SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Cooperative Agricultural Programs
Extended Retirement Credit Act of 1993''.

SEC. 2. PURPOSES.

    The purposes of this Act are--
            (1) to make creditable, for purposes of the Civil Service
        Retirement System, periods of service in certain qualified
        Federal-State cooperative programs which had agricultural or
        related purposes; and
            (2) to expedite the retirement of certain Federal
        Government employees by providing them improved retirement
        opportunities at typical retirement ages, thereby mitigating
        potentially adverse effects of deficit-control measures on the
        welfare of those and other employees of the Department of
        Agriculture.

SEC. 3. CREDITABILITY OF PRIOR SERVICE.

    (a) In General.--Subject to section 8334(c) of title 5, United
States Code, upon application to the Office of Personnel Management
within 6 months after the date of the enactment of this Act, any
individual who is an employee (as defined by section 8331(1) or
8401(11) of such title) on such date shall be allowed credit under
subchapter III of chapter 83 of such title for any service if such
service was performed by such individual--
            (1) before January 1, 1984; and
            (2) as an employee of a State, or an instrumentality of a
        State, in which capacity such individual performed duties
        relating to the carrying out of a program described in
        subsection (b).
    (b) Description of Programs.--The programs referred to in
subsection (a) are--
            (1) the Federal-State cooperative program of agricultural
        research of the State agricultural experiment stations as
        defined in section 1 of the Act entitled ``An Act to
        consolidate the Hatch Act of 1887 and laws supplementary
        thereto relating to the appropriation of Federal funds for
        support of agricultural experiment stations in the States,
        Alaska, Hawaii, and Puerto Rico'', approved August 11, 1955 (69
        Stat. 671);
            (2) the Federal-State cooperative program of forestry
        research at eligible institutions of the State as defined in
        section 2 of the Act entitled ``An Act to authorize the
        Secretary of Agriculture to encourage and assist the several
        States in carrying on a program of forestry research, and for
        other purposes'', approved October 10, 1962 (76 Stat. 806), and
        popularly referred to as the ``McIntire-Stennis Act'';
            (3) the Federal-State cooperative program of agricultural
        research for the fiscal year ending June 30, 1967 and later
        fiscal years at the 1890 land-grant colleges, including
        Tuskegee Institute, as defined in subsection 1445(a) of the
        ``National Agricultural Research, Extension, and Teaching
        Policy Act of 1977'', approved September 29, 1977 (91 Stat.
        1009);
            (4) the Federal-State cooperative program of agricultural
        extension work authorized by the Act entitled ``An Act to
        provide for cooperative agricultural extension work between the
        agricultural colleges in the several States receiving the
        benefits of an Act of Congress approved July second, eighteen
        hundred and sixty-two, and of Acts supplementary thereto, and
        the United States Department of Agriculture'', approved May 8,
        1914 (38 Stat. 372), and acts supplementary thereto;
            (5) the Federal-State cooperative program of vocational
        education including, but not limited to, State programs of
        instruction in vocational agriculture and home economics,
        authorized by the Act entitled ``An Act to provide for the
        promotion of vocational education; to provide for cooperation
        with the States in the promotion of such education in
        agriculture and the trades and industries; to provide for
        cooperation with the States in the preparation of teachers of
        vocational subjects; and to appropriate money and regulate its
        expenditure'', approved February 23, 1917 (39 Stat. 929), and
        acts supplementary thereto;
            (6) the Federal-State cooperative program in marketing
        service and research authorized by the ``Agricultural Marketing
        Act of 1946'', approved August 14, 1946 (60 Stat. 1087), and
        predecessor programs, including programs to inspect, certify,
        and identify the class, quality, quantity, and condition of
        agricultural products shipped or received in interstate
        commerce; and programs of inspection and weighing services
        authorized by the United States Grain Standards Act (7 U.S.C.
        71 and following), whether performed by a delegated State
        agency or a designated private agency;
            (7) the Federal-State cooperative program for the control
        of plant pests and animal diseases authorized by the provisions
        under the subheading ``Federal Horticulture Board'' under the
        heading ``Department of Agriculture'' in the Act entitled ``An
        Act making appropriations to supply urgent deficiencies in
        appropriations for the fiscal year ending June thirtieth,
        nineteen hundred and eighteen, and prior fiscal years, on
        account of war expenses, and for other purposes'', approved
        October 6, 1917 (40 Stat. 374); by section 102 of the
        ``Department of Agriculture Organic Act of 1944'', approved
        September 21, 1944 (58 Stat. 734); by the joint resolution
        entitled ``Joint resolution making funds available for the
        control of incipient or emergency outbreaks of insect pests or
        plant diseases, including grasshoppers, mormon crickets, and
        chinch bugs'', approved April 6, 1937 (50 Stat. 57); by the Act
        entitled ``An Act to provide for regulating, inspecting,
        cleaning, and, when necessary, disinfecting railway cars, other
        vehicles, and other materials entering the United States from
        Mexico'', approved January 31, 1942 (56 Stat. 40); by the Act
        entitled ``An Act to regulate the importation of nursery stock
        and other plants and plant products; to enable the Secretary of
        Agriculture to establish and maintain quarantine districts for
        plant diseases and insect pests; to permit and regulate the
        movement of fruits, plants, and vegetables therefrom, and for
        other purposes'', approved August 20, 1912 (37 Stat. 315); by
        the first paragraph under the subheading ``Enforcement of the
        Plant-Quarantine Act'' under the heading ``Miscellaneous'' in
        the Act entitled ``An Act making appropriations for the
        Department of Agriculture for the fiscal year ending June
        thirtieth, nineteen hundred and fourteen'', approved March 4,
        1913 (37 Stat. 853), insofar as such paragraph relates to the
        importation of certain plants for scientific purposes; by the
        second, third, and fourth paragraphs under the subheading
        ``Enforcement of the Plant-Quarantine Act'' under the heading
        ``Miscellaneous'' in the Act entitled ``An Act making
        appropriations for the Department of Agriculture for the fiscal
        year ending June thirtieth, nineteen hundred and sixteen'',
        approved March 4, 1915 (38 Stat. 1113); and by section 11 of
        the Act entitled ``An Act for the establishment of a Bureau of
        Animal Industry, to prevent the exportation of diseased cattle,
        and to provide for the suppression and extirpation of
        pleuropneumonia and other contagious diseases among domestic
        animals'', approved May 29, 1884 (23 Stat. 31);
            (8) the Federal-State cooperative programs of forest
        protection, management, and improvement performed under
        authority of the Act entitled ``An Act to provide for the
        protection of forest lands, for the reforestation of denuded
        areas, for the extension of national forests, and for other
        purposes, in order to promote the continuous production of
        timber on the lands chiefly suitable therefore'', approved June
        7, 1924 (43 Stat. 653); of the ``Cooperative Forest Management
        Act'', approved August 25, 1950 (64 Stat. 473); and of the
        ``Forest Pest Control Act'', approved June 25, 1947 (61 Stat.
        177); and the predecessor programs of any Act referred to in
        this paragraph;
            (9) the Federal-State cooperative programs of emergency
        relief, including State rural rehabilitation corporation
        programs, established for the purposes of the Federal Emergency
        Relief Act of 1933, approved May 12, 1933 (48 Stat. 55); the
        Act entitled ``An Act making an additional appropriation to
        carry out the purposes of the Federal Emergency Relief Act of
        1933, for continuation of the civil works program, and for
        other purposes'', approved February 15, 1934 (48 Stat. 351);
        and title II of the Act entitled ``An Act making appropriations
        to supply deficiencies in certain appropriations for the fiscal
        year ending June 30, 1934, and prior fiscal years, to provide
        supplemental general and emergency appropriations for the
        fiscal years ending June 30, 1934, and June 30, 1935, and for
        other purposes'', approved June 19, 1934 (48 Stat. 1021);
            (10) the Federal-State Cooperative Veterans' educational
        programs, including part-time instruction in on-the-farm
        training programs, as provided for in title II, chapter IV,
        ``Education of Veterans'', of the ``Serviceman's Readjustment
        Act of 1944'', approved June 22, 1944 (58 Stat. 287), and
        subsequent amendments and Acts pertaining thereto; and
            (11) the Federal-State cooperative programs in wildlife
        restoration and in fish restoration and management authorized
        respectively by the Acts entitled ``An Act to provide that the
        United States shall aid these States in wildlife restoration
        projects, and for other purposes'', approved September 2, 1937
        (50 Stat. 917), and popularly referred to as the ``Pittman-
        Robertson Act'', and ``An Act to provide that the United States
        shall aid the States in fish restoration and management
        projects, and for other purposes'', approved August 9, 1950 (64
        Stat. 431), and popularly referred to as the ``Dingell-Johnson
        Act'', and the program of animal damage control authorized by
        the Act entitled ``An Act to authorize the Secretary of
        Agriculture to carry out his ten-year cooperative program for
        the eradication, suppression, or bringing under control of
        predatory and other wild animals injurious to agriculture,
        horticulture, forestry, animal husbandry, wild game, and other
        interests, and for the suppression of rabies and tularemia in
        predatory or other wild animals, and for other purposes'',
        approved March 2, 1931 (46 Stat. 1468), as amended and
        supplemented.
    (c) Certification.--The Office of Personnel Management shall, with
respect to any service for which credit is sought under this Act,
accept the certification of the Secretary of Agriculture or his
designee.

