BIANNUAL REVIEW OF PROCEDURES TO DETERMINE FAIR MARKET VALUE OF GOODS AND SERVICES.

SEC. 604. BIANNUAL REVIEW OF PROCEDURES TO DETERMINE FAIR MARKET VALUE OF GOODS AND SERVICES. Subsection (d)(3) of the Travel Promotion Act of 2009 (22 U.S.C. 2131(d)(3)) is amended— (1) in subparagraph (B)(ii), by striking “80 percent” and inserting “70 percent”; and (2) by adding at the end the following: “(E) Maintenance of an in-kind contributions policy.—The Corporation shall maintain an in-kind contributions policy. “(F) Formalized procedures for in-kind contributions policy.—Not later than 90 days after the date of enactment of the Travel Promotion, Enhancement, and Modernization Act of 2014, the Secretary of Commerce, in coordination with the Corporation, shall establish formal, publicly available procedures specifying time frames and conditions for— “(i) making and agreeing to revisions of the Corporation’s in-kind contributions policy; and “(ii) addressing and resolving disagreements between the Corporation and its partners, including the Secretary of Commerce, regarding the in-kind contributions policy. “(G) Biannual review of procedures to determine fair market value of goods and services.—The Corporation and the Secretary of Commerce (or their designees) shall meet on a biannual basis to review the procedures to determine the fair market value of goods and services received from non-Federal sources by the Corporation under subparagraph (B).” .