Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as ``Small Business Tax Modernization Act of
2004''.

SEC. 2. UNIFIED PASS-THRU ENTITY REGIME.

    (a) Termination of S Corporation Status.--
            (1) No new s corporation elections.--Subsection (a) of
        section 1362 of the Internal Revenue Code of 1986 is amended by
        adding at the end the following new paragraph:
            ``(3) Termination of authority to make election.--No
        election may be made under paragraph (1) for any taxable year
        beginning after December 31, 2004.''.
            (2) Termination of status.--Subsection (d) of section 1362
        of such Code (relating to termination) is amended by adding at
        the end the following new paragraph:
            ``(4) Treatment as partnership after 2014.--An election
        under subsection (a)--
                    ``(A) shall not be effective for any taxable year
                beginning after December 31, 2014, and
                    ``(B) shall be treated as an election under section
                7701(a)(2)(B) for taxable years beginning after such
                date.''.
            (3) Effective date.--The amendments made by this subsection
        shall apply to taxable years beginning after December 31, 2004.
    (b) Election by Certain Corporations to Be Taxed as Partnership.--
            (1) In general.--Paragraph (2) of section 7701(a) of such
        Code (defining partnership and partner) is amended to read as
        follows:
            ``(2) Partnership and partner.--
                    ``(A) In general.--The term `partnership' includes
                a syndicate, group, pool, joint venture, or other
                unincorporated organization, through or by means of
                which any business, financial operation, or venture is
                carried on, and which is not, within the meaning of
                this title, a trust or estate or a corporation; and the
                term `partner' includes a member in such a syndicate,
                group, pool, joint venture, or organization.
                    ``(B) Election by corporation to be taxed as
                partnership.--
                            ``(i) In general.--An eligible corporation
                        may elect to be treated as a partnership for
                        purposes of this title.
                            ``(ii) Tax treatment.--Except as provided
                        in section 1379A--
                                    ``(I) no gain or loss shall be
                                recognized to the corporation or the
                                shareholders by reason of an election
                                under clause (i), and
                                    ``(II) except in the case of an
                                election made by a S corporation after
                                the end of the recognition period (as
                                defined in section 1374(d)(7) without
                                regard to subparagraph (B) thereof),
                                section 1374 shall apply to the entity
                                after such election.
                            ``(iii) Eligible corporation.--For purposes
                        of clause (i), the term `eligible corporation'
                        means an entity--
                                    ``(I) which, without regard to this
                                subparagraph, is a domestic corporation
                                no stock of which is readily tradable
                                on an established securities market or
                                otherwise, and
                                    ``(II) which is not an ineligible
                                corporation (as defined by section
                                1361(b)(2)).
                            ``(iv) Election and termination.--For
                        purposes of this subparagraph, rules similar to
                        the rules of section 1362 (other than
                        subsections (a)(3), (d)(3) and (4), and (e)
                        thereof) shall apply.
                            ``(v) Distributions, etc.--Each partner
                        shall include in gross income as a dividend,
                        any amount that would have been so includible
                        had the entity been an S corporation during the
                        period the entity was treated as a partnership.
                        Notwithstanding the preceding sentence, the
                        provisions of subchapter K of chapter 1 shall
                        apply to determine the basis of any property
                        distributed and the basis of any interest in
                        the partnership.
                            ``(vi) Cross reference.--For tax treatment
                        of S corporation electing unified pass-thru
                        regime, see section 1379A.''.
            (2) Tax treatment of s corporation electing unified pass-
        thru regime.--
                    (A) In general.--Part IV of subchapter S of chapter
                1 of such Code is amended by inserting after section
                1379 the following new section:

``SEC. 1379A. TAX TREATMENT OF S CORPORATION ELECTING UNIFIED PASS-THRU
              REGIME.

    ``In the case of an election under section 7701(a)(2)(B) by an S
corporation before January 1, 2015, with respect to the corporation--
            ``(1) the shareholders shall be treated as if the assets
        were distributed, on the date of such election, to the
        shareholders in exchange for their stock,
            ``(2) any gain or loss recognized to the shareholders by
        reason of paragraph (1) shall be taken into account by the
        shareholders ratably over the taxable year in which the
        distribution is deemed to be made under paragraph (1) and the
        succeeding 4 taxable years, and
            ``(3) proper adjustments to the basis of interests in the
        entity shall be made.''.
                    (B) Clerical amendment.--The table of sections for
                part IV of subchapter S of chapter 1 of such Code is
                amended by inserting after the item relating to section
                1379 the following new item:

``Sec. 1379A. Tax treatment of S corporation electing unified pass-thru
                            regime.''.
            (3) Modification to treatment of section 1374 tax for
        earnings and profits purposes.--Paragraph (2) of section
        1366(f) of such Code is amended to read as follows:
            ``(2) Treatment of tax imposed on built-in gains.--
                    ``(A) In general.--The amount of the items of the
                net recognized built-in gain taken into account under
                section 1374(b)(1) (reduced by any deduction allowed
                under section 1374(b)(2)) shall not be taken into
                account under this section.
                    ``(B) Earnings and profits.--The accumulated
                earnings and profits of the corporation shall be
                increased at the beginning of the taxable year by the
                amount not taken into account under this section by
                reason of subparagraph (A) (determined without regard
                to section 1374(b)(2)) reduced by the tax imposed by
                section 1374 (net of credits allowed).''.
            (4) Effect of election on recognition period for purposes
        of tax imposed on built-in gains.--Paragraph (7) of section
        1374(d) of such Code is amended to read as follows:
            ``(7) Recognition period.--
                    ``(A) In general.--The term `recognition period'
                means the 10-year period beginning with the 1st day of
                the 1st taxable year for which the corporation was an S
                corporation. For purposes of applying this section to
                any amount includible in income by reason of section
                593(e), the preceding sentence shall be applied without
                regard to the phrase `10-year'.
                    ``(B) Special rule relating to election of
                corporation to be taxed as partnership.--
                            ``(i) In general.--In the case of an
                        election under section 7701(a)(2)(B),
                        subparagraph (A) shall be applied by
                        substituting `25-year' for `10-year' both
                        places it appears.
                            ``(ii) Exception where 10-year period
                        expired.--If, on the date of an election
                        referred to in clause (i) by a corporation, the
                        10-year period specified in subparagraph (A)
                        with respect to such corporation has expired,
                        clause (i) shall not apply to such
                        corporation.''.
            (5) Effective dates.--The amendments made by this
        subsection shall apply to taxable years beginning after
        December 31, 2004.
    (c) Step Transaction Doctrine not to Apply to Partnership
Incorporation Followed by Corporate Reorganization.--
            (1) In general.--Section 351 of such Code is amended by
        redesignating subsection (h) as subsection (i) and by inserting
        after subsection (g) the following new subsection:
    ``(h) Special Rule for Partnerships Which Incorporate and
Subsequently Reorganize.--The step transaction doctrine and any similar
doctrine shall not apply for purposes of determining whether the
control requirement of subsection (a) is met in any case in which--
            ``(1) a partnership engaged in an active trade or business
        transfers substantially all of the property used in carrying on
        such trade or business to a corporation which is not publicly
        traded, and
            ``(2) such corporation subsequently enters into a
        reorganization under this chapter.''.
            (2) Effective date.--The amendment made by this subsection
        shall apply to transactions after December 31, 2004.

SEC. 3. PARTNERSHIP INCOME ATTRIBUTABLE TO CAPITAL EXCLUDED FROM NET
              EARNINGS FROM SELF-EMPLOYMENT.

