Input:
SECTION 1. ALLOWANCE OF DEDUCTION.

    (a) Deduction for Political Contributions.--
            (1) General rule.--Part VII of subchapter B of chapter 1 of
        the Internal Revenue Code of 1986 is amended by inserting after
        section 217 the following:

``SEC. 218. CONTRIBUTIONS TO CANDIDATES FOR PUBLIC OFFICE.

    ``(a) Allowance of Deduction.--In the case of an individual, there
shall be allowed as a deduction any political contribution payment of
which is made by such individual within the taxable year.
    ``(b) Limitations.--
            ``(1) Amount.--The deduction under subsection (a) shall not
        exceed $100 ($200) in the case of a joint return under section
        6013).
            ``(2) Verification.--The deduction under subsection (a)
        shall be allowed, with respect to any political contribution,
        only if such contribution is verified in such manner as the
        Secretary shall prescribe by regulations.
    ``(c) Definitions.--For purposes of this section, the term--
            ``(1) `candidate' means, with respect to any Federal,
        State, or local elective public office, an individual who
                    ``(A) publicly announces before the close of the
                calendar year following the calendar year in which the
                contribution or gift is made that he is a candidate for
                nomination or election to such office; and
                    ``(B) meets the qualifications prescribed by law to
                hold such office.
            ``(2) `local' means a political subdivision or part
        thereof, or 2 or more political subdivisions or parts thereof,
        of a State;
            ``(3) `national political party' means--
                    ``(A) in the case of contributions made during a
                taxable year of the taxpayer in which the electors of
                President and Vice President are chosen, a political
                party presenting candidates or electors for such
                offices on the official election ballot of 10 or more
                States, or
                    ``(B) in the case of contributions made during any
                other taxable year of the taxpayer, a political party
                which met the qualifications described in subparagraph
                (A) in the last preceding election of a President and
                Vice President;
            ``(4) `political contribution' means a contribution or gift
        of money to--
                    ``(A) an individual who is a candidate for
                nomination or election to any Federal, State, or local
                elective office in any primary, general, or special
                election, for use by such individual to further his
                candidacy for nomination or election to such office;
                    ``(B) any committee, association, or organization
                (whether or not incorporated) organized and operated
                exclusively for the purpose of influencing, or
                attempting to influence, the nomination or election of
                one or more individuals who are candidates for
                nomination or election to any Federal, State, or local
                elective public office, for use by such committee,
                association, or organization to further the candidacy
                of such individual or individuals for nomination or
                election to such office;
                    ``(C) the national committee of a national
                political party;
                    ``(D) the State committee of a national political
                party as designated by the national committee of such
                party; or
                    ``(E) a local committee or a national political
                party as designated by the State committee of such
                party designated under subparagraph (D); and
            ``(5) `State' means the various States and the District of
        Columbia.
    ``(d) Cross Reference.--

                                ``For disallowance of deduction to
estates and trusts, see section 642(j).''
            (2) Conforming amendment.--The table of sections for part
        VII of subchapter B of chapter 1 of such Code is amended by
        inserting after the item relating to section 217 the following:

                              ``Sec. 218. Contribution to candidates
                                        for public office.''
    (b) Disallowance of Deduction to Estates and Trusts.--Section 642
of such Code is amended by adding at the end the following:
    ``(j) Political Contributions.--An estate or trust shall not be
allowed the deduction for contributions to candidates for public office
provided by section 218.''

SEC. 2. EFFECTIVE DATE.

    The amendments made by section 1 shall apply to taxable years
beginning after December 31, 1993.

Output: Amends the Internal Revenue Code to allow individuals a tax deduction of up to $100 ($200 in the case of a joint return) for political contributions.


Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Cuba Sanctions Reform Act of 2004''.

SEC. 2. DURATION OF SANCTIONS RELATED TO CUBA.

    (a) Continuation of Sanctions.--
            (1) Expiration.--Notwithstanding any other provision of
        law, the restrictions described in section 3(a) shall, with
        respect to Cuba, expire 1 year from the date of enactment of
        this Act unless renewed pursuant to paragraph (2) and
        subsection (b).
            (2) Resolution by congress.--The restrictions contained in
        section 3(a) may be renewed annually for a 1-year period if,
        prior to the anniversary of the date of enactment of this Act,
        and each year thereafter, a renewal resolution is enacted into
        law in accordance with subsection (b).
    (b) Renewal Resolutions.--
            (1) In general.--For purposes of this section, the term
        ``renewal resolution'' means a joint resolution of the two
        Houses of Congress, the sole matter after the resolving clause
        of which is as follows: ``That Congress approves the renewal of
        the restrictions contained in section 3(a) of the Cuba
        Sanctions Reform Act of 2004.''.
            (2) Procedures.--
                    (A) In general.--A renewal resolution--
                            (i) may be introduced in either House of
                        Congress by any member of such House at any
                        time within the 90-day period before the
                        expiration of the restrictions described in
                        section 3(a); and
                            (ii) the provisions of subparagraph (B)
                        shall apply.
                    (B) Expedited consideration.--The provisions of
                section 152 (b), (c), (d), (e), and (f) of the Trade
                Act of 1974 (19 U.S.C. 2192 (b), (c), (d), (e), and
                (f)) apply to a renewal resolution under this Act as if
                such resolution were a resolution described in section
                152(a) of the Trade Act of 1974.

SEC. 3. PROVISIONS RESTRICTING TRADE AND OTHER RELATIONS WITH CUBA.

    (a) Provisions Subject to Renewal.--The restrictions described in
this subsection that are subject to renewal as described in section 2
are as follows:
            (1) The prohibition or termination of assistance contained
        in section 620(a) of the Foreign Assistance Act of 1961 (22
        U.S.C. 2370(a)).
            (2) The authorities conferred upon the President by section
        5(b) of the Trading with the enemy Act (50 U.S.C. App. 5(b)),
        which were being exercised with respect to Cuba on July 1,
        1977, as a result of a national emergency declared by the
        President before that date, and are being exercised on the day
        before the date of enactment of this Act.
            (3) Any prohibition on exports to Cuba that is in effect on
        the day before the date of enactment of this Act under the
        Export Administration Act of 1979 (50 U.S.C. App. 2401 et
        seq.).
            (4) The sanctions contained in section 1704 and section
        1706 of the Cuban Democracy Act of 1992 (22 U.S.C. 6003 and
        6005).
            (5) The sanctions contained in the Cuban Liberty and
        Democratic Solidarity (LIBERTAD) Act of 1996 (22 U.S.C. 6021 et
        seq.).
            (6) The prohibitions relating to Cuba contained in sections
        908, 909, and 910 of the Trade Sanctions Reform and Export
        Enhancement Act of 2000 (title IX of Public Law 106-387; 22
        U.S.C. 7207, 7208, and 7209).
            (7) Subparagraph (A) of section 901(j)(2) of the Internal
        Revenue Code of 1986 (relating to denial of foreign tax credit,
        etc., with respect to certain foreign countries).
            (8) The prohibition relating to sugar imports established
        under section 902(c) of the Food Security Act of 1985 (7 U.S.C.
        1446g note; Public Law 99-198).
            (9) The restrictions on common carriers, as defined in
        section 3(10) of the Communications Act of 1934 (47 U.S.C.
        153(10)), related to Cuba, including restrictions regarding the
        installation, maintenance, repair, and upgrading of
        telecommunications equipment and facilities, and the provision
        of telecommunications services between the United States and
        Cuba.
    (b) Authority for New Restrictions.--The President may, on or after
the date of enactment of this Act--
            (1) impose export controls with respect to Cuba under
        section 5, 6(j), 6(l), or 6(m) of the Export Administration Act
        of 1979; and
            (2) exercise the authority of the President under the
        International Emergency Economic Powers Act (50 U.S.C. 1701 et
        seq.) with respect to Cuba pursuant to a declaration of
        national emergency required by that Act that is made on account
        of an unusual and extraordinary threat to the national
        security, foreign policy, or economy of the United States, that
        did not exist before the date of enactment of this Act.

