House Report 113-520 - HIGHWAY AND TRANSPORTATION FUNDING ACT OF 2014

[House Report 113-520]
[From the U.S. Government Publishing Office]

113th Congress Rept. 113-520
HOUSE OF REPRESENTATIVES
2d Session Part 1

======================================================================

HIGHWAY AND TRANSPORTATION FUNDING ACT OF 2014

_______

July 14, 2014.--Ordered to be printed

_______

Mr. Camp, from the Committee on Ways and Means,
submitted the following

R E P O R T

together with

ADDITIONAL VIEWS

[To accompany H.R. 5021]

[Including cost estimate of the Congressional Budget Office]

The Committee on Ways and Means, to whom was referred the
bill (H.R. 5021) to provide an extension of Federal-aid
highway, highway safety, motor carrier safety, transit, and
other programs funded out of the Highway Trust Fund, and for
other purposes, having considered the same, report favorably
thereon with an amendment and recommend that the bill as
amended do pass.

CONTENTS

Page
I. SUMMARY AND BACKGROUND..........................................10
II. EXPLANATION OF THE BILL.........................................11
A. Extension of Highway Trust Fund Expenditure
Authority (sec. 2001 of the bill and secs. 9503,
9504 and 9508 of the Code)......................... 11
B. Funding of the Highway Trust Fund (sec. 2002 of the
bill and secs. 9503(f) and 9508(c) of the Code).... 13
C. Pension Funding Stabilization (sec. 2003 of the bill
and secs. 430 and 436 of the Code)................. 14
D. Customs User Fees (sec. 2004 of the bill and sec.
58c(j)(3) of Title 19 of the United States Code)... 20
III. VOTES OF THE COMMITTEE..........................................21
IV. BUDGET EFFECTS OF THE BILL......................................22
V. OTHER MATTERS TO BE DISCUSSED UNDER THE RULES OF THE HOUSE......33
VI. CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED...........35
VII. ADDITIONAL VIEWS................................................56
The amendment is as follows:
Strike all after the enacting clause and insert the
following:

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

(a) Short Title.--This Act may be cited as the ``Highway and
Transportation Funding Act of 2014''.
(b) Table of Contents.--The table of contents for this Act is as
follows:

Sec. 1. Short title; table of contents.

TITLE I--SURFACE TRANSPORTATION PROGRAM EXTENSION

Subtitle A--Federal-Aid Highways

Sec. 1001. Extension of Federal-aid highway programs.
Sec. 1002. Administrative expenses.

Subtitle B--Extension of Highway Safety Programs

Sec. 1101. Extension of National Highway Traffic Safety Administration
highway safety programs.
Sec. 1102. Extension of Federal Motor Carrier Safety Administration
programs.
Sec. 1103. Dingell-Johnson Sport Fish Restoration Act.

Subtitle C--Public Transportation Programs

Sec. 1201. Formula grants for rural areas.
Sec. 1202. Apportionment of appropriations for formula grants.
Sec. 1203. Authorizations for public transportation.
Sec. 1204. Bus and bus facilities formula grants.

Subtitle D--Hazardous Materials

Sec. 1301. Authorization of appropriations.

TITLE II--REVENUE PROVISIONS

Sec. 2001. Extension of Highway Trust Fund expenditure authority.
Sec. 2002. Funding of Highway Trust Fund.
Sec. 2003. Funding stabilization.
Sec. 2004. Extension of Customs user fees.

TITLE I--SURFACE TRANSPORTATION PROGRAM EXTENSION

Subtitle A--Federal-Aid Highways

SEC. 1001. EXTENSION OF FEDERAL-AID HIGHWAY PROGRAMS.

(a) In General.--Except as provided in this subtitle, requirements,
authorities, conditions, eligibilities, limitations, and other
provisions authorized under divisions A and E of MAP-21 (Public Law
112-141), the SAFETEA-LU Technical Corrections Act of 2008 (Public Law
110-244), titles I, V, and VI of SAFETEA-LU (Public Law 109-59), titles
I and V of the Transportation Equity Act for the 21st Century (Public
Law 105-178), the National Highway System Designation Act of 1995 (104-
59), titles I and VI of the Intermodal Surface Transportation Act of
1991 (Public Law 102-240), and title 23, United States Code (excluding
chapter 4 of that title), which would otherwise expire on or cease to
apply after September 30, 2014, are incorporated by reference and shall
continue in effect until May 31, 2015.
(b) Authorization of Appropriations.--
(1) Highway trust fund.--Except as provided in section 1002,
there is authorized to be appropriated out of the Highway Trust
Fund (other than the Mass Transit Account) for the period
beginning on October 1, 2014, and ending on May 31, 2015, a sum
equal to \243/365\ of the total amount authorized to be
appropriated out of the Highway Trust Fund for programs,
projects, and activities for fiscal year 2014 under divisions A
and E of MAP-21 (Public Law 112-141) and title 23, United
States Code (excluding chapter 4 of that title).
(2) General fund.--Section 1123(h)(1) of MAP-21 (23 U.S.C.
202 note) is amended by inserting ``and $19,972,603 out of the
general fund of the Treasury to carry out the program for the
period beginning on October 1, 2014, and ending on May 31,
2015'' before the period at the end.
(c) Use of Funds.--
(1) In general.--Except as otherwise expressly provided in
this subtitle, funds authorized to be appropriated under
subsection (b)(1) for the period beginning on October 1, 2014,
and ending on May 31, 2015, shall be distributed, administered,
limited, and made available for obligation in the same manner
and at the same levels as \243/365\ of the amounts of funds
authorized to be appropriated out of the Highway Trust Fund
(other than the Mass Transit Account) for fiscal year 2014 to
carry out programs, projects, activities, eligibilities, and
requirements under MAP-21 (Public Law 112-141), the SAFETEA-LU
Technical Corrections Act of 2008 (Public Law 110-244),
SAFETEA-LU (Public Law 109-59), titles I and V of the
Transportation Equity Act for the 21st Century (Public Law 105-
178), the National Highway System Designation Act of 1995 (104
-59), titles I and VI of the Intermodal Surface Transportation
Act of 1991 (Public Law 102-240), and title 23, United States
Code (excluding chapter 4 of that title).
(2) Contract authority.--Funds authorized to be appropriated
out of the Highway Trust Fund (other than the Mass Transit
Account) under this section shall be--
(A) available for obligation and shall be
administered in the same manner as if such funds were
apportioned under chapter 1 of title 23, United States
Code; and
(B) subject to section 1102 of MAP-21 (23 U.S.C. 104
note), as amended by this subsection.
(3) Obligation ceiling.--Section 1102 of MAP-21 (23 U.S.C.
104 note) is amended--
(A) in subsection (a)--
(i) by striking ``and'' at the end of
paragraph (1);
(ii) by striking the period at the end of
paragraph (2) and inserting ``; and''; and
(iii) by adding at the end the following:
``(3) $26,800,569,863 for the period beginning on October 1,
2014, and ending on May 31, 2015.'';
(B) in subsection (b)--
(i) in paragraph (10) by striking ``2011''
and inserting ``2012''; and
(ii) in paragraph (12) by inserting ``, and
for the period beginning on October 1, 2014,
and ending on May 31, 2015, only in an amount
equal to $639,000,000, less any reductions that
would have otherwise been required for that
year by section 251A of the Balanced Budget and
Emergency Deficit Control Act of 1985 (2 U.S.C.
901a), then multiplied by \243/365\ for that
period'' after ``those fiscal years'';
(C) in subsection (c)--
(i) in the matter preceding paragraph (1) by
inserting ``and for the period beginning on
October 1, 2014, and ending on May 31, 2015''
after ``2014'';
(ii) by striking paragraph (1)(A) and
inserting the following:
``(A) amounts provided for administrative expenses
and programs; and'';
(iii) in paragraph (2) in the matter
preceding subparagraph (A) by inserting ``or,
for the period beginning on October 1, 2014,
and ending May 31, 2015, that is equal to \243/
365\ of such unobligated balance'' after
``unobligated balance of amounts'';
(iv) in paragraph (5) by striking ``section
204'' and inserting ``sections 202 and 204'';
and
(v) by inserting ``or period'' after ``the
fiscal year'' each place it appears;
(D) in subsection (d) in the matter preceding
paragraph (1) by striking ``2014'' and inserting
``2015'';
(E) in subsection (f)--
(i) in paragraph (1)--
(I) in the matter preceding
subparagraph (A) by inserting ``and for
the period beginning on October 1,
2014, and ending on May 31, 2015''
after ``2014''; and
(II) in each of subparagraphs (A) and
(B) by inserting ``or period'' after
``the fiscal year''; and
(ii) in paragraph (3) by striking ``section
133(c)'' and inserting ``section 133(b)''.

SEC. 1002. ADMINISTRATIVE EXPENSES.

(a) Authorization of Contract Authority.--Notwithstanding any other
provision of this Act or any other law, there is authorized to be
appropriated from the Highway Trust Fund (other than the Mass Transit
Account), from amounts provided under section 1001, for administrative
expenses of the Federal-aid highway program $292,931,507 for the period
beginning on October 1, 2014, and ending on May 31, 2015.
(b) Contract Authority.--Funds authorized to be appropriated by this
section shall be--
(1) available for obligation, and shall be administered, in
the same manner as if such funds were apportioned under chapter
1 of title 23, United States Code, except that such funds shall
remain available until expended; and
(2) subject to the limitation on obligations for Federal-aid
highways and highway safety construction programs for the
period beginning on October 1, 2014, and ending on May 31,
2015, specified in section 1102 of MAP-21 (23 U.S.C. 104 note),
as amended by this subtitle.

Subtitle B--Extension of Highway Safety Programs

SEC. 1101. EXTENSION OF NATIONAL HIGHWAY TRAFFIC SAFETY ADMINISTRATION
HIGHWAY SAFETY PROGRAMS.

(a) Extension of Programs.--
(1) Highway safety programs.--Section 31101(a)(1) of MAP-21
(126 Stat. 733) is amended--
(A) in subparagraph (A) by striking ``and'' at the
end;
(B) in subparagraph (B) by striking the period at the
end and inserting ``; and''; and
(C) by adding at the end the following:
``(C) $156,452,055 for the period beginning on
October 1, 2014, and ending on May 31, 2015.''.
(2) Highway safety research and development.--Section
31101(a)(2) of MAP-21 (126 Stat. 733) is amended--
(A) in subparagraph (A) by striking ``and'' at the
end;
(B) in subparagraph (B) by striking the period at the
end and inserting ``; and''; and
(C) by adding at the end the following:
``(C) $75,563,014 for the period beginning on October
1, 2014, and ending on May 31, 2015.''.
(3) National priority safety programs.--Section 31101(a)(3)
of MAP-21 (126 Stat. 733) is amended--
(A) in subparagraph (A) by striking ``and'' at the
end;
(B) in subparagraph (B) by striking the period at the
end and inserting ``; and''; and
(C) by adding at the end the following:
``(C) $181,084,932 for the period beginning on
October 1, 2014, and ending on May 31, 2015.''.
(4) National driver register.--Section 31101(a)(4) of MAP-21
(126 Stat. 733) is amended--
(A) in subparagraph (A) by striking ``and'' at the
end;
(B) in subparagraph (B) by striking the period at the
end and inserting ``; and''; and
(C) by adding at the end the following:
``(C) $3,328,767 for the period beginning on October
1, 2014, and ending on May 31, 2015.''.
(5) High visibility enforcement program.--
(A) Authorization of appropriations.--Section
31101(a)(5) of MAP-21 (126 Stat. 733) is amended--
(i) in subparagraph (A) by striking ``and''
at the end;
(ii) in subparagraph (B) by striking the
period at the end and inserting ``; and''; and
(iii) by adding at the end the following:
``(C) $19,306,849 for the period beginning on October
1, 2014, and ending on May 31, 2015.''.
(B) Law enforcement campaigns.--Section 2009(a) of
SAFETEA-LU (23 U.S.C. 402 note) is amended by inserting
``and in the period beginning on October 1, 2014, and
ending on May 31, 2015,'' after ``fiscal years 2013 and
2014'' each place it appears.
(6) Administrative expenses.--Section 31101(a)(6) of MAP-21
(126 Stat. 733) is amended--
(A) in subparagraph (A) by striking ``and'' at the
end;
(B) in subparagraph (B) by striking the period at the
end and inserting ``; and''; and
(C) by adding at the end the following:
``(C) $16,976,712 for the period beginning on October
1, 2014, and ending on May 31, 2015.''.
(b) Cooperative Research and Evaluation.--Section 403(f)(1) of title
23, United States Code, is amended by inserting ``ending before October
1, 2014, and $1,664,384 of the total amount available for apportionment
to the States for highway safety programs under section 402(c) in the
period beginning on October 1, 2014, and ending on May 31, 2015,''
after ``each fiscal year''.
(c) Applicability of Title 23.--Section 31101(c) of MAP-21 (126 Stat.
733) is amended by inserting ``and for the period beginning on October
1, 2014, and ending on May 31, 2015,'' after ``fiscal years 2013 and
2014''.

SEC. 1102. EXTENSION OF FEDERAL MOTOR CARRIER SAFETY ADMINISTRATION
PROGRAMS.

(a) Motor Carrier Safety Grants.--Section 31104(a) of title 49,
United States Code, is amended--
(1) by striking ``and'' at the end of paragraph (8);
(2) by striking the period at the end of paragraph (9) and
inserting ``; and'' ; and
(3) by adding at the end the following:
``(10) $145,134,247 for the period beginning on October 1,
2014, and ending on May 31, 2015.''.
(b) Administrative Expenses.--Section 31104(i)(1) of title 49, United
States Code, is amended--
(1) by striking ``and'' at the end of subparagraph (H);
(2) by striking the period at the end of subparagraph (I) and
inserting ``; and''; and
(3) by adding at the end the following:
``(J) $172,430,137 for the period beginning on
October 1, 2014, and ending on May 31, 2015.''.
(c) Grant Programs.--
(1) Commercial driver's license program improvement grants.--
Section 4101(c)(1) of SAFETEA-LU (119 Stat. 1715) is amended by
inserting before the period at the end the following: ``and
$19,972,603 for the period beginning on October 1, 2014, and
ending on May 31, 2015''.
(2) Border enforcement grants.--Section 4101(c)(2) of
SAFETEA-LU (119 Stat. 1715) is amended by inserting before the
period at the end the following: ``and $21,304,110 for the
period beginning on October 1, 2014, and ending on May 31,
2015''.
(3) Performance and registration information system
management grant program.--Section 4101(c)(3) of SAFETEA-LU
(119 Stat. 1715) is amended by inserting before the period at
the end the following: ``and $3,328,767 for the period
beginning on October 1, 2014, and ending on May 31, 2015''.
(4) Commercial vehicle information systems and networks
deployment program.--Section 4101(c)(4) of SAFETEA-LU (119
Stat. 1715) is amended by inserting before the period at the
end the following: ``and $16,643,836 for the period beginning
on October 1, 2014, and ending on May 31, 2015''.
(5) Safety data improvement grants.--Section 4101(c)(5) of
SAFETEA-LU (119 Stat. 1715) is amended by inserting before the
period at the end the following: ``and $1,997,260 for the
period beginning on October 1, 2014, and ending on May 31,
2015''.
(d) High-Priority Activities.--Section 31104(k)(2) of title 49,
United States Code, is amended by inserting ``and up to $9,986,301 for
the period beginning on October 1, 2014, and ending on May 31, 2015,''
after ``2014''.
(e) New Entrant Audits.--Section 31144(g)(5)(B) of title 49, United
States Code, is amended by inserting ``and up to $21,304,110 for the
period beginning on October 1, 2014, and ending on May 31, 2015,''
after ``per fiscal year''.
(f) Outreach and Education.--Section 4127(e) of SAFETEA-LU (119 Stat.
1741) is amended by inserting ``and $2,663,014 to the Federal Motor
Carrier Safety Administration for the period beginning on October 1,
2014, and ending on May 31, 2015,'' after ``2014''.
(g) Grant Program for Commercial Motor Vehicle Operators.--Section
4134(c) of SAFETEA-LU (49 U.S.C. 31301 note) is amended by inserting
``and $665,753 for the period beginning on October 1, 2014, and ending
on May 31, 2015,'' after ``2014''.

