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(10) International financial institutions such as the World Bank should incorporate revenue transparency across their lending and technical assistance portfolios by making full transparency a condition of all their financial support and by including it in their national poverty reduction strategy consultations. (11) One bold and promising model is the Chad/Cameroon Pipeline Project, under which the Government of Chad, private investors, and the World Bank Group have established an accountability and oversight mechanism for the country’s revenues derived from oil production.
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(12) Donald Norland, former United States Ambassador to Chad, in testimony on April 18, 2002, before the Committee on International Relations of the House of Representatives stated that the Chad/Cameroon Pipeline Project “has addressed these extraordinarily challenging issues in ways that may well serve as a model for developing natural resources in other countries”. (13) Ambassador Norland further testified that: “Success will require keeping the project in the spotlight of public attention as well as under constant scrutiny and monitoring by outside groups... Scrutiny is the key to transparency.
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Transparency is, in turn, indispensable in guaranteeing that oil resources go... to projects that reduce poverty while preserving the environment and advancing human rights... to make sure that revenues go to benefit the people of Chad and not to private bank accounts.”. 3. Limitation on United States economic assistance for low income oil-producing countries
Chapter 1 of part III of the Foreign Assistance Act of 1961 ( 22 U.S.C. 2351 et seq. )
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is amended— (1) by redesignating the second section 620G (as added by section 149 of Public Law 104–164 (110 Stat. 1436)) as section 620J; and (2) by adding at the end the following new section: 620K.
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Limitation on United States economic assistance for low income oil-producing countries
(a) Definitions
In this section: (1) Low income country
The term low income country means a country that has a per capita income equal to or less than the historical ceiling of the International Development Association, as defined by the International Bank for Reconstruction and Development. (2) Low income oil producing country
The term low income oil-producing country means a low-income country that produces an average of not less than 100,000 barrels of oil or equivalent per day based on the most recent information available by the Energy Information Administration of the Department of Energy.
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(3) Oil
The term oil includes crude oil, natural gas plant liquids, other petroleum-based liquids, and petroleum-based refinery byproducts. (4) United States economic assistance
The term United States economic assistance means any of the following: (A) Bilateral economic, development, or technical assistance (other than military assistance, humanitarian assistance, or assistance to prevent, treat, and monitor HIV/AIDS) provided by any department or agency of the United States Government to a foreign country under any program, project, or activity that is contained within the major budget functional category 150 (relating to International Affairs),
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including assistance under— (i) chapter 1 of part I of the Foreign Assistance Act of 1961 (relating to development assistance); (ii) chapter 10 of part I of that Act (relating to the Development Fund for Africa); (iii) chapter 11 of part I of that Act (relating to assistance for the independent states of the former Soviet Union); (iv) chapter 12 of part I of that Act (relating to assistance for the countries of the South Caucasus and Central Asia region);
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(v) chapter 4 of part II of that Act (relating to the Economic Support Fund); or (vi) the Support for East European Democracy (SEED) Act of 1989. (B) Bilateral economic, development, or technical assistance (other than military assistance, humanitarian assistance, or assistance to prevent, treat, and monitor HIV/AIDS) provided by any department or agency of the United States Government to a foreign country under any program, project, or activity that is contained within any of the following major budget functional categories: (i) 270 (relating to Energy).
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(ii) 300 (relating to Natural Resources and the Environment), including programs, projects, and activities of the Environmental Protection Agency, the Department of the Interior, and the United States Army Corps of Engineers). (iii) 350 (relating to Agriculture), including assistance provided under title I of the Agricultural Trade Development and Assistance Act of 1954, the Food for Progress program, and other programs administered by the Department of Agriculture, such as programs administered by the Commodity Credit Corporation. (iv) 370 (relating to Commerce and Housing Credit). (v) 400 (relating to Transportation).
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(vi) 500 (relating to Education, Training, Employment, and Social Services). (vii) 550 (relating to Health). (viii) 750 (relating to the Administration of Justice). (ix) 800 (relating to the General Government). (b) Identification; Determinations
Not later than October 1, 2005, and not later than each October 1 thereafter, the President,
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acting through the Board of Directors of the Millennium Challenge Corporation— (1) shall identify all countries in the world that are low income oil-producing countries (as defined in subsection (a)(1)); and (2) for each country identified under paragraph (1)— (A) shall determine whether or not the country scores in the top quartile of all low income countries in each of the three indicators described in subsection (d), as required under subsection (c)(1)(A); and (B) shall determine whether or not the government of the country meets the requirements of subsection (e),
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as required under subsection (c)(1)(B).
