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Title II — The Next Great American Economic Recovery: Job Creation

S. 4537 · 116th Congress · Sep 8, 2020 · Lineage

II The Next Great American Economic Recovery: Job Creation

Sec. 201 Expensing of certain property

(a)
Permanent full expensing for qualified property—
(1)
In general— Paragraph (6) of section 168(k) of the Internal Revenue Code of 1986 is amended to read as follows:

“(6) Applicable percentage—For purposes of this subsection, the term applicable percentage means, in the case of property placed in service (or, in the case of a specified plant described in paragraph (5), a plant which is planted or grafted) after September 27, 2017, 100 percent.”

(2)
Conforming amendments—
(A)
Section 168(k) of such Code is amended—
(i)
in paragraph (2)—
(I)
in subparagraph (A)—
(aa)
in clause (i)(V), by inserting “and” at the end,
(bb)
in clause (ii), by striking “clause (ii) of subparagraph (E), and” and inserting “clause (i) of subparagraph (E).”, and
(cc)
by striking clause (iii),
(II)
in subparagraph (B)—
(aa)
in clause (i)—
(AA)
by striking subclauses (II) and (III), and
(BB)
by redesignating subclauses (IV) through (VI) as subclauses (II) through (IV), respectively,
(bb)
by striking clause (ii), and
(cc)
by redesignating clauses (iii) and (iv) as clauses (ii) and (iii), respectively,
(III)
in subparagraph (C)—
(aa)
in clause (i), by striking “and subclauses (II) and (III) of subparagraph (B)(i)”, and
(bb)
in clause (ii), by striking “subparagraph (B)(iii)” and inserting “subparagraph (B)(ii)”, and
(IV)
in subparagraph (E)—
(aa)
by striking clause (i), and
(bb)
by redesignating clauses (ii) and (iii) as clauses (i) and (ii), respectively, and
(ii)
in paragraph (5)(A), by striking “planted before January 1, 2027, or is grafted before such date to a plant that has already been planted,” and inserting “planted or grafted”.
(B)
Section 460(c)(6)(B) of such Code is amended by striking “which” and all that follows through the period and inserting “which has a recovery period of 7 years or less.”.
(3)
Effective date— The amendments made by this subsection shall take effect as if included in section 13201 of Public Law 115–97.
(b)
Neutral cost recovery depreciation adjustment for residential rental property and nonresidential real property—
(1)
In general— Section 168 of the Internal Revenue Code of 1986 is amended by adding at the end thereof the following new subsection:

“(n) Neutral cost recovery depreciation adjustment for residential rental property and nonresidential real property

“(1) In general—In the case of any applicable property, the deduction under this section with respect to such property for any taxable year after the taxable year during which the property is placed in service shall be—

“(A) the amount determined under this section for such taxable year without regard to this subsection, multiplied by

“(B) the applicable neutral cost recovery ratio for such taxable year.

“(2) Applicable neutral cost recovery ratio—For purposes of paragraph (1), the applicable neutral cost recovery ratio for the applicable property for any taxable year is the number determined by—

“(A) dividing—

“(i) the gross domestic product deflator for the calendar quarter ending in such taxable year which corresponds to the calendar quarter during which the property was placed in service by the taxpayer, by

“(ii) the gross domestic product deflator for the calendar quarter during which the property was placed in service by the taxpayer, and

“(B) then multiplying the number determined under subparagraph (A) by the number equal to 1.03 to the nth power where “n” is the number of full years in the period beginning on the 1st day of the calendar quarter during which the property was placed in service by the taxpayer and ending on the day before the beginning of the corresponding calendar quarter ending during such taxable year.

“(3) Special rule for existing property—In the case of any applicable property which is placed in service before the date of enactment of this subsection, subparagraphs (A)(ii) and (B) of paragraph (2) shall be applied by substituting “calendar quarter which includes the date of enactment of this subsection” for “calendar quarter during which the property was placed in service by the taxpayer” each place it appears.

“(4) Gross domestic product deflator—For purposes of paragraph (2), the gross domestic product deflator for any calendar quarter is the implicit price deflator for the gross domestic product for such quarter (as shown in the first revision thereof).

“(5) Election not to have subsection apply—This subsection shall not apply to any applicable property if the taxpayer elects not to have this subsection apply to such property. Such an election, once made, shall be irrevocable.

“(6) Additional deduction not to affect basis or recapture

“(A) In general—The additional amount determined under this section by reason of this subsection shall not be taken into account in determining the adjusted basis of any applicable property or of any interest in a pass-thru entity which holds such property and shall not be treated as a deduction for depreciation for purposes of sections 1245 and 1250.

“(B) Pass-thru entity defined—For purposes of subparagraph (A), the term pass-thru entity means—

“(i) a regulated investment company,

“(ii) a real estate investment trust,

“(iii) an S corporation,

“(iv) a partnership,

“(v) an estate or trust, and

“(vi) a common trust fund.

“(7) Applicable property—For purposes of this subsection, the term applicable property means residential rental property or nonresidential real property (as such terms are defined in subsection (e)(2)).”

