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Title II — Revenue Provisions

H.R. 5021 · 113th Congress · Aug 8, 2014 · Lineage

II Revenue Provisions

Sec. 2001 Extension of Highway Trust Fund expenditure authority

(a)
Highway Trust Fund— Section 9503 of the Internal Revenue Code of 1986 is amended—
(1)
by striking “October 1, 2014” in subsections (b)(6)(B), (c)(1), and (e)(3) and inserting “June 1, 2015”, and
(2)
by striking “MAP–21” in subsections (c)(1) and (e)(3) and inserting “Highway and Transportation Funding Act of 2014”.
(b)
Sport Fish Restoration and Boating Trust Fund— Section 9504 of the Internal Revenue Code of 1986 is amended—
(1)
by striking “MAP–21” each place it appears in subsection (b)(2) and inserting “Highway and Transportation Funding Act of 2014”, and
(2)
by striking “October 1, 2014” in subsection (d)(2) and inserting “June 1, 2015”.
(c)
Leaking Underground Storage Tank Trust Fund— Paragraph (2) of section 9508(e) of the Internal Revenue Code of 1986 is amended by striking “October 1, 2014” and inserting “June 1, 2015”.

Sec. 2002 Funding of Highway Trust Fund

(a)
In general— Subsection (f) of section 9503 of the Internal Revenue Code of 1986 is amended by redesignating paragraph (5) as paragraph (7) and by inserting after paragraph (4) the following new paragraphs:

“(5) Additional sums—Out of money in the Treasury not otherwise appropriated, there is hereby appropriated—

“(A) $7,765,000,000 to the Highway Account (as defined in subsection (e)(5)(B)) in the Highway Trust Fund; and

“(B) $2,000,000,000 to the Mass Transit Account in the Highway Trust Fund.

“(6) Additional increase in fund balance—There is hereby transferred to the Highway Account (as defined in subsection (e)(5)(B)) in the Highway Trust Fund amounts appropriated from the Leaking Underground Storage Tank Trust Fund under section 9508(c)(3).”

(b)
Appropriation from Leaking Underground Storage Tank Trust Fund—
(1)
In general— Subsection (c) of section 9508 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:

“(3) Additional transfer to Highway Trust Fund—Out of amounts in the Leaking Underground Storage Tank Trust Fund there is hereby appropriated $1,000,000,000 to be transferred under section 9503(f)(6) to the Highway Account (as defined in section 9503(e)(5)(B)) in the Highway Trust Fund.”

(2)
Conforming amendment— Section 9508(c)(1) of the Internal Revenue Code of 1986 is amended by striking “paragraph (2)” and inserting “paragraphs (2) and (3)”.

Sec. 2003 Funding stabilization

(a)
Funding stabilization under the Internal Revenue Code of 1986— The table in subclause (II) of section 430(h)(2)(C)(iv) of the Internal Revenue Code of 1986 is amended to read as follows:
(b)
Funding stabilization under Employee Retirement Income Security Act of 1974—
(1)
In general— The table in subclause (II) of section 303(h)(2)(C)(iv) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1083(h)(2)(C)(iv)) is amended to read as follows:
(2)
Conforming amendments—
(A)
In general— Section 101(f)(2)(D) of such Act (29 U.S.C. 1021(f)(2)(D)) is amended—
(i)
in clause (i) by inserting “and the Highway and Transportation Funding Act of 2014” after “MAP–21” both places it appears, and
(ii)
in clause (ii) by striking “2015” and inserting “2020”.
(B)
Statements— The Secretary of Labor shall modify the statements required under subclauses (I) and (II) of section 101(f)(2)(D)(i) of such Act to conform to the amendments made by this section.
(c)
Stabilization not To apply for purposes of certain accelerated benefit distribution rules—
(1)
Internal Revenue Code of 1986— The second sentence of paragraph (2) of section 436(d) of the Internal Revenue Code of 1986 is amended by striking “of such plan” and inserting “of such plan (determined by not taking into account any adjustment of segment rates under section 430(h)(2)(C)(iv))”.
(2)
Employee Retirement Income Security Act of 1974— The second sentence of subparagraph (B) of section 206(g)(3) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1056(g)(3)(B)) is amended by striking “of such plan” and inserting “of such plan (determined by not taking into account any adjustment of segment rates under section 303(h)(2)(C)(iv))”.
(3)
Effective date—
(A)
In general— Except as provided in subparagraph (B), the amendments made by this subsection shall apply to plan years beginning after December 31, 2014.
(B)
Collectively bargained plans— In the case of a plan maintained pursuant to 1 or more collective bargaining agreements, the amendments made by this subsection shall apply to plan years beginning after December 31, 2015.
(4)
Provisions relating to plan amendments—
(A)
In general— If this paragraph applies to any amendment to any plan or annuity contract, such plan or contract shall be treated as being operated in accordance with the terms of the plan during the period described in subparagraph (B)(ii).
(B)
Amendments to which paragraph applies—
(i)
In general— This paragraph shall apply to any amendment to any plan or annuity contract which is made—
(I)
pursuant to the amendments made by this subsection, or pursuant to any regulation issued by the Secretary of the Treasury or the Secretary of Labor under any provision as so amended, and
(II)
on or before the last day of the first plan year beginning on or after January 1, 2016, or such later date as the Secretary of the Treasury may prescribe.
(ii)
Conditions— This subsection shall not apply to any amendment unless, during the period—
(I)
beginning on the date that the amendments made by this subsection or the regulation described in clause (i)(I) takes effect (or in the case of a plan or contract amendment not required by such amendments or such regulation, the effective date specified by the plan), and
(II)
ending on the date described in clause (i)(II) (or, if earlier, the date the plan or contract amendment is adopted),
(C)
Anti-cutback relief— A plan shall not be treated as failing to meet the requirements of section 204(g) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1054(g)) and section 411(d)(6) of the Internal Revenue Code of 1986 solely by reason of a plan amendment to which this paragraph applies.
(d)
Modification of funding target determination periods—
(1)
Internal Revenue Code of 1986— Clause (i) of section 430(h)(2)(B) of the Internal Revenue Code of 1986 is amended by striking “the first day of the plan year” and inserting “the valuation date for the plan year”.
(2)
Employee Retirement Income Security Act of 1974— Clause (i) of section 303(h)(2)(B) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1083(h)(2)(B)(i)) is amended by striking “the first day of the plan year” and inserting “the valuation date for the plan year”.
(e)
Effective date—
(1)
In general— The amendments made by subsections (a), (b), and (d) shall apply with respect to plan years beginning after December 31, 2012.
(2)
Elections— A plan sponsor may elect not to have the amendments made by subsections (a), (b), and (d) apply to any plan year beginning before January 1, 2014, either (as specified in the election)—
(A)
for all purposes for which such amendments apply, or
(B)
solely for purposes of determining the adjusted funding target attainment percentage under sections 436 of the Internal Revenue Code of 1986 and 206(g) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1054(g)) for such plan year.

Sec. 2004 Extension of Customs user fees

Section 13031(j)(3) of the Consolidated Omnibus Budget Reconciliation Act of 1985 (19 U.S.C. 58c(j)(3)) is amended—
(1)
in subparagraph (A), by striking “September 30, 2023” and inserting “September 30, 2024”; and
(2)
in subparagraph (B)(i), by striking “September 30, 2023” and inserting “September 30, 2024”.