H.R.2847

One Hundred Eleventh Congress

of the

United States of America

AT THE SECOND SESSION

Begun and held at the City of Washington on Tuesday,

the fifth day of January, two thousand and ten

An Act

Making appropriations for the Departments of Commerce and Justice, and Science, and Related Agencies for the fiscal year ending September 30, 2010, and for other purposes.

SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE; TABLE OF CONTENTS.

TITLE I--INCENTIVES FOR HIRING AND RETAINING UNEMPLOYED WORKERS

TITLE II--EXPENSING

TITLE III--QUALIFIED TAX CREDIT BONDS

TITLE IV--EXTENSION OF CURRENT SURFACE TRANSPORTATION PROGRAMS

Subtitle A--Federal-aid Highways

Subtitle B--National Highway Traffic Safety Administration, Federal Motor Carrier Safety Administration, and Additional Programs

Subtitle C--Public Transportation Programs

Subtitle D--Revenue Provisions

Subtitle E--Disadvantaged Business Enterprises

TITLE V--OFFSET PROVISIONS

Subtitle A--Foreign Account Tax Compliance

Part I--Increased Disclosure of Beneficial Owners

Part II--Under Reporting With Respect to Foreign Assets

Part III--Other Disclosure Provisions

Part IV--Provisions Related to Foreign Trusts

Part V--Substitute Dividends and Dividend Equivalent Payments Received by Foreign Persons Treated as Dividends

Subtitle B--Delay in Application of Worldwide Allocation of Interest

Subtitle C--Budgetary Provisions

TITLE I--INCENTIVES FOR HIRING AND RETAINING UNEMPLOYED WORKERS

SEC. 101. PAYROLL TAX FORGIVENESS FOR HIRING UNEMPLOYED WORKERS.

SEC. 102. BUSINESS CREDIT FOR RETENTION OF CERTAIN NEWLY HIRED INDIVIDUALS IN 2010.

TITLE II--EXPENSING

SEC. 201. INCREASE IN EXPENSING OF CERTAIN DEPRECIABLE BUSINESS ASSETS.

TITLE III--QUALIFIED TAX CREDIT BONDS

SEC. 301. ISSUER ALLOWED REFUNDABLE CREDIT FOR CERTAIN QUALIFIED TAX CREDIT BONDS.

TITLE IV--EXTENSION OF CURRENT SURFACE TRANSPORTATION PROGRAMS

SEC. 401. SHORT TITLE.

Subtitle A--Federal-aid Highways

SEC. 411. IN GENERAL.

SEC. 412. ADMINISTRATIVE EXPENSES.

SEC. 413. RESCISSION OF UNOBLIGATED BALANCES.

SEC. 414. RECONCILIATION OF FUNDS.

Subtitle B--National Highway Traffic Safety Administration, Federal Motor Carrier Safety Administration, and Additional Programs

SEC. 421. EXTENSION OF NATIONAL HIGHWAY TRAFFIC SAFETY ADMINISTRATION HIGHWAY SAFETY PROGRAMS.

SEC. 422. EXTENSION OF FEDERAL MOTOR CARRIER SAFETY ADMINISTRATION PROGRAMS.

SEC. 423. ADDITIONAL PROGRAMS.

Subtitle C--Public Transportation Programs

SEC. 431. ALLOCATION OF FUNDS FOR PLANNING PROGRAMS.

SEC. 432. SPECIAL RULE FOR URBANIZED AREA FORMULA GRANTS.

SEC. 433. ALLOCATING AMOUNTS FOR CAPITAL INVESTMENT GRANTS.

SEC. 434. APPORTIONMENT OF FORMULA GRANTS FOR OTHER THAN URBANIZED AREAS.

SEC. 435. APPORTIONMENT BASED ON FIXED GUIDEWAY FACTORS.

SEC. 436. AUTHORIZATIONS FOR PUBLIC TRANSPORTATION.

SEC. 437. AMENDMENTS TO SAFETEA-LU.

Subtitle D--Revenue Provisions

SEC. 441. REPEAL OF PROVISION PROHIBITING THE CREDITING OF INTEREST TO THE HIGHWAY TRUST FUND.

SEC. 442. RESTORATION OF CERTAIN FOREGONE INTEREST TO HIGHWAY TRUST FUND.