(2)
Minimum tax treatment— Paragraph (1) of section 56(a) of such Code is amended by adding at the end thereof the following new subparagraph:

“(E) Use of neutral cost recovery ratio—In the case of property to which section 168(n) applies, the deduction allowable under this paragraph with respect to such property for any taxable year (after the taxable year during which the property is placed in service) shall be—

“(i) the amount so allowable for such taxable year without regard to this subparagraph, multiplied by

“(ii) the applicable neutral cost recovery ratio for such taxable year (as determined under section 168(n)).”

(3)
Effective date— The amendments made by this subsection shall apply to property placed in service before, on, or after the date of the enactment of this Act, with respect to taxable years ending on or after such date.
(c)
Elimination of amortization of research and experimental expenditures—
(1)
In general— Subpart A of part III of subtitle C of title I of Public Law 115–97 is amended by striking section 13206.
(2)
Effective date— The amendment made by this subsection shall take effect on the date of the enactment of this Act.

Sec. 202 Temporary suspension of payroll taxes

(a)
In general— Notwithstanding any other provision of law—
(1)
with respect to remuneration received for pay periods ending during the payroll tax suspension period, the rate of tax under 3101(a) of the Internal Revenue Code of 1986 shall be 0 percent,
(2)
with respect to compensation received for pay periods ending during the payroll tax suspension period, the rate of tax under 3201(a) of such Code shall be 0 percent,
(3)
with respect to remuneration paid for pay periods ending during the payroll tax suspension period, the rate of tax under section 3111(a) of such Code shall be 0 percent (including for purposes of determining the applicable percentage under section 3221(a) of such Code), and
(4)
with respect to self-employment income derived by an individual during the payroll tax suspension period, the rate of tax under section 1401(a) of such Code shall be 0 percent.
(b)
Coordination with deductions for employment taxes—
(1)
Deduction in computing net earnings from self-employment— For purposes of applying section 1402(a)(12) of the Internal Revenue Code of 1986, the rate of tax imposed by section 1401(a) of such Code shall be determined without regard to the reduction in such rate under this section.
(2)
Individual deduction— In the case of the taxes imposed by section 1401 of such Code for any taxable year which begins in the payroll tax holiday period, the deduction under section 164(f) of such Code with respect to such taxes shall be determined without regard to the reduction in such rate under this section.
(c)
Payroll tax suspension period— For purposes of this section, the term payroll tax suspension period means the period beginning on the day after the date of the enactment of this Act and ending on December 31, 2020.
(d)
Wages— For purposes of this section, the term wages means wages (as defined in section 3121(a) of the Internal Revenue Code of 1986) and compensation (as defined in section 3231(e) of such Code).
(e)
Other terms— Any term used in this section which is also used in chapter 21 or 22 of the Internal Revenue Code of 1986 shall have the same meaning as when used in such chapter.
(f)
Employer notification— The Secretary of the Treasury (or such Secretary's delegate) shall notify employers of the payroll tax suspension period in any manner the Secretary deems appropriate.
(g)
Coordination with delay of payment of employer payroll taxes— Section 2302(d)(2) of the CARES Act (Public Law 116–136) is amended by striking “January 1, 2021” and inserting “the date of the enactment of the RECOVERY Act”.
(h)
Regulations— The Secretary of the Treasury (or such Secretary’s delegate) shall issue such regulations or other guidance as necessary to carry out the purposes of this section.
(i)
Transfers of funds—
(1)
Transfers to Federal Old-Age and Survivors Insurance Trust Fund— There are hereby appropriated to the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund established under section 201 of the Social Security Act (42 U.S.C. 401) and the Social Security Equivalent Benefit Account established under section 15A(a) of the Railroad Retirement Act of 1974 (45 U.S.C. 231n–1(a)) amounts equal to the reduction in revenues to the Treasury by reason of this section (without regard to this subsection). Amounts appropriated by the preceding sentence shall be transferred from the general fund at such times and in such manner as to replicate to the extent possible the transfers which would have occurred to such Trust Fund or Account had this section not been enacted.
(2)
Coordination with other Federal laws— For purposes of applying any provision of Federal law other than the provisions of the Internal Revenue Code of 1986, the rate of tax in effect under section 3101(a) of such Code shall be determined without regard to the reduction in such rate under this section.

Sec. 203 Onshoring Rare Earths Act

(a)
Permanent full expensing for property used To extract critical minerals and metals within the United States—
(1)
In general— Section 168(k) of the Internal Revenue Code of 1986 is amended by adding at the end the following:

“(11) Special rule for property used in the mining, reclaiming, or recycling of critical minerals and metals within the United States

“(A) In general—In the case of any qualified property which is substantially involved in mining, reclaiming, or recycling critical minerals and metals from deposits in the United States, the applicable percentage shall be 100 percent.

“(B) Critical minerals and metals—For purposes of this paragraph, the term critical minerals and metals means cerium, cobalt, dysprosium, erbium, europium, gadolinium, graphite, holmium, lanthanum, lithium, lutetium, manganese, neodymium, praseodymium, promethium, samarium, scandium, terbium, thulium, ytterbium, and yttrium.”