    (a) In General.--Paragraph (13) of section 1402(a) of the Internal
Revenue Code of 1986 is amended to read as follows:
            ``(13) there shall be excluded the distributive share of
        net income of a partner attributable to capital;''.
    (b) Partnership Income Attributable to Capital.--Section 1402 of
such Code is amended by adding at the end the following new subsection:
    ``(l) Partnership Income Attributable to Capital.--
            ``(1) In general.--For purposes of subsection (a)(13), the
        following amounts shall be treated as income attributable to
        capital--
                    ``(A) the amount, if any, in excess of what would
                constitute reasonable compensation for services
                rendered by such partner to the partnership, and
                    ``(B) an amount equal to a reasonable rate of
                return on unreturned capital of the partner determined
                as of the beginning of the taxable year.
            ``(2) Definitions.--For purposes of paragraph (1)--
                    ``(A) Unreturned capital.--The term `unreturned
                capital' means the excess of the aggregate amount of
                money and the fair market value as of the date of
                contribution of other consideration (net of
                liabilities) contributed by the partner over the
                aggregate amount of money and the fair market value as
                of the date of distribution of other consideration (net
                of liabilities) distributed by the partnership to the
                partner, increased or decreased for the partner's
                distributive share of all reportable items as
                determined in section 702. If the partner acquires a
                partnership interest and the partnership makes an
                election under section 754, the partner's unreturned
                capital shall take into account appropriate adjustments
                under section 743.
                    ``(B) Reasonable rate of return.--A reasonable rate
                of return on unreturned capital shall equal 150 percent
                (or such higher rate as is established in regulations)
                of the highest applicable Federal rate, as determined
                under section 1274(d)(1), at the beginning of the
                partnership's taxable year.
            ``(3) Regulations.--The Secretary shall prescribe such
        regulations as may be necessary to carry out the purposes of
        this subsection.''.
    (c) Effective Date.--The amendments made by this section shall
apply with respect to services performed in taxable years beginning
after December 31, 2004.

Output: Small Business Modernization Act of 2004 - Amends the Internal Revenue Code to: (1) terminate subchapter S corporation elections after 2004 and subchapter S status after 2014 and to allow privately-held domestic corporations, in lieu of electing subchapter S treatment, to elect to be treated as partnerships for tax purposes; (2) set forth rules for the tax treatment of former subchapter S corporations electing partnership status; and (3) exclude from net earnings from self-employment partnership income attributable to capital.


Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fair Access to Investment Research
Act of 2016''.

SEC. 2. SAFE HARBOR FOR INVESTMENT FUND RESEARCH.

    (a) Expansion of the Safe Harbor.--Not later than the end of the
45-day period beginning on the date of enactment of this Act, the
Securities and Exchange Commission shall propose, and not later than
the end of the 180-day period beginning on such date, the Commission
shall adopt, upon such terms, conditions, or requirements as the
Commission may determine necessary or appropriate in the public
interest, for the protection of investors, and for the promotion of
capital formation, revisions to section 230.139 of title 17, Code of
Federal Regulations, to provide that a covered investment fund research
report that is published or distributed by a broker or dealer--
            (1) shall be deemed, for purposes of sections 2(a)(10) and
        5(c) of the Securities Act of 1933 (15 U.S.C. 77b(a)(10),
        77e(c)), not to constitute an offer for sale or an offer to
        sell a security that is the subject of an offering pursuant to
        a registration statement that is effective, even if the broker
        or dealer is participating or will participate in the
        registered offering of the covered investment fund's
        securities; and
            (2) shall be deemed to satisfy the conditions of paragraph
        (a)(1) or (a)(2) of section 230.139 of title 17, Code of
        Federal Regulations, or any successor provisions, for purposes
        of the Commission's rules and regulations under the Federal
        securities laws and the rules of any self-regulatory
        organization.
    (b) Implementation of Safe Harbor.--In implementing the safe harbor
pursuant to subsection (a), the Commission shall--
            (1) not, in the case of a covered investment fund with a
        class of securities in substantially continuous distribution,
        condition the safe harbor on whether the broker's or dealer's
        publication or distribution of a covered investment fund
        research report constitutes such broker's or dealer's
        initiation or reinitiation of research coverage on such covered
        investment fund or its securities;
            (2) not--
                    (A) require the covered investment fund to have
                been registered as an investment company under the
                Investment Company Act of 1940 (15 U.S.C. 80a-1 et
                seq.) or subject to the reporting requirements of
                section 13 or 15(d) of the Securities Exchange Act of
                1934 (15 U.S.C. 78m, 78o(d)) for any period exceeding
                the period of time referenced under paragraph
                (a)(1)(i)(A)(1) of section 230.139 of title 17, Code of
                Federal Regulations; or
                    (B) impose a minimum float provision exceeding that
                referenced in paragraph (a)(1)(i)(A)(1)(i) of section
                230.139 of title 17, Code of Federal Regulations;
            (3) provide that a self-regulatory organization may not
        maintain or enforce any rule that would--
                    (A) prohibit the ability of a member to publish or
                distribute a covered investment fund research report
                solely because the member is also participating in a
                registered offering or other distribution of any
                securities of such covered investment fund; or
                    (B) prohibit the ability of a member to participate
                in a registered offering or other distribution of
                securities of a covered investment fund solely because
                the member has published or distributed a covered
                investment fund research report about such covered
                investment fund or its securities; and
            (4) provide that a covered investment fund research report
        shall not be subject to section 24(b) of the Investment Company
        Act of 1940 (15 U.S.C. 80a-24(b)) or the rules and regulations
        thereunder, except that such report may still be subject to
        such section and the rules and regulations thereunder to the
        extent that it is otherwise not subject to the content
        standards in the rules of any self-regulatory organization
        related to research reports, including those contained in the
        rules governing communications with the public regarding
        investment companies or substantially similar standards.
    (c) Rules of Construction.--Nothing in this Act shall be construed
as in any way limiting--
            (1) the applicability of the antifraud or antimanipulation
        provisions of the Federal securities laws and rules adopted
        thereunder to a covered investment fund research report,
        including section 17 of the Securities Act of 1933 (15 U.S.C.
        77q), section 34(b) of the Investment Company Act of 1940 (15
        U.S.C. 80a-33(b)), and sections 9 and 10 of the Securities
        Exchange Act of 1934 (15 U.S.C. 78i, 78j); or
            (2) the authority of any self-regulatory organization to
        examine or supervise a member's practices in connection with
        such member's publication or distribution of a covered
        investment fund research report for compliance with applicable
        provisions of the Federal securities laws or self-regulatory
        organization rules related to research reports, including those
        contained in rules governing communications with the public.
    (d) Interim Effectiveness of Safe Harbor.--
            (1) In general.--From and after the 180-day period
        beginning on the date of enactment of this Act, if the
        Commission has not adopted revisions to section 230.139 of
        title 17, Code of Federal Regulations, as required by
        subsection (a), and until such time as the Commission has done
        so, a broker or dealer distributing or publishing a covered
        investment fund research report after such date shall be able
        to rely on the provisions of section 230.139 of title 17, Code
        of Federal Regulations, and the broker or dealer's publication
        of such report shall be deemed to satisfy the conditions of
        paragraph (a)(1) or (a)(2) of that section if the covered
        investment fund that is the subject of such report satisfies
        the reporting history requirements (without regard to Form S-3
        or Form F-3 eligibility) and minimum float provisions of such
        subsections for purposes of the Commission's rules and
        regulations under the Federal securities laws and the rules of
        any self-regulatory organization, as if revised and implemented
        in accordance with subsections (a) and (b).
            (2) Status of covered investment fund.--After such period
        and until the Commission has adopted revisions to section
        230.139 of title 17, Code of Federal Regulations, and FINRA has
        revised rule 2210, for purposes of subsection (c)(7)(O) of such
        rule, a covered investment fund shall be deemed to be a
        security that is listed on a national securities exchange and
        that is not subject to section 24(b) of the Investment Company
        Act of 1940 (15 U.S.C. 80a-24(b)). Communications concerning
        only covered investment funds that fall within the scope of
        such section shall not be required to be filed with FINRA.
    (e) Definitions.--For purposes of this Act:
            (1) The term ``covered investment fund research report''
        means a research report published or distributed by a broker or
        dealer about a covered investment fund or any securities issued
        by the covered investment fund, but does not include a research
        report to the extent that the research report is published or
        distributed by the covered investment fund or any affiliate of
        the covered investment fund.
            (2) The term ``covered investment fund'' means--
                    (A) an investment company registered under, or that
                has filed an election to be treated as a business
                development company under, the Investment Company Act
                of 1940 (15 U.S.C. 80a-1 et seq.) and that has filed a
                registration statement under the Securities Act of 1933
                (15 U.S.C. 77a et seq.) for the public offering of a
                class of its securities, which registration statement
                has been declared effective by the Commission; and
                    (B) a trust or other person--
                            (i) issuing securities in an offering
                        registered under the Securities Act of 1933 and
                        which class of securities is listed for trading
                        on a national securities exchange;
                            (ii) the assets of which consist primarily
                        of commodities, currencies, or derivative
                        instruments that reference commodities or
                        currencies, or interests in the foregoing; and
                            (iii) that provides in its registration
                        statement under the Securities Act of 1933 that
                        a class of its securities are purchased or
                        redeemed, subject to conditions or limitations,
                        for a ratable share of its assets.
            (3) The term ``FINRA'' means the Financial Industry
        Regulatory Authority.
            (4) The term ``research report'' has the meaning given that
        term under section 2(a)(3) of the Securities Act of 1933 (15
        U.S.C. 77b(a)(3)), except that such term shall not include an
        oral communication.
            (5) The term ``self-regulatory organization'' has the
        meaning given to that term under section 3(a)(26) of the
        Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(26)).