SEC. 4. TRAVEL.

    (a) In General.--Restrictions related to travel to and from Cuba by
individuals who are citizens or residents of the United States, and any
transactions ordinarily incident to such travel, that may be regulated
or prohibited shall be subject to expiration, and renewal by joint
resolution of the two Houses of Congress, as described in section 2.
    (b) Transactions Incident to Travel.--For purposes of subsection
(a), the term ``any transactions ordinarily incident to travel''
includes--
            (1) transactions ordinarily incident to travel or
        maintenance in Cuba; and
            (2) normal banking transactions involving foreign currency
        drafts, traveler's checks, or other negotiable instruments
        incident to such travel.

SEC. 5. ANNUAL REMITTANCES.

    (a) In General.--Except as provided in subsection (b), any limit
the Secretary of the Treasury may place on the amount of remittances to
Cuba made by any person who is subject to the jurisdiction of the
United States, shall be subject to expiration, and renewal by joint
resolution of the two Houses of Congress, as described in section 2.
    (b) Statutory Construction.--Nothing in subsection (a) may be
construed to prohibit the prosecution or conviction of any person
committing an offense described in section 1956 of title 18, United
States Code (relating to the laundering of monetary instruments) or
section 1957 of such title (relating to engaging in monetary
transactions in property derived from specific unlawful activity).

Output:
Cuba Sanctions Reform Act of 2004 - Provides for the expiration of certain trade and travel restrictions with respect to Cuba unless such restrictions are renewed annually by a specified renewal resolution of the two Houses of Congress.

Authorizes the President with respect to Cuba to: (1) impose certain export controls; and (2) exercise certain emergency economic powers.


Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fox-Wisconsin Heritage Parkway
National Heritage Area Act of 2010''.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Heritage area.--The term ``Heritage Area'' means the
        Fox-Wisconsin Heritage Parkway National Heritage Area
        established by section 3(a).
            (2) Local coordinating entity.--The term ``local
        coordinating entity'' means the local coordinating entity for
        the Heritage Area designated by section 3(d).
            (3) Management plan.--The term ``management plan'' means
        the management plan for the Heritage Area required under
        section 5(a).
            (4) Map.--The term ``map'' means the map included under
        section 5(b)(3)(H).
            (5) Secretary.--The term ``Secretary'' means the Secretary
        of the Interior.
            (6) State.--The term ``State'' means the State of
        Wisconsin.

SEC. 3. FOX-WISCONSIN HERITAGE PARKWAY NATIONAL HERITAGE AREA.

    (a) Establishment.--There is established in the State the Fox-
Wisconsin Heritage Parkway National Heritage Area.
    (b) Boundaries.--
            (1) In general.--The Heritage Area shall include--
                    (A) the area included in Appendix A, Map 1 of the
                feasibility study submitted by the local coordinating
                entity, which includes approximately 1,444 square miles
                of land in 15 counties in central and southeastern
                Wisconsin, including Brown, Calumet, Columbia,
                Crawford, Dane, Fond du Lac, Grant, Green Lake, Iowa,
                Marquette, Outagamie, Richland, Sauk, Waushara, and
                Winnebago counties; and
                    (B) any contributing sites, buildings, and
                districts within the area described in subparagraph (A)
                that are recommended for inclusion in the Heritage Area
                by the management plan.
            (2) Revisions.--The boundaries of the Heritage Area may be
        revised if the revisions are--
                    (A) proposed in the management plan developed for
                the Heritage Area;
                    (B) depicted on the map; and
                    (C) approved by the Secretary in accordance with
                this Act.
    (c) Map.--The map shall be available for public inspection in the
appropriate offices of--
            (1) the National Park Service; and
            (2) the local coordinating entity.
    (d) Local Coordinating Entity.--The local coordinating entity for
the Heritage Area shall be the Fox-Wisconsin Heritage Parkway, a
nonprofit organization established in the State.

SEC. 4. ADMINISTRATION.

    (a) Authorities.--To carry out the management plan, the Secretary,
acting through the local coordinating entity, may use amounts made
available under this Act--
            (1) to make grants to the State (including any political
        subdivision of the State), nonprofit organizations, and other
        individuals;
            (2) to enter into cooperative agreements with, or provide
        technical assistance to, the State (including any political
        subdivision of the State), nonprofit organizations, and other
        interested parties;
            (3) to hire and compensate staff, which shall include
        individuals with expertise in natural, cultural, and historical
        resource protection, and heritage programming;
            (4) to obtain funds or services from any source, including
        funds or services that are provided under any other Federal law
        or program;
            (5) to enter into contracts for goods or services; and
            (6) to serve as a catalyst for any other activity that--
                    (A) furthers the purposes and goals of the Heritage
                Area; and
                    (B) is consistent with the approved management
                plan.
    (b) Duties.--The local coordinating entity shall--
            (1) in accordance with section 5, prepare and submit to the
        Secretary a management plan for the Heritage Area;
            (2) assist units of local government, regional planning
        organizations, and nonprofit organizations in carrying out the
        approved management plan by--
                    (A) carrying out programs and projects that
                recognize, protect, and enhance important resource
                values located in the Heritage Area;
                    (B) establishing and maintaining interpretive
                exhibits and programs in the Heritage Area;
                    (C) developing recreational and educational
                opportunities in the Heritage Area;
                    (D) increasing public awareness of, and
                appreciation for, the natural, historical, scenic, and
                cultural resources of the Heritage Area;
                    (E) protecting and restoring historic sites and
                buildings in the Heritage Area that are consistent with
                Heritage Area themes;
                    (F) ensuring that clear, consistent, and
                appropriate signs identifying points of public access,
                and sites of interest, are posted throughout the
                Heritage Area; and
                    (G) promoting a wide range of partnerships among
                governments, organizations, and individuals to further
                the Heritage Area;
            (3) consider the interests of diverse units of government,
        businesses, organizations, and individuals in the Heritage Area
        in the preparation and implementation of the management plan;
            (4) conduct meetings open to the public at least
        semiannually regarding the development and implementation of
        the management plan;
            (5) for any year for which Federal funds have been received
        under this Act--
                    (A) submit an annual report to the Secretary that
                describes the activities, expenses, and income of the
                local coordinating entity (including grants to any
                other entities during the year that the report is
                made);
                    (B) make available to the Secretary for audit all
                records relating to the expenditure of the funds and
                any matching funds; and
                    (C) require, with respect to all agreements
                authorizing expenditure of Federal funds by other
                organizations, that the organizations receiving the
                funds make available to the Secretary for audit all
                records concerning the expenditure of the funds; and
            (6) encourage by appropriate means economic viability that
        is consistent with the Heritage Area.
    (c) Prohibition on the Acquisition of Real Property.--The local
coordinating entity shall not use Federal funds made available under
this Act to acquire real property or any interest in real property.