SEC. 4. APPLICABILITY TO ANNUITANTS.

    (a) In General.--An annuity or survivor annuity--
            (1) computed in whole or in part in accordance with
        subchapter III of chapter 83 of title 5, United States Code,
            (2) which is based on the service of an individual who
        performed service described in section 3, and
            (3) the commencement date of which precedes the date of the
        enactment of this Act,
shall be recomputed in accordance with section 3 if application
therefor is made, and the deposit requirement under section 3(a) is
met, within 6 months after the date of the enactment of this Act.
    (b) Recomputation Rule.--Any change in an annuity or survivor
annuity resulting from a recomputation under subsection (a) shall be
effective as of the first day of the first month which begins after the
date of the enactment of this Act.

SEC. 5. DEFINITION.

    For the purpose of this Act, the term ``State'' includes the
District of Columbia, Puerto Rico, Guam, American Samoa, the Virgin
Islands, and the territories of Hawaii and Alaska prior to statehood.

Summary: Cooperative Agricultural Programs Extended Retirement Credit Act of 1993 - Provides for crediting under certain conditions, service in certain Federal-State cooperative agricultural and other programs under the Civil Service Retirement System.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Air Marshals and Safe Sky
Act of 2001''.

SEC. 2. PROGRAM ESTABLISHED.

    (a) In General.--Chapter 37 of title 28, United States Code, is
amended by adding at the end the following:
``Sec. 570. Federal air marshals program
    ``(a) Definitions.--In this section:
            ``(1) Aircraft.--The term `aircraft' has the meaning given
        that term in section 40102 of title 49.
            ``(2) Air transportation.--The term `air transportation'
        has the meaning given that term in section 40102 of title 49.
            ``(3) Program.--The term `program' means the program
        established under subsection (c).
            ``(4) Units of local government.--The term `units of local
        government' includes an airport authority.
    ``(b) Responsibility for Airport and Aircraft Safety.--This section
shall govern the security at airports and on board commercial aircraft.
    ``(c) Federal Air Marshals Program.--
            ``(1) Goal.--The goal of the program is to provide maximum
        security at airports and on board commercial aircraft by having
        the Federal Government be responsible for all phases of
        security for air passengers.
            ``(2) Establishment of federal air marshals program.--
                    ``(A) Establishment.--The Attorney General shall
                establish a Federal Air Marshals program consisting of
                Federal Air Marshals, including the Federal Air
                Marshals participating in the Federal Air Marshals
                Program being administered by the Federal Aviation
                Administration before the effective date of this
                section, and Deputy Federal Air Marshals in order to
                provide maximum security at airports and on board
                commercial aircraft.
                    ``(B) Federal air marshals.--Federal Air Marshals
                shall serve for the purpose of enforcing Federal laws
                that regulate security at airports and on board
                commercial aircraft, including laws relating to acts of
                terrorism, hijacking, or aircraft piracy and laws
                relating to violent, abusive, or disruptive behavior by
                passengers in air transportation.
                    ``(C) Deputy federal air marshals.--
                            ``(i) In general.--The Attorney General
                        shall deputize individuals described in clause
                        (ii) as Deputy Federal Air Marshals for the
                        purpose of augmenting and assisting Federal Air
                        Marshals.
                            ``(ii) Personnel.--The Attorney General
                        shall utilize retired military personnel,
                        retired Federal, State, and local law
                        enforcement personnel, and active-duty Federal,
                        State, and local law enforcement personnel from
                        other government departments and agencies as
                        Deputy Federal Air Marshals.
                            ``(iii) Compensation.--The Attorney General
                        may employ personnel described in clause (ii)--
                                    ``(I) as volunteers;
                                    ``(II) by paying a reasonable per
                                diem;
                                    ``(III) by employing a fee-for-
                                service or contract arrangement; or
                                    ``(IV) using any other method
                                authorized by law.
            ``(3) Consultation.--In establishing the program, the
        Attorney General shall consult with appropriate officials of--
                    ``(A) the United States Government (including the
                Administrator of the Federal Aviation Administration or
                his designated representative); and
                    ``(B) State and local governments in any geographic
                area in which the program may operate.
            ``(4) Certification, training and examination of air
        marshals; prior approval of employer to serve as deputy air
        marshal.--
                    ``(A) In general.--Under the program, the Attorney
                General shall provide appropriate training and
                supervision of all air marshals, as well as appropriate
                background and fitness examination of eligible
                candidates as part of their certification.
                    ``(B) Employer approval.--Active Federal, State, or
                local law enforcement officers who serve as Deputy
                Federal Air Marshals shall receive approval to
                participate in the program from their employer.
    ``(d) Powers and Status of Federal Air Marshals and Deputy Air
Marshals.--
            ``(1) In general.--Subject to paragraph (2), Federal Air
        Marshals and Deputy Federal Air Marshals may arrest and
        apprehend an individual suspected of violating any Federal law
        relating to security at airports or on board aircraft,
        including any individual who violates a provision subject to a
        civil penalty under section 46301, 46302, 46303, 46314, 46318,
        46502, 46504, 46505, or 46507 of title 49, or who commits an
        act described in section 46506 of title 49, or who violates a
        provision subject to a criminal penalty under sections 32 and
        37 of title 18.
            ``(2) Limitation.--The powers granted to a Deputy Federal
        Air Marshal shall be limited to enforcing Federal laws relating
        to security at airports or on board aircraft.
    ``(e) Statutory Construction.--Nothing in this section may be
construed to--
            ``(1) grant any Federal Air Marshal or Deputy Federal Air
        Marshal the power to enforce any Federal law that is not
        described in subsection (d); or
            ``(2) limit the authority that a Federal, State, or local
        law enforcement officer may otherwise exercise in the officer's
        capacity under any other applicable law.
    ``(f) Regulations.--The Attorney General shall promulgate such
regulations as may be necessary to carry out this section.
    ``(g) Cost Sharing.--The costs of the program shall be paid by--
            ``(1) the airlines in an amount not less than the amount
        (as adjusted for inflation after the effective date of this
        section) the airlines were paying for airport security on the
        date before the effective date of this section;
            ``(2) State and units of local government in an amount not
        less than the amount (as adjusted for inflation after the
        effective date of this section) the States and units of local
        government were paying for airport security on the date before
        the effective date of this section; and
            ``(3) the Federal Government.
    ``(h) Authorization of Appropriations.--
            ``(1) In general.--Subject to paragraph (2), there are
        authorized to be appropriated to carry out this section such
        sums as may be necessary.
            ``(2) Limitation.--The Federal share of carrying out this
        section shall be limited to the cost of the program after
        payments by airlines and States and units of local government
        pursuant to subsection (g).''.

SEC. 3. REPEAL.

    Section 44903 of title 49, United States Code, is repealed.

SEC. 4. EFFECTIVE DATE.

    This Act and the amendments made by this Act shall take effect 90
days after the date of enactment of this Act.

