I 
114TH CONGRESS 
1ST SESSION 
H. R. 625 
To eliminate the incentive for corporations to continue to hold accumulated 
earnings offshore, to invest in domestic infrastructure, to provide for 
international tax reform, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 30, 2015 
Mr. DELANEY (for himself and Mr. HANNA) introduced the following bill; 
which was referred to the Committee on Ways and Means, and in addi-
tion to the Committees on Transportation and Infrastructure and Rules, 
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 eliminate the incentive for corporations to continue to 
hold accumulated earnings offshore, to invest in domestic 
infrastructure, to provide for international tax reform, 
and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; ETC. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Infrastructure 2.0 Act’’. 
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(b) AMENDMENT OF 1986 CODE.—Except as other-
wise expressly provided, whenever in this Act an amend-
ment or repeal is expressed in terms of an amendment 
to, or repeal of, a section or other provision, the reference 
shall be considered to be made to a section or other provi-
sion of the Internal Revenue Code of 1986. 
(c) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; etc. 
TITLE I—DEEMED REPATRIATION AND INVESTMENT IN 
DOMESTIC INFRASTRUCTURE 
Sec. 101. Elimination of incentive for corporations to continue to hold accumu-
lated earnings offshore. 
Sec. 102. American Infrastructure Fund. 
Sec. 103. Dedication of remaining revenues to highway trust fund. 
Sec. 104. Highway Trust Fund Solvency Commission. 
Sec. 105. Regional infrastructure accelerator pilot program. 
TITLE II—DEADLINE FOR INTERNATIONAL TAX REFORM 
Sec. 201. 18-month deadline for international tax reform. 
TITLE III—FALLBACK INTERNATIONAL TAX REFORM 
Sec. 300. General effective date of title. 
Subtitle A—Reform of Taxation of Income Earned by Controlled Foreign 
Corporations 
PART I—GENERAL PROVISIONS 
Sec. 301. Modifications to subpart F income. 
Sec. 302. Deemed repatriation upon transition to fallback international tax re-
form. 
PART II—FOREIGN TAX CREDIT LIMITATIONS 
Sec. 311. Reform of foreign tax credit limitation. 
Sec. 312. Denial of credit and deduction for foreign taxes with respect to ex-
cluded subpart F income. 
PART III—EXPENSE DISALLOWANCE 
Sec. 321. Disallowance of deduction for expenses allocable to exempt income of 
a controlled foreign corporation. 
PART IV—OTHER PROVISIONS RELATING TO SUBPART F 
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SUBPART A—PREVIOUSLY DEFERRED FOREIGN INCOME 
Sec. 331. Treatment of previously deferred foreign income. 
SUBPART B—OTHER PROVISIONS 
Sec. 336. Elimination of 30-day requirement. 
Sec. 337. Modification of definition of United States shareholder. 
Subtitle B—Reform of Foreign Tax Credit Provisions 
Sec. 341. Repeal of section 902 indirect foreign tax credits; foreign tax credit 
related to subpart F income. 
Sec. 342. Repeal of rule suspending foreign taxes and credits until related in-
come is taken into account. 
TITLE 
I—DEEMED 
REPATRI-
ATION AND INVESTMENT IN 
DOMESTIC INFRASTRUCTURE 
SEC. 101. ELIMINATION OF INCENTIVE FOR CORPORATIONS 
TO 
CONTINUE 
TO 
HOLD 
ACCUMULATED 
EARNINGS OFFSHORE. 
(a) IN GENERAL.—Section 965 is amended to read 
as follows: 
‘‘SEC. 965. ELIMINATION OF INCENTIVE TO HOLD ACCUMU-
LATED EARNINGS AND PROFITS OFFSHORE. 
‘‘(a) TREATMENT OF DEFERRED FOREIGN INCOME 
AS SUBPART F INCOME.—In the case of the last taxable 
year of a deferred foreign income corporation which ends 
before the date of the enactment of the Infrastructure 2.0 
Act, the subpart F income of such foreign corporation (as 
otherwise determined for such taxable year under section 
952) shall be increased by the accumulated post-1986 de-
ferred foreign income of such corporation determined as 
of the close of such taxable year. 
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‘‘(ii) as of the date of the introduction 
of Infrastructure 2.0 Act— 
‘‘(I) such corporation was a spec-
ified foreign corporation, and 
‘‘(II) such taxpayer was a United 
States shareholder of such corpora-
tion. 
