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Ex Input:
SECTION 1. SHORT TITLE.

This Act may be referred to as the ''Gallatin Range Consolidation
and Protection Act of 1993''.

SEC. 2. FINDINGS.

Congress finds that--
(1) the lands north of Yellowstone National Park possess
outstanding natural characteristics and wildlife habitats that give
the lands high value as lands added to the National Forest System;
and
(2) it is in the interest of the United States for the
Secretary, acting through the Forest Service, to enter into an
option agreement with Big Sky Lumber Company and Louisiana Pacific
Corporation to fulfill the purposes of this Act.

SEC. 3. BIG SKY LUMBER LAND EXCHANGE--GALLATIN AREA.

(a) In General.--Notwithstanding any other provision of law, the
Secretary of Agriculture (referred to in this Act as the ''Secretary'',
unless the context otherwise requires) shall acquire by exchange certain
lands and interests in lands of the Big Sky Lumber Company (referred to
in this Act as the ''Company''), in and adjacent to the Hyalite-
Porcupine-Buffalo Horn Wilderness Study Area, the Scapegoat Wilderness
Area, and other lands in the Gallatin National Forest in accordance with
this section.
(b) Description of Lands.--
(1) Offer and acceptance of land.--If the Company offers to the
United States acceptable fee title, including mineral interests, to
approximately 37,752 acres of land owned by the Company and
available for exchange, as depicted on two maps entitled ''Proposed
BSL Land Acquisitions'', East Half and West Half Gallatin National
Forest, dated February 1993 the Secretary shall accept a warranty
deed to the land.
(2) Exchange.--In exchange for the lands described in paragraph
(1) and subject to valid existing rights, the Secretary of the
Interior shall convey, by patent, the fee title to approximately
16,278 acres of National Forest System lands available for exchange
as depicted on the maps referred to in paragraph (1), and the five
maps entitled ''H.R. 873, the Gallatin Range Consolidation and
Protection Act of 1993'', Lolo and Flathead National Forest, subject
to--
(A) the reservation of ditches and canals required by the
first section of the Act entitled ''An Act making appropriations
for sundry civil expenses of the Government for the fiscal year
ending June thirtieth, eighteen hundred and ninety-one, and for
other purposes'', approved August 30, 1890 (26 Stat. 371,
chapter 837; 43 U.S.C. 945);
(B) the reservation of rights under Federal Oil and Gas
Lease numbers 49739, 55610, 40389, 53670, 40215, 33385, 53736,
and 38684; and
(C) such other terms, conditions, reservations, and
exceptions as may be agreed upon by the Secretary and the
Company.
(3) Termination of leases.--
(A) Vesting of rights and interests.--Upon termination or
relinquishment of the leases referred to in paragraph (2)(B),
all the rights and interests in such leases reserved under
paragraph (2)(B) shall immediately vest in the Company and its
successors and assigns.
(B) Notice.--The Secretary shall provide notice of the
termination or relinquishment of the leases referred to in
paragraph (2)(B) by a document suitable for recording in the
county in which the leased lands are located.
(c) Easements.--
(1) In general.--Reciprocal easements in accordance with this
subsection shall be conveyed at the time of the exchange authorized
by this section.
(2) Conveyance by the secretary.--The Secretary shall, in
consideration of the easements conveyed by the Company under
paragraph (3), and under the authority of section 2 of Public Law
88-257 (commonly known as the ''National Forest Roads and Trails
Act'') (16 U.S.C. 533), or the Federal Lands Policy and Management
Act of 1976 (43 U.S.C. 1701 et seq.), execute and deliver to the
Company such easements or other rights-of-way over federally owned
lands as may be agreed to by the Secretary and the Company.
(3) Conveyance by the company.--The Company shall, in
consideration of the easements conveyed by the Secretary under
paragraph (2), execute and deliver to the United States such
easements or other rights-of-way across Company-owned lands included
in this exchange as may be agreed to by the Secretary and the
Company.
(d) North Bridger Range.--
(1) Covenants and other restrictions.--As a condition of the
exchange, with respect to such lands depicted on the map entitled
''North Bridger Range'', dated May 1993, the Company shall agree
that--
(A) the holders, or their successors or assigns, of grazing
leases on such lands on the date of enactment of this Act shall
be permitted to continue to use such lands for grazing under
terms acceptable to the Company and the permittees for so long
as the Company owns such lands and for two years after the
Company has sold or disposed of such lands; and
(B) the timber harvest practices used on such lands shall be
conducted in accordance with Montana Forestry Best Management
Practices, the Montana Streamside Zone Management Law (Mont.
Code Ann. sec. 77-5-301 et seq.), and all other applicable laws
of the State of Montana.
(2) Future acquisition.--The Secretary shall consider the
desirability of possible acquisition, through exchange under
existing law, of any of the lands described in paragraph (1), and
shall, not later than one year after the date of enactment of this
Act, report to the Committee on Energy and Natural Resources of the
Senate and the Committee on Natural Resources of the House of
Representatives concerning the desirability of an exchange.
(e) Timing of Transaction.--
(1) Determination.--The Secretary shall review the title for the
non-Federal lands described in subsection (b), and the appraisal and
titles for the non-Federal lands described in sections 4 and 5, and,
within sixty days after receipt of all applicable appraisal and
title documents from the Company, determine whether--
(A) the applicable title standards for Federal land
acquisition have been satisfied or the quality of title is
otherwise acceptable to the Secretary;
(B) all draft conveyances and closing documents have been
received and approved;
(C) a current title commitment verifying compliance with
applicable title standards has been issued to the Secretary;
(D) the appraisals comply with applicable Forest Service
standards; and
(E) except as provided in section (8)(b), the title includes
both the surface and subsurface estates without reservation or
exception (except by the United States or the State of Montana,
by patent), including--
(i) minerals or mineral rights;
(ii) timber or timber rights; and
(iii) any other interest in the property.
(2) Conveyance of title.--In the event the appraisal and/or
quality of title do not meet Federal standards or are otherwise
determined unacceptable to the Secretary, the Secretary shall advise
the Company regarding corrective actions necessary to make an
affirmative determination under paragraph (1). The Secretary, acting
through the Chief of the Forest Service, shall effect the conveyance
of lands described in subsection (b)(2) not later than sixty days
after the Secretary has made an affirmative determination under
paragraph (1).
(f) Compliance With Option.--Notwithstanding section (3)(e)(2), the
Secretary shall not consummate the conveyance of lands described in
subsection (b)(2) until the Secretary has determined that title to the
lands described in sections 4 and 5 have been escrowed as required by
the document entitled ''Option Agreement for the Exchange and/or
Purchase of Real Property Pursuant to the Gallatin Range Consolidation
and Protection Act of 1993'' (referred to in this Act as ''the
Option''), executed by the Company, as seller.
(g) References.--References in this Act to the Company shall include
references to the successors and assigns of the Company.