SEC. 5. MANAGEMENT PLAN.

    (a) In General.--Not later than 3 years after the date of enactment
of this Act, the local coordinating entity shall submit to the
Secretary for approval a proposed management plan for the Heritage
Area.
    (b) Requirements.--The management plan shall--
            (1) incorporate an integrated and cooperative approach for
        the protection, enhancement, and interpretation of the natural,
        cultural, historic, scenic, educational, and recreational
        resources of the Heritage Area;
            (2) take into consideration State and local plans;
            (3) include--
                    (A) an inventory of the resources located in the
                Heritage Area;
                    (B) comprehensive policies, strategies, and
                recommendations for conservation, funding, management,
                and development of the Heritage Area;
                    (C) a description of actions that governments,
                private organizations, and individuals have agreed to
                take to protect the natural, cultural, historic,
                scenic, educational, and recreational resources of the
                Heritage Area;
                    (D) a program of implementation for the management
                plan by the local coordinating entity that includes a
                description of--
                            (i) actions to facilitate ongoing
                        collaboration among partners to promote plans
                        for resource protection, restoration, and
                        construction; and
                            (ii) specific commitments for
                        implementation that have been made by the local
                        coordinating entity or any government,
                        organization, or individual for the first 5
                        years of operation;
                    (E) the identification of sources of funding for
                carrying out the management plan;
                    (F) analysis and recommendations for means by which
                local, State, and Federal programs, including the role
                of the National Park Service in the Heritage Area, may
                best be coordinated to carry out this Act;
                    (G) an interpretive plan for the Heritage Area; and
                    (H) a map of the Heritage Area; and
            (4) recommend policies and strategies for resource
        management that consider and detail the application of
        appropriate land and water management techniques, including the
        development of intergovernmental and interagency cooperative
        agreements to protect the natural, cultural, historic, scenic,
        educational, and recreational resources of the Heritage Area.
    (c) Deadline.--If a proposed management plan is not submitted to
the Secretary by the date that is 3 years after the date of enactment
of this Act, the local coordinating entity shall be ineligible to
receive additional funding under this Act until the date on which the
Secretary approves a management plan.
    (d) Approval or Disapproval of Management Plan.--
            (1) In general.--Not later than 180 days after the date of
        receipt of the management plan under subsection (a), the
        Secretary, in consultation with the State, shall approve or
        disapprove the management plan.
            (2) Criteria for approval.--In determining whether to
        approve the management plan, the Secretary shall consider
        whether--
                    (A) the local coordinating entity is representative
                of the diverse interests of the Heritage Area,
                including governments, natural and historic resource
                protection organizations, educational institutions,
                businesses, and recreational organizations;
                    (B) the local coordinating entity has afforded
                adequate opportunity, including public hearings, for
                public and governmental involvement in the preparation
                of the management plan; and
                    (C) the resource protection and interpretation
                strategies contained in the management plan, if
                implemented, would adequately protect the natural,
                cultural, historic, scenic, educational, and
                recreational resources of the Heritage Area.
            (3) Action following disapproval.--If the Secretary
        disapproves the management plan under paragraph (1), the
        Secretary shall--
                    (A) advise the local coordinating entity in writing
                of the reasons for the disapproval;
                    (B) make recommendations for revisions to the
                management plan; and
                    (C) not later than 180 days after the date of
                receipt of any proposed revision of the management plan
                from the local coordinating entity, approve or
                disapprove the proposed revision.
            (4) Amendments.--
                    (A) In general.--The Secretary shall approve or
                disapprove each amendment to the management plan that
                the Secretary determines would make a substantial
                change to the management plan.
                    (B) Use of funds.--The local coordinating entity
                shall not use Federal funds authorized to be
                appropriated by this Act to carry out any amendments to
                the management plan until the Secretary has approved
                the amendments.

SEC. 6. RELATIONSHIP TO OTHER FEDERAL AGENCIES.

    (a) In General.--Nothing in this Act affects the authority of a
Federal agency to provide technical or financial assistance under any
other law (including regulations).
    (b) Consultation and Coordination.--To the maximum extent
practicable, the head of any Federal agency planning to conduct
activities that may have an impact on the Heritage Area is encouraged
to consult and coordinate the activities with the Secretary and the
local coordinating entity.
    (c) Other Federal Agencies.--Nothing in this Act--
            (1) modifies, alters, or amends any law (including any
        regulation) authorizing a Federal agency to manage Federal land
        under the jurisdiction of the Federal agency;
            (2) limits the discretion of a Federal land manager to
        implement an approved land use plan within the boundaries of
        the Heritage Area; or
            (3) modifies, alters, or amends any authorized use of
        Federal land under the jurisdiction of a Federal agency.

SEC. 7. PRIVATE PROPERTY AND REGULATORY PROTECTIONS.

    Nothing in this Act--
            (1) abridges the rights of any public or private property
        owner, including the right to refrain from participating in any
        plan, project, program, or activity conducted within the
        Heritage Area;
            (2) requires any property owner--
                    (A) to permit public access (including access by
                Federal, State, tribal, or local agencies) to the
                property of the property owner; or
                    (B) to modify public access or use of property of
                the property owner under any other Federal, State, or
                local law;
            (3) alters any duly adopted land use regulation, approved
        land use plan, or other regulatory authority of any Federal,
        State, or local agency;
            (4) conveys any land use or other regulatory authority to
        the local coordinating entity;
            (5) authorizes or implies the reservation or appropriation
        of water or water rights;
            (6) diminishes the authority of the State to manage fish
        and wildlife, including the regulation of fishing and hunting
        within the Heritage Area; or
            (7) creates any liability, or affects any liability under
        any other law (including regulations), of any private property
        owner with respect to any individual injured on the private
        property.

SEC. 8. EVALUATION; REPORT.

    (a) In General.--Not later than 3 years before the date on which
authority for Federal funding terminates for the Heritage Area, the
Secretary shall--
            (1) conduct an evaluation of the accomplishments of the
        Heritage Area; and
            (2) prepare a report in accordance with subsection (c).
    (b) Evaluation.--An evaluation conducted under subsection (a)(1)
shall--
            (1) assess the progress of the local coordinating entity
        with respect to--
                    (A) accomplishing the purposes of this Act for the
                Heritage Area; and
                    (B) achieving the goals and objectives of the
                approved management plan for the Heritage Area;
            (2) analyze the Federal, State, local, and private
        investments in the Heritage Area to determine the leverage and
        impact of the investments; and
            (3) review the management structure, partnership
        relationships, and funding of the Heritage Area to identify the
        critical components for sustainability of the Heritage Area.
    (c) Report.--
            (1) In general.--Based on the evaluation conducted under
        subsection (a)(1), the Secretary shall prepare a report that
        includes recommendations for the future role of the National
        Park Service, if any, with respect to the Heritage Area.
            (2) Required analysis.--If the report prepared under
        paragraph (1) recommends that Federal funding for the Heritage
        Area be reauthorized, the report shall include an analysis of--
                    (A) ways in which Federal funding for the Heritage
                Area may be reduced or eliminated; and
                    (B) the appropriate time period necessary to
                achieve the recommended reduction or elimination.
            (3) Submission to congress.--On completion of the report,
        the Secretary shall submit the report to--
                    (A) the Committee on Energy and Natural Resources
                of the Senate; and
                    (B) the Committee on Natural Resources of the House
                of Representatives.

