Signed by President Barack Obama II

Vote Smart's Synopsis:

Vote to concur with House amendments and pass a bill that appropriates funds, authorizes appropriations, issues new tax credits, and modifies existing tax credits for purposes related to employment, infrastructure, and transportation.

Highlights:

• Specifies that most employers will not be required to pay an excise tax for the second, third, and fourth calendar quarters of 2010 on wages for employees who began employment between February 3, 2010 and December 31, 2010, with the following conditions (Sec. 101):
• The employer must provide a signed affidavit that employees have not worked more than 40 hours a week in the 60 days prior to employment;
• The employee was not hired to replace a worker that was fired; and
• The employee is not a corporation, nor owns either directly or indirectly more than 50 percent of the company's capital.

• Specifies that, on payroll taxes paid during the first quarter, amounts that could have otherwise been credited shall be treated as payments against first quarter payroll taxes (Sec. 101).

• Specifies that Railroad Retirement taxes shall apply to any employee who began employment between February 3, 2010 and December 31, 2010 at a rate of 1.45 percent of wages paid by the employer (Sec. 101).

• Increases the current year business tax credit for employers that have retained workers for at least 52 consecutive weeks by the lesser of the following (Sec. 102):
• $1,000; or
• 6.2 times the amount of wages paid by the employer to workers.

• Specifies that issuers of qualified zone academy bonds and qualified school construction zone bonds may elect to apply for a tax credit, and a credit shall be the lesser of (Sec. 301):
• The amount of interest payable under the bond; or
• The amount of interest that would have been payable under the bond if such interest is subject to an applicable credit rate under Section 54A of the Internal Revenue Code.

• Specifies that issuers of clean energy bonds and qualified energy conservation bonds may elect to apply for a tax credit, and that the credit shall be 70 percent of the amount of interest payable under the bond (Sec. 301).

• Requires 10 percent of funds made available for projects funded under Titles I, III and V of the Safe, Accountable, Flexible, Efficient Transportation Equity Act (SAFETEA-LU) and any conforming provisions in this act shall go to businesses owned and controlled by "socially and economically disadvantaged individuals" (Sec. 451).

• Requires states to compile a list of businesses owned and controlled by "socially and economically disadvantaged individuals" (Sec. 451).

• Specifies that a "socially and economically disadvantaged" individual includes, but is not limited to, Native Americans, Native Hawaiians, and women (Sec. 451).

• Specifies corporate estimated tax for corporations with $1 billion or more in assets shall be calculated as follows (Sec. 561):
• Any required installment that is otherwise due in July, August, or September of 2009 shall be 123.25 percent of such amount;
• Any required installment that is otherwise due in July, August, or September of 2015 shall be 121.5 percent of such amount;
• Any required installment that is otherwise due in July, August, or September of 2019 shall be 106.5 percent of such amount; and
• Any future installments shall be reduced appropriately.

• Specifies that PAYGO compliance for this act is required (Sec. 562).

Full Bill Text

Vote Smart's Synopsis:

Vote to concur with Senate amendments and adopt additional amendments to a bill that appropriates funds, authorizes appropriations, issues new tax credits, and modifies existing tax credits for purposes related to employment, infrastructure, and transportation.

Highlights:

• Specifies that most employers will not be required to pay an excise tax for the second, third, and fourth calendar quarters of 2010 on wages for employees who began employment between February 3, 2010 and December 31, 2010, with the following conditions (Sec. 101):
• The employer must provide a signed affidavit that employees have not worked more than 40 hours a week in the 60 days prior to employment;
• The employee was not hired to replace a worker that was fired; and
• The employee is not a corporation, nor owns either directly or indirectly more than 50 percent of the company's capital.

• Specifies that, on payroll taxes paid during the first quarter, amounts that could have otherwise been credited shall be treated as payments against first quarter payroll taxes (Sec. 101).

• Specifies that Railroad Retirement taxes shall apply to any employee who began employment between February 3, 2010 and December 31, 2010 at a rate of 1.45 percent of wages paid by the employer (Sec. 101).

