The Congressional Record is a unique source of public documentation. It started in 1873, documenting nearly all the major and minor policies being discussed and debated.
“TEXT OF AMENDMENTS” mentioning the Federal Reserve System was published in the Senate section on pages S4859-S4864 on June 10, 2010.
The publication is reproduced in full below:
TEXT OF AMENDMENTS
SA 4334. Mr. ISAKSON (for himself, Mr. Dodd, and Mr. Reid) submitted an amendment intended to be proposed to amendment SA 4301 proposed by Mr. Baucus to the bill H.R. 4213, to amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes; which was ordered to lie on the table; as follows:
At the end of part I of subtitle B of title II, insert the following:
SEC. --. FIRST-TIME HOMEBUYER CREDIT.
(a) In General.--Paragraph (2) of section 36(h) is amended by striking ``paragraph (1) shall be applied by substituting
`July 1, 2010' '' and inserting ``and who purchases such residence before October 1, 2010, paragraph (1) shall be applied by substituting `October 1, 2010' ''.
(b) Conforming Amendment.--Subparagraph (B) of section 36(h)(3) is amended by inserting ``and for `October 1, 2010'
'' after ``for `July 1, 2010' ''.
(c) Effective Date.--The amendments made by this section shall apply to residences purchased after June 30, 2010.
______
SA 4335. Mr. NELSON of Florida (for himself, Ms. Landrieu, Mr. LeMieux, Mr. Vitter, Mr. Shelby, Mr. Wicker, Mr. Cochran, and Mr. Schumer) submitted an amendment intended to be proposed to amendment SA 4301 proposed by Mr. Baucus to the bill H.R. 4213, to amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes; which was ordered to lie on the table; as follows:
At the end of title VI, add the following:
SEC. ___. 5-YEAR NET OPERATING LOSS CARRYBACK FOR CERTAIN OIL
SPILL-RELATED LOSSES.
(a) Extension of Net Operating Loss Carryback Period.--Paragraph (1) of section 172(b) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:
``(K) Certain oil spill-related losses.--In the case of a taxpayer which has a qualified oil spill loss (as defined in subsection (k)) for a taxable year, such qualified oil spill loss shall be a net operating loss carryback to each of the 5 taxable years preceding the taxable year of such loss.''.
(b) Qualified Oil Spill Loss.--Section 172 of the Internal Revenue Code of 1986 is amended by redesignating subsection
(k) as subsection (l) and by inserting after subsection (j) the following new subsection:
``(k) Rules Relating to Qualified Oil Spill Losses.--For purposes of this section--
``(1) Qualified oil spill losses.--
``(A) In general.--Except as otherwise provided in this paragraph, the term `qualified oil spill loss' means the lesser of--
``(i) the excess of--
``(I) the amount of losses in a taxable year ending after April 20, 2010, and before October 1, 2011, incurred by a commercial or charter fishing business operating in the Gulf of Mexico or a Gulf of Mexico tourism-related business attributable to the discharge of oil that began in 2010 in connection with the explosion on, and sinking of, the mobile offshore drilling unit Deepwater Horizon, over
``(II) amounts received during such taxable year as payments for lost profits and earning capacity under section 1002(b)(2)(E) of the Oil Pollution Act of 1990 (33 U.S.C. 2702(b)(2)(E)), or
``(ii) the amount of the net operating loss for such taxable year.
``(B) Safe harbor for certain small businesses.--In the case of--
``(i) any commercial or charter fishing business operating in the Gulf of Mexico, or
``(ii) any Gulf of Mexico tourism-related business,
the gross revenues of which for any taxable year ending after April 20, 2010, and before October 1, 2011, do not exceed
$5,000,000, such term means the amount of the net operating loss of such business for such taxable year.
``(C) Coordination with qualified disaster losses.--Such term shall not include any qualified disaster loss (as defined in subsection (j)).
``(2) Coordination with subsection (b)(2).--For purposes of applying subsection (b)(2), a qualified oil spill loss for any taxable year shall be treated in a manner similar to the manner in which a specified liability loss is treated.
``(3) Election.--Any taxpayer entitled to a 5-year carryback under subsection (b)(1)(K) from any loss year may elect to have the carryback period with respect to such loss year determined without regard to subsection (b)(1)(K). Such election shall be made in such manner as may be prescribed by the Secretary and shall be made by the due date (including extensions of time) for filing the taxpayer's return for the taxable year of the net operating loss. Such election, once made for any taxable year, shall be irrevocable for such taxable year.
``(4) Gulf of mexico tourism-related business.--For purposes of this subsection--
``(A) In general.--The term `Gulf of Mexico tourism-related business' means a hotel, lodging, recreation, entertainment, or restaurant business located in a Gulf Coast community.
``(B) Gulf coast community.--The term `Gulf Coast community' means any county or parish in the States of Louisiana, Mississippi, Alabama, or Florida which borders the Gulf of Mexico.''.
(c) Effective Date.--
(1) In general.--Except as otherwise provided in this subsection, the amendments made by this section shall apply to net operating losses arising in taxable years ending after April 20, 2010.
