BillCam

Commodities Markets

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Number	Legislature	Summary	Subjects
HB-6401	Federal	Ban Conflicted Trading Act This bill prohibits a Member of Congress or certain congressional officers or employees from (1) purchasing or selling specified investments, (2) entering into a transaction that creates a net short position in a security, or (3) serving as an officer or member of any board of any for-profit entity. Democrat: 100% (8) 100% Democrat support	Congress Civil Actions And Liability Commodities Markets Congressional Officers And Employees Congressional Officers And Employees Corporate Finance And Management Corporate Finance And Management Financial Services And Investments Financial Services And Investments Government Ethics And Transparency, Public Corruption
HB-4909	Federal	CFTC Cost-Benefit Analysis Improvement Act This bill generally revises the cost-benefit analysis requirements for the Commodity Futures Trading Commission (CFTC). It establishes in the CFTC the Office of the Chief Economist. The office must perform the cost-benefit analyses of proposed CFTC regulations and orders. Additionally, such cost-benefit analyses must consider, among other things, the impact of market liquidity on relevant markets, available alternatives to direct regulation, and the cost of compliance for all regulated entities. A court must affirm such cost-benefit analyses, unless it finds an abuse of discretion. Republican: 100% (1) 100% Republican support	Finance And Financial Sector Administrative Law And Regulatory Procedures Banking And Financial Institutions Regulation Commodities Markets Commodity Futures Trading Commission Executive Agency Funding And Structure Government Employee Pay, Benefits, Personnel Management Judicial Review And Appeals
HB-4770	Federal	CFTC Advisory Committee Improvement Act This bill provides for the establishment of advisory committees at the Commodity Futures Trading Commission (CFTC) on matters related to the derivatives markets and their regulation. The bill also provides for the continuation of existing advisory committees at the CFTC. Republican: 50% (1) Democrat: 50% (1) 50% Republican support 50% Democrat support	Finance And Financial Sector Advisory Bodies Commodities Markets Commodity Futures Trading Commission Securities
HB-4476	Federal	Financial Transparency Act of 2019 This bill requires federal financial regulatory agencies to adopt specified data standards with respect to format, searchability, and transparency. Democrat: 50% (1) Republican: 50% (1) 50% Democrat support 50% Republican support	Finance And Financial Sector Administrative Law And Regulatory Procedures Banking And Financial Institutions Regulation Commodities Markets Commodity Futures Trading Commission Congressional Oversight Consumer Financial Protection Bureau Corporate Finance And Management Department Of The Treasury Federal Deposit Insurance Corporation (fdic)
HB-4250	Federal	To amend the Commodity Exchange Act to exempt certain charitable organizations from regulation as commodity pool operators, and for other purposes. This bill generally exempts charitable organizations from commodity trading regulations and registration requirements. Democrat: 100% (1) 100% Democrat support	Finance And Financial Sector Commodities Markets Financial Services And Investments Social Work, Volunteer Service, Charitable Organizations
HB-4246	Federal	To amend the Commodity Exchange Act to clarify the venue for judicial review of Commission rules, and for other purposes. This bill provides for the judicial review of rules issued by the Commodity Futures Trading Commission (CFTC). Specifically, a person adversely affected by a CFTC rule may obtain a review of the rule by an appropriate U.S. court of appeals. Democrat: 66% (2) Republican: 33% (1) 66% Democrat support 33% Republican support	Law Administrative Law And Regulatory Procedures Commodities Markets Commodity Futures Trading Commission Government Information And Archives Judicial Review And Appeals Jurisdiction And Venue
HR-484	Federal	Commemorating the unofficial start of the inland waterway system navigation season and the role of the Corps of Engineers in facilitating access and increasing efficiencies in the American agricultural and trade economy. This resolution (1) recognizes the start of the inland waterway system navigation season, (2) acknowledges the work of the U.S. Army Corps of Engineers in maintaining the inland waterway system as vital to the nation's economy, (3) recognizes that more than 78% of the locks and dams operated by the Corps on the system are well beyond their 50-year design life, and (4) expresses that investment in the inland waterway system is needed and would significantly impact the competitiveness of American commodities in international markets. Democrat: 60% (6) Republican: 40% (4) 60% Democrat support 40% Republican support	Transportation And Public Works Army Corps Of Engineers Commodities Markets Competitiveness, Trade Promotion, Trade Deficits Congressional Tributes Dams And Canals Economic Performance And Conditions Infrastructure Development Marine And Inland Water Transportation Navigation, Waterways, Harbors
S.1639	Federal	Ending the Carried Interest Loophole Act This bill revises the tax treatment of partnership interests received in connection with the performance of services. It eliminates the concept of carried interest, a form of compensation received by certain partners in private equity, real estate, or hedge funds for investment management services. Under current law, such compensation can be deferred from taxation until income is realized by the partnership. The bill requires partners to recognize deemed compensation received from a partnership annually, taxed at ordinary income tax rates and subject to self-employment taxation. The bill eliminates a partner's ability to defer tax on such compensation. Democrat: 100% (2) 100% Democrat support	Taxation Capital Gains Tax Commodities Markets Financial Services And Investments Income Tax Deferral Income Tax Rates Securities Tax Administration And Collection, Taxpayers
HB-2682	Federal	Agricultural News and Rural Content Act of 2019 This bill requires certain video programming distributors, such as cable providers, to use at least 1% of their channel capacity to transmit channels of programming that serve the needs and interests of rural areas. Among other requirements, distributors shall (1) use the same transmission technology used to transmit the majority of the high-definition channels they provide, and (2) include such channels in the most basic tier or package available. Republican: 63% (12) Democrat: 36% (7) 63% Republican support 36% Democrat support	Science, Technology, Communications Agricultural Education Atmospheric Science And Weather Broadcasting, Cable, Digital Technologies Commodities Markets Economic Development Health Care Coverage And Access News Media And Reporting Rural Conditions And Development
S.1393	Federal	Ban Conflicted Trading Act This bill prohibits a Member of Congress or certain congressional officers or employees from (1) purchasing or selling specified investments, (2) entering into a transaction that creates a net short position in a security, or (3) serving as an officer or member of any board of any for-profit entity. Democrat: 100% (2) 100% Democrat support	Congress Civil Actions And Liability Commodities Markets Congressional Officers And Employees Corporate Finance And Management Financial Services And Investments Government Ethics And Transparency, Public Corruption Members Of Congress Securities
HB-1406	Federal	APEX Act Aluminum Pricing Examination Act This bill authorizes the Commodity Futures Trading Commission to set reference prices for aluminum premiums. Democrat: 54% (25) Republican: 45% (21) 54% Democrat support 45% Republican support	Finance And Financial Sector Administrative Law And Regulatory Procedures Commodities Markets Commodity Futures Trading Commission Competition And Antitrust Department Of Justice Inflation And Prices Metals
S.552	Federal	A bill to amend the Commodity Exchange Act to exempt certain charitable organizations from regulation as commodity pool operators, and for other purposes. This bill generally exempts charitable organizations from commodity trading regulations and registration requirements. Democrat: 50% (1) Republican: 50% (1) 50% Democrat support 50% Republican support	Finance And Financial Sector Commodities Markets Financial Services And Investments Social Work, Volunteer Service, Charitable Organizations
HB-923	Federal	U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2019 This bill directs the Commodity Futures Trading Commission to report on virtual currency markets and U.S. competitiveness. Democrat: 40% (2) Republican: 60% (3) 40% Democrat support 60% Republican support	Finance And Financial Sector Banking And Financial Institutions Regulation Commodities Markets Competitiveness, Trade Promotion, Trade Deficits Congressional Oversight Currency Government Studies And Investigations
S.1	Federal	Tax Cuts and Jobs Act Short Titles as Introduced for portions of this bill Tax Cuts and Jobs Act Official Titles Official Titles - Senate Official Titles as Introduced An original bill to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018. Tax Cuts and Jobs Act This bill amends the Internal Revenue Code to reduce tax rates and modify policies, credits, and deductions for individuals and businesses. With respect to individuals, the bill: replaces the existing tax brackets (10%, 15%, 25%, 28%, 33%, 35%, and 39.6%) with new tax brackets (10%, 12%, 22%, 24%, 32%, 35%, and 38.5%); increases the standard deduction; suspends the deduction for personal exemptions; allows a deduction for business income of pass-through entities (i.e., partnerships, S corporations, limited liability companies, sole proprietorships); increases the child tax credit and allows a credit for dependents who are not children; suspends the deduction for state and local taxes not incurred in carrying on a trade or business or an activity for the production of income; suspends the deduction for home equity loan interest; repeals the penalty for individuals who fail to maintain minimum essential health coverage as required by the Patient Protection and Affordable Care Act (commonly referred to as the individual mandate); suspends the overall limitation on certain itemized deductions; suspends the alternative minimum tax for individuals; and doubles the basic exemption amount for the estate, gift, and generation-skipping transfer taxes. Many of the provisions in the bill that affect individual taxpayers expire after 2025. For businesses, the bill: permanently reduces the corporate tax rate from a maximum of 35% to a flat 20% rate, permanently repeals the alternative minimum tax for corporations, allows increased expensing of the costs of certain property, repeals the deduction for income attributable to domestic production activities, modifies the net operating loss deduction, limits the deductibility of net interest expenses to 30% percent of the business's adjusted taxable income, and modifies the taxation of foreign income. The bill also: (1) repeals or modifies several additional credits and deductions for individuals and businesses, (2) directs the Department of the Interior to implement an oil and gas leasing program for the Coastal Plain of the Arctic National Wildlife Refuge (ANWR) in Alaska, and (3) directs the Department of Energy to draw down and sell oil from the Strategic Petroleum Reserve. Republican: 100% (1) 100% Republican support	Taxation Accounting And Auditing Agricultural Equipment And Machinery Budget Deficits And National Debt Budget Process Business Investment And Capital Capital Gains Tax Caribbean Area Charitable Contributions Commodities Markets
HB-3556	Federal	Taxpayer Protections and Market Access for Mortgage Finance Act of 2017 This bill amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to direct the Federal Housing Finance Agency (FHFA) to establish guidelines requiring the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to engage in significant, increasing, and varied credit-risk transfer transactions. A "risk transfer transaction" provides for: (1) the sale, disposition, retention, or transfer within the private sector of credit risk on a one- to four-family residential mortgage loan or a pool of such loans that back securities on which the enterprise guarantees the timely payment of principal and interest; or (2) the retention by the private sector of any such credit risk in connection with the sale of any such loan or security to an enterprise. The enterprises may set and publish guarantee fees commensurate with the reduced credit risk resulting from any new risk transfer transactions. The bill exempts certain swaps entered into for the purpose of transferring or sharing credit risk in connection with a risk transfer transaction from the Commodity Exchange Act. The FHFA must also require Fannie Mae and Freddie Mac to establish: (1) a five-year pilot program under which each enterprise must annually engage in at least one front-end risk transfer transaction in which at least 75% of the transferred credit risk is transferred to bank or non-bank mortgage originators having under $10 billion in assets, and (2) a pilot program to increase the amount of risk that is shared by the enterprises using private mortgage insurance. Republican: 80% (4) Democrat: 20% (1) 80% Republican support 20% Democrat support	Housing And Community Development Commodities Markets Congressional Oversight Government Corporations And Government-sponsored Enterprises Housing Finance And Home Ownership Interest, Dividends, Interest Rates Securities User Charges And Fees
HB-3354	Federal	Interior and Environment, Agriculture and Rural Development, Commerce, Justice, Science, Financial Services and General Government, Homeland Security, Labor, Health and Human Services, Education, State and Foreign Operations, Transportation, Housing and Urban Development, Defense, Military Construction and Veterans Affairs, Legislative Branch, and Energy and Water Development Appropriations Act, 2018 Make America Secure and Prosperous Appropriations Act, 2018 DIVISION A--DEPARTMENT OF THE INTERIOR, ENVIRONMENT, AND RELATED AGENCIES APPROPRIATIONS ACT, 2018 Department of the Interior, Environment, and Related Agencies Appropriations Act, 2018 This division provides FY2018 appropriations for the Department of the Interior, the Environmental Protection Agency (EPA), and related agencies. The division provides annual appropriations for most of the Department of the Interior, including: the Bureau of Land Management, the U.S. Fish and Wildlife Service, the National Park Service, the U.S. Geological Survey, the Bureau of Ocean Energy Management, the Bureau of Safety and Environmental Enforcement, the Office of Surface Mining Reclamation and Enforcement, Payments in Lieu of Taxes (PILT), the Bureau of Indian Affairs, and the Bureau of Indian Education. Related agencies funded in the division include the Department of Agriculture's Forest Service, the Department of Health and Human Service's Indian Health Service (IHS), the Smithsonian Institution, the National Endowment for the Arts, and the National Endowment for the Humanities. TITLE I--DEPARTMENT OF THE INTERIOR Provides appropriations to the Bureau of Land Management (BLM) for: Management of Lands and Resources; Land Acquisition; Oregon and California Grant Lands; Range Improvements; Service Charges, Deposits, and Forfeitures; and Miscellaneous Trust Funds. Prohibits appropriations provided by this division from being used for the sale of wild horses and burros that results in their destruction for processing into commercial products, including for human consumption. Provides appropriations to the U.S. Fish and Wildlife Service (USFWS) for: Resource Management, Construction, Land Acquisition, the Cooperative Endangered Species Conservation Fund, the National Wildlife Refuge Fund, the North American Wetlands Conservation Fund, Neotropical Migratory Bird Conservation, the Multinational Species Conservation Fund, and State and Tribal Wildlife Grants. Provides appropriations to the National Park Service (NPS) for: Operation of the National Park System, National Recreation and Preservation, the Historic Preservation Fund, Construction, Land Acquisition and State Assistance, and the Centennial Challenge. Rescinds FY2018 contract authority provided by the Land and Water Conservation Fund Act of 1965. Permits the NPS to retain specified funds authorized to be disbursed under the Gulf of Mexico Energy Security Act of 2006 for the costs of administration of the Land and Water Conservation Fund grants authorized by the Act. Permits NPS funds to be transferred to the Federal Highway Administration for the Federal Lands Access Program, which was established to improve transportation facilities that provide access to, are adjacent to, or are located within federal lands. Provides appropriations to the U.S. Geological Survey for Surveys, Investigations, and Research. Provides appropriations to the Bureau of Ocean Energy Management for Ocean Energy Management. Provides appropriations to the Bureau of Safety and Environmental Enforcement for: (1) Offshore Safety and Environmental Enforcement, and (2) Oil Spill Research. Provides appropriations to the Office of Surface Mining Reclamation and Enforcement for: (1) Regulation and Technology, and (2) the Abandoned Mine Reclamation Fund. Provides appropriations to the Bureau of Indian Affairs (BIA) and Bureau of Indian Education (BIE) for: Operation of Indian Programs, Contract Support Costs, Construction, Indian Land and Water Claim Settlements and Miscellaneous Payments to Indians, and the Indian Guaranteed Loan Program Account. Permits the BIA to contract for services for the Power Division of the San Carlos Irrigation Project. Limits the use of funds for contracts, grants, compacts, or cooperative agreements with the BIA under the Indian Self-Determination Act or the Tribal Self-Governance Act of 1994. Permits tribes to return appropriated funds without diminishing the federal government's trust responsibilities, the government-to-government relationship with the tribe, or the tribe's ability to access future appropriations. Prohibits the use of BIE funds, other than funds provided for assistance to public schools, for the operation of elementary or secondary schools in Alaska. Limits the number of schools and the expansion of grade levels in individual schools in the BIE school system. Specifies the distribution of indirect and administrative costs to certain tribes. Provides appropriations for Departmental Offices, including: the Office of the Secretary, Insular Affairs, the Office of the Solicitor, the Office of Inspector General, and the Office of the Special Trustee for American Indians. Provides appropriations for Department-Wide Programs, including: Wildland Fire Management, the Central Hazardous Materials Fund, the Natural Resources Damage Assessment Fund, the Working Capital Fund, the Office of Natural Resources Revenue, and the Payments in Lieu of Taxes (PILT) program. (Sec. 101) Permits the transfer of funds within bureaus and offices for specified emergencies when all other emergency funds have been exhausted. (Sec. 102) Provides for the department-wide expenditure or transfer of funds by Interior in the event of specified emergencies. (Sec. 103) Permits Interior to use appropriations provided in this title for: employing temporary or intermittent experts and consultants; purchasing and replacing motor vehicles; hiring, maintenance, and operation of aircraft; hiring of passenger motor vehicles; purchasing reprints; telephone services in private residences in the field; and certain library memberships. (Sec. 104) Permits the transfer of funds between the BIA, the BIE, and the Office of the Special Trustee for American Indians for Indian trust management and reform activities, provided that total