SEC. 1103. DINGELL-JOHNSON SPORT FISH RESTORATION ACT.

Section 4 of the Dingell-Johnson Sport Fish Restoration Act (16
U.S.C. 777c) is amended--
(1) in subsection (a) in the matter preceding paragraph (1)
by inserting ``and for the period beginning on October 1, 2014,
and ending on May 31, 2015'' after ``2014''; and
(2) in subsection (b)(1)(A) by striking ``for each'' and all
that follows before ``the Secretary of the Interior'' and
inserting ``for each fiscal year ending before October 1, 2014,
and for the period beginning on October 1, 2014, and ending on
May 31, 2015,''.

Subtitle C--Public Transportation Programs

SEC. 1201. FORMULA GRANTS FOR RURAL AREAS.

Section 5311(c)(1) of title 49, United States Code, is amended--
(1) in subparagraph (A) by inserting ``for each fiscal year
ending before October 1, 2014, and $3,328,767 for the period
beginning on October 1, 2014, and ending on May 31, 2015,''
before ``shall be distributed''; and
(2) in subparagraph (B) by inserting ``for each fiscal year
ending before October 1, 2014, and $16,643,836 for the period
beginning on October 1, 2014, and ending on May 31, 2015,''
before ``shall be apportioned''.

SEC. 1202. APPORTIONMENT OF APPROPRIATIONS FOR FORMULA GRANTS.

Section 5336(h)(1) of title 49, United States Code, is amended by
inserting ``for each fiscal year ending before October 1, 2014, and
$19,972,603 for the period beginning on October 1, 2014, and ending on
May 31, 2015,'' before ``shall be set aside''.

SEC. 1203. AUTHORIZATIONS FOR PUBLIC TRANSPORTATION.

(a) Formula Grants.--Section 5338(a) of title 49, United States Code,
is amended--
(1) in paragraph (1) by striking ``and $8,595,000,000 for
fiscal year 2014'' and inserting ``, $8,595,000,000 for fiscal
year 2014, and $5,722,150,685 for the period beginning on
October 1, 2014, and ending on May 31, 2015'';
(2) in paragraph (2)--
(A) in subparagraph (A) by striking ``and
$128,800,000 for fiscal year 2014'' and inserting ``,
$128,800,000 for fiscal year 2014, and $85,749,041 for
the period beginning on October 1, 2014, and ending on
May 31, 2015,'';
(B) in subparagraph (B) by inserting ``and $6,657,534
for the period beginning on October 1, 2014, and ending
on May 31, 2015,'' after ``2014'';
(C) in subparagraph (C) by striking ``and
$4,458,650,000 for fiscal year 2014'' and inserting ``,
$4,458,650,000 for fiscal year 2014, and $2,968,361,507
for the period beginning on October 1, 2014, and ending
on May 31, 2015,'';
(D) in subparagraph (D) by striking ``and
$258,300,000 for fiscal year 2014'' and inserting ``,
$258,300,000 for fiscal year 2014, and $171,964,110 for
the period beginning on October 1, 2014, and ending on
May 31, 2015,'';
(E) in subparagraph (E)--
(i) by striking ``and $607,800,000 for fiscal
year 2014'' and inserting ``, $607,800,000 for
fiscal year 2014, and $404,644,932 for the
period beginning on October 1, 2014, and ending
on May 31, 2015,'';
(ii) by striking ``and $30,000,000 for fiscal
year 2014'' and inserting ``, $30,000,000 for
fiscal year 2014, and $19,972,603 for the
period beginning on October 1, 2014, and ending
on May 31, 2015,''; and
(iii) by striking ``and $20,000,000 for
fiscal year 2014'' and inserting ``,
$20,000,000 for fiscal year 2014, and
$13,315,068 for the period beginning on October
1, 2014, and ending on May 31, 2015,'';
(F) in subparagraph (F) by inserting ``and $1,997,260
for the period beginning on October 1, 2014, and ending
on May 31, 2015,'' after ``2014'';
(G) in subparagraph (G) by inserting ``and $3,328,767
for the period beginning on October 1, 2014, and ending
on May 31, 2015,'' after ``2014'';
(H) in subparagraph (H) by inserting ``and $2,563,151
for the period beginning on October 1, 2014, and ending
on May 31, 2015,'' after ``2014'';
(I) in subparagraph (I) by striking ``and
$2,165,900,000 for fiscal year 2014'' and inserting ``,
$2,165,900,000 for fiscal year 2014, and $1,441,955,342
for the period beginning on October 1, 2014, and ending
on May 31, 2015,'';
(J) in subparagraph (J) by striking ``and
$427,800,000 for fiscal year 2014'' and inserting ``,
$427,800,000 for fiscal year 2014, and $284,809,315 for
the period beginning on October 1, 2014, and ending on
May 31, 2015,''; and
(K) in subparagraph (K) by striking ``and
$525,900,000 for fiscal year 2014'' and inserting ``,
$525,900,000 for fiscal year 2014, and $350,119,726 for
the period beginning on October 1, 2014, and ending on
May 31, 2015,''.
(b) Research, Development Demonstration and Deployment Projects.--
Section 5338(b) of title 49, United States Code, is amended by striking
``and $70,000,000 for fiscal year 2014'' and inserting ``, $70,000,000
for fiscal year 2014, and $46,602,740 for the period beginning on
October 1, 2014, and ending on May 31, 2015''.
(c) Transit Cooperative Research Program.--Section 5338(c) of title
49, United States Code, is amended by striking ``and $7,000,000 for
fiscal year 2014'' and inserting ``, $7,000,000 for fiscal year 2014,
and $4,660,274 for the period beginning on October 1, 2014, and ending
on May 31, 2015''.
(d) Technical Assistance and Standards Development.--Section 5338(d)
of title 49, United States Code, is amended by striking ``and
$7,000,000 for fiscal year 2014'' and inserting ``, $7,000,000 for
fiscal year 2014, and $4,660,274 for the period beginning on October 1,
2014, and ending on May 31, 2015''.
(e) Human Resources and Training.--Section 5338(e) of title 49,
United States Code, is amended by striking ``and $5,000,000 for fiscal
year 2014'' and inserting ``, $5,000,000 for fiscal year 2014, and
$3,328,767 for the period beginning on October 1, 2014, and ending on
May 31, 2015''.
(f) Capital Investment Grants.--Section 5338(g) of title 49, United
States Code, is amended by striking ``and $1,907,000,000 for fiscal
year 2014'' and inserting ``, $1,907,000,000 for fiscal year 2014, and
$1,269,591,781 for the period beginning on October 1, 2014, and ending
on May 31, 2015''.
(g) Administration.--Section 5338(h) of title 49, United States Code,
is amended--
(1) in paragraph (1) by striking ``and $104,000,000 for
fiscal year 2014'' and inserting ``, $104,000,000 for fiscal
year 2014, and $69,238,356 for the period beginning on October
1, 2014, and ending on May 31, 2015'';
(2) in paragraph (2) by inserting ``for each of fiscal years
2013 and 2014 and not less than $3,328,767 for the period
beginning on October 1, 2014, and ending on May 31, 2015,''
before ``shall be available''; and
(3) in paragraph (3) by inserting ``for each of fiscal years
2013 and 2014 and not less than $665,753 for the period
beginning on October 1, 2014, and ending on May 31, 2015,''
before ``shall be available''.

SEC. 1204. BUS AND BUS FACILITIES FORMULA GRANTS.

Section 5339(d)(1) of title 49, United States Code, is amended--
(1) by inserting ``for each of fiscal years 2013 and 2014 and
$43,606,849 for the period beginning on October 1, 2014, and
ending on May 31, 2015,'' after ``$65,500,000'';
(2) by inserting ``for each such fiscal year and $832,192 for
such period'' after ``$1,250,000''; and
(3) by inserting ``for each such fiscal year and $332,877 for
such period'' after ``$500,000''.

Subtitle D--Hazardous Materials

SEC. 1301. AUTHORIZATION OF APPROPRIATIONS.

(a) In General.--Section 5128(a) of title 49, United States Code, is
amended--
(1) in paragraph (1) by striking ``and'' at the end;
(2) in paragraph (2) by striking the period at the end and
inserting ``; and''; and
(3) by adding at the end the following:
``(3) $28,468,948 for the period beginning on October 1,
2014, and ending on May 31, 2015.''.
(b) Hazardous Materials Emergency Preparedness Fund.--Section 5128(b)
of title 49, United States Code, is amended--
(1) by redesignating paragraphs (1) through (5) as
subparagraphs (A) through (E), respectively;
(2) by striking ``From the'' and inserting the following:
``(1) Fiscal years 2013 and 2014.--From the''; and
(3) by adding at the end the following:
``(2) Fiscal year 2015.--From the Hazardous Materials
Emergency Preparedness Fund established under section 5116(i),
the Secretary may expend for the period beginning on October 1,
2014, and ending on May 31, 2015--
``(A) $125,162 to carry out section 5115;
``(B) $14,513,425 to carry out subsections (a) and
(b) of section 5116, of which not less than $9,087,534
shall be available to carry out section 5116(b);
``(C) $99,863 to carry out section 5116(f);
``(D) $416,096 to publish and distribute the
Emergency Response Guidebook under section 5116(i)(3);
and
``(E) $665,753 to carry out section 5116(j).''.
(c) Hazardous Materials Training Grants.--Section 5128(c) of title
49, United States Code, is amended by inserting ``and $2,663,014 for
the period beginning on October 1, 2014, and ending on May 31, 2015,''
after ``2014''.

TITLE II--REVENUE PROVISIONS

SEC. 2001. EXTENSION OF HIGHWAY TRUST FUND EXPENDITURE AUTHORITY.

(a) Highway Trust Fund.--Section 9503 of the Internal Revenue Code of
1986 is amended--
(1) by striking ``October 1, 2014'' in subsections (b)(6)(B),
(c)(1), and (e)(3) and inserting ``June 1, 2015'', and
(2) by striking ``MAP-21'' in subsections (c)(1) and (e)(3)
and inserting ``Highway and Transportation Funding Act of
2014''.
(b) Sport Fish Restoration and Boating Trust Fund.--Section 9504 of
the Internal Revenue Code of 1986 is amended--
(1) by striking ``MAP-21'' each place it appears in
subsection (b)(2) and inserting ``Highway and Transportation
Funding Act of 2014'', and
(2) by striking ``October 1, 2014'' in subsection (d)(2) and
inserting ``June 1, 2015''.
(c) Leaking Underground Storage Tank Trust Fund.--Paragraph (2) of
section 9508(e) of the Internal Revenue Code of 1986 is amended by
striking ``October 1, 2014'' and inserting ``June 1, 2015''.

SEC. 2002. FUNDING OF HIGHWAY TRUST FUND.

(a) In General.--Subsection (f) of section 9503 of the Internal
Revenue Code of 1986 is amended by redesignating paragraph (5) as
paragraph (7) and by inserting after paragraph (4) the following new
paragraphs:
``(5) Additional sums.--Out of money in the Treasury not
otherwise appropriated, there is hereby appropriated--
``(A) $7,765,000,000 to the Highway Account (as
defined in subsection (e)(5)(B)) in the Highway Trust
Fund; and
``(B) $2,000,000,000 to the Mass Transit Account in
the Highway Trust Fund.
``(6) Additional increase in fund balance.--There is hereby
transferred to the Highway Account (as defined in subsection
(e)(5)(B)) in the Highway Trust Fund amounts appropriated from
the Leaking Underground Storage Tank Trust Fund under section
9508(c)(3).''.
(b) Appropriation From Leaking Underground Storage Tank Trust Fund.--
(1) In general.--Subsection (c) of section 9508 of the
Internal Revenue Code of 1986 is amended by adding at the end
the following new paragraph:
``(3) Additional transfer to highway trust fund.--Out of
amounts in the Leaking Underground Storage Tank Trust Fund
there is hereby appropriated $1,000,000,000 to be transferred
under section 9503(f)(6) to the Highway Account (as defined in
section 9503(e)(5)(B)) in the Highway Trust Fund.''.
(2) Conforming amendment.--Section 9508(c)(1) of the Internal
Revenue Code of 1986 is amended by striking ``paragraph (2)''
and inserting ``paragraphs (2) and (3)''.

SEC. 2003. FUNDING STABILIZATION.

(a) Funding Stabilization Under the Internal Revenue Code of 1986.--
The table in subclause (II) of section 430(h)(2)(C)(iv) of the Internal
Revenue Code of 1986 is amended to read as follows:

----------------------------------------------------------------------------------------------------------------
The applicable minimum
``If the calendar year is: percentage is: The applicable maximum percentage is:
----------------------------------------------------------------------------------------------------------------
2012, 2013, 2014, 2015, 2016, or 2017. 90%.......................... 110%
2018.................................. 85%.......................... 115%
2019.................................. 80%.......................... 120%
2020.................................. 75%.......................... 125%
After 2020............................ 70%.......................... 130%''.
----------------------------------------------------------------------------------------------------------------

(b) Funding Stabilization Under Employee Retirement Income Security
Act of 1974.--
(1) In general.--The table in subclause (II) of section
303(h)(2)(C)(iv) of the Employee Retirement Income Security Act
of 1974 (29 U.S.C. 1083(h)(2)(C)(iv)) is amended to read as
follows:

(2) Conforming amendments.--
(A) In general.--Section 101(f)(2)(D) of such Act (29
U.S.C. 1021(f)(2)(D)) is amended--
(i) in clause (i) by inserting ``and the
Highway and Transportation Funding Act of
2014'' after ``MAP-21'' both places it appears,
and
(ii) in clause (ii) by striking ``2015'' and
inserting ``2020''.
(B) Statements.--The Secretary of Labor shall modify
the statements required under subclauses (I) and (II)
of section 101(f)(2)(D)(i) of such Act to conform to
the amendments made by this section.
(c) Stabilization Not To Apply for Purposes of Certain Accelerated
Benefit Distribution Rules.--
(1) Internal revenue code of 1986.--The second sentence of
paragraph (2) of section 436(d) of the Internal Revenue Code of
1986 is amended by striking ``of such plan'' and inserting ``of
such plan (determined by not taking into account any adjustment
of segment rates under section 430(h)(2)(C)(iv))''.
(2) Employee retirement income security act of 1974.--The
second sentence of subparagraph (B) of section 206(g)(3) of the
Employee Retirement Income Security Act of 1974 (29 U.S.C.
1056(g)(3)(B)) is amended by striking ``of such plan'' and
inserting ``of such plan (determined by not taking into account
any adjustment of segment rates under section
303(h)(2)(C)(iv))''.
(3) Effective date.--
(A) In general.--Except as provided in subparagraph
(B), the amendments made by this subsection shall apply
to plan years beginning after December 31, 2014.
(B) Collectively bargained plans.--In the case of a
plan maintained pursuant to 1 or more collective
bargaining agreements, the amendments made by this
subsection shall apply to plan years beginning after
December 31, 2015.
(4) Provisions relating to plan amendments.--
(A) In general.--If this paragraph applies to any
amendment to any plan or annuity contract, such plan or
contract shall be treated as being operated in
accordance with the terms of the plan during the period
described in subparagraph (B)(ii).
(B) Amendments to which paragraph applies.--
(i) In general.--This paragraph shall apply
to any amendment to any plan or annuity
contract which is made--
(I) pursuant to the amendments made
by this subsection, or pursuant to any
regulation issued by the Secretary of
the Treasury or the Secretary of Labor
under any provision as so amended, and
(II) on or before the last day of the
first plan year beginning on or after
January 1, 2016, or such later date as
the Secretary of the Treasury may
prescribe.
(ii) Conditions.--This subsection shall not
apply to any amendment unless, during the
period--
(I) beginning on the date that the
amendments made by this subsection or
the regulation described in clause
(i)(I) takes effect (or in the case of
a plan or contract amendment not
required by such amendments or such
regulation, the effective date
specified by the plan), and
(II) ending on the date described in
clause (i)(II) (or, if earlier, the
date the plan or contract amendment is
adopted),
the plan or contract is operated as if such
plan or contract amendment were in effect, and
such plan or contract amendment applies
retroactively for such period.
(C) Anti-cutback relief.--A plan shall not be treated
as failing to meet the requirements of section 204(g)
of the Employee Retirement Income Security Act of 1974
(29 U.S.C. 1054(g)) and section 411(d)(6) of the
Internal Revenue Code of 1986 solely by reason of a
plan amendment to which this paragraph applies.
(d) Modification of Funding Target Determination Periods.--
(1) Internal revenue code of 1986.--Clause (i) of section
430(h)(2)(B) of the Internal Revenue Code of 1986 is amended by
striking ``the first day of the plan year'' and inserting ``the
valuation date for the plan year''.
(2) Employee retirement income security act of 1974.--Clause
(i) of section 303(h)(2)(B) of the Employee Retirement Income
Security Act of 1974 (29 U.S.C. 1083(h)(2)(B)(i)) is amended by
striking ``the first day of the plan year'' and inserting ``the
valuation date for the plan year''.
(e) Effective Date.--
(1) In general.--The amendments made by subsections (a), (b),
and (d) shall apply with respect to plan years beginning after
December 31, 2012.
(2) Elections.--A plan sponsor may elect not to have the
amendments made by subsections (a), (b), and (d) apply to any
plan year beginning before January 1, 2014, either (as
specified in the election)--
(A) for all purposes for which such amendments apply,
or
(B) solely for purposes of determining the adjusted
funding target attainment percentage under sections 436
of the Internal Revenue Code of 1986 and 206(g) of the
Employee Retirement Income Security Act of 1974 (29
U.S.C. 1054(g)) for such plan year.
A plan shall not be treated as failing to meet the requirements
of section 204(g) of such Act and section 411(d)(6) of such
Code solely by reason of an election under this paragraph.