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(c) Limitation on Economic Assistance
(1) Limitation
Notwithstanding any other provision of law (other than a provision of this section), United States economic assistance may be provided for fiscal year 2007 and each subsequent fiscal year for a low income oil-producing country only if the President, acting through the Board of Directors of the Millennium Challenge Corporation, determines that— (A) the country scores in the top quartile of all low income countries in each of the three indicators described in subsection (d); and (B) the government of the country meets the requirements of subsection (e).
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(2) Rule of construction
The limitation on assistance under paragraph (1) shall not apply to a low income oil-producing country that is determined by the Board of Directors of the Millennium Challenge Corporation to be an eligible country under section 607 of the Millennium Challenge Act of 2003 ( 22 U.S.C. 7706 ) and is identified as such by the Chief Executive Officer of the Corporation under section 608(d) of such Act ( 22 U.S.C. 7707(d) ).
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(d) Indicators
The indicators referred to in subsection (c)(1)(A) are the following: (1) Total expenditures on health
The amount expended by the government of the country at all levels on health divided by the gross domestic product of the country. (2) Total expenditures on primary education
The amount expended by the government of the country at all levels on primary education divided by the gross domestic product of the country. (3) Primary education completion rate
The number of students who complete primary education divided by the total population of individuals of the same age in the country.
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(e) Requirements
The requirements referred to in subsection (c)(1)(B) are the following: (1) Transparency relating to oil revenues
The government of the country makes publicly available information on— (A) the amount of revenues received by the government through the production of oil in the country for the preceding calendar year, whether through royalties, rents, taxes, customs, duties, or otherwise; and (B) the allocation of such revenues among the various departments and agencies of the government.
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(2) Allocation and expenditure of oil revenues
The government of the country allocates and expends an appropriate amount of the revenues referred to in paragraph (1) on education, food and nutrition assistance, and public health programs for the people of the country. (3) UN convention against corruption
The country is a signatory to the United Nations Convention Against Corruption (Document A/58/422), as adopted by the United Nations General Assembly on October 31, 2003. (f) Report
(1) In general
Not later than October 1, 2006,
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and not later than October 1 of each year thereafter, the President, acting through the Board of Directors of the Millennium Challenge Corporation, shall prepare and transmit to Congress a report that contains— (A) for the fiscal year beginning on the applicable October 1— (i) the identification each low income oil-producing country, as required under subsection (b)(1); and (ii) the determinations with respect to each such low income oil-producing country, as required under subparagraphs (A) and (B) of subsection (b)(2); and (B) for the prior fiscal year,
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an identification of each low income oil-producing country that received United States economic assistance by reason of the application of subsection (c)(1) and the amounts and purposes of such assistance. (2) Special rule for initial report
The requirement to include information described in subparagraph (B) of paragraph (1) shall not apply to the initial report required to be submitted under such paragraph.. 620K.
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Limitation on United States economic assistance for low income oil-producing countries
(a) Definitions
In this section: (1) Low income country
The term low income country means a country that has a per capita income equal to or less than the historical ceiling of the International Development Association, as defined by the International Bank for Reconstruction and Development. (2) Low income oil producing country
The term low income oil-producing country means a low-income country that produces an average of not less than 100,000 barrels of oil or equivalent per day based on the most recent information available by the Energy Information Administration of the Department of Energy.
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(3) Oil
The term oil includes crude oil, natural gas plant liquids, other petroleum-based liquids, and petroleum-based refinery byproducts. (4) United States economic assistance
The term United States economic assistance means any of the following: (A) Bilateral economic, development, or technical assistance (other than military assistance, humanitarian assistance, or assistance to prevent, treat, and monitor HIV/AIDS) provided by any department or agency of the United States Government to a foreign country under any program, project, or activity that is contained within the major budget functional category 150 (relating to International Affairs),
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including assistance under— (i) chapter 1 of part I of the Foreign Assistance Act of 1961 (relating to development assistance); (ii) chapter 10 of part I of that Act (relating to the Development Fund for Africa); (iii) chapter 11 of part I of that Act (relating to assistance for the independent states of the former Soviet Union); (iv) chapter 12 of part I of that Act (relating to assistance for the countries of the South Caucasus and Central Asia region);
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(v) chapter 4 of part II of that Act (relating to the Economic Support Fund); or (vi) the Support for East European Democracy (SEED) Act of 1989. (B) Bilateral economic, development, or technical assistance (other than military assistance, humanitarian assistance, or assistance to prevent, treat, and monitor HIV/AIDS) provided by any department or agency of the United States Government to a foreign country under any program, project, or activity that is contained within any of the following major budget functional categories: (i) 270 (relating to Energy).
