HR 4757 — American Innovation Act

(a) Enforcement (1) Sequestration Within 15 calendar days after Congress adjourns to end a session there shall be a sequestration to eliminate a budget-year breach, if any, within any category. (2) Eliminating a breach Each non-exempt account within a category shall be reduced by a dollar amount calculated by multiplying the enacted level of sequestrable budgetary resources in that account at that time by the uniform percentage necessary to eliminate a breach within that category. (3) Military personnel If the President uses the authority to exempt any personnel account from sequestration under section 905(f) of this title, each account within subfunctional category 051 (other than those military personnel accounts for which the authority provided under section 905(f) of this title has been exercised) shall be further reduced by a dollar amount calculated by multiplying the enacted level of non-exempt budgetary resources in that account at that time by the uniform percentage necessary to offset the total dollar amount by which outlays are not reduced in military personnel accounts by reason of the use of such authority. (4) Part-year appropriations If, on the date specified in paragraph (1), there is in effect an Act making or continuing appropriations for part of a fiscal year for any budget account, then the dollar sequestration calculated for that account under paragraphs (2) and (3) shall be subtracted from— (A) the annualized amount otherwise available by law in that account under that or a subsequent part-year appropriation; and (B) when a full-year appropriation for that account is enacted, from the amount otherwise provided by the full-year appropriation for that account. (5) Look-back If, after June 30, an appropriation for the fiscal year in progress is enacted that causes a breach within a category for that year (after taking into account any sequestration of amounts within that category), the discretionary spending limits for that category for the next fiscal year shall be reduced by the amount or amounts of that breach. (6) Within-session sequestration If an appropriation for a fiscal year in progress is enacted (after Congress adjourns to end the session for that budget year and before July 1 of that fiscal year) that causes a breach within a category for that year (after taking into account any prior sequestration of amounts within that category), 15 days later there shall be a sequestration to eliminate that breach within that category following the procedures set forth in paragraphs (2) through (4). (7) Estimates (A) CBO estimates As soon as practicable after Congress completes action on any discretionary appropriation, CBO, after consultation with the Committees on the Budget of the House of Representatives and the Senate, shall provide OMB with an estimate of the amount of discretionary new budget authority and outlays for the current year, if any, and the budget year provided by that legislation. (B) OMB estimates and explanation of differences Not later than 7 calendar days (excluding Saturdays, Sundays, and legal holidays) after the date of enactment of any discretionary appropriation, OMB shall transmit a report to the House of Representatives and to the Senate containing both the CBO and OMB estimates of the amount of discretionary new budget authority for the current year, if any, and the budget year provided by that legislation, and an explanation of any difference between the 2 estimates. If during the preparation of the report OMB determines that there is a significant difference between OMB and CBO, OMB shall consult with the Committees on the Budget of the House of Representatives and the Senate regarding that difference and that consultation shall include, to the extent practicable, written communication to those committees that affords such committees the opportunity to comment before the issuance of the report. (C) Assumptions and guidelines OMB estimates under this paragraph shall be made u...

(a) Social security benefits and tier I railroad retirement benefits Benefits payable under the old-age, survivors, and disability insurance program established under title II of the Social Security Act (42 U.S.C. 401 et seq.), and benefits payable under sections 231b and 231c 1 of title 45, shall be exempt from reduction under any order issued under this subchapter. (b) Veterans programs The following programs shall be exempt from reduction under any order issued under this subchapter: All programs administered by the Department of Veterans Affairs. Special benefits for certain World War II veterans (28–0401–0–1–701). (c) Net interest No reduction of payments for net interest (all of major functional category 900) shall be made under any order issued under this subchapter. (d) Refundable income tax credits and certain elective payments (1) Refundable income tax credits Payments to individuals made pursuant to provisions of title 26 establishing refundable tax credits shall be exempt from reduction under any order issued under this subchapter. (2) Certain elective payments Payments made to taxpayers pursuant to elections under subsection (d) of section 48D of title 26, or amounts treated as payments which are made by taxpayers under paragraph (1) of such subsection, shall be exempt from reduction under any order issued under this subchapter. (e) Non-defense unobligated balances Unobligated balances of budget authority carried over from prior fiscal years, except balances in the defense category, shall be exempt from reduction under any order issued under this subchapter. (f) Optional exemption of military personnel (1) In general The President may, with respect to any military personnel account, exempt that account from sequestration or provide for a lower uniform percentage reduction than would otherwise apply. (2) Limitation The President may not use the authority provided by paragraph (1) unless the President notifies the Congress of the manner in which such authority will be exercised on or before the date specified in section 904(a) of this title for the budget year. (g) Other programs and activities (1) (A) The following budget accounts and activities shall be exempt from reduction under any order issued under this subchapter: Activities resulting from private donations, bequests, or voluntary contributions to the Government. Activities financed by voluntary payments to the Government for goods or services to be provided for such payments. Administration of Territories, Northern Mariana Islands Covenant grants (14–0412–0–1–808). Advances to the Unemployment Trust Fund and Other Funds (16–0327–0–1–600). Black Lung Disability Trust Fund Refinancing (16–0329–0–1–601). Bonneville Power Administration Fund and borrowing authority established pursuant to section 13 of Public Law 93–454 (1974), as amended [16 U.S.C. 838k] (89–4045–0–3–271). Claims, Judgments, and Relief Acts (20–1895–0–1–808). Compact of Free Association (14–0415–0–1–808). Compensation of the President (11–0209–01–1–802). Comptroller of the Currency, Assessment Funds (20–8413–0–8–373). Continuing Fund, Southeastern Power Administration (89–5653–0–2–271). Continuing Fund, Southwestern Power Administration (89–5649–0–2–271). Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Fund. Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Defense Fund. Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America International Technology Security and Innovation Fund. Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Workforce and Education Fund 2 Dual Benefits Payments Account (60–0111–0–1–601). Emergency Fund, Western Area Power Administration (89–5069–0–2–271). Exchange Stabilization Fund (20–4444–0–3–155). Farm Credit Administration Operating Expenses Fund (78–4131–0–3–351). Farm Credit System Insurance Corporation, Farm Credit Insurance Fund (78–4171–0–3–351). Federal Deposit Insuran...