(2)
Effective date— The amendment made by this subsection shall apply to property placed in service after December 31, 2019.
(b)
Permanent full expensing for nonresidential real property used in the mining, reclaiming, or recycling of critical minerals and metals within the United States—
(1)
In general— Section 168 of the Internal Revenue Code of 1986, as amended by this Act, is further amended by adding at the end the following new subsection:

“(o) Special allowance for nonresidential real property used in the mining, reclaiming, or recycling of critical minerals and metals within the United States

“(1) New structures—In the case of any qualified real property—

“(A)

“(i) if such property is placed in service on or after the date of enactment of this subsection, the depreciation deduction provided by section 167(a) for the taxable year in which such property is placed in service shall include an allowance equal to 100 percent of the adjusted basis of such property, or

“(ii) if such property was placed in service before the date of enactment of this subsection, the depreciation deduction provided by section 167(a) for the first taxable year beginning after such date shall include an allowance equal to 100 percent of the adjusted basis of such property, and

“(B) the adjusted basis of such property shall be reduced by the amount of such deduction before computing the amount otherwise allowable as a depreciation deduction under this chapter for such taxable year and any subsequent taxable year.

“(2) Qualified real property—For purposes of this subsection, the term qualified real property means any nonresidential real property which is substantially involved in mining, reclaiming, or recycling critical minerals and metals (as defined in subsection (k)(11)(B)) from deposits in the United States.”

(2)
Effective date— The amendment made by this subsection shall apply to taxable years beginning after December 31, 2019.
(c)
Deduction for purchase of critical minerals and metals mined, reclaimed, or recycled within the United States—
(1)
In general— Part VI of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 176 the following new section:

“177. Deduction for purchase of critical minerals and metals mined, reclaimed, or recycled within the United States

“(a) Allowance of deduction—There shall be allowed as a deduction for the taxable year an amount equal to 200 percent of the cost paid or incurred by the taxpayer for the purchase or acquisition of critical minerals and metals (as defined in section 168(k)(11)(B)) which have been mined, reclaimed, or recycled from deposits in the United States.

“(b) Application with other deductions—No deduction shall be allowed under any other provision of this chapter with respect to any expenditure with respect to which a deduction is allowed or allowable under this section to the taxpayer.”

(2)
Conforming amendment— The table of sections for part VI of subchapter B of chapter 1 of such Code is amended by inserting after the item relating to section 176 the following new item:
(3)
Effective date— The amendments made by this subsection shall apply to amounts paid or incurred after December 31, 2019.
(d)
Modification of prohibition on acquisition of certain sensitive materials—
(1)
Extension of prohibition to mined, refined, and separated materials— Subsection (a)(1) of section 2533c of title 10, United States Code, is amended by striking “melted or produced” and inserting “mined, refined, separated, melted, or produced”.
(2)
Commercially available off-the-Shelf item exception— Subsection (c)(3)(A)(i) of such section is amended by striking “50 percent or more tungsten” and inserting “50 percent or more covered material”.
(e)
Grant program for development of critical minerals and metals—
(1)
Establishment— The Secretary of Defense, in consultation with the Secretary of the Interior, shall establish a grant program to finance pilot projects for the development of critical minerals and metals in the United States.
(2)
Limitation on grant awards— A grant awarded under paragraph (1) may not exceed $10,000,000.
(3)
Economic viability— In awarding grants under paragraph (1), the Secretary of Defense shall give priority to projects the Secretary determines are likely to be economically viable over the long term.
(4)
Secondary recovery— In awarding grants under paragraph (1) during a fiscal year, the Secretary of Defense shall seek to award not less than 30 percent of the total amount of grants awarded during that fiscal year for projects relating to secondary recovery of critical minerals and metals.
(5)
Authorization of appropriations— There are authorized to be appropriated to the Secretary of Defense $50,000,000 for each of fiscal years 2021 through 2024 to carry out the grant program established under paragraph (1).
(6)
Definitions— In this section:
(A)
Critical minerals and metals— The term critical minerals and metals means cerium, cobalt, dysprosium, erbium, europium, gadolinium, graphite, holmium, lanthanum, lithium, lutetium, manganese, neodymium, praseodymium, promethium, samarium, scandium, terbium, thulium, ytterbium, and yttrium.
(B)
Secondary recovery— The term secondary recovery means the recovery of minerals and metals from discarded end-use products or from waste products produced during the metal refining and manufacturing process, including from mine waste piles, acid mine drainage sludge, or byproducts produced through legacy mining and metallurgy activities.

Sec. 204 Eligibility of 501(c)(6) organizations for loans under the paycheck protection program

Section 7(a)(36)(D) of the Small Business Act (15 U.S.C. 636(a)(36)(D)) is amended—
(1)
in clause (v), by inserting “or whether an entity described in clause (vii) employs not more than 300 employees,” after “clause (i)(I),”; and
(2)
by adding at the end the following:

“(vii) Eligibility for certain 501(c)(6) organizations

“(I) In general—Except as provided in subclause (II), any organization that is described in section 501(c)(6) of the Internal Revenue Code of 1986 and that is exempt from taxation under section 501(a) of such Code (excluding professional football leagues and organizations with the purpose of promoting or participating in a political campaign or other activity) shall be eligible to receive a covered loan if—

“(aa) the organization does not receive more than 10 percent of its receipts from lobbying activities;

“(bb) the lobbying activities of the organization do not comprise more than 10 percent of the total activities of the organization; and

“(cc) the organization employs not more than 300 employees.