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(ii) 300 (relating to Natural Resources and the Environment), including programs, projects, and activities of the Environmental Protection Agency, the Department of the Interior, and the United States Army Corps of Engineers). (iii) 350 (relating to Agriculture), including assistance provided under title I of the Agricultural Trade Development and Assistance Act of 1954, the Food for Progress program, and other programs administered by the Department of Agriculture, such as programs administered by the Commodity Credit Corporation. (iv) 370 (relating to Commerce and Housing Credit). (v) 400 (relating to Transportation).
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(vi) 500 (relating to Education, Training, Employment, and Social Services). (vii) 550 (relating to Health). (viii) 750 (relating to the Administration of Justice). (ix) 800 (relating to the General Government). (b) Identification; Determinations
Not later than October 1, 2005, and not later than each October 1 thereafter, the President,
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acting through the Board of Directors of the Millennium Challenge Corporation— (1) shall identify all countries in the world that are low income oil-producing countries (as defined in subsection (a)(1)); and (2) for each country identified under paragraph (1)— (A) shall determine whether or not the country scores in the top quartile of all low income countries in each of the three indicators described in subsection (d), as required under subsection (c)(1)(A); and (B) shall determine whether or not the government of the country meets the requirements of subsection (e),
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as required under subsection (c)(1)(B).
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(c) Limitation on Economic Assistance
(1) Limitation
Notwithstanding any other provision of law (other than a provision of this section), United States economic assistance may be provided for fiscal year 2007 and each subsequent fiscal year for a low income oil-producing country only if the President, acting through the Board of Directors of the Millennium Challenge Corporation, determines that— (A) the country scores in the top quartile of all low income countries in each of the three indicators described in subsection (d); and (B) the government of the country meets the requirements of subsection (e).
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(2) Rule of construction
The limitation on assistance under paragraph (1) shall not apply to a low income oil-producing country that is determined by the Board of Directors of the Millennium Challenge Corporation to be an eligible country under section 607 of the Millennium Challenge Act of 2003 ( 22 U.S.C. 7706 ) and is identified as such by the Chief Executive Officer of the Corporation under section 608(d) of such Act ( 22 U.S.C. 7707(d) ).
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(d) Indicators
The indicators referred to in subsection (c)(1)(A) are the following: (1) Total expenditures on health
The amount expended by the government of the country at all levels on health divided by the gross domestic product of the country. (2) Total expenditures on primary education
The amount expended by the government of the country at all levels on primary education divided by the gross domestic product of the country. (3) Primary education completion rate
The number of students who complete primary education divided by the total population of individuals of the same age in the country.
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(e) Requirements
The requirements referred to in subsection (c)(1)(B) are the following: (1) Transparency relating to oil revenues
The government of the country makes publicly available information on— (A) the amount of revenues received by the government through the production of oil in the country for the preceding calendar year, whether through royalties, rents, taxes, customs, duties, or otherwise; and (B) the allocation of such revenues among the various departments and agencies of the government.
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(2) Allocation and expenditure of oil revenues
The government of the country allocates and expends an appropriate amount of the revenues referred to in paragraph (1) on education, food and nutrition assistance, and public health programs for the people of the country. (3) UN convention against corruption
The country is a signatory to the United Nations Convention Against Corruption (Document A/58/422), as adopted by the United Nations General Assembly on October 31, 2003. (f) Report
(1) In general
Not later than October 1, 2006,
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and not later than October 1 of each year thereafter, the President, acting through the Board of Directors of the Millennium Challenge Corporation, shall prepare and transmit to Congress a report that contains— (A) for the fiscal year beginning on the applicable October 1— (i) the identification each low income oil-producing country, as required under subsection (b)(1); and (ii) the determinations with respect to each such low income oil-producing country, as required under subparagraphs (A) and (B) of subsection (b)(2); and (B) for the prior fiscal year,
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an identification of each low income oil-producing country that received United States economic assistance by reason of the application of subsection (c)(1) and the amounts and purposes of such assistance. (2) Special rule for initial report
The requirement to include information described in subparagraph (B) of paragraph (1) shall not apply to the initial report required to be submitted under such paragraph. 4. Limitation on United States support for multilateral assistance for certain countries
The Bretton Woods Agreements Act ( 22 U.S.C.
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286–286oo ) is amended by adding at the end the following: 64. Limitation on United States support for multilateral assistance for certain countries
The Secretary of the Treasury shall instruct the United States Executive Directors at the Fund and at the Bank to use the voice, vote, and influence of the United States to oppose the making of a loan by the Fund or the Bank, respectively, to the government of any country not eligible to receive United States economic assistance by reason of section 620K of the Foreign Assistance Act of 1961.. 64.
