply for the 
        Program at any time.
            (2) Effect of foreclosure sale.--If there is a foreclosure 
        sale pending with respect to the property--
                    (A) the eligible mortgagor may only apply for the 
                Program before the date that is 7 days before the date 
                of such foreclosure sale; and
                    (B) once the eligible mortgagor applies for the 
                Program, the foreclosure sale shall be halted until 
                after the eligible mortgagor's Program application has 
                been evaluated.
            (3) Contents of application.--
                    (A) In general.--In applying for the Program, an 
                eligible mortgagor shall provide the servicer with 
                proof of the following information:
                            (i) The eligible mortgagor is subject to a 
                        financial hardship that makes the eligible 
                        mortgagor unable to continue making timely 
                        payments on the eligible mortgage loan.
                            (ii) The eligible mortgagor is eligible to 
                        pay the monthly rent amount described under 
                        subsection (c)(1) and such amount is no more 
                        than 31 percent of the eligible mortgagor's 
                        monthly income.
                            (iii) The eligible mortgagor currently 
                        lives in the property and intends to continue 
                        doing so during the 1-year lease term.
                    (B) Ability to pay higher percentage of income in 
                rent.--Notwithstanding subparagraph (A)(ii), if an 
                eligible mortgagor believes they are able pay the 
                monthly rent amount despite such amount exceeding 31 
                percent of the eligible mortgagor's monthly income, the 
                eligible mortgagor may request that the Department of 
                Housing and Urban Development review their information, 
                along with any contributing factors the eligible 
                mortgagor may have (such as a low debt burden) and, if 
                the Department notifies the eligible mortgagor that the 
                Department agrees that the eligible mortgagor is able 
                to pay a monthly rent amount that is equal to a 
                percentage of their monthly income that is higher than 
                31 percent, such higher percentage shall be used for 
                purposes of subparagraph (A)(ii).
            (4) Effect of junior liens.--If an eligible mortgagor 
        applies for a Program with respect to a single family property 
        subject to a junior lien--
                    (A) if the servicer of the Program is also the 
                holder of the junior lien, the servicer shall release 
                the junior lien and, subject to the other requirements 
                of this section, the eligible mortgagor shall be 
                eligible to participate in the Program; and
                    (B) if the servicer of the Program is not the 
                holder of the junior lien, the servicer shall contact 
                such junior lien holder and request that the holder 
                release the lien, and--
                            (i) if the holder releases the lien, then, 
                        subject to the other requirements of this 
                        section, the eligible mortgagor shall be 
                        eligible to participate in the Program; and
                            (ii) if the holder does not release the 
                        lien, then the eligible mortgagor shall not be 
                        eligible to participate in the Program.
    (e) Evaluation and Notification.--
            (1) Deadline for evaluation.--The servicer shall evaluate 
        the eligible mortgagor's application within 30 days of 
        receiving such application and shall accept an eligible 
        mortgagor into the Program if the eligible mortgagor has 
        provided the proof described under subsection (d)(3)(A).
            (2) Notification.--Promptly after making a determination 
        under paragraph (1), the servicer shall notify the eligible 
        mortgagor of such determination in writing and, if the servicer 
        determines that the eligible mortgagor may not be accepted into 
        the Program, the servicer shall specifically explain in writing 
        why the eligible mortgage was not accepted.
    (f) Subsequent Owners Follow Program Requirements.--Any subsequent 
owner of the property being leased pursuant to the Program shall--
            (1) maintain the Program and abide by the terms of the 
        Program to the same extent as the servicer of the eligible 
        mortgage; and
            (2) certify to the Department of Housing and Urban 
        Development, before finalizing any purchase of the property, 
        that they will abide by the terms of the Program.
    (g) Rulemaking; Compliance Evaluation.--The Department of Housing 
and Urban Development shall--
            (1) issue such regulations as may be necessary to carry out 
        this section;
            (2) evaluate the compliance by servicers and owners with 
        the requirements of this section; and
            (3) enforce the requirements of this section.
    (h) Definitions.--For purposes of this section:
            (1) Eligible mortgagor.--The term ``eligible mortgagor'' 
        means a mortgagor under an eligible mortgage.
            (2) Eligible mortgage.--The term ``eligible mortgage'' 
        means a first or subordinate mortgage on a property that--
                    (A) is a single family property; and
                    (B) is currently being used as the principal 
                residence of the eligible mortgagor.
            (3) Single family property.--The term ``single family 
        property'' means--
                    (A) a structure consisting of 1 to 4 dwelling 
                units;
                    (B) a dwelling unit in a multi-unit condominium 
                property together with an undivided interest in the 
                common areas and facilities serving the property;
                    (C) a dwelling unit in a multi-unit project for 
                which purchase of stock or a membership interest 
                entitles the purchaser to permanent occupancy of that 
                unit; or
                    (D) a manufactured housing unit.
Keeping Families Home Act of 2014 - Directs each mortgage servicer to establish a deed-for-lease program which shall permit an eligible mortgagor to:  enter into a deed in lieu of foreclosure agreement; continue to occupy and lease the property that is the subject of the agreement for one year; and have a right of first refusal to purchase such property after the end of the one-year lease period, if the owner intends to sell the property at that time.  Exempts small servicers from such requirement. Requires a lease to carry a monthly rent amount equal to the fair market rent for the property, as determined by an independent private appraiser hired by and paid by the servicer.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Tax Relief Certainty Act of 2011''.

