SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Rural Energy Communities Development
Act of 2010''.

SEC. 2. RURAL ENERGY COMMUNITIES LOAN PROGRAM.

    (a) Authority.--The Secretary of Agriculture may make loans
pursuant to section 306(a)(1) of the Consolidated Farm and Rural
Development Act (7 U.S.C. 1926), to eligible communities for essential
community facilities (as such term is defined in section 3570.53 of
title 7, Code of Federal Regulations or any successor regulation to
such section), for any purpose described in subsection (c).
    (b) Eligible Communities.--For purposes of this section, an
eligible community--
            (1) is a city, town, or incorporated area that has a
        population of less than 20,000 individuals; and
            (2) has, during the period from January 1999 through
        December 2009, experienced net job growth in the energy sector
        of not less than 20 percent, as determined by the Bureau of the
        Census or a State agency that collects information on such
        growth.
    (c) Use of Loan Funds.--An eligible community may use funds
provided from a loan under this section for any of the following
purposes:
            (1) Essential community facilities, including--
                    (A) the conservation, development, use, and control
                of water;
                    (B) the installation or improvement of drainage or
                waste disposal facilities;
                    (C) transportation facilities; and
                    (D) affordable housing (as determined by the
                Secretary).
            (2) Land acquisition for such facilities.
            (3) Municipal staff necessary to carry out projects for
        such facilities.
            (4) Updates to comprehensive plans or housing plans of the
        community.
    (d) Application.--To be eligible to receive a loan under this
section, an eligible community shall submit to the Secretary an
application at such time and in such manner as the Secretary shall
require that contains, in addition to any other information the
Secretary may require, the following information:
            (1) The identification of projects for which loan funds
        will be used.
            (2) A certification that loan funds will be used only for
        the purposes described in subsection (c).
            (3) Documentation demonstrating the legal capacity and
        financial ability of the community to repay the loan. Such
        documentation shall include--
                    (A) evidence that the community has a dedicated
                source of revenue from any energy tax revenue it
                receives from the State;
                    (B) an estimate of any energy tax revenue the
                community expects to receive during the 10-year period
                beginning on the first day of the first fiscal year
                that begins after the date funds from the loan are made
                available to the eligible community from the State
                office, if any, that distributes energy tax revenue to
                energy-producing communities; and
                    (C) documentation of any non-Federal supplemental
                funds to be made available for essential community
                facilities to be funded with loan amounts received
                under this section.
    (e) Priority Treatment.--In approving applications for loans under
this section, the Secretary shall give priority to any applicant acting
on behalf of an eligible community, that--
            (1) has submitted to the Secretary completed plans or
        studies that identify specific infrastructure or capacity needs
        that will be addressed by projects funded with the loan amounts
        received under this section; or
            (2) demonstrates that projects funded with loan amounts
        received under this section will be carried out with regional
        cooperation with adjacent jurisdictions.
    (f) Loan Terms.--
            (1) Amount.--The principal amount of any loan under this
        section may not exceed the lesser of--
                    (A) $20,000,000; or
                    (B) 80 percent of the energy tax revenue that the
                applicant expects to receive during the period
                described in subsection (d)(2)(B).
            (2) Interest rate.--Interest rates on loans under this
        section shall be subject to the provisions of section 307(a)(4)
        of the Consolidated Farm and Rural Development Act (7 U.S.C.
        1927(a)(4)) applicable to loans under sections 306(a)(1) and
        310B of such Act (7 U.S.C. 1926(a) and 1932).
            (3) Term to maturity.--The period for repayment of loans
        under this section shall not be longer than 15 years.
    (g) Forgiveness.--If an applicant is unable to repay the full
balance of the loan it receives under this section because
circumstances beyond the control of the applicant prevented the
applicant from collecting the amount of expected energy tax revenue
specified in the application submitted under subsection (c), the
Secretary may forgive an amount that equals not more than 50 percent of
the remaining balance of such loan.
    (h) Report.--Each year, until the loan an eligible community
receives under this section is repaid, such community shall submit to
the Secretary of Agriculture a report. Each report shall contain a
description of the progress made on each project or investment financed
with funds received from a loan under this section.
    (i) Appropriations.--For costs (as such term is defined under
section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a))
of loans under this section, there are authorized to be appropriated an
aggregate of $75,000,000 for fiscal year 2011 and 2012.
    (j) Maximum Amount of Commitments.--The Secretary may not make
loans under this section or enter into commitments to make such loans,
the total amount of which, exceeds $400,000,000.
    (k) Sunset.--The Secretary may not make or enter into a commitment
to make a loan under this section after September 30, 2012.

SEC. 3. WAIVER OF INCOME MAXIMUMS FOR SELECTED USDA RURAL DEVELOPMENT
              PROGRAMS.

    (a) Section 502 Loans.--For each of fiscal years 2011 through 2016,
with respect to an applicant for a direct loan or a guaranteed loan
under section 502 of the Housing Act of 1949 (42 U.S.C. 1472), who
resides in an eligible community described in section 2(b)--
            (1) the Secretary shall waive any income limitations
        related to obtaining a loan under section 502 of such Act (42
        U.S.C. 1472); and
            (2) the requirement related to eligibility of borrowers
        under section 502(h)(3) of such Act (42 U.S.C. 1472(h)(3))
        shall not apply.
    (b) Site Loans; Multi-Family Housing Loans.--For each of fiscal
years 2011 through 2016, the following shall apply:
            (1) Section 524.--Any organization or tribe receiving a
        loan under section 524 of the Housing Act of 1949 (42 U.S.C.
        1490d) shall waive any income limitations related to the
        occupancy of any housing built on any building site that is
        located in an eligible community described in section 2(b) of
        this Act and that is financed by such loan.
            (2) Section 538.--Any organization, State agency,
        subdivision thereof, Indian tribe, or private entity that
        receives a loan under section 538 of such Act (42 U.S.C. 1490p-
        2) shall waive any income limitations related to the occupancy
        of any housing that is located in an eligible community
        described in section 2(b) of this Act and for which the
        development costs were funded by such a loan.

Summary: Rural Energy Communities Development Act of 2010 - Authorizes the Secretary of Agriculture (USDA) to make water and waste facility loans to an eligible city, town, or incorporated area with a population of less than 20,000 that has, from January 1999 through December 2009, experienced energy sector job growth of not less than 20. Makes such loans available for: (1) essential community facilities, including water conservation, waste disposal facilities, transportation facilities, and affordable housing, (2) land acquisition, (3) staff. And (4) comprehensive community or housing plan updates. Prohibits the Secretary from making or entering into a loan commitment after September 30, 2012. Directs the Secretary to waive income limitations for FY2011-FY2016 for certain: (1) rural housing loans, including Doug Bereuter single-family housing loan guarantees, (2) low- and moderate-income rural housing loans, and (3) multifamily rural rental housing loan guarantees.

To provide for loans to rural energy-producing communities in the United States, and for other purposes.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Border Crossing Deterrence Act of
2008''.

SEC. 2. EXPANSION OF OPERATION STREAMLINE.

    (a) In General.--Not later than December 31, 2009, the Secretary of
Homeland Security, in Cooperation with the Attorney General, shall
expand Operation Streamline (the zero-tolerance prosecution policy for
illegal entry and reentry) to all 20 border sectors.
    (b) Authorization of Appropriations.--There are authorized to be
appropriated $500,000,000 for each of the fiscal years 2009 through
2018 to carry out this section.

SEC. 3. MANDATORY MINIMUM SENTENCES FOR ILLEGAL ENTRY.

    Section 275 of the Immigration and Nationality Act (8 U.S.C. 1325)
is amended--
            (1) by redesignating subsections (c) and (d) as subsections
        (d) and (e), respectively; and
            (2) by inserting after subsection (b) the following:
    ``(c) Improper Time or Place; Criminal Penalties.--Any alien who is
apprehended while entering, or attempting to enter, the United States
at a time and place other than as designated by immigration offices--
            ``(1) in the case of a first violation of subsection (a),
        shall be sentenced to a term of imprisonment of not less than
        10 days and not more than 364 days;
            ``(2) in the case of a second violation of subsection (a),
        shall be sentenced to a term of imprisonment of not less than
        60 days and not more than 2 years; and
            ``(3) in the case of a third or subsequent violation of
        subsection (a), shall be sentenced to a term of imprisonment of
        not less than 90 days and not more than 3 years.''.

SEC. 4. MANDATORY MINIMUM SENTENCES FOR ILLEGAL REENTRY.

    Section 276 (8 U.S.C. 1326) is amended to read as follows:

``SEC. 276. REENTRY OF REMOVED ALIEN.