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Limitation on United States support for multilateral assistance for certain countries
The Secretary of the Treasury shall instruct the United States Executive Directors at the Fund and at the Bank to use the voice, vote, and influence of the United States to oppose the making of a loan by the Fund or the Bank, respectively, to the government of any country not eligible to receive United States economic assistance by reason of section 620K of the Foreign Assistance Act of 1961.
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1. Short title
This Act may be cited as the Youngstown State University Music for Our Youth Program Establishment Act. 2. Music education pilot program
(a) Establishment
The Secretary of Education shall establish the Youngstown State University Music for Our Youth Program , a 6-year pilot program to make grants to fund a music education center at Youngstown State University in Youngstown, Ohio, to provide music education for children in grades 7 through 12.
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(b) Use of funds
Youngstown State University shall use funds received under this Act to establish a music education center to— (1) provide exposure to different varieties of music; (2) teach the importance and value of music; (3) offer exposure to musical concepts, such as rhythm; and (4) provide lessons in playing musical instruments and singing. (c) Eligibility
To be eligible to receive a grant under this Act, Youngstown State University shall submit an application to the Secretary at such a time, in such manner, and containing such information and assurances as the Secretary may require.
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(d) Reports
(1) University report
Not later than 18 months after receiving a grant under this Act, Youngstown State University shall submit a report to the Secretary documenting how the university used the grant funds and evaluating the level of success of the music center funded by the grant. (2) Report to Congress
Not later than 3 years after establishing the pilot program under this section, the Secretary shall submit a report to Congress evaluating the success and viability of the pilot program.
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(e) Authorization of appropriations
There is authorized to be appropriated to carry out this Act such sums as may be necessary for each of fiscal years 2005 through 2011.
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1. Extension of trade adjustment assistance to services sector
(a) Adjustment assistance for workers
Section 221(a)(1)(A) of the Trade Act of 1974 ( 19 U.S.C. 2271(a)(1)(A) ) is amended by striking firm) and inserting firm, and workers in a service sector firm or subdivision of a service sector firm. (b) Group eligibility requirements
Section 222 of the Trade Act of 1974 ( 19 U.S.C.
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2272 ) is amended— (1) in subsection (a)— (A) in the matter preceding paragraph (1), by striking agricultural firm) and inserting agricultural firm, and workers in a service sector firm or subdivision of a service sector firm) ; (B) in paragraph (2)— (i) in subparagraph (A)(ii), by striking like or directly competitive with articles produced and inserting or services like or directly competitive with articles produced or services provided ; and (ii) by inserting after subparagraph (B) the following: (C) (i) there has been a shift,
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by such workers’ firm or subdivision to a foreign country, in provision of services like or directly competitive with services which are provided by such firm or subdivision; or (ii) such workers’ firm or subdivision has obtained or is likely to obtain services described in clause (i) from a foreign country ; (2) in subsection (b), in the matter preceding paragraph (1), by striking agricultural firm) and inserting agricultural firm, and workers in a service sector firm or subdivision of a service sector firm) ; and (3) in subsection (c)(3)— (A) by inserting (or subdivision) after such other firm ;
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and (B) by striking , if the certification and all that follows through Mexico. (c) Definitions
Section 247 of the Trade Act of 1974 ( 19 U.S.C. 2319 ) is amended by inserting after paragraph (6) the following: (7) The term service sector firm means an entity engaged in the business of providing information technology or other high technology services..
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1. Corrections to maps
(a) In general
The Secretary of the Interior shall, before the end of the 30-day period beginning on the date of the enactment of this Act, make such corrections to the map described in subsection (b) as are necessary to ensure that depictions of areas on that map are consistent with the depictions of areas appearing on the map entitled Corrections to Coastal Barrier Resources System Map-Unit T–10 , dated June __, 2004, and on file with the Secretary and the Committee on Resources of the United States House of Representatives.
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(b) Map described
The map described in this subsection is the map that— (1) is included in a set of maps entitled Coastal Barrier Resources System , dated October 24, 1990; and (2) is subtitled Four Mile Hill Unit TX–16P, North Padre Island Unit T10/T10P. (c) Availability
The Secretary of the Interior shall keep the map described in subsection (b) on file and available for public inspection in accordance with section 4(b) of the Coastal Barrier Resources Act ( 16 U.S.C. 3503(b) ).
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1. Credit for investment in facilities producing electricity from woody biomass
(a) In general
Subpart E of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 (relating to rules for computing investment credit) is amended by inserting after section 48 the following new section: 48A. Facilities producing electricity from woody biomass
(a) In general
For purposes of section 46, the woody biomass technology credit for any taxable year is an amount equal to 20 percent of the basis of qualified woody biomass energy property placed in service during such year.