funding for historical accounting activities does not exceed funding provided by this division for that purpose. (Sec. 105) Permits Interior to redistribute Tribal Priority Allocation funds, including tribal base funds, to alleviate funding inequities to address identified unmet needs, dual enrollment, overlapping service areas, or inaccurate distribution methodologies. Specifies that no tribe may receive a reduction in Tribal Priority Allocation funds of more than 10% in FY2018, except in the cases of dual enrollment, overlapping service areas, or inaccurate distribution methodologies. (Sec. 106) Authorizes the acquisition of lands and waters for the purpose of operating and maintaining facilities that support visitors to Ellis, Governors, and Liberty Islands in New Jersey and New York. (Sec. 107) Requires Interior to collect specified Outer Continental Shelf inspection fees. (Sec. 108) Permits Interior to transfer funds to implement the reorganization of the Bureau of Ocean Energy Management, Regulation and Enforcement, subject to reprogramming guidelines. (Sec. 109) Permits Interior to enter into multiyear cooperative agreements and contracts with nonprofits and other entities for the long-term care and maintenance of excess wild free roaming horses and burros on private land. (Sec. 110) Directs the USFWS, in carrying out responsibilities to protect threatened and endangered species of salmon, to implement a system of mass marking of salmonid stocks intended for harvest that are released from federally operated or financed hatcheries. (Sec. 111) Amends the Consolidated Appropriations Act, 2012 to extend the requirement that a person exhaust administrative hearings and appeal procedures prior to bringing a civil action challenging BLM decisions concerning grazing on public lands. (Sec. 112) Permits the BIA and the BIE in carrying out work involving cooperation with state, local, and tribal governments, to record obligations against accounts receivable from the entities, provided that total obligations at the end of the fiscal year do not exceed total budgetary resources. (Sec. 113) Prohibits funds from being used to write or issue rules for the sage-grouse pursuant to the Endangered Species Act of 1973 (ESA). (Sec. 114) Permits Interior to transfer excess wild horses or burros that have been removed from the public lands to other federal, state, and local agencies for use as work animals. Specifies that any animal transferred loses its status as a wild free-roaming horse or burro. Prohibits any agency receiving the animals from: (1) destroying, selling, or otherwise transferring them in a way that results in their destruction for processing into commercial products; or (2) euthanizing the horses or burros except upon the recommendation of a licensed veterinarian, in cases of severe injury, illness, or advanced age. (Sec. 115) Prohibits funds provided by this division from being used to list the Trestles Historic District in San Diego County, California, on the National Register of Historic Places or to make a determination of eligibility with respect to the listing. (Sec. 116) Requires Interior to reissue two final rules removing recovered gray wolves in Wyoming and the Great Lakes from the endangered species list. Exempts the reissuances from judicial review. (Sec. 117) Prohibits Interior from using funds provided by this division to treat any gray wolf in any of the 48 contiguous states or the District of Columbia as an endangered species or threatened species under the ESA. TITLE II--ENVIRONMENTAL PROTECTION AGENCY Provides appropriations to the Environmental Protection Agency (EPA) for: Science and Technology, Environmental Programs and Management, the Hazardous Waste Electronic Manifest System Fund, the Office of Inspector General, Buildings and Facilities, Hazardous Substance Superfund, the Leaking Underground Storage Tank Trust Fund Program, Inland Oil Spill Programs, State and Tribal Assistance Grants, and the Water Infrastructure Finance and Innovation Program Account. Permits the EPA to award cooperative agreements to Indian tribes or intertribal consortia to carry out the agency's function to implement federal environmental programs required or authorized by law in the absence of an acceptable tribal program. Authorizes the EPA to collect and spend pesticide registration service fees. Permits the EPA to: (1) transfer funds from the Environmental Programs and Management account to other federal agencies to support the Great Lakes Restoration Initiative, and (2) enter into interagency agreements and provide grants to certain entities to support the effort. Authorizes the EPA to collect and use certain user fees under the Toxic Substances Control Act. Permits specified funds to be used for the construction, alteration, repair, rehabilitation, and renovation of facilities. Permits the EPA to use funds to make grants to federally recognized Indian tribes notwithstanding certain provisions of the Federal Water Pollution Control Act (commonly known as the Clean Water Act). Rescinds specified unobligated balances from the State and Tribal Assistance Grants account. Requires specified funds for the National Estuary Program to be used for certain competitive grants. TITLE III--RELATED AGENCIES Provides appropriations to the Department of Agriculture for the Forest Service, including for: the Office of the Under Secretary for Natural Resources and Environment, Forest and Rangeland Research; State and Private Forestry; the National Forest System; Capital Improvement and Maintenance; Land Acquisition; the Range Betterment Fund; Gifts, Donations, and Bequests for Forest and Rangeland Research; Management of National Forest Lands for Subsistence Uses; and Wildland Fire Management. Permits Forest Service appropriations to be used for: the purchase and use of motor vehicles and aircraft; employment of temporary or intermittent personnel; purchase, erection, and alteration of buildings and other public improvements; acquisition of land and waters; expenses pursuant to the Volunteers in the National Forest Act of 1972; uniforms; and debt collection contracts. Permits appropriations to be transferred to the Wildland Fire Management account for forest fire fighting, emergency rehabilitation of burned-over or damaged lands or waters, and fire preparedness due to severe burning conditions, provided that USDA notifies Congress that all fire suppression funds will be obligated within 30 days. Requires funds used to be replenished by a supplemental appropriation requested as promptly as possible. Permits unobligated balances of funds provided to the Forest Service to be transferred to or within the Wildland Fire Management Account or reprogrammed to be used for hazardous fuels management and emergency rehabilitation of burned-over National Forest System lands and water, if Congress is notified in advance. Permits Forest Service appropriations to be used for forest and rangeland research, technical information, and related forestry and natural resources activities in foreign countries. Permits Forest Service appropriations to be transferred to the BLM for removal, preparation, and adoption of excess wild horses and burros from National Forest System lands, and for surveys to designate the boundaries of the lands. Prohibits Forest Service appropriations from being transferred using authority provided in several specified statutory provisions. Prohibits Forest Service appropriations from being reprogrammed except with prior approval of Congress and in accordance with procedures contained in the report accompanying this division. Limits transfers to the USDA Working Capital Fund and to USDA for Department Reimbursable Programs (commonly referred to as Greenbook charges). Permits specified funds to be used for projects to be carried out by the Youth Conservation Corps under the authority of the Public Lands Corps Act of 1993. Permits the Chief of the Forest Service to use specified funds for official reception and representation expenses. Provides matching funds to aid conservation projects of the National Forest Foundation and the National Fish and Wildlife Foundation. Permits funds to be used to provide technical assistance to rural communities and natural resource-based businesses for sustainable rural development purposes. Permits Forest Service appropriations to be used for payments to counties within the Columbia River Gorge National Scenic Area. Permits Forest Service appropriations to be used to meet the non-federal share requirement included in a provision of the Older Americans Act of 1965 related to the older American community service employment program. Permits specified funds to be assessed for the purpose of performing fire, administrative, and other facilities maintenance and decommissioning. Permits specified funds to be used to reimburse the USDA Office of the General Counsel for travel and related expenses incurred as a result of assistance or participation requested by the Forest Service at meetings, training sessions, management reviews, land purchase negotiations, and similar non-litigation related matters. Permits an individual employed under any project funded under title V of the Older Americans Act of 1965 to be considered a federal employee. Requires the Forest Service to provide quarterly reports to Congress regarding unobligated balances. Permits any unobligated balances of funds provided a previous fiscal year for the FLAME Wildfire Suppression Reserve Fund to remain available through FY2020. Requires the Forest Service to submit to the Office of Management and Budget a proposed system of administrative control of funds for its accounts. Provides appropriations to the Department of Health and Human Services (HHS) for the Indian Health Service (IHS) including: Indian Health Services, Contract Support Costs, and Indian Health Facilities. Provides appropriations to HHS for: (1) the National Institutes of Health for the National Institute of Environmental Health Sciences, and (2) the Agency for Toxic Substances and Disease Registry. Provides appropriations to Other Related Agencies, including: the Executive Office of the President for the Council on Environmental Quality and Office of Environmental Quality; the Chemical Safety and Hazard Investigation Board; the Office of Navajo and Hopi Indian Relocation; the Institute of American Indian and Alaska Native Culture and Arts Development; the Smithsonian Institution; the National Gallery of Art; the John F. Kennedy Center for the Performing Arts; the Woodrow Wilson International Center for Scholars; the National Foundation on the Arts and the Humanities, including the National Endowment for the Arts (NEA) and the National Endowment for the Humanities; the Commission of Fine Arts; the Advisory Council on Historic Preservation; the National Capital Planning Commission; the United States Holocaust Memorial Museum; the Dwight D. Eisenhower Memorial Commission; the Women's Suffrage Centennial Commission; and the World War I Centennial Commission. TITLE IV--GENERAL PROVISIONS (Sec. 401) Prohibits funds provided by this division from being used to promote public support or opposition to any legislative proposal before Congress, other than to communicate with Congress as permitted under current law. (Sec. 402) Prohibits any appropriation contained in this division from remaining available for obligation beyond the current fiscal year unless expressly permitted in this division. (Sec. 403) Requires specified administrative expenses to be presented in annual budget justifications and approved by Congress. (Sec. 404) Prohibits funds from being used to accept or process applications for a patent for any mining or mill site claim located under the general mining laws, subject to exceptions. Requires Interior to report to Congress regarding actions taken by the department under the plan submitted regarding a processing schedule for certain applications for patents that were filed on or before September 30, 1994. Requires Interior, upon the request of a patent applicant, to allow a qualified third-party contractor to conduct a mineral examination of the mining claims or mill sites contained in a patent application. Specifies that the BLM is responsible for selecting and paying the third-party contractor. (Sec. 405) Extends limits on the use of FY1994-FY2013 and FY2014 funds for contract support costs on Indian contracts. (Sec. 406) Limits the use of FY2018 funds for contract support costs on Indian contracts. (Sec. 407) Permits Forest Service land management plans that are more than 15 years old if USDA is acting in good faith to update the plans. (Sec. 408) Prohibits funds provided by this division from being used to conduct preleasing, leasing, and related activities under either the Mineral Leasing Act or the Outer Continental Shelf Lands Act within the boundaries of a National Monument. (Sec. 409) Restricts land acquisition funds provided by this division from being used for the filing of declarations of taking or complaints in condemnation without the approval of Congress. Includes an exception for funds provided to implement the Everglades National Park Protection and Expansion Act of 1989, or for Florida to acquire lands for Everglades restoration. (Sec. 410) Sets forth requirements regarding the sale of timber from a specified region in Alaska. (Sec. 411) Prohibits no-bid contracts and grants except under certain circumstances where a contract is authorized by federal law or was awarded prior to the date of enactment of this division. (Sec. 412) Requires agencies receiving funds in this division to post on their public websites any report required to be submitted by Congress if it serves the national interest. Specifies that the requirement does not apply if: (1) the public posting of the report comprises national security, or (2) the report contains proprietary information. (Sec. 413) Establishes grant guidelines for the NEA. (Sec. 414) Establishes priorities for programs administered by the NEA. (Sec. 415) Directs Interior, the EPA, the Forest Service, and the IHS to provide Congress with quarterly reports on the status of balances of appropriations. (Sec. 416) Amends the Federal Lands Recreation Enhancement Act to extend the authority of federal agencies to establish, collect, and retain fees on federal recreational lands and waters. (Sec. 417) Prohibits funds from being used to promulgate or implement any regulation requiring the issuance of permits under the Clean Air Act for carbon dioxide, nitrous oxide, water vapor, or methane emissions resulting from biological processes associated with livestock production. (Sec. 418) Prohibits the use of any funds to implement any provision in a rule that requires mandatory reporting of greenhouse gas emissions from manure management systems. (Sec. 419) Amends the Department of Defense Appropriations Act, 2000 to extend the Dwight D. Eisenhower Memorial Commission. (Sec. 420) Prohibits funds from being used to regulate the lead content of ammunition, ammunition components, or fishing tackle under the Toxic Substances Control Act or any other law. (Sec. 421) Amends the Consolidated Appropriations Act, 2012 to extend a provision that permits USDA and Interior, in awarding contracts for certain activities on public lands, to give consideration to certain local contractors who provide employment and training for dislocated and displaced workers in an economically disadvantaged rural community. (Sec. 422) Amends the Chesapeake Bay Initiative Act of 1998 to extend the authorization for the Chesapeake Bay Initiative. (Sec. 423) Extends the authority of the Forest Service to renew certain grazing permits. (Sec. 424) Prohibits funds provided by this division from being used to maintain or establish a computer network unless the network blocks access to pornography websites. Includes an exception for a law enforcement agency or other entity carrying out criminal investigations, prosecution, or adjudication activities. (Sec. 425) Amends the Forest Service Facility Realignment and Enhancement Act of 2005 to extend the authority for conveyances of certain Forest Service administrative sites. (Sec. 426) Prohibits any funds made available by a state water pollution control revolving fund authorized by the Safe Drinking Water Act from being used for a project for the construction, alteration, maintenance, or repair of a public water system or treatment works unless all of the iron and steel products used in the project are produced in the United States, subject to specified exceptions and waiver procedures. (Sec. 427) Prohibits funds provided by this division from being used to destroy any buildings or structures on Midway Island that have been recommended by the U.S Navy for inclusion in the National Register of Historic Places. (Sec. 428) Requires the Department of Energy (DOE), the Department of Agriculture (USDA), and the EPA to jointly: (1) ensure that federal policy relating to forest bioenergy is consistent across all department and agencies, and (2) recognizes the full benefits of the use of forest biomass for energy, conservation, and responsible forest management. Requires the DOE, USDA, and the EPA to establish clear and simple policies for the use of forest biomass as an energy solution, including policies that: reflect the carbon-neutrality of forest bioenergy and recognize biomass as a renewable energy source, provided the use of forest biomass for energy production does not cause conversion of forests to non-forest use; encourage private investment throughout the forest biomass supply chain; encourage forest management to improve forest health; and recognize state initiatives to produce and use forest biomass. (Sec. 429) Amends the John F. Kennedy Center Act to authorize FY2018 appropriations for the John F. Kennedy Center for the Performing Arts. (Sec. 430) Prohibits the EPA from using funds to require a permit under the Clean Water Act for the discharge of dredged or fill material for certain agriculture activities. (Sec. 431) Authorizes the Environmental Protection Agency and the Army Corps of Engineers to withdraw the Waters of the United States rule without regard to any provision of statute or regulation that establishes a requirement for withdrawal. (This provision applies to the final rule issued by the two agencies on June 29, 2015, and titled "Clean Water Rule: Definition of 'Waters of the United States.'" The rule revised regulations defining the scope of waters protected and regulated under the Clean Water Act.) (Sec. 432) Specifies requirements for the implementation of national ambient air quality standards for ozone. (Sec. 433) Prohibits funds from being used to finalize, implement, administer, or enforce the proposed rule titled "Financial Responsibility Requirements Under CERCLA section 108(b) for Classes of Facilities in the Hardrock Mining Industry" published by the EPA on January 11, 2017. (Sec. 434) Prohibits the EPA from using funds provided by this division to issue any regulation under the Solid Waste Disposal Act that applies to an animal feeding operation, including a concentrated animal feeding operation and a large concentrated animal feeding operation. (Sec. 435) Prohibits funds provided by this division from being used for further implementation of the coastal and marine spatial planning and ecosystem-based management components of the National Ocean Policy developed under Executive Order 13547 (Stewardship of the Ocean, Our Coasts, and the Great Lakes). (Sec. 436) Prohibits funds from being used to prohibit the use or access to federal land for hunting, fishing, or recreational shooting except for public safety. (Sec. 437) Requires Interior and USDA to make vacant grazing allotments available to holders of grazing permits or leases if lands covered by the permits or leases or other grazing lands used by the holder are unusable because of drought or wildfire. (Sec. 438) Prohibits funds provided by this division from being used to conduct reviews of site assessment or construction and operation