                     TITLE I--PERMANENT TAX RELIEF

SEC. 101. REPEAL OF EGTRRA SUNSET.

    Section 901 of the Economic Growth and Tax Relief Reconciliation 
Act of 2001 is repealed.

SEC. 102. REPEAL OF JGTRRA SUNSET.

    Section 303 of the Jobs and Growth Tax Relief Reconciliation Act of 
2003 is repealed.

SEC. 103. TECHNICAL AND CONFORMING AMENDMENTS.

    The Secretary of the Treasury or the Secretary's delegate shall, 
not later than 90 days after the date of the enactment of this Act, 
submit to the Committee on Ways and Means of the House of 
Representatives and the Committee on Finance of the Senate a draft of 
any technical and conforming changes in the Internal Revenue Code of 
1986 which are necessary to reflect throughout such Code the purposes 
of the provisions of, and amendments made by, this Act.

               TITLE II--PERMANENT INDIVIDUAL AMT RELIEF

SEC. 201. PERMANENT INDIVIDUAL AMT RELIEF.

    (a) Modification of Alternative Minimum Tax Exemption Amount.--
            (1) In general.--Paragraph (1) of section 55(d) of the 
        Internal Revenue Code of 1986 (relating to exemption amount) is 
        amended to read as follows:
            ``(1) Exemption amount for taxpayers other than 
        corporations.--In the case of a taxpayer other than a 
        corporation, the term `exemption amount' means--
                    ``(A) the dollar amount for taxable years beginning 
                in the calendar year as specified in the table 
                contained in paragraph (4)(A) in the case of--
                            ``(i) a joint return, or
                            ``(ii) a surviving spouse,
                    ``(B) the dollar amount for taxable years beginning 
                in the calendar year as specified in the table 
                contained in paragraph (4)(B) in the case of an 
                individual who--
                            ``(i) is not a married individual, and
                            ``(ii) is not a surviving spouse,
                    ``(C) 50 percent of the dollar amount applicable 
                under paragraph (1)(A) in the case of a married 
                individual who files a separate return, and
                    ``(D) $22,500 in the case of an estate or trust.
        For purposes of this paragraph, the term `surviving spouse' has 
        the meaning given to such term by section 2(a), and marital 
        status shall be determined under section 7703.''.
            (2) Specified exemption amounts.--Section 55(d) of such 
        Code is amended by adding at the end the following new 
        paragraph:
            ``(4) Specified exemption amounts.--
                    ``(A) Taxpayers described in paragraph (1)(A).--For 
                purposes of paragraph (1))(A)--


------------------------------------------------------------------------
                                                                 The
             ``For taxable years beginning in--               exemption
                                                              amount is:
------------------------------------------------------------------------
2011.......................................................      $74,450
2012.......................................................      $78,250
2013.......................................................      $81,450
2014.......................................................      $85,050
2015.......................................................      $88,650
2016.......................................................      $92,650
2017.......................................................      $96,550
2018.......................................................     $100,950
2019.......................................................     $105,150
2020.......................................................     $109,950
2021.......................................................    $112,250.
------------------------------------------------------------------------

