SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Securities Law Technical Corrections
Act of 2007''.

SEC. 2. TECHNICAL CORRECTIONS.

    (a) Securities Act of 1933.--The Securities Act of 1933 (15 U.S.C.
77a et seq.) is amended--
            (1) in section 3(a)(4) (15 U.S.C. 77c(a)(4)), by striking
        ``individual;'' and inserting ``individual,'';
            (2) in section 18(b)(1)(C) (15 U.S.C. 77r(b)(1)(C)), by
        striking ``is a security'' and inserting ``a security'';
            (3) in section 18(c)(2)(B)(i) (15 U.S.C. 77r(c)(2)(B)(i)),
        by striking ``State, or'' and inserting ``State or'';
            (4) in section 19(d)(6)(A) (15 U.S.C. 77s(d)(6)(A)), by
        striking ``in paragraph (1) of (3)'' and inserting ``in
        paragraph (1) or (3)''; and
            (5) in section 27A(c)(1)(B)(ii) (15 U.S.C. 77z-
        2(c)(1)(B)(ii)), by striking ``business entity;'' and inserting
        ``business entity,''.
    (b) Securities Exchange Act of 1934.--The Securities Exchange Act
of 1934 (15 U.S.C. 78 et seq.) is amended--
            (1) in section 2(1)(a) (15 U.S.C. 78b(1)(a)), by striking
        ``affected'' and inserting ``effected'';
            (2) in section 3(a)(55)(A) (15 U.S.C. 78c(a)(55)(A)), by
        striking ``section 3(a)(12) of the Securities Exchange Act of
        1934'' and inserting ``section 3(a)(12) of this Act'';
            (3) in section 3(g) (15 U.S.C. 78c(g)), by striking
        ``company, account person, or entity'' and inserting ``company,
        account, person, or entity'';
            (4) in section 10A(i)(1)(B)(i) (15 U.S.C. 78j-
        1(i)(1)(B)(i)), by striking ``nonaudit'' and inserting ``non-
        audit'';
            (5) in section 13(b)(1) (15 U.S.C. 78m(b)(1)), by striking
        ``earning statement'' and inserting ``earnings statement'';
            (6) in section 15(b)(1) (15 U.S.C. 78o(b)(1))--
                    (A) by striking the sentence beginning ``The order
                granting'' and ending ``from such membership.'' in
                subparagraph (B); and
                    (B) inserting such sentence in the matter following
                such subparagraph after ``are satisfied.'';
            (7) in section 15 (15 U.S.C. 78o), redesignate subsection
        (i), as added by section 303(f) of the Commodity Futures
        Modernization Act of 2000 (114 Stat. 2763A-455), as subsection
        (j);
            (8) in section 15C(a)(2) (15 U.S.C. 78o-5(a)(2))--
                    (A) by redesignating clauses (i) and (ii) as
                subparagraphs (A) and (B), respectively;
                    (B) by striking the sentence beginning ``The order
                granting'' and ending ``from such membership.'' in such
                redesignated subparagraph (B); and
                    (C) inserting such sentence in the matter following
                such redesignated subparagraph after ``are
                satisfied.'';
            (9) in section 16(a)(2)(C) (15 U.S.C. 78p(a)(2)(C)), by
        striking ``section 206(b)'' and inserting ``section 206B'';
            (10) in section 17(b)(1)(B) (15 U.S.C. 78q(b)(1)(B)), by
        striking ``15A(k) gives'' and inserting ``15A(k), give''; and
            (11) in section 21C(c)(2) (15 U.S.C. 78u-3(c)(2)), by
        striking ``paragraph (1) subsection'' and inserting ``Paragraph
        (1)''.
    (c) Trust Indenture Act of 1939.--The Trust Indenture Act of 1939
(15 U.S.C. 77aaa et seq.) is amended--
            (1) in section 304(b) (15 U.S.C. 77ddd(b)), by striking
        ``section 2 of such Act'' and inserting ``section 2(a) of such
        Act'';
            (2) in section 313(a)(4) (15 U.S.C. 77mmm(a)(4)) by
        striking ``subsection 311'' and inserting ``section 311(b)'';
        and
            (3) in section 317(a)(1) (15 U.S.C. 77qqq(a)(1)), by
        striking ``(1),'' and inserting ``(1)''.
    (d) Investment Company Act of 1940.--The Investment Company Act of
1940 (15 U.S.C. 80a-1 et seq.) is amended--
            (1) in section 2(a)(19) (15 U.S.C. 80a-2(a)(19)) by
        striking ``clause (vi)'' both places it appears in the last two
        sentences and inserting ``clause (vii)'';
            (2) in section 9(b)(4)(B) (15 U.S.C. 80a-9(b)(4)(B)), by
        inserting ``or'' after the semicolon at the end;
            (3) in section 12(d)(1)(J) (15 U.S.C. 80a-12(d)(1)(J)), by
        striking ``any provision of this subsection'' and inserting
        ``any provision of this paragraph'';
            (4) in section 13(a)(3) (15 U.S.C. 80a-13(a)(3)), by
        inserting ``or'' after the semicolon at the end;
            (5) in section 17(f)(4) (15 U.S.C. 80a-17(f)(4)), by
        striking ``No such member'' and inserting ``No member of a
        national securities exchange'';
            (6) in section 17(f)(6) (15 U.S.C. 80a-17(f)(6)), by
        striking ``company may serve'' and inserting ``company, may
        serve''; and
            (7) in section 61(a)(3)(B)(iii) (15 U.S.C. 80a-
        60(a)(3)(B)(iii))--
                    (A) by striking ``paragraph (1) of section 205''
                and inserting ``section 205(a)(1)''; and
                    (B) by striking ``clause (A) or (B) of that
                section'' and inserting ``section 205(b)(1) or (2)''.
    (e) Investment Advisers Act of 1940.--The Investment Advisers Act
of 1940 (15 U.S.C. 80b-1 et seq.) is amended--
            (1) in each of the following sections, by striking
        ``principal business office'' or ``principal place of
        business'' (whichever and wherever it appears) and inserting
        ``principal office and place of business'': sections
        203(c)(1)(A), 203(k)(4)(B), 213(a), 222(b), and 222(c) (15
        U.S.C. 80b-3(c)(1)(A), 80b-3(k)(4)(B), 80b-13(a), 80b-18a(b),
        and 80b-18a(c)); and
            (2) in section 206(3) (15 U.S.C. 80b-6(3)), by inserting
        ``or'' after the semicolon at the end.

SEC. 3. CONFORMING AMENDMENTS FOR THE REPEAL OF THE PUBLIC UTILITIES
              HOLDING COMPANY ACT OF 1935.

    (a) Securities Exchange Act of 1934.--The Securities Exchange Act
of 1934 (15 U.S.C. 78 et seq.) is amended--
            (1) in section 3(a)(47) (15 U.S.C. 78c(a)(47)), by striking
        ``the Public Utility Holding Company Act of 1935 (15 U.S.C. 79a
        et seq.),''; and
            (2) in section 12(k) (15 U.S.C. 78l(k)), by amending
        paragraph (7) to read as follows:
            ``(7) Definition.--For purposes of this subsection, the
        term `emergency' means--
                    ``(A) a major market disturbance characterized by
                or constituting--
                            ``(i) sudden and excessive fluctuations of
                        securities prices generally, or a substantial
                        threat thereof, that threaten fair and orderly
                        markets; or
                            ``(ii) a substantial disruption of the safe
                        or efficient operation of the national system
                        for clearance and settlement of transactions in
                        securities, or a substantial threat thereof; or
                    ``(B) a major disturbance that substantially
                disrupts, or threatens to substantially disrupt--
                            ``(i) the functioning of securities
                        markets, investment companies, or any other
                        significant portion or segment of the
                        securities markets; or
                            ``(ii) the transmission or processing of
                        securities transactions.''.
            (3) in section 21(h)(2) (15 U.S.C. 78u(h)(2)), by striking
        ``section 18(c) of the Public Utility Holding Company Act of
        1935,''.
    (b) Trust Indenture Act of 1939.--The Trust Indenture Act of 1939
(15 U.S.C. 77aaa et seq.) is amended--
            (1) in section 303 (15 U.S.C. 77ccc), by amending paragraph
        (17) to read as follows:
            ``(17) The terms `Securities Act of 1933' and `Securities
        Exchange Act of 1934' shall be deemed to refer, respectively,
        to such Acts, as amended, whether amended prior to or after the
        enactment of this title.'';
            (2) in section 308 (15 U.S.C. 77hhh), by striking
        ``Securities Act of 1933, the Securities Exchange Act of 1934,
        or the Public Utility Holding Company Act of 1935'' each place
        it appears and inserting ``Securities Act of 1933 or the
        Securities Exchange Act of 1934'';
            (3) in section 310 (15 U.S.C. 77jjj), by striking
        subsection (c) (including the preceding heading);
            (4) in section 311 (15 U.S.C. 77kkk) by striking subsection
        (c);
            (5) in section 323(b) (15 U.S.C. 77www(b)), by striking
        ``Securities Act of 1933, or the Securities Exchange Act of
        1934, or the Public Utility Holding Company Act of 1935'' and
        inserting ``Securities Act of 1933 or the Securities Exchange
        Act of 1934''; and
            (6) in section 326 (15 U.S.C. 77zzz), by striking
        ``Securities Act of 1933, or the Securities Exchange Act of
        1934, or the Public Utility Holding Company Act of 1935,'' and
        inserting ``Securities Act of 1933 or the Securities Exchange
        Act of 1934''.
    (c) Investment Company Act of 1940.--The Investment Company Act of
1940 (15 U.S.C. 80a-1 et seq.) is amended--
            (1) in section 2(a)(44) (15 U.S.C. 80a-2(a)(44)), by
        striking ```Public Utility Holding Company Act of 1935','';
            (2) in section 3(c) (15 U.S.C. 80a-3(c)), by amending
        paragraph (8) to read as follows:
            ``(8) [Repealed]'';
            (3) in section 38(b) (15 U.S.C. 80a-37(b)), by striking
        ``the Public Utility Holding Company Act of 1935,''; and
            (4) in section 50 (15 U.S.C. 80a-49), by striking ``the
        Public Utility Holding Company Act of 1935,''.
    (d) Investment Advisers Act of 1940.--Section 202(a)(21) of the
Investment Advisers Act of 1940 (15 U.S.C. 80b-2(a)(21)) is amended by
striking ```Public Utility Holding Company Act of 1935',''.