SEC. 2004. EXTENSION OF CUSTOMS USER FEES.

Section 13031(j)(3) of the Consolidated Omnibus Budget Reconciliation
Act of 1985 (19 U.S.C. 58c(j)(3)) is amended--
(1) in subparagraph (A), by striking ``September 30, 2023''
and inserting ``September 30, 2024''; and
(2) in subparagraph (B)(i), by striking ``September 30,
2023'' and inserting ``September 30, 2024''.

I. SUMMARY AND BACKGROUND

A. Purpose and Summary

The bill, H.R. 5021, reported by the Committee on Ways and
Means, extends through May 31, 2015, the expenditure authority
for the Highway Trust Fund. To address the projected inability
of the Highway Trust Fund to meet expenditures with current
revenue sources, H.R. 5021 transfers $7.765 billion from the
General Fund and $1 billion from the Leaking Underground
Storage Tank Trust Fund, to the Highway Account of the Highway
Trust Fund, and $2 billion from the General Fund to the Mass
Transit Account of the Highway Trust Fund. The bill also
contains a pension funding stabilization provision and an
extension of Customs user fees.

B. Background and Need for Legislation

The provisions approved by the Committee reflect the need
to extend expiring Highway Trust Fund expenditure authority,
and address the very near-term projected shortfall in the
Highway Trust Fund to ensure continued funding for highway and
mass transit projects.

C. Legislative History

Background

H.R. 5021 was introduced on July 8, 2014, and was referred
to the Committee on Ways and Means, and in addition to the
Committees on Transportation and Infrastructure; Science, Space
and Technology; Energy and Commerce; Education and the
Workforce; and Natural Resources, for a period to be
subsequently determined by the Speaker, in each case for
consideration of such provisions as fall within the
jurisdiction of the committee concerned.

Committee action

The Committee on Ways and Means marked up H.R. 5021, the
Highway and Transportation Funding Act of 2014, on July 10,
2014, and ordered the bill, as amended, favorably reported
(with a quorum being present).

Committee hearings

The need to address funding issues associated with the
Highway Trust Fund was discussed at the Full Committee hearing
on the President's Fiscal Year 2015 Budget Proposal with the
U.S. Department of the Treasury Secretary Jacob J. Lew (Mar. 6,
2014).

II. EXPLANATION OF THE BILL

A. Extension of Highway Trust Fund Expenditure Authority (sec. 2001 of
the bill and secs. 9503, 9504 and 9508 of the Code)

PRESENT LAW

In general

Six separate excise taxes are imposed to finance the
Federal Highway Trust Fund program. Three of these taxes are
imposed on highway motor fuels. The remaining three are a
retail sales tax on heavy highway vehicles, a manufacturers'
excise tax on heavy vehicle tires, and an annual use tax on
heavy vehicles. A substantial majority of the revenues produced
by the Highway Trust Fund excise taxes are derived from the
taxes on motor fuels. The annual use tax on heavy vehicles
expires October 1, 2017. Except for 4.3 cents per gallon of the
Highway Trust Fund fuels tax rates, the remaining taxes are
scheduled to expire October 1, 2016. The 4.3-cents-per-gallon
portion of the fuels tax rates is permanent.\1\
---------------------------------------------------------------------------
\1\This portion of the tax rates was enacted as a deficit reduction
measure in 1993. Receipts from it were retained in the General Fund
until 1997 legislation provided for their transfer to the Highway Trust
Fund.
---------------------------------------------------------------------------
Revenues from the excise taxes generally are dedicated to
the Highway Trust Fund. Dedication of excise tax revenues to
the Highway Trust Fund and expenditures from the Highway Trust
Fund are governed by the Code.\2\ As discussed below, the Code
authorizes expenditures (subject to appropriations) from the
Highway Trust Fund through September 30, 2014.
---------------------------------------------------------------------------
\2\Sec. 9503. Unless otherwise stated, all section references are
to the Internal Revenue Code of 1986, as amended (the ``Code'').
---------------------------------------------------------------------------

Highway Trust Fund expenditure purposes

Section 9503 contains the operative rules for the transfer
of revenues to the Highway Trust Fund and for the expenditure
of monies from the Highway Trust Fund. In general, these rules
provide for transfer from the General Fund of ``gross
receipts'' from the Highway Trust Fund excise taxes to the
Highway Trust Fund. Amounts deposited in the Highway Trust Fund
are divided between a Mass Transit Account and a residual
account, the ``Highway Account.''\3\ The Mass Transit Account
generally receives 2.86 cents per gallon of the Highway Trust
Fund motor fuels excise taxes.\4\ The balance of the motor
fuels tax receipts and all receipts from the three non-fuels
excise taxes are deposited in the Highway Account.
---------------------------------------------------------------------------
\3\Sec. 9503(e)(1).
\4\Sec. 9503(e)(2).
---------------------------------------------------------------------------
The Highway Trust Fund expenditure purposes have been
revised with each authorization Act enacted since establishment
of the Highway Trust Fund in 1956. In general, expenditures
authorized under those Acts (as the Acts were in effect on the
date of enactment of the most recent such authorizing Act,
currently the Moving Ahead for Progress in the 21st Century Act
or ``MAP-21''\5\) are specified by the Code as authorized
Highway Trust Fund expenditure purposes.\6\ The Code provides
that the authority to make expenditures from the Highway Trust
Fund for these purposes expires after September 30, 2014. Thus,
no Highway Trust Fund expenditures may occur after September
30, 2014, without an amendment to the Code.
---------------------------------------------------------------------------
\5\The short title for Pub. L. No. 112-141 is ``MAP-21'' and the
law is also known as the ``Moving Ahead for Progress in the 21st
Century Act.''
\6\Sec. 9503(c)(1).
---------------------------------------------------------------------------

REASONS FOR CHANGE

The current Highway Trust Fund expenditure authority
expires after September 30, 2014. The Committee believes that
an extension of that authority, through May 31, 2015, will give
Congress sufficient time to carefully consider a more long-term
reauthorization of the Highway Trust Fund and also minimize
disruption and provide some stability for State transportation
programs dependent on funding from the Highway Trust Fund.

EXPLANATION OF PROVISION

The expenditure authority for the Highway Trust Fund is
extended through May 31, 2015. The Code provisions governing
the purposes for which monies in the Highway Trust Fund may be
spent are updated to include the ``Highway and Transportation
Funding Act of 2014.'' The provision also extends the
expenditure authority of, and updates the Code provisions
governing, the Leaking Underground Storage Tank Trust Fund and
the Sport Fish Restoration and Boating Trust Fund.

EFFECTIVE DATE

The provision is effective on the date of enactment.

B. Funding of the Highway Trust Fund (sec. 2002 of the bill and secs.
9503(f) and 9508(c) of the Code)

PRESENT LAW

Public Law No. 110-318, ``an Act to amend the Internal
Revenue Code of 1986 to restore the Highway Trust Fund
balance'' transferred, out of money in the Treasury not
otherwise appropriated, $8,017,000,000 to the Highway Trust
Fund effective September 15, 2008. Public Law No. 111-46, ``an
Act to restore sums to the Highway Trust Fund,'' transferred,
out of money in the Treasury not otherwise appropriated, $7
billion to the Highway Trust Fund effective August 7, 2009. The
Hiring Incentives to Restore Employment Act transferred, out of
money in the Treasury not otherwise appropriated,
$14,700,000,000 to the Highway Trust Fund and $4,800,000,000 to
the Mass Transit Account in the Highway Trust Fund.\7\
---------------------------------------------------------------------------
\7\The Hiring Incentives to Restore Employment Act (the ``HIRE''
Act), Pub. L. No. 111-147, sec. 442.
---------------------------------------------------------------------------
MAP-21 provided that, out of money in the Treasury not
otherwise appropriated, the following transfers were to be made
from the General Fund to the Highway Trust Fund:

----------------------------------------------------------------------------------------------------------------
FY 2013 FY 2014
----------------------------------------------------------------------------------------------------------------
Highway Account............................................. $6.2 billion $10.4 billion
Mass Transit Account........................................ - - - $2.2 billion
----------------------------------------------------------------------------------------------------------------

MAP-21 also transferred $2.4 billion from the Leaking
Underground Storage Tank Trust Fund to the Highway Account in
the Highway Trust Fund.\8\
---------------------------------------------------------------------------
\8\Moving Ahead for Progress in the 21st Century Act (``MAP-21''),
Pub. L. No. 112-141, sec. 40201(a)(2) and sec. 40251.
---------------------------------------------------------------------------

REASONS FOR CHANGE

Both the Highway Account and the Mass Transit Account of
the Highway Trust Fund are nearing insolvency. If Congress does
not act, it is anticipated that the Mass Transit Account will
have only $1 billion available by the end of this fiscal year,
and the Highway Account is expected to experience a shortfall
by August 2014.\9\ As a result, the Department of
Transportation has notified State transportation authorities
that beginning August 1, 2014, for programs funded out of the
Highway Account, the Department of Transportation will
undertake cash management procedures that will limit payments
and eliminate ``same-day'' reimbursements to States.\10\
Instead, payments will be made twice a month and incoming funds
will be distributed in proportion to each State's Federal
formula apportionment in this fiscal year.
---------------------------------------------------------------------------
\9\U.S. Department of Transportation, Highway Trust Fund Ticker
(July 9, 2014). http://www.dot.gov/highway-trust-fund-ticker
\10\See e.g., Anthony R. Foxx, Letter of Anthony R. Foxx, Secretary
of Transportation, to John R. Cooper, Transportation Director, Alabama
Department of Transportation (July 1, 2014).
---------------------------------------------------------------------------
The Committee believes that additional funding for the
Highway Trust Fund should be provided in an amount that is
sufficient to avoid short-term disruption of Federally-funded
transportation programs, while giving Congress enough time to
stabilize that Trust Fund's finances over the longer term. The
Committee further believes that this additional, short-term
funding should be provided to the Highway Trust Fund in a
manner that is budget-neutral and does not involve permanent
tax increases.

EXPLANATION OF PROVISION

The provision transfers from the General Fund $7.765
billion to the Highway Account of the Highway Trust Fund and $2
billion to the Mass Transit Account of the Highway Trust Fund.
The provision also transfers $1 billion from the Leaking
Underground Storage Tank Trust Fund to the Highway Account of
the Highway Trust Fund.

EFFECTIVE DATE

The provision is effective on the date of enactment.

C. Pension Funding Stabilization (sec. 2003 of the bill and secs. 430
and 436 of the Code)

PRESENT LAW

Minimum funding rules

A defined benefit plan maintained by a single employer is
subject to minimum funding rules that generally require the
sponsoring employer to make a certain level of contribution for
each plan year to fund plan benefits.\11\ The minimum funding
rules for single-employer defined benefit plans were
substantially revised by the Pension Protection Act of 2006
(``PPA'').\12\
---------------------------------------------------------------------------
\11\Sec. 412 of the Code and section 302 of the Employee Retirement
Income Security Act of 1974 (``ERISA''). For purposes of whether a plan
is maintained by a single employer, certain related entities, such as
the members of a controlled group, are treated as a single employer.
Different funding rules apply to multiemployer and multipleemployer
defined benefit plans, which are types of plans maintained by two or
more unrelated employers. A number of exceptions to the minimum funding
rules apply. For example, governmental plans (within the meaning of
section 414(d)) and church plans (within the meaning of section 414(e))
are generally not subject to the minimum funding rules. Under section
4971, an excise tax applies if the minimum funding requirements are not
satisfied.
\12\Pub. L. No. 109-280. The PPA minimum funding rules for single-
employer plans are generally effective for plan years beginning after
December 31, 2007. Subsequent changes were made by the Worker, Retiree,
and Employer Recovery Act of 2008 (``WRERA''), Pub. L. No. 110-458; the
Preservation of Access to Care for Medicare Beneficiaries and Pension
Relief Act of 2010 (``PRA 2010''), Pub. L. No. 111-192; and the Moving
Ahead for Progress in the 21st Century Act (``MAP-21''), Pub. L. No.
112-141, discussed further herein.
---------------------------------------------------------------------------

Minimum required contributions

In general
The minimum required contribution for a plan year for a
single-employer defined benefit plan generally depends on a
comparison of the value of the plan's assets, reduced by any
prefunding balance or funding standard carryover balance (``net
value of plan assets''),\13\ with the plan's funding target and
target normal cost. The plan's funding target for a plan year
is the present value of all benefits accrued or earned as of
the beginning of the plan year. A plan's target normal cost for
a plan year is generally the present value of benefits expected
to accrue or to be earned during the plan year.
---------------------------------------------------------------------------
\13\The value of plan assets is generally reduced by any prefunding
balance or funding standard carryover balance in determining minimum
required contributions. A prefunding balance results from plan
contributions that exceed the minimum required contributions. A funding
standard carryover balance results from a positive balance in the
funding standard account that applied under the funding requirements in
effect before PPA. Subject to certain conditions, a prefunding balance
or funding standard carryover balance may be credited against the
minimum required contribution for a year, reducing the amount that must
be contributed.
---------------------------------------------------------------------------
If the net value of plan assets is less than the plan's
funding target, so that the plan has a funding shortfall
(discussed further below), the minimum required contribution is
the sum of the plan's target normal cost and the shortfall
amortization charge for the plan year (determined as described
below).\14\ If the net value of plan assets is equal to or
exceeds the plan's funding target, the minimum required
contribution is the plan's target normal cost, reduced by the
amount, if any, by which the net value of plan assets exceeds
the plan's funding target.
---------------------------------------------------------------------------
\14\If the plan has obtained a waiver of the minimum required
contribution (a funding waiver) within the past five years, the minimum
required contribution also includes the related waiver amortization
charge, that is, the annual installment needed to amortize the waived
amount in level installments over the five years following the year of
the waiver.
---------------------------------------------------------------------------
Shortfall amortization charge
The shortfall amortization charge for a plan year is the
sum of the annual shortfall amortization installments
attributable to the shortfall bases for that plan year and the
six previous plan years. Generally, if a plan has a funding
shortfall for the plan year, a shortfall amortization base must
be established for the plan year.\15\ A plan's funding
shortfall is the amount by which the plan's funding target
exceeds the net value of plan assets. The shortfall
amortization base for a plan year is: (1) the plan's funding
shortfall, minus (2) the present value, determined using the
segment interest rates (discussed below), of the aggregate
total of the shortfall amortization installments that have been
determined for the plan year and any succeeding plan year with
respect to any shortfall amortization bases for the six
previous plan years. The shortfall amortization base is
amortized in level annual installments (``shortfall
amortization installments'') over a seven-year period beginning
with the current plan year and using the segment interest rates
(discussed below).\16\
---------------------------------------------------------------------------
\15\If the value of plan assets, reduced only by any prefunding
balance if the employer elects to apply the prefunding balance against
the required contribution for the plan year, is at least equal to the
plan's funding target, no shortfall amortization base is established
for the year.
\16\Under PRA 2010, employers were permitted to elect to use one of
two alternative extended amortization schedules for up to two
``eligible'' plan years during the period 2008-2011. The use of an
extended amortization schedule has the effect of reducing the amount of
the shortfall amortization installments attributable to the shortfall
amortization base for the eligible plan year. However, the shortfall
amortization installments attributable to an eligible plan year may be
increased by an additional amount, an ``installment acceleration
amount,'' in the case of employee compensation exceeding $1 million,
extraordinary dividends, or stock redemptions within a certain period
of the eligible plan year.
---------------------------------------------------------------------------
The shortfall amortization base for a plan year may be
positive or negative, depending on whether the present value of
remaining installments with respect to amortization bases for
previous years is more or less than the plan's funding
shortfall. If the shortfall amortization base is positive (that
is, the funding shortfall exceeds the present value of the
remaining installments), the related shortfall amortization
installments are positive. If the shortfall amortization base
is negative, the related shortfall amortization installments
are negative. The positive and negative shortfall amortization
installments for a particular plan year are netted when adding
them up in determining the shortfall amortization charge for
the plan year, but the resulting shortfall amortization charge
cannot be less than zero (i.e., negative amortization
installments may not offset normal cost).
If the net value of plan assets for a plan year is at least
equal to the plan's funding target for the year, so the plan
has no funding shortfall, any shortfall amortization bases and
related shortfall amortization installments are eliminated.\17\
As indicated above, if the net value of plan assets exceeds the
plan's funding target, the excess is applied against target
normal cost in determining the minimum required contribution.
---------------------------------------------------------------------------
\17\Any amortization base relating to a funding waiver for a
previous year is also eliminated.
---------------------------------------------------------------------------

