Home > 106th Congressional Bills > S. 1134 (pcs) To amend the Internal Revenue Code of 1986 to allow tax-free [Placed on Calendar Senate] ...S. 1134 (pcs) To amend the Internal Revenue Code of 1986 to allow tax-free [Placed on Calendar Senate] ...
(a) In General.--Section 205 of the Public Works and Economic
Development Act of 1965 (42 U.S.C. 3145) is amended by striking
subsection (b) and inserting the following:
``(b) Supplementary Grants.--Subject to subsection (c), in order to
assist eligible recipients in taking advantage of designated Federal
grant programs, on the application of an eligible recipient, the
Secretary may make a supplementary grant for a project for which the
recipient is eligible but for which the recipient cannot provide the
required non-Federal share because of the economic situation of the
recipient.''.
(b) Requirements Applicable to Supplementary Grants.--Section
205(c) of the Public Works and Economic Development Act of 1965 (42
U.S.C. 3145(c)) is amended--
(1) by striking paragraphs (1) and (2) and inserting the
following:
``(1) Amount of supplementary grants.--The share of the
project cost supported by a supplementary grant under this
section may not exceed the applicable Federal share under
section 204.
``(2) Form of supplementary grants.--The Secretary shall
make supplementary grants by--
``(A) the payment of funds made available under
this Act to the heads of the Federal agencies
responsible for carrying out the applicable Federal
programs; or
``(B) the award of funds under this Act, which will
be combined with funds transferred from other Federal
agencies in projects administered by the Secretary.'';
and
(2) by striking paragraph (4).
SEC. 204. REGULATIONS ON RELATIVE NEEDS AND ALLOCATIONS.
Section 206 of the Public Works and Economic Development Act of
1965 (42 U.S.C. 3146) is amended--
(1) in paragraph (1)(C), by striking ``and'' at the end;
(2) in paragraph (2), by striking the period at the end and
inserting a semicolon; and
(3) by adding at the end the following:
``(3)(A) rural and urban economically distressed areas are
not harmed by the establishment or implementation by the
Secretary of a private sector leveraging goal for a project
under this title;
``(B) any private sector leveraging goal established by the
Secretary does not prohibit or discourage grant applicants
under this title from public works in, or economic development
of, rural or urban economically distressed areas; and
``(C) the relevant Committees of Congress are notified
prior to making any changes to any private sector leveraging
goal; and
``(4) grants made under this title promote job creation and
will have a high probability of meeting or exceeding applicable
performance requirements established in connection with the
grants.''.
SEC. 205. GRANTS FOR TRAINING, RESEARCH, AND TECHNICAL ASSISTANCE.
(a) In General.--Section 207(a)(2) of the Public Works and Economic
Development Act of 1965 (42 U.S.C. 3147(a)(2)) is amended--
(1) by striking ``and'' at the end of subparagraph (F);
(2) by redesignating subparagraph (G) as subparagraph (I);
and
(3) by inserting after subparagraph (F) the following:
``(G) studies that evaluate the effectiveness of
coordinating projects funded under this Act with
projects funded under other Acts;
``(H) assessment, marketing, and establishment of
business clusters; and''.
(b) Cooperation Requirement.--Section 207(a) of the Public Works
and Economic Development Act of 1965 (42 U.S.C. 3147(a)) is amended by
striking paragraph (3) and inserting the following:
``(3) Cooperation requirement.--In the case of a project
assisted under this section that is national or regional in
scope, the Secretary may waive the provision in section
3(4)(A)(vi) requiring a nonprofit organization or association
to act in cooperation with officials of a political subdivision
of a State.''.
SEC. 206. PREVENTION OF UNFAIR COMPETITION.
(a) In General.--Section 208 of the Public Works and Economic
Development Act of 1965 (42 U.S.C. 3148) is repealed.
(b) Conforming Amendment.--The table of contents in section 1(b) of
the Public Works and Economic Development Act of 1965 (42 U.S.C. 3121
note) is amended by striking the item relating to section 208.
SEC. 207. GRANTS FOR ECONOMIC ADJUSTMENT.
(a) Assistance to Manufacturing Communities.--Section 209(c) of the
Public Works and Economic Development Act of 1965 (42 U.S.C. 3149(c))
is amended--
(1) in paragraph (3), by striking ``or'';
(2) in paragraph (4), by striking the period at the end and
inserting ``; or''; and
(3) by adding at the end the following:
``(5) the loss of manufacturing jobs, for reinvesting in
and diversifying the economies of the communities.''.