‘‘(C) SPECIFIED E&P DEFICIT.—The term 
‘specified E&P deficit’ means, with respect to 
any E&P deficit foreign corporation, the 
amount of the deficit referred to in subpara-
graph (B). 
‘‘(c) DEDUCTION FOR PORTION OF INCLUDED IN-
COME.—In the case of a United States shareholder of a 
deferred foreign income corporation, there shall be allowed 
as a deduction for the taxable year in which an amount 
is included in the gross income of such United States 
shareholder under section 951(a)(1) by reason of this sec-
tion an amount equal to 75 percent of the amount so in-
cluded in gross income. 
‘‘(d) DEFERRED FOREIGN INCOME CORPORATION; 
ACCUMULATED
POST-1986 DEFERRED
FOREIGN
IN-
COME.—For purposes of this section— 
‘‘(1) DEFERRED
FOREIGN
INCOME
CORPORA-
TION.—The term ‘deferred foreign income corpora-
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tion’ means, with respect to any United States 
shareholder, any specified foreign corporation of 
such United States shareholder which has accumu-
lated post-1986 deferred foreign income (as of the 
close of the taxable year referred to in subsection 
(a)) greater than zero. 
‘‘(2) ACCUMULATED POST-1986 DEFERRED FOR-
EIGN
INCOME.—The term ‘accumulated post-1986 
deferred foreign income’ means the post-1986 earn-
ings and profits except to the extent such earnings— 
‘‘(A) are attributable to income of the 
specified foreign corporation which is effectively 
connected with the conduct of a trade or busi-
ness within the United States and subject to 
tax under this chapter, 
‘‘(B) if distributed, would— 
‘‘(i) in the case of a controlled foreign 
corporation, be excluded from the gross in-
come of a United States shareholder under 
section 959, or 
‘‘(ii) in the case of any passive foreign 
investment company (as defined in section 
1297) other than a controlled foreign cor-
poration, be treated as a distribution which 
is not a dividend, or 
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‘‘(C) in the case of any passive foreign in-
vestment company (as so defined), is properly 
attributable to an unreversed inclusion of a 
United States person under section 1296. 
To the extent provided in regulations or other guid-
ance prescribed by the Secretary, in the case of any 
controlled foreign corporation which has share-
holders which are not United States shareholders, 
accumulated post-1986 deferred foreign income shall 
be appropriately reduced by amounts which would be 
described in subparagraph (B)(i) if such share-
holders were United States shareholders. Such regu-
lations or other guidance may provide a similar rule 
for purposes of subparagraph (B)(ii) and (C). 
‘‘(3) POST-1986 EARNINGS AND PROFITS.—The 
term ‘post-1986 earnings and profits’ means the 
earnings and profits of the foreign corporation (com-
puted in accordance with sections 964(a) and 986) 
accumulated in taxable years beginning after Decem-
ber 31, 1986, and determined— 
‘‘(A) as of the close the taxable year re-
ferred to in subsection (a), and 
‘‘(B) without diminution by reason of divi-
dends distributed during such taxable year. 
‘‘(e) SPECIFIED FOREIGN CORPORATION.— 
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‘‘(1) IN GENERAL.—For purposes of this sec-
tion, 
the 
term 
‘specified 
foreign 
corporation’ 
means— 
‘‘(A) any controlled foreign corporation, 
and 
‘‘(B) any section 902 corporation (as de-
fined in section 909(d)(5)). 
‘‘(2) APPLICATION TO SECTION 902 CORPORA-
TIONS.—For purposes of section 951, a section 902 
corporation (as so defined) shall be treated as a con-
trolled foreign corporation solely for purposes of tak-
ing into account the subpart F income of such cor-
poration under subsection (a) (and for purposes of 
applying subsection (f)). 
‘‘(f) DETERMINATIONS OF PRO RATA SHARE.—For 
purposes of this section, the determination of any United 
States shareholder’s pro rata share of any amount with 
respect to any specified foreign corporation shall be deter-
mined under rules similar to the rules of section 951(a)(2) 
by treating such amount in the same manner as subpart 
F income (and by treating such specified foreign corpora-
tion as a controlled foreign corporation). 