Interest rate used to determine target normal cost and funding target

The minimum funding rules for single-employer plans specify
the interest rates and certain other actuarial assumptions that
must be used in determining the present value of benefits for
purposes of a plan's target normal cost and funding target.
Present value is generally determined using three interest
rates (``segment'' rates), each of which applies to benefit
payments expected to be made from the plan during a certain
period.\18\ The first segment rate applies to benefits
reasonably determined to be payable during the five-year period
beginning on the first day of the plan year;\19\ the second
segment rate applies to benefits reasonably determined to be
payable during the 15-year period following the initial five-
year period; and the third segment rate applies to benefits
reasonably determined to be payable at the end of the 15-year
period. Under the funding rules as enacted in PPA (``PPA''
rules), each segment rate is a single interest rate determined
monthly by the Secretary of the Treasury (``Secretary''), on
the basis of a corporate bond yield curve, taking into account
only the portion of the yield curve based on corporate bonds
maturing during the particular segment rate period. The
corporate bond yield curve used for this purpose reflects the
average, for the 24-month period ending with the preceding
month, of yields on investment grade corporate bonds with
varying maturities and that are in the top three quality levels
available. The Internal Revenue Service (``IRS'') publishes the
segment rates each month.
---------------------------------------------------------------------------
\18\Solely for purposes of determining minimum required
contributions, in lieu of the segment rates, an employer may elect to
use interest rates on a yield curve based on the yields on investment
grade corporate bonds for the month preceding the month in which the
plan year begins (i.e., without regard to the 24-month averaging
described above) (``monthly yield curve''). If an election to use a
monthly yield curve is made, it cannot be revoked without IRS approval.
\19\Subject to an exception for small plans with no more than 100
participants, the annual valuation date for a plan must be the first
day of the plan year. Thus, except for small plans with valuation dates
other than the first day of the plan year, the period for which the
first segment rate applies begins on the valuation date.
---------------------------------------------------------------------------
Under MAP-21, for plan years beginning after December 31,
2011, a segment rate determined under the PPA rules is adjusted
if it falls outside a specified percentage range of the average
segment rates for a preceding period. In particular, if a
segment rate determined under the PPA rules is less than the
applicable minimum percentage in the specified range, the
segment rate is adjusted upward to match the minimum
percentage. If a segment rate determined under the PPA rules is
more than the applicable maximum percentage in the specified
range, the segment rate is adjusted downward to match the
maximum percentage. For this purpose, an average segment rate
is the average of the segment rates determined under the PPA
rules for the 25-year period ending September 30 of the
calendar year preceding the calendar year in which the plan
year begins. The Secretary is to determine average segment
rates on an annual basis and may prescribe equivalent rates for
any years in the 25-year period for which segment rates
determined under the PPA rules are not available. The Secretary
is directed to publish the average segment rates each month.
The specified percentage range (that is, the range from the
applicable minimum percentage to the applicable maximum
percentage) for a plan year is determined by reference to the
calendar year in which the plan year begins as follows:
90 percent to 110 percent for 2012,
85 percent to 115 percent for 2013,
80 percent to 120 percent for 2014,
75 percent to 125 percent for 2015, and
70 percent to 130 percent for 2016 or later.

Funding-related benefit restrictions

Special rules may apply to a plan if its funding target
attainment percentage is below a certain level.\20\ A plan's
funding target attainment percentage for a plan year is the
ratio, expressed as a percentage, that the net value of plan
assets bears to the plan's funding target for the year. Because
a plan's funding target is a component of the plan's funding
target attainment percentage, the interest rate used in
determining the plan's funding target generally applies also in
determining the plan's funding target attainment
percentage.\21\
---------------------------------------------------------------------------
\20\For example, funding target attainment percentage is used to
determine whether a plan is in ``at-risk'' status, so that special
actuarial assumptions (``at-risk assumptions'') must be used in
determining the plan's funding target and target normal cost. A plan is
in at risk status for a plan year if, for the preceding year: (1) the
plan's funding target attainment percentage, determined without regard
to the at-risk assumptions, was less than 80 percent, and (2) the
plan's funding target attainment percentage, determined using the at-
risk assumptions (without regard to whether the plan was in at-risk
status for the preceding year), was less than 70 percent. A similar
test applies in order for an employer to be permitted to apply a
prefunding balance against its required contribution, that is, for the
preceding year, the ratio of the value of plan assets (reduced by any
prefunding balance) must be at least 80 percent of the plan's funding
target (determined without regard to the at-risk rules).
\21\The adjustments to the segment rates under MAP-21 do not apply
for certain other purposes for which the segment rates are used, for
example, in calculating the limits on deductible contributions to
single-employer defined benefit plans under section 404.
---------------------------------------------------------------------------
Restrictions on benefit increases, certain types of benefit
payments (``prohibited payments'') and benefit accruals
(collectively referred to as ``benefit restrictions'') may
apply to a plan if the plan's adjusted funding target
attainment percentage is below a certain level.\22\ The plan's
adjusted funding target attainment percentage is determined in
the same way as its funding target attainment percentage,
except that the net value of plan assets and the plan's funding
target are both increased by the aggregate amount of purchases
of annuities for employees, other than highly compensated
employees, made by the plan during the two preceding plan
years. Although anti-cutback rules generally prohibit
reductions in benefits that have already been earned under a
plan,\23\ reductions required to comply with the benefit
restrictions are permitted.
---------------------------------------------------------------------------
\22\Code secs. 401(a)(29) and 436 and ERISA sec. 206(g).
\23\Code sec. 411(d)(6) and ERISA sec. 204(g).
---------------------------------------------------------------------------
Under these rules, a prohibited payment generally means (1)
any payment in excess of the monthly benefit amount paid under
a single life annuity (plus any social security supplement), or
(2) any payment for the purchase of an irrevocable commitment
from an insurer to pay benefits. Prohibited payments generally
may not be made if the plan's adjusted funding target
attainment percentage is less than 60 percent. If a plan's
adjusted funding target attainment percentage is at least 60
percent, but less than 80 percent, prohibited payments may be
made, but subject to limits. In addition, prohibited payments
may not be made during any period in which the plan sponsor is
a debtor in a bankruptcy proceeding under Federal or State law
unless the plan's adjusted funding target attainment percentage
is at least 100 percent.

Annual funding notice

The plan administrator of a single-employer defined benefit
plan must provide an annual funding notice to each participant
and beneficiary, each labor organization representing such
participants or beneficiaries, and the Pension Benefit Guaranty
Corporation (``PBGC'').\24\ In addition to the information
required to be provided in all funding notices, in the case of
a single-employer defined benefit plan, the notice must include
(1) the plan's funding target attainment percentage for the
plan year to which the notice relates and the two preceding
plan years, (2) the value of the plan's assets and benefit
liabilities (that is, the present value of benefits owed under
the plan) for the plan year and the two preceding years,
determined in the same manner as under the funding rules, and
(3) the value of the plan's assets and benefit liabilities as
of the last day of the plan year to which the notice relates,
determined using the fair market value of plan assets (rather
value determined under the funding rules) and, in computing
benefit liabilities, the interest rates used in computing
variable-rate PBGC premiums.\25\
---------------------------------------------------------------------------
\24\ERISA sec. 101(f), originally enacted by section 103 of the
Pension Funding Equity Act of 2004, Pub. L. No. 108-218. Annual funding
notice requirements, with some differences, apply also to multiemployer
and multiple-employer plans.
\25\In applying the funding rules, the value of plan assets may be
determined on the basis of average fair market values over a period of
up to 24 months. PBGC variable-rate premiums are based on a plan's
unfunded vested benefit liabilities, computed using the first, second
and third segment rates as determined under the PPA rules (without
adjustments under MAP-21), but based on a monthly corporate bond yield
curve, rather than a yield curve reflecting average yields for a 24-
month period.
---------------------------------------------------------------------------
Under MAP-21, additional information must be included in
the annual funding notice in the case of an applicable plan
year. For this purpose, an applicable plan year is any plan
year beginning after December 31, 2011, and before January 1,
2015, for which (1) the plan's funding target, determined using
segment rates as adjusted to reflect average segment rates
(``adjusted'' segment rates), is less than 95 percent of the
funding target determined without regard to adjusted segment
rates, (2) the plan has a funding shortfall, determined without
regard to adjusted segment rates, greater than $500,000, and
(3) the plan had 50 or more participants on any day during the
preceding plan year. Specifically, the notice must include (1)
a statement that MAP-21 modified the method for determining the
interest rates used to determine the actuarial value of
benefits earned under the plan, providing for a 25-year average
of interest rates to be taken into account in addition to a
two-year average, (2) a statement that, as a result of MAP-21,
the plan sponsor may contribute less money to the plan when
interest rates are at historical lows, and (3) a table showing,
for the applicable plan year and each of the two preceding plan
years,\26\ the plan's funding target attainment percentage,
funding shortfall, and the employer's minimum required
contribution, each determined both using adjusted segment rates
and without regard to adjusted segment rates.
---------------------------------------------------------------------------
\26\In the case of a preceding plan year beginning before January
1, 2012, only the plan's funding target attainment percentage, funding
shortfall, and the employer's minimum required contribution determined
without regard to adjusted segment rates are required to be provided.
---------------------------------------------------------------------------

REASONS FOR CHANGE

The interest rates used in valuing pension liabilities are
intended to reflect market interest rates. However, interest
rates in recent years have been low compared to average
interest rates over the past 25 years. Recent low interest
rates result in higher values for pension liabilities and
higher required contributions in the near term. MAP-21 modified
the interest rates used in valuing pension liabilities to give
employers the option to effectively spread out the higher
contributions over a longer period of time than would otherwise
have been required. The Committee believes that continued low
interest rates make it appropriate to extend the policy enacted
in MAP-21.

EXPLANATION OF PROVISION

Applicable minimum and maximum percentages

The provision revises the specified percentage ranges (that
is, the range from the applicable minimum percentage to the
applicable maximum percentage of average segment rates) for
determining whether a segment rate must be adjusted upward or
downward.\27\ Under the provision, the specified percentage
range for a plan year is determined by reference to the
calendar year in which the plan year begins as follows:
---------------------------------------------------------------------------
\27\In addition, under the bill, for purposes of the additional
information that must be provided in a funding notice for an applicable
plan year, an applicable plan year includes any plan year that begins
after December 31, 2011, and before January 1, 2020, and that otherwise
meets the definition of applicable plan year.
---------------------------------------------------------------------------
90 percent to 110 percent for 2012 through
2017,
85 percent to 115 percent for 2018,
80 percent to 120 percent for 2019,
75 percent to 125 percent for 2020, and
70 percent to 130 percent for 2021 or later.

Prohibited payments in bankruptcy

Under the provision, the adjusted segment rates do not
apply for purposes of whether prohibited payments may be made
from a plan during a period in which the plan sponsor is a
debtor in a bankruptcy proceeding under Federal or State law,
that is, for purposes of determining whether the plan's
adjusted funding target attainment percentage is at least 100
percent. Thus, the plan's adjusted funding target attainment
percentage, determined without regard to the adjusted segment
rates, must be at least 100 percent in order for prohibited
payments to be made.

Periods for determining segment rates

The provision revises the period of benefit payments to
which the segment rates (or adjusted segment rates) apply.
Under the provision, the first rate applies to benefits
reasonably determined to be payable during the five-year period
beginning on the plan's valuation date (rather than the first
day of the plan year as under present law); the second segment
rate applies to benefits reasonably determined to be payable
during the 15-year period following the initial five-year
period; and the third segment rate applies to benefits
reasonably determined to be payable at the end of the 15-year
period.\28\
---------------------------------------------------------------------------
\28\The provision does not change the requirement that the
valuation date for plans other than certain small plans must be the
first day of the plan year. Thus, the provision does not change these
periods for plans for which the valuation date must be the first day of
the plan year.
---------------------------------------------------------------------------

EFFECTIVE DATE

The provisions relating to the applicable minimum and
maximum percentages and periods for determining segment rates
are generally effective for plan years beginning after December
31, 2012. Under a special rule, an employer may elect, for any
plan year beginning before January 1, 2014, not to have these
provisions apply either (1) for all purposes for which the
provisions would otherwise apply, or (2) solely for purposes of
determining the plan's adjusted funding target attainment
percentage in applying the benefit restrictions for that year.
A plan will not be treated as failing to meet the requirements
of the anti-cutback rules solely by reason of an election under
the special rule.
The provision relating to prohibited payments in bankruptcy
generally applies to plan years beginning after December 31,
2014, or, in the case of a plan maintained pursuant to one or
more collective bargaining agreements, to plan years beginning
after December 31, 2015. If certain requirements are met, a
plan amendment made pursuant to the provision may be
retroactively effective, the plan will be treated as being
operated in accordance with its terms during the period before
the amendment, and the plan will not be treated as failing to
meet the requirements of the anti-cutback rules solely by
reason of the amendment. In order for this treatment to apply,
the amendment must be made pursuant to the provision (or
pursuant to any regulation issued by the Secretary or the
Secretary of Labor under the provision), and the amendment must
be made by the last day of the first plan year beginning on or
after January 1, 2016, or such later date as the Secretary
prescribes. In addition, the plan must be operated as if the
plan amendment were in effect during the period (1) beginning
on the date the provision (or regulation) takes effect (or, in
the case of a plan amendment not required by the provision or
regulation, the effective date specified in the plan), and (2)
ending on the last day of the first plan year beginning on or
after January 1, 2016, or such later date as the Secretary
prescribes (or, if earlier, the date the amendment is adopted).
The amendment must also apply retroactively for that period.

D. Customs User Fees (sec. 2004 of the bill and sec. 58c(j)(3) of Title
19 of the United States Code)

PRESENT LAW

Section 13031 of the Consolidated Omnibus Budget
Reconciliation Act of 1985 (``COBRA'') authorizes the Secretary
of the Treasury to collect passenger and conveyance processing
fees and the merchandise processing fees. Section 412 of the
Homeland Security Act of 2002 authorizes the Secretary of the
Treasury to delegate such authority to the Secretary of
Homeland Security. COBRA has been extended on several
occasions. The current authorization for the collection of the
passenger and conveyance processing fees is through September
30, 2023. The current authorization for the collection of the
merchandise processing fee is through September 30, 2023.