            Passed the House of Representatives December 6, 2007.

            Attest:

                                            LORRAINE C. MILLER,

                                                                 Clerk.

Summary: Securities Law Technical Corrections Act of 2007 - Makes technical corrections to the following Acts: (1) the Securities Act of 1933, (2) the Securities Exchange Act of 1934, (3) the Trust Indenture Act of 1939, (4) the Investment Company Act of 1940. And (5) the Investment Advisers Act of 1940. Amends the following statutes to make conforming amendments for the repeal of the Public Utility Holding Company Act of 1935: (1) the Securities Exchange Act of 1934, (2) the Trust Indenture Act of 1939, (3) the Investment Company Act of 1940, and (4) the Investment Advisers Act of 1940.

To make various technical and clerical amendments to the Federal securities laws.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Emergency Extended Unemployment
Compensation Act of 2001''.

SEC. 2. FEDERAL-STATE AGREEMENTS.

    (a) In General.--Any State which desires to do so may enter into
and participate in an agreement under this Act with the Secretary of
Labor (hereafter in this Act referred to as the ``Secretary''). Any
state which is a party to an agreement under this Act may, upon
providing 30 days written notice to the Secretary, terminate such
agreement.
    (b) Provisions of Agreement.--Any agreement under subsection (a)
shall provide that the State agency of the State will make payments of
emergency extended unemployment compensation--
            (1) to individuals who--
                    (A) have exhausted all rights to regular
                compensation under the State law,
                    (B) have no rights to compensation (including both
                regular compensation and extended compensation) with
                respect to a week under such law or any other State
                unemployment compensation law or to compensation under
                any other Federal law (and are not paid or entitled to
                be paid any additional compensation under any State or
                Federal law).
                    (C) are not receiving compensation with respect to
                such week under the unemployment compensation law of
                Canada, and
                    (D) were separated from employment, as defined
                under the State law, on or after September 11, 2001,
            (2) for any week of unemployment which begins in the
        individual's period of eligibility (as defined in section 7(2)
        of this Act), and
            (3) when such State meets the definition of qualified State
        in section 7(3) of this Act and as provided under section 3(c)
        of this Act.
    (c) Exhaustion of Benefits.--For purposes of subsection (b)(1)(A)
an individual shall be deemed to have exhausted such individual's
rights to regular compensation under a State law when--
            (1) no payment of regular compensation can be made under
        such law because such individual has received all regular
        compensation available to such individual based on employment
        or wages during such individual's base period, or
            (2) such individual's rights to such compensation have been
        terminated by reason of the expiration of the benefit year with
        respect to such rights existed.
    (d) Weekly Benefit Amount.--For purposes of any agreement under
this Act--
            (1) the amount of emergency extended unemployment
        compensation which shall be payable to any individual for any
        week of total unemployment shall be equal to the amount of the
        regular compensation (including dependents' allowances) payable
        to such individual during such individual's benefit year under
        the State law for a week of total unemployment,
            (2) the terms and conditions of the State law which apply
        to claims for extended compensation and to the payment thereof
        shall apply to claims for emergency extended unemployment
        compensation and to the payment thereof, except--
                    (A) that those provisions of State law implementing
                the requirements of paragraphs (3) through (5) of
                section 202(a) and subsection (c) of section 202 of the
                Federal-State Extended Unemployment Compensation Act of
                1970 shall not apply, and
                    (B) any provisions of State law otherwise
                inconsistent with the provisions of this Act, or with
                the regulations or operating instructions of the
                Secretary promulgated to carry out this Act shall not
                apply, and
            (3) the maximum amount of emergency extended unemployment
        compensation payable to any individual for whom an account is
        established under section 3 shall not exceed the amount
        established in such account for such individual.
    (e) Election.--Notwithstanding any other provision of Federal law
(and if State law permits), the Governor of a State that is in an
extended benefit period may provide for the payment of emergency
extended unemployment compensation in lieu of extended compensation to
individuals who were separated from employment on or after September
11, 2001, and who otherwise meet the requirements of subsection (b)(1).
Such an election shall not require a State to trigger off an extended
benefit period.

SEC. 3. EMERGENCY EXTENDED UNEMPLOYMENT COMPENSATION ACCOUNT.

    (a) In General.--Any agreement under this Act shall provide that a
qualified State will establish, for each eligible individual who files
an application for emergency extended unemployment compensation, an
emergency extended unemployment compensation account with respect to
such individual's benefit year.
    (b) Amount in Account.--
            (1) In general.--The amount established in an account under
        subsection (a) shall be equal to the lesser of--
                    (A) 100 percent of the total amount of regular
                compensation (including dependent's allowances) payable
                to the individual with respect to the benefit year (as
                determined under the State law) on the basis of which
                the individual most recently received regular
                compensation, or
                    (B) 13 times the individual's average weekly
                benefit amount for the benefit year.
            (2) Reduction for extended benefits.--The amount in an
        account under subparagraph (1) shall be reduced (but not below
        zero) by the aggregate amount of extended compensation (if any)
        received by such individual relating to the same benefit year
        under the Federal-State Extended Unemployment Compensation Act
        of 1970.
    (c) Effective Date.--No State shall be considered a qualified State
under section 7(3) and no emergency extended unemployment compensation
shall be payable to any individual under this Act for any week--
            (1) beginning before the latest of--
                    (A) the first week following the date of enactment
                of this Act,
                    (B) the first week following the week in which an
                agreement under this Act is entered into, or
                    (C) the first week following the week in which the
                State meets the definition of ``qualified state'' in
                section 7(3) of this Act, and
            (2) beginning 78 weeks after the first week following the
        date of enactment of this Act.

SEC. 4. PAYMENTS TO STATES HAVING AGREEMENTS FOR THE PAYMENT OF
              EMERGENCY EXTENDED UNEMPLOYMENT COMPENSATION.

    (a) General Rule.--There shall be paid to each State which has
entered into an agreement under this Act an amount equal to 100 percent
of the emergency extended unemployment compensation paid to individuals
by the State pursuant to such agreement.
    (b) Treatment of Reimbursable Compensation.--No payment shall be
made to any State under this section in respect of any compensation to
the extent the State is entitled to reimbursement in respect of such
compensation under the provisions of any Federal law other than this
Act or chapter 85 of title 5, United States Code. A State shall not be
entitled to any reimbursement under such chapter 85 in respect of any
compensation to the extent the State is entitled to reimbursement under
this Act in respect of such compensation.
    (c) Determination of Amount.--Sums payable to any State by reason
of such State having an agreement under this Act shall be payable,
either in advance or by way of reimbursement (as may be determined by
the Secretary), in such amounts as the Secretary estimates the State
will be entitled to receive under this Act for each calendar month,
reduced or increased, as the case may be, by any amount by which the
Secretary finds that the Secretary's estimates for any prior calendar
months were greater or less than the amounts which should have been
paid to the State. Such estimates may be made on the basis of such
statistical, sampling, or other method as may be agreed upon by the
Secretary and the State agency of the State involved.

SEC. 5. FINANCING PROVISIONS.

    (a) In General.--Funds in the extended unemployment compensation
accounts (as established by section 905 of the Social Security Act) of
the Unemployment Trust Fund shall be used for the making of payments to
States having agreements entered into under this Act.
    (b) Certification.--The Secretary shall from time to time certify
to the Secretary of the Treasury for payment to each State the sums
payable to such State under this Act. The Secretary of the Treasury
prior to audit or settlement by the General Accounting Office, shall
make payments to the State in accordance with such certification, by
transfers from the extended unemployment compensation account (as
established by section 905 of the Social Security Act) to the account
of such State in the Unemployment Trust Fund.
    (c) Assistance to the States.--There are hereby authorized to be
appropriated out of the employment security administration account (as
established by section 901 of the Social Security Act), without fiscal
year limitation, such funds as may be necessary for purposes of
assisting States (as provided in title III of the Social Security Act)
in meeting the costs of administration of agreements under this Act.
    (d) Authorization of Appropriations for Certain Payments.--There
are hereby authorized to be appropriated from the general fund of the
Treasury, without fiscal year limitation, to the extended unemployment
compensation account (as established by section 905 of the Social
Security Act) such sums as may be necessary for to make payments under
this section in respect of--
            (1) compensation payable under chapter 85 of title 5,
        United States Code, and
            (2) compensation payable on the basis of services to which
        section 3309(a)(1) of the Internal Revenue Code of 1986
        applies.
Amounts appropriated pursuant to the preceding sentences shall not be
required to be repaid.

SEC. 6. FRAUD AND OVERPAYMENTS.