Summary: Federal Air Marshals and Safe Sky Act of 2001 - Amends Federal law to require the Attorney General to establish a Federal Air Marshals program consisting of Federal Air Marshals and Deputy Federal Air Marshals to provide maximum security at airports and on board commercial aircraft by enforcing Federal laws related to acts of terrorism, hijacking, or aircraft piracy and laws relating to violent, abusive, or disruptive behavior by passengers in air transportation. Requires the Attorney General to provide appropriate training and supervision of all air marshals, as well as appropriate background and fitness examination of eligible candidates as part of their certification. Requires the cost of such program to be shared by the airlines, State and local governments, and the Federal Government.

A bill to establish a Federal air marshals program under the Attorney General.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``National Park Centennial Fund Act''.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Fund.--The term ``Fund'' means the National Park
        Centennial Fund established under section 3.
            (2) In-kind.--The term ``in-kind'' means the fair market
        value of non-cash contributions provided by non-Federal
        partners, which may be in the form of real property, equipment,
        supplies and other expendable property, as well as other goods
        and services.
            (3) Project or program.--The term ``Project or program''
        means a National Park Centennial Project or Program funded
        pursuant to this Act.
            (4) Proposal.--The term ``Proposal'' means a National Park
        Centennial Proposal submitted pursuant to section 4.
            (5) Secretary.--The term ``Secretary'' means the Secretary
        of the Interior.

SEC. 3. NATIONAL PARK CENTENNIAL FUND.

    There is established in the Treasury of the United States a fund
which shall be known as the National Park Centennial Fund. In each
fiscal year from fiscal year 2009 through fiscal year 2018, the
Secretary of the Treasury shall deposit into the Fund, from the general
treasury, $30,000,000 each fiscal year.

SEC. 4. PROGRAM ALLOCATION.

    (a) In General.--Each fiscal year, the President's annual budget
submission for the Department of the Interior shall include a list of
proposals which shall be known as National Park Centennial Proposals.
The Secretary shall establish a standard process for developing the
list that shall encourage input from both the public and a broad cross-
section of employees at every level of the National Park Service. The
list--
            (1) shall include proposals having an aggregate cost to the
        Federal Government equal to the unobligated amount in the Fund;
            (2) shall include only proposals consistent with National
        Park Service policies and adopted park planning documents;
            (3) may include proposals for any area within the national
        park system (as that term is defined in section 2 of the Act of
        August 8, 1953 (16 U.S.C. 1c)), clusters of areas within such
        system, a region or regions of such system, or such system in
        its entirety;
            (4) shall cumulatively represent a nationwide array of
        proposals that is diverse geographically, in size, scope,
        magnitude, theme, and variety under the initiatives described
        in subsection (b);
            (5) shall give priority to proposals demonstrating long-
        term viability beyond receipts from the Fund;
            (6) shall include only proposals meeting the requirements
        of one or more of the initiatives set forth in subsection (b);
            (7) must contain proposals under each of the initiatives
        set forth in subsection (b); and
            (8) shall give priority to proposals with committed,
        nonfederal support but shall also include proposals funded
        entirely by the Fund.
    (b) National Park Centennial Initiatives.--The requirements
referred to in subsection (a)(6) are as follows:
            (1) Education in parks centennial initiative.--Proposals
        for the ``Education in Parks Centennial Initiative'' shall meet
        the following requirements:
                    (A) Priority shall be given to proposals designed
                to increase National Park-based educational
                opportunities for elementary, secondary and college
                students particularly those from populations
                historically under represented among visitors to the
                National Park System.
                    (B) Priority shall be given to proposals designed
                to bring students into the National Park System in
                person.
                    (C) Proposals should include strategies for
                encouraging young people to become lifelong advocates
                for National Parks.
                    (D) Proposals shall be developed in consultation
                with the leadership of educational and youth
                organizations expected to participate in the proposed
                initiative.
            (2) Diversity in parks centennial initiative.--
                    (A) Study.--Not later than 1 year after the date of
                the enactment of this Act, the Secretary shall submit
                to the Committee on Natural Resources of the House of
                Representatives and the Committee on Energy and Natural
                Resources of the Senate a report detailing a service-
                wide strategy for increasing diversity among National
                Park Service employees at all levels and visitors to
                the National Park System.
                    (B) Proposals.--Proposals for the ``Diversity in
                Parks Centennial Initiative'' shall meet the following
                requirements:
                            (i) Each proposal shall be based on
                        recommendations contained in the report
                        required in subparagraph (A).
                            (ii) Each proposal shall be designed to
                        make National Park Service employees, visitors
                        to the National Park System, or both, reflect
                        the diversity of the population of the United
                        States.
            (3) Supporting park professionals centennial initiative.--
        Proposals for the ``Supporting Park Professionals Centennial
        Initiative'' shall meet the following requirements:
                    (A) Taken as a whole, proposals shall provide
                specific opportunities for National Park Service
                employees, at all levels, to participate in
                professional career development.
                    (B) Proposals may include National Park Service-
                designed, internal professional development programs.
                    (C) Proposals may also be designed to facilitate
                participation in external professional development
                programs or established courses of study by National
                Park Service employees.
            (4) Environmental leadership centennial initiative.--
        Proposals for the ``Environmental Leadership Centennial
        Initiative'' shall meet the following requirements:
                    (A) Each proposal shall be designed to do one or
                more of the following:
                            (i) Reduce harmful emissions.
                            (ii) Conserve energy or water resources.
                            (iii) Reduce solid waste production within
                        the National Park System.
                    (B) Each proposal shall include strategies for
                educating the public regarding Environmental Leadership
                projects and their results.
                    (C) Priority shall be given to proposals with the
                potential to spread technological advances to other
                Federal agencies or to the private sector.
            (5) Natural resource protection centennial initiative.--
        Proposals for the ``Natural Resource Protection Centennial
        Initiative'' shall meet the following requirements:
                    (A) Each proposal shall be designed to restore or
                conserve native ecosystems within the National Park
                System.
                    (B) Priority shall be given to proposals designed
                to control invasive species.
                    (C) Each proposal shall be based on the best
                available scientific information.
            (6) Cultural resource protection centennial initiative.--
        Proposals for the ``Cultural Resource Protection Centennial
        Initiative'' shall--
                    (A) either--
                            (i) increase the National Park Service's
                        knowledge of cultural resources located within
                        the National Park System through means
                        including, but not limited to, surveys,
                        studies, mapping, and documentation of such
                        resources; or
                            (ii) improve the condition of documented
                        cultural resources within the National Park
                        System;
                    (B) incorporate the best available scientific
                information; and
                    (C) where appropriate, be developed in consultation
                with Native American tribes, State historic
                preservation offices, or other organizations with
                cultural resource preservation expertise.
            (7) Health and fitness in parks centennial initiative.--
                    (A) In general.--Proposals for the ``Health and
                Fitness in Parks Centennial Initiative'' shall fall
                into one or more of the following four categories:
                            (i) Proposals designed to repair,
                        rehabilitate, or otherwise improve
                        infrastructure, including trails, that
                        facilitates healthy outdoor activity within the
                        National Park System.
                            (ii) Proposals designed to expand
                        opportunities for access to the National Park
                        System for visitors with disabilities.
                            (iii) Proposals to develop and implement
                        management plans (such as climbing plans and
                        trail system plans) for activities designed to
                        increase the health and fitness of visitors to
                        the National Park System.
                            (iv) Proposals to develop outreach programs
                        and media that provide public information
                        regarding health and fitness opportunities
                        within the National Park System.
                    (B) Miscellaneous requirements.--All proposals for
                ``the Health and Fitness in Parks Centennial
                Initiative'' shall--
                            (i) be consistent with National Park
                        Service policies and adopted park planning
                        documents; and
                            (ii) be designed to provide for visitor
                        enjoyment in such a way as to leave the
                        National Park System unimpaired for future
                        generations.
    (c) Funding.--In each of fiscal years 2009 through 2018,
unobligated amounts in the Fund shall be available without further
appropriation for projects authorized by this Act, but may not be
obligated or expended until 120 days after the annual submission of the
list of proposals required under this section to allow for
Congressional review.
    (d) Limitation on Distribution of Funds.--No more than 30 percent
of amounts available from the Fund for any fiscal year may be spent on
projects that are for the construction of facilities that cost in
excess of $5,000,000.