Output: Fair Access to Investment Research Act of 2016 This bill directs the Securities and Exchange Commission (SEC) to revise a specified regulation to create a safe harbor for certain publications or distributions of research reports by brokers or dealers distributing securities. The revised regulation shall declare that a published or distributed investment fund research report shall not be deemed to constitute an offer for sale or an offer to sell a security that is the subject of the offering pursuant to an effective registration statement, even if the broker or dealer is participating or will participate in the registered offering of the covered investment fund's securities. The covered investment fund research report shall indeed be deemed to satisfy the regulation's requirements as well as those of any self-regulatory organization. The SEC shall not impose specified conditions and requirements when implementing the safe harbor.  Until the SEC has adopted such safe harbor revisions, and the Financial Industry Regulatory Authority (FINRA) has revised a related rule, a covered investment fund shall be deemed to be a security listed on a national securities exchange that is not subject to a certain filing requirement of the Investment Company Act of 1940.


Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Prescription Drug Monitoring Act of
2016''.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Controlled substance.--The term ``controlled
        substance'' has the meaning given the term in section 102 of
        the Controlled Substances Act (21 U.S.C. 802).
            (2) Covered state.--The term ``covered State'' means a
        State that receives funding under the Harold Rogers
        Prescription Drug Monitoring Program established under the
        Departments of Commerce, Justice, and State, the Judiciary, and
        Related Agencies Appropriations Act, 2002 (Public Law 107-77;
        115 Stat. 748) or the controlled substance monitoring program
        under section 399O of the Public Health Service Act (42 U.S.C.
        280g-3).
            (3) Dispenser.--The term ``dispenser''--
                    (A) means person licensed or otherwise authorized
                by a State to deliver a prescription drug product to a
                patient or an agent of the patient; and
                    (B) does not include a person involved in oversight
                or payment for prescription drugs.
            (4) PDMP.--The term ``PDMP'' means a prescription drug
        monitoring program.
            (5) Practitioner.--The term ``practitioner'' means a
        practitioner registered under section 303(f) of the Controlled
        Substances Act (21 U.S.C. 823(f)) to prescribe, administer, or
        dispense controlled substances.
            (6) State.--The term ``State'' means each of the several
        States and the District of Columbia.

SEC. 3. PRESCRIPTION DRUG MONITORING PROGRAM REQUIREMENTS.

    (a) In General.--Beginning 2 years after the date of enactment of
this Act, each covered State shall require--
            (1) each prescribing practitioner within the covered State
        or their designee, who shall be licensed or registered
        healthcare professionals or other employees who report directly
        to the practitioner, to consult the PDMP of the covered State
        before initiating treatment with a prescription for a
        controlled substance listed in schedule II, III, or IV of
        section 202(c) of the Controlled Substances Act (21 U.S.C.
        812(c)), and every 3 months thereafter as long as the treatment
        continues;
            (2) the PDMP of the covered State to provide proactive
        notification to a practitioner when patterns indicative of
        controlled substance misuse, including opioid misuse, are
        detected;
            (3) each dispenser within the covered State to report each
        prescription for a controlled substance dispensed by the
        dispenser to the PDMP not later than 24 hours after the
        controlled substance is dispensed to the patient; and
            (4) that the PDMP make available a quarterly de-identified
        data set and an annual report for public and private use, which
        shall, at a minimum, meet requirements established by the
        Attorney General, in coordination with the Secretary of Health
        and Human Services.
    (b) Noncompliance.--If a covered State fails to comply with
subsection (a), the Attorney General or the Secretary of Health and
Human Services, as appropriate, may withhold grant funds from being
awarded to the covered State under the Harold Rogers Prescription Drug
Monitoring Program established under the Departments of Commerce,
Justice, and State, the Judiciary, and Related Agencies Appropriations
Act, 2002 (Public Law 107-77; 115 Stat. 748) or the controlled
substance monitoring program under section 399O of the Public Health
Service Act (42 U.S.C. 280g-3).

SEC. 4. SHARING PDMP INFORMATION AMONG STATES.

    (a) Requirement.--Beginning 2 years after the date of enactment of
this Act, each covered State shall make the data contained in the PDMP
of the covered State available to other States through the data-sharing
single technology solution established under subsection (b).
    (b) Data-Sharing Single Technology Solution.--
            (1) In general.--The Attorney General, in coordination with
        the Secretary of Health and Human Services, shall award, on a
        competitive basis, a grant to an eligible entity to establish
        and maintain an inter-State data-sharing single hub to
        facilitate the sharing of PDMP data among States and the
        accessing of such data by practitioners.
            (2) Requirements.--The data-sharing single hub established
        under paragraph (1)--
                    (A) shall--
                            (i) allow States to retain ownership of the
                        data submitted by the States;
                            (ii) provide a source of de-identified data
                        that can be used for statistical, research, or
                        educational purposes;
                            (iii) allow State authorized users to
                        access data from a PDMP of a covered State
                        without requiring a user fee; and
                            (iv) conform with the standards of the
                        Prescription Monitoring Information Exchange;
                        and
                    (B) may not--
                            (i) distribute, in whole or in part, any
                        PDMP data without the express written consent
                        of the PDMP State authority; and
                            (ii) limit, in whole or in part,
                        distribution of PDMP data as approved by the
                        PDMP State authority.
            (3) Authorization of appropriations.--There are authorized
        to be appropriated to the Attorney General $2,000,000 for
        fiscal years 2017 through 2020 to carry out this subsection.

Output: Prescription Drug Monitoring Act of 2016 This bill requires a state that receives grant funds under the prescription drug monitoring program (PDMP) or the controlled substance monitoring program to comply with specified requirements. The Department of Justice (DOJ) or Department of Health and Human Services may withhold grant funds from a state that fails to comply.  Additionally, the bill requires a state to share its PDMP data with other states through a data-sharing hub established by DOJ.


Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Strategic Gasoline and Fuel Reserve
Act of 2005''.

SEC. 2. STRATEGIC GASOLINE AND FUEL RESERVE.

    (a) In General.--Title I of the Energy Policy and Conservation Act
(42 U.S.C. 6201 et seq.) is amended--
            (1) by redesignating part E (42 U.S.C. 6251 et seq.) as
        part F;
            (2) by redesignating section 191 (42 U.S.C. 6251) as
        section 199; and
            (3) by inserting after part D (42 U.S.C. 6250 et seq.) the
        following:

             ``PART E--STRATEGIC GASOLINE AND FUEL RESERVE

``SEC. 191. DEFINITIONS.

    ``In this part:
            ``(1) Gasoline.--The term `gasoline' means regular unleaded
        gasoline.
            ``(2) Reserve.--The term `Reserve' means the Strategic
        Gasoline and Fuel Reserve established under section 192(a).

``SEC. 192. ESTABLISHMENT.

    ``(a) In General.--Notwithstanding any other provision of this Act,
the Secretary shall establish, maintain, and operate a Strategic
Gasoline and Fuel Reserve.
    ``(b) Not Component of Strategic Petroleum Reserve.--The Reserve is
not a component of the Strategic Petroleum Reserve established under
part B.
    ``(c) Capacity.--The Reserve shall contain not more than--
            ``(1) 40,000,000 barrels of gasoline; and
            ``(2) 7,500,000 barrels of jet fuel.
    ``(d) Reserve Sites.--
            ``(1) Siting.--Not later than 1 year after the date of
        enactment of this Act, the Secretary shall determine not less
        than 3 Reserve sites, and not more than 5 Reserve sites,
        throughout the United States that are regionally strategic.
            ``(2) Operation.--The Reserve sites described in paragraph
        (1) shall be operational not later than 2 years after the date
        of enactment of this Act.
    ``(e) Security.--In establishing the Reserve under this section,
the Secretary shall obtain the concurrence of the Secretary of Homeland
Security with respect to physical design security and operational
security.
    ``(f) Authority.--In carrying out this part, the Secretary may--
            ``(1) purchase, contract for, lease, or otherwise acquire,
        in whole or in part, storage and related facilities and storage
        services;
            ``(2) use, lease, maintain, sell, or otherwise dispose of
        storage and related facilities acquired under this part;
            ``(3) acquire by purchase, exchange, lease, or other means
        gasoline and fuel for storage in the Reserve;
            ``(4) store gasoline and fuel in facilities not owned by
        the United States; and
            ``(5) sell, exchange, or otherwise dispose of gasoline and
        fuel from the Reserve, including to maintain--
                    ``(A) the quality or quantity of the gasoline or
                fuel in the Reserve; or
                    ``(B) the operational capacity of the Reserve.
    ``(g) Fill Date.--
            ``(1) In general.--Except as provided in paragraph (2), the
        Secretary shall complete the process of filling the Reserve
        under this section by March 1, 2008.
            ``(2) Extensions.--The President may extend the deadline
        established under paragraph (1) if--
                    ``(A) the President determines that filling the
                Reserve within that deadline would cause an undue
                economic burden on the United States; and
                    ``(B) the President receives approval from
                Congress.