plans for any project that would entail the construction or location of wind turbines less than 24 nautical miles from the Maryland shoreline. (Sec. 439) Specifies that, unless this division expressly provides otherwise, references to "this Act" included in this division shall be treated as referring only to the provisions of this division. (Sec. 440) Specifies the committee report that applies for the purpose of implementing this division. (Sec. 441) Establishes a spending reduction account for the amount by which spending proposed in this division exceeds the subcommittee's allocation under the Congressional Budget Act of 1974. Specifies that the amount is $0. (Under the Rules of the House of Representatives, any savings included in the spending reduction account are not available for further appropriation during consideration of the bill.) (Sec. 442) Prohibits funds provided by this division from being used to limit outreach programs administered by the Smithsonian Institution. (Sec. 443) Prohibits funds provided by this division for the National Park Service's National Recreation and Preservation account from being used in contravention of policies under current law for the preservation of historic sites, buildings, and objects of national significance for public use. (Sec. 444) Prohibits funds provided by this division from being used to eliminate the Urban Wildlife Refuge Partnership. (Sec. 445) Prohibits funds provided by this division from being used to enforce the export permission requirements under the ESA for members of the phylum Echinodermata (commonly known as sea urchins and sea cucumbers). (Sec. 446) Prohibits funds provided by this division from being used for the proposed NPS rule titled "Special Regulations, Areas of the National Park Service, Golden Gate National Recreation Area, Dog Management." (Sec. 447) Prohibits funds provided by this division from being used to propose to repeal provisions of the Gulf of Mexico Energy Security Act of 2006 that allocated specified offshore drilling revenues to Gulf producing states (Alabama, Louisiana, Mississippi, and Texas) and the Land and Water Conservation Fund. (Sec. 448) Prohibits the EPA from using funds provided by this division to use specified pay authorities provided by the Public Health Service Act to hire or pay the salary of any EPA officer or employee who is not already receiving pay under one of the authorities on the date of enactment of this division. (The authorities permit certain consultants and scientists to be appointed without regard to civil service laws.) (Sec. 449) Prohibits funds provided by this division from being used to withdraw National Forest System lands within the Rainy River Watershed on the Superior National Forest from disposition under U.S mineral and geothermal leasing laws. (Sec. 450) Prohibits the EPA from using funds provided by this division to enforce notification requirements regarding released substances under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 or the Emergency Planning and Community Right-To-Know Act of 1986 with respect to releases of hazardous substances from animal waste at farms. (Sec. 451) Prohibits funds provided by this division from being used to enter into a cooperative agreement with or make any grant or loan to establish a national heritage area, national heritage corridor, national heritage canal way, national heritage tour route, national historic district, cultural heritage corridor, or other heritage partnership program within specified counties in Colorado. (Sec. 452) Prohibits Interior from using funds provided by this division to require changes to an existing placer mining plan of operations with regard to reclamation activities, including revegetation, or to modify the bond requirements for the mining operation. (Sec. 453) Prohibits funds provided by this division from being used to enforce the final BLM rule titled "Onshore Oil and Gas Operations; Federal and Indian Oil and Gas Leases; Measurement of Oil." (Sec. 454) Prohibits Interior from using funds provided by this division to implement the final rule titled "Alaska; Hunting and Trapping in National Preserves" or to develop, issue, or implement any other rule of the same substance. (Sec. 455) Prohibits the EPA from using funds provided by this division to take specified actions in response to the development or implementation of a state's Watershed Implementation Plan for the restoration of the Chesapeake Bay. (Sec. 456) Prohibits the EPA from using funds provided by this division to give formal notification under, or prepare, propose, implement, administer, or enforce any rule or recommendation pursuant to specified provisions of the Clean Air Act regarding air pollution emitted in the United States that may endanger public health or welfare in foreign countries. (Sec. 457) Prohibits funds provided by this division from being used to finalize, implement, or enforce the rule submitted by BLM titled "Onshore Oil and Gas Operations; Federal and Indian Oil and Gas Leases; Site Security." (Sec. 458) Prohibits funds provided by this division from being used to implement or enforce the threatened species or endangered species listing of any plant or wildlife that has not undergone a review at least every five years, as required by the ESA. (Sec. 459) Prohibits funds provided by this division from being used to implement or enforce the threatened species listing of the Preble's meadow jumping mouse under the ESA. (Sec. 460) Prohibits funds provided by this division from being used for the BLM's rule regarding Waste Prevention, Production Subject to Royalties, and Resource Conservation published on November 18, 2016. (The rule requires operators to take various actions to reduce the waste of natural gas from venting, flaring, and leaks during oil and natural gas production activities on onshore federal and Indian leases. The rule also specifies when produced gas lost through venting, flaring, or leaks is subject to royalties, and when oil and gas production used on site would be royalty-free.) (Sec. 461) Prohibits funds provided by this division from being used to pay legal fees pursuant to a settlement in any case in which the federal government is a party and that arises under the Clean Air Act, the Clean Water Act, or the ESA. (Sec. 462) Prohibits funds provided by this division from being used to enforce the final EPA rule titled "Oil and Natural Gas Sector: Emission Standards for New, Reconstructed, and Modified Sources." (Sec. 463) Prohibits funds provided by this division from being used to prepare, propose, or promulgate any regulation that relies on analysis contained in several technical support documents related to the social cost of carbon. DIVISION B--AGRICULTURE, RURAL DEVELOPMENT, FOOD AND DRUG ADMINISTRATION, AND RELATED AGENCIES APPROPRIATIONS ACT, 2018 Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2018 This division provides FY2018 appropriations for the Department of Agriculture (USDA), except for the Forest Service, which is included in division A. It also provides appropriations for the Food and Drug Administration (FDA), the Commodity Futures Trading Commission (CFTC), and the Farm Credit Administration. The division includes both discretionary and mandatory funding. The mandatory funding levels are generally set by authorizing legislation such as the farm bill and are frequently limited in the agriculture appropriations bill. TITLE I--AGRICULTURAL PROGRAMS Provides appropriations for the following agricultural programs and services: the Office of the Secretary; Executive Operations; the Office of the Chief Information Officer; the Office of the Chief Financial Officer; the Office of the Assistant Secretary for Civil Rights; the Office of Civil Rights; Hazardous Materials Management; the Office of Inspector General; the Office of the General Counsel; the Office of Ethics; the Office of the Under Secretary for Research, Education, and Economics; the Economic Research Service; the National Agricultural Statistics Service; the Agricultural Research Service; the National Institute of Food and Agriculture; the Office of the Under Secretary for Marketing and Regulatory Programs; the Animal and Plant Health Inspection Service; the Agricultural Marketing Service; the Grain Inspection, Packers and Stockyards Administration; the Office of the Under Secretary for Food Safety; and the Food Safety and Inspection Service. TITLE II--FARM PRODUCTION AND CONSERVATION PROGRAMS Provides appropriations for: the Office of the Under Secretary for Farm Production and Conservation, the Farm Service Agency, the Risk Management Agency, the Natural Resources Conservation Service, the Federal Crop Insurance Corporation Fund, and the Commodity Credit Corporation Fund. TITLE III--RURAL DEVELOPMENT PROGRAMS Provides appropriations for Rural Development Programs including: Rural Development Salaries and Expenses, the Rural Housing Service, the Rural Business--Cooperative Service, the Rural Utilities Service, and the Rural Economic Infrastructure Account. TITLE IV--DOMESTIC FOOD PROGRAMS Provides appropriations for the Office of the Under Secretary for Food, Nutrition, and Consumer Services. Provides appropriations to the Food and Nutrition Service for: Child Nutrition Programs; the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC); the Supplemental Nutrition Assistance Program (SNAP, formerly known as food stamps); the Commodity Assistance Program; and Nutrition Programs Administration. TITLE V--FOREIGN ASSISTANCE AND RELATED PROGRAMS Provides appropriations to the Office of the Under Secretary for Trade and Foreign Agricultural Affairs. Provides appropriations for the Foreign Agricultural Service, including: the Food for Peace Act (P.L. 480), the McGovern-Dole International Food for Education and Child Nutrition Program, and the Commodity Credit Corporation Export (loans) Credit Guarantee Program Account. TITLE VI--RELATED AGENCIES AND FOOD AND DRUG ADMINISTRATION Provides appropriations to: the Department of Health and Human Services for the Food and Drug Administration (FDA), the Commodity Futures Trading Commission, and the Farm Credit Administration. TITLE VII--GENERAL PROVISIONS (Sec. 701) Permits USDA to use funds provided by this division for the purchase, replacement, and hire of passenger motor vehicles. (Sec. 702) Permits USDA to transfer unobligated balances to the Working Capital Fund for the acquisition of plant and capital equipment for financial, administrative, and information technology services. Permits the transferred funds to remain available until expended and specifies restrictions on the use of the funds. (Sec. 703) Prohibits appropriations provided by this division from remaining available for obligation beyond the current fiscal year unless the division expressly provides otherwise. (Sec. 704) Limits negotiated indirect costs on cooperative agreements between USDA and nonprofit institutions to 10% of the total direct cost of the agreement when the purpose of the agreement is to carry out programs of mutual interest between the two parties. (Sec. 705) Permits appropriations for direct and guaranteed loans to remain available until expended to disburse obligations made in the current fiscal year for: (1) the Rural Development Loan Fund program account, (2) the Rural Electrification and Telecommunication Loans program account, and (3) the Rural Housing Insurance Fund program account. (Sec. 706) Prohibits USDA from using funds provided by this division to acquire or upgrade information technology systems without approval of the Chief Information Officer (CIO) and the Executive Information Technology Investment Review Board. Restricts the transfer of funds made available by this division to the CIO without prior approval of Congress. Prohibits funds from being used for specified information technology projects without the approval of the CIO. (Sec. 707) Permits specified funds provided under the Federal Crop Insurance Act for the Agricultural Management Assistance Program in the current fiscal year to remain available until expended to disburse obligations made in the current fiscal year. (Sec. 708) Makes a former Rural Utility Service borrower that has repaid or prepaid a loan under the Rural Electrification Act of 1936 or any not-for-profit utility qualified to receive a loan under the Act eligible for rural economic development and job creation assistance in the same manner as a borrower. (Sec. 709) Permits specified unobligated balances of appropriations provided by this division for salaries and expenses of the Farm Service Agency and the Rural Development mission area to remain available through FY2019 for information technology expenses. (Sec. 710) Prohibits funds provided by this division from being used for first-class travel by employees of agencies funded by this division. (Sec. 711) Provides that Commodity Credit Corporation funds authorized or required to be used for specified programs included in the Agricultural Act of 2014: (1) shall be available for salaries and administrative expenses associated with the programs without regard to allotment and transfer limits, and (2) shall not be considered to be a fund transfer or allotment for purposes of applying the limits. (Sec. 712) Limits funds available for USDA advisory committees, panels, commissions, and task forces, except for panels used to comply with negotiated rulemaking or to evaluate competitively awarded grants. (Sec. 713) Prohibits funds provided by this division from being used to pay indirect costs charged against any agricultural research, education, or extension grant awards issued by the National Institute of Food and Agriculture (NIFA) that exceed 30% of total federal funds provided under each award. Permits funds provided by this division for grants awarded competitively by NIFA to be used to pay full allowable indirect costs for specified research and development grants awarded under the Small Business Act. (Sec. 714) Limits funds that may be used for the following programs: the Watershed Rehabilitation Program; the Rural Energy for America Program; the Biomass Crop Assistance Program; the Biorefinery, Renewable Chemical, and Biobased Product Manufacturing Assistance Program; and the Agricultural Management Assistance Program. (Sec. 715) Limits funds for the following domestic food assistance categories: Child Nutrition Programs Entitlement Commodities, State Option Contracts, Removal of Defective Commodities, and Administration of Section 32 Commodity Purchases. Limits FY2018 funds for the Fresh Fruit and Vegetable Program that provides fruit and vegetables to students in participating elementary schools. Prohibits USDA from using funds for payments authorized by Section 32 of the Agricultural Adjustment Act of 1935 to increase purchasing power of agricultural producers or for surplus removal or price support activities authorized by the Commodity Credit Corporation Charter Act. (Section 32 is a program created to assist agricultural producers of non-price-supported commodities and is funded by a permanent appropriation of a portion of the previous year's customs receipts less certain mandatory transfers to child nutrition and other programs. This provision effectively prohibits the use of Section 32 for emergency disaster payments.) Rescinds specified unobligated balances provided for domestic food assistance programs. (Sec. 716) Prohibits funds from being used to prepare proposals for the President's budget that assume savings from certain user fee proposals without identifying additional spending reductions that should occur if the proposals are not enacted. (Sec. 717) Sets forth procedures, requirements, and restrictions for reprogramming and transferring funds provided by this division. (Sec. 718) Permits USDA to assess a one-time fee for any guaranteed business and industry loan and limits the fee to 3% of the guaranteed principal portion of the loan. (Sec. 719) Prohibits funds from being used to provide reports, questions, or responses to questions that are a result of information requested for the appropriations hearing process to anyone not employed by USDA, the Food and Drug Administration, the Commodity Futures Trading Commission, or the Farm Credit Administration. (Sec. 720) Prohibits any executive branch agency from using funds provided by this division to produce a prepackaged news story for U.S. broadcast or distribution unless the story includes a clear notification that it was prepared or funded by the agency. (Sec. 721) Prohibits USDA employees from being detailed or assigned from an agency funded by this division to any other USDA agency or office for more than 60 days in a fiscal year unless the individual's employing agency is reimbursed by the receiving agency for the salary and expenses of the employee. (Sec. 722) Requires USDA to: (1) notify Congress at least three full business days in advance of making certain grant allocations or contract awards that are at least $1 million, and (2) submit quarterly reports to Congress detailing grant allocations or discretionary grant awards that are less than $1 million. (Sec. 723) Directs the agencies funded by this division to submit spending plans to Congress. (Sec. 724) Provides that funds for title II of the Food for Peace Act may only be used to assist nations if adequate monitoring and controls exist to ensure that emergency food aid is received by the intended beneficiaries in areas affected by food shortages and not diverted for unauthorized or inappropriate purposes. (Sec. 725) Requires USDA to establish an intermediary loan packaging program based on the FY2013 pilot program for packaging and reviewing section 502 single family direct loans. (The loan program assists low-income applicants in purchasing homes in rural areas. Funds may also be used to build, repair, or renovate a house, including providing water and sewage facilities.) (Sec. 726) Permits USDA to increase the program level by up to 25% for certain loans and loan guarantees that do not require budget authority and have program levels established by this division. Requires congressional notification prior to implementing any increase. (Sec. 727) Provides that certain credit card refunds or rebates transferred to the Working Capital Fund: (1) shall not be available for obligation without congressional approval; and (2) shall only be available for the acquisition of plant and capital equipment for USDA financial, administrative, and information technology services. (Sec. 728) Prohibits funds provided by this division from being used to procure raw or processed poultry products from China for the National School Lunch Program, the Child and Adult Food Care Program, the Summer Food Service Program, or the School Breakfast Program. (Sec. 729) Permits USDA to respond to a community with inadequate drinking water supplies due to a natural disaster by providing potable water through the Emergency Community Water Assistance Grant Program for up to 120 days beyond the time period established in the program. (Sec. 730) Specifies the matching requirements that apply to funds appropriated for the Agriculture and Food Research Initiative. (Sec. 731) Prohibits the Food and Nutrition Service from using funds provided by this division for any new research and evaluation projects until after a research and evaluation plan is submitted to Congress. (Sec. 732) Sets forth the authorities that apply for USDA to provide loans for housing and buildings on adequate farms. (Sec. 733) Prohibits funds provided by this division from being used for regulations to allow or require information intended for a prescribing health care professional, in the case of a drug or biological product, to be distributed electronically (in lieu of in paper form) until a federal law is enacted to allow or require electronic distribution. (Sec. 734) Prohibits the FDA from acknowledging applications for an exemption for investigational use of a drug or biological product in research in which a human embryo is intentionally