Topic: Macroeconomics — General
Subject: Economics and public finance
Date: 2012-03-15 00:00:00

Grow America Act of 2012 - Directs the House Ways and Means Committee and the Senate Committee on Finance to report tax reform legislation for individual and business taxpayers. Requires such legislation to lower the tax burden on individuals and businesses and to simplify the tax system. Amends the Internal Revenue Code to: (1) allow an inflation adjustment to the basis of assets held for more than three years for purposes of determining gain or loss on the sale or exchange of such assets by an individual taxpayer, (2) increase the dividends received deduction for corporations with foreign earnings, and (3) allow an estate tax exclusion of the value of certain family-owned farms or businesses. Prohibits a federal agency from taking any significant regulatory action until the unemployment rate is 7.7% or less. Provides that every exemption from, or special benefit under, any federal law or regulation which is available to any business with up to 200 employees shall be available to every comparable business with 200 or fewer employees. Revises provisions governing congressional review of agency rulemaking to require congressional approval of major rules before they may take effect (currently, major rules take effect unless Congress passes and the President signs a joint resolution disapproving them). Sets forth House and Senate procedures for joint resolutions approving major rules and disapproving non-major rules. Amends the Regulatory Flexibility Act to revise the regulatory process (rulemaking) with respect to small entities (i.e., small businesses, small organizations, and small governmental jurisdictions). Requires each federal agency to establish a plan for the periodic review (every eight years) of: (1) its rules that have a significant adverse economic impact on small entities, and (2) any small entity compliance guide required to be published by an agency. Sets forth criteria for review of a rule, which shall include the continued need for the rule, the complexity of the rule, and the impact of the rule on small entities. Terminates any rule that is determined to have a significant adverse economic effect on small entities if the issuing agency has failed to complete a required periodic review. Allows a small business concern operating in the United States to elect to be exempt from any federal rule or regulation issued on or after January 1, 2008, except a rule or regulation issued by the Department of Defense (DOD) or the Department of Homeland Security (DHS) that such Department's Secretary determines is necessary for national security. Establishes a deadline for action on certain permit applications under existing Outer Continental Shelf (OCS) leases. Amends the Gulf of Mexico Energy Security Act of 2006 to repeal the moratorium on oil and gas leasing in certain areas of the Gulf of Mexico. Directs the Secretary of the Interior to offer for leasing areas made available as a result of such repeal. Directs the Secretary to: (1) offer specified areas for oil and gas leasing under the 2007-2012 Lease Sale Schedules; (2) conduct OCS lease sales in the Atlantic, Pacific, Alaska, and Gulf of Mexico Planning Areas; (3) share OCS receipts derived from all leases with states and local governments; (4) implement a leasing program for certain land within the Arctic Coastal Plain; and (5) issue rights-of-way and easements across the Coastal Plain for oil and gas transportation. Authorizes the Secretary to designate certain Alaska Coastal Plain lands, including the Sadlerochit Spring area, as special areas requiring special management and regulatory protection. Revokes Secretarial Order No. 3310, dated December 22, 2010, relating to protecting wilderness characteristics on lands managed by the Bureau of Land Management (BLM). Amends the Consolidated Appropriations Act, 2008, to repeal the prohibition on the use of funds for either a commercial oil shale leasing program or for oil shale lease sales. Directs the Secretary to offer leases for oil shale resources. Confers exclusive jurisdiction upon the U.S. District Court for the District of Columbia for covered energy projects under this Act. Defines "covered energy project" as any action or decision by the President or a federal official regarding the leasing of federal lands for the exploration, development, production, processing, or transmission of oil, natural gas, or any other source or form of energy. Establishes the Office of the Federal Oil and Gas Permit Coordinator to coordinate the timely completion of all permitting activities by federal and state agencies. Amends the Clean Air Act to redefine "air pollutant" to exclude carbon dioxide, water vapor, methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons, or sulfur hexafluoride (greenhouse gases). Declares that nothing in specified statutes addressing pollution control shall be treated as authorizing or requiring the regulation of climate change or global warming. Amends the Energy Independence and Security Act of 2007 to repeal the prohibition against federal procurement of alternative or synthetic fuel. Requires the Administrator of the Environmental Protection Agency (EPA), upon request of the governor of a state or the governing body of an Indian tribe, to enter into a streamlined refinery permitting agreement. Sets forth deadlines for: (1) approval or disapproval of consolidated permits for construction of new, or expansion of existing, refineries; and (2) submission of existing refinery permit applications. Requires the EPA Administrator to conduct a research and demonstration program to evaluate the air quality benefits of ultra-clean Fischer-Tropsch transportation fuel, including diesel and jet fuel. Directs the Secretary of the Interior to extend by one year the term of any lease that was: (1) not producing as of April 30, 2010; or (2) suspended from operations, permit processing, or consideration in accordance with the moratorium set forth in a May 30, 2010, Minerals Management Service Notice or the Secretary's decision memorandum dated July 12, 2010. Authorizes TransCanada Keystone Pipeline, L.P. to construct, connect, operate, and maintain pipeline facilities for the import of crude oil and other hydrocarbons at the United States-Canada border at Phillips County, Montana, in accordance with a certain application filed with the Department of State on September 19, 2008. Declares that no permit pursuant to Executive Order 13337 or any other similar executive order regulating such activities at the U.S. border, and no additional environmental impact statement (EIS), shall be required for such Pipeline. Sets forth conditions governing construction, connection, operation, and maintenance of the cross-border facilities in connection with the Pipeline.