REASONS FOR CHANGE

The Committee believes it is appropriate to extend the
specified Customs user fees.

EXPLANATION OF PROVISION

The provision extends the passenger and conveyance
processing fees and the merchandise processing fee authorized
under Section 13031 of the Consolidated Omnibus Budget
Reconciliation Act of 1985 (``COBRA'') through September 30,
2024.

EFFECTIVE DATE

The provision is effective on the date of enactment.

III. VOTES OF THE COMMITTEE

In compliance with clause 3(b) of rule XIII of the Rules of
the House of Representatives, the following statements are made
concerning the votes of the Committee on Ways and Means in its
consideration of H.R. 5021, the ``Highway and Transportation
Funding Act of 2014.''

VOTE ON AMENDMENT

The vote on the amendment by Mr. Blumenauer to the
amendment in the nature of a substitute--which would shorten
the proposed extension of the expenditure authority of the
Highway Trust Fund and related programs, reduce the amount of
additional funding for the Highway Trust Fund, strike the
provision related to pension funding stabilization, add certain
revenue-raising provisions, and add a Sense of the House of
Representatives provision--was not agreed to by a roll call
vote of 16 yeas to 23 nays (with a quorum being present). The
vote was as follows:

----------------------------------------------------------------------------------------------------------------
Representative Yea Nay Present Representative Yea Nay Present
----------------------------------------------------------------------------------------------------------------
Mr. Camp....................... ........ X ......... Mr. Levin........ X ........ .........
Mr. Johnson.................... ........ X ......... Mr. Rangel....... X ........ .........
Mr. Brady...................... ........ X ......... Mr. McDermott.... X ........ .........
Mr. Ryan....................... ........ X ......... Mr. Lewis........ X ........ .........
Mr. Nunes...................... ........ X ......... Mr. Neal......... X ........ .........
Mr. Tiberi..................... ........ X ......... Mr. Becerra...... X ........ .........
Mr. Reichert................... ........ X ......... Mr. Doggett...... X ........ .........
Mr. Boustany................... ........ X ......... Mr. Thompson..... X ........ .........
Mr. Roskam..................... ........ X ......... Mr. Larson....... X ........ .........
Mr. Gerlach.................... ........ X ......... Mr. Blumenauer... X ........ .........
Mr. Price...................... ........ X ......... Mr. Kind......... X ........ .........
Mr. Buchanan................... ........ X ......... Mr. Pascrell..... X ........ .........
Mr. Smith...................... ........ X ......... Mr. Crowley...... X ........ .........
Mr. Schock..................... ........ X ......... Ms. Schwartz..... X ........ .........
Ms. Jenkins.................... ........ X ......... Mr. Davis........ X ........ .........
Mr. Paulsen.................... ........ X ......... Ms. Sanchez...... X ........ .........
Mr. Marchant................... ........ X
Ms. Black...................... ........ X
Mr. Reed....................... ........ X
Mr. Young...................... ........ X
Mr. Kelly...................... ........ X
Mr. Griffin.................... ........ X
Mr. Renacci.................... ........ X
----------------------------------------------------------------------------------------------------------------

MOTION TO REPORT RECOMMENDATIONS

The bill, H.R. 5021, was ordered favorably reported as
amended by voice vote (with a quorum being present).

IV. BUDGET EFFECTS OF THE BILL

A. Committee Estimate of Budgetary Effects

In compliance with clause 3(d) of rule XIII of the Rules of
the House of Representatives, the following statement is made
concerning the effects on the budget of the revenue provisions
of the bill, H.R. 5021, as reported.
The bill is estimated to have the following effects on
Federal budget receipts for fiscal years 2014-2024:

The bill is estimated to have the following General Fund
and Trust Fund effects for fiscal years 2014-2024:

B. Statement Regarding New Budget Authority and Tax Expenditures Budget
Authority

In compliance with clause 3(c)(2) of rule XIII of the Rules
of the House of Representatives, the Committee states that,
with respect to the provisions of the bill that warranted a
referral to the Committee on Ways and Means, the Congressional
Budget Office (CBO) has found that pursuant to section 608 of
H. Con. Res. 25, the Concurrent Resolution on the Budget,
Fiscal Year 2014--as extended by section 113 of the Bipartisan
Budget Act of 2013 (Public Law 113-67, Division A)--the
transfer from the general fund of the Treasury to the Highway
Trust Fund is considered to be new budget authority for budget
enforcement purposes in the House of Representatives. The
Committee states further that the bill involves no new or
increased tax expenditures.

C. Cost Estimate Prepared by the Congressional Budget Office

In compliance with clause 3(c)(3) of rule XIII of the Rules
of the House of Representatives, requiring a cost estimate
prepared by the CBO, the following statement by CBO is
provided.

U.S. Congress,
Congressional Budget Office,
Washington, DC, July 11, 2014.
Hon. Dave Camp,
Chairman, Committee on Ways and Means,
House of Representatives, Washington, DC.
Dear Mr. Chairman: The Congressional Budget Office has
prepared the enclosed cost estimate for H.R. 5021, the Highway
and Transportation Funding Act of 2014.
If you wish further details on this estimate, we will be
pleased to provide them. The CBO staff contact is Sarah Puro.
Sincerely,
Douglas W. Elmendorf.
Enclosure.

H.R. 5021--Highway and Transportation Funding Act of 2014

Summary: CBO estimates that enacting H.R. 5021 would reduce
direct spending and increase revenues. In total, those changes
would reduce budget deficits over the 2014-2024 period by an
estimated $9.9 billion. The legislation also would transfer
about $9.8 billion from the general fund of the Treasury to the
Highway Trust Fund to facilitate continued spending from that
trust fund. CBO's estimate of the effect of H.R. 5021 on budget
deficits does not include the effects of such a transfer;
however, the budget resolution passed by the House of
Representatives considers transfers from the general fund of
the Treasury to the Highway Trust Fund to be new spending.\1\
---------------------------------------------------------------------------
\1\Transfers totaling $9.8 billion from the general fund of the
Treasury to the Highway Trust Fund would be authorized in section 2002
of the legislation. Section 113 of the Bipartisan Budget Act of 2013
(Public Law 113-67, Division A) extended the terms of section 608 of H.
Con. Res. 25, the Concurrent Resolution on the Budget--Fiscal Year
2014. Pursuant to section 608, general fund transfers to the Highway
Trust Fund are considered to be new budget authority and outlays for
budget enforcement purposes in the House of Representatives.
---------------------------------------------------------------------------
Major provisions of the legislation would:
Extend the spending authority for certain
surface transportation programs,
Extend the authority to collect fees charged
by U.S. Customs and Border Protection, and
Allow single-employer defined benefit
pension plans to use higher interest rates when
calculating their future liabilities for the 2013-2020
plan years. Using higher interest rates would reduce
the minimum contributions that employers are required
to make to such plans, leading to increases in
offsetting receipts, direct spending, and revenues. CBO
expects that the bill would increase the amount of
underfunding in such plans.
Pay-as-you-go procedures apply because enacting the
legislation would affect direct spending and revenues.
CBO has reviewed the nontax provisions of H.R. 5021 and
determined that they contain no intergovernmental mandates as
defined in the Unfunded Mandates Reform Act (UMRA) and would
impose no costs on state, local, or tribal governments. The
staff of the Joint Committee on Taxation (JCT) has reviewed the
tax provisions of H.R. 5021 and determined that they also
contain no intergovernmental mandates.
CBO has determined that the nontax provisions of the bill
would impose a private-sector mandate, as defined in UMRA, by
extending customs fees. CBO estimates that the cost of the
mandate would well exceed the annual threshold established in
UMRA for private-sector mandates ($152 million in 2014,
adjusted annually for inflation). JCT has reviewed the tax
provisions of H.R. 5021 and determined that they contain no
private-sector mandates.
Estimated cost to the Federal Government: The estimated
budgetary effects of H.R. 5021 are shown in the table on the
following page. The costs of this legislation fall within
budget functions 600 (income security) and 750 (administration
of justice).
Basis of estimate: H.R. 5021 would reduce direct spending
and increase revenues by a combined total of roughly $9.9
billion between 2015 and 2024. The legislation would also
increase spending subject to appropriation by an estimated $2
billion, on an annualized basis, if the necessary funds were
appropriated.

Direct spending

H.R. 5021 would reduce direct spending by about $4.8
billion over the 2015-2024 period, CBO estimates.
Extension of Customs Fees. Under current law, certain fees
collected by U.S. Customs and Border Protection will expire
after September 30, 2023. The bill would extend COBRA fees
(which were established in the Consolidated Omnibus Budget
Reconciliation Act of 1985) and merchandise processing fees
through September 30, 2024. CBO estimates that those changes
would increase offsetting receipts (a credit against direct
spending) by about $3.5 billion in 2024.

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
By fiscal year, in millions of dollars--
----------------------------------------------------------------------------------------------------------------------------------------------
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2014-2019 2014-2024
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
CHANGES IN DIRECT SPENDINGa

Customs Fees:
Estimated Budget Authority................... 0 0 0 0 0 0 0 0 0 0 -3,542 0 -3,542
Estimated Outlays............................ 0 0 0 0 0 0 0 0 0 0 -3,542 0 -3,542
Pension Provisions:
Estimated Budget Authority................... 0 -15 -70 -150 -210 -235 -215 -195 -130 -40 25 -680 -1,235
Estimated Outlays............................ 0 -15 -70 -150 -210 -235 -215 -195 -130 -40 25 -680 -1,235
Total Changes:
Estimated Budget Authority................... 0 -15 -70 -150 -210 -235 -215 -195 -130 -40 -3,517 -680 -4,777
Estimated Outlays............................ 0 -15 -70 -150 -210 -235 -215 -195 -130 -40 -3,517 -680 -4,777

CHANGES IN REVENUES

Estimated Revenues............................... 749 2,717 4,136 4,551 3,872 2,015 23 -1,758 -3,321 -4,052 -3,779 18,040 5,152

NET INCREASE OR DECREASE (-) IN THE DEFICIT FROM CHANGES IN DIRECT SPENDING AND REVENUES

Impact on the Deficit............................ -749 -2,732 -4,206 -4,701 -4,082 -2,250 -238 1,563 3,191 4,012 262 -18,720 -9,929

CHANGES IN SPENDING SUBJECT TO APPROPRIATION

Estimated Authorization Level.................... 0 2,000 0 0 0 0 0 0 0 0 0 2,000 2,000
Estimated Outlays................................ 0 340 580 400 260 220 140 40 0 0 0 1,800 1,980
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Sources: CBO and staff of the Joint Committee on Taxation.
aThe bill's provision to extend spending authority for certain surface transportation programs through May 2015 would allow for spending that would not happen under current law. However, the
continuation of spending at current (annualized) levels is assumed in CBO's baseline projections, as required by the Balanced Budget and Emergency Deficit Control Act. Therefore, enacting
the extension in H.R. 5021 would have no effect relative to those baseline projections.

Modification of Pension Calculation. Employers are required
to pay premiums to the Pension Benefit Guaranty Corporation
(PBGC) that are based on the amount of underfunding of their
pension plans. By reducing the amounts that employers must
contribute to their plans, the bill would increase the amount
of underfunding and thereby increase the premiums paid to the
PBGC. Also, to the extent that employers terminate their plans
in the next 10 years, PBGC will assume those plans' assets and
pay pension benefits to those retirees. Under the bill, the
greater amount of underfunding would probably cause some plans
to be terminated more quickly than under current law, while
some other plans that would have been terminated anyway would
have fewer assets for PBGC to assume; both of those differences
would increase costs for PBGC. Based on information from PBGC,
CBO estimates that the increased premium income and higher
federal payments for retirees' benefits would, on net, reduce
direct spending by $1.2 billion over the 2015-2024 period.
Extension of the Authorization for Surface Transportation
Provisions. H.R. 5021 would extend provisions of MAP-21 (The
Moving Ahead for Progress in the 21st Century Act, Public Law
112-141), the most recent authorization for highway and transit
programs, through May 2015. That law authorizes programs
administered by the Federal Highway Administration, the Federal
Transit Administration, the National Highway Traffic Safety
Administration, and the Federal Motor Carrier Safety
Administration. However, the continuation of spending at
current (annualized) levels is assumed in CBO's baseline
projections, as required by the Balanced Budget and Emergency
Deficit Control Act. Because H.R. 5021 would extend spending
authority at the current level (on an annualized basis), it
would have no effect on spending relative to those baseline
projections.

Revenues

H.R. 5021 would modify the method of determining the
interest rates that certain sponsors of pension plans use when
calculating their required contributions to certain defined
benefit plans. Through 2020, sponsors that maintain single-
employer defined benefit plans would be allowed to use higher
interest rates than under current law, resulting in lower
contributions by employers to those plans initially and higher
contributions in the latter years of the baseline period. Such
contributions are tax-deductible, so a reduction in their
amount would increase firms' taxable income.
JCT estimates that those and other pension provisions of
H.R. 5021 would increase revenues by about $18.0 billion over
the 2014-2019 period and by about $5.2 billion over the 2014-
2024 period. A portion of those estimated increases in
revenues--about $0.8 billion over the 2014-2019 period and $0.2
billion over the 2014-2024 period--would stem from Social
Security taxes, which are classified as off-budget.

Spending subject to appropriation

H.R. 5021 would authorize the appropriation of funds for
the construction of certain new transit projects that operate
on fixed routes (for example, subway and light rail projects),
for certain transportation-related grants to tribal
governments, and for certain programs operated by the Pipeline
and Hazardous Materials Administration. CBO estimates that the
bill would authorize the appropriation of $2 billion, on an
annualized basis, for fiscal year 2015.
Pay-As-You-Go considerations: The Statutory Pay-As-You-Go
Act of 2010 establishes budget-reporting and enforcement
procedures for legislation affecting direct spending or
revenues. The net changes in outlays and revenues that are
subject to those pay-as-you-go procedures are shown in the
following table. For pay-as-you-go purposes, only on-budget
effects are included; thus, additional revenues that would be
paid into Social Security's trust funds under H.R. 5021 are
excluded from this table.

CBO ESTIMATE OF PAY-AS-YOU-GO EFFECTS FOR H.R. 5021, AS ORDERED REPORTED BY THE HOUSE COMMITTEE ON WAYS AND MEANS ON JULY 10, 2014
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
By fiscal year, in millions of dollars--
----------------------------------------------------------------------------------------------------------------------------------------------
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2014-2019 2014-2024
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
NET INCREASE OR DECREASE (-) IN THE ON-BUDGET DEFICIT

Statutory Pay-As-You-Go Impact................... -725 -2,606 -4,022 -4,504 -3,927 -2,181 -251 1,473 3,036 3,837 105 -17,965 -9,765
Memorandum:
Changes in Outlays........................... 0 -15 -70 -150 -210 -235 -215 -195 -130 -40 -3,517 -680 -4,777
Changes in Revenues.......................... 725 2,591 3,952 4,354 3,717 1,946 36 -1,668 -3,166 -3,877 -3,622 17,285 4,988
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Estimated impact on state, local, and tribal governments:
CBO has reviewed the nontax provisions of H.R. 5021 and
determined that they contain no intergovernmental mandates as
defined in UMRA and would impose no costs on state, local, or
tribal governments. JCT has reviewed the tax provisions of H.R.
5021 and determined that they also contain no intergovernmental
mandates.
Estimated impact on the private sector: CBO has determined
that the nontax provisions of H.R. 5021 would impose a private-
sector mandate, as defined in UMRA, by extending customs fees
for one year. CBO estimates that those fees would total about
$3.5 billion in 2024. Consequently, the cost of the mandate
would well exceed the annual threshold established in UMRA for
private-sector mandates ($152 million in 2014, adjusted
annually for inflation). JCT has reviewed the tax provisions of
H.R. 5021 and determined that they contain no private-sector
mandates.
Estimate prepared by: Federal spending: Sarah Puro, Mark
Grabowicz, and Sheila Dacey; Federal revenues: Mark Booth and
the staff of the Joint Committee on Taxation; Impact on state,
local, and tribal governments: Mike Hirsch and Leo Lex; Impact
on the private sector: Amy Petz.
Estimate approved by: Peter H. Fontaine, Assistant Director
for Budget Analysis.