‘‘(g) DISALLOWANCE
OF FOREIGN TAX CREDIT, 
ETC.— 
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‘‘(1) IN GENERAL.—No credit shall be allowed 
under section 901 for the applicable percentage of 
any taxes paid or accrued (or treated as paid or ac-
crued) with respect to any amount for which a de-
duction is allowed under this section. 
‘‘(2) APPLICABLE PERCENTAGE.—For purposes 
of this subsection, the term ‘applicable percentage’ 
means the percentage specified in subsection (c). 
‘‘(3) DENIAL
OF
DEDUCTION.—No deduction 
shall be allowed under this chapter for any tax for 
which credit is not allowable under section 901 by 
reason of paragraph (1) (determined by treating the 
taxpayer as having elected the benefits of subpart A 
of part III of subchapter N). 
‘‘(4) COORDINATION WITH SECTION 78.—Sec-
tion 78 shall not apply to any tax for which credit 
is not allowable under section 901 by reason of para-
graph (1). 
‘‘(h) ELECTION TO PAY LIABILITY
IN INSTALL-
MENTS.— 
‘‘(1) IN GENERAL.—In the case of a United 
States shareholder of a deferred foreign income cor-
poration, such United States shareholder may elect 
to pay the net tax liability under this section in 8 
installments of the following amounts: 
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‘‘(A) 8 percent of the net tax liability in 
the case of each of the first 5 of such install-
ments, 
‘‘(B) 15 percent of the net tax liability in 
the case of the 6th such installment, 
‘‘(C) 20 percent of the net tax liability in 
the case of the 7th such installment, and 
‘‘(D) 25 percent of the net tax liability in 
the case of the 8th such installment. 
‘‘(2) DATE FOR PAYMENT OF INSTALLMENTS.— 
If an election is made under paragraph (1), the first 
installment shall be paid on the due date (deter-
mined without regard to any extension of time for 
filing the return) for the return of tax for the tax-
able year described in subsection (b) and each suc-
ceeding installment shall be paid on the due date (as 
so determined) for the return of tax for the taxable 
year following the taxable year with respect to which 
the preceding installment was made. 
‘‘(3) ACCELERATION OF PAYMENT.—If there is 
an addition to tax for failure to pay timely assessed 
with respect to any installment required under this 
subsection, a liquidation or sale of substantially all 
the assets of the taxpayer (including in a title 11 or 
similar case), a cessation of business by the tax-
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payer, or any similar circumstance, then the unpaid 
portion of all remaining installments shall be due on 
the date of such event (or in the case of a title 11 
or similar case, the day before the petition is filed). 
The preceding sentence shall not apply to the sale 
of substantially all the assets of a taxpayer to a 
buyer if such buyer enters into an agreement with 
the Secretary under which such buyer is liable for 
the remaining installments due under this subsection 
in the same manner as if such buyer were the tax-
payer. 
‘‘(4) PRORATION OF DEFICIENCY TO INSTALL-
MENTS.—If an election is made under paragraph (1) 
to pay the net tax liability under this section in in-
stallments and a deficiency has been assessed with 
respect to such net tax liability, the deficiency shall 
be prorated to the installments payable under para-
graph (1). The part of the deficiency so prorated to 
any installment the date for payment of which has 
not arrived shall be collected at the same time as, 
and as a part of, such installment. The part of the 
deficiency so prorated to any installment the date 
for payment of which has arrived shall be paid upon 
notice and demand from the Secretary. This sub-
section shall not apply if the deficiency is due to 
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negligence, to intentional disregard of rules and reg-
ulations, or to fraud with intent to evade tax. 
‘‘(5) ELECTION.—Any election under paragraph 
(1) shall be made not later than the due date for the 
return of tax for the taxable year described in sub-
section (a) and shall be made in such manner as the 
Secretary may provide. 
‘‘(6) NET
TAX
LIABILITY
UNDER
THIS
SEC-
TION.—For purposes of this subsection— 
‘‘(A) IN GENERAL.—The net tax liability 
under this section with respect to any United 
States shareholder is the excess (if any) of— 
‘‘(i) such taxpayer’s net income tax 
for the taxable year described in subsection 
(a), over 
‘‘(ii) such taxpayer’s net income tax 
for such taxable year determined without 
regard to this section. 
‘‘(B) NET INCOME TAX.—The term ‘net 
income tax’ means the regular tax liability re-
duced by the credits allowed under subparts A, 
B, and D of part IV of subchapter A. 
