Home > 106th Congressional Bills > H.R. 2615 (rfs) To amend the Small Business Act to make improvements to the general business loan program, and for other purposes. [Referred in Senate] ...

H.R. 2615 (rfs) To amend the Small Business Act to make improvements to the general business loan program, and for other purposes. [Referred in Senate] ...

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  1st Session
                                H. R. 2615

To provide funding for infrastructure investment to restore the United 
   States economy and to enhance the security of transportation and 
         environmental facilities throughout the United States.



                             June 26, 2003

 Mr. Costello (for himself, Mr. Davis of Tennessee, Mr. Oberstar, Mr. 
  Rahall, Mr. Filner, Mr. Menendez, Mr. Cummings, Mr. Lipinski, Mrs. 
  Tauscher, Mr. Bishop of New York, Mr. Blumenauer, Mr. Emanuel, Mr. 
 Nadler, Mr. Clay, Mr. Holden, Ms. Norton, Mr. Honda, Mr. Capuano, Mr. 
 Baird, Ms. Eddie Bernice Johnson of Texas, Mr. Michaud, Mr. Larsen of 
   Washington, Mr. Weiner, Mr. DeFazio, Ms. Millender-McDonald, Ms. 
 Berkley, Mr. Pascrell, Mr. Boswell, Ms. Corrine Brown of Florida, Ms. 
    Carson of Indiana, Mr. Thompson of California, Mr. Hoeffel, Mr. 
   Lampson, Mr. Matheson, and Mr. Carson of Oklahoma) introduced the 
 following bill; which was referred to the Committee on Transportation 
   and Infrastructure, and in addition to the Committees on Ways and 
Means, Energy and Commerce, Financial Services, and Agriculture, for a 
 period to be subsequently determined by the Speaker, in each case for 
consideration of such provisions as fall within the jurisdiction of the 
                          committee concerned


                                 A BILL

To provide funding for infrastructure investment to restore the United 
   States economy and to enhance the security of transportation and 
         environmental facilities throughout the United States.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,


    (a) Short Title.--This Act may be cited as the ``Rebuild America 
Act of 2003''.
    (b) Table of Contents.--

Sec. 1. Short title; table of contents.
Sec. 2. Findings and purposes.

Sec. 101. Federal-aid highway program obligation ceiling.

Sec. 201. Additional authorizations for formula grants.
Sec. 202. Federal transit program obligation ceiling.

Sec. 301. Increased funding for airport planning and development.
Sec. 302. Airport security improvement projects.

                  Subtitle A--Credit for Amtrak Bonds

Sec. 401. Credit to holders of qualified Amtrak bonds.
                 Subtitle B--High-Speed Rail Provisions

Sec. 411. Department of transportation approval for qualified Amtrak 
Sec. 412. Multiyear capital spending plan and oversight.
Sec. 413. Issuance of regulations.
Sec. 414. Sense of Congress regarding effect on Amtrak funding.
Sec. 415. Effective date.
                 Subtitle C--Amtrak Capital Investment

Sec. 421. Authorization of appropriations.
       Subtitle D--Capital Investment for Railroad Rehabilitation

Sec. 431. Capital grants for railroad track.
Sec. 432. Regulatory procedure amendments.

Sec. 501. Authorization of appropriations for grants to implement 
                            security plans.

Sec. 601. General authority for capitalization grants.
Sec. 602. Capitalization grants agreements.
Sec. 603. Water pollution control revolving funds.
Sec. 604. Authorization of appropriations for clean water State 
                            revolving funds.
Sec. 605. Wet weather.
Sec. 606. Safe drinking water State revolving funds.

Sec. 701. Increased funding for Corps of Engineers projects.

Sec. 801. Public works and economic development.
Sec. 802. Appalachian regional development.
Sec. 803. Delta regional development.
Sec. 804. Northern Great Plains regional development.