“(II) Destination marketing organizations—During the covered period, any destination marketing organization shall be eligible to receive a covered loan if—

“(aa) the destination marketing organization does not receive more than 10 percent of its receipts from lobbying activities;

“(bb) the lobbying activities of the destination marketing organization do not comprise more than 10 percent of the total activities of the organization;

“(cc) the destination marketing organization employs not more than 300 employees; and

“(dd) the destination marketing organization—

“(AA) is described in section 501(c) of the Internal Revenue Code of 1986 and is exempt from taxation under section 501(a) of such Code; or

“(BB) is a quasi-governmental entity or is a political subdivision of a State or local government, including any instrumentality of those entities.

“(III) Timing of application—Any organization that is eligible to receive a covered loan by reason of this clause shall submit an application for such loan not later than September 30, 2020.”

Sec. 205 LIFT UP Act

(a)
Short title— This section may be cited as the “Loan Interest Forgiveness for Taxpayers Under a Pandemic Act” or the “LIFT UP Act”.
(b)
In general— Section 1112(a) of the CARES Act (Public Law 116–136) is amended—
(1)
in paragraph (1), by striking “and” at the end;
(2)
in paragraph (2), by striking the period at the end and inserting “; and”; and
(3)
by adding at the end the following:

“(3) made during the period beginning on January 1, 2015, and ending on the day before the date of enactment of this paragraph—

“(A) to a business concern under section 7(b)(1) of the Small Business Act (15 U.S.C. 636(b)(1)) that is unrelated to COVID–19; or

“(B) under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) that is unrelated to COVID–19.”

Sec. 206 REINS Act

(a)
Short title— This section may be cited as the “Regulations from the Executive in Need of Scrutiny Act of 2020”.
(b)
Purpose— The purpose of this section is to increase accountability for and transparency in the Federal regulatory process. Section 1 of article I of the United States Constitution grants all legislative powers to Congress. Over time, Congress has excessively delegated its constitutional charge while failing to conduct appropriate oversight and retain accountability for the content of the laws it passes. By requiring a vote in Congress, the REINS Act will result in more carefully drafted and detailed legislation, an improved regulatory process, and a legislative branch that is truly accountable to the American people for the laws imposed upon them.
(c)
Congressional review of agency rulemaking— Chapter 8 of title 5, United States Code, is amended to read as follows:

“8 Congressional Review of Agency Rulemaking

“801. Congressional review

“(a)

“(1)

“(A) Before a rule may take effect, the Federal agency promulgating such rule shall publish in the Federal Register a list of information on which the rule is based, including data, scientific and economic studies, and cost-benefit analyses, and identify how the public can access such information online, and shall submit to each House of the Congress and to the Comptroller General a report containing—

“(i) a copy of the rule;

“(ii) a concise general statement relating to the rule;

“(iii) a classification of the rule as a major or nonmajor rule, including an explanation of the classification specifically addressing each criteria for a major rule contained within subparagraphs (A) through (C) of section 804(2);

“(iv) a list of any other related regulatory actions intended to implement the same statutory provision or regulatory objective as well as the individual and aggregate economic effects of those actions; and

“(v) the proposed effective date of the rule.

“(B) On the date of the submission of the report under subparagraph (A), the Federal agency promulgating the rule shall submit to the Comptroller General and make available to each House of Congress—

“(i) a complete copy of the cost-benefit analysis of the rule, if any, including an analysis of any jobs added or lost, differentiating between public and private sector jobs;

“(ii) the agency’s actions pursuant to sections 603, 604, 605, 607, and 609 of this title;

“(iii) the agency’s actions pursuant to sections 202, 203, 204, and 205 of the Unfunded Mandates Reform Act of 1995; and

“(iv) any other relevant information or requirements under any other Act and any relevant Executive orders.

“(C) Upon receipt of a report submitted under subparagraph (A), each House shall provide copies of the report to the chairman and ranking member of each standing committee with jurisdiction under the rules of the House of Representatives or the Senate to report a bill to amend the provision of law under which the rule is issued.

“(2)

“(A) The Comptroller General shall provide a report on each major rule to the committees of jurisdiction by the end of 15 calendar days after the submission or publication date. The report of the Comptroller General shall include an assessment of the agency’s compliance with procedural steps required by paragraph (1)(B) and an assessment of whether the major rule imposes any new limits or mandates on private-sector activity.

“(B) Federal agencies shall cooperate with the Comptroller General by providing information relevant to the Comptroller General’s report under subparagraph (A).

“(3) A major rule relating to a report submitted under paragraph (1) shall take effect upon enactment of a joint resolution of approval described in section 802 or as provided for in the rule following enactment of a joint resolution of approval described in section 802, whichever is later.

“(4) A nonmajor rule shall take effect as provided by section 803 after submission to Congress under paragraph (1).

“(5) If a joint resolution of approval relating to a major rule is not enacted within the period provided in subsection (b)(2), then a joint resolution of approval relating to the same rule may not be considered under this chapter in the same Congress by either the House of Representatives or the Senate.

“(b)

“(1) A major rule shall not take effect unless the Congress enacts a joint resolution of approval described under section 802.