``SEC. 193. RELEASE OF GASOLINE AND FUEL.

    ``(a) In General.--The Secretary shall release gasoline or fuel
from the Reserve only if--
            ``(1) the President finds that there is a severe fuel
        supply disruption by finding that--
                    ``(A) a regional or national supply shortage of
                gasoline or fuel of significant scope and duration has
                occurred;
                    ``(B) a substantial increase in the price of
                gasoline or fuel has resulted from the shortage;
                    ``(C) the price increase is likely to cause a
                significant adverse impact on the national economy; and
                    ``(D) releasing gasoline or fuel from the Reserve
                would assist directly and significantly in reducing the
                adverse impact of the shortage; or
            ``(2)(A) the Governor of a State submits to the Secretary a
        written request for a release from the Reserve that contains a
        finding that--
                    ``(i) a regional or statewide supply shortage of
                gasoline or fuel of significant scope and duration has
                occurred;
                    ``(ii) a substantial increase in the price of
                gasoline or fuel has resulted from the shortage; and
                    ``(iii) the price increase is likely to cause a
                significant adverse impact on the economy of the State;
                and
            ``(B) the Secretary concurs with the findings of the
        Governor under subparagraph (A) and determines that--
                    ``(i) a release from the Reserve would mitigate
                gasoline or fuel price volatility in the State;
                    ``(ii) a release from the Reserve would not have an
                adverse effect on the long-term economic viability of
                retail gasoline or fuel markets in the State and
                adjacent States; and
                    ``(iii) a release from the Reserve would not
                suppress prices below long-term market trend levels.
    ``(b) Procedure.--
            ``(1) Response of secretary.--The Secretary shall respond
        to a request submitted under subsection (a)(2) not later than 5
        days after receipt of the request by--
                    ``(A) approving the request;
                    ``(B) denying the request; or
                    ``(C) requesting additional supporting information.
            ``(2) Release.--The Secretary shall establish procedures
        governing the release of gasoline or fuel from the Reserve in
        accordance with this subsection.
            ``(3) Requirements.--
                    ``(A) Eligible entity.--In this paragraph, the term
                `eligible entity' means an entity that is customarily
                engaged in the sale or distribution of gasoline or
                fuel.
                    ``(B) Sale or disposal from reserve.--The
                procedures established under this subsection shall
                provide that the Secretary may--
                            ``(i) sell gasoline or fuel from the
                        Reserve to an eligible entity through a
                        competitive process; or
                            ``(ii) enter into an exchange agreement
                        with an eligible entity under which the
                        Secretary receives a greater volume of gasoline
                        or fuel as repayment from the eligible entity
                        than the volume provided to the eligible
                        entity.
    ``(c) Continuing Evaluation.--The Secretary shall conduct a
continuing evaluation of the drawdown and sales procedures established
under this section.

``SEC. 194. REPORTS.

    ``(a) Gasoline and Fuel.--Not later than 45 days after the date of
enactment of this section, the Secretary shall submit to Congress and
the President a plan describing--
            ``(1) the acquisition of storage and related facilities or
        storage services for the Reserve, including the use of storage
        facilities not currently in use or not currently used to
        capacity;
            ``(2) the acquisition of gasoline and fuel for storage in
        the Reserve;
            ``(3) the anticipated methods of disposition of gasoline
        and fuel from the Reserve;
            ``(4) the estimated costs of establishment, maintenance,
        and operation of the Reserve;
            ``(5) efforts that the Department will take to minimize any
        potential need for future drawdowns from the Reserve; and
            ``(6) actions to ensure the quality of the gasoline and
        fuel in the Reserve are maintained.
    ``(b) Natural Gas and Diesel.--Not later than 90 days after the
date of enactment of this section, the Secretary shall submit to
Congress a report describing the feasibility of creating a natural gas
and diesel reserve similar to the Reserve under this part.

``SEC. 195. STRATEGIC GASOLINE AND FUEL RESERVE FUND.

    ``(a) Establishment.--There is established in the Treasury of the
United States a revolving fund, to be known as the `Strategic Gasoline
and Fuel Reserve Fund' (referred to in this section as the `Fund'),
consisting of--
            ``(1) such amounts as are appropriated to the Fund under
        subsection (b);
            ``(2) such amounts as are appropriated to the Fund under
        section 196; and
            ``(3) any interest earned on investment of amounts in the
        Fund under subsection (d).
    ``(b) Transfers to Fund.--There are appropriated to the Fund
amounts equivalent to amounts collected as receipts and received in the
Treasury from the sale, exchange, or other disposition of gasoline or
fuel from the Reserve.
    ``(c) Expenditures From Fund.--On request by the Secretary and
without the need for further appropriation, the Secretary of the
Treasury shall transfer from the Fund to the Secretary such amounts as
the Secretary determines are necessary to carry out activities under
this part, to remain available until expended.
    ``(d) Investment of Amounts.--
            ``(1) In general.--The Secretary of the Treasury shall
        invest such portion of the Fund as is not, in the judgment of
        the Secretary of the Treasury, required to meet current
        withdrawals.
            ``(2) Interest-bearing obligations.--Investments may be
        made only in interest-bearing obligations of the United States.
            ``(3) Acquisition of obligations.--For the purpose of
        investments under paragraph (1), obligations may be acquired--
                    ``(A) on original issue at the issue price; or
                    ``(B) by purchase of outstanding obligations at the
                market price.
            ``(4) Sale of obligations.--Any obligation acquired by the
        Fund may be sold by the Secretary of the Treasury at the market
        price.
            ``(5) Credits to fund.--The interest on, and the proceeds
        from the sale or redemption of, any obligations held in the
        Fund shall be credited to and form a part of the Fund.
    ``(e) Transfers of Amounts.--
            ``(1) In general.--The amounts required to be transferred
        to the Fund under this section shall be transferred at least
        monthly from the general fund of the Treasury to the Fund on
        the basis of estimates made by the Secretary of the Treasury.
            ``(2) Adjustments.--Proper adjustment shall be made in
        amounts subsequently transferred to the extent prior estimates
        were in excess of or less than the amounts required to be
        transferred.

``SEC. 196. AUTHORIZATION OF APPROPRIATIONS.

    ``There are authorized to be appropriated such sums as are
necessary to carry out this part, to remain available until
expended.''.

SEC. 3. CONFORMING AMENDMENTS.

    The table of contents for title I of the Energy Policy and
Conservation Act (42 U.S.C. 6201 note) is amended by striking the
matter relating to part D and inserting the following:

              ``Part D--Northeast Home Heating Oil Reserve

        ``Sec. 181. Establishment.
        ``Sec. 182. Authority.
        ``Sec. 183. Conditions for release; plan.
        ``Sec. 184. Northeast home heating oil reserve account.
        ``Sec. 185. Exemptions.
        ``Sec. 186. Authorization of appropriations.
             ``Part E--Strategic Gasoline and Fuel Reserve

        ``Sec. 191. Definitions.
        ``Sec. 192. Establishment.
        ``Sec. 193. Release of gasoline and fuel.
        ``Sec. 194. Reports.
        ``Sec. 195. Strategic Gasoline and Fuel Reserve Fund.
        ``Sec. 196. Authorization of appropriations.
                          ``Part F--Expiration

        ``Sec. 199. Expiration.''.

Output:
Strategic Gasoline and Fuel Reserve Act of 2005 - Amends the Energy Policy and Conservation Act to direct the Secretary of Energy to establish, maintain, and operate a Strategic Gasoline and Fuel Reserve of gasoline and jet fuel.

