I 

112TH CONGRESS 

1ST SESSION H. R. 2862 

To amend the Internal Revenue Code of 1986 to provide a temporary dividends received deduction and to create the Jobs Trust Fund to fund 

infrastructure projects. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 7, 2011 

Mr. MEEKS introduced the following bill; which was referred to the Committee 

on Ways and Means, and in addition to the Committee on Transportation 

and Infrastructure, for a period to be subsequently determined by the 

Speaker, in each case for consideration of such provisions as fall within 

the jurisdiction of the committee concerned 

A BILL 

To amend the Internal Revenue Code of 1986 to provide 

a temporary dividends received deduction and to create 

the Jobs Trust Fund to fund infrastructure projects. 

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 ‘‘Putting America Back 

5 to Work Act of 2011’’. 


tjames on DSK6SPTVN1PROD with BILLS
2 

•HR 2862 IH

1 SEC. 2. TEMPORARY DIVIDENDS RECEIVED DEDUCTION AL2 LOWED FOR 2011 OR 2012. 

3 (a) 15 PERCENT TAX ON REPATRIATED AMOUNTS.— 

4 Paragraph (1) of section 965(a) of the Internal Revenue 

5 Code of 1986 is amended by striking ‘‘85 percent’’ and 

6 inserting ‘‘57 percent’’. 

7 (b) BASE PERIOD.—Section 965 of such Code is 

8 amended by striking ‘‘June 30, 2003’’ each place it occurs 

9 and inserting ‘‘the date of the enactment of the Putting 

10 America Back to Work Act of 2011’’. 

11 (c) ELECTION.—Subsection (f) of section 965 of such 

12 Code is amended to read as follows: 

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

14 this section to— 

15 ‘‘(1) the taxpayer’s last taxable year which be16 gins before the date of the enactment of the Putting 

17 America Back to Work Act of 2011, or 

18 ‘‘(2) the taxpayer’s first taxable year which be19 gins during the 1-year period beginning on such 

20 date. 

21 Such election may be made for a taxable year only if made 

22 on or before the due date (including extensions) for filing 

23 the return of tax for such taxable year.’’. 

24 (d) INDEBTEDNESS DETERMINATION DATE.—Sub25 paragraph (B) of section 965(b)(3) of such Code is 

26 amended by striking ‘‘October 3, 2004’’ and inserting ‘‘the 


tjames on DSK6SPTVN1PROD with BILLS
3 

•HR 2862 IH

1 date of the enactment of the Putting America Back to 

2 Work Act of 2011’’. 

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

4 this section shall apply to taxable years ending on or after 

5 the day before the date of the enactment of this Act. 

6 SEC. 3. ESTABLISHMENT OF THE JOBS TRUST FUND. 

7 (a) IN GENERAL.—Subchapter A of chapter 98 of the 

8 Internal Revenue Code of 1986 is amended by adding at 

9 the end the following new section: 

10 ‘‘SEC. 9512. JOBS TRUST FUND. 

11 ‘‘(a) CREATION OF TRUST FUND.—There is estab12 lished in the Treasury of the United States a trust fund 

13 to be known as the ‘Jobs Trust Fund’, consisting of such 

14 amounts as may be appropriated or credited to such fund 

15 as provided in this section or section 9602(b). 

16 ‘‘(b) TRANSFERS TO TRUST FUND.— 

17 ‘‘(1) IN GENERAL.—There are hereby appro18 priated to the Jobs Trust Fund amounts equivalent 

19 to the repatriation revenue of the Federal Govern20 ment. 

21 ‘‘(2) REPATRIATION REVENUE OF THE FED22 ERAL GOVERNMENT.—For purposes of this sub23 section, the term ‘repatriation revenue of the Fed24 eral Government’ means the excess (as determined 

25 by the Secretary) of— 


tjames on DSK6SPTVN1PROD with BILLS
4 

•HR 2862 IH

1 ‘‘(A) the amount of revenue to the Federal 

2 Government with respect to taxable years end3 ing on or after the day before the date of the 

4 enactment of this section, over 

5 ‘‘(B) the amount of revenue which would 

6 be described in subparagraph (A) if the amend7 ments made by section 2 of the Putting Amer8 ica Back to Work Act of 2011 had never been 

9 enacted. 

10 ‘‘(c) EXPENDITURES.— 

11 ‘‘(1) IN GENERAL.—Amounts in the Jobs Trust 

12 Fund shall be available, as provided in appropriation 

13 Acts, only for the purpose of funding infrastructure 

14 projects and improvements in the United States. 

15 Such amounts shall be used to supplement, not sup16 plant, existing funding for such projects and im17 provements. 

18 ‘‘(2) BUY AMERICA.— 

19 ‘‘(A) IN GENERAL.—Notwithstanding any 

20 other provision of law, amounts made available 

21 from the Jobs Trust Fund may be used for the 

22 acquisition of steel, iron, cement, concrete, and 

23 manufactured products only if such material or 

24 product is produced in the United States. 


tjames on DSK6SPTVN1PROD with BILLS
5 

•HR 2862 IH

1 ‘‘(B) EXCEPTIONS.—Subparagraph (A) 

2 shall not apply if the head of the Federal agen3 cy concerned finds— 

4 ‘‘(i) that the application of such sub5 paragraph would be inconsistent with the 

6 public interest, or 

7 ‘‘(ii) that the material or product is 

8 not produced in the United States in suffi9 cient and reasonably available quantities 

10 and of a satisfactory quality. 

11 ‘‘(C) COMPLIANCE WITH INTERNATIONAL

12 AGREEMENTS.—Subparagraph (A) shall be ap13 plied in a manner consistent with United States 

14 obligations under international agreements.’’. 

15 (b) CLERICAL AMENDMENT.—The table of sections 

16 for subchapter A of chapter 98 of such Code is amended 

17 by adding at the end the following new item: 

‘‘Sec. 9512. Jobs Trust Fund.’’. 

18 (c) EFFECTIVE DATE.—The amendments made by 

19 this section shall take effect on the date of the enactment 

20 of this Act. 

Æ 


tjames on DSK6SPTVN1PROD with BILLS