| 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] ...
108th CONGRESS 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. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES 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, SECTION 1. SHORT TITLE; TABLE OF CONTENTS. (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. TITLE I--HIGHWAY INFRASTRUCTURE INVESTMENT Sec. 101. Federal-aid highway program obligation ceiling. TITLE II--TRANSIT INFRASTRUCTURE INVESTMENT Sec. 201. Additional authorizations for formula grants. Sec. 202. Federal transit program obligation ceiling. TITLE III--AVIATION INFRASTRUCTURE INVESTMENT Sec. 301. Increased funding for airport planning and development. Sec. 302. Airport security improvement projects. TITLE IV--RAIL INFRASTRUCTURE INVESTMENT 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 projects. 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. TITLE V--PORT SECURITY INFRASTRUCTURE INVESTMENT Sec. 501. Authorization of appropriations for grants to implement security plans. TITLE VI--ENVIRONMENTAL INFRASTRUCTURE INVESTMENT 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. TITLE VII--WATER RESOURCES INFRASTRUCTURE INVESTMENT Sec. 701. Increased funding for Corps of Engineers projects. TITLE VIII--ECONOMIC DEVELOPMENT INFRASTRUCTURE INVESTMENT Sec. 801. Public works and economic development. Sec. 802. Appalachian regional development. Sec. 803. Delta regional development. Sec. 804. Northern Great Plains regional development. TITLE IX--PUBLIC BUILDINGS INFRASTRUCTURE INVESTMENT 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 shelters. Sec. 1109. Modification of penalty for failure to maintain lists of investors. 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 preparer. Sec. 1112. Penalty on failure to report interests in foreign financial accounts. 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 269. 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. SEC. 2. FINDINGS AND PURPOSES. (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 1994. (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 2000. (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 standards. (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. TITLE I--HIGHWAY INFRASTRUCTURE INVESTMENT SEC. 101. FEDERAL-AID HIGHWAY PROGRAM OBLIGATION CEILING. 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.''. TITLE II--TRANSIT INFRASTRUCTURE INVESTMENT SEC. 201. ADDITIONAL AUTHORIZATIONS FOR FORMULA GRANTS. (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. SEC. 202. FEDERAL TRANSIT PROGRAM OBLIGATION CEILING. 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''. TITLE III--AVIATION INFRASTRUCTURE INVESTMENT
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