“(2) If a joint resolution described in subsection (a) is not enacted into law by the end of 70 session days or legislative days, as applicable, beginning on the date on which the report referred to in subsection (a)(1)(A) is received by Congress (excluding days either House of Congress is adjourned for more than 3 days during a session of Congress), then the rule described in that resolution shall be deemed not to be approved and such rule shall not take effect.

“(c)

“(1) Notwithstanding any other provision of this section (except subject to paragraph (3)), a major rule may take effect for one 90-calendar-day period if the President makes a determination under paragraph (2) and submits written notice of such determination to the Congress.

“(2) Paragraph (1) applies to a determination made by the President by Executive order that the major rule should take effect because such rule is—

“(A) necessary because of an imminent threat to health or safety or other emergency;

“(B) necessary for the enforcement of criminal laws;

“(C) necessary for national security; or

“(D) issued pursuant to any statute implementing an international trade agreement.

“(3) An exercise by the President of the authority under this subsection shall have no effect on the procedures under section 802.

“(d)

“(1) In addition to the opportunity for review otherwise provided under this chapter, in the case of any rule for which a report was submitted in accordance with subsection (a)(1)(A) during the period beginning on the date occurring—

“(A) in the case of the Senate, 60 session days; or

“(B) in the case of the House of Representatives, 60 legislative days,

“(2)

“(A) In applying sections 802 and 803 for purposes of such additional review, a rule described under paragraph (1) shall be treated as though—

“(i) such rule were published in the Federal Register on—

“(I) in the case of the Senate, the 15th session day; or

“(II) in the case of the House of Representatives, the 15th legislative day,

“(ii) a report on such rule were submitted to Congress under subsection (a)(1) on such date.

“(B) Nothing in this paragraph shall be construed to affect the requirement under subsection (a)(1) that a report shall be submitted to Congress before a rule can take effect.

“(3) A rule described under paragraph (1) shall take effect as otherwise provided by law (including other subsections of this section).

“802. Congressional approval procedure for major rules

“(a)

“(1) For purposes of this section, the term joint resolution means only a joint resolution addressing a report classifying a rule as major pursuant to section 801(a)(1)(A)(iii) that—

“(A) bears no preamble;

“(B) bears the following title (with blanks filled as appropriate): “Approving the rule submitted by ___ relating to ___.”;

“(C) includes after its resolving clause only the following (with blanks filled as appropriate): “That Congress approves the rule submitted by ___ relating to ___.”; and

“(D) is introduced pursuant to paragraph (2).

“(2) After a House of Congress receives a report classifying a rule as major pursuant to section 801(a)(1)(A)(iii), the majority leader of that House (or his or her respective designee) shall introduce (by request, if appropriate) a joint resolution described in paragraph (1)—

“(A) in the case of the House of Representatives, within 3 legislative days; and

“(B) in the case of the Senate, within 3 session days.

“(3) A joint resolution described in paragraph (1) shall not be subject to amendment at any stage of proceeding.

“(b) A joint resolution described in subsection (a) shall be referred in each House of Congress to the committees having jurisdiction over the provision of law under which the rule is issued.

“(c) In the Senate, if the committee or committees to which a joint resolution described in subsection (a) has been referred have not reported it at the end of 15 session days after its introduction, such committee or committees shall be automatically discharged from further consideration of the resolution and it shall be placed on the calendar. A vote on final passage of the resolution shall be taken on or before the close of the 15th session day after the resolution is reported by the committee or committees to which it was referred, or after such committee or committees have been discharged from further consideration of the resolution.

“(d)

“(1) In the Senate, when the committee or committees to which a joint resolution is referred have reported, or when a committee or committees are discharged (under subsection (c)) from further consideration of a joint resolution described in subsection (a), it is at any time thereafter in order (even though a previous motion to the same effect has been disagreed to) for a motion to proceed to the consideration of the joint resolution, and all points of order against the joint resolution (and against consideration of the joint resolution) are waived. The motion is not subject to amendment, or to a motion to postpone, or to a motion to proceed to the consideration of other business. A motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order. If a motion to proceed to the consideration of the joint resolution is agreed to, the joint resolution shall remain the unfinished business of the Senate until disposed of.

“(2) In the Senate, debate on the joint resolution, and on all debatable motions and appeals in connection therewith, shall be limited to not more than 2 hours, which shall be divided equally between those favoring and those opposing the joint resolution. A motion to further limit debate is in order and not debatable. An amendment to, or a motion to postpone, or a motion to proceed to the consideration of other business, or a motion to recommit the joint resolution is not in order.

“(3) In the Senate, immediately following the conclusion of the debate on a joint resolution described in subsection (a), and a single quorum call at the conclusion of the debate if requested in accordance with the rules of the Senate, the vote on final passage of the joint resolution shall occur.

“(4) Appeals from the decisions of the Chair relating to the application of the rules of the Senate to the procedure relating to a joint resolution described in subsection (a) shall be decided without debate.

