United States. Congress

“ Income Averaging of Amounts Received From the Exxon Valdez Litigation.— For purposes of section 1301 of the Internal Revenue Code of 1986— (1) any qualified taxpayer who receives any qualified settlement income in any taxable year shall be treated as engaged in a fishing business (determined without regard to the commercial nature of the business) , and (2) such qualified settlement income shall be treated as income attributable to such a fishing business for such taxable year. ”

“ IN GENERAL- If an individual has a net disaster loss for any taxable year, the amount determined under paragraph (2) (A) (ii) shall be the sum of— ` (i) such net disaster loss, and ` (ii) so much of the excess referred to in the matter preceding clause (i) of paragraph (2) (A) (reduced by the amount in clause (i) of this subparagraph) as exceeds 10 percent of the adjusted gross income of the individual. ”

“ ELIGIBLE COUNTY- The term `eligible county' means any county that— ` (A) contains Federal land (as defined in paragraph (7) ) ; and ` (B) elects to receive a share of the State payment or the county payment under section 102 (b) . ` (5) ELIGIBILITY PERIOD- The term `eligibility period' means fiscal year 1986 through fiscal year 1999. ` (6) ELIGIBLE STATE- The term `eligible State' means a State or territory of the United States that received a 25-percent payment for 1 or more fiscal years of the eligibility period. ”

“ AUDITS BY APPROPRIATE AGENCIES.— To determine compliance with this paragraph, the Secretary may audit the books and records of a group health plan or health insurance issuer relating to an exemption, including any actuarial reports prepared pursuant to subparagraph (C) , during the 6 year period following the notification of such exemption under subparagraph (E) . A State agency receiving a notification under subparagraph (E) may also conduct such an audit with respect to an exemption covered by such notification.' ”

“ Authorized Uses- Project funds may be used by the Secretary concerned for the purpose of entering into and implementing cooperative agreements with willing Federal agencies, State and local governments, private and nonprofit entities, and landowners for protection, restoration, and enhancement of fish and wildlife habitat, and other resource objectives consistent with the purposes of this Act on Federal land and on non-Federal land where projects would benefit the resources on Federal land. ”

“ The population of a State within any area shall be determined on the basis of the most recent census estimate of resident population released by the Bureau of Census before the earliest applicable disaster date for Midwestern disaster areas within the State.' for `shall not exceed' and all that follows in paragraph (4) (C) , and (E) by substituting `the earliest applicable disaster date for Midwestern disaster areas within the State' for `August 28, 2005' in paragraph (5) (A) . (8) EDUCATION TAX BENEFITS— Section 1400O, by substituting `2008 or 2009' for `2005 or 2006'. ”

“ In General— Subpart B of part II of subchapter E of chapter 1 is amended by inserting after section 457 the following new section: `SEC. 457A. NONQUALIFIED DEFERRED COMPENSATION FROM CERTAIN TAX INDIFFERENT PARTIES. ` (a) In General- Any compensation which is deferred under a nonqualified deferred compensation plan of a nonqualified entity shall be includible in gross income when there is no substantial risk of forfeiture of the rights to such compensation. ”

“ PROJECTS FUNDED USING OTHER FUNDS- A resource advisory committee may submit to the Secretary concerned a description of any projects that the committee proposes the Secretary undertake using funds from State or local governments, or from the private sector, other than project funds and funds appropriated and otherwise available to do similar work. ”

“ Notice and Assistance.— The Secretary, in cooperation with the Secretaries of Health and Human Services and Treasury, as appropriate, shall publish and widely disseminate guidance and information for group health plans, participants and beneficiaries, applicable State and local regulatory bodies, and the National Association of Insurance Commissioners concerning the requirements of this section and shall provide assistance concerning such requirements and the continued operation of applicable State law. ”

“ BASE SHARE- The term `base share' means the number equal to the average of— ` (A) the quotient obtained by dividing— ` (i) the number of acres of Federal land described in paragraph (7) (A) in each eligible county; by ` (ii) the total number acres of Federal land in all eligible counties in all eligible States; and ` (B) the quotient obtained by dividing— ` (i) the amount equal to the average of the 3 highest 25-percent payments and safety net payments made to each eligible State for each eligible county during the eligibility period ”

“ Qualified restaurant property.— `` (A) In general.—The term `qualified restaurant property' means any section 1250 property which is— `` (i) a building, if such building is placed in service after December 31, 2008, and before January 1, 2010, or `` (ii) an improvement to a building, ``if more than 50 percent of the building's square footage is devoted to preparation of, and seating for on-premises consumption of, prepared meals. `` (B) Exclusion from bonus depreciation.—Property described in this paragraph shall not be considered qualified property for purposes of subsection (k) . ”

“ A detailed monitoring plan, including funding needs and sources, that— ` (A) tracks and identifies the positive or negative impacts of the project, implementation, and provides for validation monitoring; and ` (B) includes an assessment of the following: ` (i) Whether or not the project met or exceeded desired ecological conditions; created local employment or training opportunities, including summer youth jobs programs such as the Youth Conservation Corps where appropriate. ”

“ ANNUAL REPORT- The Secretary concerned shall submit to the Committees on Agriculture, Nutrition, and Forestry and Energy and Natural Resources of the Senate and the Committees on Agriculture and Natural Resources of the House of Representatives an annual report describing the results of the pilot program. ”