SEC. 5. PARTNERSHIPS.

    (a) Donations.--The Secretary may actively encourage and facilitate
participation in proposals from non-Federal and philanthropic partners,
and may accept donations, both monetary and in-kind for any Project or
Program pursuant to section 1 of the Act of June 5, 1920 (16 U.S.C. 6),
and other authorities to accept donations existing on the date of
enactment of this Act.
    (b) Terms and Conditions.--To the extent that private organizations
or individuals are to participate in or contribute to any Project or
Program, the terms and conditions of that participation or contribution
as well as all actions of employees of the National Park Service, shall
be governed by National Park Service Directors Order #21, ``Donations
and Fundraising'', as in force on the date of the enactment of this
Act.

SEC. 6. MAINTENANCE OF EFFORT.

    Amounts made available from the Fund shall supplement rather than
replace annual expenditures by the National Park Service, including
authorized expenditures from the Land and Water Conservation Fund and
the National Park Service Line Item Construction Program. The National
Park Service shall maintain adequate, permanent staffing levels and
permanent staff shall not be replaced with nonpermanent employees hired
to carry out this Act or Projects or Programs carried out with funds
provided under this Act.

SEC. 7. REPORTS.

    For each fiscal year beginning in fiscal year 2009, the Secretary
shall submit to Congress a report that includes the following:
            (1) A detailed accounting of all expenditures from the Fund
        divided by categories of proposals under section 4(b),
        including a detailed accounting of any private contributions,
        either in funds or in kind, to any Project or Program.
            (2) A cumulative summary of the results of the National
        Park Centennial program including recommendations for revisions
        to the program.
            (3) A statement of whether the National Park Service has
        maintained adequate, permanent staffing levels and what
        nonpermanent and permanent staff have been hired to carry out
        this Act or Projects or Programs carried out with funds
        provided under this Act.

SEC. 8. REPEAL OF LAND AND WATER CONSERVATION FUND CONTRACT AUTHORITY.

    (a) In General.--Section 9 of the Land and Water Conservation Fund
Act of 1965 (16 U.S.C. 460l-10a) is hereby repealed.
    (b) Conforming Amendment.--The Land and Water Conservation Fund Act
of 1965 is amended by redesignating sections 10 through 13 (16 U.S.C.
460l-10b through 460l-10e) as sections 9 through 12, respectively.

Summary: National Park Centennial Fund Act - Establishes in the Treasury the National Park Centennial Fund, into which there shall be deposited from the general treasury $30 million for each fiscal year from FY2009 through FY2018. Requires the President's annual budget submission for the Department of the Interior to include a list of National Park Centennial Proposals. Directs the Secretary of the Treasury to establish a standard process for the development of the list which shall encourage input from both the public and a broad cross-section of employees at every level of the National Park Service (NPS). Requires the list to, among other things: (1) give priority to proposals demonstrating long-term viability beyond receipts from the Fund. (2) contain proposals under each of the initiatives set forth in this Act. And (3) give priority to proposals with committed, nonfederal support, but to also include proposals funded entirely by the Fund. Specifies that the list include proposals that meet the requirements of one or more of : (1) an Education in Parks Centennial Initiative, (2) a Diversity in Parks Centennial Initiative, (3) a Supporting Park Professionals Centennial Initiative, (4) an Environmental Leadership Centennial Initiative, (5) a Natural Resource Protection Centennial Initiative, (6) a Cultural Resource Protection Centennial Initiative. And (7) a Health and Fitness in Parks Centennial Initiative. Requires, with respect to the Diversity in Parks Centennial Initiative, submission of a report detailing a service-wide strategy for increasing diversity among NPS employees at all levels and visitors to the National Park System. Makes, from FY2009-FY2018, unobligated amounts in the Fund available for projects authorized by this Act, but bars such amounts from being obligated or expended until 120 days after the annual submission of the list of proposals to allow for congressional review. Prohibits more than 30 of amounts available from the Fund for any fiscal year from being spent on projects that are for the construction of facilities the cost of which exceeds $5 million. Authorizes the Secretary of the Interior to encourage and facilitate participation in proposals from non-federal and philanthropic partners, and to accept donations. States that amounts made available from the Fund shall supplement rather than replace annual expenditures by the NPS. Requires the NPS to maintain adequate, permanent staffing levels and prohibits the replacement of permanent staff with nonpermanent employees hired to carry out this Act. Requires the Secretary to submit to Congress a report that includes: (1) an accounting of expenditures from the Fund. (2) a cumulative summary of the results of the National Park Centennial program. And (3) a statement of whether the NPS has maintained adequate, permanent staffing levels and what nonpermanent and permanent staff have been hired to carry out this Act. Repeals requirements under the Land and Water Conservation Fund Act of 1965 permitting the obligation of up to $30 million during each fiscal year for the acquisition of lands, waters, or interests in the National Park System for recreation purposes.

To establish in the Treasury of the United States a fund which shall be known as the National Park Centennial Fund, and for other purposes.


SECTION 1. ELIGIBILITY.

    (a) Reservists Discharged Because of a Service-Connected
Disability.--Section 3701(b)(5)(A) of title 38, United States Code, is
amended--
            (1) by inserting ``(i)'' before ``who has''; and
            (2) by striking out the period at the end thereof and
        inserting in lieu thereof ``, or (ii) who was discharged or
        released from the Selected Reserve before completing 6 years of
        service because of a service-connected disability.''.
    (b) Surviving Spouses of Reservists Who Died While in Active
Military, Naval, or Air Service.--The second sentence of section
3701(b)(2) of such title is amended--
            (1) by inserting ``or service in the Selected Reserve''
        after ``duty'' each place it appears; and
            (2) by striking out ``spouse shall'' and inserting in lieu
        thereof ``deceased spouse shall''.

SEC. 2. PUBLIC AND COMMUNITY WATER AND SEWERAGE SYSTEMS.

    Section 3704 of title 38, United States Code, is amended--
            (1) by striking out subsection (e); and
            (2) by redesignating subsections (f) and (g) as subsections
        (e) and (f), respectively.

SEC. 3. REFINANCING LOANS.

    (a) Authority To Guarantee Home Refinance Loans for Energy
Efficiency Improvements.--
            (1) Loans.--(A) Section 3710(a) of title 38, United States
        Code, is amended by adding after paragraph (10) the following:
            ``(11) To refinance in accordance with subsection (e) of
        this section an existing loan guaranteed, insured, or made
        under this chapter, and to improve the dwelling securing such
        loan through energy efficiency improvements, as provided in
        subsection (d) of this section.''.
            (B) Section 3710(e)(1) of such title is amended by
        inserting ``or subsection (a)(11)'' after ``subsection
        (a)(8)''.
            (2) Fee.--Section 3729(a)(2)(E) of such title is amended by
        inserting ``3710(a)(11),'' after ``3710(a)(9)(B)(i),''.
    (b) Refinancing Adjustable Rate Mortgages to Fixed Rate
Mortgages.--Section 3710(e)(1)(A) of such title is amended--
            (1) by inserting ``(i)'' after ``(A);
            (2) by inserting ``or'' at the end of clause (i), as
        designated by paragraph (1) of this subsection; and
            (3) by adding after such clause (i), the following:
            ``(ii) the loan bears interest at a fixed rate that is
        agreed upon by the veteran and the mortgagee, and the loan
        being refinanced is an adjustable rate loan.''.

SEC. 4. MANUFACTURED HOME LOAN INSPECTIONS.