Instructs the Secretary to determine between three and five regionally strategic Reserve sites throughout the United States.

Permits the Secretary to release gasoline or fuel from the Reserve only if: (1) the President finds that there is a severe fuel supply disruption; or (2) the Governor of a state requests a release from the Reserve, accompanied by specified findings.

Establishes in the Treasury a revolving Strategic Gasoline and Fuel Reserve Fund.


Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Special Agent Scott K. Carey Public
Safety Officer Benefits Enhancement Act''.

  TITLE I--EDUCATIONAL ASSISTANCE TO OFFICERS DISABLED IN THE LINE OF
                                  DUTY

SEC. 101. BASIC ELIGIBILITY.

    Section 1212(a)(1) of the Omnibus Crime Control and Safe Streets
Act of 1968 (42 U.S.C. 3796d-1(a)(1)) is amended--
            (1) by striking ``a dependent'' and inserting ``an eligible
        dependent''; and
            (2) by striking ``education'' and all that follows through
        the period at the end and inserting ``education.''.

SEC. 102. APPLICATIONS; APPROVAL.

    Section 1213 of the Omnibus Crime Control and Safe Streets Act of
1968 (42 U.S.C. 3796d-2) is amended--
            (1) in subsection (b)--
                    (A) by striking ``the dependent'' each place it
                appears and inserting ``the applicant''; and
                    (B) by striking ``the dependent's'' each place it
                appears and inserting ``the applicant's''; and
            (2) in subsection (c), by striking ``a dependent'' and
        inserting ``an applicant''.

SEC. 103. RETROACTIVE BENEFITS.

    Section 1216(a) of the Omnibus Crime Control and Safe Streets Act
of 1968 (42 U.S.C. 3796d-5(a)) is amended to read as follows:
    ``(a) Retroactive Eligibility.--Notwithstanding any other provision
of law, but subject to the limitations of this subpart, an eligible
dependent of a public safety officer shall be eligible for assistance
under this subpart if such an officer--
            ``(1) dies in the line of duty on or after January 1, 1978;
        or
            ``(2) becomes permanently and totally disabled as the
        direct result of a catastrophic injury sustained in the line of
        duty on or after January 1, 1978.''.

SEC. 104. DEFINITIONS.

    Section 1217 of the Omnibus Crime Control and Safe Streets Act of
1968 (42 U.S.C. 3796d-6) is amended by adding at the end the following
new paragraphs:
            ``(4) The term `eligible dependent' means--
                    ``(A) any public safety officer who is eligible to
                receive benefits under section 1201(b);
                    ``(B) the child of any public safety officer who is
                described in section 1201(a), or who is eligible to
                receive benefits under section 1201(b); and
                    ``(C) the spouse of any public safety officer
                described in subparagraph (B) at the time of such
                officer's death or on the date of such officer's
                totally and permanently disabling injury.
            ``(5) The term `public safety officer' includes--
                    ``(A) any public safety officer described in
                paragraph (9) of section 1204; and
                    ``(B) any other individual who is employed by any
                Federal, State, county, or local agency and, as a
                result of such employment, is--
                            ``(i) empowered by law to conduct an
                        investigation of or to make an arrest for a
                        felony offense; or
                            ``(ii) authorized by law to prosecute or
                        participate in the prosecution of a felony
                        offense.''.

                      TITLE II--SURVIVOR PENSIONS

SEC. 201. SURVIVOR PENSIONS.

    Part L of the Omnibus Crime Control and Safe Streets Act of 1968 is
further amended by adding after section 1218 (42 U.S.C. 3796d-7) the
following new subpart:

                     ``Subpart 3--Survivor Pensions

``SEC. 1221. SURVIVOR PENSIONS ESTABLISHED.

    ``In any case in which the Bureau is required to pay a benefit
under section 1201(a), the Bureau shall also pay an annual pension to
one or more survivors of the deceased public safety officer in
accordance with this subpart.

``SEC. 1222. PAYMENTS TO BENEFICIARIES.

    ``(a) Beneficiaries Determined.--An annual pension under this
subpart shall be paid to one or more survivors of the deceased public
safety officer as follows:
            ``(1) If there is a surviving spouse of such officer, a
        pension equal to 80 percent of the applicable amount under
        section 1223(a), paid to the surviving spouse.
            ``(2) If there is no surviving spouse, but--
                    ``(A) there is one surviving child of such officer,
                a pension equal to 20 percent of the applicable amount
                under section 1223(a), paid to that surviving child;
                    ``(B) there are two surviving children of such
                officer, a pension equal to 35 percent of the
                applicable amount under section 1223(a), paid to the
                children in equal shares;
                    ``(C) there are three surviving children of such
                officer, a pension equal to 50 percent of the
                applicable amount under section 1223(a), paid to the
                children in equal shares; or
                    ``(D) there are four or more surviving children of
                such officer, a pension equal to 60 percent of the
                applicable amount under section 1223(a), paid to the
                children in equal shares.
            ``(3) If there is no surviving spouse or surviving child,
        but--
                    ``(A) there is one surviving parent of such
                officer, a pension equal to 20 percent of the
                applicable amount under section 1223(a), paid to that
                parent; or
                    ``(B) there are two surviving parents of such
                officer, a pension equal to 40 percent of the
                applicable amount under section 1223(a), paid to the
                parents in equal shares.
            ``(4) If none of the above, a pension equal to 20 percent
        of the applicable amount under section 1223(a), paid--
                    ``(A) in the case of a claim made on or after the
                date that is 90 days after the date of the enactment of
                this subparagraph, to the individual designated by such
                officer as beneficiary under this subpart in the
                officer's most recently executed designation of
                beneficiary on file at the time of death with such
                officer's public safety agency, organization, or unit,
                provided that such individual survived such officer; or
                    ``(B) if there is no individual qualifying under
                subparagraph (A), to the individual designated by such
                officer as beneficiary under such officer's most
                recently executed life insurance policy on file at the
                time of death with such officer's public safety agency,
                organization, or unit, provided that such individual
                survived such officer.
    ``(b) Payable for Lifetime.--An annual pension or share of a
pension under this section shall be paid for the lifetime of the
beneficiary, without regard to the marital status or any other status
of the beneficiary.

``SEC. 1223. PENSION AMOUNT.

    ``(a) Amount Used to Determine Annual Pension.--The amount used to
determine the amount of an annual pension under this subpart shall be
the greater of the following:
            ``(1) The annual base salary of the officer at the time of
        the officer's death, adjusted in accordance with subsection
        (b).
            ``(2) $60,000, adjusted in accordance with subsection (b).
    ``(b) Cost of Living Adjustments.--On October 1 of each fiscal year
beginning after the effective date of this subpart, the Bureau shall
adjust the amounts used to determine the amount of an annual pension
under this subpart immediately before such October 1 under subsection
(a), to reflect the annual percentage change in the Consumer Price
Index for All Urban Consumers, published by the Bureau of Labor
Statistics, occurring in the 1-year period ending on June 1 immediately
preceding such October 1.

``SEC. 1224. DEFINITION.

    ``Notwithstanding paragraph (3) of section 1204, for the purposes
of this subpart the term `child' means any natural, illegitimate,
adopted, or posthumous child or stepchild of a deceased public safety
officer.''.

             TITLE III--PUBLIC SAFETY OFFICER SCHOLARSHIPS

SEC. 301. PUBLIC SAFETY OFFICER SCHOLARSHIPS.

