Emergency Transportation Safety Fund Act

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Emergency Transportation Safety Fund 
Act''.

                   TITLE I--ESTABLISHMENT AND FUNDING

SEC. 101. MODIFICATION AND PERMANENT EXTENSION OF THE INCENTIVES TO 
              REINVEST FOREIGN EARNINGS IN THE UNITED STATES.

    (a) Repatriation Subject to 5 Percent Tax Rate.--Subsection (a)(1) 
of section 965 of the Internal Revenue Code of 1986 is amended by 
striking ``85 percent'' and inserting ``85.7 percent''.
    (b) Permanent Extension To Elect Repatriation.--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 
any taxable year only if made on or before the due date (including 
extensions) for filing the return of tax for such taxable year.''.
    (c) Repatriation Includes Current and Accumulated Foreign 
Earnings.--
            (1) In general.--Paragraph (1) of section 965(b) of the 
        Internal Revenue Code of 1986 is amended to read as follows:
            ``(1) In general.--The amount of dividends taken into 
        account under subsection (a) shall not exceed the sum of the 
        current and accumulated earnings and profits described in 
        section 959(c)(3) for the year a deduction is claimed under 
        subsection (a), without diminution by reason of any 
        distributions made during the election year, for all controlled 
        foreign corporations of the United States shareholder.''.
            (2) Conforming amendments.--
                    (A) Section 965(b) of such Code is amended by 
                striking paragraphs (2) and (4) and by redesignating 
                paragraph (3) as paragraph (2).
                    (B) Section 965(c) of such Code is amended by 
                striking paragraphs (1) and (2) and by redesignating 
                paragraphs (3), (4), and (5) as paragraphs (1), (2), 
                and (3), respectively.
                    (C) Paragraph (3) of section 965(c) of such Code, 
                as redesignated by subparagraph (B), is amended to read 
                as follows:
            ``(3) Controlled groups.--All United States shareholders 
        which are members of an affiliated group filing a consolidated 
        return under section 1501 shall be treated as one United States 
        shareholder.''.
    (d) Clerical Amendments.--
            (1) The heading for section 965 of the Internal Revenue 
        Code of 1986 is amended by striking ``temporary''.
            (2) The table of sections for subpart F of part III of 
        subchapter N of chapter 1 of such Code is amended by striking 
        ``Temporary dividends'' and inserting ``Dividends''.
    (e) Effective Date.--The amendments made by this section shall 
apply to taxable years ending after the date of the enactment of this 
Act.

SEC. 102. ESTABLISHMENT OF EMERGENCY TRANSPORTATION SAFETY FUND.

    (a) In General.--There is established in the Treasury of the United 
States a trust fund to be known as the ``Emergency Transportation 
Safety Fund''.
    (b) Transfers to Emergency Transportation Safety Fund.--
            (1) In general.--There are hereby appropriated to the 
        Emergency Transportation Safety Fund amounts equivalent to 50 
        percent of the excess of--
                    (A) the taxes received in the United States 
                Treasury which are attributable to eligible 965 
                dividends received by corporations which are United 
                States shareholders, over
                    (B) the amount of the foreign tax credit allowed 
                under section 901 of the Internal Revenue Code of 1986 
                which is attributable to the non-deductible portion of 
                such eligible 965 dividends.
            (2) Definitions.--For purposes of this subsection--
                    (A) Eligible 965 dividend.--The term ``eligible 965 
                dividend'' means any amount received from a controlled 
                foreign corporation for which a deduction is allowed 
                under section 965 of the Internal Revenue Code of 1986, 
                as determined based on estimates made by the Secretary 
                of the Treasury, or the Secretary's delegate.
                    (B) Non-deductible portion.--The term ``non-
                deductible portion'' means the excess of the amount of 
                any eligible 965 dividend over the deductible portion 
                (as defined in section 965(d)(3) of the Internal 
                Revenue Code of 1986) of such amount.
    (c) Emergency Relief Expenditures.--Section 125(c) of title 23, 
United States Code, is amended by adding at the end the following:
            ``(3) Emergency transportation safety fund.--Amounts 
        deposited into the Emergency Transportation Safety Fund 
        established under section 102(a) of the Emergency 
        Transportation Safety Fund Act are authorized to be obligated 
        to carry out, in priority order, the projects on the current 
        list compiled by the Secretary under section 201(b)(1) of such 
        Act that meet the eligibility requirements set forth in 
        subsection (a).''.

        TITLE II--EMERGENCY TRANSPORTATION SAFETY PRIORITY LIST

SEC. 201. EMERGENCY TRANSPORTATION PRIORITIES.

    (a) List.--The Secretary of Transportation, in consultation with a 
representative sample of State and local government transportation 
officials, shall compile a prioritized list of emergency transportation 
projects, which will guide the allocation of funding to the States from 
the Emergency Transportation Safety Fund.
    (b) Criteria.--In compiling the list under subsection (a), the 
Secretary of Transportation, in addition to other criteria established 
by the Secretary, shall rank priorities in descending order, beginning 
with--
            (1) whether the project is part of the interstate highway 
        system;
            (2) whether the project is a road or bridge that is closed 
        for safety reasons;
            (3) the impact of the project on interstate commerce;
            (4) the volume of traffic affected by the project; and
            (5) the overall value of the project or entity.
    (c) Report.--Not later than 120 days after the date of the 
enactment of this Act, the Secretary of Transportation shall submit a 
report to Congress that includes--
            (1) a prioritized list of emergency transportation projects 
        to be funded through the Emergency Transportation Safety Fund; 
        and
            (2) a description of the criteria used to establish the 
        list referred to in paragraph (1).
    (d) Quarterly Updates.--Not less frequently than 4 times per year, 
the Secretary of Transportation shall--
            (1) update the report submitted pursuant to subsection (c);
            (2) send a copy of the report to Congress; and
            (3) make a copy of the report available to the public 
        through the Department of Transportation's website.

Summary: Emergency Transportation Safety Fund Act - Amends the Internal Revenue Code to reduce the tax rate on current and accumulated foreign earnings of US corporations reinvested in the United States and make such lower rate permanent. Establishes the Emergency Transportation Safety Fund and makes appropriations to it. Directs the Secretary of Transportation (DOT) to compile a prioritized list of emergency transportation projects, which will guide the allocation of Fund amounts to the states.