SEC. 9. FUNDING.

    (a) Authorization of Appropriations.--There is authorized to be
appropriated to carry out this Act $10,000,000, of which not more than
$1,000,000 may be made available for any fiscal year.
    (b) Availability.--Amounts made available under subsection (a)
shall remain available until expended.
    (c) Cost-Sharing Requirement.--
            (1) In general.--The Federal share of the cost of any
        activity carried out using any assistance made available under
        this Act shall be not more than 50 percent.
            (2) Non-federal share.--The non-Federal share--
                    (A) shall be from non-Federal sources; and
                    (B) may be in the form of in-kind contributions of
                goods or services fairly valued.

SEC. 10. TERMINATION OF AUTHORITY.

    The authority of the Secretary to provide assistance under this Act
terminates on the date that is 15 years after the date of enactment of
this Act.

Output:
Fox-Wisconsin Heritage Parkway National Heritage Area Act of 2010 - Establishes the Fox-Wisconsin Heritage Parkway National Heritage Area in Wisconsin.

Designates the Fox-Wisconsin Heritage Parkway as the local coordinating entity for the Heritage Area.

Requires the Fox-Wisconsin Heritage Parkway to prepare and submit a management plan for the Heritage Area.

Sets forth requirements for the approval or disapproval of the management plan.


Input:
SECTION 1. SMALL EMPLOYER BENEFIT ARRANGEMENTS.

    (a) Amendments to IRC.--
            (1) In general.--Section 414 of the Internal Revenue Code
        of 1986 is amended by adding at the end the following new
        subsection:
    ``(y) Small Employer Benefit Arrangements.--
            ``(1) Treatment as employer.--
                    ``(A) Retirement, accident, and health insurance.--
                A small employer benefit arrangement meeting the
                requirements of this subsection shall be treated as an
                `employer' for the purpose of providing qualified
                retirement and accident and health plans (including a
                plan qualified under section 105(h) or section 125) or
                group-term life insurance under section 79.
                    ``(B) Allocation of income.--Notwithstanding
                subparagraph (A), the shareholder-members of the small
                employer benefit arrangement shall be treated as
                employers for purposes of administering and allocating
                items of income, credits, deductions, or exclusions
                associated with the provision of employee benefits.
            ``(2) Certain organizations prohibited.--
                    ``(A) In general.--An organization shall not be
                treated as a small employer benefit arrangement if the
                small employer benefit arrangement or any related
                entity is owned, in whole or in part, or managed or
                controlled in whole or in part, by any management
                agreement or certificates of indebtedness, directly or
                indirectly, or by an agents, brokers or providers of
                a--
                            ``(i) health, life, or disability insurer;
                            ``(ii) retirement plan service provider
                        (including persons who provide plan design,
                        administration, and investment advice services
                        to retirement plans);
                            ``(iii) claim administrators; and
                            ``(iv) investment advisors.
                    ``(B) Ordinary provision of products and
                services.--Nothing in this paragraph shall be
                construed--
                            ``(i) to prohibit a small employer benefit
                        arrangement from contracting for the ordinary
                        provision of products and services from any
                        persons or organizations that might otherwise
                        be prohibited from having an ownership or
                        management interest in a small employer benefit
                        arrangement, or
                            ``(ii) to prohibit small employer benefit
                        arrangements from creating, by and between
                        themselves, service organizations owned and
                        controlled exclusively by small employer
                        benefit arrangements to provide for such
                        products and services in the fulfillment of
                        their purposes.
            ``(3) Definition.--The term `small employer benefit
        arrangement' means a member owned, democratically controlled
        cooperative organization that--
                    ``(A) meets the requirements of subchapter T;
                    ``(B) has at least 21 shareholders of whom 90
                percent are in the same or similar line of business;
                    ``(C) sponsors an accident and health plan for
                shareholder-members and any employees of shareholder-
                members;
                    ``(D) sponsors a qualified retirement plan that
                meets the requirements of paragraph (12) or (13) of
                section 401(k) and is available to shareholder-members
                and any employees of shareholder-members;
                    ``(E) provides employee benefits pursuant to a
                written agreement; and
                    ``(F) requires all benefit eligible employees of a
                shareholder-member to participate according to the same
                statutory eligibility criteria normally accorded such
                persons.''.
            (2) Effective date.--The amendments made by this subsection
        shall apply with respect to plan years beginning on or after
        the date of the enactment of this Act.
    (b) Amendments to ERISA.--
            (1) Treatment as employer.--Section 3 of the Employee
        Retirement and Income Security Act (29 U.S.C. 1002) is
        amended--
                    (A) in paragraph (5), by inserting ``or a small
                employer benefit arrangement'' after ``a group or
                association of employers''; and
                    (B) by adding at the end the following new
                paragraph:
    ``(43) The term `small employer benefit arrangement' means a member
owned, democratically controlled cooperative organization that--
            ``(A) meets the requirements of subchapter T of chapter 1
        of the Internal Revenue Code of 1986;
            ``(B) has at least 21 shareholders of whom 90 percent are
        in the same or similar line of business;
            ``(C) sponsors an accident and health plan for shareholder-
        members and any employees of shareholder-members;
            ``(D) sponsors a qualified retirement plan that meets the
        requirements of paragraph (12) or (13) of section 401(k) of the
        Internal Revenue Code of 1986 and is available to shareholder-
        members and any employees of shareholder-members;
            ``(E) provides employee benefits pursuant to a written
        agreement; and
            ``(F) requires all benefit eligible employees of a
        shareholder-member to participate according to the same
        statutory eligibility criteria normally accorded such
        persons.''.
            (2) Self-insurance prohibited.--Section 609 of such Act (29
        U.S.C. 1169) is amended--
                    (A) by redesignating subsection (e) as subsection
                (f); and
                    (B) by inserting after subsection (d) the following
                new subsection:
    ``(e) Small Employer Benefit Arrangements.--
            ``(1) Self-insurance prohibited.--Any group health plan
        established or maintained by a small employer benefit
        arrangement shall be fully insured.
            ``(2) Fully insured defined.--A group health plan
        established or maintained by a small employer benefit
        arrangement shall be considered fully insured only if the terms
        of the arrangement provide for benefits the amount of all of
        which the Secretary determines are guaranteed under a contract,
        or policy of insurance, issued by an insurance company,
        insurance service, or insurance organization, qualified to
        conduct business in a State.''.
            (3) Effective date.--The amendments made by this subsection
        shall apply with respect to plan years beginning on or after
        the date of the enactment of this Act.
    (c) Amendments to PPACA.--
            (1) Small employer benefit arrangement defined.--Section
        1304(b) of the Patient Protection and Affordable Care Act (42
        U.S.C. 18024(b)) is amended by adding at the end the following
        new paragraph:
            ``(5) Small employer benefit arrangement.--The term `small
        employer benefit arrangement' has the meaning given such term
        in section 3(43) of the Employee Retirement and Income Security
        Act.''.
            (2) Qualified health plans.--Section 1301(a) of such Act
        (42 U.S.C. 18021(a)) is amended by adding at the end the
        following new paragraph:
            ``(5) Inclusion of small employer benefit arrangement
        plans.--Any reference in this title to a qualified health plan
        shall be deemed to include any group health plan established or
        maintained by a small employer benefit arrangement.''.
            (3) Eligibility to participate in american health benefit
        exchanges.--Section 1312(f)(2) of such Act (42 U.S.C.
        18032(f)(2)) is amended by adding at the end the following new
        subparagraph:
                    ``(C) Small employer benefit arrangements.--For
                purposes of subparagraph (A), a small employer benefit
                arrangement shall be treated as a small employer.''.
            (4) Effective date.--The amendments made to any provision
        by this subsection shall take effect as if included in the
        enactment of such provision.