SEC. 4. LAND CONSOLIDATION--PORCUPINE AREA.

(a) Acquisition of Porcupine Property.--The Secretary is authorized
and directed to acquire, by purchase or exchange, lands and interests in
lands listed as ''Exhibit A, Porcupine Area'', in the Option, in
accordance with the terms and conditions of the Option for the fair
market value of such lands and interests, determined at the time of
acquisition, in accordance with the appraisal standards specified in the
Option.
(b) Reports to Congress.--The Secretary shall report annually to the
Committee on Energy and Natural Resources of the Senate and the
Committee on Natural Resources of the House of Representatives, on the
status of the acquisition authorized by this section.

SEC. 5. LAND CONSOLIDATION--TAYLOR FORK AREA.

(a) Acquisition of Taylor Fork Property.--The Secretary is
authorized and directed to acquire, by purchase or exchange, lands and
interests in lands as listed as ''Exhibit A, Taylor Fork Area'', in the
Option, in accordance with the terms and conditions of the Option for
the fair market value of such lands and interests, determined at the
time of acquisition, in accordance with the appraisal standards
specified in the Option.
(b) Reports to Congress.--The Secretary shall report annually to the
Committee on Energy and Natural Resources of the Senate and the
Committee on Natural Resources of the House of Representatives, on the
status of the pending acquisition authorized by this section.

SEC. 6. LAND CONSOLIDATION--GALLATIN ROADED AREA.

