Congressional Record, Senate, August 3, 2021, Page S5736
Summary
A page of the Congressional Record, Senate, dated August 3, 2021, at page S5736, carrying amendment text to H.R. 3684, the highway and transit bill. One amendment would let borrowers of certain rural utility loans ask the Secretary of Agriculture, within 180 days of enactment, to adjust interest rates or modify loan terms. Another would fund the national scenic byways program at $55,000,000 for fiscal year 2022, rising to $75,000,000 for fiscal year 2026. The page also carries a proposal for elective payment for carbon oxide sequestration under the Internal Revenue Code and lists SA 2316, submitted by Mr. Padilla, and SA 2317, submitted by Mr. Hoeven.
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“Congressional Record, Senate, August 3, 2021, Page S5736.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/crec-crec-2021-08-03-crec-2021-08-03-pt1-pgs5736-2-33457491f2/
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S5736 CONGRESSIONAL RECORD — SENATE August 3, 2021
transit programs, and for other pur- amendment SA 2137 proposed by Mr. TITLE XII—FLEXIBLE FINANCING FOR
poses; which was ordered to lie on the SCHUMER (for Ms. SINEMA (for herself, RURAL UTILITIES
table; as follows: Mr. PORTMAN, Mr. MANCHIN, Mr. CAS- SEC. 71201. LOAN ADJUSTMENTS FOR CRITICAL
RURAL UTILITY SERVICE PRO-
In section 11101(b)(1), add at the end the SIDY, Mrs. SHAHEEN, Ms. COLLINS, Mr. VIDERS.
following: TESTER, Ms. MURKOWSKI, Mr. WARNER, (a) IN GENERAL.—Not later than 180 days
(H) NATIONAL SCENIC BYWAYS PROGRAM.— and Mr. ROMNEY)) to the bill H.R. 3684, after the date of enactment of this Act, the
For the national scenic byways program to authorize funds for Federal-aid high- borrower of a qualified loan described in sub-
under section 162 of title 23, United States ways, highway safety programs, and section (b) may submit to the Secretary of
Code— Agriculture (referred to in this section as the
(i) $55,000,000 for fiscal year 2022;
transit programs, and for other pur-
‘‘Secretary’’) a request to adjust the interest
(ii) $60,000,000 for fiscal year 2023; poses; which was ordered to lie on the rate or modify any other term of the quali-
(iii) $65,000,000 for fiscal year 2024; table; as follows: fied loan, which shall include a report sum-
(iv) $70,000,000 for fiscal year 2025; and At the appropriate place in division H, in- marizing how the adjustment or modifica-
(v) $75,000,000 for fiscal year 2026. sert the following: tion will assist the borrower in providing
SEC. ll. ELECTIVE PAYMENT FOR CARBON
critical utility services to a rural commu-
SA 2316. Mr. PADILLA submitted an OXIDE SEQUESTRATION. nity.
amendment intended to be proposed to (b) QUALIFIED LOAN DESCRIBED.—A quali-
(a) IN GENERAL.—Subchapter B of chapter fied loan referred to in subsection (a) is a
amendment SA 2137 proposed by Mr. 65 of the Internal Revenue Code of 1986 is loan made or guaranteed on or before the
SCHUMER (for Ms. SINEMA (for herself, amended by adding at the end the following date of enactment of this Act under—
Mr. PORTMAN, Mr. MANCHIN, Mr. CAS- new section: (1) section 4, 201, 305, 306, or 601 of the
SIDY, Mrs. SHAHEEN, Ms. COLLINS, Mr. ‘‘SEC. 6431. ELECTIVE PAYMENT FOR CARBON Rural Electrification Act of 1936 (7 U.S.C.
TESTER, Ms. MURKOWSKI, Mr. WARNER, OXIDE SEQUESTRATION. 904, 922, 935, 936, 950bb); or
and Mr. ROMNEY)) to the bill H.R. 3684, ‘‘(a) ENERGY PROPERTY.—In the case of a (2) the program carried out under the mat-
to authorize funds for Federal-aid high- taxpayer making an election (at such time ter under the heading ‘‘DISTANCE LEARNING,
ways, highway safety programs, and and in such manner as the Secretary may TELEMEDICINE, AND BROADBAND PROGRAM’’ in
provide) under this section with respect to title I of division A of the American Recov-
transit programs, and for other pur-
any portion of a carbon oxide sequestration ery and Reinvestment Act of 2009 (Public
poses; which was ordered to lie on the Law 111–5; 123 Stat. 118) (commonly known as
table; as follows: credit which would (without regard to this
section) be determined under section 45Q the ‘‘Broadband Initiatives Program’’).
Beginning on page 638, strike line 25 and with respect to such taxpayer, such taxpayer (c) ADJUSTMENT OF INTEREST RATE; MODI-
all that follows through page 639, line 1, and FICATION OF LOAN TERMS.—
shall be treated as making a payment
insert the following: (1) IN GENERAL.—On receipt by the Sec-
against the tax imposed by subtitle A for the
scribed in subsection (b)(2); retary of a request made under subsection (a)
taxable year equal to the amount of such
‘‘(H) a project or series of projects to re- with respect to a loan, the Secretary, or the
portion.