    (a) In General.--If an individual knowingly has made, or caused to
be made by another, a false statement or representation of a material
fact, or knowingly has failed, or caused another to fail, to disclose a
material fact, and as a result of such false statement or
representation or of such nondisclosure such individual has received an
amount of emergency extended unemployment compensation under this Act
to which he was not entitled, such individual shall be ineligible for
further emergency extended unemployment compensation under this Act in
accordance with the provisions of the applicable State unemployment
compensation law relating to fraud in connection with a claim for
unemployment compensation.
    (b) Repayment.--In the case of individuals who have received
amounts of emergency extended employment compensation under this Act to
which they were not entitled, the State shall require such individuals
to repay the amounts of such emergency extended unemployment
compensation to the State agency, except that the State agency may
waive such repayment if it determines that--
            (1) the payment of such emergency extended unemployment
        benefits was without fault on the part of any such individual,
        and
            (2) such repayment would be contrary to equity and good
        conscience.
    (c) Recovery by State Agency.--
            (1) In general.--The State agency may recover the amount to
        be repaid, or any part thereof, by deductions from any
        emergency extended unemployment compensation payable to such
        individual under this Act or from any unemployment compensation
        payable to such individual under any Federal unemployment
        compensation law administered by the State agency or under any
        other Federal law administered by the State agency which
        provides for the payment of any assistance or allowance with
        respect to any week of unemployment during the three year
        period after the date such individuals received the payment of
        emergency extended unemployment benefits to which they were not
        entitled.
            (2) Opportunity for Hearing.--No repayment shall be
        required, and no deduction shall be made, until a determination
        has been made, notice thereof and an opportunity for a fair
        hearing has been given to the individual, and the determination
        has become final.
    (d) Review.--Any determination by a State agency under this section
shall be subject to review in the same manner and to the same extent as
determination under the State unemployment compensation law, and only
in that manner and to that extent.

SEC. 7. DEFINITIONS.

    (a) In General.--The terms ``compensation'', ``regular
compensation'', ``extended compensation'', ``additional compensation'',
``benefit year'', ``base period'', ``State'', ``State agency'', ``State
law'', and ``week'' have the respective meanings given such terms under
section 205 of the Federal-State Extended Unemployment Compensation Act
of 1970.
    (b) Period of Eligibility.--An individual's period of eligibility
consists of any week for which the State against which the individual
files a claim is a qualified state as provided in section 3(c) of this
Act and paragraph (c) of this section.
    (c) Qualified State.--
            (1) The term ``qualified state'' means a State--
                    (A) within which, not later than October 1, 2001, a
                major disaster or an emergency was declared by the
                President, pursuant to sections 401 or 501,
                respectively, of the Robert T. Stafford Disaster Relief
                and Emergency Assistance Act (42 U.S.C. 5170 and 5191),
                due to a terrorist attack on the United States on
                September 11, 2001, or
                    (B) in which the Secretary determines that the
                average rate of total unemployment (seasonally
                adjusted) for the period consisting of the most recent
                3 months for which data for all States are published is
                at least 30 percent higher than the average rate of
                total unemployment (seasonally adjusted) in such State
                for the three month period ending August 31, 2001.
            (2)(A) Except as provided in clause (B), a State shall
        cease to be a qualified State under subparagraph (1)(B)
        beginning the third week after the week in which the Secretary
        determines that such State's average rate of total unemployment
        (seasonally adjusted) is no longer at least 30 percent higher
        than the average rate of total unemployment (seasonally
        adjusted) in such State for the three month period ending
        August 31, 2001.
            (B) A State that is determined to meet the requirements of
        subparagraph (1)(B) shall remain a qualified State for the
        purposes of this Act for a period of not less than thirteen
        consecutive weeks following such determination, provided that
        no emergency extended unemployment benefits shall be payable
        after the date specified in section 3(c)(2).
            (3) Any rate determined by the Secretary under this
        paragraph shall be rounded to the nearest one-tenth of 1
        percent.

SEC. 8. NATIONAL EMERGENCY GRANT ASSISTANCE FOR WORKERS.

    (a) Eligibility for Grants.--Section 173(a) of the Workforce
Investment Act of 1998 (29 U.S.C. 2918(a)) is amended--
            (1) in paragraph (2), by striking ``and'',
            (2) in paragraph (3) by striking the period and inserting
        ``; and'', and
            (3) by adding the following new paragraph after paragraph
        (3):
            ``(4) from funds appropriated under section 174(c), to a
        State to provide employment and training assistance and the
        assistance described in subsection (f) to dislocated workers
        affected by a plant closure, mass layoff, or multiple layoffs
        if the Governor certifies in the application for assistance
        that the attacks of September 11, 2001, contributed importantly
        to such plant closures, mass layoffs, and multiple layoffs.''.
    (b) Use of Funds for COBRA Continuation Coverage Payments.--Section
173 of the Workforce Investment Act of 1998 (29 U.S.C. 2918) is amended
by adding the following subsection after subsection (e):
    ``(f) COBRA Continuation Coverage Payment Requirements.--
            ``(1) In general.--Funds made available to a State under
        paragraph (4) of subsection (a) may be used by the State to
        assist a participant in the program under such paragraph by
        paying up to 75 percent of the participant's and any
        dependents' contribution for COBRA continuation coverage of the
        participant and dependents for a period not to exceed 10
        months.
            ``(2) Definition.--For purposes of paragraph (1), the term
        `COBRA continuation coverage' means coverage under a group
        health plan provided by an employer pursuant to title XXII of
        the Public Health Service Act, section 4980B of the Internal
        Revenue Code of 1986, part 6 of subtitle B of title I of the
        Employee Retirement Income Security Act of 1974, or section
        8905a of title 5, United States Code.''.
    (c) Authorization of Appropriations.--Section 174 of the Workforce
Investment Act of 1998 (29 U.S.C. 2919) is amended by adding the
following subsection after subsection (b):
    ``(c) National Emergency Grants Relating to September 11 Attacks.--
There are authorized to be appropriated to carry out subsection (a)(4)
of section 173 $3,000,000,000 for fiscal year 2002. Funds appropriated
under this subsection shall be available for obligation for a period
beginning with the date of enactment of such appropriations and ending
18 months thereafter.''.
    (d) Effective Date.--The amendments made by this section shall take
effect on the date of enactment of this section.

Summary: Emergency Extended Unemployment Compensation Act of 2001 - Provides for a program of emergency extended unemployment compensation (EEUC). Sets forth EEUC program requirements for Federal-State agreements, formulae for determining amounts in individual EEUC accounts and weekly benefits, payments to States, and financing. Includes among eligibility requirements an individual's not having rights, with respect to a week, to other compensation . Reduces an individual EEUC account by the aggregate amount of any extended compensation for the same benefit year. Makes EEUC agreements applicable to weeks of unemployment: (1) beginning on or after the first day of the first week after the date on which such agreement is entered into. And (2) ending before the date that is 18 months after enactment of this Act. Amends the Workforce Investment Act of 1998 to authorize appropriations to expand the National Emergency Grant program, for an 18-month period, to include grants to States to provide certain employment and training assistance and temporary health care coverage premium assistance for workers affected by major economic dislocations, such as plant closures, mass layoffs, or multiple layoffs, caused by the terrorist attacks of September 11, 2001.

A bill to provide for the payment of emergency extended unemployment compensation.


SECTION 1. SHORT TITLE.
    This Act may be cited as the ``Department of Homeland Security Data
Framework Act of 2018''.
SEC. 2. DEPARTMENT OF HOMELAND SECURITY DATA FRAMEWORK.
    (a) In General.--
        (1) Development.--The Secretary of Homeland Security shall
    develop a data framework to integrate existing Department of
    Homeland Security datasets and systems, as appropriate, for access
    by authorized personnel in a manner consistent with relevant legal
    authorities and privacy, civil rights, and civil liberties policies
    and protections.
        (2) Requirements.--In developing the framework required under
    paragraph (1), the Secretary of Homeland Security shall ensure, in
    accordance with all applicable statutory and regulatory
    requirements, the following information is included:
            (A) All information acquired, held, or obtained by an
        office or component of the Department of Homeland Security that
        falls within the scope of the information sharing environment,
        including homeland security information, terrorism information,
        weapons of mass destruction information, and national
        intelligence.
            (B) Any information or intelligence relevant to priority
        mission needs and capability requirements of the homeland
        security enterprise, as determined appropriate by the
        Secretary.
    (b) Data Framework Access.--
        (1) In general.--The Secretary of Homeland Security shall
    ensure that the data framework required under this section is
    accessible to employees of the Department of Homeland Security who
    the Secretary determines--
            (A) have an appropriate security clearance;
            (B) are assigned to perform a function that requires access
        to information in such framework; and
            (C) are trained in applicable standards for safeguarding
        and using such information.
        (2) Guidance.--The Secretary of Homeland Security shall--
            (A) issue guidance for Department of Homeland Security
        employees authorized to access and contribute to the data
        framework pursuant to paragraph (1); and
            (B) ensure that such guidance enforces a duty to share
        between offices and components of the Department when accessing
        or contributing to such framework for mission needs.
        (3) Efficiency.--The Secretary of Homeland Security shall
    promulgate data standards and instruct components of the Department
    of Homeland Security to make available information through the data
    framework required under this section in a machine-readable
    standard format, to the greatest extent practicable.
    (c) Exclusion of Information.--The Secretary of Homeland Security
may exclude information from the data framework required under this
section if the Secretary determines inclusion of such information may--
        (1) jeopardize the protection of sources, methods, or
    activities;
        (2) compromise a criminal or national security investigation;
        (3) be inconsistent with other Federal laws or regulations; or
        (4) be duplicative or not serve an operational purpose if
    included in such framework.
    (d) Safeguards.--The Secretary of Homeland Security shall
incorporate into the data framework required under this section systems
capabilities for auditing and ensuring the security of information
included in such framework. Such capabilities shall include the
following:
        (1) Mechanisms for identifying insider threats.
        (2) Mechanisms for identifying security risks.
        (3) Safeguards for privacy, civil rights, and civil liberties.
    (e) Deadline for Implementation.--Not later than 2 years after the
date of enactment of this Act, the Secretary of Homeland Security shall
ensure the data framework required under this section has the ability
to include appropriate information in existence within the Department
of Homeland Security to meet the critical mission operations of the
Department of Homeland Security.
    (f) Notice to Congress.--
        (1) Status updates.--The Secretary of Homeland Security shall
    submit to the appropriate congressional committees regular updates
    on the status of the data framework until the framework is fully
    operational.
        (2) Operational notification.--Not later than 60 days after the
    date on which the data framework required under this section is
    fully operational, the Secretary of Homeland Security shall provide
    notice to the appropriate congressional committees that the data
    framework is fully operational.
        (3) Value added.--The Secretary of Homeland Security shall
    annually brief Congress on component use of the data framework
    required under this section to support operations that disrupt
    terrorist activities and incidents in the homeland.
    (g) Definitions.--In this section:
        (1) Appropriate congressional committee; homeland.--The terms
    ``appropriate congressional committee'' and ``homeland'' have the
    meaning given those terms in section 2 of the Homeland Security Act
    of 2002 (6 U.S.C. 101).
        (2) Homeland security information.--The term ``homeland
    security information'' has the meaning given such term in section
    892 of the Homeland Security Act of 2002 (6 U.S.C. 482).
        (3) National intelligence.--The term ``national intelligence''
    has the meaning given such term in section 3(5) of the National
    Security Act of 1947 (50 U.S.C. 3003(5)).
        (4) Terrorism information.--The term ``terrorism information''
    has the meaning given such term in section 1016 of the Intelligence
    Reform and Terrorism Prevention Act of 2004 (6 U.S.C. 485).