                    ``(B) Taxpayers described in paragraph (1)(B).--For 
                purposes of paragraph (1))(B)--


------------------------------------------------------------------------
                                                                 The
             ``For taxable years beginning in--               exemption
                                                              amount is:
------------------------------------------------------------------------
2011.......................................................      $48,450
2012.......................................................      $50,350
2013.......................................................      $51,950
2014.......................................................      $53,750
2015.......................................................      $55,550
2016.......................................................      $57,550
2017.......................................................      $59,500
2018.......................................................      $61,700
2019.......................................................      $63,800
2020.......................................................      $66,200
2021.......................................................  $68,200.''.
------------------------------------------------------------------------

    (b) Alternative Minimum Tax Relief for Nonrefundable Credits.--
            (1) In general.--Subsection (a) of section 26 of the 
        Internal Revenue Code of 1986 is amended to read as follows:
    ``(a) Limitation Based on Amount of Tax.--The aggregate amount of 
credits allowed by this subpart for the taxable year shall not exceed 
the sum of--
            ``(1) the taxpayer's regular tax liability for the taxable 
        year reduced by the foreign tax credit allowable under section 
        27(a), and
            ``(2) the tax imposed by section 55(a) for the taxable 
        year.''.
            (2) Conforming amendments.--
                    (A) Child tax credit.--
                            (i) Section 24(b) of such Code is amended 
                        by striking paragraph (3).
                            (ii) Section 24(d)(1) of such Code is 
                        amended--
                                    (I) by striking ``section 26(a)(2) 
                                or subsection (b)(3), as the case may 
                                be,'' each place it appears in 
                                subparagraphs (A) and (B) and inserting 
                                ``section 26(a)'', and
                                    (II) by striking ``section 26(a)(2) 
                                or subsection (b)(3), as the case may 
                                be'' in the second last sentence and 
                                inserting ``section 26(a)''.
                    (B) Credit for interest on certain home 
                mortgages.--Section 25(e)(1)(C) of such Code is amended 
                to read as follows:
                    ``(C) Applicable tax limit.--For purposes of this 
                paragraph, the term `applicable tax limit' means the 
                limitation imposed by section 26(a) for the taxable 
                year reduced by the sum of the credits allowable under 
                this subpart (other than this section and sections 23, 
                25D, and 1400C).''.
                    (C) Savers' credit.--Section 25B of such Code is 
                amended by striking subsection (g).
                    (D) Residential energy efficient property.--Section 
                25D(c) of such Code is amended to read as follows:
    ``(c) Carryforward of Unused Credit.--If the credit allowable under 
subsection (a) exceeds the limitation imposed by section 26(a) for such 
taxable year reduced by the sum of the credits allowable under this 
subpart (other than this section), such excess shall be carried to the 
succeeding taxable year and added to the credit allowable under 
subsection (a) for such succeeding taxable year.''.
                    (E) Certain plug-in electric vehicles.--Section 
                30(c)(2) of such Code is amended to read as follows:
            ``(2) Personal credit.--For purposes of this title, the 
        credit allowed under subsection (a) for any taxable year 
        (determined after application of paragraph (1)) shall be 
        treated as a credit allowable under subpart A for such taxable 
        year.''.
                    (F) Alternative motor vehicle credit.--Section 
                30B(g)(2) of such Code is amended to read as follows:
            ``(2) Personal credit.--For purposes of this title, the 
        credit allowed under subsection (a) for any taxable year 
        (determined after application of paragraph (1)) shall be 
        treated as a credit allowable under subpart A for such taxable 
        year.''.
                    (G) New qualified plug-in electric vehicle 
                credit.--Section 30D(c)(2) of such Code is amended to 
                read as follows:
            ``(2) Personal credit.--For purposes of this title, the 
        credit allowed under subsection (a) for any taxable year 
        (determined after application of paragraph (1)) shall be 
        treated as a credit allowable under subpart A for such taxable 
        year.''.
                    (H) Cross references.--Section 55(c)(3) of such 
                Code is amended by striking ``26(a), 30C(d)(2),'' and 
                inserting ``30C(d)(2)''.
                    (I) Foreign tax credit.--Section 904 of such Code 
                is amended by striking subsection (i) and by 
                redesignating subsections (j), (k), and (l) as 
                subsections (i), (j), and (k), respectively.
                    (J) First-time home buyer credit for the district 
                of columbia.--Section 1400C(d) of such Code is amended 
                to read as follows:
    ``(d) Carryforward of Unused Credit.--If the credit allowable under 
subsection (a) exceeds the limitation imposed by section 26(a) for such 
taxable year reduced by the sum of the credits allowable under subpart 
A of part IV of subchapter A (other than this section and section 25D), 
such excess shall be carried to the succeeding taxable year and added 
to the credit allowable under subsection (a) for such taxable year.''.
            (3) Adoption credit.--
                    (A) In general.--Section 10909 of the Patient 
                Protection and Affordable Care Act, and the amendments 
                made thereby, are repealed; and the Internal Revenue 
                Code of 1986 shall be applied as if such section, and 
                amendments, had never been enacted.
                    (B) Conforming amendments.--
                            (i) Section 23(b) of the Internal Revenue 
                        Code of 1986, as in effect on December 31, 
                        2009, is amended by striking paragraph (4).
                            (ii) Section 23(c) of such Code, as in 
                        effect on December 31, 2009, is amended by 
                        striking paragraphs (1) and (2) and inserting 
                        before paragraph (3) the following:
            ``(1) In general.--If the credit allowable under subsection 
        (a) for any taxable year exceeds the limitation imposed by 
        section 26(a) for such taxable year, reduced by the sum of the 
        credits allowable under this subpart (other than this section 
        and sections 25D and 1400C), such excess shall be carried to 
        the succeeding taxable year and added to the credit allowable 
        under subsection (a) for such taxable year.''.
                            (iii) Section 23(c) of such Code, as in 
                        effect on December 31, 2009, is amended by 
                        redesignating paragraph (3) as paragraph (2).
    (c) Effective Date.--The amendments and the repeal made by this 
section shall apply to taxable years beginning after December 31, 2010.