(2) Transition rule.--In the case of a net operating loss for a taxable year ending before the date of the enactment of this Act--
(A) notwithstanding section 172(b)(1)(H)(iii)(II), any election made under subsection (b)(1)(H) or 172(b)(3) of section 172 of such Code with respect to such loss may
(notwithstanding such section) be revoked before the applicable date,
(B) any election made under section 172(b)(1)(K) of such Code with respect to such loss shall (notwithstanding such section) be treated as timely made if made before the applicable date, and
(C) any application under section 6411(a) of such Code with respect to such loss shall be treated as timely filed if filed before the applicable date.
For purposes of this paragraph, the term ``applicable date'' means the date which is 60 days after the date of the enactment of this Act.
______
SA 4336. Mr. GRASSLEY (for himself, Mr. Roberts, Mr. Crapo, Mr. Nelson of Nebraska, Mr. Hatch, and Mr. Brownback) submitted an amendment intended to be proposed by him to the bill H.R. 4213, to amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes; which was ordered to lie on the table; as follows:
At the end, add the following:
TITLE VIII--SMALL BUSINESS PENALTY FAIRNESS
SEC. 801. LIMITATION ON PENALTY FOR FAILURE TO DISCLOSE
REPORTABLE TRANSACTIONS BASED ON RESULTING TAX
BENEFITS.
(a) In General.--Subsection (b) of section 6707A of the Internal Revenue Code of 1986 is amended to read as follows:
``(b) Amount of Penalty.--
``(1) In general.--Except as otherwise provided in this subsection, the amount of the penalty under subsection (a) with respect to any reportable transaction shall be 75 percent of the decrease in tax shown on the return as a result of such transaction (or which would have resulted from such transaction if such transaction were respected for Federal tax purposes).
``(2) Maximum penalty.--The amount of the penalty under subsection (a) with respect to any reportable transaction shall not exceed--
``(A) in the case of a listed transaction, $200,000
($100,000 in the case of a natural person),
``(B) in the case of any other reportable transaction,
$50,000 ($10,000 in the case of a natural person).
``(3) Minimum penalty.--The amount of the penalty under subsection (a) with respect to any transaction shall not be less than $10,000 ($5,000 in the case of a natural person).''.
(b) Effective Date.--The amendment made by this section shall apply to penalties assessed after December 31, 2006.
SEC. 802. REPORT ON TAX SHELTER PENALTIES AND CERTAIN OTHER
ENFORCEMENT ACTIONS.
(a) In General.--The Commissioner of Internal Revenue, in consultation with the Secretary of the Treasury, shall submit to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate an annual report on the penalties assessed by the Internal Revenue Service during the preceding year under each of the following provisions of the Internal Revenue Code of 1986:
(1) Section 6662A (relating to accuracy-related penalty on understatements with respect to reportable transactions).
(2) Section 6700(a) (relating to promoting abusive tax shelters).
(3) Section 6707 (relating to failure to furnish information regarding reportable transactions).
(4) Section 6707A (relating to failure to include reportable transaction information with return).
(5) Section 6708 (relating to failure to maintain lists of advisees with respect to reportable transactions).
(b) Additional Information.--The report required under subsection (a) shall also include information on the following with respect to each year:
(1) Any action taken under section 330(b) of title 31, United States Code, with respect to any reportable transaction (as defined in section 6707A(c) of the Internal Revenue Code of 1986).
(2) Any extension of the time for assessment of tax enforced, or assessment of any amount under such an extension, under paragraph (10) of section 6501(c) of the Internal Revenue Code of 1986.
(c) Date of Report.--The first report required under subsection (a) shall be submitted not later than December 31, 2010.
SEC. 803. APPLICATION OF BAD CHECKS PENALTY TO ELECTRONIC
PAYMENTS.
(a) In General.--Section 6657 of the Internal Revenue Code of 1986 is amended--
(1) by striking ``If any check or money order in payment of any amount'' and inserting ``If any instrument in payment, by any commercially acceptable means, of any amount'', and
(2) by striking ``such check'' each place it appears and inserting ``such instrument''.
(b) Effective Dates.--The amendments made by this section shall apply to instruments tendered after the date of the enactment of this Act.
SEC. 804. APPLICATION OF LEVY TO PAYMENTS TO FEDERAL VENDORS
RELATING TO PROPERTY.
(a) In General.--Section 6331(h)(3) of the Internal Revenue Code of 1986 is amended by striking ``goods or services'' and inserting ``property, goods, or services''.
(b) Effective Date.--The amendment made by this section shall apply to levies approved after the date of the enactment of this Act.
______
SA 4337. Ms. KLOBUCHAR (for herself and Mr. Dorgan) submitted an amendment intended to be proposed to amendment SA 4301 proposed by Mr. Baucus to the bill H.R. 4213, to amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes; which was ordered to lie on the table; as follows:
On page 363, between lines 3 and 4, insert the following:
(c) Program Audits.--Subsection (b)(8)(D) of the Travel Promotion Act of 2009 (22 U.S.C. 2131(b)(8)(D)) is amended by striking ``2 years after the date of enactment of this section,'' and inserting ``3 years after the date of enactment of the Travel Promotion Act of 2009,''.
