To amend the Internal Revenue Code of 1986 to allow temporarily a reduced rate of tax with respect to repatriated foreign earnings.

Summary: Job Creation and Innovation Investment Act of 2011 - Amends the Internal Revenue Code, with respect to the tax deduction for dividends received from a controlled foreign corporation, to: (1) eliminate limitations on the amount of such deduction, and (2) allow a 100% deduction for companies that reinvest such dividends in a qualified domestic reinvestment plan. Defines "qualified domestic reinvestment plan" as an approved plan for the reinvestment within three years after payment of such dividends in the United States for research and development expenses, expansion of facilities, proof of content centers, early stage venture capital investment, or manufacturing startup costs.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``The Job Creation and Innovation 
Investment Act of 2011''.

SEC. 2. EXTENSION AND MODIFICATION OF DIVIDENDS RECEIVED DEDUCTION FOR 
              CERTAIN REPATRIATED FOREIGN EARNINGS.

    (a) In General.--Subsection (f) of section 965 of the Internal 
Revenue Code of 1986 is amended to read as follows:
    ``(f) Election.--The taxpayer may elect to apply this section to--
            ``(1) the taxpayer's last taxable year which begins before 
        the date of the enactment of the Reinvest in America Act of 
        2011, or
            ``(2) the taxpayer's first taxable year which begins during 
        the 1-year period beginning on such date.
Such election may be made for a taxable year only if made on or before 
the due date (including extensions) for filing the return of tax for 
such taxable year.''.
    (b) Elimination of Limitation.--Subsection (b) of section 965 of 
such Code is amended by striking paragraph (1).
    (c) Modification of Investment Requirement.--Paragraph (4) of 
section 965(b) of the Internal Revenue Code of 1986 is amended to read 
as follows:
            ``(4) Special rule for investment in united states pursuant 
        to qualified domestic reinvestment plan.--
                    ``(A) In general.--In the case of any dividend (or 
                portion thereof)--
                            ``(i) with respect to which the taxpayer 
                        elects the application of this paragraph, and
                            ``(ii) which is reinvested in the United 
                        States pursuant to a qualified domestic 
                        reinvestment plan,
                subsection (a)(1) shall be applied by substituting `100 
                percent' for `85 percent'.
                    ``(B) Qualified domestic reinvestment plan.--For 
                purposes of this paragraph--
                            ``(i) In general.--The term `qualified 
                        domestic reinvestment plan' means a plan 
                        which--
                                    ``(I) is approved by the taxpayer's 
                                president, chief executive officer, or 
                                comparable official before the payment 
                                of such dividend and subsequently 
                                approved by the taxpayer's board of 
                                directors, management committee, 
                                executive committee, or similar body, 
                                and
                                    ``(II) provides for the 
                                reinvestment of such dividend (or 
                                portion thereof) in the United States, 
                                not later than 3 years after the 
                                payment of such dividend, as a source 
                                funding for research and development 
                                expenses, expansion of facilities, 
                                proof of concept centers, early stage 
                                venture capital investment (including 
                                original investment), or manufacturing 
                                start-up costs (including plant, 
                                equipment, infrastructure, and contract 
                                manufacturing).
                            ``(ii) Proof of concept center.--The term 
                        `proof of concept center' includes activities 
                        within public and private institutions and 
                        universities, which advance inventions by 
                        assessing and validating commercial feasibility 
                        of products or processes, including prototype 
                        development.''.
    (d) Threshold Period.--Section 965 of such Code is amended by 
striking ``June 30, 2003'' each place it occurs and inserting ``June 
30, 2010''.
    (e) Indebtedness Determination Date.--Subparagraph (B) of section 
965(b)(3) of such Code is amended by striking ``October 3, 2004'' and 
inserting ``February 1, 2011''.
    (f) Conforming Amendments.--
            (1) Subparagraphs (A)(ii)(I) and (C)(ii)(II) of section 
        965(c)(2) of such Code are each amended by striking 
        ``(b)(2)(B)'' and inserting ``(b)(1)(B)''.
            (2) Subclause (II) of section 965(c)(2)(C)(ii) of such Code 
        is amended by striking ``(b)(2)'' and inserting ``(b)(1)''.
            (3) Paragraph (5) of section 965(c) of such Code is 
        amended--
                    (A) by striking subparagraphs (B) and (C), and
                    (B) by striking ``(5) Controlled groups'' and all 
                that follows through ``All United States shareholders'' 
                and inserting the following:
            ``(5) Controlled groups.--All United States shareholders''.
    (g) Effective Date.--The amendments made by this section shall 
apply to taxable years ending after the date of the enactment of this 
Act.