                               Speaker of the House of Representatives.

                            Vice President of the United States and
                                               President of the Senate.

Summary: Department of Homeland Security Data Framework Act of 2017 This bill directs the Department of Homeland Security (DHS) to: (1) develop a data framework to integrate existing DHS datasets and systems for access by authorized personnel in a manner consistent with relevant legal authorities and privacy, civil rights, and civil liberties policies and protections. (2) ensure that all information of a DHS office or component that falls within the scope of the information sharing environment, and any information or intelligence relevant to priority mission needs and capability requirements of the homeland security enterprise, is included. And (3) ensure that the framework is accessible to DHS employees who have an appropriate security clearance, who are assigned to perform a function that requires access, and who are trained in applicable standards for safeguarding and using such information. DHS shall: (1) issue guidance for DHS employees authorized to access and contribute to the framework that enforces a duty to share between DHS offices and components for mission needs. And (2) promulgate data standards and instruct DHS components to make available information through the framework in a machine-readable format. DHS may exclude information that could: jeopardize the protection of sources, methods, or activities, compromise a criminal or national security investigation, be inconsistent with the other federal laws or regulations. Or be duplicative or not serve an operational purpose. DHS shall incorporate into such framework systems capabilities for auditing and ensuring the security of information. Such capabilities shall include: (1) mechanisms for identifying insider threats and security risks. And (2) safeguards for privacy, civil rights, and civil liberties. DHS shall ensure that, by two years after this bill's enactment, the framework has the ability to include appropriate information in existence within the department to meet its critical mission operations.


SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Veterans Benefits
and Economic Welfare Improvement Act of 2010''.
    (b) Table of Contents.--The table of contents for this Act is as
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Military transition program.
Sec. 3. Waiver of claim development period for claims under laws
                            administered by Secretary of Veterans
                            Affairs.
Sec. 4. Tolling of timing of review for appeals of final decisions of
                            Board of Veterans' Appeals.
Sec. 5. Exclusion of certain amounts from determination of annual
                            income with respect to pensions for
                            veterans and surviving spouses and children
                            of veterans.
Sec. 6. Extension of authority of Secretary of Veterans Affairs to
                            obtain certain income information from
                            other agencies.
Sec. 7. VetStar Award program.
Sec. 8. Increase in amount of pension for Medal of Honor recipients.
Sec. 9. Compliance with Statutory Pay-As-You-Go Act of 2010.

SEC. 2. MILITARY TRANSITION PROGRAM.

    (a) In General.--Chapter 41 of title 38, United States Code, is
amended by inserting after section 4114 the following new section:
``Sec. 4115. Military transition program
    ``(a) Establishment; Eligibility.--(1) Subject to the availability
of appropriations for such purpose, the Secretary of Veterans Affairs
and the Assistant Secretary of Labor for Veterans' Employment and
Training shall jointly carry out a program of training to provide
eligible veterans with skills relevant to the job market.
    ``(2) For purposes of this section, the term `eligible veteran'
means any veteran whom the Secretary of Veterans Affairs determines--
            ``(A) is not otherwise eligible for education or training
        services under this title;
            ``(B) has not acquired a marketable skill since being
        separated or released from service in the Armed Forces;
            ``(C) was discharged under honorable conditions; and
            ``(D)(i) has been unemployed for at least 90 days during
        the 180-day period preceding the date of application for the
        program established under this section; or
            ``(ii) during such 180-day period received a maximum hourly
        rate of pay of not more than 150 percent of the Federal minimum
        wage.
    ``(b) Apprenticeship or On-the-Job Training Program.--The program
established under this section shall provide for payments to employers
who provide for eligible veterans a program of apprenticeship or on-
the-job training if--
            ``(1) such program is approved as provided in paragraph (1)
        or (2) of section 3687(a) of this title;
            ``(2) the rate of pay for veterans participating in the
        program is not less than the rate of pay for nonveterans in
        similar jobs; and
            ``(3) the Assistant Secretary of Labor for Veterans'
        Employment and Training reasonably expects that--
                    ``(A) the veteran will be qualified for employment
                in that field upon completion of training; and
                    ``(B) the employer providing the program will
                continue to employ the veteran at the completion of
                training.
    ``(c) Payments to Employers.--(1) Subject to the availability of
appropriations for such purpose, the Assistant Secretary of Labor for
Veterans' Employment and Training shall enter into contracts with
employers to provide programs of apprenticeship or on-the-job training
that meet the requirements of this section. Each such contract shall
provide for the payment of the amounts described in paragraph (2) to
employers whose programs meet such requirements.
    ``(2) The amount paid under this section with respect to any
eligible veteran for any period shall be 50 percent of the wages paid
by the employer to such veteran for such period. Wages shall be
calculated on an hourly basis.
    ``(3)(A) Except as provided in subparagraph (B)--
            ``(i) the amount paid under this section with respect to a
        veteran participating in the program established under this
        section may not exceed $20,000 in the aggregate or $1,666.67
        per month; and
            ``(ii) such payments may only be made during the first 12
        months of such veteran's participation in the program.
    ``(B) In the case of a veteran participating in the program on a
less than full-time basis, the Assistant Secretary of Labor for
Veterans' Employment and Training may extend the number of months of
payments under subparagraph (A) and proportionally adjust the amount of
such payments, but the aggregate amount paid with respect to such
veteran may not exceed $20,000 and the maximum number of months of such
payments may not exceed 24 months.
    ``(4) Payments under this section shall be made on a quarterly
basis.
    ``(5) Each employer providing a program of apprenticeship or on-
the-job training pursuant to this section shall submit to the Assistant
Secretary of Labor for Veterans' Employment and Training on a quarterly
basis a report certifying the wages paid to eligible veterans under
such program (which shall be certified by the veteran as being correct)
and containing such other information as the Assistant Secretary may
specify. Such report shall be submitted in the form and manner required
by the Assistant Secretary.
    ``(d) Authorization of Appropriations.--There is authorized to be
appropriated to carry out this section $10,000,000 for each fiscal year
for which the program is carried out.
    ``(e) Reporting.--The Secretary of Veterans Affairs, in
coordination with the Assistant Secretary of Labor for Veterans'
Employment and Training, shall include a description of activities
carried out under this section in the annual report prepared submitted
under section 529 of this title.
    ``(f) Termination.--The authority to carry out a program under this
section shall terminate on September 30, 2016.''.
    (b) Clerical Amendment.--The table of sections at the beginning of
such chapter is amended by inserting after the item relating to section
4114 the following new item:

``4115. Military transition program.''.
    (c) Conforming Amendments.--(1) Subsection (a)(1) of section 3034
of such title is amended by striking ``and 3687'' and inserting ``3687,
and 4115''.
    (2) Subsections (a)(1) and (c) of section 3241 of such title are
each amended by striking ``section 3687'' and inserting ``sections 3687
and 4115''.
    (3) Subsection (d)(1) of section 3672 of such title is amended by
striking ``and 3687'' and inserting ``3687, and 4115''.
    (4) Paragraph (3) of section 4102A(b) of such title is amended by
striking ``section 3687'' and inserting ``section 3687 or 4115''.
    (d) Effective Date.--The amendments made by this section shall take
effect on the date that is one year after the date of the enactment of
this Act.

SEC. 3. WAIVER OF CLAIM DEVELOPMENT PERIOD FOR CLAIMS UNDER LAWS
              ADMINISTERED BY SECRETARY OF VETERANS AFFAIRS.

    (a) In General.--Section 5101 of title 38, United States Code, is
amended by adding at the end the following new subsection:
    ``(d)(1) If a claimant submits to the Secretary a claim that the
Secretary determines is a fully developed claim, the Secretary shall
provide--
            ``(A) the claimant with the opportunity to waive any claim
        development period otherwise made available by the Secretary
        with respect to such claim; and
            ``(B) expeditious treatment to such claim.
    ``(2) If a person submits to the Secretary any written notification
sufficient to inform the Secretary that the person plans to submit a
fully developed claim and, not later than one year after submitting
such notification submits to the Secretary a claim that the Secretary
determines is a fully developed claim, the Secretary shall provide
expeditious treatment to the claim.
    ``(3) If the Secretary determines that a claim submitted by a
claimant as a fully developed claim is not fully developed, the
Secretary shall provide such claimant with the notice described in
section 5103(a) within 30 days after the Secretary makes such
determination.
    ``(4) For purposes of this section:
            ``(A) The term `fully developed claim' means a claim--
                    ``(i) for which the claimant--
                            ``(I) received assistance from a veterans
                        service officer, a State or county veterans
                        service organization, an agent, or an attorney;
                        or
                            ``(II) submits, together with the claim, an
                        appropriate indication that the claimant does
                        not intend to submit any additional information
                        or evidence in support of the claim and does
                        not require additional assistance with respect
                        to the claim; and
                    ``(ii) for which the claimant or the claimant's
                representative, if any, each signs, dates, and submits
                a certification in writing stating that, as of such
                date, no additional information or evidence is
                available or needs to be submitted in order for the
                claim to be adjudicated.
            ``(B) The term `expeditious treatment' means, with respect
        to a claim for benefits under the laws administered by the
        Secretary, treatment of such claim so that the claim is fully
        processed and adjudicated within 90 days after the Secretary
        receives an application for such claim.''.
    (b) Appeals Form Availability.--Subsection (b) of section 5104 of
such title is amended--
            (1) by striking ``and (2)'' and inserting ``(2)''; and
            (2) by inserting before the period at the end the
        following: ``, and (3) any form or application required by the
        Secretary to appeal such decision''.
    (c) Effective Date.--The amendments made by this section shall
apply with respect to claims submitted on or after the date of the
enactment of this Act.

