Congressional Record, Senate - August 6, 2020, S5301
Summary
This is page S5301 of the Congressional Record, Senate, August 6, 2020, with interleaved columns, printing parts of amendments to amendment SA 2499 proposed by Mr. McConnell. One provision lets a State validate and approve an in vitro diagnostic test for use within that State only, without notifying or receiving approval from the Food and Drug Administration. Another requires a study, report and modeling tool on the tax equivalent amount of payments under the payment in lieu of taxes program. A third provision concerns the Main Street Lending Program, transferring the lesser of unobligated balances or $6,000,000,000. The page names SA 2602 as submitted by Mr. Lee.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
Cite this document
“Congressional Record, Senate - August 6, 2020, S5301.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/crec-crec-2020-08-06-crec-2020-08-06-pt1-pgs5301-e205125de5/
, SHA-256 a15d7aed350394e725cfbc27ce9c06daccd975549030fbd79663efcd6465c2f0.Full text
August 6, 2020 CONGRESSIONAL RECORD — SENATE S5301
amendment SA 2499 proposed by Mr. 9006(a)(1)), the lesser of the amount of such (3) TAX EQUIVALENT AMOUNT.—The term
MCCONNELL to the bill S. 178, to con- unobligated balances or $6,000,000,000. ‘‘tax equivalent amount’’, with respect to
demn gross human rights violations of (2) CHARACTERISTICS OF TRANSFERRED payments under the payment in lieu of taxes
AMOUNTS.—The amounts transferred under program, means the amount of property tax
ethnic Turkic Muslims in Xinjiang, and
paragraph (1)— revenues that would be generated for local
calling for an end to arbitrary deten- (A) notwithstanding section 5302(a)(1) of governments (including the tax revenues of
tion, torture, and harassment of these title 31, United States Code, shall be avail- States, counties, cities, and other taxing ju-
communities inside and outside China; able to the Secretary of the Treasury, with- risdictions, as applicable) for the Federal
which was ordered to lie on the table; out further appropriation, to, in accordance land eligible for those payments if that land
as follows: with the changes made by subsection (a), were privately owned.
At the appropriate place, insert the fol- make loans, loan guarantees, and other in- (d) STUDY, REPORT, AND MODEL ON TAX
lowing: vestments under the Main Street Lending EQUIVALENT AMOUNT OF PILT PAYMENTS.—
Program established by the Board of Gov- (1) IN GENERAL.—Not later than 180 days
SEC. ll. STATE VALIDATION AND APPROVAL OF
IN VITRO DIAGNOSTIC TESTS. ernors of the Federal Reserve System; and after the date of enactment of this Act, the
(B) shall remain available until January 1, Secretary, in consultation with the Sec-
(a) IN GENERAL.—Notwithstanding any
2026. retary of Agriculture and the head of any
other provision of law, including any provi-
sion of the Federal Food, Drug, and Cosmetic other Federal agency that the Secretary de-
Act (21 U.S.C. 301 et seq.) or section 353 of the
SA 2602. Mr. LEE submitted an termines to be appropriate, shall—
Public Health Service Act (42 U.S.C. 263a), a amendment intended to be proposed to (A) conduct a study—
State may validate and approve for use in amendment SA 2499 proposed by Mr. (i) to evaluate all land eligible for pay-
the State an in vitro diagnostic test (as de- MCCONNELL to the bill S. 178, to con- ments under the payment in lieu of taxes
fined in section 809.3 of title 21, Code of Fed- demn gross human rights violations of program as of the date of enactment of this
eral Regulations (or successor regulations)), ethnic Turkic Muslims in Xinjiang, and Act;
for use and distribution within the applica- (ii) to determine the market value of that
calling for an end to arbitrary deten- land in a fair and open market; and
ble State only, in accordance with such proc- tion, torture, and harassment of these
esses and standards as the State may re- (iii) to determine the tax equivalent
quire.
communities inside and outside China; amount of payments under the payment in
(b) NO REQUIREMENT TO NOTIFY FDA.—The which was ordered to lie on the table; lieu of taxes program for that land;
manufacturer of an in vitro diagnostic test as follows: (B) submit to Congress and make publicly
validated and approved by a State under sub- At the appropriate place, insert the fol- available a report describing—
section (a) shall not be required, with respect lowing: (i) the results of the study conducted under
to the use of such test in such State, to no- SEC. llll. STUDY, REPORT, AND MODELING subparagraph (A); and
tify the Food and Drug Administration, re- TOOL RELATING TO THE TAX EQUIV- (ii) how payments under the payment in
ceive approval from the Food and Drug Ad- ALENT AMOUNT OF PAYMENTS lieu of taxes program could more accurately
ministration, or report results to the Food UNDER THE PAYMENT IN LIEU OF reflect the tax equivalent amount; and
and Drug Administration. TAXES PROGRAM. (C) develop a modeling tool that—
(c) NO APPLICABILITY OF CLIA REQUIRE- (a) FINDINGS.—Congress finds that— (i) accounts for reasonable and customary
MENT.—The requirements of section 353 of (1) Congress agreed with recommendations valuation factors and assumptions; and
the Public Health Service Act (42 U.S.C. of a Federal commission that, if Federal land (ii) calculates, in a timely manner, for
263a) shall not apply with respect to a test is to be retained by the Federal Government every acre of Federal land eligible for pay-
validated and approved by a State, to the ex- and not contribute to the tax bases of the ments under the payment in lieu of taxes
tent such test is used only within that State. local governments within the jurisdictions of program—
which the land is located, compensation (I) the market value of that land; and
SA 2601. Mr. LEE submitted an should be offered to those local governments (II) the tax equivalent amount of payments
amendment intended to be proposed to to make up for the presence of nontaxable under the payment in lieu of taxes program
land within the jurisdictions of those local for that land.