duce transportation emissions (including as- Secretary of the Treasury in the case of a
‘‘(b) TIMING.—The payment described in loan owned by the Federal Financing Bank—
sociated infrastructure improvements to
subsection (a) shall be treated as made on (A) in the case of a request for an interest
support infill development and transit-ori-
the later of the due date of the return of tax rate adjustment, shall adjust the interest
ented development and to increase non-
for such taxable year or the date on which rate on the loan to the cost of funds to the
motorized trips), subject to the conditions
such return is filed. Department of the Treasury for obligations
that—
‘‘(i) the project or series of projects shall ‘‘(c) EXCLUSION FROM GROSS INCOME.— of comparable maturity to the term remain-
directly improve the efficiency of existing Gross income of the taxpayer shall be deter- ing on the outstanding balance of the loan or
surface transportation infrastructure, as de- mined without regard to this section. other such higher rate as the borrower may
termined by the Secretary; and ‘‘(d) DENIAL OF DOUBLE BENEFIT.—Solely request; and
‘‘(ii) the Federal share of the project or se- for purposes of section 38, in the case of a (B) in the case of a request for a modifica-
ries of projects shall be used to fund only the taxpayer making an election under this sec- tion to a loan term other than the adjust-
elements of the project or series that provide tion, the carbon oxide sequestration credit ment described in subparagraph (A), may use
public benefits; and determined under section 45Q shall be re- the authorities provided in sections 2, 201,
‘‘(I) any other surface transportation in- duced by the amount of the portion of such 306C and 703 of the Rural Electrification Act
credit with respect to which the taxpayer of 1936 (7 U.S.C. 902, 922, 936c, 950cc–2) and
SA 2317. Mr. HOEVEN submitted an makes such election.’’. section 331(b)(4) of the Consolidated Farm
amendment intended to be proposed to (b) SPECIAL RULE FOR PROCEEDS OF TRANS- and Rural Development Act (7 U.S.C.
FERS FOR MUTUAL OR COOPERATIVE ELECTRIC 1981(b)(4)) to make such other modifications
amendment SA 2137 proposed by Mr. to the loan terms that the Secretary, in con-
SCHUMER (for Ms. SINEMA (for herself, COMPANIES.—Section 501(c)(12)(I) of the In-
ternal Revenue Code of 1986 is amended by sultation with the Secretary of the Treasury
Mr. PORTMAN, Mr. MANCHIN, Mr. CAS- in the case of a loan owned by the Federal
inserting ‘‘or 6431(a)’’ after ‘‘section
SIDY, Mrs. SHAHEEN, Ms. COLLINS, Mr. 45J(e)(1)’’. Financing Bank, determines are necessary—
TESTER, Ms. MURKOWSKI, Mr. WARNER, (i) to address changes in the financial posi-
(c) CLERICAL AMENDMENT.—The table of
and Mr. ROMNEY)) to the bill H.R. 3684, tion of the borrower due to the public health
sections for subchapter B of chapter 65 of
to authorize funds for Federal-aid high- emergency declared by the Secretary of
such Code is amended by adding at the end
Health and Human Services under section 319
ways, highway safety programs, and the following new item: of the Public Health Service Act (42 U.S.C.
transit programs, and for other pur- ‘‘Sec. 6431. Elective payment for carbon 247d) on January 31, 2020, with respect to
poses; which was ordered to lie on the oxide sequestration.’’. COVID–19 (or any renewal of that declara-
table; as follows: (d) EFFECTIVE DATE.—The amendments tion); and
At the appropriate place, insert the fol- made by this section shall apply to taxable (ii) to promote the financial sustainability
lowing: years beginning after the date of enactment of the borrower.
SEC. ll. RESCISSION OF UNOBLIGATED AMER- of this Act. (2) EFFECTIVE DATE.—An adjustment or
ICAN RESCUE PLAN ACT FUNDS. modification under subparagraph (A) or (B),
Effective on the date of enactment of this respectively, of paragraph (1) shall apply—
SA 2319. Mr. HOEVEN (for himself (A) beginning on the first calendar day
Act— and Ms. SMITH) submitted an amend-
(1) the Secretary of the Treasury, in con- after the payment date immediately fol-
ment intended to be proposed to lowing the request; but
sultation with the Director of the Office of
Management and Budget, shall identify all amendment SA 2137 proposed by Mr. (B) not earlier than 30 days after the date
unobligated balances of amounts made avail- SCHUMER (for Ms. SINEMA (for herself, of the request.
able under the American Rescue Plan Act of Mr. PORTMAN, Mr. MANCHIN, Mr. CAS- (d) NO FEES OR PENALTIES.—In carrying
2021 (Public Law 117–2), or an amendment SIDY, Mrs. SHAHEEN, Ms. COLLINS, Mr.
out this section, the Secretary, or the Sec-
retary of the Treasury in the case of a loan
made by that Act, excluding amounts made TESTER, Ms. MURKOWSKI, Mr. WARNER, owned by the Federal Financing Bank, shall
available for purposes of COVID–19 vaccina- and Mr. ROMNEY)) to the bill H.R. 3684, not impose or collect any fee from, or impose
dlhill on DSK120RN23PROD with SENATE
tions or personal protective equipment; and to authorize funds for Federal-aid high- any penalty on, a borrower.
(2) all of such unobligated balances are re- (e) NOTICE.—Not later than 30 days after
ways, highway safety programs, and
scinded. the date of enactment of this Act, the Sec-
transit programs, and for other pur-
poses; which was ordered to lie on the retary, in coordination with the Secretary of
SA 2318. Mr. HOEVEN (for himself the Treasury, shall publish in the Federal
and Mr. CRAMER) submitted an amend- table; as follows: Register a notice of the benefits available to
ment intended to be proposed to At the end of division G, add the following: borrowers under this section.
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