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(b) Qualified woody biomass energy property
For purposes of this section, the term qualified woody biomass energy property means section 1245 property— (1) which is used to produce electricity from woody biomass, (2) which is placed in service after the date of the enactment of this section, and before January 1, 2010, (3) the original use of which commences with the taxpayer, and (4) which has a useful life of not less than 5 years.
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(c) Woody biomass
For purposes of this section, the term woody biomass means trees and woody plants, including bark, limbs, tops, needles, leaves, stumps, roots and other woody parts and debris, that are by-products of restoration and hazardous fuel reduction treatments, disease and insect infestation management activities, or other management activities that involve removal, manipulation, or silvicultural treatment of forests, trees, and woody plants.
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(d) Special rules
For purposes of this section— (1) Certain progress expenditure rules made applicable
Rules similar to the rules of subsections (c)(4) and (d) of section 46 (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990) shall apply for purposes of this section. (2) Property financed by subsidized financing or industrial development bonds
Rules similar to the rules of section 45(b)(3) shall apply for purposes of this section.
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(3) Noncompliance with pollution laws
The term ‘qualified woody biomass energy property’ shall not include any property which is not in compliance with the applicable Federal pollution prevention, control, and permit requirements at any time during the 5-year period beginning on the date such property is placed in service.
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(4) Denial of credit for property receiving certain other Federal assistance
The term qualified woody biomass energy property shall not include any property if, at any time during the 5-year period beginning on the date such property is placed in service, any funding is provided with respect to such property under any provision of Federal law. (5) Coordination with other credits
This section shall not apply to any property with respect to which the rehabilitation credit under section 47, the energy credit under section 48,
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or any credit under section 45 is allowable unless the taxpayer elects to waive the application of such credit to such property. (b) Technical amendments
(1) Section 46 of such Code (relating to amount of credit) is amended by striking and at the end of paragraph (2), by striking the period at the end of paragraph (3) and inserting , and , and by adding at the end the following new paragraph: (4) the woody biomass technology credit. (2) Section 49(a)(1)(C) of such Code is amended by striking and at the end of clause (ii),
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by striking the period at the end of clause (iii) and inserting , and , and by adding at the end the following new clause: (iv) the portion of the basis of any qualified woody biomass energy property (as defined by section 48A(b)). (3) The table of sections for subpart E of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 48 the following new item: Sec. 48A. Facilities producing electricity from woody biomass.
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(c) Effective date
The amendments made by this section shall apply to periods after December 31, 2004, under rules similar to the rules of section 48(m) of the Internal Revenue Code of 1986 (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990). 48A.
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Facilities producing electricity from woody biomass
(a) In general
For purposes of section 46, the woody biomass technology credit for any taxable year is an amount equal to 20 percent of the basis of qualified woody biomass energy property placed in service during such year.
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(b) Qualified woody biomass energy property
For purposes of this section, the term qualified woody biomass energy property means section 1245 property— (1) which is used to produce electricity from woody biomass, (2) which is placed in service after the date of the enactment of this section, and before January 1, 2010, (3) the original use of which commences with the taxpayer, and (4) which has a useful life of not less than 5 years.
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(c) Woody biomass
For purposes of this section, the term woody biomass means trees and woody plants, including bark, limbs, tops, needles, leaves, stumps, roots and other woody parts and debris, that are by-products of restoration and hazardous fuel reduction treatments, disease and insect infestation management activities, or other management activities that involve removal, manipulation, or silvicultural treatment of forests, trees, and woody plants.
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(d) Special rules
For purposes of this section— (1) Certain progress expenditure rules made applicable
Rules similar to the rules of subsections (c)(4) and (d) of section 46 (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990) shall apply for purposes of this section. (2) Property financed by subsidized financing or industrial development bonds
Rules similar to the rules of section 45(b)(3) shall apply for purposes of this section.
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(3) Noncompliance with pollution laws
The term ‘qualified woody biomass energy property’ shall not include any property which is not in compliance with the applicable Federal pollution prevention, control, and permit requirements at any time during the 5-year period beginning on the date such property is placed in service.
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(4) Denial of credit for property receiving certain other Federal assistance
The term qualified woody biomass energy property shall not include any property if, at any time during the 5-year period beginning on the date such property is placed in service, any funding is provided with respect to such property under any provision of Federal law.
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(5) Coordination with other credits
This section shall not apply to any property with respect to which the rehabilitation credit under section 47, the energy credit under section 48, or any credit under section 45 is allowable unless the taxpayer elects to waive the application of such credit to such property.
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1. Amyl-anthraquinone
(a) In general
Subchapter II of chapter 99 of the Harmonized Tariff Schedule of the United States is amended by inserting in numerical sequence the following new heading: 9902.29.01 9, 10-Anthracenedione (CAS No.