    ``(a) Reentry After Removal.--Any alien who has been denied
admission, excluded, deported, or removed, or who has departed the
United States while an order of exclusion, deportation, or removal is
outstanding, and subsequently enters, attempts to enter, crosses the
border to, attempts to cross the border to, or is at any time found in
the United States, shall be fined under title 18, United States Code,
and imprisoned not less than 90 days and not more than 2 years.
    ``(b) Reentry of Criminal Offenders.--Notwithstanding the penalty
prescribed under subsection (a), an alien described in that subsection
who was--
            ``(1) convicted for 3 or more misdemeanors or a felony
        before such removal or departure, shall be fined under title
        18, United States Code, and imprisoned for not less than 1 year
        and not more than 10 years;
            ``(2) convicted for a felony before such removal or
        departure for which the alien was sentenced to a term of
        imprisonment of not less than 30 months, shall be fined under
        such title, and imprisoned for not less than 2 years and not
        more than 15 years;
            ``(3) convicted for a felony before such removal or
        departure for which the alien was sentenced to a term of
        imprisonment of not less than 60 months, shall be fined under
        such title and imprisoned for not less than 4 years and not
        more than 20 years;
            ``(4) convicted for 2 or more felonies before such removal
        or departure, shall be fined under such title and imprisoned
        for not less than 4 years and for not more than 20 years; or
            ``(5) convicted, before such removal or departure, for
        murder, rape, kidnapping, for a felony offense described in
        chapter 77 (relating to peonage and slavery) or 113B (relating
        to terrorism) of such title, shall be fined under such title
        and imprisoned for not less than 5 years and not more than 20
        years.
    ``(c) Reentry After Repeated Removal.--Any alien who, after having
been denied admission, excluded, deported, or removed 2 or more times,
enters, attempts to enter, crosses the border to, attempts to cross the
border to, or is at any time found in the United States, shall be fined
under title 18, United States Code, and imprisoned for not less than 2
years and not more than 10 years.
    ``(d) Proof of Prior Convictions.--The prior convictions described
in subsection (b) are elements of the crimes described in that
subsection, and the penalties in that subsection shall apply only in
cases in which the conviction or convictions that form the basis for
the additional penalty are--
            ``(1) alleged in the indictment or information; and
            ``(2) proven beyond a reasonable doubt at trial or admitted
        by the defendant.
    ``(e) Affirmative Defenses.--It shall be an affirmative defense to
a violation of this section that--
            ``(1) the alien had sought and received, before the alleged
        violation, the express consent of the Secretary of Homeland
        Security to reapply for admission into the United States;
            ``(2) with respect to an alien previously denied admission
        and removed, the alien--
                    ``(A) was not required to obtain such advance
                consent under the Immigration and Nationality Act or
                under any prior Act; and
                    ``(B) had complied with all other laws and
                regulations governing the alien's admission into the
                United States; or
            ``(3) at the time of the prior exclusion, deportation,
        removal, or denial of admission alleged in the violation, the
        alien--
                    ``(A) was younger than 18 years of age; and
                    ``(B) had not been convicted of a crime or
                adjudicated a delinquent minor by a court of the United
                States, or a court of a State or territory, for conduct
                that would constitute a felony if committed by an
                adult.
    ``(f) Limitation on Collateral Attack on Underlying Removal
Order.--In a criminal proceeding under this section, an alien may not
challenge the validity of any prior removal order concerning the alien
unless the alien demonstrates by clear and convincing evidence that--
            ``(1) the alien exhausted all administrative remedies that
        may have been available to seek relief against the order;
            ``(2) the removal proceedings at which the order was issued
        improperly deprived the alien of the opportunity for judicial
        review; and
            ``(3) the entry of the order was fundamentally unfair.
    ``(g) Reentry of Alien Removed Before Completing Term of
Imprisonment.--Any alien removed pursuant to section 241(a)(4) who
enters, attempts to enter, crosses the border to, attempts to cross the
border to, or is at any time found in, the United States shall be--
            ``(1) incarcerated for the remainder of the term of
        imprisonment, which was pending at the time of deportation
        without any reduction for parole or supervised release unless
        the alien affirmatively demonstrates that the Secretary of
        Homeland Security has expressly consented to the alien's
        reentry; and
            ``(2) subject to such other penalties relating to the
        reentry of removed aliens as may be available under this
        section or any other provision of law.
    ``(h) Limitation.--An individual who provides an alien with
emergency humanitarian assistance, including emergency medical care and
food, or transports the alien to a location where such assistance can
be rendered without compensation or the expectation of compensation may
not be prosecuted for aiding and abetting a violation of this section
based on the provision of such humanitarian services .
    ``(i) Definitions.--In this section:
            ``(1) Felony.--The term `felony' means any criminal offense
        punishable by a term of imprisonment of more than 1 year under
        the laws of the United States, of any State, or of a foreign
        government.
            ``(2) Misdemeanor.--The term `misdemeanor' means any
        criminal offense punishable by a maximum term of imprisonment
        of not more than 1 year under the applicable laws of the United
        States, of any State, or of a foreign government.
            ``(3) Removal.--The term `removal' includes any denial of
        admission, exclusion, deportation, or removal, or any agreement
        by which an alien stipulates or agrees to exclusion,
        deportation, or removal.
            ``(4) State.--The term `State' means any of the several
        States of the United States, the District of Columbia, and any
        commonwealth, territory, or possession of the United States.''.

SEC. 5. MANDATORY MINIMUM SENTENCES FOR DESTROYING BORDER BARRIERS OR
              INFRASTRUCTURE.

    Section 1361 of title 18, United States Code, is amended--
            (1) by striking ``Whoever'' and inserting the following:
    ``(a) In General.--Whoever''; and
            (2) by adding at the end the following:
    ``(b) Destruction of Border Barriers or Infrastructure.--Any alien
who damages or destroys fencing or infrastructure, such as cameras,
sensors, and vehicle barriers, that has been installed along the
international border of the United States by the United States
Government shall be fined under this title and imprisoned for not less
than 5 years.''.

Summary: Border Crossing Deterrence Act of 2008 - Directs the Secretary of Homeland Security to expand Operation Streamline to all 20 border sectors. Authorizes appropriations. Amends the Immigration and Nationality Act to: (1) revise and increase criminal penalties, including establishing mandatory minimum penalties, for an alien's entry into the United States at an improper time or place. And (2) revise criminal penalty and related provisions, and establish mandatory minimum sentences, respecting the reentry of an alien who has been removed from the United States. Amends the federal criminal code to establish a mandatory minimum criminal penalty of five years for an alien's destruction of US government-installed border barriers or infrastructure.

A bill to increase the criminal penalties for illegally reentering the United States and for other purposes.


SECTION 1. NATIONAL BIOLOGICAL DATA CENTER.

    (a) In General.--The Secretary of the Interior, acting through the
United States Geological Survey, shall--
            (1) establish a national biological data center (in this
        Act referred to as the ``center'') to collect nonhuman
        biological data and make such data available for public use;
        and
            (2) seek to enter into a contract with a small business for
        the purpose of managing the center.
    (b) Contract Term.--The contract under subsection (a) shall have a
term of 10 years.
    (c) Entity Selection.--
            (1) Competitive procedures.--The Secretary shall use
        competitive procedures (as defined in section 4(5) of the
        Office of Federal Procurement Policy Act (41 U.S.C. 403(5))) to
        enter into the contract under subsection (a).
            (2) Qualification requirements.--To qualify to participate
        in the competitive procedures under paragraph (1), a small
        business shall have--
                    (A) no more than 500 employees;
                    (B) demonstrated expertise in--
                            (i) managing scientific and technical
                        information;
                            (ii) implementing scientific information
                        projects;
                            (iii) presenting scientific data in an
                        objective manner; and
                            (iv) managing interagency collaborations
                        related to scientific and technical
                        information;
                    (C) demonstrated involvement with biodiversity
                information programs and the National Biological
                Information Infrastructure of the United States
                Geological Survey (through partnership or other form of
                collaboration); and
                    (D) a demonstrated ability and willingness to
                partner with a research university and a national
                laboratory with expertise in biodiversity and
                computational sciences.
    (d) Leadership.--The head of the center shall be appointed by the
Secretary, in consultation with the program director of the National
Biological Information Infrastructure.
    (e) Duties of the National Biological Data Center.--The duties of
the center shall be determined by the Secretary and shall include, at a
minimum, the following activities:
            (1) Collect nonhuman biological data from Federal, public,
        private, and nonprofit entities, including--
                    (A) the National Biological Information
                Infrastructure; and
                    (B) institutions and organizations that partner
                with the National Biological Information
                Infrastructure.
            (2) Develop partnerships with public and private entities
        that are nationally recognized for computational capabilities
        and computer capacity to allow the center to efficiently
        develop a digital network for the storage and retrieval of data
        collected under paragraph (1).
            (3) Develop partnerships with academic and scientific
        institutions in the United States to increase the quantity of
        data--
                    (A) collected under paragraph (1); and
                    (B) made available for public use under paragraph
                (4).
            (4) Subject to Federal statutes and regulations relating to
        the disclosure of information collected under paragraph (1),
        including statutes and regulations related to intellectual
        property and section 552 of title 5, United States Code, make
        available for use by Federal, State, and local governments and
        members of the public any federally funded data collected under
        paragraph (1).
            (5) Make the data described in paragraph (4) available--
                    (A) through a single electronic search function; or
                    (B) in any case in which such data is not
                electronically maintained, at a one location.
            (6) Organize and manage data collected under paragraph (1)
        in a manner that--
                    (A) enables efficient and effective use of the data
                by the public;
                    (B) presents the data in an objective manner; and
                    (C) is consistent with efforts made by the National
                Biological Information Infrastructure to organize and
                manage nonhuman biological data for public use.
            (7) Prepare compilations that combine data from multiple
        data sets to improve the ease of use of such data sets by
        Federal, State, and local governments and by members of the
        public.
            (8) Conduct public awareness activities that promote the
        use of the data made available under paragraph (4) for purposes
        of encouraging--
                    (A) economic development;
                    (B) the development of public policy (including
                policy relating to land use, economic development,
                conservation, and preservation);
                    (C) scientific research; and
                    (D) science, technology, engineering, and
                mathematics education.
            (9) Hold an annual conference on nonhuman biological data
        collection for experts from Federal, State, and local
        governments and public and private entities for the purpose of
        providing advice to the head of the center related to improving
        the performance of the center.
            (10) Collect fees from State and local governments and
        members of the public for the use of--
                    (A) compilations prepared under paragraph (7); and
                    (B) other products produced by the center, except
                that the center may not collect a fee solely for
                accessing data collected by the center from another
                source.
    (f) Duties of Other Entities.--
            (1) In general.--Subject to Federal statutes and
        regulations relating to the disclosure of information collected
        under subsection (d)(1), including statutes and regulations
        related to intellectual property and section 552 of title 5,
        United States Code, any entity that collects or stores
        federally funded data on or after the end of the one-year
        period beginning on the date of enactment of this Act shall
        submit or make available such data to the center, in a form and
        manner described in standards published by the center, unless
        such data has been submitted to the National Biological
        Information Infrastructure.
            (2) National biological information infrastructure.--
        Subject to Federal statutes and regulations relating to the
        disclosure of information collected under subsection (d)(1),
        including statutes and regulations related to intellectual
        property and section 552 of title 5, United States Code, the
        National Biological Information Infrastructure shall submit or
        make available to the center, in a form and manner described in
        standards published by the center, all federally funded data
        that it stores or receives.
    (g) Availability of Fees.--Subject to appropriation, fees collected
under subsection (d)(10) shall remain available for use by the center
for activities under subsection (d).
    (h)  Reports.--
            (1) Annual report to secretary.--Not later than January 1
        of each year following the date of enactment of this Act, the
        head of the center shall submit to the Secretary of the
        Interior an annual report containing--
                    (A) information on the activities of the center
                during the preceding fiscal year and the plans of the
                center for activities in the current fiscal year; and
                    (B) such additional information as the Secretary
                may require.
            (2) Annual report to congress.--Not later than April 1 of
        each year following the date of enactment of this Act, the
        Secretary of the Interior shall submit to Congress an annual
        report on--
                    (A) information on the activities of the center
                during the preceding fiscal year and the plans of the
                center for activities in the current fiscal year; and
                    (B) the administration of the contract entered into
                under subsection (a).
    (i) Federally Funded Data Defined.--For purposes of this Act, the
term ``federally-funded data'' means nonhuman biological data that is
collected, maintained, or stored, in whole or in part, through the use
of Federal funds.
    (j) Authorization of Appropriations.--There is authorized to be
appropriated to carry out this section $8,000,000 per fiscal year.
Amounts appropriated under this subsection shall remain available until
expended.