(a) Acquisition of Gallatin Roaded Property.--The Secretary is
authorized and directed to acquire, by purchase or exchange, lands and
interests in lands as listed as ''Exhibit A, Gallatin Roaded'', in the
Option, in accordance with the terms and conditions of the Option not
otherwise acquired, purchased, or exchanged under section 3, 4, or 5.
(b) Reports to Congress.--The Secretary shall report annually to the
Committee on Energy and Natural Resources of the Senate and the
Committee on Natural Resources of the House of Representatives, on the
status of the acquisition authorized by this section.

SEC. 7. SEVERED MINERAL EXCHANGE.

(a) Findings.--Congress finds that--
(1) underlying certain areas in Montana described in subsection
(b) are mineral rights owned by subsidiaries of Burlington
Resources, Incorporated and its successors and assigns (referred to
in this Act as ''Burlington'');
(2) there are federally owned minerals underlying lands of
Burlington lying outside those areas;
(3) Burlington has agreed in principle with the Secretary to an
exchange of mineral rights to consolidate surface and subsurface
ownerships and to avoid potential conflicts with the surface
management of the areas; and
(4) it is desirable that an exchange of lands be completed not
later than two years after the date of enactment of this Act.
(b) Mineral Interests.--
(1) Acquisition.--Pursuant to an exchange agreement between the
Secretary and Burlington, the Secretary may acquire mineral
interests owned by Burlington or an affiliate of Burlington
underlying surface lands owned by the United States located in the
areas depicted on the maps entitled ''Severed Minerals Exchange,
Clearwater-Monture Area'', dated September 1988, and ''Severed
Mineral Exchanges, Gallatin Area'', dated September 1988, or in
fractional sections adjacent to the areas depicted on the maps.
(2) Exchange.--In exchange for the mineral interests conveyed to
the Secretary pursuant to paragraph (1), the Secretary of the
Interior shall convey, subject to valid existing rights, such
federally owned mineral interests as the Secretary and Burlington
may agree upon.
(c) Equal Value.--
(1) In general.--The value of the mineral interests exchanged
under subsection (b) shall be approximately equal in value based
upon available information.
(2) Appraisal.--To ensure that the wilderness or other natural
values of the area are not affected by the exchange, a formal
appraisal based upon drilling or other surface disturbing activities
shall not be required for any mineral interest proposed for
exchange, except that the Secretary and Burlington shall fully share
all available information on the quality and quantity of mineral
interests proposed for exchange.
(3) Inadequate information.--In the absence of adequate
information regarding values of minerals proposed for exchange, the
Secretary and Burlington may agree to an exchange on the basis of
mineral interests of similar development potential, geologic
character, and similar factors.
(d) Identification of Federally Owned Mineral Interests.--
(1) In general.--Subject to paragraph (2), mineral interests
conveyed by the United States pursuant to this section shall
underlie lands the surface of which are owned by Burlington.
(2) Other interests.--If there are not sufficient federally
owned mineral interests of approximately equal value underlying
lands owned by Burlington, the Secretary and the Secretary of the
Interior may identify for exchange other federally owned mineral
interests in lands in the State of Montana of which the surface
estate is in private ownership.
(e) Consultation With the Department of the Interior.--
(1) In general.--The Secretary shall consult with the Secretary
of the Interior in the negotiation of the exchange agreement
authorized by subsection (b), particularly with respect to the
inclusion in the agreement of a provision authorizing the exchange
of federally owned mineral interests lying outside the boundaries of
units of the National Forest System.
(2) Conveyance.--Notwithstanding any other law, the Secretary of
the Interior shall convey the federally owned mineral interests
identified in a final exchange agreement between the Secretary of
Agriculture and Burlington and affiliates of Burlington.
(f) Mineral Interest Defined.--For purposes of this section, the
term ''mineral interests'' includes all locatable and leasable minerals,
including oil and gas, geothermal resources, and other subsurface
rights.

SEC. 8. GENERAL PROVISIONS.