                 TITLE III--PERMANENT ESTATE TAX RELIEF

SEC. 301. PERMANENT ESTATE TAX RELIEF.

    (a) In General.--Title III of the Tax Relief, Unemployment 
Insurance Reauthorization, and Job Creation Act of 2010, and the 
amendments made thereby, are repealed; and the Internal Revenue Code of 
1986 shall be applied as if such title, and amendments, had never been 
enacted.
    (b) Effective Date.--The repeal made by this section shall apply to 
estates of decedents dying, gifts made, and generation skipping 
transfers after December 31, 2009.
Tax Relief Certainty Act of 2011 - Eliminates: (1) the terminating date of the Economic Growth and Tax Relief Reconciliation Act of 2001, thus making the tax relief provisions of such Act permanent; and (2) the terminating date of the Jobs and Growth Tax Relief Reconciliation Act of 2003 applicable to reductions in the tax rate for dividend and capital gain income.

Amends the Internal Revenue Code to: (1) phase-in between 2011 through 2021increases in the exemption amount for the alternative minimum tax (AMT); and (2) make permanent offsets against the AMT for certain nonrefundable tax credits.

Makes permanent the repeal of the estate, gift, and generation-skipping transfer taxes for decedents dying, gifts made, and generation skipping transfers after December 31, 2009.

SECTION 1. FINDINGS.