Summary: Directs the Secretary of the Interior, acting through the US Geological Survey, to: (1) establish a National Biological Data Center to collect nonhuman biological data and make such data available for public use. And (2) contract with a small business to manage the Center. Sets forth duties of the Center, including the collection of nonhuman biological data from federal, public, private, and nonprofit entities and the development of partnerships with public and private entities, academic and scientific institutions to allow the Center to develop a digital network for the storage and retrieval of nonhuman biological data.

To provide for a national biological data center, and for other purposes.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Encouraging Mortgage Modifications
Act of 2008''.

SEC. 2. FINDINGS.

    Congress finds that--
            (1) mortgage modifications often afford the best
        opportunity to avoid foreclosures and provide long term,
        sustainable solutions for American homeowners;
            (2) reaching mortgage modification agreements with
        homeowners has been unacceptably slow and foreclosure rates
        continue to rise, with the number of homeowners forced into
        foreclosure double the number who receive modifications or
        repayment plans;
            (3) servicers have an obligation to protect the interests
        of investors when determining whether to offer a modification
        or repayment plan;
            (4) the best course of action for the investor pool as a
        whole may disadvantage the interests of individual classes of
        investors;
            (5) servicers have expressed concern that investor classes
        that are disproportionately disadvantaged by a modification or
        repayment plan may seek to hold the servicer liable;
            (6) without liability protection, many servicers will not
        be willing to take on the risk associated with approving a
        mortgage modification or repayment plan, and instead, they will
        eventually pursue foreclosure even though foreclosure costs can
        equal 50 percent or more of mortgage value; and
            (7) the net present value of a modified mortgage loan will
        almost always exceed the amount recouped by allowing the home
        to go into foreclosure.

SEC. 3. LEGAL SAFE HARBOR FOR ENTERING INTO CERTAIN LOAN MODIFICATIONS
              OR WORKOUT PLANS.

    Section 6 of the Real Estate Settlement Procedures Act of 1974 (12
U.S.C. 2605) is amended--
            (1) by redesignating subsections (i) and (j) as subsections
        (j) and (k), respectively; and
            (2) by inserting after subsection (h) the following:
    ``(i) Duty of Servicers Regarding Certain Loan Modifications or
Workout Plans.--
            ``(1) In general.--Notwithstanding any other provision of
        law, absent specific contractual provisions to the contrary, a
        servicer of pooled qualified residential mortgages--
                    ``(A) owes any duty to determine if the net present
                value of the payments on the loan, as modified, is
                likely to be greater than the anticipated net recovery
                that would result from foreclosure to all investors and
                parties having a direct or indirect interest in the
                pooled loans or securitization vehicle, but not to any
                individual party or group of parties; and
                    ``(B) acts in the best interests of all such
                investors and parties, if the servicer agrees to or
                implements a qualified loan modification or workout
                plan for a qualified residential mortgage, or if, and
                only if, such efforts are unsuccessful or infeasible,
                takes other reasonable loss mitigation actions,
                including accepting partial payments or short sale of
                the property; and
                    ``(C) if the servicer acts in a manner consistent
                with the duty set forth in subparagraphs (A) and (B),
                shall not be liable under any law or regulation of the
                United States, any State or any political subdivision
                of any State, for entering into a qualified loan
                modification or workout plan in any action filed by or
                on behalf of any person--
                            ``(i) based on the person's ownership of
                        any interest in a residential mortgage, a pool
                        of residential mortgage loans, or a
                        securitization vehicle, that distributes
                        payments out of the principal, interest, or
                        other payment on loans in the pool;
                            ``(ii) based on the person's obligation to
                        make payments determined in reference to any
                        loan or interest referred to in clause (i); or
                            ``(iii) based on the person's obligation to
                        insure any loan or any interest referred to in
                        clause (i).
            ``(2) Definitions.--As used in this subsection--
                    ``(A) the term `qualified loan modification or
                workout plan' means a contract, modification, or plan
                relating to a qualified residential mortgage loan
                consummated on or after January 1, 2004, with respect
                to which--
                            ``(i) payment default on the loan or loans
                        has occurred, is imminent, or is reasonably
                        foreseeable;
                            ``(ii) the dwelling securing the loan or
                        loans is the primary residence of the owner;
                            ``(iii) the servicer reasonably believes
                        that the anticipated recovery under the loan
                        modification or workout plan will exceed the
                        anticipated recovery through foreclosure, on a
                        net present value basis;
                            ``(iv) the effective period runs for at
                        least 5 years from the date of adoption of the
                        plan, or until the borrower sells or refinances
                        the property, if that occurs earlier; and
                            ``(v) the borrower is not required to pay
                        additional fees to the servicer;
                    ``(B) the term `qualified residential mortgage'
                means a consumer credit transaction or loan that is
                secured by the consumer's principal dwelling;
                    ``(C) the term `securitization vehicle' means a
                trust, corporation, partnership, limited liability
                entity, special purpose entity, or other structure that
                is the issuer, or is created by the issuer, of mortgage
                pass-through certificates, participation certificates,
                mortgage-backed securities, or other similar securities
                backed by a pool of assets that includes residential
                mortgage loans; and
                    ``(D) the term `servicer'--
                            ``(i) means the person responsible for
                        servicing of a loan (including the person who
                        makes or holds a loan, if such person also
                        services the loan); and
                            ``(ii) includes the entities listed in
                        subparagraphs (A) and (B) of subsection (j)(2).
            ``(3) Effective period.--This subsection shall apply only
        with respect to qualified loan modification or workout plans
        initiated during the 6-month period beginning on the date of
        enactment of this subsection.
            ``(4) Rule of construction.--Nothing in this subsection may
        be construed to limit the ability of a servicer to enter into a
        loan modification or workout plan other than a qualified loan
        modification or workout plan covered by this subsection.''.

Summary: Encouraging Mortgage Modifications Act of 2008 - Amends the Real Estate Settlement Procedures Act of 1974 to set forth duties of mortgage servicers regarding certain loan modifications or workout plans that affect pooled qualified residential mortgages. Specifies among such duties the duty to: (1) determine if the net present value of the payments on the modified loan is likely to be greater than the anticipated net recovery that would result from foreclosure to all investors and parties having a direct or indirect interest in the pooled loans or securitization vehicle. And (2) act in the best interests of all such investors and parties, if the servicer agrees to or implements a qualified loan modification or workout plan for a qualified residential mortgage, or takes other reasonable loss mitigation actions, including accepting partial payments or short sale of the property, if such efforts are unsuccessful or infeasible. Shields from liability a servicer who enters into a qualified loan modification or workout plan if the servicer acts in a manner consistent with such duties.

A bill to encourage residential mortgage loan modifications and workout plans, and for other purposes.


SECTION 1. PROVISIONS RELATING TO CERTAIN OFFICES AND POSITIONS WITHIN
              THE EXECUTIVE BRANCH.