(d) Research Program.--Section 203(b) of the International Travel Act of 1961 (22 U.S.C. 2123a(b)) is amended by striking ``2010 through 2014'' and inserting ``2010 through 2015''.
(e) Correction of Cross-reference.--Section 202(c)(1) of the International Travel Act of 1961 (22 U.S.C. 2123(c)(1)) is amended by striking ``subsection (b) of section 11 of the Travel Promotion Act of 2009'' and inserting ``subsection (b) of the Travel Promotion Act of 2009 (22 U.S.C. 2131(b))''.
______
SA 4338. Mr. WICKER (for himself, Ms. Landrieu, Mr. Cochran, and Mr. Vitter) submitted an amendment intended to be proposed to amendment SA 4301 proposed by Mr. Baucus to the bill H.R. 4213, to amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes; which was ordered to lie on the table; as follows:
At the end of subpart B of part II of subtitle D of title II, add the following:
SEC. ___. SPECIAL DEPRECIATION ALLOWANCE.
(a) In General.--Paragraph (6) of section 1400N(d)(6) is amended by striking subparagraph (D).
(b) Effective Date.--The amendment made by this section shall apply to property placed in service after December 31, 2009.
______
SA 4339. Mr. DORGAN (for Mr. Rockefeller) proposed an amendment to the bill H.R. 3360, to amend title 46, United States Code, to establish requirements to ensure the security and safety of passengers and crew on cruise vessels, and for other purposes, as follows:
Strike out all after the enacting clause and insert the following:
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Cruise Vessel Security and Safety 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. Findings.
Sec. 3. Cruise vessel security and safety requirements.
Sec. 4. Offset of administrative costs.
SEC. 2. FINDINGS.
The Congress makes the following findings:
(1) There are approximately 200 overnight ocean-going cruise vessels worldwide. The average ocean-going cruise vessel carries 2,000 passengers with a crew of 950 people.
(2) In 2007 alone, approximately 12,000,000 passengers were projected to take a cruise worldwide.
(3) Passengers on cruise vessels have an inadequate appreciation of their potential vulnerability to crime while on ocean voyages, and those who may be victimized lack the information they need to understand their legal rights or to know whom to contact for help in the immediate aftermath of the crime.
(4) Sexual violence, the disappearance of passengers from vessels on the high seas, and other serious crimes have occurred during luxury cruises.
(5) Over the last 5 years, sexual assault and physical assaults on cruise vessels were the leading crimes investigated by the Federal Bureau of Investigation with regard to cruise vessel incidents.
(6) These crimes at sea can involve attacks both by passengers and crewmembers on other passengers and crewmembers.
(7) Except for United States flagged vessels, or foreign flagged vessels operating in an area subject to the direct jurisdiction of the United States, there are no Federal statutes or regulations that explicitly require cruise lines to report alleged crimes to United States Government officials.
(8) It is not known precisely how often crimes occur on cruise vessels or exactly how many people have disappeared during ocean voyages because cruise line companies do not make comprehensive, crime-related data readily available to the public.
(9) Obtaining reliable crime-related cruise data from governmental sources can be difficult, because multiple countries may be involved when a crime occurs on the high seas, including the flag country for the vessel, the country of citizenship of particular passengers, and any countries having special or maritime jurisdiction.
(10) It can be difficult for professional crime investigators to immediately secure an alleged crime scene on a cruise vessel, recover evidence of an onboard offense, and identify or interview potential witnesses to the alleged crime.
(11) Most cruise vessels that operate into and out of United States ports are registered under the laws of another country, and investigations and prosecutions of crimes against passengers and crewmembers may involve the laws and authorities of multiple nations.
(12) The Department of Homeland Security has found it necessary to establish 500-yard security zones around cruise vessels to limit the risk of terrorist attack. Recently piracy has dramatically increased throughout the world.
(13) To enhance the safety of cruise passengers, the owners of cruise vessels could upgrade, modernize, and retrofit the safety and security infrastructure on such vessels by installing peep holes in passenger room doors, installing security video cameras in targeted areas, limiting access to passenger rooms to select staff during specific times, and installing acoustic hailing and warning devices capable of communicating over distances.
SEC. 3. CRUISE VESSEL SECURITY AND SAFETY REQUIREMENTS.
(a) In General.--Chapter 35 of title 46, United States Code, is amended by adding at the end the following:
``Sec. 3507. Passenger vessel security and safety requirements
``(a) Vessel Design, Equipment, Construction, and Retrofitting Requirements.--
``(1) In general.--Each vessel to which this subsection applies shall comply with the following design and construction standards:
``(A) The vessel shall be equipped with ship rails that are located not less than 42 inches above the cabin deck.
``(B) Each passenger stateroom and crew cabin shall be equipped with entry doors that include peep holes or other means of visual identification.
``(C) For any vessel the keel of which is laid after the date of enactment of the Cruise Vessel Security and Safety Act of 2010, each passenger stateroom and crew cabin shall be equipped with--
``(i) security latches; and
``(ii) time-sensitive key technology.
``(D) The vessel shall integrate technology that can be used for capturing images of passengers or detecting passengers who have fallen overboard, to the extent that such technology is available.