SEC. 4. TOLLING OF TIMING OF REVIEW FOR APPEALS OF FINAL DECISIONS OF
              BOARD OF VETERANS' APPEALS.

    (a) In General.--Section 7266(a) of title 38, United States Code,
is amended--
            (1) by striking ``In order'' and inserting ``(1) Except as
        provided in paragraph (2), in order''; and
            (2) by adding at the end the following new paragraph:
    ``(2)(A) The 120-day period described in paragraph (1) shall be
extended upon a showing of good cause for such time as justice may
require.
    ``(B) For purposes of this paragraph, it shall be considered good
cause if a person was unable to file a notice of appeal within the 120-
day period because of the person's service-connected disability.''.
    (b) Applicability.--
            (1) In general.--Paragraph (2) of section 7266(a) of such
        title, as added by subsection (a), shall apply to a notice of
        appeal filed with respect to a final decision of the Board of
        Veterans' Appeals that was issued on or after July 24, 2008.
            (2) Reinstatement.--Any petition for review filed with the
        Court of Appeals for Veterans Claims that was dismissed by such
        Court on or after July 24, 2008, as untimely, shall, upon the
        filing of a petition by an adversely affected person filed not
        later than six months after the date of the enactment of this
        Act, be reinstated upon a showing that the petitioner had good
        cause for filing the petition on the date it was filed.

SEC. 5. EXCLUSION OF CERTAIN AMOUNTS FROM DETERMINATION OF ANNUAL
              INCOME WITH RESPECT TO PENSIONS FOR VETERANS AND
              SURVIVING SPOUSES AND CHILDREN OF VETERANS.

    (a) Certain Amounts Paid for Reimbursements and for Pain and
Suffering.--Paragraph (5) of section 1503(a) of title 38, United States
Code, is amended to read as follows:
            ``(5) payments regarding--
                    ``(A) reimbursements of any kind (including
                insurance settlement payments) for--
                            ``(i) expenses related to the repayment,
                        replacement, or repair of equipment, vehicles,
                        items, money, or property resulting from--
                                    ``(I) any accident (as defined in
                                regulations which the Secretary shall
                                prescribe), but the amount excluded
                                under this subclause shall not exceed
                                the greater of the fair market value or
                                reasonable replacement value of the
                                equipment or vehicle involved at the
                                time immediately preceding the
                                accident;
                                    ``(II) any theft or loss (as
                                defined in regulations which the
                                Secretary shall prescribe), but the
                                amount excluded under this subclause
                                shall not exceed the greater of the
                                fair market value or reasonable
                                replacement value of the item or the
                                amount of the money (including legal
                                tender of the United States or of a
                                foreign country) involved at the time
                                immediately preceding the theft or
                                loss; or
                                    ``(III) any casualty loss (as
                                defined in regulations which the
                                Secretary shall prescribe), but the
                                amount excluded under this subclause
                                shall not exceed the greater of the
                                fair market value or reasonable
                                replacement value of the property
                                involved at the time immediately
                                preceding the casualty loss; and
                            ``(ii) medical expenses resulting from any
                        accident, theft, loss, or casualty loss (as
                        defined in regulations which the Secretary
                        shall prescribe), but the amount excluded under
                        this clause shall not exceed the costs of
                        medical care provided to the victim of the
                        accident, theft, loss, or casualty loss; and
                    ``(B) pain and suffering (including insurance
                settlement payments and general damages awarded by a
                court) related to an accident, theft, loss, or casualty
                loss, but the amount excluded under this subparagraph
                shall not exceed an amount determined by the Secretary
                on a case-by-case basis;''.
    (b) Certain Amounts Paid by States and Municipalities as Veterans
Benefits.--Section 1503(a) of title 38, United States Code, is
amended--
            (1) by striking ``and'' at the end of paragraph (10);
            (2) by redesignating paragraph (11) as paragraph (12); and
            (3) by inserting after paragraph (10) the following new
        paragraph (11):
            ``(11) payment of a monetary amount of up to $5,000 to a
        veteran from a State or municipality that is paid as a
        veterans' benefit due to injury or disease; and''.
    (c) Effective Date.--The amendments made by subsections (a) and (b)
shall apply with respect to determinations of income for calendar years
beginning after October 1, 2011.

SEC. 6. EXTENSION OF AUTHORITY OF SECRETARY OF VETERANS AFFAIRS TO
              OBTAIN CERTAIN INCOME INFORMATION FROM OTHER AGENCIES.

    Section 5317 of title 38, United States Code, is amended by
striking ``September 30, 2011'' and inserting ``September 30, 2015''.

SEC. 7. VETSTAR AWARD PROGRAM.

    (a) Establishment.--The Secretary of Veterans Affairs shall
establish an award program, to be known as the ``VetStar Award
Program'', to annually recognize businesses for their contributions to
veterans' employment.
    (b) Administration.--The Secretary shall establish a process for
the administration of the award program, including criteria for--
            (1) categories and sectors of businesses eligible for
        recognition each year; and
            (2) objective measures to be used in selecting businesses
        to receive the award.
    (c) Veteran Defined.--In this section, the term ``veteran'' has the
meaning given that term in section 101(2) of title 38, United States
Code.

SEC. 8. INCREASE IN AMOUNT OF PENSION FOR MEDAL OF HONOR RECIPIENTS.

    Section 1562(a) of title 38, United States Code, is amended by
striking ``$1,000'' and inserting ``$2,000''.

SEC. 9. COMPLIANCE WITH STATUTORY PAY-AS-YOU-GO ACT OF 2010.

    The budgetary effects of this Act, for the purpose of complying
with the Statutory Pay-As-You-Go Act of 2010, shall be determined by
reference to the latest statement titled ``Budgetary Effects of PAYGO
Legislation'' for this Act, submitted for printing in the Congressional
Record by the Chairman of the House Budget Committee,

provided that such statement has been submitted prior to the vote on
passage.

            Passed the House of Representatives September 28, 2010.

            Attest:

                                            LORRAINE C. MILLER,

                                                                 Clerk.

Summary: Veterans Benefits and Economic Welfare Improvement Act of 2010 - Directs the Secretary of Veterans Affairs (VA) and the Assistant Secretary of Labor for Veterans' Employment and Training to carry out a joint training program to provide eligible veterans with skills relevant to the job market. Makes eligible for such program any veteran who: (1) is not otherwise eligible for education or training services through the VA. (2) has not acquired a marketable skill since being separated or released from military service, (3) was discharged under honorable conditions. And (4) has been unemployed for at least 90 days during the 180-day period preceding program application, or, during such 180-day period, received a maximum hourly pay rate of not more than 150 of the federal minimum wage. Allows for payments to employers for the provision of apprenticeship or on-job training under such program. Authorizes appropriations. Terminates the program at the end of FY2016. Allows a VA benefits claimant to waive any claim development period upon submission of a fully developed claim, and requires the Secretary to provide expeditious treatment of such a claim. Requires the Secretary to notify a claimant of a non-fully developed claim within 30 days after that determination. Directs the Secretary, in denying a benefit, to include in a notice of that decision any form or application required to appeal the decision. Extends the 120-day time limit for the filing of a notice of appeal of a final decision of the Board of Veterans' Appeals for such time as justice may require, upon a showing of good cause. Applies such extension retroactively to final Board decisions issued on or after July 24, 2008. Excludes from annual income, for purposes of eligibility for VA pension benefits for veterans and their surviving spouses and children: (1) reimbursements for expenses resulting from any accident, theft or loss, or casualty loss, or medical expenses or pain and suffering related to such accidents or losses. And (2) payments of up to $5,000 paid by a state or municipality as a veterans' benefit due to injury or disease. Extends through FY2015 VA authority to obtain veterans' income verification information from the Commissioner of Social Security or the Secretary of the Treasury. Directs the Secretary to establish the VetStar Award Program to recognize annually businesses for their contribution to veterans' employment. Increases from $1,000 to $2,000 the special monthly pension for Medal of Honor recipients. Requires the budgetary effects of this Act to be determined by reference to the latest statement titled Budgetary Effects of PAYGO Legislation for this Act, provided such statement has been submitted prior to the vote on passage.

To amend title 38, United States Code, to establish a transition program for new veterans, to improve the disability claim system, and for other purposes.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Coastal Restoration Tax Credit Act
of 2005''.

SEC. 2. CREDIT FOR EXPENSES INCURRED IN RESTORING AND PROTECTING
              COASTAL LANDS.

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

``SEC. 30B. CREDIT FOR EXPENSES INCURRED IN RESTORING AND PROTECTING
              COASTAL LANDS.