    (a) Salary of the Vice President.--
            (1) In general.--Section 104 of title 3, United States
        Code, is amended--
                    (A) by redesignating subsection (a) as subsection
                (a)(1) and subsection (b) as paragraph (2); and
                    (B) by adding at the end the following:
    ``(b)(1)(A) Effective at the beginning of the first month in which
any comparability payment becomes payable under section 5304 or 5304a
of title 5 with respect to General Schedule employees within the
District of Columbia during any year, the per annum rate of salary of
the Vice President (exclusive of any previous adjustment under this
subsection) shall be adjusted by an amount, rounded to the nearest
multiple of $100 (or if midway between multiples of $100, to the next
highest multiple of $100) equal to the percentage of such per annum
rate which corresponds to the percentage adjustment becoming so payable
with respect to General Schedule employees within the District of
Columbia under such section 5304 or 5304a (as applicable).
    ``(B) If an adjustment under this subsection is scheduled to take
effect on the same date as an adjustment under subsection (a), the
adjustment under subsection (a) shall be made first.
    ``(2) The rate of salary of the Vice President, as adjusted under
paragraph (1), shall for all purposes be treated as the rate of salary
of the Vice President, except as otherwise provided in subsection (a),
paragraph (1), or any other provision of law.
    ``(3) Nothing in this subsection shall be considered to permit or
require the continuation of an adjustment under paragraph (1) after the
comparability payment (for General Schedule employees within the
District of Columbia) on which it was based has been terminated or
superseded.''.
            (2) Conforming amendments.--Section 104 of title 3, United
        States Code, is amended--
                    (A) in the second sentence of subsection (a)(1) (as
                so redesignated)--
                            (i) by striking ``Subject to subsection
                        (b),'' and inserting ``Subject to paragraph
                        (2),''; and
                            (ii) by inserting ``(exclusive of any
                        previous adjustment under subsection (b))''
                        after ``the salary of the Vice President''; and
                    (B) in subsection (a)(2) (as so redesignated), by
                striking ``subsection (a)'' and inserting ``paragraph
                (1)''.
    (b) Executive Schedule Pay Rates.--
            (1) In general.--Section 5318 of title 5, United States
        Code, is amended--
                    (A) by redesignating subsection (a) as subsection
                (a)(1) and subsection (b) as paragraph (2); and
                    (B) by adding at the end the following:
    ``(b)(1)(A) Effective at the beginning of the first applicable pay
period commencing on or after the first day of the month in which any
comparability payment becomes payable under section 5304 or 5304a with
respect to General Schedule employees within the District of Columbia
during any year, the annual rate of pay for positions at each level of
the Executive Schedule (exclusive of any previous adjustment under this
subsection) shall be adjusted by an amount, rounded to the nearest
multiple of $100 (or if midway between multiples of $100, to the next
highest multiple of $100) equal to the percentage of such annual rate
of pay which corresponds to the percentage adjustment becoming so
payable with respect to General Schedule employees within the District
of Columbia under such section 5304 or 5304a (as applicable).
    ``(B) If an adjustment under this subsection is scheduled to take
effect on the same date as an adjustment under subsection (a), the
adjustment under subsection (a) shall be made first.
    ``(2) An annual rate of pay, as adjusted under paragraph (1), shall
for all purposes be treated as the annual rate of pay for the positions
involved, except as otherwise provided in subsection (a), paragraph
(1), or any other provision of law.
    ``(3) Nothing in this subsection shall be considered to permit or
require the continuation of an adjustment under paragraph (1) after the
comparability payment (for General Schedule employees within the
District of Columbia) on which it was based has been terminated or
superseded.''.
            (2) Conforming amendments.--Section 5318 of title 5, United
        States Code, is amended--
                    (A) in the first sentence of subsection (a)(1) (as
                so redesignated)--
                            (i) by striking ``Subject to subsection
                        (b),'' and inserting ``Subject to paragraph
                        (2),''; and
                            (ii) by inserting ``(exclusive of any
                        previous adjustment under subsection (b))''
                        after ``Executive Schedule''; and
                    (B) in subsection (a)(2) (as so redesignated), by
                striking ``subsection (a)'' and inserting ``paragraph
                (1)''.
    (c) Amendments Relating to Certain Limitation and Other
Provisions.--
            (1) Provisions to be applied by excluding executive
        schedule comparability adjustment.--Sections 5303(f),
        5304(h)(1)(F), 5306(e), and 5373(a) of title 5, United States
        Code, are each amended by inserting ``, exclusive of any
        adjustment under section 5318(b)'' after ``Executive
        Schedule''.
            (2) Limitation on certain payments.--Section 5307(a) of
        title 5, United States Code, is amended by adding at the end
        the following:
    ``(3) In the case of an employee who is receiving basic pay under
section 5372, 5376, or 5383, paragraph (1) shall be applied by
substituting `the annual rate of salary of the Vice President of the
United States' for `the annual rate of basic pay payable for level I of
the Executive Schedule'. Regulations under subsection (c) may extend
the application of the preceding sentence to other equivalent
categories of employees.''.
            (3) References to level iv of the executive schedule.--
        Sections 5372(b)(1)(C), 5372a(b)(1), 5376(b)(1)(B), and 5382(b)
        of title 5, United States Code, are each amended by striking
        ``level IV'' each place it appears and inserting ``level III''.

SEC. 2. PROVISIONS RELATING TO CERTAIN OFFICES AND POSITIONS WITHIN THE
              JUDICIAL BRANCH.

    (a) Increase in Maximum Rates of Basic Pay Allowable.--
            (1) For positions covered by section 604(a)(5) of title 28,
        united states code.--Section 604(a)(5) of title 28, United
        States Code, is amended by striking ``by law'' and inserting
        ``by law (except that the rate of basic pay fixed under this
        paragraph for any such employee may not exceed the rate for
        level IV of the Executive Schedule)''.
            (2) For circuit executives.--Section 332(f)(1) of title 28,
        United States Code, is amended by striking ``level IV of the
        Executive Schedule under section 5315'' and inserting ``level
        III of the Executive Schedule under section 5314''.
            (3) For personnel of the administrative office of the
        united states courts.--
                    (A) In general.--Section 3(a) of the Administrative
                Office of the United States Courts Personnel Act of
                1990 (Public Law 101-474; 28 U.S.C. 602 note) is
                amended--
                            (i) in paragraph (1), by striking ``level
                        V'' and inserting ``level IV''; and
                            (ii) in paragraph (10), by striking ``level
                        IV'' and inserting ``level III''.
                    (B) Provisions relating to certain additional
                positions.--Section 603 of title 28, United States
                Code, is amended by striking ``level IV of the
                Executive Schedule under section 5315'' and inserting
                ``level III of the Executive Schedule under section
                5314''.
    (b) Salary of the Director of the Administrative Office of the
United States Courts.--Section 603 of title 28, United States Code, is
amended by striking ``district'' and inserting ``circuit''.

SEC. 3. EFFECTIVE DATE.

    The amendments made by this Act shall be effective with respect to
pay periods beginning on or after the date of the enactment of this
Act.

Summary: Provides that, when any comparability payment becomes payable with respect to General Schedule employees within the District of Columbia, the annual rate of the salary of the Vice President and the pay for positions at each level of the Executive Schedule shall be adjusted by an amount equal to the percentage adjustment becoming so payable to such General Schedule employees. Increases the maximum limit on bonuses, awards, or other similar cash payments that may be paid in a calendar year to administrative law judges, certain senior-level employees, and individual senior executives. Increases: (1) the rate of basic pay payable for certain executive schedule positions. And (2) the highest rate of basic pay payable for the Senior Executive Service. Increases the maximum rates of basic pay allowable for circuit executives and certain personnel of the Administrative Office of the US Courts. Provides for the salary of the Director of such Office to be the same as the salary of a circuit judge.

To increase the rate of pay for certain offices and positions within the executive and judicial branches of the Government, respectively, and for other purposes.


S.

    Section 304 of the Congressional Budget Act of 1974 is amended to
read as follows:

             ``permissible revisions of budget resolutions

    ``Sec. 304. At any time after the joint resolution on the budget
for a fiscal year has been enacted pursuant to section 301, and before
the end of such fiscal year, the two Houses and the President may enact
a joint resolution on the budget which revises or reaffirms the joint
resolution on the budget for such fiscal year most recently enacted,
and for purposes of the enforcement of the Congressional Budget Act of
1974, the chairman of the Budget Committee of the House of
Representatives or the Senate, as applicable, may adjust levels as
needed for the enforcement of the budget resolution.''.

SEC. 6. LIMITATION ON THE CONTENT OF BUDGET RESOLUTIONS.

    Section 305 of the Congressional Budget Act of 1974 is amended by
adding at the end the following new subsection:
    ``(e) Limitation on Contents.--(1) It shall not be in order in the
House of Representatives or in the Senate to consider any joint
resolution on the budget or any amendment thereto or conference report
thereon that contains any matter referred to in paragraph (2).
    ``(2) Any joint resolution on the budget or any amendment thereto
or conference report thereon that contains any matter not permitted in
section 301 (a) or (b) shall not be treated in the House of
Representatives or the Senate as a budget resolution under subsection
(a) or (b) or as a conference report on a budget resolution under
subsection (c) of this section.''.

SEC. 7. DEEMING OF BUDGETARY AGGREGATES, ALLOCATIONS, AND
              RECONCILIATION INSTRUCTIONS IN THE HOUSE AND SENATE UPON
              VETO OF JOINT RESOLUTION ON THE BUDGET.