created or modified to include a heritable genetic modification. Provides that any submission is deemed not to have been received, and the exemption may not go into effect. (Sec. 735) Prohibits funds from being used to carry out provisions of the final FDA rule titled "Current Good Manufacturing Practice and Hazard Analysis and Risk-Based Preventive Controls for Food for Animals" with respect to certain requirements that apply to the production, distribution, sale, or receipt of dried spent grain by-products of the alcoholic beverage production process. (Sec. 736) Requires the Animal and Plant Health Inspection Service (APHIS) to conduct audits in a manner that evaluates the following factors in the country or region being audited, as applicable: veterinary control and oversight, disease history and vaccination practices, livestock demographics and traceability, epidemiological separation from potential sources of infection, surveillance practices, diagnostic laboratory capabilities, and emergency preparedness and response. Requires APHIS to make reports regarding the audits publicly available. (Sec. 737) Prohibits funds provided by this division from being used to issue or renew licenses under the Animal Welfare Act for certain dealers who sell dogs and cats for research, experiments, teaching, or testing. (Sec. 738) Prohibits the FDA from deeming partially hydrogenated oils to be unsafe or any food containing a partially hydrogenated oil to be adulterated prior to June 18, 2018. (Sec. 739) Permits USDA to charge a fee for lenders to access USDA loan guarantee systems in connection with participation in the loan guarantee programs of the Rural Housing Service. (Sec. 740) Prohibits funds provided by this division from being used for a computer network unless pornography is blocked, with the exception of law enforcement, prosecution, or adjudication activities. (Sec. 741) Rescinds specified unobligated balances from the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC). (Sec. 742) Prohibits funds provided for the rural water, waste water, waste disposal, and solid waste management programs authorized by the Consolidated Farm and Rural Development Act from being used for the construction, alteration, maintenance, or repair of a public water or wastewater system unless all of the iron and steel products used in the project are produced in the United States. Specifies exceptions and waiver procedures. (Sec. 743) Requires USDA to permit states to grant exemptions from whole grain requirements for the National School Lunch Program and the School Breakfast Program that took effect on or after July 1, 2014. Requires states to establish a process for responding to exemption requests, provided that school food authorities demonstrate hardship in procuring whole grain products compliant with new standards and comply with whole grain standards in effect prior to July 1, 2014. Prohibits funds from being used to implement regulations requiring a specified reduction in sodium in federally reimbursed meals, foods, and snacks sold in schools. Requires USDA to allow states to grant special exemptions for the service of flavored, low-fat fluid milk in the School Lunch Program and the School Breakfast Program and as a competitive food available on campus during the school day, to schools which demonstrate a reduction in student milk consumption or an increase in school milk waste. (Sec. 744) Requires at least 10% of the funds provided by this division for specified Rural Development programs to be allocated for assistance in persistent poverty counties. Defines a "persistent poverty county" as county that has had at least 20% of its population living in poverty over the past 30 years, as measured by the decennial censuses. (Sec. 745) Prohibits USDA from including incarcerated prison populations to determine eligibility or the level of program assistance for Rural Development programs. (Sec. 746) Prohibits funds provided by this division from being used to influence congressional action on any legislation or appropriation matters pending before Congress, other than to communicate with Congress as permitted under current law. (Sec. 747) Prohibits funds provided by this division from be used for the variety requirements of the final USDA rule titled "Enhancing Retailer Standards in the Supplemental Nutrition Assistance Program (SNAP)" until USDA amends the definition of "variety" to increase the number of items that qualify as acceptable varieties in each staple food category so that the total number of such items in each staple food category exceeds the number of such items in each staple food category included in the final rule. Specifies that, until the amendments are promulgated, USDA must apply the requirements regarding acceptable varieties and breadth of stock to SNAP retailers that were in effect on the day before the enactment of the Agricultural Act of 2014. (Sec. 748) Prohibits the FDA from using funds provided by this division to develop, issue, promote, or advance any regulations applicable to food manufacturers for population-wide sodium reduction actions or to develop, issue, promote or advance final guidance applicable to food manufacturers for long term population-wide sodium reduction actions until the dietary reference intake report with respect to sodium is completed. (Sec. 749) Permits USDA to receive access to certain information from federal tax returns to verify the income for individuals participating in loan programs under the Housing Act of 1949. (Sec. 750) Rescinds specified unobligated balances of funds provided to carry out the Rural Energy Savings Program. (Sec. 751) Prohibits funds from being used to lower the de minimis quantity of swap dealing established under the Commodity Exchange Act below $8 billion. (Sec. 752) Prohibits the FDA from using funds provided by this division to implement, administer, or enforce, the final "deeming rule" for tobacco products with respect to traditional large and premium cigars. (The rule deems e-cigarettes, cigars, pipe tobacco, hookah tobacco, and other products, to meet the statutory definition of "tobacco product" and to, therefore, be subject to FDA's regulatory authority. Manufacturers of newly deemed tobacco products that are currently being marketed in the United States must file an application for premarket review with FDA.) (Sec. 753) Prohibits the FDA from using funds to require manufacturers of e-cigarettes and other newly deemed tobacco products on the market prior to the effective date of the deeming rule from filing an application for premarket review with the FDA. Requires the FDA to issue specified regulations regarding vapor products, including characterizing flavors and batteries. Specifies requirements for advertising, selling, and labeling of vapor products. (Sec. 754) Prohibits USDA from using funds to finalize the proposed rule titled "Eligibility of the People's Republic of China (PRC) to Export to the United States Poultry Products from Birds Slaughtered in the PRC" unless USDA meets specified requirements, including ensuring that the poultry slaughter inspection system for the PRC is equivalent to that of the United States. (Sec. 755) Provides specified funds to the FDA to carry out provisions of the 21st Century Cures Act regarding FDA Innovation Projects. (Sec. 756) Provides additional funds to APHIS to remain available through FY2019 for one-time control and management and associated activities directly related to the multiple-agency response to citrus greening. (Sec. 757) Provides additional funds to USDA for loans and grants that are consistent with the Healthy Food Financing Initiative and that support projects to provide access to healthy food in underserved areas, create and preserve quality jobs, and revitalize low-income communities. (Sec. 758) Enacts section 202 (consideration by the Commodity Futures Trading Commission of the costs and benefits of its regulations and orders) and section 320 (treatment of transactions between affiliates) of H.B. 238 (Commodity End-User Relief Act), as passed by the House of Representatives on January 12, 2017, with a specified technical correction. (Sec. 759) Specifies that, unless this division expressly provides otherwise, references to "this Act" included in this division shall be treated as referring only to the provisions of this division. (Sec. 760) Specifies the committee report that applies for the purpose of implementing this division. (Sec. 761) Establishes a spending reduction account for the amount by which spending proposed in this division exceeds the subcommittee's allocation under the Congressional Budget Act of 1974. Specifies that the amount is $0. (Under the Rules of the House of Representatives, any savings included in the spending reduction account are not available for further appropriation during consideration of the bill.) (Sec. 762) Provides additional funding to the National Institute of Food and Agriculture to award teaching, research, and extension capacity building grants at certain colleges and universities. Reduces the funding provide by this division for the Office of the Chief Information Officer. (Sec. 763) Prohibits funds provided by this division from being used in contravention of provisions of the Richard B. Russell National School Lunch Act and USDA regulations that prohibit schools from physically segregating, overtly identifying, or discriminating against children eligible to receive a free lunch, a reduced price lunch, or free milk under the National School Lunch Program, the School Breakfast Program, or the Special Milk Program. (Sec. 764) Prohibits funds provided by this division from being used to revoke an exception made: (1) under the Grain Inspection, Packers and Stockyards Administration rule titled "Exceptions to Geographic Areas for Official Agencies Under the USGSA"; and (2) before April 14, 2017. (The rule established criteria to allow more than one designated official agency to inspect or weigh grain within a single geographic area.) (Sec. 765) Prohibits funds provided by this division from being used to carry out provisions of the Richard B. Russell National School Lunch Act that require school food authorities to use a specified formula (known as Paid Lunch Equity requirements) to establish a price for paid lunches served to students who are not certified to receive free or reduced price meals. (Sec. 766) Prohibits funds provided by this division from being used for a new hire who has not been verified through the E-Verify program, except for an employee compensated under a local compensation plan established under the Foreign Service Act of 1980. DIVISION C--COMMERCE, JUSTICE, SCIENCE, AND RELATED AGENCIES APPROPRIATIONS ACT, 2018 Commerce, Justice, Science, and Related Agencies Appropriations Act, 2018 This division provides FY2018 appropriations to the Department of Commerce, the Department of Justice (DOJ), science agencies, and several related agencies. The division funds agencies with a wide range of responsibilities for issues such as: addressing violent crime, drug trafficking, financial fraud, terrorism, espionage, and cybercrime; conducting the census; forecasting the weather; managing fisheries; exploring space; advancing science; providing legal services for the poor; enforcing employment discrimination laws; and overseeing patents, trademarks, and trade policy. TITLE I--DEPARTMENT OF COMMERCE Provides appropriations to the Department of Commerce for: the International Trade Administration, the Bureau of Industry and Security, the Economic Development Administration, the Minority Business Development Agency, the Bureau of Economic Analysis, the Bureau of the Census, the National Telecommunications and Information Administration, and the U.S. Patent and Trademark Office. Provides appropriations to the National Institute of Standards and Technology (NIST) for: Scientific and Technical Research and Services, Industrial Technology Services, and Construction of Research Facilities. Provides appropriations to the National Oceanic and Atmospheric Administration (NOAA) for: Operations, Research, and Facilities; Procurement, Acquisition, and Construction; Pacific Coastal Salmon Recovery; the Fishermen's Contingency Fund; Fisheries Disaster Assistance; and the Fisheries Finance Program Account. Provides appropriations for Departmental Management, including: Salaries and Expenses, Renovation and Modernization, and the Office of Inspector General. (Sec. 101) Permits funds provided by this division to be used for advanced payments (prior to the receipt of goods, services, or other assets) that are not otherwise authorized only if designated Commerce officials certify that the payments are in the public interest. (Sec. 102) Permits funds provided by this division to be used for hiring passenger motor vehicles, employment of temporary or intermittent experts and consultants, and the purchase of uniforms. (Sec. 103) Permits the transfer of funds between Commerce accounts, subject to specified limitations and requirements. Requires Commerce to notify Congress prior to the acquisition or disposal of any capital asset not provided for in an Act providing appropriations to Commerce. (Sec. 104) Extends requirements for NOAA to make and report to Congress on determinations regarding the identification and management of technical, cost, and schedule risk; the reliance on demonstrated technologies; and compliance with relevant policies, prior to entering into a contract for a major program with a life cycle cost of more than $250 million. Specifies the life cycle costs for the Joint Polar Satellite System and the Geostationary Operational Environmental Satellite R-Series Program. (Sec. 105) Permits Commerce to: (1) furnish services to facilitate the use or occupancy of Department of Commerce buildings, and (2) credit specified reimbursements received for the services to the appropriation or fund which bears the cost of the services. (Sec. 106) Specifies that grant recipients may continue to deter child pornography, copyright infringement, or any other unlawful activity over their networks. (Sec. 107) Permits NOAA to use, with consent and reimbursement, resources of other federal, state, local, and international entities to carry out the responsibilities of any statute administered by NOAA. (Sec. 108) Prohibits the National Technical Information Service from charging for copies of reports or documents generated by the legislative branch unless the service has provided information on how a copy may be obtained for free online. Requires any charge to be limited to the service's cost. (Sec. 109) Permits NOAA to work with federal and non-federal agencies and governments by entering into agreements; using land, services, equipment, personnel, and facilities provided by the entities; or receiving and expending funds made available on a consensual basis. TITLE II--DEPARTMENT OF JUSTICE Department of Justice Appropriations Act, 2018 Provides FY2018 appropriations to the Department of Justice (DOJ). Provides appropriations to DOJ for General Administration, including: Salaries and Expenses, Justice Information Sharing Technology, the Executive Office for Immigration Review, and the Office of Inspector General. Provides appropriations to the U.S. Parole Commission. Provides appropriations for Legal Activities, including: General Legal Activities, the Antitrust Division, the U.S. Attorneys, the U.S. Trustee System Fund, the Foreign Claims Settlement Commission, Fees and Expenses of Witnesses, the Community Relations Service, and the Assets Forfeiture Fund. Provides appropriations to the U.S. Marshals Service for: Salaries and Expenses, Construction, and Federal Prisoner Detention. Provides appropriations to DOJ for: the National Security Division; Interagency Law Enforcement; the Federal Bureau of Investigation (FBI); the Drug Enforcement Administration (DEA); the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF); and the Federal Prison System. Provides appropriations to the Office On Violence Against Women for Violence Against Women Prevention and Prosecution Programs. Provides appropriations to the Office of Justice Programs for: Research, Evaluation, and Statistics; State and Local Law Enforcement Assistance; Juvenile Justice Programs; and Public Safety Officer Benefits. Provides appropriations for Community Oriented Policing Services (COPS) programs. (Sec. 201) Provides additional funds to the Attorney General for official reception and representation expenses. (Sec. 202) Prohibits funds provided by this title from being used to pay for an abortion, except where the life of the mother would be endangered if the fetus were carried to term, or in the case of rape or incest. (Sec. 203) Prohibits funds provided by this title from being used to require any person to perform or facilitate the performance of an abortion. (Sec. 204) Specifies that: (1) section 203 of this division does not remove the obligation of the Bureau of Prisons to provide escort services to an inmate receiving an abortion outside of a federal facility, and (2) nothing in this section diminishes the effect of section 203 intended to address the philosophical beliefs of individual employees of the Bureau of Prisons. (Sec. 205) Sets forth requirements and procedures for transferring and reprogramming DOJ funds provided by this division. (Sec. 206) Prohibits the FBI or the U.S. Marshals Service from using funds provided by this title to transport prisoners classified as maximum or high security, other than to a facility certified by the Bureau of Prisons as appropriately secure. (Sec. 207) Prohibits federal prisons from using funds provided by this division to purchase cable television services, or to rent or purchase audiovisual or electronic media or equipment used primarily for recreational purposes. Includes exceptions for inmate training, religious, or educational programs. (Sec. 208) Prohibits funds provided by this title from being used for a new or enhanced information technology program with estimated development costs exceeding $100 million unless the Deputy Attorney General and the Department Investment Review Board certify to Congress that the program: (1) has appropriate program management controls and contractor oversight mechanisms in place, and (2) is compatible with DOJ enterprise architecture. (Sec. 209) Requires DOJ to follow reprogramming procedures for: (1) any deviation from the program amounts specified in this division or the report, or (2) for any use of deobligated balances of funds provided Republican: 100% (1) 100% Republican support	Economics And Public Finance Administrative Law And Regulatory Procedures Advisory Bodies Agricultural Conservation And Pollution Air Quality Alternative And Renewable Resources Animal Protection And Human-animal Relationships Appropriations Art, Artists, Authorship Atlantic Coast (u.s.)