D. Macroeconomic Impact Analysis

In compliance with clause 3(h)(2) of rule XIII of the Rules
of the House of Representatives, the following statement is
made by the Joint Committee on Taxation with respect to the
provisions of the bill amending the Internal Revenue Code of
1986: the effects of the bill on economic activity are so small
as to be incalculable within the context of a model of the
aggregate economy.

V. OTHER MATTERS TO BE DISCUSSED UNDER THE RULES OF THE HOUSE

A. Committee Oversight Findings and Recommendations

With respect to clause 3(c)(1) of rule XIII of the Rules of
the House of Representatives (relating to oversight findings),
the Committee advises that it was as a result of the
Committee's review of the provisions of H.R. 5021 that
warranted a referral to the Committee on Ways and Means that
the Committee concluded that it is appropriate to report the
bill favorably to the House of Representatives with the
recommendation that the bill do pass.

B. Statement of General Performance Goals and Objectives

With respect to clause 3(c)(4) of rule XIII of the Rules of
the House of Representatives, the Committee advises that the
provisions that warranted a referral to the Committee on Ways
and Means contain no measures that authorize funding for
specific programs supported by the Highway Trust Fund, so no
statement of general performance goals and objectives for which
any measure authorizes funding is required.

C. Information Relating to Unfunded Mandates

This information is provided in accordance with section 423
of the Unfunded Mandates Reform Act of 1995 (Pub. L. No. 104-
4).
Among the provisions of the bill that warranted a referral
to the Committee on Ways and Means, the Committee has
determined that the bill's tax provisions do not contain any
Federal private sector mandates--and do not impose a Federal
intergovernmental mandate on State, local, or tribal
governments--within the meaning of Public Law No. 104-4, the
Unfunded Mandates Reform Act of 1995 (UMRA). The Committee also
states that, according to the Congressional Budget Office
(CBO), the provision related to Customs user fees would impose
a private-sector mandate, as defined by UMRA, but would not
impose intergovernmental mandates or costs on state, local, or
tribal governments.

D. Applicability of House Rule XXI 5(b)

Clause 5(b) of rule XXI of the Rules of the House of
Representatives provides, in part, that ``A bill or joint
resolution, amendment, or conference report carrying a Federal
income tax rate increase may not be considered as passed or
agreed to unless so determined by a vote of not less than
three-fifths of the Members voting, a quorum being present.''
The Committee has carefully reviewed the provisions of the
bill, and states that the provisions of the bill do not involve
any Federal income tax rate increases within the meaning of the
rule.

E. Tax Complexity Analysis

Section 4022(b) of the Internal Revenue Service Reform and
Restructuring Act of 1998 (the ``IRS Reform Act'') requires the
Joint Committee on Taxation (in consultation with the Internal
Revenue Service and the Department of the Treasury) to provide
a tax complexity analysis. The complexity analysis is required
for all legislation reported by the Senate Committee on
Finance, the House Committee on Ways and Means, or any
committee of conference if the legislation includes a provision
that directly or indirectly amends the Internal Revenue Code
and has widespread applicability to individuals or small
businesses.
Pursuant to clause 3(h)(1) of rule XIII of the Rules of the
House of Representatives, the staff of the Joint Committee on
Taxation has determined that a complexity analysis is not
required under section 4022(b) of the IRS Reform Act because
the bill contains no provisions that amend the Code and have
``widespread applicability'' to individuals or small businesses
within the meaning of that section.

F. Congressional Earmarks, Limited Tax Benefits, and Limited Tariff
Benefits

With respect to clause 9 of rule XXI of the Rules of the
House of Representatives, the Committee has carefully reviewed
the provisions of the bill that warranted a referral to the
Committee on Ways and Means, and states that such provisions do
not contain any congressional earmarks, limited tax benefits,
or limited tariff benefits within the meaning of the rule.

G. Duplication of Federal Programs

In compliance with Sec. 3(j)(2) of H. Res. 5 (113th
Congress), the Committee states that, with respect to
provisions that warranted a referral to the Committee on Ways
and Means, the Government Accountability Office has included
the Highway Trust Fund and related programs and Customs user
fees in reports to Congress pursuant to section 21 of Public
Law 111-139. The Committee also states that, with respect to
provisions that warranted a referral to the Committee on Ways
and Means, the most recent Catalog of Federal Domestic
Assistance, published pursuant to the Federal Program
Information Act (Public Law 95-220, as amended by Public Law
98-169), identified programs related to the Leaking Underground
Storage Tank Trust Fund.

H. Disclosure of Directed Rule Makings

In compliance with Sec. 3(k) of H. Res. 5 (113th Congress),
the following statement is made concerning directed rule
makings: The Committee estimates that the provisions of the
bill that warranted a referral to the Committee on Ways and
Means require no directed rule makings within the meaning of
such section.

VI. CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED

In compliance with clause 3(e) of rule XIII of the Rules of
the House of Representatives, changes in existing law made by
the bill, as reported, are shown as follows (existing law
proposed to be omitted is enclosed in black brackets, new
matter is printed in italic, existing law in which no change is
proposed is shown in roman):

MAP-21

* * * * * * *
DIVISION A--FEDERAL-AID HIGHWAYS AND HIGHWAY SAFETY CONSTRUCTION
PROGRAMS

TITLE I--FEDERAL-AID HIGHWAYS

Subtitle A--Authorizations and Programs

* * * * * * *

SEC. 1102. OBLIGATION CEILING.

(a) General Limitation.--Subject to subsection (e), and
notwithstanding any other provision of law, the obligations for
Federal-aid highway and highway safety construction programs
shall not exceed--
(1) $39,699,000,000 for fiscal year 2013; [and]
(2) $40,256,000,000 for fiscal year 2014[.]; and
(3) $26,800,569,863 for the period beginning on
October 1, 2014, and ending on May 31, 2015.
(b) Exceptions.--The limitations under subsection (a) shall
not apply to obligations under or for--
(1) * * *

* * * * * * *

(10) section 105 of title 23, United States Code
(but, for each of fiscal years 2005 through [2011]
2012, only in an amount equal to $639,000,000 for each
of those fiscal years);

* * * * * * *

(12) section 119 of title 23, United States Code
(but, for each of fiscal years 2013 through 2014, only
in an amount equal to $639,000,000 for each of those
fiscal years, and for the period beginning on October
1, 2014, and ending on May 31, 2015, only in an amount
equal to $639,000,000, less any reductions that would
have otherwise been required for that year by section
251A of the Balanced Budget and Emergency Deficit
Control Act of 1985 (2 U.S.C. 901a), then multiplied by
\243/365\ for that period).
(c) Distribution of Obligation Authority.--For each of fiscal
years 2013 through 2014 and for the period beginning on October
1, 2014, and ending on May 31, 2015, the Secretary--
(1) shall not distribute obligation authority
provided by subsection (a) for the fiscal year or
period for--
[(A) amounts authorized for administrative
expenses and programs by section 104(a) of
title 23, United States Code; and]
(A) amounts provided for administrative
expenses and programs; and

* * * * * * *

(2) shall not distribute an amount of obligation
authority provided by subsection (a) that is equal to
the unobligated balance of amounts or, for the period
beginning on October 1, 2014, and ending May 31, 2015,
that is equal to \243/365\ of such unobligated
balance--
(A) * * *

* * * * * * *

(3) shall determine the proportion that--
(A) the obligation authority provided by
subsection (a) for the fiscal year or period,
less the aggregate of amounts not distributed
under paragraphs (1) and (2) of this
subsection; bears to
(B) the total of the sums authorized to be
appropriated for the Federal-aid highway and
highway safety construction programs (other
than sums authorized to be appropriated for
provisions of law described in paragraphs (1)
through (11) of subsection (b) and sums
authorized to be appropriated for section 119
of title 23, United States Code, equal to the
amount referred to in subsection (b)(12) for
the fiscal year or period), less the aggregate
of the amounts not distributed under paragraphs
(1) and (2) of this subsection;
(4) shall distribute the obligation authority
provided by subsection (a), less the aggregate amounts
not distributed under paragraphs (1) and (2), for each
of the programs (other than programs to which paragraph
(1) applies) that are allocated by the Secretary under
this Act and title 23, United States Code, or
apportioned by the Secretary under sections 202 or 204
of that title, by multiplying--
(A) * * *
(B) the amounts authorized to be appropriated
for each such program for the fiscal year or
period; and
(5) shall distribute the obligation authority
provided by subsection (a), less the aggregate amounts
not distributed under paragraphs (1) and (2) and the
amounts distributed under paragraph (4), for Federal-
aid highway and highway safety construction programs
that are apportioned by the Secretary under title 23,
United States Code (other than the amounts apportioned
for the national highway performance program in section
119 of title 23, United States Code, that are exempt
from the limitation under subsection (b)(12) and the
amounts apportioned under [section 204] sections 202
and 204 of that title) in the proportion that--
(A) amounts authorized to be appropriated for
the programs that are apportioned under title
23, United States Code, to each State for the
fiscal year or period; bears to
(B) the total of the amounts authorized to be
appropriated for the programs that are
apportioned under title 23, United States Code,
to all States for the fiscal year or period.
(d) Redistribution of Unused Obligation Authority.--
Notwithstanding subsection (c), the Secretary shall, after
August 1 of each of fiscal years 2013 through [2014] 2015--
(1) * * *

* * * * * * *

(f) Redistribution of Certain Authorized Funds.--
(1) In general.--Not later than 30 days after the
date of distribution of obligation authority under
subsection (c) for each of fiscal years 2013 through
2014 and for the period beginning on October 1, 2014,
and ending on May 31, 2015, the Secretary shall
distribute to the States any funds (excluding funds
authorized for the program under section 202 of title
23, United States Code) that--
(A) are authorized to be appropriated for the
fiscal year or period for Federal-aid highway
programs; and
(B) the Secretary determines will not be
allocated to the States (or will not be
apportioned to the States under section 204 of
title 23, United States Code), and will not be
available for obligation, for the fiscal year
or period because of the imposition of any
obligation limitation for the fiscal year or
period.

* * * * * * *

(3) Availability.--Funds distributed to each State
under paragraph (1) shall be available for any purpose
described in [section 133(c)] section 133(b) of title
23, United States Code.

* * * * * * *

SEC. 1123. TRIBAL HIGH PRIORITY PROJECTS PROGRAM.

(a) * * *

* * * * * * *

(h) Authorization of Appropriations.--
(1) In general.--There is authorized to be
appropriated $30,000,000 out of the general fund of the
Treasury to carry out the program for each of fiscal
years 2013 and 2014 and $19,972,603 out of the general
fund of the Treasury to carry out the program for the
period beginning on October 1, 2014, and ending on May
31, 2015.

* * * * * * *

DIVISION C--TRANSPORTATION SAFETY AND SURFACE TRANSPORTATION POLICY

TITLE I--MOTOR VEHICLE AND HIGHWAY SAFETY IMPROVEMENT ACT OF 2012

* * * * * * *

Subtitle A--Highway Safety

SEC. 31101. AUTHORIZATION OF APPROPRIATIONS.

(a) In General.--The following sums are authorized to be
appropriated out of the Highway Trust Fund (other than the Mass
Transit Account):
(1) Highway safety programs.--For carrying out
section 402 of title 23, United States Code--
(A) $235,000,000 for fiscal year 2013; [and]
(B) $235,000,000 for fiscal year 2014[.]; and
(C) $156,452,055 for the period beginning on
October 1, 2014, and ending on May 31, 2015.
(2) Highway safety research and development.--For
carrying out section 403 of title 23, United States
Code--
(A) $110,500,000 for fiscal year 2013; [and]
(B) $113,500,000 for fiscal year 2014[.]; and
(C) $75,563,014 for the period beginning on
October 1, 2014, and ending on May 31, 2015.
(3) National priority safety programs.--For carrying
out section 405 of title 23, United States Code--
(A) $265,000,000 for fiscal year 2013; [and]
(B) $272,000,000 for fiscal year 2014[.]; and
(C) $181,084,932 for the period beginning on
October 1, 2014, and ending on May 31, 2015.
(4) National driver register.--For the National
Highway Traffic Safety Administration to carry out
chapter 303 of title 49, United States Code--
(A) $5,000,000 for fiscal year 2013; [and]
(B) $5,000,000 for fiscal year 2014[.]; and
(C) $3,328,767 for the period beginning on
October 1, 2014, and ending on May 31, 2015.
(5) High visibility enforcement program.--For
carrying out section 2009 of SAFETEA-LU (23 U.S.C. 402
note)--
(A) $29,000,000 for fiscal year 2013; [and]
(B) $29,000,000 for fiscal year 2014[.]; and
(C) $19,306,849 for the period beginning on
October 1, 2014, and ending on May 31, 2015.
(6) Administrative expenses.--For administrative and
related operating expenses of the National Highway
Traffic Safety Administration in carrying out chapter 4
of title 23, United States Code, and this subtitle--
(A) $25,500,000 for fiscal year 2013; [and]
(B) $25,500,000 for fiscal year 2014[.]; and
(C) $16,976,712 for the period beginning on
October 1, 2014, and ending on May 31, 2015.

* * * * * * *

(c) Applicability of Title 23.--Except as otherwise provided
in chapter 4 of title 23, United States Code, and in this
subtitle, amounts made available under subsection (a) for
fiscal years 2013 and 2014 and for the period beginning on
October 1, 2014, and ending on May 31, 2015, shall be available
for obligation in the same manner as if such funds were
apportioned under chapter 1 of title 23, United States Code.

* * * * * * *

----------

SAFETEA-LU

* * * * * * *
TITLE II--HIGHWAY SAFETY

* * * * * * *

SEC. 2009. HIGH VISIBILITY ENFORCEMENT PROGRAM.

(a) In General.--The Administrator of the National Highway
Traffic Safety Administration shall establish and administer a
program under which at least 3 high-visibility traffic safety
law enforcement campaigns will be carried out for the purposes
specified in subsection (b) in each of fiscal years 2013 and
2014 and in the period beginning on October 1, 2014, and ending
on May 31, 2015,. The Administrator may also initiate and
support additional campaigns in each of fiscal years 2013 and
2014 and in the period beginning on October 1, 2014, and ending
on May 31, 2015, for the purposes specified in subsection (b).

* * * * * * *

TITLE IV--MOTOR CARRIER SAFETY

* * * * * * *

Subtitle A--Commercial Motor Vehicle Safety

SEC. 4101. AUTHORIZATION OF APPROPRIATIONS.

(a) * * *
(c) Grant Programs.--There are authorized to be appropriated
from the Highway Trust Fund (other than the Mass Transit
Account) the following sums for the following Federal Motor
Carrier Safety Administration programs:
(1) Commercial driver's license program improvement
grants.--For commercial driver's license program
improvement grants under section 31313 of title 49,
United States Code $30,000,000 for each of fiscal years
2013 and 2014 and $19,972,603 for the period beginning
on October 1, 2014, and ending on May 31, 2015.
(2) Border enforcement grants.--For border
enforcement grants under section 31107 of such title
$32,000,000 for each of fiscal years 2013 and 2014 and
$21,304,110 for the period beginning on October 1,
2014, and ending on May 31, 2015.
(3) Performance and registration information system
management grant program.--For the performance and
registration information system management grant
program under section 31109 of such title $5,000,000
for each of fiscal years 2013 and 2014 and $3,328,767
for the period beginning on October 1, 2014, and ending
on May 31, 2015.
(4) Commercial vehicle information systems and
networks deployment.--For carrying out the commercial
vehicle information systems and networks deployment
program under section 4126 of this Act, $25,000,000 for
each of fiscal years 2013 and 2014 and $16,643,836 for
the period beginning on October 1, 2014, and ending on
May 31, 2015.
(5) Safety data improvement grants.--For safety data
improvement grants under section 4128 of this Act,
$3,000,000 for each of fiscal years 2013 and 2014 and
$1,997,260 for the period beginning on October 1, 2014,
and ending on May 31, 2015.