    Congress finds that--
            (1) the historical significance of the 52-mile Going-to-
        the-Sun Road in Glacier National Park, Montana, is recognized 
        by its--
                    (A) listing on the National Register of Historic 
                Places in 1983;
                    (B) designation as a National Historic Engineering 
                Landmark by the American Society of Civil Engineers in 
                1985; and
                    (C) designation as a National Historic Landmark in 
                1997;
            (2) in 1997, recommendations of the Federal Highway 
        Administration concerning, and an engineering study of, the 
        Road verified significant structural damage to the Road has 
        occurred since the Road opened in 1932;
            (3) infrastructure at most of the developed areas in the 
        Park is inadequate for cold-season (fall, winter, and spring) 
        operation, and maintenance backlog needs exist for normal 
        summer operation;
            (4) the Many Glacier Hotel and Lake McDonald Lodge are on 
        the National Register of Historic Places and are National 
        Historic Landmarks;
            (5) other accommodations operated by the concessionaire 
        that have possessory interest and are listed on the National 
        Register of Historic Places are the Rising Sun Motor Inn and 
        Swiftcurrent Motel;
            (6) the historic hotels in the Park, operated under 
        concession agreements with the National Park Service, are 
        essential for public use and enjoyment of the Park;
            (7) visitors to the Park deserve safe hotels in the Park 
        that meet basic needs and expectations;
            (8) the historic hotels in the Park have deteriorated 
        significantly and need substantial repair;
            (9) repairs of the hotels in the Park have been deferred 
        for so long that, absent any changes to the Federal law 
        governing concessionaires and the availability of historic tax 
        credits for up to 39.5 years, the remodeling costs for the 
        hotels exceed the capacity of the hotel concessionaire to 
        finance the repairs with hotel revenues;
            (10) the remodeling costs of Park hotels are so high that 
        the concessionaire will need to finance the cost of those 
        repairs by borrowing the remodeling expenses and repaying them 
        over time out of net hotel income, which by current law is 
        limited to 20-year concession agreements;
            (11) the season of operation for hotels is about 4 months 
        because the developed areas of the Park lack--
                    (A) water, sewer, and fire protection systems that 
                can operate in freezing conditions;
                    (B) building insulation; and
                    (C) heating systems;
            (12) because of many factors, including the high projected 
        costs of remodeling, the relatively short tourist season in the 
        Park, and the requirement that concession agreements may not 
        exceed 20 years, concessionaires are unable to carry out the 
        scope of remodeling that is needed for the hotels in the Park;
            (13) the National Park Service Concessions Management 
        Improvement Act of 1998 (16 U.S.C. 5951 et seq.) is based on 
        sound principles and is achieving its basic purposes, but there 
        appear to be selected instances in which the National Park 
        Service needs additional authority to conduct demonstration 
        projects; and
            (14) a demonstration project is needed to carry out repairs 
        of the historic hotels in the Park.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Committee.--The term ``Committee'' means the Going-to-
        the-Sun Road Citizens' Advisory Committee.
            (2) Park.--The term ``Park'' means Glacier National Park, 
        Montana.
            (3) Road.--The term ``Road'' means Going-to-the-Sun Road, 
        located in the Park.
            (4) Secretary.--The term ``Secretary'' means the Secretary 
        of the Interior.

SEC. 3. GOING-TO-THE-SUN ROAD FEASIBILITY STUDY AND REHABILITATION 
              PLAN.

    (a) Feasibility Study.--
            (1) In general.--Not later than June 30, 2001, the 
        Secretary, in consultation with the Committee, shall complete a 
        feasibility study for rehabilitation of the Road.
            (2) Inclusions.--The feasibility study shall include--
                    (A) alternative plans for rehabilitation of the 
                Road, including--
                            (i) a ranking of the feasibility of each 
                        plan;
                            (ii) an estimate of the length of time 
                        necessary to complete each plan;
                            (iii) a description of which mitigation 
                        efforts would be used to preserve resources and 
                        minimize adverse economic effects of each plan;
                            (iv) an analysis of the costs and benefits 
                        of each plan;
                            (v) an estimate of the cost of each plan;
                    (B) an analysis of long-term maintenance needs, 
                standards, and schedules for the Road, alternatives to 
                accomplish the work, maintenance staff needs, and 
                associated cost estimates; and
                    (C) a complete environmental analysis that meets 
                any applicable requirement of--
                            (i) the National Environmental Policy Act 
                        of 1969 (42 U.S.C. 4321 et seq.);
                            (ii) the National Historic Preservation Act 
                        (16 U.S.C. 470 et seq.); and
                            (iii) any other applicable law.
            (3) Submission.--Not later than 30 days after completion of 
        the feasibility study, the Secretary shall submit to the 
        Committee on Resources in the House of Representatives and the 
        Committee on Energy and Natural Resources in the Senate a copy 
        of the study.
    (b) Rehabilitation Plan.--
            (1) In general.--As soon as practicable after completing 
        the study and environmental analysis under subsection (a), the 
        Secretary shall--
                    (A) consider the recommendations of the Committee;
                    (B) make any decision documented in the 
                environmental analysis process; and
                    (C) select and implement a rehabilitation plan for 
                the Road.
            (2) Authorized actions.--In implementing a rehabilitation 
        plan under this subsection, the Secretary may--
                    (A) use funds to--
                            (i) rehabilitate the Road; and
                            (ii) carry out transportation system 
                        improvements or impact mitigation activities 
                        outside the Park, if recommended in the 
                        feasibility study and by the Committee; and
                    (B) seek funding for any long-term maintenance 
                needs identified in the feasibility study.
            (3) Authorization of appropriations.--There is authorized 
        to be appropriated to the Secretary to implement the 
        rehabilitation plan (including the cost of any necessary 
        environmental or cultural documentation and monitoring), 
        $200,000,000.
    (c) Continuation of Maintenance.--Nothing in this section affects 
the duty of the Secretary to continue the program in effect on the day 
before the date of the enactment of this Act to preserve, maintain, and 
address safety concerns relating to the Road.