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113936–21–5) (provided for in subheading 2914.69.90 in pure form or 3824.90.28 in 50% solution) Free No change No change On or before 12/31/2006 (b) Effective date
The amendment made by this section shall apply with respect to goods entered, or withdrawn from warehouse for consumption, on or after the 15th day after the date of enactment of this Act.
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1. Short title
This Act may be cited as the Water Conservation Incentive Act of 2004. 2. Findings
The Congress finds that— (1) a severe to extreme drought affected approximately 15 percent of the contiguous United States as of the end of April 2004, (2) about 32 percent of the contiguous United States fell in the moderate to extreme drought categories at the end of April 2004, (3) the Colorado River system is facing the worst drought on record, (4) the drought throughout the western United States could persist for up to another 30 years,
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(5) growing populations and changing values have increased demands on water supplies and river systems, resulting in water use and management conflicts throughout the country, particularly in the West, where the population is expected to increase at least 30 percent in the next 20–25 years, and (6) unless highly efficient water usage practices can be developed and maintained in the West, it will not be possible to provide the water needed to sustain western ecosystems, as well as population growth. 3.
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Refundable credit for residential water conservation
(a) In general
Subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 (relating to refundable credits) is amended by redesignating section 36 as section 37 and by inserting after section 35 the following new section: 36.
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Residential water conservation
(a) Allowance of Credit
In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the qualified water conservation expenditures made by the taxpayer during the taxable year. (b) Limitations
(1) Maximum credit
The credit allowed under subsection (a) for a taxable year shall not exceed $1,000.
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(2) Minimum expenditures
If the aggregate qualified water conservation expenditures made by the taxpayer during a taxable year is less than $50, the amount allowed as a credit under subsection (a) for the taxable year shall be zero.
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(3) Property standards
No credit shall be allowed under this section for an item of property unless— (A) the original use of such property commences with the taxpayer, (B) such property reasonably can be expected to remain in use for at least 5 years, and (C) such property is installed on or in connection with a dwelling unit located in the United States and used as the principal residence (within the meaning of section 121) of the taxpayer.
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(c) Qualified water conservation expenditures
For purposes of this section— (1) In general
The term qualified water conservation expenditure means the amount paid for qualified water conservation property. (2) Qualified water conservation property
The term qualified water conservation property means— (A) smart dual or multi program irrigation clock that allows the watering of plant and grass areas separately and which is capable of adjusting the watering schedule based on the watering needs of the landscape being watered, (B) water efficient landscaping, including— (i) xeriscape (which is low-water use native and non-native plants and grasses),
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and (ii) artificial turf, (C) low-flow shower heads that use no more than 3 gallons of water per minute, (D) ultra low-flush toilets that use no more than 1.6 gallons of water per flush, (E) dual flush toilets that allow the consumer to select either a short flush of 0.80 gallons of water or a long flush of 1.6 gallons of water, (F) drip irrigation, (G) high-efficiency clothes washing machine, and (H) any other property of a type specified by the Secretary.
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(3) Limitation on types of property specified by Secretary
The Secretary may only specify a type of property for purposes of paragraph (2)(H) if— (A) the principal use of such property is to reduce the amount of water consumed in any existing residential process, (B) such property or the use of such property is not harmful to persons or the environment and does not induce the use of any other item which may be hazardous to persons or the environment, and (C) the Secretary determines that the credit allowed under subsection (a) with respect to such property, together with any other Federal subsidy of such property,
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is not superfluous and inefficient. (d) Special rules
For purposes of this section— (1) Dollar amounts in case of joint occupancy
In the case of any dwelling unit which is jointly occupied and used during any calendar year as a residence by 2 or more individuals, the following rules shall apply: (A) The amount of the credit allowable under subsection (a) by reason of expenditures made during such calendar year by any of such individuals with respect to such dwelling unit shall be determined by treating all of such individuals as 1 taxpayer whose taxable year is such calendar year.
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(B) There shall be allowable, with respect to such expenditures to each of such individuals, a credit under subsection (a) for the taxable year in which such calendar year ends in an amount which bears the same ratio to the amount determined under subparagraph (A) as the amount of such expenditures made by such individual during such calendar year bears to the aggregate of such expenditures made by all of such individuals during such calendar year.
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(2) Tenant-stockholder in cooperative housing corporation
In the case of an individual who is a tenant-stockholder (as defined in section 216) in a cooperative housing corporation (as defined in such section), such individual shall be treated as having made the individual's tenant-stockholder's proportionate share (as defined in section 216(b)(3)) of any expenditures of such corporation.