(b) Direct Expenditure or Redistribution by Recipient; Special
Provisions Relating to Revolving Loan Fund Grants.--Section 209 of the
Public Works and Economic Development Act of 1965 (42 U.S.C. 3149) is
amended by striking subsection (d) and inserting the following:
``(d) Special Provisions Relating to Revolving Loan Fund Grants.--
``(1) In general.--The Secretary shall promulgate
regulations to maintain the proper operation and financial
integrity of revolving loan funds established by recipients
with assistance under this section.
``(2) Efficient administration.--The Secretary may--
``(A) at the request of a grantee, amend and
consolidate grant agreements governing revolving loan
funds to provide flexibility with respect to lending
areas and borrower criteria;
``(B) assign or transfer assets of a revolving loan
fund to third party for the purpose of liquidation, and
the third party may retain assets of the fund to defray
costs related to liquidation; and
``(C) take such actions as are appropriate to
enable revolving loan fund operators to sell or
securitize loans (except that the actions may not
include issuance of a Federal guaranty by the
Secretary).
``(3) Treatment of actions.--An action taken by the
Secretary under this subsection with respect to a revolving
loan fund shall not constitute a new obligation if all grant
funds associated with the original grant award have been
disbursed to the recipient.
``(4) Preservation of securities laws.--
``(A) Not treated as exempted securities.--No
securities issued pursuant to paragraph (2)(C) shall be
treated as exempted securities for purposes of the
Securities Act of 1933 (15 U.S.C. 77a et seq.) or the
Securities Exchange Act of 1934 (15 U.S.C. 78a et
seq.), unless exempted by rule or regulation of the
Securities and Exchange Commission.
``(B) Preservation.--Except as provided in
subparagraph (A), no provision of this subsection or
any regulation promulgated by the Secretary under this
subsection supersedes or otherwise affects the
application of the securities laws (as the term is
defined in section 3(a) of the Securities Exchange Act
of 1934 (15 U.S.C. 78c(a))) or the rules, regulations,
or orders of the Securities and Exchange Commission or
a self-regulatory organization under that
Commission.''.
SEC. 208. USE OF FUNDS IN PROJECTS CONSTRUCTED UNDER PROJECTED COST.
Section 211 of the Public Works and Economic Development Act of
1965 (42 U.S.C. 3151) is amended to read as follows:
``SEC. 211. USE OF FUNDS IN PROJECTS CONSTRUCTED UNDER PROJECTED COST.
``(a) In General.--In the case of a grant to a recipient for a
construction project under section 201 or 209, if the Secretary
determines, before closeout of the project, that the cost of the
project, based on the designs and specifications that were the basis of
the grant, has decreased because of decreases in costs, the Secretary
may approve, without further appropriation, the use of the excess funds
(or a portion of the excess funds) by the recipient--
``(1) to increase the Federal share of the cost of a
project under this title to the maximum percentage allowable
under section 204; or
``(2) to improve the project.
``(b) Other Uses of Excess Funds.--Any amount of excess funds
remaining after application of subsection (a) may be used by the
Secretary for providing assistance under this Act.
``(c) Transferred Funds.--In the case of excess funds described in
subsection (a) in projects using funds transferred from other Federal
agencies pursuant to section 604, the Secretary shall--
``(1) use the funds in accordance with subsection (a), with
the approval of the originating agency; or
``(2) return the funds to the originating agency.
``(d) Review by Comptroller General.--
``(1) Review.--The Comptroller General of the United States
shall regularly review the implementation of this section.
``(2) Report.--Not later than 1 year after the date of
enactment of this subsection, the Comptroller General shall
submit to the Committee on Environment and Public Works of the
Senate and the Committee on Transportation and Infrastructure
of the House of Representatives a report on the findings of the
Comptroller General on implementation of this subsection.''.
SEC. 209. SPECIAL IMPACT AREAS.
(a) In General.--Title II of the Public Works and Economic
Development Act of 1965 (42 U.S.C. 3141 et seq.) is amended by adding
at the end the following:
``SEC. 214. SPECIAL IMPACT AREAS.
``(a) In General.--On the application of an eligible recipient that
is determined by the Secretary to be unable to comply with the
requirements of section 302, the Secretary may waive, in whole or in
part, the requirements of section 302 and designate the area
represented by the recipient as a special impact area.