HB-1	Federal	Tax Cuts and Jobs Act This bill amends the Internal Revenue Code (IRC) to reduce tax rates and modify policies, credits, and deductions for individuals and businesses. It also establishes an oil and gas leasing program for the Coastal Plain of the Arctic National Wildlife Refuge (ANWR) in Alaska. (Unless otherwise specified, provisions referred to in this summary as temporary or as a suspension of an existing provision apply for taxable years beginning after December 31, 2017, and before January 1, 2026.) TITLE I Subtitle A-- Individual Tax Reform Part I--Tax Rate Reform (Sec. 11001) This section temporarily replaces the existing tax brackets (10%, 15%, 25%, 28%, 33%, 35%, and 39.6%) with new brackets (10%, 12%, 22%, 24%, 32%, 35% , 37%) and specifies the income levels that apply for each bracket. The bill also: (1) modifies the taxation of the unearned income of children, and (2) requires the Department of the Treasury to promulgate due diligence requirements for paid preparers in determining eligibility for a taxpayer to file as a head of household. (Sec. 11002) This section requires the chained Consumer Price Index to be used to index the brackets for inflation. Part II--Deduction For Qualified Business Income Of Pass-Thru Entities (Sec. 11011) This section temporarily allows an individual taxpayer to deduct 20% of qualified business income (i.e., business income of an individual from a partnership, S corporation, or sole proprietorship which is currently taxed using individual income tax rates), including aggregate qualified Real Estate Investment Trust (REIT) dividends, qualified cooperative dividends, and qualified publicly traded partnership income. The bill specifies formulas for determining the taxpayer's deduction for qualified business income and for determining the deduction for certain agricultural or horticultural cooperatives. The deduction applies to taxable income, is not used to calculate adjusted gross income (AGI), and is available to taxpayers who do not itemize deductions. Trusts and estates are eligible for the deduction. The bill phases in a limitation for the deduction when wages exceed $157,500 ($315,000 in the case of a joint return). The bill also phases in a disallowance of the deduction when taxable income with respect to specified service trades or businesses exceeds the limits. The limits are fully phased in when taxable income exceeds the threshold amounts by $50,000 ($100,000 for joint returns). A "specified service trade or business" is any trade or business involving the performance of services in the fields of health, law, consulting, athletics, financial services, brokerage services, or any trade or business where the principal asset of such trade or business is the reputation or skill of one or more of its employees or owners, or which involves the performance of services that consist of investing and investment management trading, or dealing in securities, partnership interests, or commodities. The term excludes engineering and architecture services. (Sec. 11012) This section temporarily prohibits taxpayers other than corporations from claiming excess business losses. An excess business loss for the taxable year is the excess of aggregate deductions of the taxpayer attributable to trades or businesses of the taxpayer (determined without regard to the limitation of the provision), over the sum of aggregate gross income or gain of the taxpayer plus $250,000 (200% of the amount in the case of a joint return). The threshold amount is indexed for inflation after 2018. In the case of a partnership or S corporation, the provision applies at the partner or shareholder level. Each partner's distributive share and each S corporation shareholder's pro rata share of items of income, gain, deduction, or loss of the partnership or S corporation are taken into account in applying the limitation under the provision for the taxable year of the partner or S corporation shareholder. Losses prohibited under this section are carried forward and treated as part of the taxpayer's net operating loss carryforward in subsequent taxable years. Part III--Tax Benefits For Families And Individuals (Sec. 11021) This section temporarily increases the standard deduction to $24,000 for married individuals filing a joint return, to $18,000 for head-of-household filers, and to $12,000 for all other taxpayers. The amount of the standard deduction is indexed for inflation after 2018 using the chained CPI. (Under current law, the standard deduction for 2017 is $6,350 for single individuals and married individuals filing separate returns, $9,350 for heads of households, and $12,700 for married individuals filing a joint return and surviving spouses.) (Sec. 11022) This section modifies the child tax credit to temporarily: (1) increase the credit to $2,000 ($1,000 under current law) per qualifying child under the age of 17, and (2) allow a $500 nonrefundable credit for each dependent of the taxpayer who is not a qualifying child under age 17. The credit is phased out at AGI levels of $400,000 for married taxpayers filing joint returns and $200,000 for individuals. The refundable portion of the credit is limited to $1,400 per qualifying child. In order to receive the credit, a taxpayer must include a Social Security number for each qualifying child for whom the credit is claimed on the tax return. The requirement does not apply to a non-child dependent for whom the $500 non-refundable credit is claimed. (Sec. 11023) This section modifies the deduction for charitable contributions to temporarily increase from 50% to 60% the income-based percentage limitation for contributions of cash to public charities. (Sec. 11024) This section temporarily increases contribution limitations for ABLE accounts with respect to contributions made by the designated beneficiary of the account. (Tax-favored ABLE [Achieving a Better Life Experience] accounts are designed to enable individuals with disabilities to save for and pay for disability-related expenses.) After the limit is reached, the designated beneficiary may contribute an additional amount up to the lesser of: (1) the federal poverty line for a one-person household, or (2) the individual's compensation for the taxable year. The bill also allows the designated beneficiary of an ABLE account to claim the saver's credit for contributions made to his or her account. (Sec. 11025) This section allows funds from qualified tuition programs (known as 529 plans) to be rolled over to an ABLE account without penalty if the ABLE account is owned by the designated beneficiary of the 529 account or a member of the designated beneficiary's family. (Sec. 11026) This section temporarily allows certain members of the Armed Forces in the Sinai Peninsula of Egypt to receive combat zone tax benefits for performing services that qualify for special pay for duty subject to hostile fire or imminent danger. (Sec. 11027) For 2017 and 2018, this section reduces from 10% to 7.5% the AGI threshold that must be exceeded before a taxpayer is allowed to claim an itemized deduction for medical expenses. (Sec. 11028) This section provides tax incentives for areas in which a major disaster was declared by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act during calendar year 2016. For individuals residing in the 2016 disaster areas, the bill allows: (1) exceptions to the 10% penalty for up to $100,000 in early withdrawals from retirement plans, and (2) personal casualty losses exceeding $500 per casualty to be deducted without regard to whether aggregate net losses exceed 10% of a taxpayer's AGI. Part IV--Education (Sec. 11031) This section temporarily modifies the exclusion of student loan discharges from gross income to exclude from gross income certain discharges on account of the death or total and permanent disability of the student. (Sec. 11032) This section allows funds from 529 accounts to be used for expenses for tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school. Part V--Deductions And Exclusions (Sec. 11041) This section: (1) suspends the deduction for personal exemptions, (2) modifies the wage withholding rules, (3) and modifies the requirements that determine who is required to file a tax return. (Sec. 11042) This section temporarily limits individual deductions for certain state and local taxes to $10,000 per year ($5,000 for a married taxpayer filing a separate return). The limit does not apply to taxes paid or accrued in carrying on a trade or business or for expenses for the production of income. (Sec. 11043) This section modifies the deduction for home mortgage interest to: (1) limit the deduction to mortgages for a principal residence, (2) temporarily limit the deduction for debt incurred on or before December 15, 2017, to mortgages of up to $750,000 (currently $1 million), and (3) suspend the deduction for interest paid on home equity loans. For taxable years beginning after 2025, the deduction applies to mortgages of up to $1 million regardless of when the indebtedness was incurred. (Sec. 11044) This section temporarily modifies the deduction for personal casualty and theft losses. A taxpayer may only claim the deduction for a personal casualty loss if the loss is attributable to a federally declared disaster. The bill includes an exception for certain personal casualty losses that do not exceed personal casualty gains. (Sec. 11045) This section suspends all miscellaneous itemized deductions that are subject to the 2% floor under present law. (Sec. 11046) This section suspends the overall limitation on itemized deductions, which currently applies when AGI exceeds a specified amount. (Sec. 11047) This section suspends the exclusion for qualified bicycle commuting reimbursements. (Sec. 11048) This section suspends the exclusion for qualified moving expense reimbursements, with an exception for members of the Armed Forces on active duty who move pursuant to a military order and incident to a permanent change of station. (Sec. 11049) This section suspends the deduction for moving expenses. (Sec. 11050) This section temporarily modifies a provision that limits the deduction for wagering losses to the extent of the gains from such transactions. The bill specifies that "losses from wagering transactions" include otherwise deductible expenses incurred in carrying out a wagering transaction (e.g., expenses for traveling to or from a casino). (Sec. 11051) This section repeals the deduction for alimony or separate maintenance payments from the payor spouse and the corresponding inclusion of the payments in the gross income of the recipient spouse. Part VI--Increase In Estate And Gift Tax Exemption (Sec. 11061) This section doubles the estate and gift tax exemption amount for decedents dying or gifts made after December 31, 2017, and before January 1, 2026, by increasing the basic exclusion amount from $5 million to $10 million. (Under current law, the amount is indexed for inflation occurring after 2011.) Part VII--Extension Of Time Limit For Contesting IRS Levy (Sec. 11071) This section extends from nine months to two years the time limit for contesting an Internal Revenue Service (IRS) levy, including the time periods for: (1) returning the monetary proceeds from the sale of property that has been wrongfully levied upon, and (2) bringing a civil action for a wrongful levy. Part VIII--Individual Mandate (Sec. 11081) This section repeals the penalty for individuals who fail to maintain minimum essential health coverage as required by the Patient Protection and Affordable Care Act (commonly referred to as the individual mandate). Subtitle B--Alternative Minimum Tax (Sec. 12001) This section repeals the corporate alternative minimum tax (AMT). (Sec. 12002) This section modifies the AMT credit for corporations to: (1) allow the AMT credit to offset regular tax liability for any taxable year, and (2) make the credit refundable for any taxable year beginning after 2017 and before 2022 in an amount equal to 50% (100% beginning in 2021) of the excess of the minimum tax credit for the taxable year over the amount of the credit allowable for the year against regular tax liability. (Under current law a corporation subject to the AMT in any year is allowed an AMT credit in any subsequent taxable year to the extent that the taxpayer's regular tax liability exceeds its tentative minimum tax in the subsequent year.) (Sec. 12003) This section temporarily increases both the exemption amount and the exemption amount phaseout thresholds for the individual AMT. The exemption amount is increased to $109,400 for married taxpayers filing a joint return (half this amount for married taxpayers filing a separate return), and $70,300 for all other taxpayers (other than estates and trusts). The phaseout thresholds are increased to $1 million for married taxpayers filing a joint return, and $500,000 for all other taxpayers (other than estates and trusts). The amounts are indexed for inflation after 2018. Subtitle C--Business-related Provisions Part I--Corporate Provisions (Sec. 13001) This section reduces the corporate tax rate from a maximum of 35% under the existing graduated rate structure to a flat 21% rate for tax years beginning after 2017. The bill specifies requirements for taxpayers subject to the normalization method of accounting. (Sec. 13002) With respect to the deduction for corporations that receive dividends from other taxable corporations, the bill reduces the 70% dividends received deduction to 50% and the 80% dividends received deduction to 65% to account for the lower corporate tax rate. Part II--Small Business Reforms (Sec. 13101) This section expands the expensing of certain depreciable business assets that is currently permitted under section 179 of the IRC. The bill modifies section 179 to: increase the maximum amount a taxpayer may expense per year to $1 million (currently $500,000); increase the phaseout threshold for the cost of section 179 property placed in service during the year to $2.5 million (currently $2 million); index the amounts above and the existing $25,000 limit for sport utility vehicles for inflation; revise the definition of qualified real property eligible for section 179 expensing to include any qualified improvement property and certain improvements to nonresidential real property placed in service after the date such property was first placed in service (roofs; heating, ventilation, and air-conditioning property; fire protection and alarm systems; and security systems); and expand the definition of section 179 property to include certain depreciable tangible personal property used predominantly to furnish lodging or in connection with furnishing lodging. (Sec. 13102) This section modifies the accounting rules for small businesses to: expand the group of taxpayers who qualify for the cash accounting method by increasing the limit for the gross receipts test from $5 million to $25 million (adjusted for inflation after 2018), allow any farming C corporation (or farming partnership with a C corporation partner) that meets the gross receipts test to use the cash method of accounting, exempt taxpayers that meet the gross receipts test from certain requirements to account for inventories, expand the exceptions for small businesses from the uniform capitalization rules to include any producer or reseller that meets the gross receipts test, and expand the exception for small construction contracts from the requirement to use the percentage-of-completion method. Part III--Cost Recovery And Accounting Methods Subpart A--Cost Recovery (Sec. 13201) This section temporarily allows increased expensing of the costs of certain business property. The bill allows 100% expensing for: (1) certain business property acquired and placed in service after September 27, 2017, and before January 1, 2023 (January 1, 2024 for longer production period property and certain aircraft); and (2) specified plants that bear fruits or nuts and are planted or grafted after September 27, 2017, and before January 1, 2023. The 100% allowance is phased down by 20% per year calendar year for property placed in service, and specified plants planted or grafted, in taxable years beginning after 2022 (after 2023 for longer production period property and certain aircraft). The bill also: expands the definition of "qualified property" eligible for expensing to include certain film, television, and live theatrical productions; removes the requirement that the original use of qualified property must commence with the taxpayer, subject to certain acquisition requirements and anti-abuse rules; and excludes from the definition of "qualified property" the property of certain businesses that are not subject to the limitation on interest expenses. (Sec. 13202) This section increases the depreciation limits that apply to luxury automobiles. It also removes computer or peripheral equipment from the definition of listed property that is subject to additional restrictions and substantiation requirements regarding the expense and business usage of the property. (Sec. 13203) This section modifies the depreciation rules for certain farm property to: (1) shorten the recovery period from seven to five years for any machinery or equipment (other than any grain bin, cotton ginning asset, fence, or other land improvement) used in a farming business, the original use of which commences with the taxpayer and is placed in service after December 31, 2017; and (2) repeal the requirement to use the 150% declining balance method for property used in a farming business. (Sec. 13204) This section modifies the applicable recovery periods for depreciating certain real property. The bill eliminates the separate definitions of qualified leasehold improvement, qualified restaurant, and qualified retail improvement property and applies the straight line method to qualified improvement property. It also modifies the alternative depreciation system (ADS) recovery period for such property. (Under current law, "qualified improvement property" is any improvement to an interior portion of a building which is nonresidential real property if such improvement is placed in service after the date such building was first placed in service. It does not include any improvement for which the expenditure is attributable to: the enlargement of the building, any elevator or escalator, or the internal structural framework of the building.) A real property trade or business electing out of the limitation on the deduction for interest must use the ADS to depreciate nonresidential real property, residential rental property, and qualified improvement property. (Sec. 13205) This section requires a farming business electing out of the limitation on the deduction for interest to use the ADS to depreciate any property with a recovery period of 10 years or more. (Sec. 13206) This section adjusts the amortization rules and schedules for certain research and experimentation expenditures. (Sec. 13207) This section allows expensing of certain costs of replanting lost or damaged citrus plants lost by reason of casualty. Subpart B--Accounting Methods (Sec. 13221) This section revises the rules associated with the timing of the recognition of income. Part IV--Business-Related Exclusions And Deductions (Sec. 13301) This section limits the deduction for business interest to the sum of: (1) business interest income for the year, (2) 30% of the adjusted taxable income of the taxpayer for the taxable year, and (3) the floor plan financing interest of the taxpayer for the taxable year. The amount of any business interest not allowed as a deduction for any year may be carried forward indefinitely, with the exception of partnerships which are subject to additional carryforward rules specified in the bill. "Business interest income" is the amount of interest includible in the gross income of the taxpayer for the taxable year which is properly allocable to a trade or business. It does not include investment income. "Floor plan financing interest" is interest paid on debt used to finance the acquisition of motor vehicles held for sale or lease and secured by the inventory so acquired. The bill includes exceptions for: small businesses that meet the gross receipts test, the trade or business of performing services as an employee, any electing farming business, any electing real property trade or business, and certain regulated public utilities. (Sec. 13302) This section modifies the net operating loss deduction to: (1) limit the deduction to 80% of taxable income with an exception for property and casualty insurance companies, (2) repeal the two-year and other specified carryback provisions, (3) allow an indefinite carryforward of net operating losses, and (4) allow a two-year carryback for certain losses incurred in the trade or business of farming. (Sec. 13303) This section modifies the rule providing for the nonrecognition of gain in the case of like-kind exchanges to limit the application of the rule to real property that is not held primarily for sale. (Sec. 13304) This section modifies the tax treatment of certain expenses for entertainment and fringe benefits. The bill denies deductions for amounts paid or incurred