“(e) In the House of Representatives, if any committee to which a joint resolution described in subsection (a) has been referred has not reported it to the House at the end of 15 legislative days after its introduction, such committee shall be discharged from further consideration of the joint resolution, and it shall be placed on the appropriate calendar. On the second and fourth Thursdays of each month it shall be in order at any time for the Speaker to recognize a Member who favors passage of a joint resolution that has appeared on the calendar for at least 5 legislative days to call up that joint resolution for immediate consideration in the House without intervention of any point of order. When so called up a joint resolution shall be considered as read and shall be debatable for 1 hour equally divided and controlled by the proponent and an opponent, and the previous question shall be considered as ordered to its passage without intervening motion. It shall not be in order to reconsider the vote on passage. If a vote on final passage of the joint resolution has not been taken by the third Thursday on which the Speaker may recognize a Member under this subsection, such vote shall be taken on that day.

“(f)

“(1) If, before passing a joint resolution described in subsection (a), one House receives from the other a joint resolution having the same text, then—

“(A) the joint resolution of the other House shall not be referred to a committee; and

“(B) the procedure in the receiving House shall be the same as if no joint resolution had been received from the other House until the vote on passage, when the joint resolution received from the other House shall supplant the joint resolution of the receiving House.

“(2) This subsection shall not apply to the House of Representatives if the joint resolution received from the Senate is a revenue measure.

“(g) If either House has not taken a vote on final passage of the joint resolution by the last day of the period described in section 801(b)(2), then such vote shall be taken on that day.

“(h) This section and section 803 are enacted by Congress—

“(1) as an exercise of the rulemaking power of the Senate and House of Representatives, respectively, and as such are deemed to be part of the rules of each House, respectively, but applicable only with respect to the procedure to be followed in that House in the case of a joint resolution described in subsection (a) and superseding other rules only where explicitly so; and

“(2) with full recognition of the constitutional right of either House to change the rules (so far as they relate to the procedure of that House) at any time, in the same manner and to the same extent as in the case of any other rule of that House.

“803. Congressional disapproval procedure for nonmajor rules

“(a) For purposes of this section, the term joint resolution means only a joint resolution introduced in the period beginning on the date on which the report referred to in section 801(a)(1)(A) is received by Congress and ending 60 days thereafter (excluding days either House of Congress is adjourned for more than 3 days during a session of Congress), the matter after the resolving clause of which is as follows: “That Congress disapproves the nonmajor rule submitted by the ___ relating to ___ , and such rule shall have no force or effect.” (The blank spaces being appropriately filled in).

“(b) A joint resolution described in subsection (a) shall be referred to the committees in each House of Congress with jurisdiction.

“(c) In the Senate, if the committee to which is referred a joint resolution described in subsection (a) has not reported such joint resolution (or an identical joint resolution) at the end of 15 session days after the date of introduction of the joint resolution, such committee may be discharged from further consideration of such joint resolution upon a petition supported in writing by 30 Members of the Senate, and such joint resolution shall be placed on the calendar.

“(d)

“(1) In the Senate, when the committee to which a joint resolution is referred has reported, or when a committee is discharged (under subsection (c)) from further consideration of a joint resolution described in subsection (a), it is at any time thereafter in order (even though a previous motion to the same effect has been disagreed to) for a motion to proceed to the consideration of the joint resolution, and all points of order against the joint resolution (and against consideration of the joint resolution) are waived. The motion is not subject to amendment, or to a motion to postpone, or to a motion to proceed to the consideration of other business. A motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order. If a motion to proceed to the consideration of the joint resolution is agreed to, the joint resolution shall remain the unfinished business of the Senate until disposed of.

“(2) In the Senate, debate on the joint resolution, and on all debatable motions and appeals in connection therewith, shall be limited to not more than 10 hours, which shall be divided equally between those favoring and those opposing the joint resolution. A motion to further limit debate is in order and not debatable. An amendment to, or a motion to postpone, or a motion to proceed to the consideration of other business, or a motion to recommit the joint resolution is not in order.

“(3) In the Senate, immediately following the conclusion of the debate on a joint resolution described in subsection (a), and a single quorum call at the conclusion of the debate if requested in accordance with the rules of the Senate, the vote on final passage of the joint resolution shall occur.

“(4) Appeals from the decisions of the Chair relating to the application of the rules of the Senate to the procedure relating to a joint resolution described in subsection (a) shall be decided without debate.

“(e) In the Senate, the procedure specified in subsection (c) or (d) shall not apply to the consideration of a joint resolution respecting a nonmajor rule—

“(1) after the expiration of the 60 session days beginning with the applicable submission or publication date; or

“(2) if the report under section 801(a)(1)(A) was submitted during the period referred to in section 801(d)(1), after the expiration of the 60 session days beginning on the 15th session day after the succeeding session of Congress first convenes.

“(f) If, before the passage by one House of a joint resolution of that House described in subsection (a), that House receives from the other House a joint resolution described in subsection (a), then the following procedures shall apply:

“(1) The joint resolution of the other House shall not be referred to a committee.

“(2) With respect to a joint resolution described in subsection (a) of the House receiving the joint resolution—

“(A) the procedure in that House shall be the same as if no joint resolution had been received from the other House; but

“(B) the vote on final passage shall be on the joint resolution of the other House.

“804. Definitions

“For purposes of this chapter:

“(1) The term Federal agency means any agency as that term is defined in section 551(1).