    (a) In General.--
            (1) Scholarship awards.--The Secretary of Education is
        authorized to award a Public Safety Officer scholarship, in
        accordance with this title, to--
                    (A) any eligible applicant who is attending, or who
                has been accepted for attendance at, any eligible
                institution providing instruction for one or more
                grades of kindergarten, elementary school, or secondary
                school; and
                    (B) any eligible applicant who is enrolled, or has
                been accepted for enrollment, as a full-time or part-
                time postsecondary student in any eligible institution
                providing a degree-granting program for one or more
                postsecondary degrees.
            (2) Application.--To receive a scholarship award under this
        title, an eligible applicant shall submit an application to the
        Secretary at such time, in such manner, and containing such
        information as the Secretary may require. Such an application
        shall be accompanied by a certification from the head of the
        public safety agency, organization, or unit that employed the
        public safety officer by reason of whom the applicant is
        claiming eligibility, certifying that such officer is a
        deceased or disabled officer, as defined in paragraph (1) of
        section 305.
    (b) Maximum Award.--
            (1) Elementary and secondary awards.--For any academic
        year, the maximum amount of a scholarship award under this
        section for a kindergarten, elementary school, or secondary
        school student shall not exceed the lesser of the following:
                    (A) The average per pupil expenditure for
                elementary and secondary education of the local
                educational agency for the geographic area in which the
                eligible applicant resides.
                    (B) The actual cost to the student for attendance
                at the school, including expenses such as tuition,
                fees, books, transportation costs, and other related
                expenses, as determined by the Secretary.
            (2) Postsecondary awards.--For any academic year, the
        maximum amount of a scholarship award under this section for a
        postsecondary student shall not exceed the lesser of the
        following:
                    (A) The average cost of attendance (as defined in
                section 472 of the Higher Education Act of 1965 (20
                U.S.C. 1087kk)), at a State university in the State in
                which the student resides, for a State resident
                carrying the same academic workload as the student,
                with the same number of dependents as the student, and
                residing in the same type of housing as the student.
                    (B) The actual cost of attendance (as defined in
                section 472 of the Higher Education Act of 1965 (20
                U.S.C. 1087kk)) of such student.
    (c) Award Period.--The maximum duration of each scholarship award
under this title--
            (1) for a kindergarten, elementary school, or secondary
        school student, shall be the period of time normally required
        for the completion of a high school diploma by a student in the
        grade that the recipient is in at the time the award commences,
        as determined by the Secretary; and
            (2) for a postsecondary student, shall be the lesser of--
                    (A) the time actually required by the student to
                complete the course of study for which the student is
                receiving the scholarship award under this title;
                    (B) 6 years, in the case of a student enrolled in
                undergraduate studies; or
                    (C) 3 years, in the case of a student enrolled in
                postgraduate studies.
    (d) Notification.--The Secretary shall notify the applicant and the
eligible institution of the applicant's selection for receipt of a
scholarship award under this title, and the conditions pertaining to
scholarship award eligibility and continuance.
    (e) Fiscal Agent.--The Secretary shall, if practicable, use
eligible institutions as fiscal agents for the payment of scholarship
awards.

SEC. 302. ADDITIONAL AWARD REQUIREMENTS.

    A student awarded a scholarship under this title shall demonstrate
to the satisfaction of the Secretary, as a condition for initial
receipt of such award and periodically thereafter as a condition for
its continuation, that the student is--
            (1) maintaining satisfactory progress in the course of
        study the student is pursuing--
                    (A) in the case of a kindergarten, elementary
                school, or secondary school student, as such
                satisfactory progress is determined by the Secretary;
                and
                    (B) in the case of a postsecondary student,
                consistent with section 484(c) of the Higher Education
                Act of 1965;
            (2) committed to remaining drug-free; and
            (3) attending classes on a regular basis so as not to
        interfere with the normal course of studies, except for excused
        absence for vacation, illness, military service, or such other
        reason deemed good cause by the eligible institution or the
        Secretary.

SEC. 303. AGREEMENTS WITH ELIGIBLE INSTITUTIONS.

    For the purposes of this title, the Secretary is authorized to
enter into agreements with eligible institutions in which any student
receiving a scholarship award under this title has enrolled or has been
accepted for enrollment. Each such agreement shall provide--
            (1) that the institution shall cooperate with the Secretary
        in carrying out this title, including the provision of
        information necessary for a student to satisfy the requirements
        in section 302;
            (2) that the institution shall conduct a periodic review to
        determine whether students enrolled at the institution and
        receiving a scholarship award under this title continue to be
        eligible to receive such scholarship award, and shall notify
        the Secretary of the results of such reviews; and
            (3) for control and accounting procedures as may be
        necessary to assure proper disbursement and accounting of funds
        paid to the institution under section 301(e).

SEC. 304. TREATMENT OF SCHOLARSHIPS FOR PURPOSES OF FINANCIAL AID.

    Notwithstanding any other provision of law, a scholarship award
received under this title shall not be taken into account in
determining the need or eligibility of a person for student financial
assistance, or the amount of such assistance, under title IV of the
Higher Education Act of 1965 (20 U.S.C. 1001 et seq.).

SEC. 305. DEFINITIONS.

    In this title:
            (1) Deceased or disabled officer.--The term ``deceased or
        disabled officer'' means a public safety officer with respect
        to whom the Bureau of Justice Assistance has determined, in
        accordance with section 1201 of the Omnibus Crime Control and
        Safe Streets Act of 1968 (42 U.S.C. 3796) and under regulations
        issued pursuant to part L of such Act, that such public safety
        officer--
                    (A) has died as the direct and proximate result of
                a personal injury sustained in the line of duty; or
                    (B) has become permanently and totally disabled as
                the direct result of a catastrophic injury sustained in
                the line of duty.
            (2) Dependent child.--The term ``dependent child'' means a
        child of a deceased or disabled officer, including a stepchild
        or an adopted child, who--
                    (A) is living with or receiving regular support
                contributions from such deceased or disabled officer--
                            (i) at the time of the officer's death; or
                            (ii) at the time of the officer's totally
                        and permanently disabling injury; and
                    (B) at the start of the academic year for which a
                scholarship award is received, is 25 years of age or
                under.
            (3) Eligible applicant.--The term ``eligible applicant''
        means a person residing in a State who is any of the following:
                    (A) A public safety officer described in paragraph
                (1)(B).
                    (B) An eligible spouse of a deceased or disabled
                officer.
                    (C) A dependent child of a deceased or disabled
                officer.
            (4) Eligible institution.--The term ``eligible
        institution'' means any public or private kindergarten,
        elementary school, or secondary school as defined in section
        7801 of the Elementary and Secondary Education Act of 1965, or
        any institution of higher education, as defined in section 102
        of the Higher Education Act of 1965, that--
                    (A) is located in a State; and
                    (B) complies with the antidiscrimination provisions
                of section 601 of the Civil Rights Act of 1964 and does
                not discriminate on the basis of race.
            (5) Eligible spouse.--The term ``eligible spouse'' means an
        individual who is the legally married husband or wife of a
        deceased or disabled officer--
                    (A) in the case of a deceased officer, at the time
                of the officer's death; or
                    (B) in the case of a disabled officer, at the time
                of the officer's totally and permanently disabling
                injury, and at the time of the determination of
                eligibility for a scholarship award under this title.
            (6) Public safety officer.--The term ``public safety
        officer'' has the meaning given such term in section 1217 of
        the Omnibus Crime Control and Safe Streets Act of 1968 (42
        U.S.C. 3796d-6), as added by section 104 of this Act.
            (7) Secretary.--The term ``Secretary'' means the Secretary
        of Education.
            (8) State.--The term ``State'' means any State of the
        United States, the District of Columbia, the Commonwealth of
        Puerto Rico, and any territory or possession of the United
        States.

                   TITLE IV--MISCELLANEOUS PROVISIONS

SEC. 401. COMPENSATION IN CASE OF DEATH.

    Section 8133(b)(1) of title 5, United States Code, is amended by
striking ``or remarries before reaching age 55''.

SEC. 402. BENEFITS DEFINITION CONFORMING AMENDMENT.

    Section 1204 of the Omnibus Crime Control and Safe Streets Act of
1968 (42 U.S.C. 3796b) is amended by striking ``As used in this part--
'' and inserting ``Except as otherwise expressly provided, as used in
this part--''

Output:
Special Agent Scott K. Carey Public Safety Officer Benefits Enhancement Act - Amends the Omnibus Crime Control and Safe Streets Act of 1968 to extend: (1) educational benefits to public safety officers who become permanently and totally disabled in the line of duty and to their spouses and children; (2) allow payment of retroactive benefits to dependents of such disabled officers; and (3) establish a program of pension payments for certain survivors of deceased public safety officers.

Authorizes the Secretary of Education to: (1) award a Public Safety Officer scholarship to disabled public safety officers, their spouses, and their children; and (2) enter into agreements with educational institutions to carry out such scholarship program.

Amends federal personnel law to allow widows or widowers of federal employees killed on the job to continue to receive monthly compensation even if they remarry before reaching age 55.


Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Promoting Financial Literacy and
Economic Opportunity Act of 2015''.

SEC. 2. TAX CREDIT FOR PROVIDING PROGRAMS FOR STUDENTS THAT PROMOTE
              ECONOMIC AND FINANCIAL LITERACY.

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

``SEC. 45S. EXCELLENCE IN ECONOMIC EDUCATION.