‘‘(i) INCLUSION
OF DEFERRED FOREIGN INCOME 
UNDER THIS SECTION NOT TO TRIGGER RECAPTURE OF 
OVERALL
FOREIGN
LOSS.—For purposes of section 
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904(f)(1), in the case of a United States shareholder of 
a deferred foreign income corporation, such United States 
shareholder’s taxable income from sources without the 
United States shall be determined without regard to this 
section. 
‘‘(j) REGULATIONS.—The Secretary may prescribe 
such regulations or other guidance as may be necessary 
or appropriate to carry out the provisions of this section.’’. 
(b) CLERICAL AMENDMENT.—The table of sections 
for subpart F of part III of subchapter N of chapter 1 
of such Code is amended by striking the item relating to 
section 965 and inserting the following: 
‘‘Sec. 965. Elimination of incentive to hold accumulated earnings and profits 
offshore.’’. 
SEC. 102. AMERICAN INFRASTRUCTURE FUND. 
(a) AMERICAN INFRASTRUCTURE FUND.— 
(1) IN GENERAL.—There is established a wholly 
owned Government corporation— 
(A) which shall be called the American In-
frastructure Fund (referred to in this Act as 
the ‘‘AIF’’); 
(B) which shall be headed by the Board of 
Trustees established under subsection (b); 
(C) which may have separate subaccounts 
or subsidiaries for funds used to make loans, 
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bond guarantees, and equity investments under 
this section; 
(D) which shall be available to the AIF to 
pay for the costs of carrying out this section, 
including the compensation of the Board and 
other employees of the AIF; and 
(E) the funds of which may be invested by 
the Board in such manner as the Board deter-
mines appropriate. 
(2) DEPOSITS TO AIF.—All funds received from 
bond issuances, loan payments, bond guarantee fees, 
and any other funds received in carrying out this 
section shall be held by AIF. 
(3) LIMITATIONS.—The charter of the AIF 
shall limit its activities to those activities described 
as the mission of the Board under subsection (b)(2). 
(4) OVERSIGHT.—The AIF shall register with 
the Securities and Exchange Commission and the 
Chairman shall report to Congress annually as to 
whether the AIF is fulfilling the mission of the 
Board under subsection (b)(2). 
(5) TREATMENT OF AIF.— 
(A) ACCOUNTS.—Title 31, United States 
Code, is amended in each of sections 9107(c)(3) 
and 9108(d)(2)— 
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(i) by inserting ‘‘the American Infra-
structure Fund,’’ after ‘‘the Regional 
Banks for Cooperatives,’’; and 
(ii) by striking ‘‘those banks’’ and in-
serting ‘‘those entities’’. 
(B) BONDS.—Section 149(b)(3)(A)(i) is 
amended by inserting ‘‘American Infrastructure 
Fund,’’ after ‘‘Federal Home Loan Mortgage 
Corporation,’’. 
(b) BOARD OF TRUSTEES.— 
(1) IN GENERAL.—There is established a Board 
of Trustees of the AIF (referred to in this sub-
section as the ‘‘Board’’), which shall be composed of 
9 members who— 
(A) have substantial experience in bond 
guarantees or municipal credit; and 
(B) to the greatest extent practicable, have 
extensive experience working with municipal 
credit, risk management, and infrastructure fi-
nance. 
(2) MISSION.—The mission of the Board is— 
(A) to operate the AIF and its subsidiaries 
to be a low cost provider of bond guarantees, 
loans, and equity investments to State and local 
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governments and infrastructure providers for 
urban and rural infrastructure projects that— 
(i) provide a positive economic impact; 
and 
(ii) meet such other standards as the 
Board may develop; 
(B) to operate the AIF in a self-sustaining 
manner; 
(C) to not have a profit motive, but to seek 
at all times to pursue its mission of providing 
low cost bond guarantees and loans while— 
(i) covering its costs; 
(ii) maintaining such reserves as may 
be needed; and 
(iii) applying prudent underwriting 
standards; 
(D) to only consider projects put forth by 
State and local governments and not to seek 
projects directly; and 
(E) to engage in no other activities other 
than those permitted under this section. 