    ``(a) Allowance of Credit.--There shall be allowed as a credit
against the tax imposed by this chapter for the taxable year an amount
equal to the qualified expenditures of the taxpayer for the taxable
year.
    ``(b) Limitations.--
            ``(1) Maximum credit.--The credit allowed under subsection
        (a) for a taxable year shall not exceed $2,000,000.
            ``(2) Limitation based on amount of tax.--The credit
        allowed under subsection (a) for the taxable year shall not
        exceed the excess of--
                    ``(A) the sum of the regular tax liability (as
                defined in section 26(b)) plus the tax imposed by
                section 55, over
                    ``(B) the sum of the credits allowable under
                subpart A and sections 27 and 30A for the taxable year.
    ``(c) Qualified Expenditures.--For purposes of this section--
            ``(1) In general.--The term `qualified expenditures' means
        amounts paid or incurred by the taxpayer for an approved
        project.
            ``(2) Approved project.--The term `approved project' means
        any project approved by the Natural Resources Conservation
        Service to restore or protect coastal lands located in the
        United States.
    ``(d) Carryovers Allowed.--
            ``(1) In general.--If the credit amount allowable under
        subsection (a) for a taxable year exceeds the amount of the
        limitation under subsection (c) for such taxable year (referred
        to as the `unused credit year' in this paragraph), such excess
        shall be allowed as a credit carryforward for each of the
        taxable years following the unused credit year or as a credit
        carryback for each of the taxable years preceeding the unused
        credit year.
            ``(2) Rules.--For purposes of paragraph (1), rules similar
        to the rules of section 39 shall apply, except that--
                    ``(A) subsection (a)(1) shall be applied--
                            ``(i) by substituting `3 taxable years' for
                        `1 taxable years' in subparagraph (A) thereof,
                        and
                            ``(ii) by substituting `5 taxable years'
                        for `20 taxable years' in subparagraph (B)
                        thereof, and
                    ``(B) subsection (a)(2) shall be applied--
                            ``(i) by substituting `8 taxable years' for
                        `21 taxable years' in subparagraph (A) thereof,
                        and
                            ``(ii) by substituting `7 taxable years'
                        for `20 taxable years' in subparagraph (B).
    ``(e) Special Rules.--
            ``(1) Basis reduction.--The basis of any property for which
        a credit is allowable under subsection (a) shall be reduced by
        the amount of such credit (determined without regard to
        subsection (b)(2)).
            ``(2) No double benefit.--The amount of any deduction or
        credit allowable under this chapter (other than the credit
        allowable under subsection (a)), shall be reduced by the amount
        of credit allowed under subsection (a) (determined without
        regard to subsection (b)(2)) for the taxable year.
            ``(3) Reduction for assistance.--The amount taken into
        account under subsection (a) with respect to any project shall
        be reduced by the amount of any Federal, State, or local grant
        or other assistance received by the taxpayer during such
        taxable year or any prior taxable year which was used to make
        qualified expenditures and which was not included in the gross
        income of such taxpayer.''.
    (b) Basis Adjustment.--Section 1016(a) of such Code is amended by
striking ``and'' at the end of paragraph (30), by striking the period
at the end of paragraph (31) and inserting ``, and'', and by adding at
the end the following new paragraph:
            ``(32) to the extent provided in section 30B(e)(1).''.
    (c) Clerical Amendment.--The table of sections for subpart B of
part IV of subchapter A of chapter 1 of such Code is amended by
inserting after the item relating to section 30A the following new
item:

``Sec. 30B. Credit for expenses incurred in restoring and protecting
                            coastal lands.''.
    (d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2004.

Summary: Coastal Restoration Tax Credit Act of 2005 - Amends the Internal Revenue Code to allow a tax credit for expenditures related to any project approved by the Natural Resources Conservation Service to restore or protect coastal lands in the United States.

To amend the Internal Revenue Code of 1986 to provide a credit against the income tax for expenses incurred in restoring and protecting coastal lands.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Mexican Agricultural Trade
Compliance Act''.

SEC. 2. FINDINGS.

    Congress makes the following findings:
            (1) Section 301 of the Trade Act of 1974 provides that, if
        the United States Trade Representative determines that the
        rights of the United States under any trade agreement are being
        denied, the Trade Representative shall take action to enforce
        such rights.
            (2) The Statement of Administrative Action accompanying the
        Uruguay Round Agreements Act provided that the United States
        Trade Representative would base any section 301 determination
        as to whether there has been a violation or denial of United
        States rights under the Uruguay Round Agreements on panel or
        Appellate Body findings adopted by the Dispute Settlement Body
        of the World Trade Organization.
            (3) In a panel report adopted by the Dispute Settlement
        Body on January 27, 2000, the Dispute Settlement Body
        determined that section 301 of the Trade Act of 1974 is not
        inconsistent with United States obligations under the Uruguay
        Round Agreements, particularly in light of the decision of the
        United States to use section 301 only after exhausting its
        rights under the Dispute Settlement Understanding.
            (4) On January 28, 2000, a panel of the World Trade
        Organization determined that Mexico's antidumping order on high
        fructose corn syrup imported from the United States violated
        Mexico's commitments under the Uruguay Round Agreements.
            (5) On February 24, 2000, the Dispute Settlement Body
        adopted the report of the panel.
            (6) On April 10, 2000, the United States and Mexico agreed
        to a September 22, 2000, deadline for Mexico to come into
        compliance with the panel report as adopted by the Dispute
        Settlement Body.
            (7) On September 20, 2000, just 2 days prior to the date
        Mexico had agreed to come into compliance with the panel
        report, Mexico issued a revised antidumping threat
        determination in an obvious attempt to evade its commitment to
        come into compliance with the panel report adopted by the
        Dispute Settlement Body.
            (8) On June 22, 2001, a panel, convened pursuant to Article
        21.5 of the Dispute Settlement Understanding, found that
        Mexico's revised antidumping threat determination failed to
        bring Mexico into compliance with its commitments under the
        World Trade Organization.
            (9) On October 22, 2001, the Appellate Body affirmed the
        ruling of the Article 21.5 panel and recommended that Mexico
        come into compliance with its obligations under the World Trade
        Organization.
            (10) On November 21, 2001, the Dispute Settlement Body
        adopted the Appellate Body ruling that affirmed the findings of
        the Article 21.5 panel.
            (11) On January 1, 2002, in a transparent attempt to evade
        the determinations of the Dispute Settlement Body regarding
        Mexico's antidumping order on high fructose corn syrup, and in
        an affront to the rules-based system of the World Trade
        Organization, Mexico imposed a de facto discriminatory 20
        percent tax on soft drinks containing high fructose corn syrup,
        the intent and effect of which is to continue Mexico's
        antidumping order on United States high fructose corn syrup by
        other means by restricting access to the Mexican market.
            (12) On April 20, 2002, with its discriminatory tax on soft
        drinks containing high fructose corn syrup now in place, and in
        a continuous event with the imposition of this tax, Mexico
        lifted its antidumping order on high fructose corn syrup.
        Importantly, Mexico lifted its antidumping order only after
        ensuring that imports of United States high fructose corn syrup
        would not enter the Mexican market due to the imposition of the
        tax on soft drinks. Mexico's lifting of its antidumping order
        enabled it to make the disingenuous claim that it had come into
        compliance with the findings adopted by the Dispute Settlement
        Body regarding Mexico's antidumping order.
            (13) The imposition of the tax on soft drinks and the
        lifting of the antidumping order by Mexico are related aspects
        of a unified effort by Mexico to deny the rights of the United
        States with respect to the trade of high fructose corn syrup.
            (14) The effects of the import restrictions of Mexico's
        antidumping order continue with even more egregious results
        through the imposition of a 20 percent tax on high fructose
        corn syrup. Imports of high fructose corn syrup from the United
        States dropped from 110,893 metric tons in 2001 (the year prior
        to the lifting of the antidumping order) to 4,868 metric tons
        in 2002 (the first year of the tax).
            (15) The United States has exhausted proceedings under the
        Dispute Settlement Understanding, and the Dispute Settlement
        Body has on more than 1 occasion adopted findings adverse to
        Mexico.

SEC. 3. DEFINITIONS.

    In this Act:
            (1) Appellate body.--The term ``Appellate Body'' means the
        Appellate Body established under Article 17.1 of the Dispute
Settlement Understanding.
            (2) Dispute settlement body.--The term ``Dispute Settlement
        Body'' has the meaning given that term in section 121(5) of the
        Uruguay Round Agreements Act (19 U.S.C. 3531(5)).
            (3) Dispute settlement panel; panel.--The terms ``dispute
        settlement panel'' and ``panel'' mean a panel established
        pursuant to Article 6 of the Dispute Settlement Understanding.
            (4) Dispute settlement understanding.--The term ``Dispute
        Settlement Understanding'' means the Understanding on Rules and
        Procedures Governing the Settlement of Disputes referred to in
        section 101(d)(16) of the Uruguay Round Agreements Act (19
        U.S.C. 3511(d)(16)).
            (5) GATT 1994.--The term ``GATT 1994'' has the meaning
        given such term in section 2(1)(B) of the Uruguay Round
        Agreements Act (19 U.S.C. 3501(1)(B).
            (6) Uruguay round agreements.--The term ``Uruguay Round
        Agreements'' has the meaning given such term in section 2(7) of
        the Uruguay Round Agreements Act (19 U.S.C. 3501(7).
            (7) World trade organization.--The term ``World Trade
        Organization'' means the organization established pursuant to
        the WTO Agreement.
            (8) WTO agreement.--The term ``WTO Agreement'' means the
        Agreement Establishing The World Trade Organization entered
        into on April 15, 1994.

SEC. 4. ENFORCEMENT OF UNITED STATES RIGHTS UNDER THE URUGUAY ROUND
              AGREEMENTS AND OTHER TRADE AGREEMENTS WITH RESPECT TO
              HIGH FRUCTOSE CORN SYRUP EXPORTED TO MEXICO.