    ``(a) General Rule.--In the case of an eligible for profit
organization, for purposes of section 38, the excellence in economic
education credit determined under this section for a taxable year is 50
percent of the amount paid or incurred during the taxable year to carry
out the purposes specified in section 5533(b) of the Elementary and
Secondary Education Act of 1965 (20 U.S.C. 7267b(b)) pursuant to a
qualified program.
    ``(b) Limitation on Number of Credit Recipients.--
            ``(1) In general.--The excellence in economic education
        credit determined under this section for a taxable year may be
        allowed to not more than 20 for profit organizations in
        accordance with paragraph (2).
            ``(2) Credit award by secretary.--
                    ``(A) In general.--The Secretary (in consultation
                with the Secretary of Education) shall determine which
                for profit organizations are allowed the credit under
                this section for a taxable year in such manner as the
                Secretary determines appropriate.
                    ``(B) Majority of recipients must be mwosbs, owned
                by veterans, or meet asset test.--In carrying out
                subparagraph (A), the majority of the taxpayers allowed
                a credit under paragraph (1) for a taxable year shall
                be entities that are--
                            ``(i) either--
                                    ``(I) a socially and economically
                                disadvantaged small business concern
                                (as defined in section 8(a)(4)(A) of
                                the Small Business Act (15 U.S.C.
                                637(a)(4)(A))),
                                    ``(II) a small business concern
                                owned and controlled by women (as
                                defined under section 3(n) of such Act
                                (15 U.S.C. 632(n))), or
                                    ``(III) a small business concern
                                (as so defined) that is at least 51
                                percent owned by veterans (as defined
                                in section 101(2), United States Code),
                                or
                            ``(ii) on the first day of the taxable year
                        do not have more than $60,000,000,000 in
                        assets.
                    ``(C) Priority.--In making determinations under
                this paragraph, the Secretary shall give priority to
                taxpayers that have qualified programs which serve
                either urban or rural underserved areas (determined on
                the basis of the most recent United States census data
                available).
    ``(c) Limitations Relating to Expenditures.--
            ``(1) Direct activity.--25 percent of the amount allowed as
        a credit under subsection (a) shall be for amounts paid or
        incurred for direct activities (as defined in section
        5533(b)(1) of the Elementary and Secondary Education Act of
        1965 (20 U.S.C. 7267b(b)(1))).
            ``(2) Subgrants.--75 percent of the amount allowed as a
        credit under subsection (a) shall be for amounts paid or
        incurred for subgrants (as defined in section 5533(b)(2) of the
        Elementary and Secondary Education Act of 1965 (20 U.S.C.
        7267b(b)(1))), determined by treating amounts so paid or
        incurred as funds made available through a grant.
    ``(d) Definitions and Special Rules.--For purposes of this
section--
            ``(1) Qualified program.--The term `qualified program'
        means a program in writing under which an eligible for profit
        organization awards one or more grants for the purpose of
        carrying out the objectives of promoting economic and financial
        literacy, as specified in section 5532 of the Elementary and
        Secondary Education Act of 1965 (20 U.S.C. 7267a), that meet
        the requirements of section 5533b of the Elementary and
        Secondary Education Act of 1965 (20 U.S.C. 7267b).
            ``(2) Eligible for profit organization.--The term `eligible
        for profit organization' means with respect to a taxable year,
        an organization that--
                    ``(A) has a qualified program in effect for the
                taxable year, and
                    ``(B) has been determined by the Secretary under
                subsection (b)(2) to be an organization to whom the
                credit is allowed for the taxable year.
            ``(3) Determination of assets.--For purposes of paragraph
        (2)(B), in determining assets, the Secretary shall use the same
        method used by the Board of Governors of the Federal Reserve
        System to determine a bank holding company's consolidated
        assets under section 165 of the Financial Stability Act of 2010
        (12 U.S.C. 5365).
            ``(4) Election not to claim credit.--This section shall not
        apply to a taxpayer for any taxable year if such taxpayer
        elects to have this section not apply for such taxable year.
            ``(5) Coordination with other deductions or credits.--The
        amount of any deduction or credit otherwise allowable under
        this chapter for any amount taken into account for purposes of
        subsection (a) shall be reduced by the credit allowed by this
        section.
    ``(e) Regulations.--The Secretary shall issue such regulations or
other guidance as may be necessary or appropriate to carry out this
section.''.
    (b) Credit Made Part of General Business Credit.--Subsection (b) of
section 38 of the Internal Revenue Code of 1986 is amended by striking
``plus'' at the end of paragraph (35), by striking the period at the
end of paragraph (36) and inserting ``, plus'', and by adding at the
end the following new paragraph:
            ``(37) the excellence in economic education credit
        determined under section 45S(a).''.
    (c) Clerical Amendment.--The table of sections for subpart D of
part IV of subchapter A of chapter 1 of the Internal Revenue Code of
1986 is amended by adding at the end the following new item:

``Sec. 45S. Excellence in economic education.''.
    (d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after the date of the enactment of
this Act.

Output: Promoting Financial Literacy and Economic Opportunity Act of 2015 This bill amends the Internal Revenue Code to allow up to 20 for-profit organizations in any taxable year a business-related tax credit for 50% of the amount paid or incurred to carry out activities to improve the quality of student understanding of personal finance and economics. The Department of the Treasury shall determine which for-profit organizations are eligible for the credit, ensuring that a majority of credit recipients are: (1) either a socially and economically disadvantaged small business concern, a small business concern owned and controlled by women, or a small business concern that is at least 51% owned by veterans, or (2) do not have more than $60 billion in assets. In determining the eligibility of a for-profit organization, Treasury shall give priority to organizations that have programs serving either urban or rural underserved areas.


Input:
SECTION 1. COMPLIANCE WITH TARIFF ACT OF 1930.