(3) MEMBERSHIP.— 
(A) INITIAL MEMBERS.— 
(i) APPOINTMENT.—Not later than 
150 days after the date of the enactment 
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of this Act, the President shall appoint, 
with the advice and consent of the Senate, 
as members of the Board— 
(I) 2 individuals from a list of at 
least 5 individuals selected by the 
Speaker of the House of Representa-
tives; 
(II) 2 individuals from a list of 
at least 5 individuals selected by the 
Minority Leader of the House of Rep-
resentatives; 
(III) 2 individuals from a list of 
at least 5 individuals selected by the 
Majority Leader of the Senate; 
(IV) 2 individuals from a list of 
at least 5 individuals selected by the 
Minority Leader of the Senate; and 
(V) 1 individual selected at will 
by the President. 
(ii) SUBMISSION OF LISTS.—Each of 
the lists described in clause (i) shall be 
submitted to the President not later than 
90 days after the date of the enactment of 
this Act. If any of such lists are submitted 
after the date required under this clause, 
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the President may appoint the 2 members 
of the Board who were to be selected from 
such list at will. 
(B) STAGGERED TERMS.—The members of 
the Board appointed pursuant to subparagraph 
(A)(i) shall serve staggered terms, with 2 each 
of the initial members of the Board serving for 
terms of 5, 6, 7, and 8 years, respectively, and 
the initial Chair selected under subparagraph 
(D) serving for 9 years. The decision of which 
Board members, other than the Chair, serve for 
which initial terms shall be made by the mem-
bers of the Board drawing lots. 
(C) ADDITIONAL MEMBERS.— 
(i) IN GENERAL.—Except as provided 
in subparagraph (A), if the term of a 
member of the Board expires or otherwise 
becomes vacant, the President shall ap-
point a replacement for such member, with 
the advice and consent of the Senate, from 
among a list of at least 5 individuals sub-
mitted by the Board. 
(ii) TERM OF SERVICE.— 
(I) IN GENERAL.—Each member 
of the Board appointed to replace a 
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member whose term is expiring shall 
serve for a 7-year term. 
(II) VACANCIES.—Any member 
of the Board appointed to fill a va-
cancy occurring before the expiration 
of the term to which that member’s 
predecessor was appointed shall be ap-
pointed only for the remainder of the 
term. 
(D) CHAIR.—The members of the Board 
shall choose 1 member to serve as the Chair of 
the Board for a term of 7 years, except that the 
initial Chair shall serve for a term of 9 years, 
pursuant to subsection (B). 
(E) CONTINUATION
OF
SERVICE.—Each 
member of the Board may continue to serve 
after the expiration of the term of office to 
which that member was appointed until a suc-
cessor has been appointed. 
(F) CONFLICTS OF INTEREST.—No mem-
ber of the Board may have a financial interest 
in, or be employed by, a Qualified Infrastruc-
ture Project (‘‘QIP’’) related to assistance pro-
vided under this section. Owning municipal 
credit of any State or local government or own-
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ing the securities of a diversified company that 
engages in infrastructure activities, provided 
those activities constitute less than 20 percent 
of the company’s revenues, or investing in 
broadly held investment funds shall not be 
deemed to create a conflict of interest. The 
Board may issue regulations to define terms 
used under this subparagraph. 
(4) COMPENSATION.—The members of the 
Board shall be compensated at an amount to be set 
by the Board, but under no circumstances may such 
compensation be higher than the rate prescribed for 
level IV of the Executive Schedule under section 
5315 of title 5, United States Code. 
(5) STAFF.—The Board shall employ and set 
compensation for such staff as the Board determines 
as is necessary to carry out the activities and mis-
sion of the AIF, and such staff may be paid without 
regard to the provisions of chapter 51 and sub-
chapter III of chapter 53, United States Code, relat-
ing to classification and General Schedule pay rates. 
(6) PROCEDURES.—The Board shall establish 
such procedures as are necessary to carry out this 
section. 
(7) CORPORATE GOVERNANCE STANDARDS.— 
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(A) BOARD
COMMITTEES
GENERALLY.— 
The Board shall maintain all of the committees 
required to be maintained by the board of direc-
tors of an issuer listed on the New York Stock 
Exchange as of the date of the enactment of 
this section. 
(B) RISK MANAGEMENT COMMITTEE.—The 
Board shall maintain a risk management com-
mittee, which shall— 
(i) employ additional staff who are 
certified by the Board as having significant 
and relevant experience in insurance un-
derwriting and credit risk management; 
and 
(ii) establish the risk management 
policies used by the Board. 