(a) Maps.--The maps referred to in sections 3, 4, 5, 6, and 7 are
subject to such minor corrections as may be agreed upon by the Secretary
and the Company. The Secretary shall notify the Committee on Energy and
Natural Resources of the United States Senate and the Committee on
Natural Resources of the United States House of Representatives of any
corrections made pursuant to the subsection. The maps shall be on file
and available for public inspection in the office of Chief, Forest
Service, USDA.
(b) Title of Lands Conveyed to the United States.--
(1) Quality of title and rights.--Subject to paragraph (2), the
rights, title, and interests to lands conveyed to the United States
under sections 4, 5, and 6 shall, at a minimum, consist of the
surface estate and the subsurface rights owned by the Company or
Burlington where applicable.
(2) Exception.--The Secretary may accept title subject to
outstanding or reserved oil and gas and geothermal rights, except
that there shall be no surface occupancy permitted on the lands
acquired by the United States under sections 4, 5, and 6 for access
to reserved or outstanding rights or exploration or development of
such lands.
(3) Access.--No portion of lands acquired by the United States
under this Act shall be available for access to, or exploration or
development of, any reserved or outstanding oil, gas, geothermal, or
other non-Federal property interest.
(c) National Forest Lands.--
(1) In general.--All lands conveyed to the United States under
this Act shall be added to and administered as part of the Gallatin
National Forest of the National Forest System by the Secretary in
accordance with the laws and regulations pertaining to the National
Forest System.
(2) Hyalite-porcupine-buffalo horn wilderness study area.--Lands
acquired within the Hyalite-Porcupine-Buffalo Horn Wilderness Study
Area shall be managed to maintain their presently existing
wilderness character and potential for inclusion in the National
Wilderness Preservation System in accordance with the Montana
Wilderness Study Act of 1977 (16 U.S.C. 1132 note).

SEC. 9. AUTHORIZATION OF APPROPRIATIONS.

There are authorized to be appropriated such sums as are necessary
to carry out this Act.

Speaker of the House of Representatives.

Vice President of the United States and
President of the Senate.

Ex Output:
Gallatin Range Consolidation and Protection Act of 1993 - Directs the Secretary of Agriculture to acquire: (1) by exchange from the Big Sky Lumber Company, specified lands and interests north of Yellowstone National Park, including land in and adjacent to the Hyalite-Porcupine-Buffalo Horn Wilderness Study Area, the Scapegoat Wilderness Area, and other lands in the Gallatin National Forest; and (2) by purchase or exchange from the Company, lands and interests in the Porcupine Area, the Taylor Fork Area, and the Gallatin Area. Requires the Secretary of the Interior to convey National Forest System lands as part of such exchange. Sets forth conditions for such exchange with respect to leases and easements. Provides for the continuation of grazing on the North Bridger Range lands and requires timber harvest practices on such lands to be in accordance with the laws of the State of Montana. Authorizes the Secretary of Agriculture, pursuant to an agreement with Burlington Resources, Incorporated, to acquire mineral interests owned by Burlington underlying surface lands owned by the United States and located within the Clearwater-Monture Area and the Gallatin Area. Requires such acquisition to be made through exchange to Burlington of other federally owned mining interests that the parties may agree to. Requires consultation with the Secretary of the Interior in the negotiation of such exchange. Requires all lands conveyed to the United States under this Act to be added to and administered as part of the Gallatin National Forest. Authorizes appropriations.

Ex Input:
SECTION 1. SHORT TITLE.

This Act may be cited as the ''Detroit Economic Competitiveness
Act''.

SEC. 2. DETROIT JOBS TRUST FUND.

(a) In General.--Subchapter A of chapter 98 of the Internal Revenue
Code of 1986 is amended by adding at the end the following new section:

''SEC. 9512. DETROIT JOBS TRUST FUND.