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(3) Condominiums
(A) In general
In the case of an individual who is a member of a condominium management association with respect to a condominium which the individual owns, such individual shall be treated as having made the individual's proportionate share of any expenditures of such association. (B) Condominium management association
For purposes of this paragraph, the term condominium management association means an organization which meets the requirements of paragraph (1) of section 528(c) (other than subparagraph (E) thereof) with respect to a condominium project substantially all of the units of which are used as residences.
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(4) Allocation in certain cases
If less than 80 percent of the use of an item is for nonbusiness purposes, only that portion of the expenditures for such item which is properly allocable to use for nonbusiness purposes shall be taken into account. (5) When expenditure made; amount of expenditure
(A) In general
Except as provided in subparagraph (B), an expenditure with respect to an item shall be treated as made when the original installation of the item is completed.
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(B) Expenditures part of building construction
In the case of an expenditure in connection with the construction or reconstruction of a structure, such expenditure shall be treated as made when the original use of the constructed or reconstructed structure by the taxpayer begins. (C) Amount
The amount of any expenditure shall be the cost thereof. (6) Property financed by subsidized energy financing
For purposes of determining the amount of expenditures made by any individual with respect to any dwelling unit, there shall not be taken into account expenditures which are made from subsidized energy financing (as defined in section 48(a)(4)(C)).
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(e) Basis Adjustments
For purposes of this subtitle, if a credit is allowed under this section for any expenditure with respect to any property, the increase in the basis of such property which would (but for this subsection) result from such expenditure shall be reduced by the amount of the credit so allowed. (b) Conforming amendments
(1) Section 1016(a) of such Code is amended by striking and at the end of paragraph (27), by striking the period at the end of paragraph (28) and inserting , and ,
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and by adding at the end the following new paragraph: (29) to the extent provided in section 36(e), in the case of amounts with respect to which a credit has been allowed under section 36. (2) The table of sections for subpart A of part IV of subchapter A of chapter 1 of such Code is amended by striking the item relating to section 36 and inserting after the item relating to section 35 the following new items: Sec. 36. Residential water conservation Sec. 37. Overpayments of tax.
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(c) Effective date
The amendments made by this section shall apply to property placed in service after December 31, 2003. 36. Residential water conservation
(a) Allowance of Credit
In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the qualified water conservation expenditures made by the taxpayer during the taxable year. (b) Limitations
(1) Maximum credit
The credit allowed under subsection (a) for a taxable year shall not exceed $1,000.
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(2) Minimum expenditures
If the aggregate qualified water conservation expenditures made by the taxpayer during a taxable year is less than $50, the amount allowed as a credit under subsection (a) for the taxable year shall be zero.
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(3) Property standards
No credit shall be allowed under this section for an item of property unless— (A) the original use of such property commences with the taxpayer, (B) such property reasonably can be expected to remain in use for at least 5 years, and (C) such property is installed on or in connection with a dwelling unit located in the United States and used as the principal residence (within the meaning of section 121) of the taxpayer.
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(c) Qualified water conservation expenditures
For purposes of this section— (1) In general
The term qualified water conservation expenditure means the amount paid for qualified water conservation property. (2) Qualified water conservation property
The term qualified water conservation property means— (A) smart dual or multi program irrigation clock that allows the watering of plant and grass areas separately and which is capable of adjusting the watering schedule based on the watering needs of the landscape being watered, (B) water efficient landscaping, including— (i) xeriscape (which is low-water use native and non-native plants and grasses),
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and (ii) artificial turf, (C) low-flow shower heads that use no more than 3 gallons of water per minute, (D) ultra low-flush toilets that use no more than 1.6 gallons of water per flush, (E) dual flush toilets that allow the consumer to select either a short flush of 0.80 gallons of water or a long flush of 1.6 gallons of water, (F) drip irrigation, (G) high-efficiency clothes washing machine, and (H) any other property of a type specified by the Secretary.
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(3) Limitation on types of property specified by Secretary
The Secretary may only specify a type of property for purposes of paragraph (2)(H) if— (A) the principal use of such property is to reduce the amount of water consumed in any existing residential process, (B) such property or the use of such property is not harmful to persons or the environment and does not induce the use of any other item which may be hazardous to persons or the environment, and (C) the Secretary determines that the credit allowed under subsection (a) with respect to such property, together with any other Federal subsidy of such property,
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is not superfluous and inefficient. (d) Special rules
For purposes of this section— (1) Dollar amounts in case of joint occupancy
In the case of any dwelling unit which is jointly occupied and used during any calendar year as a residence by 2 or more individuals, the following rules shall apply: (A) The amount of the credit allowable under subsection (a) by reason of expenditures made during such calendar year by any of such individuals with respect to such dwelling unit shall be determined by treating all of such individuals as 1 taxpayer whose taxable year is such calendar year.