(C) STANDARDS.—The Board shall, to the 
extent practicable, follow all standards with re-
spect to corporate governance that are required 
to be followed by the board of directors of an 
issuer listed on the New York Stock Exchange 
as of the date of the enactment of this section. 
(8) BIENNIAL REPORTS.—Not less frequently 
than once every 2 years, the Board shall produce a 
report that describes, of the materials, goods, and 
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products that were used to construct, or to support 
the construction of, qualified infrastructure projects 
(as described in subsection (c)) and received financ-
ing from the American Infrastructure Fund within 
the most recent 2 calendar years, the percentage of 
such materials, goods, and products that were cre-
ated, sourced, or manufactured in the United States. 
(c) INFRASTRUCTURE INVESTMENT.— 
(1) ENTITIES ELIGIBLE FOR ASSISTANCE.—The 
AIF may provide assistance to State and local gov-
ernment entities, nonprofit infrastructure providers, 
private parties, and public-private partnerships (re-
ferred to in this section as ‘‘eligible entities’’) to help 
finance qualified infrastructure projects (referred to 
in this subsection as ‘‘QIPs’’). 
(2) FORMS OF ASSISTANCE.—The AIF may— 
(A) provide bond guarantees to debt issued 
by eligible entities; 
(B) make loans, including subordinated 
loans, to eligible entities; and 
(C) make equity investments in QIPs. 
(3) QUALIFIED INFRASTRUCTURE PROJECTS.— 
A project qualifies as a QIP under this section if— 
(A) the project is sponsored by a State or 
local government; 
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(B) the infrastructure is, or will be, owned 
by a State or local government; 
(C) the project involves the construction, 
maintenance, improvement, or repair of a trans-
portation, energy, water, communications, or 
educational facility; 
(D) the recipient of bond guarantees, 
loans, equity investments, or any other innova-
tive financing technique authorized under this 
Act provides written assurances prescribed by 
the AIF that the project will be performed in 
compliance with the requirements of all Federal 
laws that would otherwise apply to similar 
projects to which the United States is a party; 
and 
(E) in the case of a public transportation 
capital project as defined in section 5302 of 
title 49, United States Code, the recipient of 
bond guarantees, loans, equity investments, or 
any other innovative financing technique au-
thorized under this Act complies with the grant 
requirements applicable to grants made under 
section 5309 of such title. 
(4) APPLICATION FOR ASSISTANCE.— 
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(A) IN GENERAL.—A State or local gov-
ernment that wishes to receive a loan or bond 
guarantee under this section shall submit an 
application to the Board in such form and man-
ner and containing such information as the 
Board may require. 
(B) REQUIREMENT FOR PUBLIC SPONSOR-
SHIP OF PRIVATE ENTITIES.—A private entity 
may only receive a bond guarantee, loan, or eq-
uity investment under this section if the State 
or local government for the jurisdiction in which 
the nonprofit infrastructure provider or private 
partner is located submits an application pursu-
ant to subparagraph (A) on behalf of such non-
profit infrastructure provider or private part-
ner. 
(5) LIMITATIONS ON SINGLE STATE AWARDS.— 
(A) ANNUAL
LIMITATION.—The Board 
shall set an annual limit, as a percentage of 
total assistance provided under this section dur-
ing a year, on the amount of assistance a single 
State (including local governments and other 
infrastructure providers within such State) may 
receive in assistance provided under this sec-
tion. 
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(B) 
CUMULATIVE
LIMITATION.—The 
Board shall set a limit, as a percentage of total 
assistance provided under this section out-
standing at any one time, on the amount of as-
sistance a single State (including local govern-
ments and other infrastructure providers within 
such State) may receive in assistance provided 
under this section. 
(6) LOAN SPECIFICATIONS.—Loans made under 
this section shall have such maturity and carry such 
interest rate as the Board determines appropriate. 
(7) BOND
GUARANTEE.—The Board shall 
charge such fees for Bond guarantees made under 
this section as the Board determines appropriate. 
(8) EQUITY INVESTMENTS.—With respect to a 
QIP, the amount of an equity investment made by 
the AIF in such QIP may not exceed 20 percent of 
the total cost of the QIP. 
(9) PUBLIC-PRIVATE
PARTNERSHIP
REQUIRE-
MENTS.—At least 35 percent of the assistance pro-
vided under this section shall be provided to QIPs 
for which at least 10 percent of the financing for 
such QIPs comes from private debt or equity. 