    (a) In General.--Title III of the Congressional Budget Act of 1974
is amended by adding after section 315 the following new section:

 ``automatic standing order upon veto of joint resolution on the budget

    ``Sec. 316. For purposes of congressional enforcement under titles
III and IV of this Act and the rules of the House and the Senate, the
joint resolution shall be considered as enforceable upon enactment or
15 days following presentment to the President, whichever occurs
earlier.''.
    (b) Conforming Amendment.--The table of contents set forth in
section 1(b) of the Congressional Budget and Impoundment Control Act of
1974 is amended by inserting after the item relating to section 315 the
following new item:

``Sec. 316. Automatic standing order upon veto of joint resolution on
                            the budget.''.

SEC. 8. ADDITIONAL AMENDMENTS TO THE CONGRESSIONAL BUDGET ACT OF 1974
              TO EFFECTUATE JOINT RESOLUTIONS ON THE BUDGET.

    (a) Additional Amendments to the Congressional Budget and
Impoundment Control Act of 1974.--(1)(A) Sections 301, 302, 303, 304,
305, 308, 310, 311, 312, 314, 405, and 904 of the Congressional Budget
Act of 1974 (2 U.S.C. 621 et seq.) are amended by striking
``concurrent'' each place it appears and inserting ``joint''.
    (B)(i) Sections 302(d), 302(g), 308(a)(1)(A), and 310(d)(1) of the
Congressional Budget Act of 1974 are amended by striking ``most
recently agreed to concurrent resolution on the budget'' each place it
occurs and inserting ``most recently enacted joint resolution on the
budget''.
    (ii) The section heading of section 301 of such Act is amended by
striking ``annual adoption of concurrent resolution'' and inserting
``joint resolutions''.
    (C) Sections 302, 303, 304, 310, and 311 of the Congressional
Budget Act of 1974 are amended by striking ``agreed to'' each place it
appears and by inserting ``enacted''.
    (2) The table of contents set forth in section 1(b) of the
Congressional Budget and Impoundment Control Act of 1974 is amended--
            (A) in the item relating to section 301, by striking
        ``Annual adoption of concurrent resolution'' and inserting
        ``Joint resolutions''; and
            (B) by striking ``concurrent'' and inserting ``joint'' in
        the item relating to section 305.
    (b) Conforming Amendment.--Any side heading within any section of
title III of the Congressional Budget and Impoundment Control Act of
1974 is amended by striking ``Concurrent'' and inserting ``Joint'' and
any center heading in any section of that title is amended by striking
``concurrent'' and inserting ``joint''.

SEC. 9. AMENDMENTS TO THE RULES OF THE HOUSE OF REPRESENTATIVES TO
              EFFECTUATE JOINT BUDGET RESOLUTIONS.

    Clauses 1(d)(1), 4(a)(4), 4(b)(2), 4(f)(1)(A), and 4(f)(2) of rule
X, clause 10 of rule XVIII, clause 10 of rule XX, and clauses 7 and 10
of rule XXI of the Rules of the House of Representatives are amended by
striking ``concurrent'' each place it appears and inserting ``joint''.

SEC. 10. CONFORMING AMENDMENTS TO THE BALANCED BUDGET AND EMERGENCY
              DEFICIT CONTROL ACT OF 1985.

    Section 258C(b)(1) of the Balanced Budget and Emergency Deficit
Control Act of 1985 (2 U.S.C. 907d(b)(1)) is amended by striking
``concurrent'' and inserting ``joint''.

Summary: Legally Binding Budget Act of 2015 This bill amends the Congressional Budget Act of 1974 to replace the concurrent resolution on the budget required under current law with a legally binding joint resolution on the budget. At any time after the annual budget resolution has been enacted and before the end of the fiscal year, Congress and the President may enact a new budget resolution revising or reaffirming the most recently enacted budget resolution. The contents of a budget resolution are limited to material that is permitted by the Congressional Budget Act of 1974. For purposes of congressional budget enforcement and the rules of the House and the Senate, the budget resolution is enforceable upon the earlier of enactment or 15 days following presentment to the President.

Legally Binding Budget Act of 2015


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Wildlife and Hunting Heritage
Conservation Council Advisory Committee Act''.

SEC. 2. WILDLIFE AND HUNTING HERITAGE CONSERVATION COUNCIL ADVISORY
              COMMITTEE.

    (a) In General.--The Fish and Wildlife Coordination Act (16 U.S.C.
661 et seq.) is amended by adding at the end the following:

``SEC. 10. WILDLIFE AND HUNTING HERITAGE CONSERVATION COUNCIL ADVISORY
              COMMITTEE.

    ``(a) Establishment.--There is hereby established the Wildlife and
Hunting Heritage Conservation Council Advisory Committee (in this
section referred to as the `Advisory Committee') to advise the
Secretaries of the Interior and Agriculture on wildlife and habitat
conservation, hunting, and recreational shooting.
    ``(b) Duties of the Advisory Committee.--The Advisory Committee
shall advise the Secretaries with regard to--
            ``(1) implementation of Executive Order No. 13443:
        Facilitation of Hunting Heritage and Wildlife Conservation,
        which directs Federal agencies `to facilitate the expansion and
        enhancement of hunting opportunities and the management of game
        species and their habitat';
            ``(2) policies or programs to conserve and restore
        wetlands, agricultural lands, grasslands, forest, and rangeland
        habitats;
            ``(3) policies or programs to promote opportunities and
        access to hunting and shooting sports on Federal lands;
            ``(4) policies or programs to recruit and retain new
        hunters and shooters;
            ``(5) policies or programs that increase public awareness
        of the importance of wildlife conservation and the social and
        economic benefits of recreational hunting and shooting; and
            ``(6) policies or programs that encourage coordination
        among the public, the hunting and shooting sports community,
        wildlife conservation groups, and States, tribes, and the
        Federal Government.
    ``(c) Membership.--
            ``(1) Appointment.--
                    ``(A) In general.--The Advisory Committee shall
                consist of no more than 16 discretionary members and 7
                ex officio members.
                    ``(B) Ex officio members.--The ex officio members
                are--
                            ``(i) the Director of the United States
                        Fish and Wildlife Service or a designated
                        representative of the Director;
                            ``(ii) the Director of the Bureau of Land
                        Management or a designated representative of
                        the Director;
                            ``(iii) the Director of the National Park
                        Service or a designated representative of the
                        Director;
                            ``(iv) the Chief of the Forest Service or a
                        designated representative of the Chief;
                            ``(v) the Chief of the Natural Resources
                        Conservation Service or a designated
                        representative of the Chief;
                            ``(vi) the Administrator of the Farm
                        Service Agency or a designated representative
                        of the Administrator; and
                            ``(vii) the Executive Director of the
                        Association of Fish and Wildlife Agencies.
                    ``(C) Discretionary members.--The discretionary
                members shall be appointed jointly by the Secretaries
                from at least one of each of the following:
                            ``(i) State fish and wildlife agencies.
                            ``(ii) Game bird hunting organizations.
                            ``(iii) Wildlife conservation
                        organizations.
                            ``(iv) Big game hunting organizations.
                            ``(v) The tourism, outfitter, or guiding
                        industry.
                            ``(vi) The firearms or ammunition
                        manufacturing industry.
                            ``(vii) The hunting or shooting equipment
                        retail industry.
                            ``(viii) Tribal resource management
                        organizations.
                            ``(ix) The agriculture industry.
                            ``(x) The ranching industry.
                            ``(xi) Waterfowl hunting organizations.
                    ``(D) Eligibility.--Prior to the appointment of the
                discretionary members, the Secretaries shall determine
                that all individuals nominated for appointment to the
                Advisory Committee, and the organization each
                individual represents, actively support and promote
                sustainable-use hunting, wildlife conservation, and
                recreational shooting.
            ``(2) Terms.--
                    ``(A) In general.--Except as provided in
                subparagraph (B), members of the Advisory Committee
                shall be appointed for a term of 4 years. Members shall
                not be appointed for more than 3 consecutive or
                nonconsecutive terms.
                    ``(B) Terms of initial appointees.--As designated
                by the Secretary at the time of appointment, of the
                members first appointed--
                            ``(i) 6 members shall be appointed for a
                        term of 4 years;
                            ``(ii) 5 members shall be appointed for a
                        term of 3 years; and
                            ``(iii) 5 members shall be appointed for a
                        term of 2 years.
            ``(3) Preservation of public advisory status.--No
        individual may be appointed as a discretionary member of the
        Advisory Committee while serving as an officer or employee of
        the Federal Government.
            ``(4) Vacancy and removal.--
                    ``(A) In general.--Any vacancy on the Advisory
                Committee shall be filled in the manner in which the
                original appointment was made.
                    ``(B) Removal.--Advisory Committee members shall
                serve at the discretion of the Secretaries and may be
                removed at any time for good cause.
            ``(5) Continuation of service.--Each appointed member may
        continue to serve after the expiration of the term of office to
        which such member was appointed until a successor has been
        appointed.
            ``(6) Chairperson.--The Chairperson of the Advisory
        Committee shall be appointed for a 3-year term by the
        Secretaries, jointly, from among the members of the Advisory
        Committee. An individual may not be appointed as Chairperson
        for more than 2 consecutive or nonconsecutive terms.
            ``(7) Pay and expenses.--Members of the Advisory Committee
        shall serve without pay for such service, but each member of
        the Advisory Committee may be reimbursed for travel and lodging
        incurred through attending meetings of the Advisory Committee
        approved subgroup meetings in the same amounts and under the
        same conditions as Federal employees (in accordance with
        section 5703 of title 5, United States Code).
            ``(8) Meetings.--
                    ``(A) In general.--The Advisory Committee shall
                meet at the call of the Secretaries, the chairperson,
                or a majority of the members, but not less frequently
                than twice annually.
                    ``(B) Open meetings.--Each meeting of the Advisory
                Committee shall be open to the public.
                    ``(C) Prior notice of meetings.--Timely notice of
                each meeting of the Advisory Committee shall be
                published in the Federal Register and be submitted to
                trade publications and publications of general
                circulation.
                    ``(D) Subgroups.--The Advisory Committee may
                establish such workgroups or subgroups as it deems
                necessary for the purpose of compiling information or
                conducting research. However, such workgroups may not
                conduct business without the direction of the Advisory
                Committee and must report in full to the Advisory
                Committee.
            ``(9) Quorum.--Nine members of the Advisory Committee shall
        constitute a quorum.
    ``(d) Expenses.--The expenses of the Advisory Committee that the
Secretaries determine to be reasonable and appropriate shall be paid by
the Secretaries.
    ``(e) Administrative Support, Technical Services, and Advice.--A
designated Federal Officer shall be jointly appointed by the
Secretaries to provide to the Advisory Committee the administrative
support, technical services, and advice that the Secretaries determine
to be reasonable and appropriate.
    ``(f) Annual Report.--
            ``(1) Required.--Not later than September 30 of each year,
        the Advisory Committee shall submit a report to the
        Secretaries, the Committee on Natural Resources and the
        Committee on Agriculture of the House of Representatives, and
        the Committee on Energy and Natural Resources and the Committee
        on Agriculture, Nutrition, and Forestry of the Senate. If
        circumstances arise in which the Advisory Committee cannot meet
        the September 30 deadline in any year, the Secretaries shall
        advise the Chairpersons of each such Committee of the reasons
        for such delay and the date on which the submission of the
        report is anticipated.
            ``(2) Contents.--The report required by paragraph (1) shall
        describe--
                    ``(A) the activities of the Advisory Committee
                during the preceding year;
                    ``(B) the reports and recommendations made by the
                Advisory Committee to the Secretaries during the
                preceding year; and
                    ``(C) an accounting of actions taken by the
                Secretaries as a result of the recommendations.
    ``(g) Federal Advisory Committee Act.--The Advisory Committee shall
be exempt from the Federal Advisory Committee Act (5 U.S.C. App.).''.
    (b) Continuance and Abolishment of Existing Wildlife and Hunting
Heritage Conservation Council.--The Wildlife and Hunting Heritage
Conservation Council established pursuant to section 441 of the Revised
Statutes (43 U.S.C. 1457), section 2 of the Fish and Wildlife Act of
1956 (16 U.S.C. 742a), and other Acts applicable to specific bureaus of
the Department of the Interior--
            (1) shall continue until the date of the first meeting of
        the Wildlife and Hunting Heritage Conservation Council
        established by the amendment made by subsection (a); and
            (2) is hereby abolished effective on that date.