Output:
Amends the Internal Revenue Code, the Employee Retirement and Income Security Act (ERISA), and the Patient Protection and Affordable Care Act to treat certain small employer benefit arrangements (SEBAs) as employers for the purpose of providing qualified retirement and accident and health plans or group-term life insurance.

Defines a SEBA as a member owned, democratically controlled cooperative organization that: (1) has at least 21 shareholders of whom 90% percent are in the same or similar line of business; (2) sponsors an accident and health plan for shareholder-members and any of their employees; (3) sponsors a qualified retirement plan meeting specified requirements and available to shareholder-members and their employees; (4) provides employee benefits pursuant to a written agreement; and (5) requires all benefit eligible employees of a shareholder-member to participate according to the same statutory eligibility criteria normally accorded them.

Treats the shareholder-members of a SEBA as employers for purposes of administering and allocating items of income, credits, deductions, or exclusions associated with the provision of employee benefits.

Prohibits treatment as a SEBA of any organization or related entity that is owned, in whole or in part, or managed or controlled in whole or in part, by any management agreement or certificates of indebtedness, directly or indirectly, or by: (1) any agents, brokers or providers of a health, life, or disability insurer; (2) a retirement plan service provider; (3) claim administrators; or (4) investment advisors.

Requires any group health plan established or maintained by a SEBA to be fully insured (thus prohibiting self-insurance).


Input:
SECTION 1. SHORT TITLE.

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

SEC. 2. FINDINGS.

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

SEC. 3. DEFINITIONS.

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

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

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

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


Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Mortgage Broker Transparency and
Accountability Act of 2007''.

SEC. 2. MORTGAGE BROKER REQUIREMENTS.

    The Truth in Lending Act (15 U.S.C. 1601 et seq.) is amended by
inserting after section 129 the following new section:
``Sec. 129A. Duties of mortgage brokers
    ``(a) Definitions.--For purposes of this section, the following
definitions shall apply:
            ``(1) Home mortgage loan.--The term `home mortgage loan'
        means any consumer credit transaction in which a security
        interest, including any such interest arising by operation of
        law, is or will be retained or acquired in any real property
        located within the United States which is or, upon the
        completion of the transaction, will be used as the principal
        residence of the consumer.
            ``(2) Mortgage broker.--The term `mortgage broker' means
        any person who, for compensation or in anticipation of
        compensation, provides mortgage brokerage services with respect
        to home mortgage loans for which the person is not the creditor
        and includes any loan correspondents that provide such
        services.
            ``(3) Mortgage brokerage services.--The term `mortgage
        brokerage services' means any of the following services:
                    ``(A) Arranging or negotiating, or attempting to
                arrange or negotiate, home mortgage loans or
                commitments for such loans.
                    ``(B) Referring consumer applicants or prospective
                applicants for home mortgage loans to creditors.
                    ``(C) Selecting or offering to select, on behalf of
                consumers, creditors to whom requests for an extension
                of a home mortgage loan may be made.
    ``(b) Mortgage Broker Responsibilities and Duties.--
            ``(1) Agency by operation of law.--A mortgage broker who
        provides mortgage brokerage services to any consumer shall be
        deemed to have an agency relationship with the consumer for
        such purposes and the broker shall be subject to all
        requirements for agents of consumers that are applicable under
        State or Federal law in connection with providing such
        services.
            ``(2) Broker duties.--In providing any mortgage brokerage
        services to any consumer, the mortgage broker shall--
                    ``(A) act with reasonable skill, care, and
                diligence in providing any such services to the
                consumer and provide the consumer with a reasonable
                choice among available home mortgage loan products that
                meet the consumer's stated needs for mortgage
                financing;
                    ``(B) disclose to a consumer the risks and benefits
                of each home mortgage loan product offered to the
                borrower, including any possibility of, and the
                possible extent of, a payment increase at the time of
                any resetting of rate, the extent of any prepayment
                penalties, balloon payments, and the consumer's
                responsibilities to pay taxes and insurance with
                respect to such product;
                    ``(C) disclose to the consumer--
                            ``(i) all fees or other payments the
                        mortgage broker may or will receive, if any,
                        from a creditor in connection with each home
                        mortgage loan product that is offered or
                        disclosed to the consumer, directly or
                        indirectly, in the course of providing such
                        services;
                            ``(ii) the amount of each such fee or
                        payment;
                            ``(iii) the rate used to determine the
                        amount of any such fee;
                            ``(iv) how the consumer may use the amount
                        of such fees or payments to reduce settlement
                        costs otherwise applicable to the consumer upon
                        entering into consumer credit transaction
                        involving such home mortgage loan product; and
                            ``(v) all fees or other payments the
                        mortgage broker may or will receive, if any,
                        from the consumer in connection with each home
                        mortgage loan product that is offered or
                        disclosed to the consumer, directly or
                        indirectly, in the course of providing such
                        services;
                    ``(D) meet all applicable licensing requirements
                under State or local law; and
                    ``(E) obtain and permanently maintain a bond--
                            ``(i) for an amount equal to not less than
                        1 percent of the aggregate value of all direct
                        and indirect fees received by the mortgage
                        broker in connection with providing mortgage
                        brokerage services in the calendar year
                        preceding the date of the transaction;
                            ``(ii) that inures, first, to the benefit
                        of any consumer who has any claim against the
                        mortgage broker under this title or any other
                        applicable provision of law; and, second, to
                        the benefit of creditors that deal with
                        mortgage brokers in accordance with this title;
                        and
                            ``(iii) under which any assignee or
                        subsequent transferee or trustee of a consumer
                        or creditor remains a beneficiary of the bond.
            ``(3) Steering prohibited.--In connection with a home
        mortgage loan, a mortgage broker may not steer, counsel, or
        direct a consumer to a higher-cost mortgage as evidenced by
        higher rates, charges, principal amounts, or the inclusion of
        prepayment penalties or other terms than a lower-cost mortgage
        for which the consumer would otherwise qualify, considering the
        loan features requested by the consumer.
    ``(c) Statutory Obligation.--No requirement imposed on any mortgage
broker under this section may be waived by any consumer or by the terms
of any agreement executed between the mortgage broker and any consumer.
    ``(d) Enforcement.--For purposes of providing a cause of action for
any failure to comply with any requirement imposed this section,
section 130(a) shall be applied with respect to any such failure--
            ``(1) by substituting `mortgage broker' for `creditor' each
        place such term appears in such section; and
            ``(2) by treating all points, fees, and costs incurred in
        the origination of any home mortgage loan as actual damages
        sustained by the consumer as a result of the failure.''.

SEC. 3. DISCLOSURE OF AFFILIATIONS.