    (a) Certification of Conformity With Standards.--Section 3712(h) of
title 38, United States Code, is amended by amending paragraph (2) to
read as follows:
    ``(2) Any manufactured housing unit properly displaying a
certification of conformity to all applicable Federal manufactured home
construction and safety standards pursuant to section 616 of the
National Manufactured Housing Construction and Safety Standards Act of
1974 (42 U.S.C. 5415) shall be deemed to meet the standards required by
paragraph (1) of this subsection.''.
    (b) Repeal of Inspection Requirements.--Section 3712(j) of such
title is amended--
            (1) by striking out ``refuses to permit the inspections
        provided for in subsection (h) of this section; or in the case
        of manufactured homes which are determined by the Secretary not
        to conform to the aforesaid standards; or where the
        manufacturer of manufactured homes''; and
            (2) by striking ``warranty.'' and inserting in lieu thereof
        ``warranty; in the case of manufactured homes which are
        determined by the Secretary not to conform to the standards
        provided for in subsection (h) of this section; or in the case
        of a manufacturer who has engaged in procedures or practices
        determined by the Secretary to be unfair or prejudicial to
        veterans or the Government.''.
    (c) Elimination of Reporting Requirement.--Section 3712(l) of such
title is amended--
            (1) by striking out ``the results of inspections required
        by subsection (h) of this section,''; and
            (2) by striking out ``section, and'' and inserting in lieu
        thereof ``section and''.

SEC. 5. PROCEDURES ON DEFAULT.

    (a) In General.--Paragraph (7) of section 3732(c) of title 38,
United States Code, is amended--
            (1) by striking out ``that was the minimum amount for
        which, under applicable State law, the property was permitted
        to be sold at the liquidation sale'' in the matter preceding
        subparagraph (A);
            (2) by striking out ``the Secretary may accept conveyance
        of the property to the United States for a price not
        exceeding'' and inserting in lieu thereof ``(i) the amount was
        the minimum amount for which, under applicable State law, the
        property was permitted to be sold at the liquidation sale, the
        holder shall have the option to convey the property to the
        United States in return for payment by the Secretary of an
        amount equal to'';
            (3) by striking out ``and'' at the end of clause (i), as so
        designated by paragraph (2), and inserting in lieu thereof
        ``or'';
            (4) by adding after such clause (i) the following:
            ``(ii) there was no minimum amount for which the property
        had to be sold at the liquidation sale under applicable State
        law, the holder shall have the option to convey the property to
        the United States in return for payment by the Secretary of an
        amount equal to the lesser of such net value or total
        indebtedness; and''; and
            (5) in subparagraph (B), by striking out ``paragraph
        (6)(B)'' and inserting in lieu thereof ``paragraph (6)''.
    (b) Conforming Amendment.--Paragraph (6) of such section is
amended--
            (1) by striking out ``either''; and
            (2) by striking out ``sale or acquires'' and all that
        follows through ``(B) the'' and inserting in lieu thereof
        ``sale, the''.

SEC. 6. MINIMUM ACTIVE-DUTY SERVICE REQUIREMENT.

    Section 5303A(b)(3) of title 38, United States Code, is amended--
            (1) by striking out ``or'' at the end of subparagraph (E);
            (2) by striking out the period at the end of subparagraph
        (F) and inserting in lieu thereof ``; or''; and
            (3) by inserting after subparagraph (F) the following:
                    ``(G) to benefits under chapter 37 of this title by
                reason of discharge or release from active duty as a
                result of a reduction in force, as determined by the
                Secretary of the military department concerned in
                accordance with regulations prescribed by the Secretary
                of Defense or by the Secretary of Transportation with
                respect to the Coast Guard when it is not operating as
                a service in the Navy.''.

            Passed the House of Representatives August 1, 1994.

            Attest:

                                           DONNALD K. ANDERSON,

                                                                 Clerk.

Summary: Makes eligible for the veterans' housing loan program: (1) members of the Selected Reserve discharged or released before completion of six years of service because of a service-connected disability. And (2) surviving spouses of reservists who die while on active duty. Repeals a Federal provision prohibiting guaranteed housing loans to veterans for property not served by a public or adequate community water and sewage system. Authorizes the Secretary of Veterans Affairs to guarantee to refinance loans of veterans making energy efficiency improvements. Allows for the charging of a guaranteed housing loan fee for such loan. Provides for the guaranteeing of refinance loans made to change a mortgage from an adjustable to a fixed rate. Provides authority for guaranteeing loans made to purchase a manufactured home if the home displays a certification of conformity with Federal manufactured home construction and safety standards. Repeals certain inspection requirements with respect to such manufactured homes, as well as a reporting requirement concerning such inspections. Revises certain default procedures with respect to guaranteed housing loans. Excludes from certain minimum active-duty service requirements, for purposes of eligibility for veterans' guaranteed housing loans, those veterans whose discharge or release from active duty was the result of a reduction in force.

To amend title 38, United States Code, relating to veterans housing programs, and for other purposes.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Cameron Gulbransen Kids and Cars
Safety Act of 2003''.

SEC. 2. EVALUATION OF DEVICES AND TECHNOLOGY TO REDUCE CHILD INJURY AND
              DEATH FROM PARKED OR UNATTENDED MOTOR VEHICLES.

    (a) In General.--The Secretary of Transportation shall evaluate--
            (1) devices and technologies intended to reduce the
        incidence of child injury and child death occurring outside of
        parked motor vehicles in nontraffic, noncrash events, including
        backing-over incidents, that are caused by such vehicles, and
        determining which of those methods is the most effective; and
            (2) currently available technology to prevent injury and
        death of children left unattended inside of parked motor
        vehicles, including injury or death due to hyperthermia, power
        windows, or power sunroofs.
    (b) Report.--The Secretary of Transportation shall submit a report
on the findings and determinations of the evaluation under this section
to the Congress by not later than one year after the date of the
enactment of this Act.
    (c) Completion of Rulemaking Regarding Power Windows.--The
Secretary of Transportation shall by not later than 6 months after the
submission of the report under subsection (b) complete any rulemaking
begun before the date of the enactment of this Act regarding power
windows and power window switches.

SEC. 3. DATABASE FOR TRACKING THE NUMBER AND TYPES OF INJURIES AND
              DEATHS IN NONTRAFFIC, NONCRASH EVENTS.

    (a) Establishment.--The Secretary of Transportation shall establish
a database of (or modify an existing database to include), and collect
data regarding, the numbers and types of injuries and deaths in
nontraffic, noncrash events involving motor vehicles.
    (b) Included Information.--The Secretary of Transportation shall
collect and include in such database the following information:
            (1) The types, makes, models, and model years of motor
        vehicles involved in nontraffic, noncrash events.
            (2) Whether there was an operator of each motor vehicle in
        such events.
            (3) The age of each operator of such motor vehicles.
            (4) The age of each individual who suffered injury or death
        in such events.
            (5) Whether each motor vehicle had technology installed to
        detect individuals and objects behind it.
            (6) The degree of injury to each individual who suffered
        injury or death in such events.
            (7) The location of which the injury or death occurred.
            (8) Any other information prescribed by the Secretary of
        Transportation.
    (c) Availability.--The Secretary of Transportation shall make
information in the database under this section available to the public,
through--
            (1) an Internet page of the Department of Transportation;
        and
            (2) annual reports.

SEC. 4. MOTOR VEHICLE BACKOVER PREVENTION TECHNOLOGY EVALUATION.

    (a) In General.--The Secretary of Transportation shall evaluate the
available technologies for detecting and preventing collisions with
individuals and objects behind a motor vehicle, with respect to the
accuracy, effectiveness, cost, and feasibility of installation of such
technologies in a wide variety of motor vehicles.
    (b) Report.--The Secretary of Transportation shall submit a report
on the findings of the evaluation under this section to the Congress by
not later than one year after the date of the enactment of this Act.

SEC. 5. MOTOR VEHICLE SAFETY STANDARDS REQUIRING BACKUP DETECTION
              DEVICES.

    (a) In General.--Based on the findings of the evaluation under
section 4, the Secretary of Transportation shall prescribe motor
vehicle safety standards that--
            (1) require the installation, as standard equipment on a
        new motor vehicle, of devices for detecting, and providing to
        operators of such a vehicle a warning of, individuals and
        objects behind the motor vehicle; and
            (2) establish requirements for the performance of such
        devices.
    (b) Phased-In Application.--Standards prescribed under this section
shall take effect (as specified by the standards) over the 3-year
period beginning on the date of the submission of the report under
section 4(b), as follows:
            (1) With respect to light trucks (as defined by the
        Administration for purposes of the standards), by not later
        than the end of the 2-year period beginning on such date.
            (2) With respect to other passenger motor vehicles
        specified by the Secretary of Transportation, after the end of
        such 2-year period and by not later than the end of the 3-year
        period beginning on such date.