Summary: Wildlife and Hunting Heritage Conservation Council Advisory Committee Act This bill amends the Fish and Wildlife Coordination Act to establish the Wildlife and Hunting Heritage Conservation Council Advisory Committee to advise the Department of the Interior and the Department of Agriculture on wildlife and habitat conservation, hunting, and recreational shooting. The Advisory Committee must advise the departments on policies or programs related to: implementing Executive Order No. 13443: Facilitation of Hunting Heritage and Wildlife Conservation. Conserving and restoring wetlands, agricultural lands, grasslands, forest, and rangeland habitats. Promoting opportunities for and access to hunting and shooting sports on federal lands, recruiting and retaining new hunters and shooters. Increasing public awareness of the importance of wildlife conservation and the benefits of recreational hunting and shooting. And encouraging coordination among the public, the hunting and shooting sports community, wildlife conservation groups, states, tribes, and the federal government. The bill also specifies requirements for membership, meetings, pay and expenses, administrative support, and annual reports to Congress. The Advisory Committee is exempt from the Federal Advisory Committee Act. The bill abolishes the existing Wildlife and Hunting Heritage Conservation Council, effective on the date of the first meeting of the Advisory Committee established by this bill.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Real Estate Mortgage Investment
Conduit Improvement Act of 2009''.

SEC. 2. SPECIAL RULES FOR MODIFICATION OR DISPOSITION OF QUALIFIED
              MORTGAGES OR FORECLOSURE PROPERTY BY REAL ESTATE MORTGAGE
              INVESTMENT CONDUITS.

    (a) In General.--If a REMIC (as defined in section 860D(a) of the
Internal Revenue Code of 1986) modifies or disposes of a troubled asset
under the Troubled Asset Relief Program established by the Secretary of
the Treasury under section 101(a) of the Emergency Economic
Stabilization Act of 2008 or under rules established by the Secretary
under section 3 of this Act--
            (1) such modification or disposition shall not be treated
        as a prohibited transaction under section 860F(a)(2) of such
        Code, and
            (2) for purposes of part IV of subchapter M of chapter 1 of
        such Code--
                    (A) an interest in the REMIC shall not fail to be
                treated as a regular interest (as defined in section
                860G(a)(1) of such Code) solely because of such
                modification or disposition, and
                    (B) any proceeds resulting from such modification
                or disposition shall be treated as amounts received
                under qualified mortgages.
    (b) Termination of REMIC.--For purposes of the Internal Revenue
Code of 1986, an entity which is a REMIC (as defined in section 860D(a)
of the Internal Revenue Code of 1986) shall cease to be a REMIC if the
instruments governing the conduct of servicers or trustees with respect
to qualified mortgages (as defined in section 860G(a)(3) of such Code)
or foreclosure property (as defined in section 860G(a)(8) of such
Code)--
            (1) prohibit or restrict (including restrictions on the
        type, number, percentage, or frequency of modifications or
        dispositions) such servicers or trustees from reasonably
        modifying or disposing of such qualified mortgages or such
        foreclosure property in order to participate in the Troubled
        Asset Relief Program established by the Secretary of the
        Treasury under section 101(a) of the Emergency Economic
        Stabilization Act of 2008 or under rules established by the
        Secretary under section 3 of this Act,
            (2) commit to a person other than the servicer or trustee
        the authority to prevent the reasonable modification or
        disposition of any such qualified mortgage or foreclosure
        property,
            (3) require a servicer or trustee to purchase qualified
        mortgages which are in default or as to which default is
        reasonably foreseeable for the purposes of reasonably modifying
        such mortgages or as a consequence of such reasonable
        modification, or
            (4) fail to provide that any duty a servicer or trustee
        owes when modifying or disposing of qualified mortgages or
        foreclosure property shall be to the trust in the aggregate and
        not to any individual or class of investors.
    (c) Effective Dates.--
            (1) Subsection (a).--Subsection (a) shall apply to
        modification and dispositions after the date of the enactment
        of this Act, in taxable years ending on or after such date.
            (2) Subsection (b).--
                    (A) In general.--Except as provided in subparagraph
                (B), subsection (b) shall take effect on the date that
                is 3 months after the date of the enactment of this
                Act.
                    (B) Exception.--The Secretary of the Treasury may
                waive the application of subsection (b) in whole or in
                part for any period of time with respect to any entity
                if--
                            (i) the Secretary determines that such
                        entity is unable to comply with the
                        requirements of such subsection in a timely
                        manner, or
                            (ii) the Secretary determines that such
                        waiver would further the purposes of this Act.

SEC. 3. ESTABLISHMENT OF A HOME MORTGAGE LOAN RELIEF PROGRAM UNDER THE
              TROUBLED ASSET RELIEF PROGRAM AND RELATED AUTHORITIES.

    (a) Establishment.--Not later than 30 days after the date of
enactment of this Act, the Secretary of the Treasury shall establish
and implement a program under the Troubled Asset Relief Program and
related authorities established under section 101(a) of the Emergency
Economic Stabilization Act of 2008 (12 U.S.C. 5211(a))--
            (1) to achieve appropriate broad-scale modifications or
        dispositions of troubled home mortgage loans; and
            (2) to achieve appropriate broad-scale dispositions of
        foreclosure property.
    (b) Rules.--The Secretary of the Treasury shall promulgate rules
governing the--
            (1) reasonable modification of any home mortgage loan
        pursuant to the requirements of this Act; and
            (2) disposition of any such home mortgage loan or
        foreclosed property pursuant to the requirements of this Act.
    (c) Considerations.--In developing the rules required under
subsection (b), the Secretary of the Treasury shall take into
consideration--
            (1) the debt-to-income ratio, loan-to-value ratio, or
        payment history of the mortgagors of such home mortgage loans;
        and
            (2) any other factors consistent with the intent to
        streamline modifications of troubled home mortgage loans into
        sustainable home mortgage loans.
    (d) Use of Broad Authority.--The Secretary of the Treasury shall
use all available authorities to implement the home mortgage loan
relief program established under this section, including, as
appropriate--
            (1) home mortgage loan purchases;
            (2) home mortgage loan guarantees;
            (3) making and funding commitments to purchase home
        mortgage loans or mortgage-backed securities;
            (4) buying down interest rates and principal on home
        mortgage loans;
            (5) principal forbearance; and
            (6) developing standard home mortgage loan modification and
        disposition protocols, which shall include ratifying that
        servicer action taken in anticipation of any necessary changes
        to the instruments governing the conduct of servicers or
        trustees with respect to qualified mortgages or foreclosure
        property are consistent with the Secretary of the Treasury's
        standard home mortgage loan modification and disposition
        protocols.
    (e) Payments Authorized.--The Secretary of the Treasury is
authorized to pay servicers for home mortgage loan modifications or
other dispositions consistent with any rules established under
subsection (b).
    (f) Rule of Construction.--Any standard home mortgage loan
modification and disposition protocols developed by the Secretary of
the Treasury under this section shall be construed to constitute
standard industry practice.