    (a) Definitions.--Section 801 of the Tariff Act of 1930 (19 U.S.C.
1681) is amended by adding at the end the following:
            ``(3) Delivery sale.--The term `delivery sale' means any
        sale of cigarettes or a smokeless tobacco product to a consumer
        if--
                    ``(A) the consumer submits the order for such sale
                by means of a telephone or other method of voice
                transmission, the mail, or the Internet or other online
                service, or the seller is otherwise not in the physical
                presence of the buyer when the request for purchase or
                order is made; or
                    ``(B) the cigarettes or smokeless tobacco product
                is delivered by use of a common carrier, private
                delivery service, or the mail, or the seller is not in
                the physical presence of the buyer when the buyer
                obtains personal possession of the delivered cigarettes
                or smokeless tobacco product.
            ``(4) Indian tribe.--The terms `Indian tribe' and `tribal'
        refer to an Indian tribe as defined in the Indian Self-
        Determination and Education Assistance Act (25 U.S.C. 450b(e))
        or as listed pursuant to section 104 of the Federally
        Recognized Indian Tribe List Act of 1994 (25 U.S.C. 479a-1).''.
    (b) Inapplicability of Exemptions From Requirements for Entry of
Certain Cigarettes and Smokeless Tobacco Products.--Section 802(b)(1)
of the Tariff Act of 1930 (19 U.S.C. 1681a(b)(1)) is amended by adding
at the end the following new sentence: ``The preceding sentence shall
not apply to any cigarettes or smokeless tobacco products sold in
connection with a delivery sale.''.
    (c) State Access to Customs Certifications.--Section 802 of that
Act is further amended by adding at the end the following new
subsection:
    ``(d) State Access to Customs Certifications.--A State, through its
Attorney General, shall be entitled to obtain copies of any
certification required under subsection (c) directly--
            ``(1) upon request to the agency of the United States
        responsible for collecting such certification; or
            ``(2) upon request to the importer, manufacturer, or
        authorized official of such importer or manufacturer.''.
    (d) Enforcement Provisions.--Section 803 of that Act (19 U.S.C.
1681b) is amended--
            (1) in subsection (b)--
                    (A) in the first sentence, by inserting before the
                period the following: ``, or to any State in which such
                tobacco product, cigarette papers, or tube is found'';
                and
                    (B) in the second sentence, by inserting ``, or to
                any State,'' after ``the United States''; and
            (2) by adding at the end the following new subsection:
    ``(c) Actions by States and Others.--
            ``(1) In general.--Any person who holds a permit under
        chapter 52 of the Internal Revenue Code of 1986 may bring an
        action in the United States district courts against any person,
        other than a State, local, or tribal government, to prevent and
        restrain violations of this title--
                    ``(A) by that person; or
                    ``(B) by another person controlled by that person.
            ``(2) Relief for state and local governments.--A State,
        acting through its attorney general, or a local government,
        acting through its chief law enforcement officer (or a designee
        thereof), may bring a civil action under this title against any
        person--
                    ``(A) to prevent and restrain violations of this
                title--
                            ``(i) by that person; or
                            ``(ii) by another person controlled by that
                        person; or
                    ``(B) to obtain any other appropriate relief for
                violations of this title--
                            ``(i) by that person, or
                            ``(ii) by another person controlled by that
                        person,
                including civil penalties, money damages, and
                injunctive or other equitable relief.
            ``(3) Construction generally.--
                    ``(A) In general.--Nothing in this subsection shall
                be deemed to abrogate or constitute a waiver of any
                sovereign immunity of a State or local government or an
                Indian tribe against any unconsented lawsuit under this
                title or to otherwise restrict, expand, or modify any
                sovereign immunity of a State or local government or an
                Indian tribe.
                    ``(B) Construction with other relief.--The remedies
                available under this subsection are in addition to any
                other remedies available under Federal, State, local,
                or other law.
            ``(4) Construction with forfeiture provisions.--Nothing in
        this subsection shall be construed to require a State to first
        bring an action under paragraph (2) when pursuing relief under
        subsection (b).
    ``(d) Construction With State Authorities.--Nothing in this title
shall be construed to expand, restrict, or otherwise modify the right
of an authorized State official from proceeding in any State court, or
taking other enforcement actions, on the basis of alleged violation of
State or other law.''.
    (e) Inclusion of Smokeless Tobacco.--
            (1) Sections 802 and 803(a) of that Act (other than the
        last sentence of section 802(b)(1), as added by subsection (b)
        of this section) are further amended by inserting ``or
        smokeless tobacco products'' after ``cigarettes'' each place it
        appears.
            (2) Section 802 of such Act is further amended--
                    (A) in subsection (a)--
                            (i) in paragraph (1), by inserting ``or
                        section 4 of the Comprehensive Smokeless
                        Tobacco Health Education Act of 1986 (15 U.S.C.
                        4403), as the case may be'' after ``section 7
                        of the Federal Cigarette Labeling and
                        Advertising Act (15 U.S.C. 1335a)'';
                            (ii) in paragraph (2), by inserting ``or
                        section 3 of the Comprehensive Smokeless
                        Tobacco Health Education Act of 1986 (15 U.S.C.
                        4402), as the case may be,'' after ``section 4
                        of the Federal Cigarette Labeling and
                        Advertising Act (15 U.S.C. 1333)''; and
                            (iii) in paragraph (3), by inserting ``or
                        section 3(d) of the Comprehensive Smokeless
                        Tobacco Health Education Act of 1986 (15 U.S.C.
                        4402(d)), as the case may be,'' after ``section
                        4(c) of the Federal Cigarette Labeling and
                        Advertising Act (15 U.S.C. 1333(c))'';
                    (B) in subsection (b)--
                            (i) in the paragraph caption of paragraph
                        (1), by inserting ``or smokeless tobacco''
                        after ``cigarettes''; and
                            (ii) in the paragraph caption of paragraphs
                        (2) and (3), by inserting ``or smokeless
                        tobacco'' after ``cigarettes''; and
                    (C) in subsection (c)--
                            (i) in the subsection caption, by inserting
                        ``or Smokeless Tobacco'' after ``Cigarette'';
                            (ii) in paragraph (1), by inserting ``or
                        section 4 of the Comprehensive Smokeless
                        Tobacco Health Education Act of 1986 (15 U.S.C.
                        4403), as the case may be'' after ``section 7
                        of the Federal Cigarette Labeling and
                        Advertising Act (15 U.S.C. 1335a)'';
                            (iii) in paragraph (2)(A), by inserting
                        ``or section 3 of the Comprehensive Smokeless
                        Tobacco Health Education Act of 1986 (15 U.S.C.
                        4402), as the case may be,'' after ``section 4
                        of the Federal Cigarette Labeling and
                        Advertising Act (15 U.S.C. 1333)''; and
                            (iv) in paragraph (2)(B), by inserting ``or
                        section 3(d) of the Comprehensive Smokeless
                        Tobacco Health Education Act of 1986 (15 U.S.C.
                        4402(d)), as the case may be'' after ``section
                        4(c) of the Federal Cigarette Labeling and
                        Advertising Act (15 U.S.C. 1333(c))''.
            (3) Section 803(b) of that Act, as amended by subsection
        (d)(1) of this section, is further amended by inserting ``, or
        any smokeless tobacco product,'' after ``or tube'' the first
        place it appears.
            (4)(A) The heading of title VIII of such Act is amended by
        inserting ``AND SMOKELESS TOBACCO'' after ``CIGARETTES''.
            (B) The heading of section 802 of such Act is amended by
        inserting ``and smokeless tobacco'' after ``cigarettes''.

SEC. 2. APPLICATION OF CIVIL PENALTIES TO RELANDINGS OF TOBACCO
              PRODUCTS SOLD IN A DELIVERY SALE.

    (a) In General.--Section 5761 of the Internal Revenue Code of 1986
(relating to civil penalties) is amended by redesignating subsections
(d) and (e) as subsections (e) and (f), respectively, and inserting
after subsection (c) the following new subsection:
    ``(d) Personal Use Quantities.--
            ``(1) In general.--No quantity of tobacco products other
        than the quantity referred to in paragraph (2) may be relanded
        or received as a personal use quantity.
            ``(2) Exception for personal use quantity.--Subsection (c)
        and section 5754 shall not apply to any person who relands or
        receives tobacco products in the quantity allowed entry free of
        tax and duty under chapter 98 of the Harmonized Tariff Schedule
        of the United States, and such person may voluntarily
        relinquish to the Secretary at the time of entry any excess of
        such quantity without incurring the penalty under subsection
        (c).
            ``(3) Special rule for delivery sales.--
                    ``(A) In general.--Paragraph (2) shall not apply to
                any tobacco product sold in connection with a delivery
                sale.
                    ``(B) Delivery sale.--For purposes of subparagraph
                (A), the term `delivery sale' means any sale of a
                tobacco product to a consumer if--
                            ``(i) the consumer submits the order for
                        such sale by means of a telephone or other
                        method of voice transmission, the mail, or the
                        Internet or other online service, or the seller
                        is otherwise not in the physical presence of
                        the buyer when the request for purchase or
                        order is made, or
                            ``(ii) the tobacco product is delivered by
                        use of a common carrier, private delivery
                        service, or the mail, or the seller is not in
                        the physical presence of the buyer when the
                        buyer obtains personal possession of the
                        tobacco product.''.
    (b) Conforming Amendments.--
            (1) Subsection (c) of section 5761 of such Code is amended
        by striking the last two sentences.
            (2) Paragraph (1) of section 5754(c) of such Code is
        amended by striking ``section 5761(c)'' and inserting ``section
        5761(d)''.

Output:
Amends the Tariff Act of 1930 to define "delivery sale" of a tobacco product as any sale of cigarettes or a smokeless tobacco product to a consumer if: (1) the consumer submits the purchase order by means of a telephone or other method of voice transmission, the mail, or the Internet or other online service, or the seller is otherwise not in the buyer's physical presence when the purchase request or order is made; or (2) the cigarettes or smokeless tobacco product is delivered by use of a common carrier, private delivery service, or the mail, or the seller is not in the buyer's physical presence when the buyer obtains personal possession of the delivered cigarettes or smokeless tobacco product.

Makes the personal use exemption from tobacco import requirements inapplicable to cigarettes or smokeless tobacco products sold in connection with a delivery sale.

Allows states access to copies of Customs Service certifications required for cigarette imports.

Permits any tobacco product, cigarette papers, or tube found in violation of the Act to be forfeited for destruction to any state in which it is found.

Authorizes persons who hold permits under the Internal Revenue Code concerning tobacco products, cigarette papers, and tubes to bring an action in the U.S. district courts against any person, other than a state, local, or tribal government, to prevent and restrain violations of the Act.

Authorizes state and local governments to bring civil actions for prevention or restraint against persons who violate the Act.

Subjects smokeless tobacco products to the same entry requirements and enforcement mechanisms as apply to certain cigarettes under the Act.

Amends the Internal Revenue Code to impose civil penalties against persons for relanding, except for personal use, tobacco products sold in a delivery sale.