SEC. 443. TREATMENT OF CERTAIN AMOUNTS APPROPRIATED TO HIGHWAY TRUST FUND.

SEC. 444. TERMINATION OF TRANSFERS FROM HIGHWAY TRUST FUND FOR CERTAIN REPAYMENTS AND CREDITS.

SEC. 445. EXTENSION OF AUTHORITY FOR EXPENDITURES.

SEC. 446. LEVEL OF OBLIGATION LIMITATIONS.

Subtitle E--Disadvantaged Business Enterprises

SEC. 451. DISADVANTAGED BUSINESS ENTERPRISES.

TITLE V--OFFSET PROVISIONS

Subtitle A--Foreign Account Tax Compliance

PART I--INCREASED DISCLOSURE OF BENEFICIAL OWNERS

SEC. 501. REPORTING ON CERTAIN FOREIGN ACCOUNTS.

‘CHAPTER 4--TAXES TO ENFORCE REPORTING ON CERTAIN FOREIGN ACCOUNTS

‘SEC. 1471. WITHHOLDABLE PAYMENTS TO FOREIGN FINANCIAL INSTITUTIONS.

‘SEC. 1472. WITHHOLDABLE PAYMENTS TO OTHER FOREIGN ENTITIES.

‘SEC. 1473. DEFINITIONS.

‘SEC. 1474. SPECIAL RULES.

‘Chapter 4--Taxes To Enforce Reporting on Certain Foreign Accounts.’.

SEC. 502. REPEAL OF CERTAIN FOREIGN EXCEPTIONS TO REGISTERED BOND REQUIREMENTS.

PART II--UNDER REPORTING WITH RESPECT TO FOREIGN ASSETS

SEC. 511. DISCLOSURE OF INFORMATION WITH RESPECT TO FOREIGN FINANCIAL ASSETS.

‘SEC. 6038D. INFORMATION WITH RESPECT TO FOREIGN FINANCIAL ASSETS.

SEC. 512. PENALTIES FOR UNDERPAYMENTS ATTRIBUTABLE TO UNDISCLOSED FOREIGN FINANCIAL ASSETS.

SEC. 513. MODIFICATION OF STATUTE OF LIMITATIONS FOR SIGNIFICANT OMISSION OF INCOME IN CONNECTION WITH FOREIGN ASSETS.

PART III--OTHER DISCLOSURE PROVISIONS

SEC. 521. REPORTING OF ACTIVITIES WITH RESPECT TO PASSIVE FOREIGN INVESTMENT COMPANIES.

SEC. 522. SECRETARY PERMITTED TO REQUIRE FINANCIAL INSTITUTIONS TO FILE CERTAIN RETURNS RELATED TO WITHHOLDING ON FOREIGN TRANSFERS ELECTRONICALLY.

PART IV--PROVISIONS RELATED TO FOREIGN TRUSTS

SEC. 531. CLARIFICATIONS WITH RESPECT TO FOREIGN TRUSTS WHICH ARE TREATED AS HAVING A UNITED STATES BENEFICIARY.

SEC. 532. PRESUMPTION THAT FOREIGN TRUST HAS UNITED STATES BENEFICIARY.

SEC. 533. UNCOMPENSATED USE OF TRUST PROPERTY.

SEC. 534. REPORTING REQUIREMENT OF UNITED STATES OWNERS OF FOREIGN TRUSTS.

SEC. 535. MINIMUM PENALTY WITH RESPECT TO FAILURE TO REPORT ON CERTAIN FOREIGN TRUSTS.

PART V--SUBSTITUTE DIVIDENDS AND DIVIDEND EQUIVALENT PAYMENTS RECEIVED BY FOREIGN PERSONS TREATED AS DIVIDENDS

SEC. 541. SUBSTITUTE DIVIDENDS AND DIVIDEND EQUIVALENT PAYMENTS RECEIVED BY FOREIGN PERSONS TREATED AS DIVIDENDS.

Subtitle B--Delay in Application of Worldwide Allocation of Interest

SEC. 551. DELAY IN APPLICATION OF WORLDWIDE ALLOCATION OF INTEREST.

Subtitle C--Budgetary Provisions

SEC. 561. TIME FOR PAYMENT OF CORPORATE ESTIMATED TAXES.

SEC. 562. PAYGO COMPLIANCE.

Speaker of the House of Representatives.

Vice President of the United States and

President of the Senate.