Summary: Real Estate Mortgage Investment Conduit Improvement Act of 2009 - Establishes special rules for modification or disposition of a troubled asset under the Troubled Asset Relief Program (TARP) by real estate mortgage investment conduits (REMICs). Declares that: (1) such a modification or disposition shall not be treated as a prohibited transaction under the Internal Revenue Code. (2) an interest in the REMIC shall not fail to be treated as a regular interest solely because of such modification or disposition. And (3) any proceeds resulting from such modification or disposition shall be treated as amounts received under qualified mortgages. Specifies terms of the instruments governing the conduct of servicers or trustees with respect to qualified mortgages which shall terminates a REMIC. Directs the Secretary of the Treasury to establish and implement a home mortgage loan relief program under TARP.

A bill to provide rules for the modification or disposition of certain assets by real estate mortgage investment conduits pursuant to division A of the Emergency Economic Stabilization Act of 2008, and for other purposes.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Joe Testaverde Adult Stem Cell
Research Act of 2005''.

SEC. 2. EXPANSION, INTENSIFICATION, AND COORDINATION OF ACTIVITIES OF
              NATIONAL INSTITUTES OF HEALTH REGARDING QUALIFYING ADULT
              STEM CELL RESEARCH.

    Part B of title IV of the Public Health Service Act (42 U.S.C. 284
et seq.) is amended by adding at the end the following:

``SEC. 409J. QUALIFYING ADULT STEM CELL RESEARCH.

    ``(a) In General.--
            ``(1) Expansion of activities.--The Director of NIH shall
        expand, intensify, and coordinate the activities of the
        National Institutes of Health regarding qualifying adult stem
        cell research.
            ``(2) Collaboration among agencies.--The Director shall
        carry out this section in collaboration with any other agencies
        that the Director determines appropriate.
    ``(b) Centers of Excellence.--
            ``(1) In general.--In carrying out subsection (a)(1), the
        Director shall make awards of grants and contracts to public or
        nonprofit private entities to pay all or part of the cost of
        planning, establishing, improving, and providing basic
        operating support for centers of excellence regarding
        qualifying adult stem cell research.
            ``(2) Research.--Each center shall conduct basic and
        clinical research regarding qualifying adult stem cells. Such
        research should include investigations into the cause,
        diagnosis, early detection, prevention, control, and treatment
        of disease.
            ``(3) Services for patients.--
                    ``(A) In general.--A center may expend amounts
                provided under paragraph (1) to carry out a program to
                make individuals aware of opportunities to participate
                as subjects in research conducted by the centers.
                    ``(B) Referrals and costs.--A program under
                subparagraph (A) may, in accordance with such criteria
                as the Director may establish, provide to the subjects
                described in such subparagraph, referrals for health
                and other services, and such patient care costs as are
                required for research.
                    ``(C) Availability and access.--The extent to which
                a center can demonstrate availability and access to
                clinical services shall be considered by the Director
                in decisions about awarding grants to applicants which
                meet the scientific criteria for funding under this
                section.
            ``(4) Coordination of centers; reports.--The Director
        shall, as appropriate, provide for the coordination of
        information among centers and ensure regular communication
        between such centers, and may require the periodic preparation
        of reports on the activities of the centers and the submission
        of the reports to the Director.
            ``(5) Organization of centers.--Each center shall use the
        facilities of a single institution, or be formed from a
        consortium of cooperating institutions, meeting such
        requirements as may be prescribed by the Director.
            ``(6) Number of centers; duration of support.--
                    ``(A) In general.--The Director shall provide for
                the establishment of not less than five centers under
                paragraph (1).
                    ``(B) Duration.--Support for a center may be
                provided under this section for a period of not to
                exceed 5 years. Such period may be extended for one or
                more additional periods not exceeding 5 years if the
                operations of such center have been reviewed by an
                appropriate technical and scientific peer review group
                established by the Director and if such group has
                recommended to the Director that such period should be
                extended.
    ``(c) Facilitation of Research.--In carrying out subsection (a)(1),
the Director shall provide for a program under which samples of tissues
and genetic materials that are of use in qualifying adult stem cell
research are donated, collected, preserved, and made available for such
research. The program shall be carried out in accordance with accepted
scientific and medical standards for the donation, collection, and
preservation of such samples.
    ``(d) Public Input.--In carrying out subsection (a)(1), the
Director shall provide for means through which the public can obtain
information on the existing and planned programs and activities of the
National Institutes of Health regarding qualifying adult stem cell
research and through which the Director can receive comments from the
public regarding such programs and activities.
    ``(e) Definitions.--In this section:
            ``(1) The term `center' means a center of excellence under
        subsection (b)(1).
            ``(2) The term `Director' means the Director of NIH.
            ``(3) The term `qualifying adult stem cell' means a human
        stem cell obtained from a human placenta, umbilical cord blood,
        an organ or tissue of a living or deceased human being who has
        been born, or an organ or tissue of unborn human offspring who
        died of natural causes (such as spontaneous abortion).
    ``(f) Authorization of Appropriations.--To carry out this section,
there are authorized to be appropriated such sums as may be necessary
for fiscal year 2006 and each subsequent fiscal year. Such
authorization of appropriations is in addition to any other
authorization of appropriations that is available for activities of the
National Institutes of Health regarding qualifying adult stem cell
research.''.

Summary: Joe Testaverde Adult Stem Cell Research Act of 2005 - Amends the Public Health Service Act to require the Director of the National Institutes of Health (NIH) to expand, intensify, and coordinate NIH activities regarding qualifying adult stem cell research. Defines qualifying adult stem cell to mean a human stem cell obtained from a human placenta, umbilical cord blood, an organ or tissue of a living or deceased human being who has been born, or an organ or tissue of unborn human offspring who died of natural causes . Requires the Director to award grants and contracts to plan, establish, improve, and provide basic operating support for no less than five centers of excellence regarding such research. Requires each center to conduct basic and clinical research, including investigations into the cause, diagnosis, early detection, prevention, control, and treatment of disease. Allows a center to: (1) make individuals aware of opportunities to participate as subjects in research. And (2) provide referrals for health and other services. Requires the Director to provide for: (1) a program under which samples of tissues and genetic materials that are of use in qualifying adult stem cell research are donated, collected, preserved, and made available for such research. And (2) means through which the public can obtain information on NIH programs and activities related to such research and through which the Director can receive comments from the public.

To amend the Public Health Service Act to provide for the expansion, intensification, and coordination of the activities of the National Institutes of Health regarding qualifying adult stem cell research, and for other purposes.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``American Dream Tax Fairness Equity
Act of 1997''.

SEC. 2. REDUCTION OF MAXIMUM CAPITAL GAINS RATE FOR INDIVIDUALS TO 15
              PERCENT WITH RESPECT TO ASSETS HELD FOR MORE THAN 3
              YEARS.

    (a) In General.--Subsection (h) of section 1 of the Internal
Revenue Code of 1986 (relating to tax imposed) is amended to read as
follows:
    ``(h) Maximum Capital Gains Rate.--
            ``(1) In general.--If a taxpayer has a net capital gain for
        any taxable year, then the tax imposed by this section shall
        not exceed the sum of--
                    ``(A) a tax computed at the rates and in the same
                manner as if this subsection had not been enacted on
                the greater of--
                            ``(i) taxable income reduced by the amount
                        of the net capital gain, or
                            ``(ii) the amount of taxable income taxed
                        at a rate below 28 percent,
                    ``(B) 15 percent of qualified 3-year capital gain
                (to the extent not taken into account under
                subparagraph (A)), and
                    ``(C) 28 percent of the excess (if any) of taxable
                income over the amounts taken into account under
                subparagraphs (A) and (B).
            ``(2) Qualified 3-year capital gain.--For purposes of this
        subsection, the term `qualified 3-year capital gain' means the
        lesser of--
                    ``(A) net long-term capital gain for the taxable
                year, determined by substituting `held for more than 3
                years' for `held for more than 1 year' in paragraphs
                (3) and (4) of section 1222, or
                    ``(B) net capital gain for such taxable year.
            ``(3) Coordination with investment income election.--For
        purposes of this subsection, the net capital gain for any
        taxable year shall be reduced (but not below zero) by the
        amount which the taxpayer elects to take into account as
        investment income for the taxable year under section
        163(d)(4)(B)(iii).''
    (b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 1997.

SEC. 2. REPLACEMENT OF ESTATE AND GIFT TAX RATE SCHEDULES.