for: an activity generally considered to be entertainment, amusement or recreation; membership dues for any club organized for business, pleasure, recreation, or other social purposes; a facility or portion thereof used in connection with any of the above items; providing any qualified transportation fringe to employees of the taxpayer; or providing transportation for commuting between the employee's residence and place of employment, except as necessary for ensuring the safety of the employee. Under current law, taxpayers may deduct 50% of the food and beverage expenses associated with operating their trade or business, subject to certain exceptions. The bill temporarily expands the 50% limitation to include expenses of an employer associated with providing food and beverages through an eating facility that meets the requirements for a de minimis fringe. (Sec. 13305) This section repeals the deduction for income attributable to domestic production activities. (Sec. 13306) This section prohibits deductions for trade or business expenses for any amount paid or incurred (whether by suit, agreement, or otherwise) to, or at the direction of, a government or governmental entity in relation to the violation of any law or the investigation or inquiry by such government or entity into the potential violation of any law. The bill includes exceptions for amounts constituting restitution or paid to come into compliance with law, amounts paid or incurred as a result of certain court orders, and taxes due. The bill also establishes reporting requirements for government entities with respect to certain fines, penalties, and other amounts. (Sec. 13307) This section prohibits a tax deduction for trade or business expenses paid or incurred for: (1) any settlement or payment related to sexual harassment or sexual abuse if such settlement or payment is subject to a nondisclosure agreement, or (2) attorney's fees related to such a settlement or payment. (Sec. 13308) This section eliminates the deduction for lobbying expenditures to influence the legislation of any local council or similar governing body, including an Indian tribal government. (Sec. 13309) This section requires a three-year holding period (one year under current law) for certain net long-term capital gains with respect to partnership interests held in connection with the performance of investment services. If the holder of an applicable partnership interest is allocated gain from the sale of property held for less than three years, that gain is treated as short-term capital gain and is taxed as ordinary income. (Sec. 13310) This section prohibits cash, gift cards, and other non-tangible personal property from being considered tax deductible employee achievement awards. (Under current law, tangible personal property may be considered a deductible employee achievement award if other specified requirements are met.) The bill specifies that "tangible personal property" does not include: (1) cash, cash equivalents, gift cards, gift coupons, or gift certificates (other than arrangements conferring only the right to select and receive tangible personal property from a limited array of such items pre-selected or pre-approved by the employer); or (2) vacations, meals, lodging, tickets to theater or sporting events, stocks, bonds, other securities, and other similar items. (Sec. 13311) This section eliminates the deduction for living expenses incurred by Members of Congress. (Under current law, the deduction is limited to $3,000 per year.) (Sec. 13312) This section modifies the exclusion from gross income for contributions to the capital of a corporation to specify that a contribution to capital does not include a contribution: (1) in aid of construction or any other contribution as a customer or potential customer, or (2) by any governmental entity or civic group (other than a contribution made by a shareholder as such). The bill includes an exception for certain contributions made by a governmental entity pursuant to a master development plan. (Sec. 13313) This section repeals a provision that permits the tax-free rollover of certain gains from the sale of publicly traded securities into common stock or a partnership interest in a specialized small business investment company. (Sec. 13314) This section excludes certain patents, inventions, models, designs, secret formulas, or processes created by the taxpayer from the definition of a ''capital asset.'' Part V--Business Credits (Sec. 13401) This section modifies the tax credit for clinical testing expenses incurred in testing certain drugs for rare diseases or conditions (commonly referred to as orphan drugs) to reduce the credit rate to 25% (currently 50%) of qualified clinical testing expenses. (Sec. 13402) This section modifies the tax credit for rehabilitation expenditures to repeal the 10% credit for rehabilitated buildings other than a certified historic structure. The bill retains and modifies the 20% credit for rehabilitation expenditures for certified historic structures. For the five-year period beginning in the year in which a qualified rehabilitated building is placed in service, the credit is equal to the ratable share for each year, which is 20% of the qualified rehabilitation expenditures with respect to the building, as allocated ratably to each year during the period. (Sec. 13403) This section allows employers to claim a general business credit equal to 12.5% of wages paid to employees during any period in which such employees are on family and medical leave if the rate of payment under the program is 50% of the wages normally paid to an employee. The credit is increased by 0.25% (but not above 25%) for each percentage point by which the rate of payment exceeds 50%. The maximum amount of family and medical leave that may be taken into account with respect to any employee for any taxable year is 12 weeks. (Sec. 13404) This section repeals the authority to issue tax-credit bonds and direct-pay bonds. Part VI--Provisions Related To Specific Entities And Industries Subpart A--Partnership Provisions (Sec. 13501) This section sets forth requirements for the tax treatment of gains or losses of foreign persons from the sale or exchange of interests in partnerships engaged in trade or business within the United States. Under the bill, gain or loss from the sale or exchange of a partnership interest is effectively connected with a U.S. trade or business to the extent that the transferor would have had effectively connected gain or loss had the partnership sold all of its assets at fair market value as of the date of the sale or exchange. A partner's distributive share of gain or loss on the deemed sale must be determined in the same manner as the partner's distributive share of the non-separately stated taxable income or loss of the partnership. The bill also sets forth withholding requirements with respect to amounts realized from the sale or exchange of a partnership interest. (Sec. 13502) This section modifies the definition of "substantial built-in loss" with respect to the transfer of an interest in partnership. The bill specifies that "a substantial built-in loss" also exists if the transferee partner would be allocated a loss of more than $250,000 if the partnership assets were sold for cash equal to their fair market value immediately after such transfer. (Sec. 13503) This section modifies the basis limitation on a partner's distributive share of a partnership loss to require a partner's distributive share of partnership charitable contribution and taxes paid or accrued to foreign countries and U.S. possessions to be taken into account in determining the limitation. (Sec. 13504) This section repeals the rule that provides for a technical termination of partnerships if, within any 12-month period, there is a sale or exchange of 50% or more of the total interest in partnership capital and profits. Subpart B--Insurance Reforms (Sec. 13511) This section repeals the operations loss deduction for life insurance companies and allows the net operating loss deduction under section 172 of the IRC. (Sec. 13512) This section repeals the small life insurance company deduction. (Sec. 13513) This section revises the tax treatment of income or loss resulting from a change in the method of computing life insurance company reserves. The bill eliminates the 10-year period for taking into account the changes and requires the changes to be taken into account as adjustments attributable to a change in the method of accounting. (Sec. 13514) This section repeals the special rule for distributions to shareholders of a stock life insurance company from a pre-1984 policyholders surplus account, which provides that amounts in the account are not taxed unless the amounts are treated as distributed to shareholders or subtracted from the account. The bill requires a life insurance company with such an account to pay taxes on the balance of the account ratably over the first eight taxable years beginning after December 31, 2017. (Sec. 13515) This section modifies the proration rules for property and casualty insurance companies to replace the 15% reduction with a reduction equal to 5.25% divided by the highest corporate tax rate in effect. (Under the top corporate rate of 21% that takes effect in 2018, the proration percentage is 25%.) (Under the proration rules, in calculating the deductible amount of its reserve for losses incurred, a property or casualty insurance company must reduce the amount of the losses incurred by a specified percentage of: (1) the insurer's tax-exempt interest, (2) the deductible portion of dividends received, and (3) the increase for the taxable year in the cash value of life insurance, endowment, or annuity contracts the company owns.) (Sec. 13516) This section repeals the special estimated tax payment rules for insurance companies. (Sec. 13517) This section modifies the rules for computing life insurance tax reserves that are used in determining the taxable income of a life insurance company. (Sec. 13518) This section modifies the life insurance company proration rule for reducing dividends received deductions and reserve deductions with respect to untaxed income. For purposes of the life insurance proration rule, the company's share is 70% and the policyholder's share is 30%. (Sec. 13519) This section modifies the requirements for the capitalization of policy acquisition expenses of insurance companies to extend the amortization period from 120 months to 180 months. Under current law, policy acquisition expenses are determined as that portion of the insurance company's general deductions for the taxable year that does not exceed a specified percentage of the net premiums for the year on each of three categories of insurance contracts. The bill increases these percentages from 1.75% to 2.09% for annuity contracts, from 2.05% to 2.45% for group life insurance contracts, and from 7.7% to 9.2% for all other specified insurance contracts. (Sec. 13520) This section establishes reporting requirements for acquisitions of life insurance contracts in a reportable policy sale. It also imposes reporting requirements on the payor in the case of the payment of reportable death benefits. A "reportable policy sale" is the acquisition of an interest in a life insurance contract, directly or indirectly, if the acquirer has no substantial family, business, or financial relationship with the insured apart from the acquirer's interest in such life insurance contract. (Sec. 13521) This section sets forth requirements for the determining the basis of a life insurance or annuity contract. The bill specifies that no basis adjustment shall be made for mortality, expense, or other reasonable charges incurred under an annuity or life insurance contract. (Sec. 13522) This section exempts the transfer of a life insurance contract, or any interest therein, in a reportable policy sale from the transfer for valuable consideration rule. (Under current law, the transfer for valuable consideration rule provides that, if a life insurance contract or an interest in a contract is transferred for a valuable consideration, the tax exclusion for amounts received under a life insurance contract due to the death of the insured is limited to the sum of the actual value of the consideration and the premiums and other amounts subsequently paid by the transferee.) (Sec. 13523) This section modifies the reserve discounting rules applicable to property and casualty insurance companies to: (1) modify the interest rate used to discount unpaid losses, (2) modify the computational rules for loss payment pattern, and (3) repeal the election to use a taxpayer's historical loss payment pattern. Subpart C--Banks and Financial Instruments (Sec. 13531) This section limits the deduction for Federal Deposit Insurance Corporation premiums for certain financial institutions with consolidated assets that exceed $10 billion. (Sec. 13532) This section repeals the exclusion from gross income for interest on a bond issued to advance refund another bond. Subpart D--S Corporations (Sec. 13541) This section allows a nonresident alien individual to be a qualifying beneficiary of an electing small business trust (ESBT), which is a type of trust that is permitted to hold shares in an S corporation. (Sec. 13542) This section specifies that the charitable contribution deduction of an ESBT is determined by the rules applicable to individuals rather than the rules applicable to trusts, except that the deductions for costs which are paid or incurred in connection with the administration of the trust and which would not have been incurred if the property were not held in such trust shall be treated as allowable in arriving at adjusted gross income. (Sec. 13543) This section modifies the tax treatment of S corporation conversions to C corporations. Part VII--Employment Subpart A--Compensation (Sec. 13601) This section modifies a provision that limits the deduction for compensation of covered employees of a publicly held corporation to salaries of no more than $1 million per year. The bill: (1) repeals the performance-based compensation and commission exceptions, (2) modifies the definition of "covered employee," and (3) expands the definition of "publicly held corporation." The bill includes an exception for compensation that is provided pursuant to a written binding contract which was in effect on November 2, 2017, and which was not modified in any material respect on or after such date. (Sec. 13602) This section imposes an excise tax on excess tax-exempt organization executive compensation. The tax is equal to the product of the corporate tax rate (21% under this bill) and the sum of: (1) any remuneration (other than an excess parachute payment) in excess of $1 million paid to a covered employee by an applicable tax-exempt organization for a taxable year, and (2) any excess parachute payment (separation pay), as specified in the bill. (Sec. 13603) This section allows qualified employees to elect to defer, for income tax purposes, income attributable to certain stock transferred to the employee by an employer. Employees are excluded if they: (1) are a 1% owner, the chief executive officer, or the chief financial officer of the corporation or have been at any time during the 10 preceding calendar years; (2) are a family member of the specified individuals; or (3) is one of the four highest compensated officers of the corporation or has been during any of the 10 preceding taxable years. (Sec. 13604) This section increases from 15% to 20% the excise tax imposed on the value of stock compensation held by insiders of an expatriated corporation. Subpart B--Retirement Plans (Sec. 13611) This section repeals the rule that allows Individual Retirement Arrangement (IRA) contributions to one type of IRA (traditional or Roth) to be recharacterized as a contribution to the other type of IRA. (Sec. 13612) This section increases the limit on accruals that is required for length of service award plans (LOSAPs) for bona fide volunteers to be exempt from treatment as a deferred compensation plan. (Under current law, plans paying solely length of service awards to bona fide volunteers or their beneficiaries on the account of firefighting and prevention services, emergency medical services, and ambulance services performed by the volunteers are not treated as deferred compensation plans if they meet certain requirements. One of the requirements is a limit on the aggregate amount of length of service awards that may accrue with respect to any year of service for any bona fide volunteer.) The bill modifies the limit on accruals to: (1) increase the limit from $3,000 to $6,000; and(2) provide for a cost-of-living adjustment to the limit after 2017. In the case of LOSAPs that are defined benefit plans, the limit applies to the actuarial present value of the aggregate amount of length of service awards accruing with respect to any year of service. Actuarial present value is to be calculated using reasonable actuarial assumptions and methods, assuming payment will be made under the most valuable form of payment under the plan with payment commencing at the later of the earliest age at which unreduced benefits are payable under the plan or the participant's age at the time of the calculation. (Sec. 13613) This section extends the period during which a qualified plan loan offset amount may be contributed to an eligible retirement plan as a rollover contribution. A "qualified plan loan offset amount" is a plan loan offset amount that is treated as distributed from a qualified retirement plan, a section 403(b) plan or a governmental section 457(b) plan solely by reason of the termination of the plan or the failure to meet the repayment terms of the loan because of the severance from employment of the participant. Part VIII--Exempt Organizations (Sec. 13701) This section imposes a 1.4% excise tax on the net investment income of certain private colleges and universities. (Sec. 13702) This section requires tax-exempt organizations with more than one unrelated trade or business to calculate unrelated business taxable income separately with respect to each trade or business and without regard to a specified deduction that applies for certain unrelated business taxable income. (Sec. 13703) This section includes in unrelated business taxable income of a tax-exempt organization any expenses paid or incurred by the organization for certain fringe benefits for which a deduction is not allowed under section 274 of the IRC, including qualified transportation fringe benefits, a parking facility used in connection with qualified parking, or any on-premises athletic facility. (Sec. 13704) This section modifies the deduction for charitable contributions to prohibit a charitable deduction for college athletic event seating rights. (Sec. 13705) This section modifies the deduction for charitable contributions to repeal the exception to substantiation requirements for certain contributions reported by the donee organization. Part IX--Other Provisions Subpart A--Craft Beverage Modernization and Tax Reform (Sec. 13801) This section excludes the aging periods for beer, wine, and distilled spirits from the production period for purposes of the uniform interest capitalization rules, which allows the producers to deduct interest expenses attributable to a shorter production period. This section does not apply to interest costs paid or accrued after December 31, 2019. (Sec. 13802) This section lowers the excise tax rate on beer to $16 per barrel on the first six million barrels brewed by the brewer or imported by the importer. For barrels of beer that have been brewed or produced outside of the United States and imported into the United States, the reduced tax rate may be assigned by the brewer to the importer, subject to specified requirements. (Sec. 13803) This section allows the transfer of beer between bonded facilities without payment of tax if specified requirements are met. (Sec. 13804) This section modifies the credit against the excise