• Increases the current year business tax credit for employers that have retained workers for at least 52 consecutive weeks by the lesser of the following (Sec. 102):
• $1,000; or
• 6.2 times the amount of wages paid by the employer to workers.

• Specifies that issuers of qualified zone academy bonds and qualified school construction zone bonds may elect to apply for a tax credit, and a credit shall be the lesser of (Sec. 301):
• The amount of interest payable under the bond; or
• The amount of interest that would have been payable under the bond if such interest is subject to an applicable credit rate under Section 54A of the Internal Revenue Code.

• Specifies that issuers of clean energy bonds and qualified energy conservation bonds may elect to apply for a tax credit, and that the credit shall be 70 percent of the amount of interest payable under the bond (Sec. 301).

• Requires 10 percent of funds made available for projects funded under Titles I, III and V of the Safe, Accountable, Flexible, Efficient Transportation Equity Act (SAFETEA-LU) and any conforming provisions in this act shall go to businesses owned and controlled by "socially and economically disadvantaged individuals" (Sec. 451).

• Requires states to compile a list of businesses owned and controlled by "socially and economically disadvantaged individuals" (Sec. 451).

• Specifies that a "socially and economically disadvantaged" individual includes, but is not limited to, Native Americans, Native Hawaiians, and women (Sec. 451).

• Specifies corporate estimated tax for corporations with $1 billion or more in assets shall be calculated as follows (Sec. 561):
• Any required installment that is otherwise due in July, August, or September of 2009 shall be 123.25 percent of such amount;
• Any required installment that is otherwise due in July, August, or September of 2015 shall be 121.5 percent of such amount;
• Any required installment that is otherwise due in July, August, or September of 2019 shall be 106.5 percent of such amount; and
• Any future installments shall be reduced appropriately.

• Specifies that PAYGO compliance for this act is required (Sec. 562).

Full Bill Text

Vote Smart's Synopsis:

Vote to concur in a House amendment with an amendment to a bill that includes various tax credits to businesses, tax credits for bond issuers, appropriates $45.46 billion for the extension of current surface transportation programs, and provides for the transfer of $19.5 billion from the Treasury to the Highway Trust Fund.

Highlights:

• Specifies that most employers will not be required to pay an excise tax on wages for employees who began employment between February 3, 2010 and December 31, 2010, with the following conditions (Sec. 101):
• The employer must provide a signed affidavit that employees have not worked more than 40 hours a week in the 60 days prior to employment;
• The employee was not hired to replace a worker that was fired; and
• The employee is not a corporation, nor owns either directly or indirectly more than 50 percent of the company's capital.

• Increases the current year business tax credit for employers that have retained workers for at least 52 consecutive weeks in the amount of $1,000 times the amount of workers retained in the taxable year, only if during the last 26 weeks of the taxable year retained employees were paid at least 80 percent of what they were paid in the first 26 weeks of the taxable year (Sec. 102).

• Increases the expensing allowance for depreciable business assets for taxable years beginning after 2007 and before 2011 from $125,000 to $250,000 (Sec. 201).

• Specifies that issuers of clean energy bonds, qualified energy conservation bonds, qualified zone academy bonds, and qualified school construction zone bonds may elect to apply for a tax credit, and may be credited as follows (Sec. 301):
• If a small bond issuer, 65 percent of the amount of payable interest; and
• If any other bond issuer, 45 percent of the amount of payable interest.

• Establishes obligation ceilings for amounts made available from the Highway Trust Fund as follows (Sec. 437):
• $10.51 billion for fiscal year 2010; and
• $2.63 billion for the period between October 1, 2010 and December 31, 2010.

• Requires any individual with more than $50,000 to report any funds held in a depository or custodial account that is maintained by a foreign financial institution (Sec. 511).