“(2) The term major rule means any rule, including an interim final rule, that the Administrator of the Office of Information and Regulatory Affairs of the Office of Management and Budget finds has resulted in or is likely to result in—

“(A) an annual effect on the economy of $100 million or more;

“(B) a major increase in costs or prices for consumers, individual industries, Federal, State, or local government agencies, or geographic regions; or

“(C) significant adverse effects on competition, employment, investment, productivity, innovation, or the ability of United States-based enterprises to compete with foreign-based enterprises in domestic and export markets.

“(3) The term nonmajor rule means any rule that is not a major rule.

“(4) The term rule has the meaning given such term in section 551, except that such term does not include—

“(A) any rule of particular applicability, including a rule that approves or prescribes for the future rates, wages, prices, services, or allowances therefore, corporate or financial structures, reorganizations, mergers, or acquisitions thereof, or accounting practices or disclosures bearing on any of the foregoing;

“(B) any rule relating to agency management or personnel; or

“(C) any rule of agency organization, procedure, or practice that does not substantially affect the rights or obligations of non-agency parties.

“(5) The term submission or publication date, except as otherwise provided in this chapter, means—

“(A) in the case of a major rule, the date on which the Congress receives the report submitted under section 801(a)(1); and

“(B) in the case of a nonmajor rule, the later of—

“(i) the date on which the Congress receives the report submitted under section 801(a)(1); and

“(ii) the date on which the nonmajor rule is published in the Federal Register, if so published.

“805. Judicial review

“(a) No determination, finding, action, or omission under this chapter shall be subject to judicial review.

“(b) Notwithstanding subsection (a), a court may determine whether a Federal agency has completed the necessary requirements under this chapter for a rule to take effect.

“(c) The enactment of a joint resolution of approval under section 802 shall not be interpreted to serve as a grant or modification of statutory authority by Congress for the promulgation of a rule, shall not extinguish or affect any claim, whether substantive or procedural, against any alleged defect in a rule, and shall not form part of the record before the court in any judicial proceeding concerning a rule except for purposes of determining whether or not the rule is in effect.

“806. Exemption for monetary policy

“Nothing in this chapter shall apply to rules that concern monetary policy proposed or implemented by the Board of Governors of the Federal Reserve System or the Federal Open Market Committee.

“807. Effective date of certain rules

“Notwithstanding section 801—

“(1) any rule that establishes, modifies, opens, closes, or conducts a regulatory program for a commercial, recreational, or subsistence activity related to hunting, fishing, or camping; or

“(2) any rule other than a major rule which an agency for good cause finds (and incorporates the finding and a brief statement of reasons therefore in the rule issued) that notice and public procedure thereon are impracticable, unnecessary, or contrary to the public interest,”

(d)
Budgetary effects of rules subject to section 802 of title 5, United States Code— Section 257(b)(2) of the Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 907(b)(2)) is amended by adding at the end the following:

“(E) Budgetary effects of rules subject to section 802 of title 5, United States Code—Any rule subject to the congressional approval procedure set forth in section 802 of chapter 8 of title 5, United States Code, affecting budget authority, outlays, or receipts shall be assumed to be effective unless it is not approved in accordance with such section.”

(e)
Government Accountability Office study of rules—
(1)
In general— The Comptroller General of the United States shall conduct a study to determine, as of the date of enactment of this Act—
(A)
how many rules (as such term is defined in section 804 of title 5, United States Code) were in effect;
(B)
how many major rules (as such term is defined in section 804 of title 5, United States Code) were in effect; and
(C)
the total estimated economic cost imposed by all such rules.
(2)
Report— Not later than 1 year after the date of enactment of this Act, the Comptroller General of the United States shall submit a report to Congress that contains the findings of the study conducted under paragraph (1).

Sec. 207 Bank Regulatory Relief

(a)
Temporary relief for community banks— Section 4012(b)(2) of the CARES Act (15 U.S.C. 9050(b)(2)) is amended by striking “December 31, 2020” and inserting “December 31, 2021”.
(b)
Temporary relief from troubled debt restructurings— Section 4013(a)(1) of the CARES Act (15 U.S.C. 9051(a)(1)) is amended by striking “December 31, 2020” and inserting “January 1, 2022”.
(c)
Optional temporary relief from current expected credit losses— Section 4014(b)(2) of the CARES Act (15 U.S.C. 9052(b)(2)) is amended by striking “December 31, 2020” and inserting “January 1, 2023”.