SEC. 6. MOTOR VEHICLE SAFETY STANDARDS FOR POWER WINDOWS AND POWER
              SUNROOFS.

    The Secretary of Transportation shall, by not later than 1 year
after the date of the enactment of this Act, prescribe motor vehicle
safety standards for power windows and power sunroofs, that--
            (1) ensure that the operation of power windows, power
        window switches, and power sunroofs cannot result in deaths and
        injuries; and
            (2) require inclusion with power windows and power sunroofs
        of--
                    (A) child-safe switches; and
                    (B) auto reverse technology.

Summary: Cameron Gulbransen Kids and Cars Safety Act of 2003 - Directs the Secretary of Transportation to: (1) evaluate devices and technologies to reduce child injuries and deaths occurring outside of parked motor vehicles in non-traffic, non-crash events or inside of parked vehicles when children are left unattended. (2) establish a database of, and collect data on, the number and types of injuries and deaths in such events. (3) evaluate technologies for detecting and preventing collisions with individuals and objects behind motor vehicles. (4) prescribe safety standards to require devices for detecting individuals and objects behind motor vehicles. And (5) prescribe safety standards for power windows and power sunroofs, including requirements for child-safe switches and auto reverse technology.

To direct the Secretary of Transportation to evaluate devices and technology for reducing the incidence of child injury and death occurring inside or outside of motor vehicles, and for other purposes.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Biotechnology Future Investment
Expansion Act of 2003''.

SEC. 2. FINDINGS AND PURPOSE.

    (a) Findings.--Congress makes the following findings:
            (1) American bioscience research corporations conduct long-
        term research and development on breakthrough medical
        technologies. This commercial bioscience research industry
        forms an irreplaceable link between pure scientific discovery
        and the development of powerful biomedical products and
        technologies. It is critical to the maintenance of American
        competitiveness internationally that these long-term research
        and development projects be encouraged.
            (2) Such long-term research projects have the greatest
        potential to revolutionize whole fields of science and industry
        for the benefit of the standard of living of Americans; and to
        yield solutions for critical social needs, even though these
        solutions might not result in large sales and profits (such as
        ``orphan'' drugs and other treatments alleviating great
        suffering in their recipients).
            (3) Long-term biomedical research companies are among the
        most research-intensive and capital-intensive companies in the
        world.
            (4) In addition to the scientific and technical risks
        attending their long-term research programs, many biomedical
        research companies must subject their technologies to lengthy
        and expensive regulatory reviews before they are permitted
        access to the marketplace.
            (5) Biomedical research companies typically operate in
        financially challenging circumstances. These companies must
        engage in intensive research activity for many years in order
        to develop their products and earn profits. Many are small
        businesses lacking the internal cash flow, stability and
        borrowing capacity of large corporations.
            (6) The long-term commercial bioscience research industry
        is heavily dependent on outside sources of equity capital to
        fund lengthy and intensive research prior to earning any
        revenues. The industry's long lead times and high levels of
        scientific and regulatory risk often impede access to capital.
            (7) The longstanding national policy of Government support
        and tax incentives for breakthrough commercial research
        reflects a recognition that the capital marketplace tends to
        allocate insufficient resources to sustain the Nation's need
        for such foundational scientific research and development.
            (8) American long-term bioscience research companies
        constitute one of the core commercial sectors which Congress
        intended to benefit from existing tax incentives for commercial
        research.
            (9) However, the current Federal income tax incentives are
        simply not working in the case of many bioscience companies
        focused on breakthrough medical technologies.
            (10) Current Federal income tax incentives do not work as
        intended for most high technology bioscience companies because
        they typically incur net operating losses for a decade or more
        during their lengthy research and development phases and
        therefore receive no contemporaneous benefit from these tax
        incentives.
            (11) Further, Federal tax rules aimed chiefly at preventing
        corporate loss trafficking and tax-motivated mergers and
        acquisitions penalize these companies. The very process of
        raising successive increments of private capital through
        routine equity financings triggers these rules and subjects
        biomedical research companies to severe limitations on net
        operating loss and tax credit carryforwards. These limitations
        practically eliminate for the commercial bioscience industry
        any economic benefit from these tax incentives.
            (12) These tax incentives instead tend to favor investment
        by large, profitable companies, often engaged in secondary or
        tertiary research activities, and thus to discriminate against
and to cause under-investment in longer-term breakthrough technologies,
a bias which is harmful to American competitiveness.
            (13) The inability to benefit from existing Federal income
        tax incentives for commercial research places long-term
        bioscience research companies at a substantial disadvantage in
        the capital marketplace where they must compete with other
        companies able to use these tax incentives currently.
            (14) A tax system that does not discriminate would ensure
        that existing tax incentives in favor of research and
        experimentation have the same cost-reducing impact on companies
        conducting both short-term and long-term research and thus
        render this tax incentive program neutral with regard to short-
        term and long-term research objectives, minimizing capital
        marketplace distortions caused by differences in tax and income
        status.
    (b) Purpose.--The purpose of this Act is to provide that long-term
biomedical research corporations will not incur limitations on
research-related tax incentive carryforwards simply because they engage
in the routine equity financings that are the financial lifeblood of
the industry.

SEC. 3. RESTORING THE BENEFIT OF TAX INCENTIVES FOR BIOMEDICAL RESEARCH
              AND CLINICAL TRIALS.