``(E) The vessel shall be equipped with a sufficient number of operable acoustic hailing or other such warning devices to provide communication capability around the entire vessel when operating in high risk areas (as defined by the United States Coast Guard).
``(2) Fire safety codes.--In administering the requirements of paragraph (1)(C), the Secretary shall take into consideration fire safety and other applicable emergency requirements established by the U. S. Coast Guard and under international law, as appropriate.
``(3) Effective date.--
``(A) In general.--Except as provided in subparagraph (B), the requirements of paragraph (1) shall take effect 18 months after the date of enactment of the Cruise Vessel Security and Safety Act of 2010.
``(B) Latch and key requirements.--The requirements of paragraph (1)(C) take effect on the date of enactment of the Cruise Vessel Security and Safety Act of 2010.
``(b) Video Recording.--
``(1) Requirement to maintain surveillance.--The owner of a vessel to which this section applies shall maintain a video surveillance system to assist in documenting crimes on the vessel and in providing evidence for the prosecution of such crimes, as determined by the Secretary.
``(2) Access to video records.--The owner of a vessel to which this section applies shall provide to any law enforcement official performing official duties in the course and scope of an investigation, upon request, a copy of all records of video surveillance that the official believes may provide evidence of a crime reported to law enforcement officials.
``(c) Safety Information.--
``(1) Criminal Activity Prevention and Response Guide.--The owner of a vessel to which this section applies (or the owner's designee) shall--
``(A) have available for each passenger a guide (referred to in this subsection as the `security guide'), written in commonly understood English, which--
``(i) provides a description of medical and security personnel designated on board to prevent and respond to criminal and medical situations with 24 hour contact instructions;
(ii) describes the jurisdictional authority applicable, and the law enforcement processes available, with respect to the reporting of homicide, suspicious death, a missing United States national, kidnapping, assault with serious bodily injury, any offense to which section 2241, 2242, 2243, or 2244(a) or (c) of title 18 applies, firing or tampering with the vessel, or theft of money or property in excess of
$10,000, together with contact information for the appropriate law enforcement authorities for missing persons or reportable crimes which arise--
``(I) in the territorial waters of the United States;
``(II) on the high seas; or
``(III) in any country to be visited on the voyage;
``(B) provide a copy of the security guide to the Federal Bureau of Investigation for comment; and
``(C) publicize the security guide on the website of the vessel owner.
``(2) Embassy and consulate locations.--The owner of a vessel to which this section applies shall provide in each passenger stateroom, and post in a location readily accessible to all crew and in other places specified by the Secretary, information regarding the locations of the United States embassy and each consulate of the United States for each country the vessel will visit during the course of the voyage.
``(d) Sexual Assault.--The owner of a vessel to which this section applies shall--
``(1) maintain on the vessel adequate, in-date supplies of anti-retroviral medications and other medications designed to prevent sexually transmitted diseases after a sexual assault;
``(2) maintain on the vessel equipment and materials for performing a medical examination in sexual assault cases to evaluate the patient for trauma, provide medical care, and preserve relevant medical evidence;
``(3) make available on the vessel at all times medical staff who have undergone a credentialing process to verify that he or she--
``(A) possesses a current physician's or registered nurse's license and--
``(i) has at least 3 years of post-graduate or post-registration clinical practice in general and emergency medicine; or
``(ii) holds board certification in emergency medicine, family practice medicine, or internal medicine;
``(B) is able to provide assistance in the event of an alleged sexual assault, has received training in conducting forensic sexual assault examination, and is able to promptly perform such an examination upon request and provide proper medical treatment of a victim, including administration of anti-retroviral medications and other medications that may prevent the transmission of human immunodeficiency virus and other sexually transmitted diseases; and
``(C) meets guidelines established by the American College of Emergency Physicians relating to the treatment and care of victims of sexual assault;
``(4) prepare, provide to the patient, and maintain written documentation of the findings of such examination that is signed by the patient; and
``(5) provide the patient free and immediate access to--
``(A) contact information for local law enforcement, the Federal Bureau of Investigation, the United States Coast Guard, the nearest United States consulate or embassy, and the National Sexual Assault Hotline program or other third party victim advocacy hotline service; and
``(B) a private telephone line and Internet-accessible computer terminal by which the individual may confidentially access law enforcement officials, an attorney, and the information and support services available through the National Sexual Assault Hotline program or other third party victim advocacy hotline service.
``(e) Confidentiality of Sexual Assault Examination and Support Information.--The master or other individual in charge of a vessel to which this section applies shall--
``(1) treat all information concerning an examination under subsection (d) confidential, so that no medical information may be released to the cruise line or other owner of the vessel or any legal representative thereof without the prior knowledge and approval in writing of the patient, or, if the patient is unable to provide written authorization, the patient's next-of-kin, except that nothing in this paragraph prohibits the release of--
``(A) information, other than medical findings, necessary for the owner or master of the vessel to comply with the provisions of subsection (g) or other applicable incident reporting laws;
``(B) information to secure the safety of passengers or crew on board the vessel; or
``(C) any information to law enforcement officials performing official duties in the course and scope of an investigation; and
``(2) treat any information derived from, or obtained in connection with, post-assault counseling or other supportive services confidential, so no such information may be released to the cruise line or any legal representative thereof without the prior knowledge and approval in writing of the patient, or, if the patient is unable to provide written authorization, the patient's next-of-kin.