SEC. 4. MAINTENANCE AND UPGRADE OF UTILITY
              SYSTEMS.

    (a) In General.--As soon as practicable after funds are made 
available under this section, the Secretary shall begin the upgrade and 
continue the maintenance of utility systems that serve the Park and 
facilities relating to the Park.
    (b) Authorization of Appropriations.--There is authorized to be 
appropriated to the Secretary to carry out this section, $20,000,000.

SEC. 5. HOTEL REHABILITATION.

    (a) Competitive Leases of Property.--Notwithstanding section 3(k) 
of Public Law 91-383 (commonly known as the ``National Park System 
General Authorities Act'') (16 U.S.C. 1a-2) or any other provision of 
law, subject to subsection (b), the Secretary may enter into a 
competitive lease of Federal property in the Park under which a lessee 
may provide visitor services to visitors to the area.
    (b) Mandatory Conditions of Leases.--
            (1) In general.--The Secretary shall enter into a lease 
        under subsection (a) only after determining that the provision 
        of visitor services--
                    (A) is necessary and appropriate for the 
                accommodation of visitors to the Park, taking into 
                consideration the value of providing additional visitor 
                services (including conference facilities) for groups 
                of visitors in the early spring and late fall months, 
                especially as those additional services may provide 
                extra revenue needed to finance improvements for the 
                historic hotels in Glacier National Park; and
                    (B) is consistent with section 402 of the National 
                Park Service Concessions Management Improvement Act of 
                1998 (16 U.S.C. 5952).
            (2) Terms and conditions.--The Secretary shall include in a 
        lease under this subsection appropriate terms and conditions to 
        ensure, to the maximum extent practicable, that--
                    (A) any visitor service provided is--
                            (i) adequate; and
                            (ii) available at a reasonable rate--
                                    (I) to be approved by the Secretary 
                                in accordance with section 406 of the 
                                National Park Service Concessions 
                                Management Improvement Act of 1998 (16 
                                U.S.C. 5951 et seq.); and
                                    (II) that may be at such a level as 
                                to allow any investment in capital 
                                improvements for visitor services to be 
                                recovered within a reasonable amount of 
                                time by the concessionaire that 
                                financed the improvements;
                    (B) the leased property will be properly maintained 
                by the lessee, and, with respect to historic property 
                that may be leased, preserved, and maintained in a 
                manner consistent with the historic character of the 
                property, as determined by the Secretary; and
                    (C) assure the lessee of adequate protection 
                against any loss of investment in an improvement to 
                real property that the lessee may make to the leased 
                property (including an obligation of the United States 
                to compensate the lessee for any loss of investment in 
                an improvement to real property in any circumstances 
                that the Secretary determines to be prudent).
    (c) Leasehold Surrender Value.--In any contract for improvements, 
the Secretary shall recognize the leasehold surrender value of any 
existing lease that the Secretary may require to be surrendered in any 
action that is associated with approving an improvement to visitor 
services under this section.

Directs the Secretary to upgrade and continue the maintenance of utility systems which service the Park and its related facilities. Authorizes appropriations.
Authorizes the Secretary to enter into competitive leases of federally-owned property in the Park under which the lessee will be authorized to provide visitor services (including a hotel), subject to specified conditions.