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(B) There shall be allowable, with respect to such expenditures to each of such individuals, a credit under subsection (a) for the taxable year in which such calendar year ends in an amount which bears the same ratio to the amount determined under subparagraph (A) as the amount of such expenditures made by such individual during such calendar year bears to the aggregate of such expenditures made by all of such individuals during such calendar year.
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(2) Tenant-stockholder in cooperative housing corporation
In the case of an individual who is a tenant-stockholder (as defined in section 216) in a cooperative housing corporation (as defined in such section), such individual shall be treated as having made the individual's tenant-stockholder's proportionate share (as defined in section 216(b)(3)) of any expenditures of such corporation.
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(3) Condominiums
(A) In general
In the case of an individual who is a member of a condominium management association with respect to a condominium which the individual owns, such individual shall be treated as having made the individual's proportionate share of any expenditures of such association. (B) Condominium management association
For purposes of this paragraph, the term condominium management association means an organization which meets the requirements of paragraph (1) of section 528(c) (other than subparagraph (E) thereof) with respect to a condominium project substantially all of the units of which are used as residences.
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(4) Allocation in certain cases
If less than 80 percent of the use of an item is for nonbusiness purposes, only that portion of the expenditures for such item which is properly allocable to use for nonbusiness purposes shall be taken into account. (5) When expenditure made; amount of expenditure
(A) In general
Except as provided in subparagraph (B), an expenditure with respect to an item shall be treated as made when the original installation of the item is completed.
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(B) Expenditures part of building construction
In the case of an expenditure in connection with the construction or reconstruction of a structure, such expenditure shall be treated as made when the original use of the constructed or reconstructed structure by the taxpayer begins. (C) Amount
The amount of any expenditure shall be the cost thereof. (6) Property financed by subsidized energy financing
For purposes of determining the amount of expenditures made by any individual with respect to any dwelling unit, there shall not be taken into account expenditures which are made from subsidized energy financing (as defined in section 48(a)(4)(C)).
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(e) Basis Adjustments
For purposes of this subtitle, if a credit is allowed under this section for any expenditure with respect to any property, the increase in the basis of such property which would (but for this subsection) result from such expenditure shall be reduced by the amount of the credit so allowed. 4. Credit for water conservation
(a) In general
Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 (relating to business related credits) is amended by adding at the end the following new section: 45G.
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Commercial water conservation credit
(a) In general
For purposes of section 38, in the case of a small employer, the credit determined under this section for the taxable year is an amount equal to 10 percent of the aggregate adjusted bases of all qualified water conservation property installed in or in connection with the principal place of business (within the meaning of section 280A(c)(1)) of the taxpayer located in the United States.
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(b) Definitions
For purposes of this section— (1) Small employer
(A) In general
The term small employer means, with respect to any taxable year, any employer if such employer employed an average of 100 or fewer employees on business days during either of the 2 preceding calendar years. For purposes of the preceding sentence, a preceding calendar year may be taken into account only if the employer was in existence throughout such year.
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(B) Employers not in existence in preceding year
In the case of an employer which was not in existence throughout the 1st preceding taxable year, the determination under subparagraph (A) shall be based on the average number of employees that it is reasonably expected such employer will employ on business days in the current taxable year. (C) Special rules
(i) Controlled groups
For purposes of this paragraph, all persons treated as a single employer under subsection (b), (c), (m), or (o) of section 414 shall be treated as 1 employer.
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(ii) Predecessors
Any reference in this paragraph to an employer shall include a reference to any predecessor of such employer. (2) Qualified water conservation property
The term qualified water conservation property has the meaning given to such term by section 36(c)(2). (c) Special rules
For purposes of this section— (1) In general
Rules similar to the rules of section 36(d) (other than paragraph (4) thereof) shall apply for purposes of this section.
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(2) Coordination with certain credits
(A) The basis of any property referred to in subsection (a) shall be reduced by that portion of the basis of any property which is attributable to qualified rehabilitation expenditures (as defined in section 47(c)(2)) or to the energy percentage of energy property (as determined under section 48(a)). (B) Expenditures taken into account under section 47 or 48(a) shall not be taken into account under this section.
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(3) Denial of double benefit
No deduction or credit shall be allowed under this chapter for any amount taken into account in determining the credit under this section. (4) Election not to claim credit
This section shall not apply to a taxpayer for any taxable year if such taxpayer elects to have this section not apply for such taxable year. (d) Basis adjustment
For purposes of this subtitle, if a credit is determined under this section for any expenditure with respect to any property,
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