''(a) Creation of Trust Fund.--There is established in the Treasury
of the United States a trust fund to be known as the 'Detroit Jobs
Trust Fund', consisting of such amounts as may be appropriated or
credited to such fund as provided in this section or section 9602(b).
''(b) Transfers to Trust Fund.--There are hereby appropriated to
the Detroit Jobs Trust Fund amounts equivalent to receipts in the
Treasury of taxes (including all income, excise, and employment taxes
whether imposed with respect to individuals or businesses) imposed
under this title (with respect to periods after the date of the
enactment of this section) which are (as determined by the Secretary)
attributable to Detroit, Michigan. The city of Detroit, Michigan, shall
provide the Secretary such information as the Secretary may request for
purposes of making the determinations required under this subsection.
For purposes of this subsection, the taxes imposed on a corporation or
other business entity shall not be treated as attributable to Detroit,
Michigan, merely because the headquarters of such corporation or entity
is located in Detroit, Michigan.
''(c) Expenditures.--
''(1) In general.--Except as otherwise provided in this
subsection, amounts in the Detroit Jobs Trust Fund shall
(without need of any further appropriation) be distributed
annually by the Secretary to the city of Detroit, Michigan, to
carry out the purposes described in paragraph (2).
''(2) Use of expenditures.--Amounts distributed to the city
of Detroit, Michigan, under this section shall be used for the
following purposes and in the following order of priority:
''(A) First, of the amounts distributed with
respect the annual period not in excess of the Detroit
income tax suspension hold harmless amount, for any
purpose determined by the city government of Detroit,
Michigan.
''(B) Second, for payment of principal and interest
on any general obligation issued by the city of
Detroit, Michigan (to the extent of such obligations).
''(C) Third, for payment of principal and interest
on obligations to which section 103 applies and the
proceeds of which were used for the public schools of
the city of Detroit, Michigan (to the extent of such
obligations).
''(D) Fourth, for jobs development, public safety,
education, business infrastructure, or public
infrastructure (to the extent consistent with the plan
described in paragraph (4)).
''(3) Restriction on distributions.--No distribution shall
be made by the Secretary under paragraph (1) unless--
''(A) the city of Detroit, Michigan, does not
impose an income tax with respect to the period to
which such distribution relates,
''(B) such city has reduced the aggregate property
taxes imposed by an amount not less than the reduction
in the payment obligations of such city by reason of
the payments described in paragraph (2),
''(C) all prior distributions made to the city
under paragraph (2) were used by the city in a manner
consistent with the requirements of paragraph (2), and
''(D) such city has provided such information to
the Comptroller General of the United States as the
Comptroller General may request to carry out section
2(b) of the Detroit Economic Competitiveness Act.
''(4) 5-year development plan.--A plan is described in this
paragraph if such plan--
''(A) is a 5-year plan describing development goals
for Detroit, Michigan, and detailing how distributions
for purposes described in paragraph (2)(D) will be
spent,
''(B) has been approved by simple majority vote of
the City Council of Detroit, Michigan (after
consultation with the Detroit Board of Education), and
''(C) has been submitted to, and approved by, the
Secretary of the Treasury, the Secretary of Housing and
Urban Development, and the Secretary of Education.
No distribution shall be made under paragraph (1) for a purpose
described in paragraph (2)(D) unless a plan described in this
paragraph is in effect and all prior such distributions for
such purposes were used in accordance with such plan.
''(5) Special rules during period of plan development.--
During the period during which the plan described in paragraph
(4) is developed (but not in excess of the 5-month period
beginning on the date of the first distribution under paragraph
(1)), amounts distributed may be used concurrently for the
purposes described in subparagraphs (A), (B), and (C) of
paragraph (2).
''(6) Detroit income tax suspension hold harmless amount.--
''(A) In general.--For purposes of paragraph
(2)(A), the term 'Detroit income tax suspension hold
harmless amount' means the amount (as determined by the
Secretary) of revenue collected by the city of Detroit
pursuant to the income tax imposed by such city during
the calendar year preceding the calendar year which
includes the date of the enactment of this section.
''(B) Cross reference.--For provision which
requires suspension of the Detroit income tax, see
paragraph (3)(A).
''(C) Tax returns may still be required.--The city
of Detroit, Michigan, shall not be treated as failing
to satisfy the requirement of paragraph (3)(A) with
respect to any period merely because taxpayers are
required to file tax returns and report income with
respect to such period.
''(7) Amounts made available not to reduce other funding.--
Amounts distributed to the city of Detroit, Michigan, under
this section shall supplement, and not supplant, any other
funding (including any Federal funding) for such city.
''(d) Termination.--No amount shall be distributed from, or
appropriated to, the Detroit Jobs Trust Fund after the 5-year period
beginning on the date of the enactment of this section. Any amounts
remaining in such Trust Fund at the end of such period shall be
transferred to the general fund of the Treasury. The 5-year period
specified in this subsection shall not be renewed or extended.''.
(b) GAO Reports.--The Comptroller General of the United States
shall submit an annual report to Congress which--
(1) describes the manner and purposes for which
distributions made from the Detroit Jobs Trust Fund have been
used,
(2) describes the extent to which progress has been made
toward meeting the development goals under the plan described
in section 9512(c)(4) of the Internal Revenue Code of 1986 (as
added by this section) and whether such progress is consistent
with meeting such goals, and
(3) includes any recommendations the Comptroller General
may have regarding improvements to the program described in
section 9512 of such Code.
The first such annual report shall be submitted not later than 90 days
after the 1-year period beginning on the date of the enactment of this
Act and the last such annual report shall be submitted not later than
90 days after the date on which the Detroit Jobs Trust Fund terminates
pursuant to section 9512(d) of such Code.
(c) Clerical Amendment.--The table of sections for subchapter A of
chapter 98 of the Internal Revenue Code of 1986 is amended by adding at
the end the following new item:

''Sec. 9512. Detroit Jobs Trust Fund.''.

SEC. 3. ZERO CAPITAL GAINS RATE FOR CERTAIN NEW INVESTMENTS IN DETROIT,
MICHIGAN.

(a) In General.--Subchapter Y of chapter 1 of the Internal Revenue
Code of 1986 is amended by adding at the end the following new part:

''PART IV--CERTAIN NEW INVESTMENTS IN DETROIT, MICHIGAN

''Sec. 1400V. Zero capital gains rate for certain new investments in
Detroit, Michigan.

''SEC. 1400V. ZERO CAPITAL GAINS RATE FOR CERTAIN NEW INVESTMENTS IN
DETROIT, MICHIGAN.

''(a) In General.--Gross income does not include any qualified
capital gain from the sale or exchange of a specified new investment
held for more than 1 year.
''(b) Specified New Investment.--For purposes of this section--
''(1) In general.--The term 'specified new investment'
means--
''(A) any qualified stock,
''(B) any qualified partnership interest, and
''(C) any qualified business property.
''(2) Qualified stock.--
''(A) In general.--Except as provided in
subparagraph (B), the term 'qualified stock' means any
stock in a domestic corporation if--
''(i) such stock is acquired by the
taxpayer during the 1-year period beginning on
the date of the enactment of this section, at
its original issue (directly or through an
underwriter) from the corporation solely in
exchange for cash,
''(ii) as of the time such stock was
issued, such corporation was a specified
Detroit business (or, in the case of a new
corporation, such corporation was being
organized for purposes of being a specified
Detroit business), and
''(iii) during substantially all of the
taxpayer's holding period for such stock, such
corporation qualified as a specified Detroit
business.
''(B) Redemptions.--A rule similar to the rule of
section 1202(c)(3) shall apply for purposes of this
paragraph.
''(3) Qualified partnership interest.--The term 'qualified
partnership interest' means any capital or profits interest in
a domestic partnership if--
''(A) such interest is acquired by the taxpayer
during the 1-year period beginning on the date of the
enactment of this section, from the partnership solely
in exchange for cash,
''(B) as of the time such interest was acquired,
such partnership was a specified Detroit business (or,
in the case of a new partnership, such partnership was
being organized for purposes of being a specified
Detroit business), and
''(C) during substantially all of the taxpayer's
holding period for such interest, such partnership
qualified as a specified Detroit business.
A rule similar to the rule of paragraph (2)(B) shall apply for
purposes of this paragraph.
''(4) Qualified business property.--
''(A) In general.--The term 'qualified business
property' means tangible property if--
''(i) such property was acquired by the
taxpayer by purchase (as defined in section
179(d)(2)) during the 1-year period beginning
on the date of the enactment of this section,
''(ii) the original use of such property in
Detroit, Michigan, commences with the taxpayer,
and
''(iii) during substantially all of the
taxpayer's holding period for such property,
substantially all of the use of such property
was in a specified Detroit business of the
taxpayer.
''(B) Special rule for substantial improvements.--
The requirements of clauses (i) and (ii) of
subparagraph (A) shall be treated as satisfied with
respect to--
''(i) property which is substantially
improved by the taxpayer before the end of the
period described in subparagraph (A)(i), and
''(ii) any land on which such property is
located.
The determination of whether a property is
substantially improved shall be made under clause (ii)
of section 1400B(b)(4)(B), except that 'the date of the
enactment of section 1400V' shall be substituted for
'December 31, 1997' in such clause.
''(c) Qualified Capital Gain.--For purposes of this section--
''(1) In general.--Except as otherwise provided in this
subsection, the term 'qualified capital gain' means any gain
recognized on the sale or exchange of--
''(A) a capital asset, or
''(B) property used in the trade or business (as
defined in section 1231(b)).
''(2) Gain before enactment not qualified.--The term
'qualified capital gain' shall not include any gain
attributable to periods before the date of the enactment of
this section.
''(3) Certain rules to apply.--Rules similar to the rules
of paragraphs (3), (4), and (5) of section 1400B(e) shall apply
for purposes of this subsection.
''(d) Specified Detroit Business.--For purposes of this section,
the term 'specified Detroit business' means any enterprise zone
business (as defined in section 1397C), determined--
''(1) without regard to subsections (b)(6) and (c)(5)
thereof,
''(2) by substituting '80 percent' for '50 percent' in
subsections (b)(2) and (c)(1) thereof,
''(3) by treating Detroit, Michigan, as an empowerment zone
(and by treating no area other than Detroit, Michigan, as an
empowerment zone).
''(e) Certain Rules To Apply.--For purposes of this section, rules
similar to the rules of paragraphs (6) and (7) of subsection (b), and
subsections (f) and (g), of section 1400B shall apply; except that for
such purposes section 1400B(g)(2) shall be applied by substituting
'before the date of the enactment of section 1400V' for 'before January
1, 1998, or after December 31, 2014'.
''(f) Regulations.--The Secretary shall prescribe such regulations
as may be appropriate to carry out the purposes of this section,
including regulations to prevent the abuse of the purposes of this
section.''.
(b) Clerical Amendment.--The table of parts for subchapter Y of
chapter 1 of such Code is amended by adding at the end the following
new item:

''Part IV. Certain New Investments in Detroit, Michigan''.

(c) Effective Date.--The amendments made by this section shall
apply to property acquired after the date of the enactment of this Act.

Ex Output:
Detroit Economic Competitiveness Act - Amends the Internal Revenue Code to establish the Detroit Jobs Trust Fund to finance economic development in Detroit, Michigan. Requires the Secretary of the Treasury to make annual distributions from such Fund to the city of Detroit for payment of debt obligations and for job development, public safety, education, and business and public infrastructure. Prohibits any distributions unless the city of Detroit: (1) does not impose an income tax during a period of distribution, (2) has made specified reductions in aggregate property taxes, (3) has used prior distributions as required under this Act, (4) has provided required information to the Comptroller General (GAO), and (5) has implemented a five-year plan describing development goals for Detroit and detailing how distributions from the Trust Fund will be spent. Terminates such Fund five years after enactment of this Act.

Requires GAO to submit annual reports to Congress describing the use of distributions from the Trust Fund, the extent to which progress has been made in meeting the plan's development goals, and Comptroller General recommendations for improving the program established under this Act.

Excludes from gross income capital gain from the sale or exchange of investment property used in trade or business in Detroit.

Ex Input:
SECTION 1. SHORT TITLE.

This Act may be cited as the ''Advanced Cable Deployment
Authorization Act of 2009''.

SEC. 2. SUPPORT FOR QUALIFIED ADVANCED ELECTRIC TRANSMISSION
MANUFACTURING PLANTS, QUALIFIED HIGH EFFICIENCY
TRANSMISSION PROPERTY, AND QUALIFIED ADVANCED ELECTRIC
TRANSMISSION PROPERTY.