    The Truth in Lending Act (15 U.S.C. 1601 et seq.) is amended by
inserting after section 129A (as added by section 2 of this Act) the
following new section:
``Sec. 129B. Disclosures in connection with all home mortgage loans
    ``Each creditor, mortgage broker (as defined in section 129A), or
other person involved in making or obtaining a home mortgage loan (as
defined in section 129A) to or for any consumer shall disclose to the
consumer any financial or other business relationship the creditor,
mortgage broker, or other person has with any person that may be
involved in the transaction resulting in the home mortgage loan,
including any real estate agent, any person providing title insurance,
any person providing settlement services (as defined in section 3 of
the Real Estate Settlement Procedures Act of 1974), or any person
providing table-top financing (in the case of a loan correspondent) and
information sufficient to inform the consumer about the relationship,
including whether the relationship is exclusive.''.

SEC. 4. CLERICAL AMENDMENT.

    The table of sections for chapter 2 of the Truth in Lending Act is
amended by inserting after the item relating to section 129 the
following new items:

``129A. Duties of mortgage brokers.
``129B. Disclosures in connection with all home mortgage loans.''.

Output:
Mortgage Broker Transparency and Accountability Act of 2007  Amends the Truth in Lending Act to establish mandatory responsibilities, duties, and disclosures governing mortgage brokers.

Deems any mortgage broker to have a statutory agency relationship with the consumer subject to all requirements under state or federal law.

Sets forth disclosure requirements, including disclosure of: (1) the risks and benefits of each home mortgage loan product; (2) possible payment increases at the time of any resetting of rate; (3) the extent of any prepayment penalties and balloon payments; and (4) the consumer's responsibilities to pay taxes and insurance with respect to such product.

Requires mortgage brokers to maintain a bond that inures, first, to the benefit of any consumer who has any claim against the mortgage broker under this Act.

Prohibits: (1) mortgage brokers from steering a consumer to a higher-cost mortgage than one for which the consumer would otherwise qualify; and (2) waiver by a consumer of the requirements imposed upon a mortgage broker under this Act.

Requires disclosure of specified affiliations on the part of persons involved in the home mortgage loan process.


Input:
SECTION 1. FINDINGS.

    (a) Findings.--Congress finds the following:
            (1) The United Nations Human Rights Council fails to
        adequately reform the United Nations Commission on Human
        Rights, thus preventing the Council from becoming an effective
        monitor of human rights throughout the world.
            (2) The United Nations Commission on Human Rights was
        created in 1946 to monitor and prevent the abuse of human
        rights throughout the world. It failed miserably to uphold even
        the most basic ideals enumerated in the United Nations Charter
        and the Universal Declaration on Human Rights. It lost its
        credibility as an instrument for the promotion and protection
        of human rights and instead allowed repressive regimes to
        shield themselves from criticism for their human rights
        violations.
            (3) The membership of the United Nations Commission on
        Human Rights constituted some of the worst abusers of human
        rights in the world, including the tyrannies of Cuba, Sudan,
        Libya, Belarus, the People's Republic of China, and Zimbabwe.
            (4) The United Nations Commission on Human Rights failed to
        act or speak out against numerous cases of egregious human
        rights abuses, including the countless atrocities committed by
        communist regimes, the genocide in Rwanda in 1994, and the
        ongoing genocide in Darfur caused by the Government of Sudan.
            (5) The United Nations Commission on Human Rights failed to
        condemn countries that sponsor terrorism (a glaring affront to
        human rights), including Iran, Syria, and North Korea.
            (6) The United Nations Commission on Human Rights had
        repeatedly vilified Israel, the only democracy in the Middle
        East, while overlooking horrific human rights abuses throughout
        the Middle East. A recent study found that 30 percent of all
        country-specific resolutions of the Commission critical of
        human rights have been directed at Israel, but none against
        persistent violators like China, Myanmar, Syria, or Zimbabwe.
            (7) Former United Nations Secretary General Kofi Annan
        repeatedly emphasized that meaningful reform of the United
        Nations Commission on Human Rights is a key element for making
        the United Nations more accountable, effective, and efficient,
        and that ``the Commission's declining credibility has cast a
        shadow on the reputation of the United Nations system''.
            (8) The creation of the United Nations Human Rights Council
        on March 15, 2006, failed to address the serious shortcomings
        of the United Nations Commission on Human Rights and fell far
        short of creating the small standing body composed of
        appropriate countries that was initially envisioned by Former
        Secretary General Annan, in his March 2005 report, ``In Larger
        Freedom: Towards Development, Security and Human Rights For
        All''.
            (9) The United Nations Human Rights Council succeeds only
        in making superficial changes to the structure of the United
        Nations Commission on Human Rights, masquerading motion as
        reform and placebo as treatment.
            (10) The United Nations Human Rights Council does not
        embody the recommended institutional reforms necessary to
        advance human rights.
            (11) The United Nations Human Rights Council cannot monitor
        cases of human rights abuse throughout the world, nor even
        prevent egregious human rights violators from being elected to
        the council itself. The only supposed protection--that a
        country can be suspended if two-thirds of the members of the
        General Assembly agree to do so--is useless, since less than
        half of the General Assembly could agree that Sudan was guilty
        of any human rights violations.
            (12) The United Nations Human Rights Council only reduces
        the number of seats on the council to 47 from 53, which is not
        enough to make the Council more efficient or more effective.
            (13) The United Nations Human Rights Council also retains
        geographical quotas that will only ensure that human rights
        abusers will continue to have access to membership on the
        council. Indeed, Israel, a constant target of United Nations
        ire, had been discriminated against by being denied full
        participatory rights in regional group meetings associated with
        the operation of the United Nations Human Rights Commission,
        while nonmembers of the United Nations, such as the Holy See
        and the Palestinian observer, participated in such meetings.
        The geographic quota system ensures a majority of membership
        slots for the world's least democratic regions.
            (14) The United States, while voting against the resolution
        creating the United Nations Human Rights Council, was unable to
        ensure that the Council would be structured to best promote and
        protect human rights around the globe.
            (15) If the United States, working with other like-minded
        countries, is not able to adequately reform the corrupt United
        Nations Human Rights Council, then the chances for the United
        States and other like-minded countries to effect the broader
        changes to the United Nations that are desired and needed to
        make the institution more effective are much reduced.
            (16) The first group of Member States elected to the new
        United Nations Human Rights Council includes nine countries
        that the democracy watchdog Freedom House designates as ``not
        free'', including the People's Republic of China, Cuba, Saudi
        Arabia, Russia, Pakistan, Tunisia, Algeria, Cameroon, and
        Azerbaijan.

SEC. 2. SENSE OF CONGRESS.

    It is the sense of Congress that--
            (1) the United Nations Human Rights Council--
                    (A) should be a body that upholds the ideals
                enumerated in the United Nations Charter and the
                Universal Declaration on Human Rights;
                    (B) should allow full participation by Israel in
                all operations associated with the Council; and
                    (C) should be made up of countries that hold
                regular, competitive, and democratic elections, allow
                for freedom of expression, and have a credible civil
                society; and
            (2) the United States should not support the United Nations
        Human Rights Council, and should withhold any financial support
        for the Council until meaningful reforms related to the
        responsibilities of the United Nations for the protection of
        human rights are carried out.

SEC. 3. WITHHOLDING FUNDING FOR THE UNITED NATIONS HUMAN RIGHTS
              COUNCIL.

    (a) In General.--The Secretary of State shall withhold from a
United States contribution to a regularly assessed biennial budget of
the United Nations an amount that is equal to the percentage of such
contribution that the Secretary determines would be allocated by the
United Nations to support the United Nations Human Rights Council.
    (b) Effective Date.--Subsection (a) shall take effect and apply
beginning on October 1, 2009, with respect to annual dues paid by the
United States to the United Nations each fiscal year in connection with
United States contributions to the regularly assessed biennial budgets
of the United Nations.