Sec. 901. Security enhancements for GSA properties.
                      TITLE X--GENERAL PROVISIONS

Sec. 1001. Priority consideration for security projects.
Sec. 1002. Temporary waiver of non-Federal share.
Sec. 1003. Maintenance of effort.
Sec. 1004. Labor standards.
Sec. 1005. Buy America.
                       TITLE XI--REVENUE OFFSETS

Sec. 1100. Amendment of 1986 code.
        Subtitle A--Provisions Designed To Curtail Tax Shelters

Sec. 1101. Clarification of economic substance doctrine.
Sec. 1102. Penalty for failing to disclose reportable transaction.
Sec. 1103. Accuracy-related penalty for listed transactions and other 
                            reportable transactions having a 
                            significant tax avoidance purpose.
Sec. 1104. Penalty for understatements attributable to transactions 
                            lacking economic substance, etc.
Sec. 1105. Modifications of substantial understatement penalty for 
                            nonreportable transactions.
Sec. 1106. Tax shelter exception to confidentiality privileges relating 
                            to taxpayer communications.
Sec. 1107. Disclosure of reportable transactions.
Sec. 1108. Modifications to penalty for failure to register tax 
Sec. 1109. Modification of penalty for failure to maintain lists of 
Sec. 1110. Modification of actions to enjoin certain conduct related to 
                            tax shelters and reportable transactions.
Sec. 1111. Understatement of taxpayer's liability by income tax return 
Sec. 1112. Penalty on failure to report interests in foreign financial 
Sec. 1113. Frivolous tax submissions.
Sec. 1114. Regulation of individuals practicing before the Department 
                            of Treasury.
Sec. 1115. Penalty on promoters of tax shelters.
Sec. 1116. Statute of limitations for taxable years for which listed 
                            transactions not reported.
Sec. 1117. Denial of deduction for interest on underpayments 
                            attributable to nondisclosed reportable and 
                            noneconomic substance transactions.
                      Subtitle B--OTHER PROVISIONS

Sec. 1121. Limitation on transfer or importation of built-in losses.
Sec. 1122. Disallowance of certain partnership loss transfers.
Sec. 1123. No reduction of basis under section 734 in stock held by 
                            partnership in corporate partner.
Sec. 1124. Repeal of special rules for FASITs.
Sec. 1125. Expanded disallowance of deduction for interest on 
                            convertible debt.
Sec. 1126. Expanded authority to disallow tax benefits under section 
Sec. 1127. Modifications of certain rules relating to controlled 
                            foreign corporations.
Sec. 1128. Basis for determining loss always reduced by nontaxed 
                            portion of dividends.
Sec. 1129. Affirmation of consolidated return regulation authority.
Sec. 1130. Extension of customs user fees.
Subtitle C--Prevention of Corporate Expatriation To Avoid United States 
                               Income Tax

Sec. 1131. Prevention of corporate expatriation to avoid United States 
                            income tax.