    (a) Determination.--Congress determines that--
            (1) the rights of the United States under the Uruguay Round
        Agreements are being denied by Mexico in connection with the
        imposition by Mexico of a 20 percent tax on soft drinks
        containing high fructose corn syrup, an extension by other
        means of Mexico's unjustified antidumping order on high
        fructose corn syrup from the United States;
            (2) the United States has exhausted proceedings under the
        Dispute Settlement Understanding;
            (3) Mexico's imposition of a tax on high fructose corn
        syrup, an extension by other means of its unjustified
        antidumping order on high fructose corn syrup from the United
        States--
                    (A) constitutes an act, policy, or practice by
                Mexico that is unjustifiable and burdens or restricts
                United States commerce for purposes of section
                304(a)(1) of the Trade Act of 1974 (19 U.S.C.
                2414(a)(1)); and
                    (B) denies rights to which the United States is
                entitled under existing trade agreements with Mexico
                for purposes of such section 304; and
            (4) unless, a certification described in subsection (b) is
        submitted, the United States Trade Representative shall take
        appropriate action under subsection (c).
    (b) Certification.--The certification described in this subsection
means a certification from the United States Trade Representative
submitted to Congress not later than 30 days after the date of
enactment of this Act that states that Mexico has eliminated its tax on
soft drinks containing high fructose corn syrup and is taking
satisfactory measures to preserve the rights of the United States under
all applicable trade agreements with respect to high fructose corn
syrup.
    (c) Action To Be Taken by USTR.--If a certification is not made
under subsection (b), the United States Trade Representative, not later
than 60 days after the date of enactment of this Act and after
consultation with the Committee on Finance of the Senate and the
Committee on Ways and Means of the House of Representatives, shall,
pursuant to section 301(c)(1) (A) and (B) of the Trade Act of 1974 (19
U.S.C. 2411(c)(1) (A) and (B))--
            (1) suspend, withdraw, or prevent the application of,
        benefits of trade agreement concessions to carry out a trade
        agreement with Mexico; or
            (2) impose duties or other import restrictions on the goods
        of Mexico, including agricultural products imported from
        Mexico, and notwithstanding any other provision of law, fees or
        restrictions on the services of, Mexico for such time as the
        Trade Representative determines appropriate.

Summary: Mexican Agricultural Trade Compliance Act - Determines that US rights under the Uruguay Round Agreements are being denied by Mexico in connection with Mexico's imposition of a 20 percent tax on soft drinks containing high fructose corn syrup, an extension of Mexico's unjustified antidumping order on high fructose corn syrup from the United States. Directs the US Trade Representative, unless certifying to Congress within 30 days after the enactment of this Act that Mexico has eliminated such tax and is otherwise preserving all US trade agreement rights with respect to high fructose corn syrup, to either: (1) suspend, withdraw, or prevent the application of benefits of trade agreement concessions to carry out a trade agreement with Mexico. Or (2) impose duties or other import restrictions on the goods of Mexico, and fees or restrictions on the services of Mexico.

A bill to direct the United States Trade Representative to enforce United States rights, under certain trade agreements with respect to Mexico, pursuant to title III of the Trade Act of 1974.


SECTION 1. SHORT TITLE; ETC.

    (a) Short Title.--This Act may be cited as the ``Middle Class Tax
Relief Act of 2010''.
    (b) Amendment of 1986 Code.--Except as otherwise expressly
provided, whenever in this Act an amendment or repeal is expressed in
terms of an amendment to, or repeal of, a section or other provision,
the reference shall be considered to be made to a section or other
provision of the Internal Revenue Code of 1986.
    (c) Table of Contents.--The table of contents for this Act is as
follows:

Sec. 1. Short title; etc.
            TITLE I--MIDDLE CLASS TAX RELIEF MADE PERMANENT

Sec. 101. Middle class tax relief made permanent.
Sec. 102. Certain provisions not applicable to high income individuals.
Sec. 103. Related amendments.
 TITLE II--EXPENSING BY SMALL BUSINESSES OF CERTAIN DEPRECIABLE ASSETS

Sec. 201. Increased limitations on expensing by small businesses of
                            certain depreciable assets.
         TITLE III--EXTENSION OF ALTERNATIVE MINIMUM TAX RELIEF

Sec. 301. Extension of alternative minimum tax relief for nonrefundable
                            personal credits.
Sec. 302. Extension of increased alternative minimum tax exemption
                            amount.
                     TITLE IV--BUDGETARY PROVISION

Sec. 401. PAYGO compliance.

            TITLE I--MIDDLE CLASS TAX RELIEF MADE PERMANENT

SEC. 101. MIDDLE CLASS TAX RELIEF MADE PERMANENT.

    (a) In General.--Section 901 of the Economic Growth and Tax Relief
Reconciliation Act of 2001 shall not apply to the following provisions
of such Act (and to the amendments made by such provisions):
            (1) Title I (relating to individual income tax rate
        reductions).
            (2) Title II (relating to tax benefits related to
        children).
            (3) Title III (relating to marriage penalty relief).
            (4) Title IV (relating to affordable education provisions).
    (b) Reduced Rates on Capital Gains and Dividends.--The Jobs and
Growth Tax Relief Reconciliation Act of 2003 is amended by striking
section 303.

SEC. 102. CERTAIN PROVISIONS NOT APPLICABLE TO HIGH INCOME INDIVIDUALS.

    (a) Individual Income Tax Rates.--Subsection (i) of section 1 is
amended by striking paragraph (2), by redesignating paragraph (3) as
paragraph (4), and by inserting after paragraph (1) the following new
paragraphs:
            ``(2) 25- and 28-Percent rate brackets.--The tables under
        subsections (a), (b), (c), (d), and (e) shall be applied--
                    ``(A) by substituting `25%' for `28%' each place it
                appears (before the application of subparagraph (B)),
                and
                    ``(B) by substituting `28%' for `31%' each place it
                appears.
            ``(3) 33-Percent rate bracket.--
                    ``(A) In general.--In the case of taxable years
                beginning after December 31, 2010--
                            ``(i) the rate of tax under subsections
                        (a), (b), (c), and (d) on a taxpayer's taxable
                        income in the fourth rate bracket shall be 33
                        percent to the extent such income does not
                        exceed an amount equal to the excess of--
                                    ``(I) the applicable amount, over
                                    ``(II) the dollar amount at which
                                such bracket begins, and
                            ``(ii) the 36 percent rate of tax under
                        such subsections shall apply only to the
                        taxpayer's taxable income in such bracket in
                        excess of the amount to which clause (i)
                        applies.
                    ``(B) Applicable amount.--For purposes of this
                paragraph, the term `applicable amount' means the
                excess of--
                            ``(i) the applicable threshold, over
                            ``(ii) the sum of the following amounts in
                        effect for the taxable year:
                                    ``(I) the basic standard deduction
                                (within the meaning of section
                                63(c)(2)), and
                                    ``(II) the exemption amount (within
                                the meaning of section 151(d)(1)) (or,
                                in the case of subsection (a), 2 such
                                exemption amounts).
                    ``(C) Applicable threshold.--For purposes of this
                paragraph, the term `applicable threshold' means--
                            ``(i) $250,000 in the case of subsection
                        (a),
                            ``(ii) $200,000 in the case of subsections
                        (b) and (c), and
                            ``(iii) \1/2\ the amount applicable under
                        clause (i) (after adjustment, if any, under
                        subparagraph (E)) in the case of subsection
                        (d).
                    ``(D) Fourth rate bracket.--For purposes of this
                paragraph, the term `fourth rate bracket' means the
                bracket which would (determined without regard to this
                paragraph) be the 36-percent rate bracket.
                    ``(E) Inflation adjustment.--For purposes of this
                paragraph, a rule similar to the rule of paragraph
                (1)(C) shall apply with respect to taxable years
                beginning in calendar years after 2010, applied by
                substituting `2008' for `1992' in subsection
                (f)(3)(B).''.
    (b) Phaseout of Personal Exemptions and Itemized Deductions.--
            (1) Overall limitation on itemized deductions.--Section 68
        is amended--
                    (A) by striking ``the applicable amount'' the first
                place it appears in subsection (a) and inserting ``the
                applicable threshold in effect under section 1(i)(3)'',
                    (B) by striking ``the applicable amount'' in
                subsection (a)(1) and inserting ``such applicable
                threshold'',
                    (C) by striking subsection (b) and redesignating
                subsections (c), (d), and (e) as subsections (b), (c),
                and (d), respectively, and
                    (D) by striking subsections (f) and (g).
            (2) Phaseout of deductions for personal exemptions.--
                    (A) In general.--Paragraph (3) of section 151(d) is
                amended--
                            (i) by striking ``the threshold amount'' in
                        subparagraphs (A) and (B) and inserting ``the
                        applicable threshold in effect under section
                        1(i)(3)'',
                            (ii) by striking subparagraph (C) and
                        redesignating subparagraph (D) as subparagraph
                        (C), and
                            (iii) by striking subparagraphs (E) and
                        (F).
                    (B) Conforming amendment.--Paragraph (4) of section
                151(d) is amended--
                            (i) by striking subparagraph (B),
                            (ii) by redesignating clauses (i) and (ii)
                        of subparagraph (A) as subparagraphs (A) and
                        (B), respectively, and by indenting such
                        subparagraphs (as so redesignated) accordingly,
                        and
                            (iii) by striking all that precedes ``in a
                        calendar year after 1989,'' and inserting the
                        following:
            ``(4) Inflation adjustment.--In the case of any taxable
        year beginning''.
    (c) Reduced Rate on Capital Gains and Dividends.--
            (1) In general.--Paragraph (1) of section (1)(h) is amended
        by striking subparagraph (C), by redesignating subparagraphs
        (D) and (E) as subparagraphs (E) and (F) and by inserting after
        subparagraph (B) the following new subparagraphs:
                    ``(C) 15 percent of the lesser of--
                            ``(i) so much of the adjusted net capital
                        gain (or, if less, taxable income) as exceeds
                        the amount on which a tax is determined under
                        subparagraph (B), or
                            ``(ii) the excess (if any) of--
                                    ``(I) the amount of taxable income
                                which would (without regard to this
                                subsection) be taxed at a rate below 36
                                percent, over
                                    ``(II) the sum of the amounts on
                                which tax is determined under
                                subparagraphs (A) and (B),
                    ``(D) 20 percent of the adjusted net capital gain
                (or, if less, taxable income) in excess of the sum of
                the amounts on which tax is determined under
                subparagraphs (B) and (C),''.
            (2) Dividends.--Subparagraph (A) of section 1(h)(11) is
        amended by striking ``qualified dividend income'' and inserting
        ``so much of the qualified dividend income as does not exceed
        the excess (if any) of--
                            ``(i) the amount of taxable income which
                        would (without regard to this subsection) be
                        taxed at a rate below 36 percent, over
                            ``(ii) taxable income reduced by qualified
                        dividend income.''.
            (3) Minimum tax.--Section 55 is amended by adding at the
        end the following new subsection:
    ``(f) Application of Maximum Rate of Tax on Net Capital Gain of
Noncorporate Taxpayers.--In the case of taxable years beginning after
December 31, 2010, the amount determined under subparagraph (C) of
subsection (b)(3) shall be the sum of--
            ``(1) 15 percent of the lesser of--
                    ``(A) so much of the adjusted net capital gain (or,
                if less, taxable excess) as exceeds the amount on which
                tax is determined under subparagraph (B) of subsection
                (b)(3), or
                    ``(B) the excess described in section
                1(h)(1)(C)(ii), plus
            ``(2) 20 percent of the adjusted net capital gain (or, if
        less, taxable excess) in excess of the sum of the amounts on
        which tax is determined under subsection (b)(3)(B) and
        paragraph (1).''.
            (4) Conforming amendments.--
                    (A) The following provisions are amended by
                striking ``15 percent'' and inserting ``20 percent'':
                            (i) Section 1445(e)(1).
                            (ii) The second sentence of section
                        7518(g)(6)(A).
                            (iii) Section 53511(f)(2) of title 46,
                        United States Code.
                    (B) Sections 531 and 541 are each amended by
                striking ``15 percent of'' and inserting ``the product
                of the highest rate of tax under section 1(c) and''.
                    (C) Section 1445(e)(6) is amended by striking ``15
                percent (20 percent in the case of taxable years
                beginning after December 31, 2010)'' and inserting ``20
                percent''.
    (d) Effective Dates.--
            (1) In general.--Except as provided in paragraph (2), the
        amendments made by this section shall apply to taxable years
        beginning after December 31, 2010.
            (2) Withholding.--The amendments made by subparagraphs
        (A)(i) and (C) of subsection (c)(4) shall apply to amounts paid
        on or after January 1, 2011.

