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. Other Popular 106th Congressional Bills Documents:
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