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S. 1134 (pcs) To amend the Internal Revenue Code of 1986 to allow tax-free [Placed on Calendar Senate] ...


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    (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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