(10) PROHIBITION
ON
PRINCIPAL
FORGIVE-
NESS.—With respect to a loan made under this sec-
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tion, the Board may not forgive any amount of prin-
cipal on such loan. 
(d) DEFINITIONS.—For purposes of this section: 
(1) INFRASTRUCTURE
PROVIDER.—The term 
‘‘infrastructure provider’’ means an entity that seeks 
to finance a QIP. 
(2) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Treasury. 
(3) STATE.—The term ‘‘State’’ means each of 
the several States, the District of Columbia, any ter-
ritory or possession of the United States, and each 
federally recognized Indian tribe. 
(e) APPROPRIATION.—Out of money in the Treasury 
not otherwise appropriated, there is hereby appropriated 
$50,000,000,000 to the American Infrastructure Fund. 
Amounts appropriated under this subsection shall remain 
available without fiscal year limitation. 
SEC. 103. DEDICATION OF REMAINING REVENUES TO HIGH-
WAY TRUST FUND. 
(a) IN GENERAL.—Section 9503(f) is amended by re-
designating paragraph (5) as paragraph (6) and by insert-
ing after paragraph (4) the following new paragraph: 
‘‘(5) APPROPRIATION
OF
REVENUES
ATTRIB-
UTABLE TO SECTION 965.— 
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‘‘(A) INITIAL
APPROPRIATION.—Out of 
money in the Treasury not otherwise appro-
priated, 
there 
is 
hereby 
appropriated 
$100,000,000,000 to the Highway Trust Fund. 
‘‘(B) REMAINING REVENUES.— 
‘‘(i) IN GENERAL.—Out of money in 
the Treasury not otherwise appropriated, 
there are hereby appropriated to the High-
way Trust Fund the excess of— 
‘‘(I) amounts equivalent to the 
aggregate net tax liabilities under sec-
tion 965 (as defined in such section) 
received in the Treasury, over 
‘‘(II) $150,025,000,000. 
‘‘(ii) ADDITIONAL
TRANSFERS
ONLY 
AFTER
REVENUES
EQUALING
INITIAL 
TRANSFERS HAVE BEEN RECEIVED IN THE 
TREASURY.—For purposes of applying sec-
tion 9601 to clause (i), no transfer shall be 
made under clause (i) until the Secretary 
estimates that the amount described in 
clause (i)(I) has exceeded the amount de-
scribed in clause (i)(II).’’. 
(b) TRANSFERS TO MASS TRANSIT ACCOUNT.—Sec-
tion 9503(e)(2) of such Code is amended by striking ‘‘the 
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mass transit portion’’ and inserting ‘‘, 20 percent of the 
amounts appropriated to the Highway Trust Fund under 
subsection (f)(5), and the mass transit portion’’. 
SEC. 104. HIGHWAY TRUST FUND SOLVENCY COMMISSION. 
(a) ESTABLISHMENT.—There is established in the 
legislative branch a commission to be known as the ‘‘High-
way Trust Fund Solvency Commission’’ (in this section 
referred to as the ‘‘Commission’’). 
(b) DUTY OF THE COMMISSION.—Not later than 1 
year after the initial meeting of the Commission, the Com-
mission shall transmit to Congress a written report that 
includes recommendations and proposed legislation for 
achieving long-term solvency of the Highway Trust Fund. 
(c) MEMBERS.— 
(1) NUMBER AND APPOINTMENT.—The Com-
mission shall be composed of 9 members. Of the 
members of the Commission— 
(A) 1 member shall be appointed by the 
President of the United States; 
(B) 1 member shall be appointed by the 
chairman of the Committee on Finance of the 
Senate; 
(C) 1 member shall be appointed by the 
ranking minority member of the Committee on 
Finance of the Senate; 
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(D) 1 member shall be appointed by the 
chairman of the Committee on Ways and Means 
of the House of Representatives; 
(E) 1 member shall be appointed by the 
ranking minority member of the Committee on 
Ways and Means of the House of Representa-
tives; 
(F) 1 member shall be appointed by the 
chairman of the Committee on Environment 
and Public Works of the Senate; 
(G) 1 member shall be appointed by the 
ranking minority member of the Committee on 
Environment and Public Works of the Senate; 
(H) 1 member shall be appointed by the 
chairman of the Committee on Transportation 
and Infrastructure of the House of Representa-
tives; and 
(I) 1 member shall be appointed by the 
ranking minority member of the Committee on 
Transportation and Infrastructure of the House 
of Representatives. 