``(f) Crew Access to Passenger Staterooms.--The owner of a vessel to which this section applies shall--
``(1) establish and implement procedures and restrictions concerning--
``(A) which crewmembers have access to passenger staterooms; and
``(B) the periods during which they have that access; and
``(2) ensure that the procedures and restrictions are fully and properly implemented and periodically reviewed.
``(g) Log Book and Reporting Requirements.--
``(1) In general.--The owner of a vessel to which this section applies shall--
``(A) record in a log book, either electronically or otherwise, in a centralized location readily accessible to law enforcement personnel, a report on--
``(i) all complaints of crimes described in paragraph
(3)(A)(i),
``(ii) all complaints of theft of property valued in excess of $1,000, and
``(iii) all complaints of other crimes,committed on any voyage that embarks or disembarks passengers in the United States; and
``(B) make such log book available upon request to any agent of the Federal Bureau of Investigation, any member of the United States Coast Guard, and any law enforcement officer performing official duties in the course and scope of an investigation.
``(2) Details required.--The information recorded under paragraph (1) shall include, at a minimum--
``(A) the vessel operator;
``(B) the name of the cruise line;
``(C) the flag under which the vessel was operating at the time the reported incident occurred;
``(D) the age and gender of the victim and the accused assailant;
``(E) the nature of the alleged crime or complaint, as applicable, including whether the alleged perpetrator was a passenger or a crewmember;
``(F) the vessel's position at the time of the incident, if known, or the position of the vessel at the time of the initial report;
``(G) the time, date, and method of the initial report and the law enforcement authority to which the initial report was made;
``(H) the time and date the incident occurred, if known;
``(I) the total number of passengers and the total number of crew members on the voyage; and
``(J) the case number or other identifier provided by the law enforcement authority to which the initial report was made.
``(3) Requirement to report crimes and other information.--
``(A) In general.--The owner of a vessel to which this section applies (or the owner's designee)--
``(i) shall contact the nearest Federal Bureau of Investigation Field Office or Legal Attache by telephone as soon as possible after the occurrence on board the vessel of an incident involving homicide, suspicious death, a missing United States national, kidnapping, assault with serious bodily injury, any offense to which section 2241, 2242, 2243, or 2244(a) or (c) of title 18 applies, firing or tampering with the vessel, or theft of money or property in excess of
$10,000 to report the incident;
``(ii) shall furnish a written report of the incident to an Internet based portal maintained by the Secretary;
``(iii) may report any serious incident that does not meet the reporting requirements of clause (i) and that does not require immediate attention by the Federal Bureau of Investigation via the Internet based portal maintained by the Secretary; and
``(iv) may report any other criminal incident involving passengers or crewmembers, or both, to the proper State or local government law enforcement authority.
``(B) Incidents to which subparagraph (A) applies.--Subparagraph (A) applies to an incident involving criminal activity if--
``(i) the vessel, regardless of registry, is owned, in whole or in part, by a United States person, regardless of the nationality of the victim or perpetrator, and the incident occurs when the vessel is within the admiralty and maritime jurisdiction of the United States and outside the jurisdiction of any State;
``(ii) the incident concerns an offense by or against a United States national committed outside the jurisdiction of any nation;
``(iii) the incident occurs in the Territorial Sea of the United States, regardless of the nationality of the vessel, the victim, or the perpetrator; or
``(iv) the incident concerns a victim or perpetrator who is a United States national on a vessel during a voyage that departed from or will arrive at a United States port.
``(4) Availability of incident data via internet.--
``(A) Website.--The Secretary shall maintain a statistical compilation of all incidents described in paragraph (3)(A)(i) on an Internet site that provides a numerical accounting of the missing persons and alleged crimes recorded in each report filed under paragraph (3)(A)(i) that are no longer under investigation by the Federal Bureau of Investigation. The data shall be updated no less frequently than quarterly, aggregated by cruise line, each cruise line shall be identified by name, and each crime shall be identified as to whether it was committed by a passenger or a crew member.
``(B) Access to website.--Each cruise line taking on or discharging passengers in the United States shall include a link on its Internet website to the website maintained by the Secretary under subparagraph (A).
``(h) Enforcement.--
``(1) Penalties.--
``(A) Civil penalty.--Any person that violates this section or a regulation under this section shall be liable for a civil penalty of not more than $25,000 for each day during which the violation continues, except that the maximum penalty for a continuing violation is $50,000.
``(B) Criminal penalty.--Any person that willfully violates this section or a regulation under this section shall be fined not more than $250,000 or imprisoned not more than 1 year, or both.
``(2) Denial of entry.--The Secretary may deny entry into the United States to a vessel to which this section applies if the owner of the vessel--
``(A) commits an act or omission for which a penalty may be imposed under this subsection; or
``(B) fails to pay a penalty imposed on the owner under this subsection.
``(i) Procedures.--Within 6 months after the date of enactment of the Cruise Vessel Security and Safety Act of 2010, the Secretary shall issue guidelines, training curricula, and inspection and certification procedures necessary to carry out the requirements of this section.