    (a) In General.--Subsection (l) of section 382 of the Internal
Revenue Code of 1986 is amended by adding at the end the following new
paragraph:
            ``(9) Certain financing transactions of biomedical research
        corporations.--
                    ``(A) General rule.--In the case of a biomedical
                research corporation, any owner shift involving a 5-
                percent shareholder which occurs as the result of a
                qualified investment during the testing period shall be
                treated for purposes of this section (other than this
                paragraph) as occurring before the testing period.
                    ``(B) Biomedical research corporation.--For
                purposes of this paragraph, the term `biomedical
                research corporation' means, with respect to any
                qualified investment, any domestic corporation subject
                to tax under this subchapter which is not in bankruptcy
                and which, as of the time of the closing on such
                investment--
                            ``(i) holds the rights to a drug or
                        biologic for which an investigational new drug
                        application is in effect under section 505 of
                        the Federal Food, Drug, and Cosmetic Act, and
                            ``(ii) certifies that, as of the time of
                        such closing, the drug or biologic is under
                        study in phase II or phase III of a clinical
                        investigation carried out under such section.
                    ``(C) Qualified investment.--For purposes of this
                paragraph, the term `qualified investment' means any
                acquisition of stock in a biomedical research
                corporation if such stock is acquired at its original
                issue (directly or through an underwriter), solely in
                exchange for cash, and the closing thereon occurs after
                the date of the enactment of this paragraph.
                    ``(D) Stock issued in exchange for convertible
                debt.--For purposes of this paragraph, stock issued by
                a biomedical research corporation in exchange for its
                convertible debt (or stock deemed under this section to
                be so issued) shall be treated as stock acquired by the
                debt holder at its original issue and solely in
                exchange for cash if the debt holder previously
                acquired the convertible debt at its original issue and
                solely in exchange for cash. In the case of an
                acquisition of stock in exchange for convertible debt,
                the requirements of this paragraph shall be applied
                separately as of the time of closing on the investment
                in convertible debt, and as of the time of actual
                conversion (or deemed conversion under this section) of
                the convertible debt for stock, except that the
                requirements of subparagraph (H) shall be applied only
                as of the time of closing on the issuance of the
                convertible debt.
                    ``(E) Biomedical research corporation must meet 5-
                year expenditure test with respect to any qualified
                investment.--
                            ``(i) In general.--This paragraph shall not
                        apply to a qualified investment in a biomedical
                        research corporation unless such corporation
                        meets the expenditure test for each year of the
                        measuring period.
                            ``(ii) Measuring period.--For purposes of
                        this subparagraph, the term `measuring period'
                        means, with respect to any qualified
                        investment, the taxable year of the biomedical
                        research corporation in which the closing on
                        the investment occurs, the 2 preceding taxable
years, and the 2 subsequent taxable years.
                            ``(iii) Clinical testing.--For purposes of
                        this subparagraph, the term `clinical testing'
                        means any human clinical testing which is
                        carried out under any investigational new drug
                        application in effect under section 505 of the
                        Federal Food, Drug, and Cosmetic Act.
                    ``(F) Effect of corporate redemptions on qualified
                investments.--Rules similar to the rules of section
                1202(c)(3) shall apply to qualified investments under
                this paragraph except that `stock acquired in a
                qualified investment' shall be substituted for
                `qualified small business stock' each place it appears
                therein.
                    ``(G) Effect of other transactions between
                biomedical research corporations and investors making
                qualified investments.--
                            ``(i) In general.--If, during the 2-year
                        period beginning 1 year before any qualified
                        investment, the biomedical research corporation
                        engages in another transaction with a member of
                        its qualified investment group and such
                        biomedical research corporation receives any
                        consideration other than cash in such
                        transaction, there shall be a presumption that
                        stock received in the otherwise qualified
                        investment transaction was not received solely
                        in exchange for cash.
                            ``(ii) Qualified investment group.--For
                        purposes of this subparagraph, the term
                        `qualified investment group' means, with
                        respect to any qualified investment, one or
                        more persons who receive stock issued in
                        exchange for the qualified investment, and any
                        person related to such persons within the
                        meaning of section 267(b) or section 707(b).
                            ``(iii) Regulations.--The Secretary shall
                        promulgate regulations exempting from this
                        subparagraph transactions which are customary
                        in the bioscience research industry and are of
                        minor value relative to the amount of the
                        qualified investment.
                    ``(H) Proceeds of qualified investments shall be
                devoted to research on preexisting technology.--
                            ``(i) In general.--This paragraph shall not
                        apply to any qualified investment unless the
                        net proceeds of such qualified investment do
                        not exceed the excess of--
                                    ``(I) the sum of the biomedical
                                research corporation's aggregate
                                qualifying clinical expenditures for
                                the 3 years following the qualified
                                investment, over
                                    ``(II) three times the
                                corporation's qualifying clinical
                                expenditures for the year preceding the
                                qualified investment, plus the amount
                                of the corporation's cash and cash
                                equivalents immediately before the
                                closing on the qualified investment.
                            ``(ii) Qualifying clinical expenditures.--
                        For purposes of this subparagraph, the term
                        `qualifying clinical expenditures' means
                        amounts described in section 41(b) which are
                        paid or incurred by a biomedical research
                        corporation for clinical testing in connection
                        with a drug or biologic for which an
                        investigational new drug application is in
                        effect under section 505 of the Federal Food,
                        Drug, and Cosmetic Act and which is (at the
                        time of the closing on the qualified
                        investment) under study in phase II or phase
                        III of a clinical investigation carried out
                        under such section.
                    ``(I) Regulations.--The Secretary may issue such
                regulations as may be appropriate to achieve the
                purposes of this paragraph, to prevent abuse, and to
                provide for treatment of biomedical research
                corporations under sections 383 and 384 that is
                consistent with the purposes of this paragraph.''.
    (b) Proceeds of Equity Investments To Be Treated as Working
Capital.--Subparagraph (C) of section 382(l)(4) of such Code is amended
by adding at the end the following: ``Such term shall not include any
assets reasonably expected to be used within 3 years to fund qualifying
clinical expenditures (as defined in paragraph (9)(H)(ii) without
regard to the parenthetical therein).''.
    (c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2002.

Summary: Biotechnology Future Investment Expansion Act of 2003 - Amends the Internal Revenue Code to provide that in the case of a biomedical research corporation, any owner shift involving a five-percent shareholder which occurs as the result of a qualified investment during the testing period shall be treated as occurring before the testing period. Defines: (1) biomedical research corporation as a domestic corporation not in bankruptcy which has a drug or biologic in certain clinical trials. And (2) qualified investment as a stock acquisition in a biomedical research corporation acquired in cash at its original issue. Requires a biomedical research corporation to meet a five-year expenditure test with respect to any qualified investment.

A bill to permit biomedical research corporations to engage in certain equity financings without incurring limitations on net operating loss carryforwards and certain built-in losses, and for other purposes.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Individual Investment Account Act of
1999''.

SEC. 2. ESTABLISHMENT OF INDIVIDUAL INVESTMENT ACCOUNTS.

    (a) In General.--Part VII of subchapter B of chapter 1 of the
Internal Revenue Code of 1986 (relating to additional itemized
deductions for individuals) is amended by redesignating section 222 as
section 223 and by inserting after section 221 the following new
section:

``SEC. 222. INDIVIDUAL INVESTMENT ACCOUNTS.