(2) TIMING OF APPOINTMENTS.—Each of the 
appointments made under paragraph (1) shall be 
made not later than 45 days after the date of the 
enactment of this Act. 
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(3) TERMS; VACANCIES.—Each member shall be 
appointed for the life of the Commission, and a va-
cancy in the Commission shall be filled in the man-
ner in which the original appointment was made. 
(4) COMPENSATION.— 
(A) IN GENERAL.—Members of the Com-
mission shall serve without pay. 
(B) TRAVEL
EXPENSES.—Each member 
shall receive travel expenses, including per diem 
in lieu of subsistence, in accordance with appli-
cable provisions under subchapter I of chapter 
57 of title 5, United States Code. 
(d) OPERATION
AND POWERS
OF
THE COMMIS-
SION.— 
(1) CHAIR.—The chairperson of the Commis-
sion shall be elected by the members of the Commis-
sion. 
(2) MEETINGS.—The Commission shall meet 
not later than 30 days after the members of the 
Commission have been appointed, and at such times 
thereafter as the chairperson shall determine. 
(3) RULES OF PROCEDURE.—The chairperson 
shall, with the approval of a majority of the mem-
bers of the Commission, establish written rules of 
procedure for the Commission, which shall include a 
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quorum requirement to conduct the business of the 
Commission. 
(4) HEARINGS.—The Commission may, for the 
purpose of carrying out this section, hold hearings, 
sit and act at times and places, take testimony, and 
receive evidence as the Commission considers appro-
priate. 
(5) OBTAINING OFFICIAL DATA.—The Commis-
sion may secure directly from any department or 
agency of the United States, including the Congres-
sional Budget Office and the Government Account-
ability Office, any information or technical assist-
ance necessary to enable it to carry out this section. 
Upon request of the chairperson of the Commission, 
the head of that department or agency shall furnish 
that information or technical assistance to the Com-
mission. 
(6) CONTRACT AUTHORITY.—The Commission 
may contract with and compensate government and 
private agencies or persons for any purpose nec-
essary to enable it to carry out this section. 
(7) MAILS.—The Commission may use the 
United States mails in the same manner and under 
the same conditions as other departments and agen-
cies of the United States. 
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(e) PERSONNEL.— 
(1) DIRECTOR.—The Commission shall have a 
Director who shall be appointed by the Commission. 
The Director shall be paid at a rate of pay equiva-
lent to the annual rate of basic pay for a comparable 
position paid under the Executive Schedule, subject 
to the approval of the chairperson of the Commis-
sion. 
(2) STAFF.—The Director may appoint and fix 
the pay of additional staff as the Director considers 
appropriate. 
(3) EXPERTS AND CONSULTANTS.—The Com-
mission may procure temporary and intermittent 
services under section 3109(b) of title 5, United 
States Code, but at rates for individuals not to ex-
ceed the daily equivalent of the annual rate of basic 
pay for a comparable position paid under the Execu-
tive Schedule. 
(4) STAFF OF FEDERAL AGENCIES.—Upon re-
quest of the Commission, the head of any Federal 
department or agency may detail, without reim-
bursement, any of the personnel of that department 
or agency to the Commission to assist it in carrying 
out its duties under this section. 
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‘‘(B) services which are provided outside of 
the United States with respect to persons or 
property located outside of the United States. 
‘‘(b) TREATMENT OF PASSIVE INCOME.— 
‘‘(1) IN GENERAL.—Except as otherwise pro-
vided in this subsection, the term ‘active foreign 
market income’ shall not include the passive income 
(as defined in section 954) of a controlled foreign 
corporation. 
‘‘(2) ACTIVE
FOREIGN
MARKET
INCOME
IN-
CLUDES CERTAIN INCOME.—The term ‘active foreign 
market income’ shall include— 
‘‘(A) if the controlled foreign corporation 
or a qualified business unit of the corporation 
is an eligible controlled foreign corporation (as 
defined in section 954(c)), any item of income 
of the corporation or unit which is qualified 
banking or financing income (as so defined), 
‘‘(B) if the controlled foreign corporation 
or a qualified business unit of the corporation 
is a qualifying insurance company (as defined 
in section 954(d)) or a qualifying insurance 
company branch (as so defined), any item of in-
come of the corporation or unit which is quali-
fied insurance income (as so defined), 
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