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[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2920 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 2920

               To establish the Detroit Jobs Trust Fund.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                           September 14, 2011

    Mr. Clarke of Michigan introduced the following bill; which was 
  referred to the Committee on Ways and Means, and in addition to the 
   Committee on Oversight and Government Reform, 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 establish the Detroit Jobs Trust Fund.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Detroit Jobs Trust Fund Act''.

SEC. 2. DETROIT JOBS TRUST FUND.

    (a) In General.--Subchapter A of chapter 98 of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new section:

``SEC. 9512. DETROIT JOBS TRUST FUND.

    ``(a) Creation of Trust Fund.--There is established in the Treasury 
of the United States a trust fund to be known as the `Detroit Jobs 
Trust Fund', consisting of such amounts as may be appropriated or 
credited to such fund as provided in this section or section 9602(b).
    ``(b) Transfers to Trust Fund.--There are hereby appropriated to 
the Detroit Jobs Trust Fund amounts equivalent to receipts in the 
Treasury of taxes imposed under this title (with respect to periods 
after the date of the enactment of this section) which are (as 
determined by the Secretary) attributable to Detroit, Michigan.
    ``(c) Expenditures.--
            ``(1) In general.--Except as otherwise provided in this 
        subsection, amounts in the Detroit Jobs Development Fund shall 
        (without need of any further appropriation) be distributed 
        annually by the Secretary to the city of Detroit, Michigan to 
        carryout the purposes described in paragraph (2).
            ``(2) Use of expenditures.--Amounts distributed to the city 
        of Detroit, Michigan under this section shall be used for the 
        following purposes and in the following order of priority:
                    ``(A) To the extent of the first $378,256,650 
                distributed with respect the annual period, for any 
                purpose determined by the city government of Detroit, 
                Michigan.
                    ``(B) Second, for payment of principal and interest 
                on any obligation issued by the city of Detroit, 
                Michigan (to the extent of such obligations).
                    ``(C) Third, for payment of principal and interest 
                on obligations to which section 103 applies and the 
                proceeds of which were used for the public schools of 
                the city of Detroit, Michigan (to the extent of such 
                obligations).
                    ``(D) Fourth, for jobs development, public safety, 
                education, business infrastructure, or public 
                infrastructure (to the extent consistent with the plan 
                described in paragraph (4)).
            ``(3) Restriction on distributions.--No distribution shall 
        be made by the Secretary under paragraph (1) unless--
                    ``(A) the city of Detroit, Michigan, does not 
                impose an income tax,
                    ``(B) such city has reduced the aggregate property 
                taxes imposed by an amount not less than the reduction 
                in the payment obligations of such city by reason of 
                the payments described in paragraph (2), and
                    ``(C) all prior distributions made to the city 
                under paragraph (2) were used by the city in a manner 
                consistent with the requirements of paragraph (2).
            ``(4) 5-year development plan.--A plan is described in this 
        paragraph if such plan--
                    ``(A) is a 5-year plan describing development goals 
                for Detroit, Michigan, and detailing how distributions 
                for purposes described in paragraph (2)(D) will be 
                spent,
                    ``(B) has been approved by simple majority vote of 
                the City Council of Detroit, Michigan (after 
                consultation with the Detroit Board of Education), and
                    ``(C) has been submitted to, and approved by, the 
                Secretary of Housing and Urban Development.
        No distribution shall be made under paragraph (1) for a purpose 
        described in paragraph (2)(D) unless a plan described in this 
        paragraph is in effect and all prior such distributions for 
        such purposes were used in accordance with such plan.
            ``(5) Amounts made available not to reduce other funding.--
        Amounts distributed to the city of Detroit, Michigan under this 
        section shall supplement, and not supplant, any other funding 
        (including any Federal funding) for such city.
    ``(d) Termination.--No amount shall be distributed from, or 
appropriated to, the Detroit Jobs Trust Fund after the 5-year period 
beginning on the date of the enactment of this Act. Any amounts 
remaining in such Trust Fund at the end of such period shall be 
transferred to the general fund of the Treasury.''.
    (b) The table of sections for subchapter A of chapter 98 of such 
Code is amended by adding at the end the following new item:

``Sec. 9512. Detroit Jobs Trust Fund.''.
                                 <all>
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