amendment SA 2499 proposed by Mr.
governments; (2) REQUIREMENTS.—
MCCONNELL to the bill S. 178, to con- (2) local governments rely on the stability (A) STUDY.—In conducting the study under
demn gross human rights violations of of property tax revenues, but no precise fig- paragraph (1)(A), the Secretary shall con-
ethnic Turkic Muslims in Xinjiang, and ure can be given in advance for the author- sider any studies conducted by States, coun-
calling for an end to arbitrary deten- ization level of the payment in lieu of taxes ties, or other taxing jurisdictions pertaining
tion, torture, and harassment of these program; to the tax equivalent amount of payments
communities inside and outside China; (3) Federal agencies have determined that under the payment in lieu of taxes program.
which was ordered to lie on the table; payments to local governments under the (B) MODELING TOOL.—The modeling tool de-
payment in lieu of taxes program are far veloped under paragraph (1)(C) shall—
as follows:
lower than what would be due to local gov- (i) accurately calculate, in real time, the
At the appropriate place, insert the fol- ernments under tax equivalency; market value of every acre of Federal land in
lowing: (4) payments under the payment in lieu of the United States;
SEC. lll. MAIN STREET LENDING PROGRAM. taxes program help local governments carry (ii) enable an employee or agent of the De-
(a) IN GENERAL.—Not later than 7 days out vital services, such as firefighting, police partment of the Interior to manually modify
after the date of enactment of this Act, the protection, public education, construction of factors relating to the valuation model used
Board of Governors of the Federal Reserve public schools, construction of roads, and by the modeling tool to calculate, in real
System shall make the following changes to search-and-rescue operations; and time, the market value of Federal land based
the Main Street Lending Program estab- (5) the technology exists to more accu- on new assumptions relating to that land;
lished by the Board of Governors: rately determine what the taxable value of (iii) provide technical anchors relating to
(1) Eliminate any minimum loan amount land held by the Federal Government would market data—
under the Program. be if that land were taxable by local govern- (I) to ensure the ongoing integrity of the
(2) Eliminate any servicing fee imposed on ments. modeling tool; and
a lender with respect to the initiation or (b) SENSE OF CONGRESS.—It is the sense of (II) to ensure that the land values deter-
purchase of any loan under the Program. Congress that the Federal Government mined by the modeling tool are defensible
(3) Provide that— should— and based on sound and generally accepted
(A) there shall not be a minimum interest (1) determine the amount that payments valuation methodologies;
rate for any loan covered under the Program; under the payment in lieu of taxes program (iv) assimilate, in a visual interface—
and would be if those payments were equivalent (I) market data, including the availability
(B) the Board of Governors may establish a to the tax revenues that local governments of mineral extraction, energy production,
maximum interest rate for any loan covered would otherwise receive for the same land; water management, timber management, ag-
under the Program. and ricultural uses, and recreational uses with
(b) TRANSFER OF APPROPRIATIONS.— (2) compensate those local governments ac- respect to the applicable land; and
(1) TRANSFER.—Effective on the date that cordingly. (II) geographic information systems (com-
SSpencer on DSK126QN23PROD with SENATE
is 7 days after the date of enactment of this (c) DEFINITIONS.—In this section: monly known as ‘‘GIS’’) data relating to all
Act, and notwithstanding any other provi- (1) PAYMENT IN LIEU OF TAXES PROGRAM.— Federal land eligible for payments under the
sion of law, the Secretary of the Treasury The term ‘‘payment in lieu of taxes pro- payment in lieu of taxes program;
shall transfer to the fund established under gram’’ means the payment in lieu of taxes (v) tie the model used by the tool to mar-
section 5302(a)(1) of title 31, United States program established under chapter 69 of title ket sources, allowing the model to automati-
Code, from the unobligated balances of the 31, United States Code. cally adjust and reflect current market con-
amounts made available under section (2) SECRETARY.—The term ‘‘Secretary’’ ditions; and
1107(a)(1) of the CARES Act (15 U.S.C. means the Secretary of the Interior. (vi) allow a user of the modeling tool—
VerDate Sep 11 2014 05:51 Aug 07, 2020 Jkt 099060 PO 00000 Frm 00073 Fmt 4637 Sfmt 0634 E:\CR\FM\A06AU6.074 S06AUPT1
File and source
- File
- CREC_crec-2020-08-06_crec-2020-08-06-pt1-pgs5301.pdf
- Size
- 212,613 bytes
- SHA-256
- a15d7aed350394e725cfbc27ce9c06daccd975549030fbd79663efcd6465c2f0
- Original
- www.govinfo.gov