``(b) Conditions.--The Secretary may make a designation under
subsection (a) only after determining that--
``(1) the project will fulfill a pressing need of the area;
and
``(2) the project will--
``(A) be useful in alleviating or preventing
conditions of excessive unemployment or
underemployment; or
``(B) assist in providing useful employment
opportunities for the unemployed or underemployed
residents in the area.
``(c) Notification.--At the time of the designation under
subsection (a), the Secretary shall submit to the Committee on
Environment and Public Works of the Senate and the Committee on
Transportation and Infrastructure of the House of Representatives a
written notice of the designation, including a justification for the
designation.''.
(b) Conforming Amendment.--The table of contents contained in
section 1(b) of the Public Works and Economic Development Act of 1965
(42 U.S.C. 3121 note) is amended by inserting after the item relating
to section 213 the following:
``Sec. 214. Special impact areas.''.
SEC. 210. PERFORMANCE AWARDS.
(a) In General.--Title II of the Public Works and Economic
Development Act of 1965 (42 U.S.C. 3141 et seq.) (as amended by section
209) is amended by adding at the end the following:
``SEC. 215. PERFORMANCE AWARDS.
``(a) In General.--The Secretary may make a performance award in
connection with a grant made, on or after the date of enactment of this
section, to an eligible recipient for a project under section 201 or
209.
``(b) Performance Measures.--
``(1) Regulations.--The Secretary shall promulgate
regulations to establish performance measures for making
performance awards under subsection (a).
``(2) Considerations.--In promulgating regulations under
paragraph (1), the Secretary shall consider the inclusion of
performance measures that assess--
``(A) whether the recipient meets or exceeds
scheduling goals;
``(B) whether the recipient meets or exceeds job
creation goals;
``(C) amounts of private sector capital investments
leveraged; and
``(D) such other factors as the Secretary
determines to be appropriate.
``(c) Amount of Awards.--
``(1) In general.--The Secretary shall base the amount of a
performance award made under subsection (a) in connection with
a grant on the extent to which a recipient meets or exceeds
performance measures established in connection with the grant.
``(2) Maximum amount.--The amount of a performance award
may not exceed 10 percent of the amount of the grant.
``(d) Use of Awards.--A recipient of a performance award under
subsection (a) may use the award for any eligible purpose under this
Act, in accordance with section 602 and such regulations as the
Secretary may promulgate.
``(e) Federal Share.--Notwithstanding section 204, the funds of a
performance award may be used to pay up to 100 percent of the cost of
an eligible project or activity.
``(f) Treatment in Meeting Non-Federal Share Requirements.--For the
purposes of meeting the non-Federal share requirements under this, or
any other, Act the funds of a performance award shall be treated as
funds from a non-Federal source.
``(g) Terms and Conditions.--In making performance awards under
subsection (a), the Secretary shall establish such terms and conditions
as the Secretary considers to be appropriate.
``(h) Funding.--The Secretary shall use any amounts made available
for economic development assistance programs to carry out this section.
``(i) Reporting Requirement.--The Secretary shall include
information regarding performance awards made under this section in the
annual report required under section 603.
``(j) Review by Comptroller General.--
``(1) Review.--The Comptroller General shall regularly
review the implementation of this section.
``(2) Report.--Not later than 1 year after the date of
enactment of this section, the Comptroller General shall submit
to the Committee on Environment and Public Works of the Senate
and the Committee on Transportation and Infrastructure of the
House of Representatives a report on the findings of the
Comptroller on implementation of this subsection.''.
(b) Conforming Amendment.--The table of contents contained in
section 1(b) of the Public Works and Economic Development Act of 1965
(42 U.S.C. 3121 note) is amended by inserting after the item relating
to section 214 the following:
``Sec. 215. Performance awards.''.
SEC. 211. PLANNING PERFORMANCE AWARDS.
(a) In General.--Title II of the Public Works and Economic
Development Act of 1965 (42 U.S.C. 3141 et seq.) (as amended by section
210) is amended by adding at the end the following:
``SEC. 216. PLANNING PERFORMANCE AWARDS.
``(a) In General.--The Secretary may make a planning performance
award in connection with a grant made, on or after the date of
enactment of this section, to an eligible recipient for a project under
this title located in an economic development district.
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