tax on wine for small domestic for 2018 and 2019 to: make the credit available to all wine producers and importers by removing the 250,000 wine gallon domestic production limitation; establish credit rates of: (1) $1.00 per wine gallon for the first 30,000 wine gallons of wine, plus; (2) 90 cents per wine gallon on the next 100,000 wine gallons of wine, plus; (3) 53.5 cents per wine gallon on the next 620,000 wine gallons of wine; establish adjusted credit rates for hard cider; and make sparkling wine producers and importers eligible for the credit. The bill also allows importers of wine produced outside of the United States to assign the credit to the foreign producer, subject to specified requirements. (Sec. 13805) The section modifies the alcohol-by-volume levels of the first two tiers of the excise tax on wine, by changing 14% to 16%. Under the provision, a wine producer or importer may produce or import still wine that has an alcohol-by-volume level of up to 16% and remain subject to the lowest rate of $1.07 per wine gallon. (Sec. 13806) This section specifies definitions for "mead" and "low alcohol by volume wine" that are eligible to be taxed at the lowest applicable rate for still wine. (Sec. 13807) This section reduces the excise tax rate for certain distilled spirits in 2018 and 2019 to: $2.70 per proof gallon on the first 100,000 proof gallons, $13.34 for all proof gallons in excess of that amount but below 22,130,000 proof gallons, and $13.50 for amounts thereafter. Members of the same controlled group may not receive the lower rate on more than 100,000 proof gallons of distilled spirits. Importers of distilled spirits are eligible for the lower rates. (Sec. 13808) This section allows distillers to transfer spirits in approved containers other than bulk containers in bond without payment of tax. This provision applies to distilled spirits transferred in bond after December 31, 2017, and before January 1, 2020. Subpart B--Miscellaneous Provisions (Sec. 13821) This section modifies the tax treatment of Alaska Native Settlement Trusts, to: (1) allow an Alaska Native Corporation to assign certain payments referenced in the Alaska Native Claims Settlement Act to a trust without including the payments in the gross income of the corporation, (2) allow the corporation to elect annually to deduct contributions made to a trust, (3) allow a trust to elect to defer the recognition of gains related to contributions of property other than cash until the sale or exchange of the property, and (4) establish information reporting requirements for deductible contributions to a trust. (Sec. 13822) This section exempts certain payments related to the management of private aircraft from the excise taxes imposed on taxable transportation by air. (Sec. 13823) This section authorizes the designation of opportunity zones in low-income communities and provides various tax incentives for investments in the zones. Taxpayers may temporarily defer the recognition of capital gains that are invested in opportunity zones. Investments in opportunity zones or opportunity funds that are held for at least five years are eligible for capital gains tax reductions or exemptions, depending on how long the investment is held. Subtitle D--International Tax Provisions Under current law, the earnings of foreign subsidiaries of U.S. multinational corporations are not taxed until the income is repatriated (paid as dividends) into the United States. The corporations are allowed a tax credit against U.S. taxes for taxes paid to foreign jurisdictions. This subtitle establishes a territorial system in which foreign source income is not subject to regular U.S. taxes. Part I--Outbound Transactions Subpart A--Establishment of Participation Exemption System for Taxation of Foreign Income (Sec. 14101) This section establishes a participation exemption system for foreign income. Under the system, the bill allows a 100% deduction for the foreign-source portion of dividends received from specified 10% owned foreign corporations by domestic corporations that are U.S. shareholders of those foreign corporations. A "specified 10% owned foreign corporation" is any foreign corporation with respect to which any domestic corporation is a U.S. shareholder. It does not include a passive foreign investment company that is not a controlled foreign corporation (CFC). No foreign tax credit or deduction is allowed for any taxes paid or accrued with respect to any dividend for which a deduction is allowed under this section. The bill establishes a one-year holding period requirement for dividends of a domestic corporation to be eligible for a participation dividends received deduction. (Sec. 14102) This section sets forth requirements for the tax treatment of sales or transfers involving specified 10% owned foreign corporations, including (1) sales by U.S. persons of stock, (2) required reductions in the basis of certain foreign stock, and (3) sales by a CFC of a lower-tier CFC, (4) foreign branch loess transferred to specified 10% owned foreign corporations, and (5) the repeal of the active trade or business exception. (Sec. 14103) This section specifies rules for the tax treatment of deferred foreign income upon transition to the participation exemption system of taxation. For the last taxable year of a deferred foreign income corporation which begins before January 1, 2018, U.S. shareholders of deferred foreign income corporations must include as subpart F income a pro rata share of the accumulated post-1986 deferred foreign income of the corporation. The bill allows a deduction for a portion of the pro rata share of foreign earnings. The bill also disallows a corresponding portion of the credit for foreign taxes. The total amount of deductions permitted is the amount necessary to result in tax rates of 15.5% for accumulated post-1986 foreign earnings held in the form of cash or cash equivalents and 8% rate for all other earnings. The tax may be paid in installments over eight years. The bill specifies rules for applying this provision to S corporations and real estate investment trusts. Subpart B--Rules Related to Passive and Mobile Income Chapter 1--Taxation Of Foreign-Derived Intangible Income And Global Intangible Low-Taxed Income (Sec. 14201) This section requires a U.S. shareholder of any CFC for any taxable year to include in gross income the shareholder's global intangible low-taxed income for the year. The bill specifies a formula and requirements for calculating global intangible low-taxed income. (Sec. 14202) This section allows deductions for domestic corporations for specified portions of the corporation's foreign-derived intangible income and global intangible low-taxed income, using specified formulas and definitions included in the bill. Chapter 2--Other Modifications Of Subpart F Provisions (Sec. 14211) This section repeals provisions that treat foreign base company oil related income as category of subpart F income. (Sec. 14212) This section repeals the requirement for a U.S. shareholder in a CFC that invested previously excluded subpart F income in foreign base company shipping operations to include in income a pro rata share of the previously excluded subpart F income when the CFC decreases the investments (Sec. 14213) This section modifies the stock attribution rules for determining status as a CFC. Certain stock of a foreign corporation owned by a foreign person must be attributed to a related U.S. person for purposes of determining whether the related U.S. person is a U.S. shareholder of the foreign corporation. (Sec. 14214) This section expands the definition of U.S. shareholder under subpart F to include any U.S. person who owns 10% or more of the total value of shares of all classes of stock of a foreign corporation. (Sec. 14215) This section eliminates the requirement for a corporation to be controlled for an uninterrupted period of 30 days before subpart F inclusions apply. Chapter 3--Prevention Of Base Erosion (Sec. 14221) This section modifies terms and valuation methods that apply to transfers of intangible property. The bill modifies the definition of "intangible property" to include: (1) any goodwill, going concern value, or workforce in place (including its composition and terms and conditions [contractual or otherwise] of its employment); or (2) any other item the value or potential value of which is not attributable to tangible property or the services of any individual. The bill removes a requirement that the item have substantial value independent of the services of an individual to be considered intangible property. The bill specifies authorities and requirements for Treasury to specify the method to be used to determine the valuation of transfers of intangible property. (Sec. 14222) This section denies a deduction for any disqualified related party amount paid or accrued pursuant to a hybrid transaction or by, or to, a hybrid entity. A "disqualified related party amount" is any interest or royalty paid or accrued to a related party to the extent that: (1) the amount is not included in the income of such related party under the tax law of the country of which such related party is a resident for tax purposes or is subject to tax, or (2) the related party is allowed a deduction with respect to such amount under the tax law of such country. The term does include any payment to the extent such payment is included in the gross income of a U.S. shareholder under this bill. A "hybrid transaction" is any transaction, series of transactions, agreement, or instrument one or more payments with respect to which are treated as interest or royalties under this bill and which are not so treated for purposes the tax law of the foreign country of which the recipient of such payment is resident for tax purposes or is subject to tax. A "hybrid entity" is any entity which is either: (1) treated as fiscally transparent under this bill but not for the purposes of the tax law of the foreign country of which the entity is a resident for tax purposes or is subject to tax, or (2) treated as fiscally transparent for purposes of such tax law but not so treated for purposes of this bill (Sec. 14223) Shareholders who receive dividends from a foreign corporation that first becomes a surrogate corporation after enactment of this bill are ineligible for the reduced rates for qualified dividends. Subpart C--Modifications Related to Foreign Tax Credit System (Sec. 14301) This section repeals the deemed-paid credit with respect to dividends received by a domestic corporation that owns 10% or more of the voting stock of a foreign corporation. The bill allows a deemed-paid credit with respect to any income inclusion under subpart F. The credit is limited to the amount of foreign income taxes properly attributable to the subpart F inclusion. (Sec. 14302) This section requires foreign branch income to be allocated to a specific foreign tax credit basket. Foreign branch income is the business profits of a U.S. person which are attributable to one or more qualified business units in one or more foreign countries. (Sec. 14303) This section requires gains, profits, and income from the sale or exchange of inventory property produced partly in, and partly outside, the United States to be allocated and apportioned between sources within and without the United States solely on the basis of the production activities with respect to the property. (Sec. 14304) This section allows an election to increase the percentage (but not greater than 100%) of domestic taxable income offset by any pre-2018 unused overall domestic loss and recharacterized as foreign source. A "Pre-2018 unused overall domestic loss'' is any overall domestic loss which: (1) arises in a qualified taxable year beginning before January 1, 2018, and (2) has not been used under the general rule for the recharacterization of overall domestic loss. Part II--Inbound Transactions (Sec. 14401) This section imposes on each applicable taxpayer for any taxable year a tax equal to the base erosion minimum tax amount for the taxable year and specifies a formula for calculating the tax. An "applicable taxpayer" is a taxpayer who: (1) is a corporation other than a regulated investment company, a real estate investment trust, or an S corporation; (2) has average annual gross receipts of at least $500 million for the three-year period ending with the preceding year; and (3) has a base erosion percentage, as determined using a specified formula, of at least 3% (2% for certain banks and securities dealers). Part III--Other Provisions (Sec. 14501) This section modifies the exception from the passive foreign investment company rules for insurance businesses. The bill replaces the test based on whether a corporation is predominantly engaged in an insurance business with a test based on the corporation's insurance liabilities. (Sec. 14502) This section specifies that all allocations and apportionments of interest expense must be determined using the adjusted bases of assets rather than on the basis of the fair market value of the assets or gross income. TITLE II (Sec. 20001) The Department of the Interior must establish and administer a competitive oil and gas program for the leasing, development, production, and transportation of oil and gas in and from the Coastal Plain of the Arctic National Wildlife Refuge (ANWR) in Alaska. The bill specifies that the provision in the Alaska National Interest Lands Conservation Act that prohibits the production of oil and gas from ANWR does not apply to the Coastal Plain. Interior must conduct at least two lease sales within 10 years. Each lease sale must contain: (1) at least 400,000 acres, and (2) areas that have the highest potential for the discovery of hydrocarbons. Interior must also: (1) issue any necessary rights-of-way or easements across the Coastal Plain for the exploration, development, production, or transportation associated with the oil and gas program; and (2) authorize up to 2,000 surface acres of federal land on the Coastal Plain to be covered by production and support facilities during the term of the leases under the oil and gas program. (Sec. 20002) This section amends the Gulf of Mexico Energy Security Act of 2006 to temporarily increase the annual limitation on offshore revenue sharing for the states of Alabama, Louisiana, Mississippi, and Texas from $500 million annually for FY2020 and FY2021, to $650 million annually for those two years. (Sec. 20003) The Department of Energy (DOE) must: (1) draw down and sell seven million barrels of crude oil from the Strategic Petroleum Reserve during FY2026-FY2027, (2) deposit the amounts received from the sale in the Treasury, and (3) stop the drawdown or sale of crude oil after $600 million has been deposited in the Treasury. DOE may not drawdown or sell oil under this section in quantity that would limit the authority to direct a drawdown and sale of petroleum products to address a domestic or international energy supply shortage. Republican: 100% (25) 100% Republican support	Taxation Accounting And Auditing Administrative Law And Regulatory Procedures Adoption And Foster Care Alcoholic Beverages Alternative And Renewable Resources American Samoa Art, Artists, Authorship Business Investment And Capital Caribbean Area
HB-2819	Federal	Political Intelligence Transparency Act of 2017 This bill amends the Lobbying Disclosure Act of 1995 (LDA) to require the disclosure of political intelligence activities, particularly relating to information useful for analyzing securities or commodities markets. Political intelligence consultants or their employing organizations must register with the Secretary of the Senate and the Clerk of the House of Representatives and make quarterly reports on political intelligence activities. Persons or entities that make an oral or written political intelligence contact with a covered legislative branch or executive branch official must, on the official's request: (1) state whether such person or entity is registered under the LDA, (2) identify the client on behalf of whom the contact is made, and (3) state whether such client is a foreign entity and make any related disclosures. The federal criminal code is amended to subject to a fine and/or imprisonment certain former officers, employees, and elected officials of the executive and legislative branches who knowingly make any communication to, or appearance before, any officer or employee of a federal or District of Columbia agency or court in violation of certain permanent or temporary restrictions and with the intent to gain information for use in: (1) analyzing securities or commodities markets, or (2) informing investment decisions in those markets. The bill excludes from such prohibition any communication made by a representative of a media organization to gather and disseminate news and information to the public. Democrat: 60% (3) Republican: 40% (2) 60% Democrat support 40% Republican support	Government Operations And Politics Commodities Markets Congressional Operations And Organization Federal Officials Financial Services And Investments Government Employee Pay, Benefits, Personnel Management Government Ethics And Transparency, Public Corruption Government Information And Archives Licensing And Registrations Members Of Congress
HB-1530	Federal	Financial Transparency Act of 2017 This bill amends the Financial Stability Act of 2010, the Investment Advisers Act of 1940, the Federal Deposit Insurance Act, and other laws to require federal financial regulatory agencies to adopt specified data standards with respect to format, searchability, and transparency. Republican: 70% (24) Democrat: 29% (10) 70% Republican support 29% Democrat support	Finance And Financial Sector Administrative Law And Regulatory Procedures Banking And Financial Institutions Regulation Commodities Markets Commodity Futures Trading Commission Congressional Oversight Consumer Financial Protection Bureau Corporate Finance And Management Department Of The Treasury Federal Deposit Insurance Corporation (fdic)
HB-595	Federal	Bailout Prevention Act of 2017 This bill amends the Federal Reserve Act to declare a borrower ineligible to borrow from any emergency lending program or facility unless the Board of Governors of the Federal Reserve System (the Board) and all federal banking regulators with jurisdiction over the borrower certify that, at the time the borrower initially borrows under the program or facility, the borrower is not insolvent. Solvency shall be assessed by examining the last four months of relevant financial data and determining whether the fair value of the borrower's assets exceeds its liabilities, with appropriate adjustment for temporary illiquidity in the relevant markets. A borrower shall be deemed insolvent for such purposes if it is in bankruptcy, resolution under title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or any other federal or state insolvency proceedings, or is a bridge financial company or a bridge depository institution. A program shall be considered one with "broad-based eligibility" only if at least five companies are eligible to participate in the program in a significant manner. The annual interest rate for emergency lending must be at least 500 basis points greater than the cost of borrowing for the Treasury for a commensurate loan term. The Board may create an emergency lending program or facility that does not meet the broad-based eligibility requirement or the interest rate requirement, but only if Congress enacts into law a joint resolution of approval within 30 days. The bill reduces the timing of various reporting requirements of the Government Accountability Office and the Board from 1-2 years to 60 days. Democrat: 100% (1) 100% Democrat support	Finance And Financial Sector Bank Accounts, Deposits, Capital Banking And Financial Institutions Regulation Bankruptcy Commodities Markets Congressional Oversight Credit And Credit Markets Financial Crises And Stabilization Financial Services And Investments Government Information And Archives