• Requires United States shareholders of a passive foreign investment companies to file annual informational returns (Sec. 521). -Specifies that a foreign trust has a United States beneficiary if the following applies (Sec. 531):
• The beneficiary's interest in the trust is contingent on a future event; or
• The beneficiary directly or indirectly transfers property to a foreign trust or uses trust property without paying compensation.

• Appropriates $528.03 million to the Federal-aid highway program for fiscal year 2010 (Sec. 412).

• Appropriates $1.71 billion for the extension of National Highway Traffic Safety Administration Programs (Sec. 421).

• Appropriates $795.28 million for the extension of Federal Motor Carrier Safety Administration Programs (Sec. 422).

• Appropriates $43.22 billion for Public Transportation Programs (Title IV, Subtitle C).

Full Bill Text

Vote Smart's Synopsis:

Vote to concur with Senate amendments and adopt additional amendments to a bill that appropriates funds, authorizes appropriations, issues new tax credits, and modifies existing tax credits for purposes related to employment, infrastructure, and transportation.

Highlights:

• Specifies that most employers will not be required to pay an excise tax on wages for employees who began employment between February 3, 2010 and December 31, 2010, with the following conditions (Sec. 101):
• The employer must provide a signed affidavit that employees have not worked more than 40 hours a week in the 60 days prior to employment;
• The employee was not hired to replace a worker that was fired; and
• The employee is not a corporation, nor owns either directly or indirectly more than 50 percent of the company's capital.

• Increases the current year business tax credit for employers that have retained workers for at least 52 consecutive weeks in the amount of $1,000 times the amount of workers retained in the taxable year, only if during the last 26 weeks of the taxable year retained employees were paid at least 80 percent of what they were paid in the first 26 weeks of the taxable year (Sec. 102).

• Increases the expensing allowance for depreciable business assets for taxable years beginning after 2007 and before 2011 from $125,000 to $250,000 (Sec. 201).

• Specifies that issuers of clean energy bonds, qualified energy conservation bonds, qualified zone academy bonds, and qualified school construction zone bonds may elect to apply for a tax credit, and may be credited as follows (Sec. 301):
• If a small bond issuer, 65 percent of the amount of payable interest; and
• If any other bond issuer, 45 percent of the amount of payable interest.

• Establishes obligation ceilings for amounts made available from the Highway Trust Fund as follows (Sec. 437):
• $10.51 billion for fiscal year 2010; and
• $2.63 billion for the period between October 1, 2010 and December 31, 2010.

• Requires any individual with more than $50,000 to report any funds held in a depository or custodial account that is maintained by a foreign financial institution (Sec. 511).

• Requires United States shareholders of a passive foreign investment companies to file annual informational returns (Sec. 521). -Specifies that a foreign trust has a United States beneficiary if the following applies (Sec. 531):
• The beneficiary's interest in the trust is contingent on a future event; or
• The beneficiary directly or indirectly transfers property to a foreign trust or uses trust property without paying compensation.

• Appropriates $528.03 million to the Federal-aid highway program for fiscal year 2010 (Sec. 412).

• Appropriates $1.71 billion for the extension of National Highway Traffic Safety Administration Programs (Sec. 421).

• Appropriates $795.28 million for the extension of Federal Motor Carrier Safety Administration Programs (Sec. 422).

• Appropriates $43.22 billion for Public Transportation Programs (Title IV, Subtitle C).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that appropriates $90.83 billion for purposes related to employment, infrastructure, and transportation and reinstates the Pay-As-You-Go budget rule.

Highlights:

• Appropriates $90.83 billion, including the following (Div. A, Titles 1-3):
• $70.88 billion for infrastructure and jobs investment, including, but not limited to, the following:
• $37.3 billion for the Department of Transportation;
• $23.3 billion for the Department of Education;
• $2 billion for the Department of Energy;
• $2 billion for the Environmental Protection Agency;
• $1.25 billion for the Department of Labor; and
• $1.18 billion for the Department of Justice;
• $19.5 billion for surface transportation extension; and
• $454 million for unemployment and "other emergency needs," $354 million of which is offset by rescissions of appropriations to the Converter Box Program and the Special Supplemental Nutrition Program for WIC.