(a) Loan Guarantees Prior to September 30, 2011.--Section 1705(a)
of the Energy Policy Act of 2005 (42 U.S.C. 15801 and following), as
added by section 406 of the American Recovery and Reinvestment Act of
2009 (Public Law 109-58; 119 Stat. 594) is amended by adding the
following new paragraph at the end thereof:
''(5) The development, construction, acquisition,
retrofitting, or engineering integration of a qualified
advanced electric transmission manufacturing plant or the
construction of a qualified high efficiency transmission
property or a qualified advanced electric transmission property
(whether by construction of new facilities or the modification
of existing facilities). For purposes of this paragraph--
''(A) The term 'qualified advanced electric
transmission property' means any high voltage electric
transmission cable, related substation, converter
station, or other integrated facility that--
''(i) utilizes advanced ultra low
resistance superconductive material or other
advanced technology that has been determined by
the Secretary of Energy as--
''(I) reasonably likely to become
commercially viable within 10 years
after the date of enactment of this
paragraph;
''(II) capable of reliably
transmitting at least 5 gigawatts of
high-voltage electric energy for
distances greater than 300 miles with
energy losses not exceeding 3 percent
of the total power transported; and
''(III) not creating an
electromagnetic field;
''(ii) has been determined by an
appropriate energy regulatory body, upon
application, to be in the public interest and
thereby eligible for inclusion in regulated
rates;
''(iii) can be located safely and
economically in a permanent underground right
of way not to exceed 25 feet in width; and
''(iv) Termination.--The term 'qualified
advanced electric transmission property' shall
not include any property placed in service
after December 31, 2016.
''(B)(i) The term 'qualified high efficiency
transmission property' means any high voltage overhead
electric transmission line, related substation, or
other integrated facility that--
''(I) utilizes advanced conductor
core technology that--
''(aa) has been determined
by the Secretary of Energy as
reasonably likely to become
commercially viable within 10
years after the date of
enactment of this paragraph;
''(bb) is suitable for use
on transmission lines up to
765kV; and
''(cc) exhibits power
losses at least 30 percent
lower than that of transmission
lines using conventional
''ACSR'' conductors;
''(II) has been determined by an
appropriate energy regulatory body,
upon application, to be in the public
interest and thereby eligible for
inclusion in regulated rates; and
''(III) can be located safely and
economically in a right of way not to
exceed that used by conventional
''ACSR'' conductors; and
''(ii) Termination.--The term 'qualified high
efficiency transmission property' shall not include any
property placed in service after December 31, 2016.
''(C) The term 'qualified advanced electric
transmission manufacturing plant' means any industrial
facility located in the United States which can be
equipped, re-equipped, expanded, or established to
produce in whole or in part qualified advanced electric
transmission property.''.
(b) Additional Loan Guarantee Authority.--Section 1703 of the
Energy Policy Act of 2005 (42 U.S.C. 15801 and following) is amended by
adding the following new paragraph at the end of subsection (b):
''(11) The development, construction, acquisition,
retrofitting, or engineering integration of a qualified
advanced electric transmission manufacturing plant or the
construction of a qualified advanced electric transmission
property (whether by construction of new facilities or the
modification of existing facilities). For purposes of this
paragraph, the terms 'qualified advanced electric transmission
property' and 'qualified advanced electric transmission
manufacturing plant' have the meanings provided by section
1705(a)(5).''.
(c) Grants.--The Secretary of Energy is authorized to provide
grants for up to 50 percent of costs incurred in connection with the
development, construction, acquisition of components or engineering of
a qualified advanced electric transmission property defined in
paragraph (5) of section 1705(a) of the Energy Policy Act of 2005 (42
U.S.C. 15801 and following). Such grants may only be made to the first
project which qualifies under that paragraph. There are authorized to
be appropriated for purposes of this section not more than $100,000,000
for fiscal year 2010. The United States shall take no equity or other
ownership interest in the qualified advanced electric transmission
manufacturing plant or qualified advanced electric transmission
property for which funding is provided under this section.

Ex Output:
Advanced Cable Deployment Authorization Act of 2009 - Amends the Energy Policy Act of 2005, as amended by the American Recovery and Reinvestment Act of 2009, to authorize the Secretary of Energy to make loan guarantees for the development, construction, acquisition, retrofitting, or engineering integration of a qualified advanced electronic transmission manufacturing plant, or the construction of a qualified high efficiency transmission property or a qualified advanced electronic transmission property. Requires any such construction to commence by September 30, 2011.

Authorizes the Secretary of Energy to provide grants for up to 50% of the costs incurred in connection with the development, construction, acquisition of components or engineering of a qualified advanced electric transmission property.