Sec. 208 Congressional review for coronavirus regulations

(a)
Definitions— In this section:
(1)
Agency— The term agency has the meaning given the term in section 551 of title 5, United States Code.
(2)
Emergency period— The term emergency period means the duration of a public health emergency declared pursuant to section 319 of the Public Health Service Act (42 U.S.C. 247d) as a result of confirmed cases of 2019 novel Coronavirus (COVID–19), including any renewal thereof.
(3)
Regulation— The term regulation has the meaning given the term rule under section 551 of title 5, United States Code.
(b)
Repeal or Modification of Regulations during the emergency period— Any waiver or modification of any regulation which was made during the emergency period and is in effect as of the date of the enactment of this Act shall be treated as permanent, and such regulation shall be treated as repealed or modified, as applicable, as of the date of the enactment of this Act and thereafter, unless a Federal Regulatory Review Commission recommends the regulation should not be repealed or modified, as applicable, and a law is enacted confirming the recommendation.
(c)
Federal Regulatory Review Commissions—
(1)
Establishment— There are established Commissions to be known as the “Federal Regulatory Review Commissions”.
(2)
Members— Each Commission shall be composed of members of the congressional committee of each jurisdiction and the head of each agency under the jurisdiction of that committee (in this subsection referred to as the “members”).
(3)
Information— Members may obtain information from individuals with expertise in the operations and regulations of government programs.
(4)
Duties of the Commissions—
(A)
Review of Federal regulations— Not later than 2 months after the date of enactment of this Act, each Commission shall submit to the Speaker of the House of Representatives and the majority leader of the Senate an official recommendation on the repeal or modification of each regulation waived or modified during the emergency period.
(B)
Extension— The deadline in subparagraph (A) may be extended for an additional month if the Congress enacts legislation extending such deadline by a vote of a majority of the House of Representatives and the Senate.
(5)
Report to Congress—
(A)
Agency report on regulations— Not later than 1 month after the date of enactment of this Act, the head of each agency shall submit to each congressional committee of jurisdiction a report that includes—
(i)
an analysis of whether or not the agency can function without the regulation or with the modified regulation, as applicable; and
(ii)
an analysis of whether the regulation should be restored to its original state before the emergency period or should remain repealed or modified, as applicable.
(B)
Public comment period required— The head of an agency shall provide a public comment period before submitting a report pursuant to subparagraph (A).
(6)
Congressional recommendation— Not later than 1 month after receiving a report from the head of each agency pursuant to paragraph (5), each committee shall submit to the Speaker of the House of Representatives and the majority leader of the Senate an official recommendation on whether or not the repealed or modified regulation should be re-established.
(7)
Sunset of Commissions— The Commissions established in this subsection shall terminate on the final day of the final recommendation by each committee.

Sec. 209 BEAT CHINA Act

(a)
Short title— This section may be cited as the “Bring Entrepreneurial Advancements To Consumers Here In North America Act” or the “BEAT CHINA Act”.
(b)
In general— Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 139H the following new section:

“139I. Exclusion of gain on disposition of property in connection with qualified relocation of manufacturing

“(a) In general—In the case of a qualified manufacturer, gross income shall not include gain from the sale or exchange of qualified relocation disposition property.

“(b) Qualified relocation disposition property—For purposes of this section—

“(1) In general—The term qualified relocation disposition property means any property which—

“(A) is sold or exchanged by a qualified manufacturer in connection with a qualified relocation of manufacturing, and

“(B) was used by such qualified manufacturer in the trade or business of manufacturing a qualified medical product in the foreign country from which such manufacturing is being relocated.

“(2) Qualified relocation of manufacturing

“(A) In general—The term qualified relocation of manufacturing means, with respect to any qualified manufacturer, the relocation of the manufacturing of a qualified medical product from a foreign country to the United States.

“(B) Relocation of property not required—For purposes of subparagraph (A), manufacturing shall not fail to be treated as relocated merely because property used in such manufacturing was not relocated.

“(C) Relocation of not less than equivalent productive capacity required—For purposes of subparagraph (A), manufacturing shall not be treated as relocated unless the property manufactured in the United States is substantially identical to the property previously manufactured in a foreign country and the increase in the units of production of such property in the United States by the qualified manufacturer is not less than the reduction in the units of production of such property in such foreign country by such qualified manufacturer.

“(c) Qualified manufacturer—For purposes of this section, the term qualified manufacturer means any person engaged in the trade or business of manufacturing a qualified medical product.

“(d) Qualified medical product—For purposes of this section, the term qualified medical product means any pharmaceutical, medical device, or medical supply.”

(c)
Clerical amendment— The table of sections for part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 139H the following new item:
(d)
Effective date— The amendments made by this section shall apply to sales and exchanges after the date of the enactment of this Act.

Sec. 210 Funding for SPR Petroleum Account

(a)
In general— There is appropriated, out of amounts in the Treasury not otherwise appropriated, for the fiscal year ending September 30, 2020, $3,000,000,000 for additional amounts for the “SPR Petroleum Account” for necessary expenses related to the acquisition, transportation, and injection of domestic petroleum products pursuant to the Energy Policy and Conservation Act (42 U.S.C. 6201 et seq.), to remain available until September 30, 2021.
(b)
Emergency designation— The amount provided by this section is designated by the Congress as being for an emergency requirement pursuant to section 251(b)(2)(A)(i) of the Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 901(b)(2)(A)(i)).

Sec. 211 Expansion of research credit for qualified small businesses

(a)
In general— Section 41(h) of the Internal Revenue Code of 1986 is amended—
(1)
in paragraph (3)(A)(i)(I), by striking “$5,000,000” and inserting “$10,000,000”,
(2)
in paragraph (4)(B)(i), by striking “$250,000” and inserting “$500,000”, and
(3)
in paragraph (5)(B)(ii), by striking “$250,000” and inserting “$500,000”.
(b)
Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2020.

Sec. 212 Extension of aviation excise tax holiday

Section 4007 of division A of the CARES Act is amended by striking “ending before January 1, 2021” and inserting “ending on the date that is 1 year after the last day that the public health emergency declared by the Secretary of Health and Human Services under section 319 of the Public Health Service Act (42 U.S.C. 247d) on January 31, 2020, with respect to COVID–19, is in effect”.