• Authorizes $12.12 billion in additional appropriations for surface transportation extension (Div. A, Title 2).

• Decreases the maximum limitation on the authority of the Secretary of the Treasury to purchase "troubled assets" under the Troubled Asset Relief Program (TARP) by $150 billion (Div. A, Sec. 1701).

• Establishes the Education Jobs Fund within the Department of Education, for which $23 billion is appropriated for the creation and retention of education jobs and for supporting early childhood, elementary, secondary, or postsecondary educational services or for modernization, renovation, and repair of school facilities, and specifies that funds cannot be used for a state's rainy day fund or to pay any debt obligations (Div. A, Chapter 5).

• Extends funding for several federal highway, transit, and transportation projects through September 2010, including but not limited to certain projects authorized under the Safe Accountable Flexible Efficient Transportation Equity Act (SAFETEA-LU), the Intermodal Surface Transportation Efficiency Act of 1991 (ISTEA) and the Transportation Equity Act for the 21st Century (Div. A, Sec. 2002).

• Extends the eligibility period for Consolidated Omnibus Reconciliation Act (COBRA) continuation coverage so that it ends on June 30, 2010 rather than December 31, 2009, and extends the maximum duration of assistance from 9 months to 15 months (Div. A, Sec. 3302).

• Specifies that certain employees whose work hours are reduced and are otherwise eligible may still apply for or continue COBRA benefits (Div. A, Sec. 3302).

• Reinstates the Pay-As-You-Go (PAYGO) budget rule, a rule that applies to bills or joint resolutions that affect direct spending or revenue relative to the baseline and that requires such bills to be budget-neutral (Div. B, Secs. 102-103).

• Requires PAYGO legislation to make reference to the bill's estimated budgetary effects, as shall be provided by the Congressional Budget Office, before the bill is voted on "if timely submitted for printing in the Congressional Record by the chairs of the Committees on the Budget of the House of Representatives and the Senate," or if not "timely submitted" by the chairs, upon enactment (Div. B, Sec. 104).

• Requires the Office of Management and Budget to maintain and make public on every piece of PAYGO legislation two sets of scorecards, which shall measure the budgetary effects of such legislation over 5 years and over 10 years (Div. B, Sec. 104).

• Requires the Office of Management and Budget at the end of every Congressional session to publish and make public a PAYGO report, which shall include the following (Div. B, Sec. 105):
• Current PAYGO scorecards on all PAYGO legislation;
• Any current policy adjustments;
• Information about any emergency legislation;
• Sequestration orders that show how direct spending will be adjusted to offset any costs shown on PAYGO scorecards; and
• Other data that would "enhance public understanding" of the above items.

• Requires the Office of Management and Budget to calculate the uniform percentage of funds that are to be seized in order to balance spending, and specifies that any uniform percentage exceeding 4 percent shall result in Medicare spending reductions of 4 percent, as well as spending reductions in other nonexempt direct spending programs (Div. B, Sec. 106).

• Resolves that unique PAYGO scoring rules will apply to the following types of legislation (Div. B, Sec. 107):
• Legislation that amends or supersedes Medicare physician fee schedules;
• Legislation that amends portions of the United States Tax Code governing estate and gift taxes;
• Legislation that affects the Alternative Minimum Tax (AMT); and
• Legislation affecting certain provisions of the Economic Growth Tax Relief Reconciliation Act of 2001 or the Jobs and Growth Tax Relief Reconciliation Act of 2003, as well as certain provisions of later statutes amending the aforementioned Acts.

• Lists several federal programs and activities that would be exempt from payment reductions, including Social Security Benefits and Tier I Railroad Retirement Benefits, Veterans Programs, and Refundable Income Tax Credits (Div. B, Sec. 111).

Full Bill Text

Full Bill Text

Full Bill Text

Full Bill Text