* * * * * * *

SEC. 4127. OUTREACH AND EDUCATION.

(a) * * *

* * * * * * *

(e) Funding.--From amounts made available under section
31104(i) of title 49, United States Code, the Secretary shall
make available $4,000,000 to the Federal Motor Carrier Safety
Administration for each of fiscal years 2013 and 2014 and
$2,663,014 to the Federal Motor Carrier Safety Administration
for the period beginning on October 1, 2014, and ending on May
31, 2015, to carry out this section (other than subsection
(f)).

* * * * * * *

SEC. 4134. GRANT PROGRAM FOR COMMERCIAL MOTOR VEHICLE OPERATORS.

(a) * * *

* * * * * * *

(c) Funding.--From amounts made available under section
31104(i) of title 49, United States Code, the Secretary shall
make available $1,000,000 for each of fiscal years 2005 through
2014 and $665,753 for the period beginning on October 1, 2014,
and ending on May 31, 2015, to carry out this section.

* * * * * * *

----------

TITLE 23, UNITED STATES CODE

* * * * * * *
CHAPTER 4--HIGHWAY SAFETY

* * * * * * *

Sec. 403. Highway safety research and development

(a) * * *

* * * * * * *

(f) Cooperative Research and Evaluation.--
(1) Establishment and funding.--Notwithstanding the
apportionment formula set forth in section 402(c)(2),
$2,500,000 of the total amount available for
apportionment to the States for highway safety programs
under subsection 402(c) in each fiscal year ending
before October 1, 2014, and $1,664,384 of the total
amount available for apportionment to the States for
highway safety programs under section 402(c) in the
period beginning on October 1, 2014, and ending on May
31, 2015, shall be available for expenditure by the
Secretary, acting through the Administrator of the
National Highway Traffic Safety Administration, for a
cooperative research and evaluation program to research
and evaluate priority highway safety countermeasures.

* * * * * * *

----------

TITLE 49, UNITED STATES CODE

* * * * * * *
SUBTITLE III--GENERAL AND INTERMODAL PROGRAMS

* * * * * * *

CHAPTER 51--TRANSPORTATION OF HAZARDOUS MATERIAL

* * * * * * *

Sec. 5128. Authorization of appropriations

(a) In General.--There are authorized to be appropriated to
the Secretary to carry out this chapter (except sections
5107(e), 5108(g)(2), 5113, 5115, 5116, and 5119)--
(1) $42,338,000 for fiscal year 2013; [and]
(2) $42,762,000 for fiscal year 2014[.]; and
(3) $28,468,948 for the period beginning on October
1, 2014, and ending on May 31, 2015.
(b) Hazardous Materials Emergency Preparedness Fund.--[From
the]
(1) Fiscal years 2013 and 2014.--From the Hazardous
Materials Emergency Preparedness Fund established under
section 5116(i), the Secretary may expend, during each
of fiscal years 2013 and 2014--
[(1)] (A) $188,000 to carry out section 5115;
[(2)] (B) $21,800,000 to carry out
subsections (a) and (b) of section 5116, of
which not less than $13,650,000 shall be
available to carry out section 5116(b);
[(3)] (C) $150,000 to carry out section
5116(f);
[(4)] (D) $625,000 to publish and distribute
the Emergency Response Guidebook under section
5116(i)(3); and
[(5)] (E) $1,000,000 to carry out section
5116(j).
(2) Fiscal year 2015.--From the Hazardous Materials
Emergency Preparedness Fund established under section
5116(i), the Secretary may expend for the period
beginning on October 1, 2014, and ending on May 31,
2015--
(A) $125,162 to carry out section 5115;
(B) $14,513,425 to carry out subsections (a)
and (b) of section 5116, of which not less than
$9,087,534 shall be available to carry out
section 5116(b);
(C) $99,863 to carry out section 5116(f);
(D) $416,096 to publish and distribute the
Emergency Response Guidebook under section
5116(i)(3); and
(E) $665,753 to carry out section 5116(j).
(c) Hazardous Materials Training Grants.--From the Hazardous
Materials Emergency Preparedness Fund established pursuant to
section 5116(i), the Secretary may expend $4,000,000 for each
of the fiscal years 2013 and 2014 and $2,663,014 for the period
beginning on October 1, 2014, and ending on May 31, 2015, to
carry out section 5107(e).

* * * * * * *

CHAPTER 53--PUBLIC TRANSPORTATION

* * * * * * *

Sec. 5311. Formula grants for rural areas

(a) * * *

* * * * * * *

(c) Apportionments.--
(1) Public transportation on Indian reservations.--Of
the amounts made available or appropriated for each
fiscal year pursuant to section 5338(a)(2)(E) to carry
out this paragraph, the following amounts shall be
apportioned each fiscal year for grants to Indian
tribes for any purpose eligible under this section,
under such terms and conditions as may be established
by the Secretary:
(A) $5,000,000 for each fiscal year ending
before October 1, 2014, and $3,328,767 for the
period beginning on October 1, 2014, and ending
on May 31, 2015, shall be distributed on a
competitive basis by the Secretary.
(B) $25,000,000 for each fiscal year ending
before October 1, 2014, and $16,643,836 for the
period beginning on October 1, 2014, and ending
on May 31, 2015, shall be apportioned as
formula grants, as provided in subsection (j).

* * * * * * *

Sec. 5336. Apportionment of appropriations for formula grants

(a) * * *

* * * * * * *

(h) Apportionments.--Of the amounts made available for each
fiscal year under section 5338(a)(2)(C)--
(1) $30,000,000 for each fiscal year ending before
October 1, 2014, and $19,972,603 for the period
beginning on October 1, 2014, and ending on May 31,
2015, shall be set aside to carry out section 5307(h);

* * * * * * *

Sec. 5338. Authorizations

(a) Formula Grants.--
(1) In general.--There shall be available from the
Mass Transit Account of the Highway Trust Fund to carry
out sections 5305, 5307, 5310, 5311, 5318, 5322(d),
5335, 5337, 5339, and 5340, and section 20005(b) of the
Federal Public Transportation Act of 2012,
$8,478,000,000 for fiscal year 2013 [and $8,595,000,000
for fiscal year 2014], $8,595,000,000 for fiscal year
2014, and $5,722,150,685 for the period beginning on
October 1, 2014, and ending on May 31, 2015.
(2) Allocation of funds.--Of the amounts made
available under paragraph (1)--
(A) $126,900,000 for fiscal year 2013 [and
$128,800,000 for fiscal year 2014],
$128,800,000 for fiscal year 2014, and
$85,749,041 for the period beginning on October
1, 2014, and ending on May 31, 2015, shall be
available to carry out section 5305;
(B) $10,000,000 for each of fiscal years 2013
and 2014 and $6,657,534 for the period
beginning on October 1, 2014, and ending on May
31, 2015, shall be available to carry out
section 20005(b) of the Federal Public
Transportation Act of 2012;
(C) $4,397,950,000 for fiscal year 2013 [and
$4,458,650,000 for fiscal year 2014],
$4,458,650,000 for fiscal year 2014, and
$2,968,361,507 for the period beginning on
October 1, 2014, and ending on May 31, 2015,
shall be allocated in accordance with section
5336 to provide financial assistance for
urbanized areas under section 5307;
(D) $254,800,000 for fiscal year 2013 [and
$258,300,000 for fiscal year 2014],
$258,300,000 for fiscal year 2014, and
$171,964,110 for the period beginning on
October 1, 2014, and ending on May 31, 2015,
shall be available to provide financial
assistance for services for the enhanced
mobility of seniors and individuals with
disabilities under section 5310;
(E) $599,500,000 for fiscal year 2013 [and
$607,800,000 for fiscal year 2014],
$607,800,000 for fiscal year 2014, and
$404,644,932 for the period beginning on
October 1, 2014, and ending on May 31, 2015,
shall be available to provide financial
assistance for rural areas under section 5311,
of which not less than $30,000,000 for fiscal
year 2013 [and $30,000,000 for fiscal year
2014], $30,000,000 for fiscal year 2014, and
$19,972,603 for the period beginning on October
1, 2014, and ending on May 31, 2015, shall be
available to carry out section 5311(c)(1) and
$20,000,000 for fiscal year 2013 [and
$20,000,000 for fiscal year 2014], $20,000,000
for fiscal year 2014, and $13,315,068 for the
period beginning on October 1, 2014, and ending
on May 31, 2015, shall be available to carry
out section 5311(c)(2);
(F) $3,000,000 for each of fiscal years 2013
and 2014 and $1,997,260 for the period
beginning on October 1, 2014, and ending on May
31, 2015, shall be available for bus testing
under section 5318;
(G) $5,000,000 for each of fiscal years 2013
and 2014 and $3,328,767 for the period
beginning on October 1, 2014, and ending on May
31, 2015, shall be available for the national
transit institute under section 5322(d);
(H) $3,850,000 for each of fiscal years 2013
and 2014 and $2,563,151 for the period
beginning on October 1, 2014, and ending on May
31, 2015, shall be available to carry out
section 5335;
(I) $2,136,300,000 for fiscal year 2013 [and
$2,165,900,000 for fiscal year 2014],
$2,165,900,000 for fiscal year 2014, and
$1,441,955,342 for the period beginning on
October 1, 2014, and ending on May 31, 2015,
shall be available to carry out section 5337;
(J) $422,000,000 for fiscal year 2013 [and
$427,800,000 for fiscal year 2014],
$427,800,000 for fiscal year 2014, and
$284,809,315 for the period beginning on
October 1, 2014, and ending on May 31, 2015,
shall be available for the bus and bus
facilities program under section 5339; and
(K) $518,700,000 for fiscal year 2013 [and
$525,900,000 for fiscal year 2014],
$525,900,000 for fiscal year 2014, and
$350,119,726 for the period beginning on
October 1, 2014, and ending on May 31, 2015,
shall be allocated in accordance with section
5340 to provide financial assistance for
urbanized areas under section 5307 and rural
areas under section 5311.
(b) Research, Development Demonstration and Deployment
Projects.--There are authorized to be appropriated to carry out
section 5312, $70,000,000 for fiscal year 2013 [and $70,000,000
for fiscal year 2014], $70,000,000 for fiscal year 2014, and
$46,602,740 for the period beginning on October 1, 2014, and
ending on May 31, 2015.
(c) Transit Cooperative Research Program.--There are
authorized to be appropriated to carry out section 5313,
$7,000,000 for fiscal year 2013 [and $7,000,000 for fiscal year
2014], $7,000,000 for fiscal year 2014, and $4,660,274 for the
period beginning on October 1, 2014, and ending on May 31,
2015.
(d) Technical Assistance and Standards Development.--There
are authorized to be appropriated to carry out section 5314,
$7,000,000 for fiscal year 2013 [and $7,000,000 for fiscal year
2014], $7,000,000 for fiscal year 2014, and $4,660,274 for the
period beginning on October 1, 2014, and ending on May 31,
2015.
(e) Human Resources and Training.--There are authorized to be
appropriated to carry out subsections (a), (b), (c), and (e) of
section 5322, $5,000,000 for fiscal year 2013 [and $5,000,000
for fiscal year 2014], $5,000,000 for fiscal year 2014, and
$3,328,767 for the period beginning on October 1, 2014, and
ending on May 31, 2015.

* * * * * * *

(g) Capital Investment Grants.--There are authorized to be
appropriated to carry out section 5309, $1,907,000,000 for
fiscal year 2013 [and $1,907,000,000 for fiscal year 2014],
$1,907,000,000 for fiscal year 2014, and $1,269,591,781 for the
period beginning on October 1, 2014, and ending on May 31,
2015.
(h) Administration.--
(1) In general.--There are authorized to be
appropriated to carry out section 5334, $104,000,000
for fiscal year 2013 [and $104,000,000 for fiscal year
2014], $104,000,000 for fiscal year 2014, and
$69,238,356 for the period beginning on October 1,
2014, and ending on May 31, 2015.
(2) Section 5329.--Of the amounts authorized to be
appropriated under paragraph (1), not less than
$5,000,000 for each of fiscal years 2013 and 2014 and
not less than $3,328,767 for the period beginning on
October 1, 2014, and ending on May 31, 2015, shall be
available to carry out section 5329.
(3) Section 5326.--Of the amounts made available
under paragraph (2), not less than $1,000,000 for each
of fiscal years 2013 and 2014 and not less than
$665,753 for the period beginning on October 1, 2014,
and ending on May 31, 2015, shall be available to carry
out section 5326.

* * * * * * *

Sec. 5339. Bus and bus facilities formula grants

(a) * * *

* * * * * * *

(d) Distribution of Grant Funds.--Funds allocated under
section 5338(a)(2)(J) shall be distributed as follows:
(1) National distribution.--$65,500,000 for each of
fiscal years 2013 and 2014 and $43,606,849 for the
period beginning on October 1, 2014, and ending on May
31, 2015, shall be allocated to all States and
territories, with each State receiving $1,250,000 for
each such fiscal year and $832,192 for such period and
each territory receiving $500,000 for each such fiscal
year and $332,877 for such period.

* * * * * * *

SUBTITLE VI--MOTOR VEHICLE AND DRIVER PROGRAMS

* * * * * * *

PART B--COMMERCIAL

* * * * * * *

CHAPTER 311--COMMERCIAL MOTOR VEHICLE SAFETY

SUBCHAPTER I--GENERAL AUTHORITY AND STATE GRANTS PROGRAMS

* * * * * * *

Sec. 31104. Availability of amounts

(a) In General.--Subject to subsection (f), there are
authorized to be appropriated from the Highway Trust Fund
(other than the Mass Transit Account) to carry out section
31102--
(1) * * *

* * * * * * *

(8) $215,000,000 for fiscal year 2013; [and]
(9) $218,000,000 for fiscal year 2014[.]; and
(10) $145,134,247 for the period beginning on October
1, 2014, and ending on May 31, 2015.

* * * * * * *

(i) Administrative Expenses.--
(1) Authorization of appropriations.--There are
authorized to be appropriated from the Highway Trust
Fund (other than the Mass Transit Account) for the
Secretary of Transportation to pay administrative
expenses of the Federal Motor Carrier Safety
Administration--
(A) * * *

* * * * * * *

(H) $251,000,000 for fiscal year 2013; [and]
(I) $259,000,000 for fiscal year 2014[.]; and
(J) $172,430,137 for the period beginning on
October 1, 2014, and ending on May 31, 2015.

* * * * * * *

(k) High-Priority Activities.--
(1) * * *
(2) Set aside.--The Secretary may set aside from
amounts made available by subsection (a) up to
$15,000,000 for each of fiscal years 2006 through 2014
and up to $9,986,301 for the period beginning on
October 1, 2014, and ending on May 31, 2015, for
States, local governments, and organizations
representing government agencies or officials described
in paragraph (3) for carrying out high priority
activities and projects that improve commercial motor
vehicle safety and compliance with commercial motor
vehicle safety regulations (including activities and
projects that are national in scope), increase public
awareness and education, demonstrate new technologies,
and reduce the number and rate of accidents involving
commercial motor vehicles.

* * * * * * *

SUBCHAPTER III--SAFETY REGULATION

* * * * * * *

Sec. 31144. Safety fitness of owners and operators

(a) * * *

* * * * * * *

(g) Safety Reviews of New Operators.--
(1) * * *

* * * * * * *

(5) New entrant audits.--
(A) * * *
(B) Set aside.--The Secretary shall set aside
from amounts made available by section 31104(a)
up to $32,000,000 per fiscal year and up to
$21,304,110 for the period beginning on October
1, 2014, and ending on May 31, 2015, for audits
of new entrant motor carriers conducted
pursuant to this paragraph.