``(j) Regulations.--The Secretary and the Commandant shall each issue such regulations as are necessary to implement this section.
``(k) Application.--
``(1) In general.--This section and section 3508 apply to a passenger vessel (as defined in section 2101(22)) that--
``(A) is authorized to carry at least 250 passengers;
``(B) has onboard sleeping facilities for each passenger;
``(C) is on a voyage that embarks or disembarks passengers in the United States; and
``(D) is not engaged on a coastwise voyage.
``(2) Federal and state vessels.--This section and section 3508 do not apply to a vessel of the United States operated by the Federal Government or a vessel owned and operated by a State.
``(l) Definitions.--In this section and section 3508:
``(1) Commandant.--The term `Commandant' means the Commandant of the Coast Guard.
``(2) Owner.--The term `owner' means the owner, charterer, managing operator, master, or other individual in charge of a vessel.
`` 3508. Crime scene preservation training for passenger vessel crewmembers
``(a) In General.--Within 1 year after the date of enactment of the Cruise Vessel Security and Safety Act of 2010, the Secretary, in consultation with the Director of the Federal Bureau of Investigation and the Maritime Administration, shall develop training standards and curricula to allow for the certification of passenger vessel security personnel, crewmembers, and law enforcement officials on the appropriate methods for prevention, detection, evidence preservation, and reporting of criminal activities in the international maritime environment. The Administrator of the Maritime Administration may certify organizations in the United States and abroad that offer the curriculum for training and certification under subsection
(c).
``(b) Minimum Standards.--The standards established by the Secretary under subsection (a) shall include--
``(1) the training and certification of vessel security personnel, crewmembers, and law enforcement officials in accordance with accepted law enforcement and security guidelines, policies, and procedures, including recommendations for incorporating a background check process for personnel trained and certified in foreign ports;
``(2) the training of students and instructors in all aspects of prevention, detection, evidence preservation, and reporting of criminal activities in the international maritime environment; and
``(3) the provision or recognition of off-site training and certification courses in the United States and foreign countries to develop and provide the required training and certification described in subsection (a) and to enhance security awareness and security practices related to the preservation of evidence in response to crimes on board passenger vessels.
``(c) Certification Requirement.--Beginning 2 years after the standards are established under subsection (b), no vessel to which this section applies may enter a United States port on a voyage (or voyage segment) on which a United States citizen is a passenger unless there is at least 1 crewmember onboard who is certified as having successfully completed training in the prevention, detection, evidence preservation, and reporting of criminal activities in the international maritime environment on passenger vessels under subsection
(a).
``(d) Interim Training Requirement.--No vessel to which this section applies may enter a United States port on a voyage (or voyage segment) on which a United States citizen is a passenger unless there is at least 1 crewmember onboard who has been properly trained in the prevention detection, evidence preservation and the reporting requirements of criminal activities in the international maritime environment. The owner of a such a vessel shall maintain certification or other documentation, as prescribed by the Secretary, verifying the training of such individual and provide such documentation upon request for inspection in connection with enforcement of the provisions of this section. This subsection shall take effect 1 year after the date of enactment of the Cruise Vessel Safety and Security Act of 2010 and shall remain in effect until superseded by the requirements of subsection (c).
``(e) Civil Penalty.--Any person that violates this section or a regulation under this section shall be liable for a civil penalty of not more than $50,000.
``(f) Denial of Entry.--The Secretary may deny entry into the United States to a vessel to which this section applies if the owner of the vessel--
``(1) commits an act or omission for which a penalty may be imposed under subsection (e); or
``(2) fails to pay a penalty imposed on the owner under subsection (e).''.
(b) Clerical Amendment.--The table of contents for such chapter is amended by adding at the end the following:
``3507. Passenger vessel security and safety requirements
``3508. Crime scene preservation training for passenger vessel crewmembers''.
SEC. 4. OFFSET OF ADMINISTRATIVE COSTS.
(a) Repeal of Certain Report Requirements.--
(1) Section 1130 of the Coast Guard Authorization Act of 1996 (33 U.S.C. 2720 note) is amended by striking subsection
(b).
(2) Section 112 of the Maritime Transportation Security Act of 2002 (46 U.S.C. 70101 note) is repealed.
(3) Section 676 of title 14, United States Code, is amended by striking subsection (d).
(4) Section 355 of title 37, United States Code, is amended by striking subsection (h) and redesignating subsection (i) as subsection (h).
(5) Section 205 of the Coast Guard and Maritime Transportation Act of 2004 (14 U.S.C. 637 note) is amended by striking subsection (d).
(b) Combination of Fisheries Enforcement Plans and Foreign Fishing Incursion Reports.--The Secretary of the department in which the Coast Guard is operating shall combine the reports required under section 224 of the Coast Guard and Maritime Transportation Act of 2004 (16 U.S.C. 1861b) and section 804 of the Coast Guard and Maritime Transportation Act of 2004 (16 U.S.C. 1828) into a single annual report for fiscal years beginning after fiscal year 2010.
SEC. 5. BUDGETARY EFFECTS.
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 Senate Budget Committee, provided that such statement has been submitted prior to the vote on passage.