Output:
Expresses the sense of Congress that the United Nations Human Rights Council should: (1) be a body that upholds the ideals enumerated in the United Nations Charter and the Universal Declaration on Human Rights; (2) allow full participation by Israel in Council operations; and (3) be made up of countries that hold regular democratic elections, permit freedom of expression, and have a credible civil society.

Expresses the sense of Congress that the United States should not support the Council, and should withhold financial support for the Council until meaningful human rights reforms are carried out.

 Directs the Secretary of State to withhold from a U.S. contribution to a regularly assessed biennial U.N. budget an amount equal to the percentage of such contribution that the Secretary determines would be allocated by the United Nations to the Council.


Input:
SECTION 1. INDEXING OF CERTAIN ASSETS FOR PURPOSES OF DETERMINING GAIN
              OR LOSS.

    (a) In General.--Part II of subchapter O of chapter 1 (relating to
basis rules of general application) is amended by redesignating section
1023 as section 1024 and by inserting after section 1022 the following
new section:

``SEC. 1023. INDEXING OF CERTAIN ASSETS FOR PURPOSES OF DETERMINING
              GAIN OR LOSS.

    ``(a) General Rule.--
            ``(1) Indexed basis substituted for adjusted basis.--Solely
        for purposes of determining gain or loss on the sale or other
        disposition by a taxpayer (other than a corporation) of an
        indexed asset which has been held for more than 3 years, the
        indexed basis of the asset shall be substituted for its
        adjusted basis.
            ``(2) Exception for depreciation, etc.--The deductions for
        depreciation, depletion, and amortization shall be determined
        without regard to the application of paragraph (1) to the
        taxpayer or any other person.
    ``(b) Indexed Asset.--
            ``(1) In general.--For purposes of this section, the term
        `indexed asset' means--
                    ``(A) common stock in a C corporation (other than a
                foreign corporation), and
                    ``(B) tangible property,
        which is a capital asset or property used in the trade or
        business (as defined in section 1231(b)).
            ``(2) Stock in certain foreign corporations included.--For
        purposes of this section--
                    ``(A) In general.--The term `indexed asset'
                includes common stock in a foreign corporation which is
                regularly traded on an established securities market.
                    ``(B) Exception.--Subparagraph (A) shall not apply
                to--
                            ``(i) stock of a foreign investment
                        company,
                            ``(ii) stock in a passive foreign
                        investment company (as defined in section
                        1296),
                            ``(iii) stock in a foreign corporation held
                        by a United States person who meets the
                        requirements of section 1248(a)(2), and
                            ``(iv) stock in a foreign personal holding
                        company.
                    ``(C) Treatment of american depository receipts.--
                An American depository receipt for common stock in a
                foreign corporation shall be treated as common stock in
                such corporation.
    ``(c) Indexed Basis.--For purposes of this section--
            ``(1) General rule.--The indexed basis for any asset is--
                    ``(A) the adjusted basis of the asset, increased by
                    ``(B) the applicable inflation adjustment.
            ``(2) Applicable inflation adjustment.--The applicable
        inflation adjustment for any asset is an amount equal to--
                    ``(A) the adjusted basis of the asset, multiplied
                by
                    ``(B) the percentage (if any) by which--
                            ``(i) the gross domestic product deflator
                        for the last calendar quarter ending before the
                        asset is disposed of, exceeds
                            ``(ii) the gross domestic product deflator
                        for the last calendar quarter ending before the
                        asset was acquired by the taxpayer.
        The percentage under subparagraph (B) shall be rounded to the
        nearest \1/10\ of 1 percentage point.
            ``(3) Gross domestic product deflator.--The gross domestic
        product deflator for any calendar quarter is the implicit price
        deflator for the gross domestic product for such quarter (as
        shown in the last revision thereof released by the Secretary of
        Commerce before the close of the following calendar quarter).
    ``(d) Suspension of Holding Period Where Diminished Risk of Loss;
Treatment of Short Sales.--
            ``(1) In general.--If the taxpayer (or a related person)
        enters into any transaction which substantially reduces the
        risk of loss from holding any asset, such asset shall not be
        treated as an indexed asset for the period of such reduced
        risk.
            ``(2) Short sales.--
                    ``(A) In general.--In the case of a short sale of
                an indexed asset with a short sale period in excess of
                3 years, for purposes of this title, the amount
                realized shall be an amount equal to the amount
                realized (determined without regard to this paragraph)
                increased by the applicable inflation adjustment. In
                applying subsection (c)(2) for purposes of the
                preceding sentence, the date on which the property is
                sold short shall be treated as the date of acquisition
                and the closing date for the sale shall be treated as
                the date of disposition.
                    ``(B) Short sale period.--For purposes of
                subparagraph (A), the short sale period begins on the
                day that the property is sold and ends on the closing
                date for the sale.
    ``(e) Treatment of Regulated Investment Companies and Real Estate
Investment Trusts.--
            ``(1) Adjustments at entity level.--
                    ``(A) In general.--Except as otherwise provided in
                this paragraph, the adjustment under subsection (a)
                shall be allowed to any qualified investment entity
                (including for purposes of determining the earnings and
                profits of such entity).
                    ``(B) Exception for corporate shareholders.--Under
                regulations--
                            ``(i) in the case of a distribution by a
                        qualified investment entity (directly or
                        indirectly) to a corporation--
                                    ``(I) the determination of whether
                                such distribution is a dividend shall
                                be made without regard to this section,
                                and
                                    ``(II) the amount treated as gain
                                by reason of the receipt of any capital
                                gain dividend shall be increased by the
                                percentage by which the entity's net
                                capital gain for the taxable year
                                (determined without regard to this
                                section) exceeds the entity's net
                                capital gain for such year determined
                                with regard to this section, and
                            ``(ii) there shall be other appropriate
                        adjustments (including deemed distributions) so
                        as to ensure that the benefits of this section
                        are not allowed (directly or indirectly) to
                        corporate shareholders of qualified investment
                        entities.
                For purposes of the preceding sentence, any amount
                includible in gross income under section 852(b)(3)(D)
                shall be treated as a capital gain dividend and an S
                corporation shall not be treated as a corporation.
                    ``(C) Exception for qualification purposes.--This
                section shall not apply for purposes of sections 851(b)
                and 856(c).
                    ``(D) Exception for certain taxes imposed at entity
                level.--
                            ``(i) Tax on failure to distribute entire
                        gain.--If any amount is subject to tax under
                        section 852(b)(3)(A) for any taxable year, the
                        amount on which tax is imposed under such
                        section shall be increased by the percentage
                        determined under subparagraph (B)(i)(II). A
                        similar rule shall apply in the case of any
                        amount subject to tax under paragraph (2) or
                        (3) of section 857(b) to the extent
                        attributable to the excess of the net capital
                        gain over the deduction for dividends paid
                        determined with reference to capital gain
                        dividends only. The first sentence of this
                        clause shall not apply to so much of the amount
                        subject to tax under section 852(b)(3)(A) as is
                        designated by the company under section
                        852(b)(3)(D).
                            ``(ii) Other taxes.--This section shall not
                        apply for purposes of determining the amount of
                        any tax imposed by paragraph (4), (5), or (6)
                        of section 857(b).