    (a) Estate Tax Rate Schedule Replaced by 15 and 28 Percent Tax
Rates.--
            (1) In general.--Subsection (b) of section 2001 of the
        Internal Revenue Code of 1986 (relating to imposition and rate
        of tax) is amended to read as follows:
    ``(b) Computation of Tax.--The amount imposed by this section shall
be--
            ``(1) 15 percent of all qualified 3-year capital gain
        (within the meaning of section 1(h)) included in the taxable
        estate, and
            ``(2) 28 percent of all capital gain (other than such
        qualified 3-year capital gain) included in the taxable estate,
determined as if all property included in the taxable estate had been
sold for its fair market value on the date of the decedent's death (or
the date applicable with respect to the valuation of such property
under section 2032, if any).''
            (2) Repeal of rate schedule.--Section 2001 of such Code is
        amended by striking subsection (c).
            (3) Conforming amendments.--Section 2001 of such Code is
        amended by striking subsections (d) and (e).
    (b) Reduction of Gift Tax.--Subsection (a) of section 2502 of such
Code is amended to read as follows:
    ``(a) Computation of Tax.--The tax imposed by section 2501 for each
calendar year shall be--
            ``(1) 15 percent of all qualified 3-year capital gain (as
        defined in section 1(h)) contained in the taxable gifts made
        during such year, and
            ``(2) 28 percent of all capital gain (other than such
        qualified 3-year capital gain) contained in such taxable gifts,
determined, with respect to each such gift, as if all property
contained in such gift had been sold by the grantor for its fair market
value on the date of such gift.''
    (c) Unified Credit Against Estate and Gift Taxes.--
            (1) Unified credit against estate tax.--Subsection (a) of
        section 2010 of such Code (relating to unified credit against
        estate tax) is amended to read as follows:
    ``(a) Allowance of credit.--
            ``(1) General rule.--A credit of the amount determined
        under paragraph (2) shall be allowed to the estate of every
        decedent against the tax imposed by section 2001.
            ``(2) Amount of credit.--The amount determined under this
        paragraph is the amount equal to the sum of--
                    ``(A) the tax imposed under section 2001(b)(2) (to
                the extent that such tax is imposed on so much of the
                imputed capital gains amount as does not exceed
                $600,000), and
                    ``(B) the tax imposed under section 2001(b)(1) on
                the excess (if any) of--
                            ``(i) so much of the imputed capital gains
                        amount as does not exceed $600,000, over
                            ``(ii) the portion of the imputed capital
                        gains amount taken into account under
                        subparagraph (A).
            ``(3) Imputed capital gains amount.--For purposes of this
        subsection, the term `imputed capital gains amount' means the
        aggregate amount to which the rates of section 2001(b) apply.
            ``(4) Coordination with unified credit used to reduce gift
        tax.--
                    ``(A) In general.--The $600,000 amounts referred to
                in subparagraphs (A) and (B)(i) of paragraph (2) shall
                each be reduced by the cumulative gift tax credit
                amount.
                    ``(B) Cumulative gift tax credit amount.--For
                purposes of this paragraph, the term `cumulative gift
                tax credit amount' means the sum of the capital gains
                gift amounts (as defined in section 2505(a)(3)) with
                respect to which a credit was allowed under section
                2505 (relating to unified credit against gift tax),
                determined by not taking into account any gift included
                in the taxable estate.''
            (2) Unified credit against gift tax.--Subsection (a) of
        section 2505 of such Code (relating to unified credit against
        gift tax) is amended to read as follows:-
    ``(a) Allowance of Credit.--
            ``(1) General rule.--In the case of a citizen or resident
        of the United States, there shall be allowed as a credit
        against the tax imposed by section 2501 for each calendar year
        an amount equal to--
                    ``(A) the amount determined under paragraph (2),
                reduced by--
                    ``(B) the sum of the amounts allowable as a credit
                to the individual under this section for all preceding
                calendar periods with respect to gifts made before the
                gift tax change date, as determined under paragraph
                (4).
            ``(2) Amount.--The amount determined under this paragraph
        is the amount equal to the sum of--
                    ``(A) the tax imposed under section 2502(a)(2) for
                the year on the capital gains gift amount, and
                    ``(B) the tax imposed under section 2502(a)(1) for
                the year on the excess (if any) of--
                            ``(i) the capital gains gift amount for the
                        year, over
                            ``(ii) the portion of such capital gains
                        gift amount taken into account under
                        subparagraph (A).
            ``(3) Capital gains gift amount.--For purposes of this
        subsection, the term `capital gains gift amount' means, for any
        year, the amount to which the rates of section 2502(b) apply
        with respect to such year, but not more than the excess (if
        any) of--
                    ``(A) $600,000, over
                    ``(B) the sum of the capital gains gift amounts for
                all preceding years (determined without taking into
                account any gift made before the date of the enactment
                of this paragraph).
            ``(4) Gifts made before gift tax change date.--
                    ``(A) In general.--For purposes of paragraph
                (1)(B), the amount allowable as a credit to an
                individual under this section for a preceding calendar
                period with respect to any gift made before the gift
                tax change date shall be the amount which would have
                been allowable to the individual as a credit under this
                section with respect to such gift--
                            ``(i) if this section and section 2001(b),
                        as in effect on the day after the date of the
                        enactment of this paragraph, had been in effect
                        for the year of such gift and all preceding
                        calendar periods, and
                            ``(ii) without regard to the parenthetical
                        contained in paragraph (3)(B).
                    ``(B) Gift made before gift tax change date.--For
                purposes of this section, the term `gift made before
                gift tax change date' means a gift made before the date
                of the enactment of this paragraph (other than a gift
                taken into account under subsection (b)).''
            (3) Conforming amendment.--Subsection (b) of section 2502
        of such Code is amended by adding at the end the following new
        flush sentence:
``In connection with the gift tax imposed by this chapter for the
calendar year in which this sentence is enacted with respect to gifts
made on or after the date of such enactment, the term `preceding
calendar period' shall include the portion of such calendar year which
precedes such date of enactment.''
    (d) Estates of Nonresident Aliens.--
            (1) Rate change.--
                    (A) In general.--Subsection (b) of section 2101 of
                such Code (relating to tax imposed on estates of
                nonresident aliens) is amended to read as follows:
    ``(b) Computation of Tax.--The tax imposed by this section shall be
the amount equal to the tax computed under section 2001(b) (determined
as if section 2001 applied to the decedent).''
                    (B) Conforming amendment.--Section 2101 of such
                Code is amended by striking subsection (c).
            (2) Credits against tax.--Section 2102 of such Code
        (relating to credits against estate tax for nonresidents not
        citizens) is amended by adding at the end the following new
        subsection:
    ``(d) Adjustment of Amounts To Reflect Unified Credit Changes.--The
Secretary shall by regulation adjust the dollar amounts provided in
this section to reflect, in a proportionate manner, the changes made to
sections 2010 and 2505 on the date of the enactment of this
subsection.''
    (e) Effective Date.--The amendments made by this section shall
apply to estates of decedents dying on or after, and gifts made on or
after, the date of the enactment of this Act.

SEC. 3. TAX ON TRUSTS WHEN GRANTOR DIES.

    (a) In General.--Subpart A of part I of subchapter J of chapter 1
of the Internal Revenue Code of 1986 is amended by adding at the end
the following new section:

``SEC. 646. ASSETS MARKED TO MARKET WHEN GRANTOR DIES.

    ``(a) In General.--For purposes of this title, on the death of any
individual who has contributed property to a trust--
            ``(1) the trust shall recognize gain or loss as if all
        property so contributed by the decedent which is contained in
        the trust were sold for its fair market value on the date of
        such death,
            ``(2) such gain or loss shall be taken into account for the
        taxable year of the trust in which such death occurs, and
            ``(3) proper adjustment shall be made in the amount of any
        gain or loss subsequently realized for gain or loss taken into
        account under paragraph (2).
    ``(b) Property Contributed by Partnership or Corporation.--For
purposes of this section, the Secretary may by regulations provide that
property contributed to a trust by a partnership or corporation shall
be treated as contributed by the individual having a greater than 50
percent interest in such partnership or owning more than 50 percent of
the stock of such corporation. For purposes of this subsection, rules
similar to the rules of section 318 (relating to constructive ownership
of stock) shall apply.
    ``(c) Proportionate Application.--If any property was contributed
to a trust partially by the decedent and partially by another person,
the portion of such property so contributed by the decedent shall be
treated as a separate asset for purposes of this title and subsection
(a) shall apply to such portion.
    ``(d) Coordination With Inclusion in Taxable Estate.--This section
shall not apply to the portion of any trust which is included in the
taxable estate of any individual.''
    (b) Clerical Amendment.--The table of sections for subpart A of
part I of subchapter J of chapter 1 of such Code is amended by adding
at the end the following new item:

                              ``Sec. 646. Assets marked to market when
                                        grantor dies.''
    (c) Effective Date.--
            (1) In general.--Except as provided in paragraph (2), the
        amendments made by this section shall apply with respect to
        decedents dying on or after the date of the enactment of this
        Act.
            (2) Trusts containing property contributed by decedents
        dying before date of enactment.--For purposes of section 646 of
        the Internal Revenue Code of 1986 (as added by subsection (b)),
        any individual dying before the date of the enactment of this
        Act shall be treated as dying on the date of the enactment of
        this Act.

Summary: American Dream Tax Fairness Equity Act of 1997 - Amends the Internal Revenue Code to reduce the three-year capital gains rate to 15 percent. Revises provisions regulating the computation of estate and gift taxes and credits, basing the taxes and credits on capital gains. Requires a trust, on the death of any individual who contributed property to the trust, to recognize gain or loss as if that property was sold for its fair market value on the death date. Provides for the treatment of contributions by partnerships or corporations.