II 

113TH CONGRESS 

1ST SESSION S. 911 

To establish an emergency transportation safety fund, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

MAY 9, 2013 

Mr. PAUL introduced the following bill; which was read twice and referred to 

the Committee on Finance 

A BILL 

To establish an emergency transportation safety fund, and 

for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Emergency Transpor5 tation Safety Fund Act’’. 


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1 TITLE I—ESTABLISHMENT AND 

2 FUNDING 

3 SEC. 101. MODIFICATION AND PERMANENT EXTENSION OF 

4 THE INCENTIVES TO REINVEST FOREIGN 

5 EARNINGS IN THE UNITED STATES. 

6 (a) REPATRIATION SUBJECT TO 5 PERCENT TAX

7 RATE.—Subsection (a)(1) of section 965 of the Internal 

8 Revenue Code of 1986 is amended by striking ‘‘85 per9 cent’’ and inserting ‘‘85.7 percent’’. 

10 (b) PERMANENT EXTENSION TO ELECT REPATRI11 ATION.—Subsection (f) of section 965 of the Internal Rev12 enue Code of 1986 is amended to read as follows: 

13 ‘‘(f) ELECTION.—The taxpayer may elect to apply 

14 this section to any taxable year only if made on or before 

15 the due date (including extensions) for filing the return 

16 of tax for such taxable year.’’. 

17 (c) REPATRIATION INCLUDES CURRENT AND ACCU18 MULATED FOREIGN EARNINGS.— 

19 (1) IN GENERAL.—Paragraph (1) of section 

20 965(b) of the Internal Revenue Code of 1986 is 

21 amended to read as follows: 

22 ‘‘(1) IN GENERAL.—The amount of dividends 

23 taken into account under subsection (a) shall not ex24 ceed the sum of the current and accumulated earn25 ings and profits described in section 959(c)(3) for 


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1 the year a deduction is claimed under subsection (a), 

2 without diminution by reason of any distributions 

3 made during the election year, for all controlled for4 eign corporations of the United States shareholder.’’. 

5 (2) CONFORMING AMENDMENTS.— 

6 (A) Section 965(b) of such Code is amend7 ed by striking paragraphs (2) and (4) and by 

8 redesignating paragraph (3) as paragraph (2). 

9 (B) Section 965(c) of such Code is amend10 ed by striking paragraphs (1) and (2) and by 

11 redesignating paragraphs (3), (4), and (5) as 

12 paragraphs (1), (2), and (3), respectively. 

13 (C) Paragraph (3) of section 965(c) of 

14 such Code, as redesignated by subparagraph 

15 (B), is amended to read as follows: 

16 ‘‘(3) CONTROLLED GROUPS.—All United States 

17 shareholders which are members of an affiliated 

18 group filing a consolidated return under section 

19 1501 shall be treated as one United States share20 holder.’’. 

21 (d) CLERICAL AMENDMENTS.— 

22 (1) The heading for section 965 of the Internal 

23 Revenue Code of 1986 is amended by striking 

24 ‘‘TEMPORARY’’. 


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1 (2) The table of sections for subpart F of part 

2 III of subchapter N of chapter 1 of such Code is 

3 amended by striking ‘‘Temporary dividends’’ and in4 serting ‘‘Dividends’’. 

5 (e) EFFECTIVE DATE.—The amendments made by 

6 this section shall apply to taxable years ending after the 

7 date of the enactment of this Act. 

8 SEC. 102. ESTABLISHMENT OF EMERGENCY TRANSPOR9 TATION SAFETY FUND. 

10 (a) IN GENERAL.—There is established in the Treas11 ury of the United States a trust fund to be known as the 

12 ‘‘Emergency Transportation Safety Fund’’. 

13 (b) TRANSFERS TO EMERGENCY TRANSPORTATION

14 SAFETY FUND.— 

15 (1) IN GENERAL.—There are hereby appro16 priated to the Emergency Transportation Safety 

17 Fund amounts equivalent to 50 percent of the excess 

18 of— 

19 (A) the taxes received in the United States 

20 Treasury which are attributable to eligible 965 

21 dividends received by corporations which are 

22 United States shareholders, over 

23 (B) the amount of the foreign tax credit 

24 allowed under section 901 of the Internal Rev25 enue Code of 1986 which is attributable to the 


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1 non-deductible portion of such eligible 965 divi2 dends. 

3 (2) DEFINITIONS.—For purposes of this sub4 section— 

5 (A) ELIGIBLE 965 DIVIDEND.—The term 

6 ‘‘eligible 965 dividend’’ means any amount re7 ceived from a controlled foreign corporation for 

8 which a deduction is allowed under section 965 

9 of the Internal Revenue Code of 1986, as deter10 mined based on estimates made by the Sec11 retary of the Treasury, or the Secretary’s dele12 gate. 

13 (B) NON-DEDUCTIBLE PORTION.—The 

14 term ‘‘non-deductible portion’’ means the excess 

15 of the amount of any eligible 965 dividend over 

16 the deductible portion (as defined in section 

17 965(d)(3) of the Internal Revenue Code of 

18 1986) of such amount. 

19 (c) EMERGENCY RELIEF EXPENDITURES.—Section 

20 125(c) of title 23, United States Code, is amended by add21 ing at the end the following: 

22 ‘‘(3) EMERGENCY TRANSPORTATION SAFETY

23 FUND.—Amounts deposited into the Emergency 

24 Transportation Safety Fund established under sec25 tion 102(a) of the Emergency Transportation Safety 


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1 Fund Act are authorized to be obligated to carry 

2 out, in priority order, the projects on the current list 

3 compiled by the Secretary under section 201(b)(1) of 

4 such Act that meet the eligibility requirements set 

5 forth in subsection (a).’’. 

6 TITLE II—EMERGENCY TRANS7 PORTATION SAFETY PRI8 ORITY LIST 

9 SEC. 201. EMERGENCY TRANSPORTATION PRIORITIES. 

10 (a) LIST.—The Secretary of Transportation, in con11 sultation with a representative sample of State and local 

12 government transportation officials, shall compile a 

13 prioritized list of emergency transportation projects, which 

14 will guide the allocation of funding to the States from the 

15 Emergency Transportation Safety Fund. 

16 (b) CRITERIA.—In compiling the list under sub17 section (a), the Secretary of Transportation, in addition 

18 to other criteria established by the Secretary, shall rank 

19 priorities in descending order, beginning with— 

20 (1) whether the project is part of the interstate 

21 highway system; 

22 (2) whether the project is a road or bridge that 

23 is closed for safety reasons; 

24 (3) the impact of the project on interstate com25 merce; 


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1 (4) the volume of traffic affected by the project; 

2 and 

3 (5) the overall value of the project or entity. 

4 (c) REPORT.—Not later than 120 days after the date 

5 of the enactment of this Act, the Secretary of Transpor6 tation shall submit a report to Congress that includes— 

7 (1) a prioritized list of emergency transpor8 tation projects to be funded through the Emergency 

9 Transportation Safety Fund; and 

10 (2) a description of the criteria used to estab11 lish the list referred to in paragraph (1). 

12 (d) QUARTERLY UPDATES.—Not less frequently than 

13 4 times per year, the Secretary of Transportation shall— 

14 (1) update the report submitted pursuant to 

15 subsection (c); 

16 (2) send a copy of the report to Congress; and 

17 (3) make a copy of the report available to the 

18 public through the Department of Transportation’s 

19 website. 

Æ 


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