            ``(2) Adjustments to interests held in entity.--
                    ``(A) Regulated investment companies.--Stock in a
                regulated investment company (within the meaning of
                section 851) shall be an indexed asset for any calendar
                quarter in the same ratio as--
                            ``(i) the average of the fair market values
                        of the indexed assets held by such company at
                        the close of each month during such quarter,
                        bears to
                            ``(ii) the average of the fair market
                        values of all assets held by such company at
                        the close of each such month.
                    ``(B) Real estate investment trusts.--Stock in a
                real estate investment trust (within the meaning of
                section 856) shall be an indexed asset for any calendar
                quarter in the same ratio as--
                            ``(i) the fair market value of the indexed
                        assets held by such trust at the close of such
                        quarter, bears to
                            ``(ii) the fair market value of all assets
                        held by such trust at the close of such
                        quarter.
                    ``(C) Ratio of 80 percent or more.--If the ratio
                for any calendar quarter determined under subparagraph
                (A) or (B) would (but for this subparagraph) be 80
                percent or more, such ratio for such quarter shall be
                100 percent.
                    ``(D) Ratio of 20 percent or less.--If the ratio
                for any calendar quarter determined under subparagraph
                (A) or (B) would (but for this subparagraph) be 20
                percent or less, such ratio for such quarter shall be
                zero.
                    ``(E) Look-thru of partnerships.--For purposes of
                this paragraph, a qualified investment entity which
                holds a partnership interest shall be treated (in lieu
                of holding a partnership interest) as holding its
                proportionate share of the assets held by the
                partnership.
            ``(3) Treatment of return of capital distributions.--Except
        as otherwise provided by the Secretary, a distribution with
        respect to stock in a qualified investment entity which is not
        a dividend and which results in a reduction in the adjusted
        basis of such stock shall be treated as allocable to stock
        acquired by the taxpayer in the order in which such stock was
        acquired.
            ``(4) Qualified investment entity.--For purposes of this
        subsection, the term `qualified investment entity' means--
                    ``(A) a regulated investment company (within the
                meaning of section 851), and
                    ``(B) a real estate investment trust (within the
                meaning of section 856).
    ``(f) Other Pass-Thru Entities.--
            ``(1) Partnerships.--
                    ``(A) In general.--In the case of a partnership,
                the adjustment made under subsection (a) at the
                partnership level shall be passed through to the
                partners.
                    ``(B) Special rule in the case of section 754
                elections.--In the case of a transfer of an interest in
                a partnership with respect to which the election
                provided in section 754 is in effect--
                            ``(i) the adjustment under section
                        743(b)(1) shall, with respect to the transferor
                        partner, be treated as a sale of the
                        partnership assets for purposes of applying
                        this section, and
                            ``(ii) with respect to the transferee
                        partner, the partnership's holding period for
                        purposes of this section in such assets shall
                        be treated as beginning on the date of such
                        adjustment.
            ``(2) S corporations.--In the case of an S corporation, the
        adjustment made under subsection (a) at the corporate level
        shall be passed through to the shareholders. This section shall
        not apply for purposes of determining the amount of any tax
        imposed by section 1374 or 1375.
            ``(3) Common trust funds.--In the case of a common trust
        fund, the adjustment made under subsection (a) at the trust
        level shall be passed through to the participants.
            ``(4) Indexing adjustment disregarded in determining loss
        on sale of interest in entity.--Notwithstanding the preceding
        provisions of this subsection, for purposes of determining the
        amount of any loss on a sale or exchange of an interest in a
        partnership, S corporation, or common trust fund, the
        adjustment made under subsection (a) shall not be taken into
        account in determining the adjusted basis of such interest.
    ``(g) Dispositions Between Related Persons.--
            ``(1) In general.--This section shall not apply to any sale
        or other disposition of property between related persons except
        to the extent that the basis of such property in the hands of
        the transferee is a substituted basis.
            ``(2) Related persons defined.--For purposes of this
        section, the term `related persons' means--
                    ``(A) persons bearing a relationship set forth in
                section 267(b), and
                    ``(B) persons treated as single employer under
                subsection (b) or (c) of section 414.
    ``(h) Transfers To Increase Indexing Adjustment.--If any person
transfers cash, debt, or any other property to another person and the
principal purpose of such transfer is to secure or increase an
adjustment under subsection (a), the Secretary may disallow part or all
of such adjustment or increase.
    ``(i) Special Rules.--For purposes of this section--
            ``(1) Treatment of improvements, etc.--If there is an
        addition to the adjusted basis of any tangible property or of
        any stock in a corporation during the taxable year by reason of
        an improvement to such property or a contribution to capital of
        such corporation--
                    ``(A) such addition shall never be taken into
                account under subsection (c)(1)(A) if the aggregate
                amount thereof during the taxable year with respect to
                such property or stock is less than $1,000, and
                    ``(B) such addition shall be treated as a separate
                asset acquired at the close of such taxable year if the
                aggregate amount thereof during the taxable year with
                respect to such property or stock is $1,000 or more.
        A rule similar to the rule of the preceding sentence shall
        apply to any other portion of an asset to the extent that
        separate treatment of such portion is appropriate to carry out
        the purposes of this section.
            ``(2) Assets which are not indexed assets throughout
        holding period.--The applicable inflation adjustment shall be
        appropriately reduced for periods during which the asset was
        not an indexed asset.
            ``(3) Treatment of certain distributions.--A distribution
        with respect to stock in a corporation which is not a dividend
        shall be treated as a disposition.
            ``(4) Section cannot increase ordinary loss.--To the extent
        that (but for this paragraph) this section would create or
        increase a net ordinary loss to which section 1231(a)(2)
        applies or an ordinary loss to which any other provision of
        this title applies, such provision shall not apply. The
        taxpayer shall be treated as having a long-term capital loss in
        an amount equal to the amount of the ordinary loss to which the
        preceding sentence applies.
            ``(5) Acquisition date where there has been prior
        application of subsection (a)(1) with respect to the
        taxpayer.--If there has been a prior application of subsection
        (a)(1) to an asset while such asset was held by the taxpayer,
        the date of acquisition of such asset by the taxpayer shall be
        treated as not earlier than the date of the most recent such
        prior application.
            ``(6) Collapsible corporations.--The application of section
        341(a) (relating to collapsible corporations) shall be
        determined without regard to this section.
    ``(j) Regulations.--The Secretary shall prescribe such regulations
as may be necessary or appropriate to carry out the purposes of this
section.''.
    (b) Clerical Amendment.--The table of sections for part II of
subchapter O of chapter 1 is amended by striking the item relating to
section 1023 and by inserting after the item relating to section 1022
the following new item:

``Sec. 1022. Indexing of certain assets for purposes of determining
                            gain or loss.
``Sec. 1023. Cross references.''.
    (c) Effective Date.--The amendments made by this section shall
apply to dispositions after December 31, 2006, in taxable years ending
after such date.

Output:
Amends the Internal Revenue Code to allow an inflation adjustment based upon the gross domestic product deflator to the adjusted basis of certain assets (including C corporation common stock and tangible property used in a trade or business) held by a taxpayer for more than three years for purposes of determining gain or loss on the sale or other disposition of such assets.

Sets forth rules for applying such inflation adjustment to short sales, regulated investment companies and real estate investment trusts, partnerships and other pass-thru entities, and dispositions of assets between related persons.