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SA 4340. Mr. LEVIN (for himself, Mr. Kaufman, Mr. Nelson of Florida, Mrs. Shaheen, Mrs. McCaskill, Mr. Whitehouse, and Mr. Reed) submitted an amendment intended to be proposed by him to the bill H.R. 4213, to amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes; which was ordered to lie on the table; as follows:
At the end of the amendment, insert the following:
TITLE __--AUTHORIZING SPECIAL MEASURES FOR JURISDICTIONS, FINANCIAL INSTITUTIONS, INTERNATIONAL TRANSACTIONS, OR TYPES OF ACCOUNTS THAT ARE
OF PRIMARY MONEY LAUNDERING CONCERN OR IMPEDE UNITED STATES TAX
ENFORCEMENT
SEC. ___. AUTHORIZING SPECIAL MEASURES FOR JURISDICTIONS,
FINANCIAL INSTITUTIONS, INTERNATIONAL
TRANSACTIONS, OR TYPES OF ACCOUNTS THAT ARE OF
PRIMARY MONEY LAUNDERING CONCERN OR IMPEDE
UNITED STATES TAX ENFORCEMENT.
Section 5318A of title 31, United States Code, is amended--
(1) by striking the section heading and inserting the following:
``Sec. 5318A. Special measures for jurisdictions, financial institutions, or international transactions that are of primary money laundering concern or impede United States tax enforcement'';
(2) in subsection (a), by striking the subsection heading and inserting the following:
``(a) Special Measures To Counter Money Laundering and Efforts To Impede United States Tax Enforcement.--'';
(3) in subsection (c), by striking the subsection heading and inserting the following:
``(c) Consultations and Information To Be Considered in Finding Jurisdictions, Institutions, Types of Accounts, or Transactions To Be of Primary Money Laundering Concern or To Be Impeding United States Tax Enforcement.--'';
(4) in subsection (a)(1), by inserting ``or is impeding United States tax enforcement'' after ``primary money laundering concern'';
(5) in subsection (a)(4)--
(A) in subparagraph (A)--
(i) by inserting ``in matters involving money laundering,'' before ``shall consult''; and
(ii) by striking ``and'' at the end;
(B) by redesignating subparagraph (B) as subparagraph (C); and
(C) by inserting after subparagraph (A) the following:
``(B) in matters involving United States tax enforcement, shall consult with the Commissioner of the Internal Revenue, the Secretary of State, the Attorney General of the United States, and in the sole discretion of the Secretary, such other agencies and interested parties as the Secretary may find to be appropriate; and'';
(6) in each of paragraphs (1)(A), (2), (3), and (4) of subsection (b), by inserting ``or to be impeding United States tax enforcement'' after ``primary money laundering concern'' each place that term appears;
(7) in subsection (b), by striking paragraph (5) and inserting the following:
``(5) Prohibitions or conditions on opening or maintaining certain correspondent or payable-through accounts or authorizing certain payment cards.--If the Secretary finds a jurisdiction outside of the United States, 1 or more financial institutions operating outside of the United States, or 1 or more classes of transactions within or involving a jurisdiction outside of the United States to be of primary money laundering concern or to be impeding United States tax enforcement, the Secretary, in consultation with the Secretary of State, the Attorney General of the United States, and the Chairman of the Board of Governors of the Federal Reserve System, may prohibit, or impose conditions upon--
``(A) the opening or maintaining in the United States of a correspondent account or payable-through account; or
``(B) the authorization, approval, or use in the United States of a credit card, charge card, debit card, or similar credit or debit financial instrument by any domestic financial institution, financial agency, or credit card company or association, for or on behalf of a foreign banking institution, if such correspondent account, payable-through account, credit card, charge card, debit card, or similar credit or debit financial instrument, involves any such jurisdiction or institution, or if any such transaction may be conducted through such correspondent account, payable-through account, credit card, charge card, debit card, or similar credit or debit financial instrument.''; and
(8) in subsection (c)(1), by inserting ``or is impeding United States tax enforcement'' after ``primary money laundering concern'';
(9) in subsection (c)(2)(A)--
(A) in clause (ii), by striking ``bank secrecy or special regulatory advantages'' and inserting ``bank, tax, corporate, trust, or financial secrecy or regulatory advantages'';
(B) in clause (iii), by striking ``supervisory and counter-money'' and inserting ``supervisory, international tax enforcement, and counter-money'';
(C) in clause (v), by striking ``banking or secrecy'' and inserting ``banking, tax, or secrecy''; and
(D) in clause (vi), by inserting ``, tax treaty, or tax information exchange agreement'' after ``treaty'';
(10) in subsection (c)(2)(B)--
(A) in clause (i), by inserting ``or tax evasion'' after
``money laundering''; and
(B) in clause (iii), by inserting ``, tax evasion,'' after
``money laundering''; and
(11) in subsection (d), by inserting ``involving money laundering, and shall notify, in writing, the Committee on Finance of the Senate and the Committee on Ways and Means of the House of Representatives of any such action involving United States tax enforcement'' after ``such action''.