    (a) Findings.--Congress finds the following:
            (1) Since January 2001, the unemployment rate has increased 
        from 4.2 percent to 6.1 percent, the highest level since July 
            (2) Since January 2001, the number of unemployed people 
        increased from 5,950,000 people to 9,000,000, an increase of 
        more than 3,000,000, or more than 50 percent.
            (3) The increase in unemployment of the last two and one-
        half years has had a disproportionate effect on people of 
        color. The rate of unemployment for African Americans is 10.8 
        percent, twice the rate for whites. The unemployment rate for 
        Hispanic Americans is 8.2 percent, more than 50 percent higher 
        than the rate for whites.
            (4) The number of unemployed private construction workers 
        is 715,000, an 80 percent increase over the comparable period 
        in calendar year 2000. The unemployment rate for construction 
        workers is 8.4 percent, 68 percent higher than the rate in May 
            (5) Similarly, the number of unemployed manufacturing 
        workers is nearly 1,200,000, an increase of more than 25 
        percent since January 2001. In January 2003, the number of 
        production workers in manufacturing dropped below 11,000,000 
        for the first time since February 1946, and the number 
        continues to fall.
            (6) Moreover, after workers have lost their jobs, they have 
        had more trouble finding new jobs. The average length of 
        unemployment is almost 20 weeks, the longest it has been in 
        almost 2 decades. In the past 2 years, the number of workers 
        who are unemployed for longer than 6 months has increased by 
        1,300,000 to more than 1,900,000, an increase of more than 206 
        percent. One-half of the unemployed are out of work for more 
        than 10 weeks and one in 5 have been out of work for more than 
        6 months.
            (7) In addition, 4,600,000 people seeking full-time 
        employment are working only part-time. An additional 5,500,000 
        have completely dropped out of the labor force because they 
        cannot find work, and therefore are not counted as unemployed.
            (8) As labor markets tightened in the late 1990's, even 
        low- and middle-income workers seemed to gain some wage 
        bargaining power. But, with the Bush recession, family incomes 
        are falling across the board, and falling most rapidly among 
        lower-income workers.
            (9) In 75 urban areas, highway congestion alone costs 
        travelers 3,600,000,000 hours of delay, 5,700,000,000 gallons 
        of wasted fuel, and $67,500,000,000 in lost productivity and 
        wasted fuel each year (more than three times the 
        $22,000,000,000 cost in 1982).
            (10) Similarly, States indicate that 40 percent of assessed 
        waters, or 20,000 discrete areas of the Nation's lakes, rivers, 
        streams, and coastal waters, do not meet State water quality 
            (11) States, cities, transit authorities, airport 
        authorities, and other entities have thousands of ready-to-go 
        infrastructure projects, which will create long-term capital 
        assets for the United States and which can help stimulate the 
        Nation's economy.
            (12) Each $1,000,000,000 of Federal funding invested in 
        infrastructure construction creates approximately 47,500 jobs 
        and $6,200,000,000 in economic activity.
    (b) Purposes.--The purposes of this Act are as follows:
            (1) To invest in the Nation's infrastructure to enhance the 
        safety, security, and efficiency of highway, transit, aviation, 
        rail, port, environmental, water resources, and public 
        buildings infrastructure.
            (2) To create jobs and economic activity to put people back 
        to work and stimulate the Nation's economy.
            (3) To create long-term capital assets for the Nation that 
        will help the United States address its enormous infrastructure 
        needs and improve its economic productivity.
            (4) To demonstrate the commitment of the Federal Government 
        to economic recovery, thereby increasing the confidence of 
        consumers and businesses.



    Section 1102 of the Transportation Equity Act for the 21st Century 
(112 Stat. 115) is amended by adding at the end the following:
    ``(j) Increase in Obligation Limit for Fiscal Year 2003.--
Notwithstanding any other provision of law, limitations on obligations 
imposed by subsection (a) for fiscal year 2003 shall be 
$36,600,000,000. Such sum shall be distributed in accordance with this 
section, except that a program subject to a reduction in funds under 
subsection (f) shall receive an amount of obligation authority equal to 
the amount of contract authority available for such program in such 
fiscal year.''.



    (a) From the Trust Fund.--Section 5338(a)(2)(A)(v) of title 49, 
United States Code, is amended by striking ``$3,071,200,000'' and 
inserting ``$5,471,200,000''.
    (b) From the General Fund.--Section 5338(a)(2)(B)(v) of title 49, 
United States Code, is amended by striking ``$767,800,000'' and 
inserting ``$1,367,800,000''.
    (c) Availability of Amounts.--Notwithstanding sections 5307(k)(2) 
and section 5336(i), any increase in the amounts apportioned to a 
recipient attributable to the amendments made by subsections (a) and 
(b) of this section may be obligated by the recipient for 1 year after 
the last day of the fiscal year in which the amount is apportioned. Not 
later than 30 days after the end of the 1-year period, an amount that 
is not obligated at the end of that period shall be added to the amount 
that may be apportioned under the urbanized area formula program of 
section 5336 of title 49, United States Code.


    Section 3040(5) of the Transportation Equity Act for the 21st 
Century (112 Stat. 394) is amended by striking ``$7,226,000,000'' and 
inserting ``$10,226,000,000''.


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