* * * * * * *

----------

DINGELL-JOHNSON SPORT FISH RESTORATION ACT

* * * * * * *
Sec. 4. (a) In General.--For each fiscal year through 2014
and for the period beginning on October 1, 2014, and ending on
May 31, 2015, the balance of each annual appropriation made in
accordance with the provisions of section 3 remaining after the
distributions for administrative expenses and other purposes
under subsection (b) and for multistate conservation grants
under section 14 shall be distributed as follows:
(1) * * *

* * * * * * *

(b) Set-Aside for Expenses for Administration of the Dingell-
Johnson Sport Fish Restoration Act.--
(1) In general.--
(A) Set-aside for administration.--From the
annual appropriation made in accordance with
section 3, [for each of fiscal years 2006
through 2011 and for the period beginning on
October 1, 2011, and ending on June 30, 2012,]
for each fiscal year ending before October 1,
2014, and for the period beginning on October
1, 2014, and ending on May 31, 2015, the
Secretary of the Interior may use no more than
the amount specified in subparagraph (B) for
the fiscal year for expenses for administration
incurred in the implementation of this Act, in
accordance with this section and section 9. The
amount specified in subparagraph (B) for a
fiscal year may not be included in the amount
of the annual appropriation distributed under
subsection (a) for the fiscal year.

* * * * * * *

----------

INTERNAL REVENUE CODE OF 1986

* * * * * * *
Subtitle A--Income Taxes

* * * * * * *

CHAPTER 1--NORMAL TAXES AND SURTAXES

* * * * * * *

Subchapter D--Deferred Compensation, Etc

* * * * * * *

PART III--RULES RELATING TO MINIMUM FUNDING STANDARDS AND BENEFIT
LIMITATIONS

* * * * * * *

Subpart A--Minimum Funding Standards for Pension Plans

SEC. 430. MINIMUM FUNDING STANDARDS FOR SINGLE-EMPLOYER DEFINED BENEFIT
PENSION PLANS.

(a) * * *

* * * * * * *

(h) Actuarial Assumptions and Methods.--
(1) * * *
(2) Interest rates.--
(A) * * *
(B) Interest rates for determining funding
target.--For purposes of determining the
funding target and target normal cost of a plan
for any plan year, the interest rate used in
determining the present value of the benefits
of the plan shall be--
(i) in the case of benefits
reasonably determined to be payable
during the 5-year period beginning on
[the first day of the plan year] the
valuation date for the plan year, the
first segment rate with respect to the
applicable month,

* * * * * * *

(iv) Segment rate stabilization.--
(I) * * *
(II) Applicable minimum
percentage; applicable maximum
percentage.--For purposes of
subclause (I), the applicable
minimum percentage and the
applicable maximum percentage
for a plan year beginning in a
calendar year shall be
determined in accordance with
the following table:

------------------------------------------------------------------------
[If the calendar year The applicable minimum The applicable maximum
is: percentage is: percentage is:
------------------------------------------------------------------------
2012.................. 90% 110%
2013.................. 85% 115%
2014.................. 80% 120%
2015.................. 75% 125%
After 2015............ 70% 130%.]
------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------
The applicable minimum
If the calendar year is: percentage is: The applicable maximum percentage is:
----------------------------------------------------------------------------------------------------------------
2012, 2013, 2014, 2015, 2016, or 2017. 90%.......................... 110%
2018.................................. 85%.......................... 115%
2019.................................. 80%.......................... 120%
2020.................................. 75%.......................... 125%
After 2020............................ 70%.......................... 130%
----------------------------------------------------------------------------------------------------------------

* * * * * * *
Subpart B--Benefit Limitations Under Single-Employer Plans

SEC. 436. FUNDING-BASED LIMITS ON BENEFITS AND BENEFIT ACCRUALS UNDER
SINGLE-EMPLOYER PLANS.

(a) * * *

* * * * * * *

(d) Limitations on Accelerated Benefit Distributions.--
(1) * * *
(2) Bankruptcy.--A defined benefit plan which is a
single- employer plan shall provide that, during any
period in which the plan sponsor is a debtor in a case
under title 11 or similar Federal or State law, the
plan may not pay any prohibited payment. The preceding
sentence shall not apply on or after the date on which
the enrolled actuary of the plan certifies that the
adjusted funding target attainment percentage [of such
plan] of such plan (determined by not taking into
account any adjustment of segment rates under section
430(h)(2)(C)(iv)) is not less than 100 percent.

* * * * * * *

Subtitle I--Trust Fund Code

* * * * * * *

CHAPTER 98--TRUST FUND CODE

* * * * * * *

Subchapter A--Establishment of Trust Funds

* * * * * * *

SEC. 9503. HIGHWAY TRUST FUND.

(a) * * *
(b) Transfer to Highway Trust Fund of Amounts Equivalent to
Certain Taxes and Penalties.--
(1) * * *

* * * * * * *

(6) Limitation on transfers to Highway Trust Fund.--
(A) * * *
(B) Exception for prior obligations.--
Subparagraph (A) shall not apply to any
expenditure to liquidate any contract entered
into (or for any amount otherwise obligated)
before [October 1, 2014] June 1, 2015, in
accordance with the provisions of this section.
(c) Expenditures from Highway Trust Fund.--
(1) Federal-aid highway program.--Except as provided
in subsection (e), amounts in the Highway Trust Fund
shall be available, as provided by appropriation Acts,
for making expenditures before [October 1, 2014] June
1, 2015, to meet those obligations of the United States
heretofore or hereafter incurred which are authorized
to be paid out of the Highway Trust Fund under the
[MAP-21] Highway and Transportation Funding Act of 2014
or any other provision of law which was referred to in
this paragraph before the date of the enactment of such
Act (as such Act and provisions of law are in effect on
the date of the enactment of such Act).

* * * * * * *

(e) Establishment of Mass Transit Account.--
(1) * * *

* * * * * * *

(3) Expenditures from Account.--Amounts in the Mass
Transit Account shall be available, as provided by
appropriation Acts, for making capital or capital
related expenditures (including capital expenditures
for new projects) before [October 1, 2014] June 1,
2015, in accordance with the [MAP-21] Highway and
Transportation Funding Act of 2014 or any other
provision of law which was referred to in this
paragraph before the date of the enactment of such Act
(as such Act and provisions of law are in effect on the
date of the enactment of such Act).

* * * * * * *

(f) Determination of Trust Fund Balances After September 30,
1998.--
(1) * * *

* * * * * * *

(5) Additional sums.--Out of money in the Treasury
not otherwise appropriated, there is hereby
appropriated--
(A) $7,765,000,000 to the Highway Account (as
defined in subsection (e)(5)(B)) in the Highway
Trust Fund; and
(B) $2,000,000,000 to the Mass Transit
Account in the Highway Trust Fund.
(6) Additional increase in fund balance.--There is
hereby transferred to the Highway Account (as defined
in subsection (e)(5)(B)) in the Highway Trust Fund
amounts appropriated from the Leaking Underground
Storage Tank Trust Fund under section 9508(c)(3).
[(5)] (7) Treatment of amounts.--Any amount
appropriated or transferred under this subsection to
the Highway Trust Fund shall remain available without
fiscal year limitation.

SEC. 9504. SPORT FISH RESTORATION AND BOATING TRUST FUND.

(a) * * *
(b) Sport Fish Restoration and Boating Trust Fund.--
(1) * * *
(2) Expenditures from Trust Fund.--Amounts in the
Sport Fish Restoration and Boating trust Fund shall be
available, as provided by appropriation Acts, for
making expenditures--
(A) to carry out the purposes of the Dingell-
Johnson Sport Fish Restoration Act (as in
effect on the date of the enactment of the
[MAP-21] Highway and Transportation Funding Act
of 2014),
(B) to carry out the purposes of section
7404(d) of the Transportation Equity Act for
the 21st Century (as in effect on the date of
the enactment of the [MAP-21] Highway and
Transportation Funding Act of 2014), and
(C) to carry out the purposes of the Coastal
Wetlands Planning, Protection and Restoration
Act (as in effect on the date of the enactment
of the [MAP-21] Highway and Transportation
Funding Act of 2014).
Amounts transferred to such account under section
9503(c)(4) may be used only for making expenditures
described in subparagraph (C) of this paragraph.

* * * * * * *

(d) Limitation on Transfers to Trust Fund.--
(1) * * *
(2) Exception for prior obligations.--Paragraph (1)
shall not apply to any expenditure to liquidate any
contract entered into (or for any amount otherwise
obligated) before [October 1, 2014] June 1, 2015, in
accordance with the provisions of this section.

* * * * * * *

SEC. 9508. LEAKING UNDERGROUND STORAGE TANK TRUST FUND.

(a) * * *

* * * * * * *

(c) Expenditures.--
(1) In general.--Except as provided in [paragraph
(2)] paragraphs (2) and (3), amounts in the Leaking
Underground Storage Tank Trust Fund shall be available,
as provided in appropriation Acts, only for purposes of
making expenditures to carry out sections 9003(h),
9003(i), 9003(j), 9004(f), 9005(c), 9010, 9011, 9012,
and 9013 of the Solid Waste Disposal Act as in effect
on the date of the enactment of the Public Law 109-168.

* * * * * * *

(3) Additional transfer to highway trust fund.--Out
of amounts in the Leaking Underground Storage Tank
Trust Fund there is hereby appropriated $1,000,000,000
to be transferred under section 9503(f)(6) to the
Highway Account (as defined in section 9503(e)(5)(B))
in the Highway Trust Fund.

* * * * * * *

(e) Limitation on Transfers to Leaking Underground Storage
Tank Trust Fund.--
(1) * * *
(2) Exception for prior obligations.--Paragraph (1)
shall not apply to any expenditure to liquidate any
contract entered into (or for any amount otherwise
obligated) before [October 1, 2014] June 1, 2015, in
accordance with the provisions of this section.

* * * * * * *

----------

EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974

* * * * * * *
TITLE I--PROTECTION OF EMPLOYEE BENEFIT RIGHTS

* * * * * * *

Subtitle B--Regulatory Provisions

* * * * * * *

Part 1--Reporting and Disclosure

duty of disclosure and reporting

Sec. 101. (a) * * *

* * * * * * *

(f) Defined Benefit Plan Funding Notices.--
(1) * * *
(2) Information contained in notices.--
(A) * * *

* * * * * * *

(D) Effect of segment rate stabilization on
plan funding.--
(i) In general.--In the case of a
single-employer plan for an applicable
plan year, each notice under paragraph
(1) shall include--
(I) a statement that the MAP-
21 and the Highway and
Transportation Funding Act of
2014 modified the method for
determining the interest rates
used to determine the actuarial
value of benefits earned under
the plan, providing for a 25-
year average of interest rates
to be taken into account in
addition to a 2-year average,
(II) a statement that, as a
result of the MAP-21 and the
Highway and Transportation
Funding Act of 2014, the plan
sponsor may contribute less
money to the plan when interest
rates are at historical lows,
and

* * * * * * *

(ii) Applicable plan year.--For
purposes of this subparagraph, the term
``applicable plan year'' means any plan
year beginning after December 31, 2011,
and before January 1, [2015] 2020, for
which--
(I) * * *

* * * * * * *

Part 2--Participation and Vesting

* * * * * * *

other provisions relating to form and payment of benefits

Sec. 206. (a) * * *

* * * * * * *

(g) Funding-Based Limits on Benefits and Benefit Accruals
Under Single-Employer Plans.--
(1) * * *

* * * * * * *

(3) Limitations on accelerated benefit
distributions.--
(A) * * *
(B) Bankruptcy.--A defined benefit plan which
is a single-employer plan shall provide that,
during any period in which the plan sponsor is
a debtor in a case under title 11, United
States Code, or similar Federal or State law,
the plan may not pay any prohibited payment.
The preceding sentence shall not apply on or
after the date on which the enrolled actuary of
the plan certifies that the adjusted funding
target attainment percentage [of such plan] of
such plan (determined by not taking into
account any adjustment of segment rates under
section 303(h)(2)(C)(iv)) is not less than 100
percent.

* * * * * * *

Part 3--Funding

* * * * * * *

SEC. 303. MINIMUM FUNDING STANDARDS FOR SINGLE-EMPLOYER DEFINED BENEFIT
PENSION PLANS.

(a) * * *

* * * * * * *

(h) Actuarial Assumptions and Methods.--
(1) * * *
(2) Interest rates.--
(A) * * *
(B) Interest rates for determining funding
target.--For purposes of determining the
funding target and normal cost of a plan for
any plan year, the interest rate used in
determining the present value of the benefits
of the plan shall be--
(i) in the case of benefits
reasonably determined to be payable
during the 5-year period beginning on
[the first day of the plan year] the
valuation date for the plan year, the
first segment rate with respect to the
applicable month,

* * * * * * *

------------------------------------------------------------------------
The The
applicable applicable
[If the calendar year is: minimum maximum
percentage percentage
is: is:
------------------------------------------------------------------------
[2012......................................... 90% 110%
2013.......................................... 85% 115%
2014.......................................... 80% 120%
2015.......................................... 75% 125%
After 2015.................................... 70% 130%.]
------------------------------------------------------------------------

* * * * * * *
----------

CONSOLIDATED OMNIBUS BUDGET RECONCILIATION ACT OF 1985

* * * * * * *
SEC. 13031. FEES FOR CERTAIN CUSTOMS SERVICES.

(a) * * *

* * * * * * *

(j) Effective Dates.--(1) * * *

* * * * * * *

(3)(A) Fees may not be charged under paragraphs (9) and (10)
of subsection (a) after [September 30, 2023] September 30,
2024.
(B)(i) Subject to clause (ii), Fees may not be charged under
paragraphs (1) through (8) of subsection (a) after [September
30, 2023] September 30, 2024.

* * * * * * *

VII. ADDITIONAL VIEWS

There is no disagreement that the Committee on Ways and
Means must not allow the financing of our nation's
transportation and infrastructure programs to lapse. That
notion was clearly evidenced by the Committee's support, by
voice vote, to ensure that projects already underway would be
funded, and projects to be scheduled in the short term would
not be canceled.
What was missing was Republican support for a better
alternative. Representative Earl Blumenauer offered an
amendment at the markup that would place pressure on the
Committee and the House, by the end of this Congress, to enact
a long-term transportation authorization, through at least
2020. The amendment provided adequate funding to the Highway
Trust Fund (``Trust Fund'') to ensure continued long-term
financing of our nation's surface transportation projects, and
the proposal enjoyed the unanimous support of Committee
Democrats. Consistent with their prior performance, Ways and
Means Republicans unanimously rejected the notion that the
Committee should commit to such a policy that offers certainty
and stability, not to mention ensuring years of good-paying
jobs.
However, when the Committee focuses on enacting short-term
fixes, the momentum and drive behind enacting long-term
policies run out of gas. In the last three-plus years, the
Republican majority on this prestigious panel has failed to
take advantage of its potential influence and responsibility to
adequately fund the Trust Fund over the long term. In fact,
this Committee has not held a single hearing on financing
options for the Trust Fund since House Republicans assumed the
majority, despite Democrats urging otherwise.
Six months ago, every Democrat on this committee requested
that the Chairman hold a series of hearings on financing
options. ``Time is of the essence,'' we wrote in that January
letter. Democrats repeated this request less than a month ago--
still, no hearing.
Our infrastructure, once a point of pride around the world,
is literally falling apart. The American Society of Civil
Engineers gave our country's roads an overall grade of D in its
2013 report card. More and more of our nation's bridges are
becoming structurally unsound. The Congressional Budget Office
estimates that, in its current form, the Trust Fund will
experience a shortfall of $120 billion over the next 10 years.
Federal inaction and short-term extensions create uncertainty
at the state and local level, and hinder needed transportation
investments.
Americans deserve better. They deserve a long-term solution
from this Congress that provides certainty for states and local
communities and construction workers alike, and that addresses
our nation's overwhelming infrastructure needs.
We must acknowledge that our nation's transportation
infrastructure requires reliable and sustainable funding.
Funding the Trust Fund through the end of the year will
continue the pressure on this Congress to reach that critical
long-term solution.
Finally, given that the majority's legislation is using the
same offsets used to pay for the bipartisan Senate-passed
unemployment insurance extension and since Speaker Boehner has
demanded that any action on this issue be attached to a jobs
bill, House Republicans should take this opportunity to finally
extend assistance to America's job seekers. In the more than
six months since Republicans first blocked an extension of
unemployment insurance, more than three million Americans have
been cut off benefits--hurting both families and our economy.
Sander M. Levin,
Ranking Member.
Earl Blumenauer.