Title: Ban Conflicted Trading Act

Session: US Congress 116th Congress

Number: HB-6401

Subjects: Congress, Civil Actions And Liability, Commodities Markets, Congressional Officers And Employees, Congressional Officers And Employees, Corporate Finance And Management, Corporate Finance And Management, Financial Services And Investments, Financial Services And Investments, Government Ethics And Transparency, Public Corruption

Democrat: 100% (8)

Title: CFTC Cost-Benefit Analysis Improvement Act

Session: US Congress 116th Congress

Number: HB-4909

Subjects: Finance And Financial Sector, Administrative Law And Regulatory Procedures, Banking And Financial Institutions Regulation, Commodities Markets, Commodity Futures Trading Commission, Executive Agency Funding And Structure, Government Employee Pay, Benefits, Personnel Management, Judicial Review And Appeals

Republican: 100% (1)

Title: CFTC Advisory Committee Improvement Act

Session: US Congress 116th Congress

Number: HB-4770

Subjects: Finance And Financial Sector, Advisory Bodies, Commodities Markets, Commodity Futures Trading Commission, Securities

Republican: 50% (1) Democrat: 50% (1)

Title: Financial Transparency Act of 2019

Session: US Congress 116th Congress

Number: HB-4476

Subjects: Finance And Financial Sector, Administrative Law And Regulatory Procedures, Banking And Financial Institutions Regulation, Commodities Markets, Commodity Futures Trading Commission, Congressional Oversight, Consumer Financial Protection Bureau, Corporate Finance And Management, Department Of The Treasury, Federal Deposit Insurance Corporation (fdic)

Democrat: 50% (1) Republican: 50% (1)

Title: To amend the Commodity Exchange Act to exempt certain charitable organizations from regulation as commodity pool operators, and for other purposes.

Session: US Congress 116th Congress

Number: HB-4250

Subjects: Finance And Financial Sector, Commodities Markets, Financial Services And Investments, Social Work, Volunteer Service, Charitable Organizations

Democrat: 100% (1)

Title: To amend the Commodity Exchange Act to clarify the venue for judicial review of Commission rules, and for other purposes.

Session: US Congress 116th Congress

Number: HB-4246

Subjects: Law, Administrative Law And Regulatory Procedures, Commodities Markets, Commodity Futures Trading Commission, Government Information And Archives, Judicial Review And Appeals, Jurisdiction And Venue

Democrat: 66% (2) Republican: 33% (1)

Title: Commemorating the unofficial start of the inland waterway system navigation season and the role of the Corps of Engineers in facilitating access and increasing efficiencies in the American agricultural and trade economy.

Session: US Congress 116th Congress

Number: HR-484

Subjects: Transportation And Public Works, Army Corps Of Engineers, Commodities Markets, Competitiveness, Trade Promotion, Trade Deficits, Congressional Tributes, Dams And Canals, Economic Performance And Conditions, Infrastructure Development, Marine And Inland Water Transportation, Navigation, Waterways, Harbors

Democrat: 60% (6) Republican: 40% (4)

Title: Ending the Carried Interest Loophole Act

Session: US Congress 116th Congress

Number: S.1639

Subjects: Taxation, Capital Gains Tax, Commodities Markets, Financial Services And Investments, Income Tax Deferral, Income Tax Rates, Securities, Tax Administration And Collection, Taxpayers

Democrat: 100% (2)

Title: Agricultural News and Rural Content Act of 2019

Session: US Congress 116th Congress

Number: HB-2682

Subjects: Science, Technology, Communications, Agricultural Education, Atmospheric Science And Weather, Broadcasting, Cable, Digital Technologies, Commodities Markets, Economic Development, Health Care Coverage And Access, News Media And Reporting, Rural Conditions And Development

Republican: 63% (12) Democrat: 36% (7)

Title: Ban Conflicted Trading Act

Session: US Congress 116th Congress

Number: S.1393

Subjects: Congress, Civil Actions And Liability, Commodities Markets, Congressional Officers And Employees, Corporate Finance And Management, Financial Services And Investments, Government Ethics And Transparency, Public Corruption, Members Of Congress, Securities

Democrat: 100% (2)

Title: APEX Act Aluminum Pricing Examination Act

Session: US Congress 116th Congress

Number: HB-1406

Subjects: Finance And Financial Sector, Administrative Law And Regulatory Procedures, Commodities Markets, Commodity Futures Trading Commission, Competition And Antitrust, Department Of Justice, Inflation And Prices, Metals

Democrat: 54% (25) Republican: 45% (21)

Title: A bill to amend the Commodity Exchange Act to exempt certain charitable organizations from regulation as commodity pool operators, and for other purposes.

Session: US Congress 116th Congress

Number: S.552

Subjects: Finance And Financial Sector, Commodities Markets, Financial Services And Investments, Social Work, Volunteer Service, Charitable Organizations

Democrat: 50% (1) Republican: 50% (1)

Title: U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2019

Session: US Congress 116th Congress

Number: HB-923

Subjects: Finance And Financial Sector, Banking And Financial Institutions Regulation, Commodities Markets, Competitiveness, Trade Promotion, Trade Deficits, Congressional Oversight, Currency, Government Studies And Investigations

Democrat: 40% (2) Republican: 60% (3)

Title: Tax Cuts and Jobs Act Short Titles as Introduced for portions of this bill Tax Cuts and Jobs Act Official Titles Official Titles - Senate Official Titles as Introduced An original bill to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018.

Session: US Congress 2017-2018 115th Congress

Number: S.1

Subjects: Taxation, Accounting And Auditing, Agricultural Equipment And Machinery, Budget Deficits And National Debt, Budget Process, Business Investment And Capital, Capital Gains Tax, Caribbean Area, Charitable Contributions, Commodities Markets

Republican: 100% (1)

Title: Taxpayer Protections and Market Access for Mortgage Finance Act of 2017

Session: US Congress 2017-2018 115th Congress

Number: HB-3556

Subjects: Housing And Community Development, Commodities Markets, Congressional Oversight, Government Corporations And Government-sponsored Enterprises, Housing Finance And Home Ownership, Interest, Dividends, Interest Rates, Securities, User Charges And Fees

Republican: 80% (4) Democrat: 20% (1)

Title: Interior and Environment, Agriculture and Rural Development, Commerce, Justice, Science, Financial Services and General Government, Homeland Security, Labor, Health and Human Services, Education, State and Foreign Operations, Transportation, Housing and Urban Development, Defense, Military Construction and Veterans Affairs, Legislative Branch, and Energy and Water Development Appropriations Act, 2018 Make America Secure and Prosperous Appropriations Act, 2018

Session: US Congress 2017-2018 115th Congress

Number: HB-3354

Subjects: Economics And Public Finance, Administrative Law And Regulatory Procedures, Advisory Bodies, Agricultural Conservation And Pollution, Air Quality, Alternative And Renewable Resources, Animal Protection And Human-animal Relationships, Appropriations, Art, Artists, Authorship, Atlantic Coast (u.s.)

Republican: 100% (1)

Title: Tax Cuts and Jobs Act

Session: US Congress 2017-2018 115th Congress

Number: HB-1

Subjects: Taxation, Accounting And Auditing, Administrative Law And Regulatory Procedures, Adoption And Foster Care, Alcoholic Beverages, Alternative And Renewable Resources, American Samoa, Art, Artists, Authorship, Business Investment And Capital, Caribbean Area

Republican: 100% (25)

Title: Political Intelligence Transparency Act of 2017

Session: US Congress 2017-2018 115th Congress

Number: HB-2819

Subjects: Government Operations And Politics, Commodities Markets, Congressional Operations And Organization, Federal Officials, Financial Services And Investments, Government Employee Pay, Benefits, Personnel Management, Government Ethics And Transparency, Public Corruption, Government Information And Archives, Licensing And Registrations, Members Of Congress

Democrat: 60% (3) Republican: 40% (2)

Title: Financial Transparency Act of 2017

Session: US Congress 2017-2018 115th Congress

Number: HB-1530

Subjects: Finance And Financial Sector, Administrative Law And Regulatory Procedures, Banking And Financial Institutions Regulation, Commodities Markets, Commodity Futures Trading Commission, Congressional Oversight, Consumer Financial Protection Bureau, Corporate Finance And Management, Department Of The Treasury, Federal Deposit Insurance Corporation (fdic)

Republican: 70% (24) Democrat: 29% (10)

Title: Bailout Prevention Act of 2017

Session: US Congress 2017-2018 115th Congress

Number: HB-595

Subjects: Finance And Financial Sector, Bank Accounts, Deposits, Capital, Banking And Financial Institutions Regulation, Bankruptcy, Commodities Markets, Congressional Oversight, Credit And Credit Markets, Financial Crises And Stabilization, Financial Services And Investments, Government Information And Archives

Democrat: 100% (1)

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