SEC. 103. RELATED AMENDMENTS.

    (a) Application of Increase in Refundable Portion of Child Tax
Credit.--
            (1) In general.--Subsection (d) of section 24 is amended--
                    (A) by striking ``$10,000'' in paragraph (1)(B)(i)
                and inserting ``$3,000'', and
                    (B) by striking paragraphs (3) and (4).
            (2) Effective date.--The amendments made by this subsection
        shall apply to taxable years beginning after December 31, 2010.
    (b) Application of Increase in Earned Income Tax Credit.--
            (1) In general.--Subparagraph (B) of section 32(b)(2) is
        amended to read as follows:
                    ``(B) Joint returns.--
                            ``(i) In general.--In the case of a joint
                        return filed by an eligible individual and such
                        individual's spouse, the phaseout amount
                        determined under subparagraph (A) shall be
                        increased by $5,000.
                            ``(ii) Inflation adjustment.--In the case
                        of any taxable year beginning after 2010, the
                        $5,000 amount in clause (i) shall be increased
                        by an amount equal to--
                                    ``(I) such dollar amount,
                                multiplied by
                                    ``(II) the cost of living
                                adjustment determined under section
                                1(f)(3) for the calendar year in which
                                the taxable year begins determined by
                                substituting `calendar year 2008' for
                                `calendar year 1992' in subparagraph
                                (B) thereof.
                        Subparagraph (A) of subsection (j)(2) shall
                        apply after taking into account any increase
                        under the preceding sentence.''.
            (2) Conforming amendment.--Subsection (b) of section 32 is
        amended by striking paragraph (3).
            (3) Effective date.--The amendments made by this subsection
        shall apply to taxable years beginning after December 31, 2010.
    (c) Application to Adoption Credit and Adoption Assistance
Programs.--Subsection (c) of section 10909 of the Patient Protection
and Affordable Care Act is amended to read as follows:
    ``(c) The amendments made by this section shall not apply to
taxable years beginning after December 31, 2011.''.

 TITLE II--EXPENSING BY SMALL BUSINESSES OF CERTAIN DEPRECIABLE ASSETS

SEC. 201. INCREASED LIMITATIONS ON EXPENSING BY SMALL BUSINESSES OF
              CERTAIN DEPRECIABLE ASSETS.

    (a) Dollar Limitation.--Subparagraph (C) of section 179(b)(1) is
amended by striking ``$25,000'' and inserting ``$125,000''.
    (b) Threshold at Which Phaseout Begins.--Subparagraph (C) of
section 179(b)(2) is amended by striking ``$200,000'' and inserting
``$500,000''.
    (c) Inflation Adjustment.--Subsection (b) of section 179 is amended
by adding at the end the following new paragraph:
            ``(6) Inflation adjustments.--
                    ``(A) In general.--In the case of any taxable
                beginning in a calendar year after 2011, the $125,000
                and $500,000 amounts in paragraphs (1)(C) and (2)(C)
                shall each be increased by an amount equal to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment
                        determined under section 1(f)(3) for the
                        calendar year in which the taxable year begins
                        determined by substituting `calendar year 2006'
                        for `calendar year 1992' in subparagraph (B)
                        thereof.
                    ``(B) Rounding.--
                            ``(i) Dollar limitation.--If the amount in
                        paragraph (1) as increased under subparagraph
                        (A) is not a multiple of $1,000, such amount
                        shall be rounded to the nearest multiple of
                        $1,000.
                            ``(ii) Phaseout amount.--If the amount in
                        paragraph (2) as increased under subparagraph
                        (A) is not a multiple of $10,000, such amount
                        shall be rounded to the nearest multiple of
                        $10,000.''.
    (d) Authority To Revoke Election Made Permanent.--Paragraph (2) of
section 179(c) is amended by striking ``and before 2012''.
    (e) Treatment of Certain Computer Software as Section 179 Property
Made Permanent.--Clause (ii) of section 179(d)(1)(A) is amended by
striking ``and before 2012''.
    (f) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2011.

         TITLE III--EXTENSION OF ALTERNATIVE MINIMUM TAX RELIEF

SEC. 301. EXTENSION OF ALTERNATIVE MINIMUM TAX RELIEF FOR NONREFUNDABLE
              PERSONAL CREDITS.

    (a) In General.--Paragraph (2) of section 26(a) is amended--
            (1) by striking ``2000, 2001, 2002, 2003, 2004, 2005, 2006,
        2007, 2008, or 2009'' and inserting ``the period beginning with
        calendar year 2000 and ending with calendar year 2011'', and
            (2) by striking ``2009'' in the heading thereof and
        inserting ``2011''.
    (b) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2009.

SEC. 302. EXTENSION OF INCREASED ALTERNATIVE MINIMUM TAX EXEMPTION
              AMOUNT.

    (a) In General.--Paragraph (1) of section 55(d) is amended--
            (1) by striking ``($70,950 in the case of taxable years
        beginning in 2009)'' in subparagraph (A) and inserting
        ``($72,450 in the case of taxable years beginning in 2010 or
        2011)'', and
            (2) by striking ``($46,700 in the case of taxable years
        beginning in 2009)'' in subparagraph (B) and inserting
        ``($47,450 in the case of taxable years beginning in 2010 or
        2011)''.
    (b) Nonapplication of EGTRRA Sunset.--Section 901 of the Economic
Growth and Tax Relief Reconciliation Act of 2001 shall not apply to the
amendments made by section 701 of such Act.
    (c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2009.

                     TITLE IV--BUDGETARY PROVISION

SEC. 401. PAYGO COMPLIANCE.

    The budgetary effects of this Act, for the purpose of complying
with the Statutory Pay-As-You-Go Act of 2010, shall be determined by
reference to the latest statement titled ``Budgetary Effects of PAYGO
Legislation'' for this Act, submitted for printing in the Congressional
Record by the Chairman of the House Budget Committee, provided that
such statement has been submitted prior to the vote on passage.

Summary: Middle Class Tax Relief Act of 2010 - Makes the general terminating date of the Economic Growth and Tax Relief Reconciliation Act of 2010 (EGTRRA) inapplicable to provisions of that Act relating to individual income tax rate reductions, tax benefits related to children and adoption, marriage penalty relief, and education. Repeals the terminating date of the Jobs Growth Tax Relief Reconciliation Act of 2003 that applies to reductions in the tax rate for capital gains and dividend income, subject to the income thresholds set forth by this Act. Amends the Internal Revenue Code to: (1) establish permanent reductions in income tax rates for individual taxpayers whose adjusted gross income is $200,000 or less. (2) allow a permanent exemption from limitations on itemized tax deductions and personal exemptions for individual taxpayers whose adjusted gross income is $200,000 or less. (3) allow a 15 tax rate on capital gains and dividend income for individual taxpayers whose adjusted gross income is $200,000 or less. (4) allow a permanent increase in the refundable portion of the child tax credit. (5) make permanent the increased earned income tax credit and the modifications to such credit enacted by EGTRRA. (6) make permanent the increased ($125,000) expensing allowance for depreciable business and investment property. And (7) extend through 2011 the increased alternative minimum tax (AMT) exemption amounts and the offset against the AMT for certain nonrefundable personal tax credits. Provides for compliance of the budgetary effects of this Act with the Statutory Pay-As-You-Go Act of 2010.

To amend the Internal Revenue Code of 1986 to provide middle class tax relief, and for other purposes.