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SA 4341. Mr. DORGAN submitted an amendment intended to be proposed by him to the bill H.R. 4213, to amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes; which was ordered to lie on the table; as follows:
At the end of subtitle A of title IV, add the following:
SEC. ___. TAXATION OF INCOME OF CONTROLLED FOREIGN
CORPORATIONS ATTRIBUTABLE TO IMPORTED PROPERTY.
(a) General Rule.--Subsection (a) of section 954 (defining foreign base company income) is amended by striking the period at the end of paragraph (5) and inserting ``, and'', by redesignating paragraph (5) as paragraph (4), and by adding at the end the following new paragraph:
``(5) imported property income for the taxable year
(determined under subsection (j) and reduced as provided in subsection (b)(5)).''.
(b) Definition of Imported Property Income.--Section 954 is amended by adding at the end the following new subsection:
``(j) Imported Property Income.--
``(1) In general.--For purposes of subsection (a)(5), the term `imported property income' means income (whether in the form of profits, commissions, fees, or otherwise) derived in connection with--
``(A) manufacturing, producing, growing, or extracting imported property;
``(B) the sale, exchange, or other disposition of imported property; or
``(C) the lease, rental, or licensing of imported property.Such term shall not include any foreign oil and gas extraction income (within the meaning of section 907(c)) or any foreign oil related income (within the meaning of section 907(c)).
``(2) Imported property.--For purposes of this subsection--
``(A) In general.--Except as otherwise provided in this paragraph, the term `imported property' means property which is imported into the United States by the controlled foreign corporation or a related person.
``(B) Imported property includes certain property imported by unrelated persons.--The term `imported property' includes any property imported into the United States by an unrelated person if, when such property was sold to the unrelated person by the controlled foreign corporation (or a related person), it was reasonable to expect that--
``(i) such property would be imported into the United States; or
``(ii) such property would be used as a component in other property which would be imported into the United States.
``(C) Exception for property subsequently exported.--The term `imported property' does not include any property which is imported into the United States and which--
``(i) before substantial use in the United States, is sold, leased, or rented by the controlled foreign corporation or a related person for direct use, consumption, or disposition outside the United States; or
``(ii) is used by the controlled foreign corporation or a related person as a component in other property which is so sold, leased, or rented.
``(D) Exception for certain agricultural commodities.--The term `imported property' does not include any agricultural commodity which is not grown in the United States in commercially marketable quantities.
``(3) Definitions and special rules.--
``(A) Import.--For purposes of this subsection, the term
`import' means entering, or withdrawal from warehouse, for consumption or use. Such term includes any grant of the right to use intangible property (as defined in section 936(h)(3)(B)) in the United States.
``(B) United states.--For purposes of this subsection, the term `United States' includes the Commonwealth of Puerto Rico, the Virgin Islands of the United States, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands.
``(C) Unrelated person.--For purposes of this subsection, the term `unrelated person' means any person who is not a related person with respect to the controlled foreign corporation.
``(D) Coordination with foreign base company sales income.--For purposes of this section, the term `foreign base company sales income' shall not include any imported property income.''.
(c) Separate Application of Limitations on Foreign Tax Credit for Imported Property Income.--
(1) In general.--Paragraph (1) of section 904(d) (relating to separate application of section with respect to certain categories of income) is amended by striking ``and'' at the end of subparagraph (A), by redesignating subparagraph (B) as subparagraph (C), and by inserting after subparagraph (A) the following new subparagraph:
``(B) imported property income, and''.
(2) Imported property income defined.--Paragraph (2) of section 904(d) is amended by redesignating subparagraphs (I),
(J), and (K) as subparagraphs (J), (K), and (L), respectively, and by inserting after subparagraph (H) the following new subparagraph:
``(I) Imported property income.--The term `imported property income' means any income received or accrued by any person which is of a kind which would be imported property income (as defined in section 954(j)).''.
(3) Conforming amendment.--Clause (ii) of section 904(d)(2)(A) is amended by inserting ``or imported property income'' after ``passive category income''.
(d) Technical Amendments.--
(1) Clause (iii) of section 952(c)(1)(B) (relating to certain prior year deficits may be taken into account) is amended--
(A) by redesignating subclauses (II), (III), (IV), and (V) as subclauses (III), (IV), (V), and (VI), and
(B) by inserting after subclause (I) the following new subclause:
``(II) imported property income,''.
(2) The last sentence of paragraph (4) of section 954(b)
(relating to exception for certain income subject to high foreign taxes) is amended by striking ``subsection (a)(5)'' and inserting ``subsection (a)(4)''.
(3) Paragraph (5) of section 954(b) (relating to deductions to be taken into account) is amended by striking ``and the foreign base company oil related income'' and inserting ``the foreign base company oil related income, and the imported property income''.
(e) Effective Date.--The amendments made by this section shall apply to taxable years of foreign corporations beginning after the date of the enactment of this Act, and to taxable years of United States shareholders within which or with which such taxable years of such foreign corporations end.
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SA 4342. Ms. SNOWE (for herself, Mr. Enzi, and Mr. Ensign) submitted an amendment intended to be proposed to amendment SA 4301 proposed by Mr. Baucus to the bill H.R. 4213, to amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes; which was ordered to lie on the table; as follows:
Strike section 413.
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