    ``(a) Deduction Allowed.--In the case of an individual, there shall
be allowed as a deduction an amount equal to the aggregate amount paid
in cash for the taxable year by such individual to an individual
investment account established for the benefit of such individual.
    ``(b) Definitions and Special Rules.--For purposes of this
section--
            ``(1) Individual investment account.--The term `individual
        investment account' means a trust created or organized in the
        United States for the exclusive benefit of an individual, but
        only if the written governing instrument creating the trust
        meets the following requirements:
                    ``(A) No contribution will be accepted unless it is
                in cash.
                    ``(B) The trustee is a bank (as defined in section
                408(n)) or another person who demonstrates to the
                satisfaction of the Secretary that the manner in which
                that person will administer the trust will be
                consistent with the requirements of this section.
                    ``(C) No part of the trust assets will be invested
                in any collectible (as defined in section 408(m)).
                    ``(D) The assets of the trust will not be
                commingled with other property except in a common trust
                fund or common investment fund.
            ``(2) Time when contributions deemed made.--A taxpayer
        shall be deemed to have made a contribution on the last day of
        a taxable year if the contribution is made on account of such
        taxable year and is made not later than the time prescribed by
        law for filing the return for such taxable year (not including
        extensions thereof).
    ``(c) Tax Treatment of Distributions.--
            ``(1) In general.--Except as otherwise provided in this
        subsection, any amount distributed out of an individual
        investment account shall be included in gross income by the
        distributee unless such amount is part of a qualified 1st-time
        homebuyer distribution.
            ``(2) Qualified 1st-time homebuyer distribution.--For
        purposes of this subsection--
                    ``(A) In general.--The term `qualified 1st-time
                homebuyer distribution' means any payment or
distribution received by a 1st-time homebuyer from an individual
investment account to the extent such payment or distribution is used
by the individual within 60 days to pay qualified acquisition costs
with respect to a principal residence for such individual.
                    ``(B) Dollar limitation.--The aggregate amount
                which may be treated as qualified 1st-time homebuyer
                distributions for all taxable years shall not exceed
                $15,000.
                    ``(C) Basis reduction.--The basis of any principal
                residence described in subparagraph (A) shall be
                reduced by the amount of any qualified 1st-time
                homebuyer distribution.
                    ``(D) Definitions.--For purposes of this
                paragraph--
                            ``(i) Qualified acquisition costs.--The
                        term `qualified acquisition costs' means the
                        costs of acquiring, constructing, or
                        reconstructing a residence. Such term includes
                        any usual or reasonable settlement, financing,
                        or other closing costs.
                            ``(ii) 1st-time homebuyer.--The term `1st-
                        time homebuyer' means any individual if such
                        individual had no present ownership interest in
                        a principal residence during the 3-year period
                        ending on the date of acquisition of the
                        principal residence to which this paragraph
                        applies.
                            ``(iii) Principal residence.--The term
                        `principal residence' has the same meaning as
                        when used in section 1034.
            ``(3) Transfer of account incident to divorce.--The
        transfer of an individual's interest in an individual
        investment account to his former spouse under a divorce decree
        or under a written instrument incident to a divorce shall not
        be considered a taxable transfer made by such individual
        notwithstanding any other provision of this subtitle, and such
        interest at the time of the transfer shall be treated as an
        individual investment account of such spouse and not of such
        individual. Thereafter such account shall be treated, for
        purposes of this subtitle, as maintained for the benefit of
        such spouse.
    ``(d) Tax Treatment of Accounts.--
            ``(1) Exemption from tax.--An individual investment account
        shall be exempt from taxation under this subtitle unless such
        account has ceased to be such an account by reason of paragraph
        (2). Notwithstanding the preceding sentence, any such account
        shall be subject to the taxes imposed by section 511 (relating
        to imposition of tax on unrelated business income of
        charitable, etc. organizations).
            ``(2) Loss of exemption of account where individual engages
        in prohibited transaction.--
                    ``(A) In general.--If, during any taxable year of
                the individual for whose benefit the individual
                investment account is established, that individual
                engages in any transaction prohibited by section 4975
                with respect to the account, the account shall cease to
                be an individual investment account as of the first day
                of that taxable year.
                    ``(B) Account treated as distributing all its
                assets.--In any case in which any account ceases to be
                an individual investment account by reason of
                subparagraph (A) on the first day of any taxable year,
                paragraph (1) of subsection (c) shall be applied as if
                there were a distribution on such first day in an
                amount equal to the fair market value (on such first
                day) of all assets in the account (on such first day).
            ``(3) Effect of pledging account as security.--If, during
        any taxable year, an individual for whose benefit an individual
        investment account is established uses the account or any
        portion thereof as security for a loan, the portion so used
        shall be treated as distributed to that individual.
            ``(4) Rollover contributions.--Paragraph (1) shall not
        apply to any amount paid or distributed out of an individual
        investment account to the individual for whose benefit the
        account is maintained if such amount is paid into another
        individual investment account for the benefit of such
        individual not later than the 60th day after the day on which
        he receives the payment or distribution.
    ``(e) Cost-of-Living Adjustment.--
            ``(1) In general.--In the case of any taxable year
        beginning in a calendar year after 2000, the dollar amount
        contained in subsection (c)(2)(B) shall be increased by an
        amount equal to--
                    ``(A) such dollar amount, multiplied by
                    ``(B) the cost-of-living adjustment determined
                under section 1(f)(3) for the calendar year in which
                the taxable year begins, by substituting `1999' for
                `1989' in subparagraph (B) thereof.
            ``(2) Rounding.--If any dollar amount (as increased under
        paragraph (1)) is not a multiple of $10, such dollar amount
        shall be increased to nearest multiple of $10 (or, if such
        dollar amount is a multiple of $5 and not of $10, such dollar
        amount shall be increased to next higher multiple of $10).
    ``(f) Custodial Accounts.--For purposes of this section, a
custodial account shall be treated as a trust if the assets of such
account are held by a bank (as defined in section 408(n)) or another
person who demonstrates, to the satisfaction of the Secretary, that the
manner in which he will administer the account will be consistent with
the requirements of this section, and if the custodial account would,
except for the fact that it is not a trust, constitute an individual
investment account described in subsection (b). For purposes of this
title, in the case of a custodial account treated as a trust by reason
of the preceding sentence, the custodian of such account shall be
treated as the trustee thereof.
    ``(g) Reports.--The trustee of an individual investment account
shall make such reports regarding such account to the Secretary and to
the individual for whose benefit the account is maintained with respect
to contributions, distributions, and such other matters as the
Secretary may require under regulations. The reports required by this
subsection shall be filed at such time and in such manner and furnished
to such individuals at such time and in such manner as may be required
by those regulations.''
    (b) Deduction Allowed in Arriving at Adjusted Gross Income.--
Subsection (a) of section 62 of such Code (defining adjusted gross
income) is amended by adding after paragraph (17) the following new
paragraph:
            ``(18) Individual investment account contributions.--The
        deduction allowed by section 222 (relating to individual
        investment accounts).''
    (c) Individual Investment Accounts Exempt From Estate Tax.--Part
III of subchapter A of chapter 11 of such Code is amended by
redesignating section 2046 as section 2047 and by inserting after
section 2045 the following new section:

``SEC. 2046. INDIVIDUAL INVESTMENT ACCOUNTS.

    ``Notwithstanding any other provision of law, there shall be
excluded from the value of the gross estate the value of any individual
investment account (as defined in section 222(b)). Section 1014 shall
not apply to such account.''
    (d) Nonrecognition of Gain on Sale of Principal Residence Where
Amount Equal to Otherwise Taxable Gain Deposited Into Individual
Investment Account.--Part III of subchapter B of chapter 1 of such Code
is amended by inserting after section 121 the following new section:

``SEC. 121A. EXCLUSION OF GAIN FROM SALE OF PRINCIPAL RESIDENCE IF
              REINVESTMENT IN INDIVIDUAL INVESTMENT ACCOUNT.

    ``(a) General Rule.--Gross income does not include gain from the
sale or exchange of property if, during the 5-year period ending on the
date of the sale or exchange, such property has been owned and used by
the taxpayer as his principal residence for periods aggregating 3 years
or more.
    ``(b) Limitation.--The amount of gain excluded from gross income
under subsection (a) shall not exceed the amount paid in cash (during
the 1-year period beginning on the date of the sale or exchange) to an
individual investment account (as defined in section 222(b))
established for the benefit of the taxpayer or his spouse.
    ``(c) Certain Rules On Ownership and Use To Apply.--Rules similar
to the rules of section 121(d) shall apply for purposes of determining
ownership and use under this section.''
    (e) Tax on Prohibited Transactions.--Section 4975 of such Code
(relating to prohibited transactions) is amended--
            (1) by adding at the end of subsection (c) the following
        new paragraph:
            ``(6) Special rule for individual investment accounts.--An
        individual for whose benefit an individual investment account
        is established shall be exempt from the tax imposed by this
        section with respect to any transaction concerning such account
        (which would otherwise be taxable under this section) if, with
        respect to such transaction, the account ceases to be an
        individual investment account by reason of the application of
        section 222(d)(2)(A) to such account.''; and
            (2) in subsection (e)(1), by striking ``or'' at the end of
        subparagraph (E), by redesignating subparagraph (F) as
        subparagraph (G) and by inserting after subparagraph (E) the
        following new subparagraph:
                    ``(F) an individual investment account described in
                section 222(b), or''.
    (f) Failure To Provide Reports on Individual Investment Accounts.--
Section 6693(a)(2) of such Code (relating to failure to provide reports
on individual retirement account or annuities) is amended by striking
``and'' at the end of subparagraph (C), by striking the period at the
end of subparagraph (D) and inserting ``, and'', and by adding at the
end the following new subparagraph:
                    ``(E) section 222(g) (relating to individual
                investment accounts).''
    (g) Adjustment of Basis of Residence Acquired Through Use of
Account.--Subsection (a) of section 1016 of such Code is amended by
striking ``and'' at the end of paragraph (26), by striking the period
at the end of paragraph (27) and inserting ``; and'', and by adding at
the end the following new paragraph:
            ``(28) to the extent provided in section 222(c)(2)(C), in
        the case of a residence the acquisition of which was made in
        whole or in part with funds from an individual investment
        account.''
    (h) Clerical Amendments.--
            (1) The table of sections for part III of subchapter B of
        chapter 1 of such Code is amended by inserting after the item
        relating to section 121 the following new item:

                              ``Sec. 121A. Exclusion of gain from sale
                                        of principal residence if
                                        reinvestment in individual
                                        investment account.''
            (2) The table of sections for part VII of subchapter B of
        chapter 1 of such Code is amended by striking the item relating
        to section 222 and inserting the following:

                              ``Sec. 222. Individual investment
                                        accounts.
                              ``Sec. 223. Cross reference.''
            (3) The table of sections for part III of subchapter A of
        chapter 11 of such Code is amended by striking the item
        relating to section 2046 and inserting the following new items:

                              ``Sec. 2046. Individual investment
                                        accounts.
                              ``Sec. 2047. Disclaimers.''
    (i) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 1999.

Summary: Exempts such accounts from estate tax. Excludes from gross income gain from the sale or exchange of property if, during the five-year period ending on the date of the sale or exchange, such property has been owned and used by the taxpayer as a principal residence for periods aggregating three years or more. Limits such exclusion to the amount paid to an individual investment account during the one-year period beginning on the date of the sale or exchange. Provides for adjusting the basis of a residence acquired through the use of an individual investment account.