SEC. 2. TEMPORARY DIVIDENDS RECEIVED DEDUCTION AL-
LOWED FOR 2011 OR 2012. 
(a) 15 PERCENT TAX ON REPATRIATED AMOUNTS.— 
Paragraph (1) of section 965(a) of the Internal Revenue 
Code of 1986 is amended by striking ‘‘85 percent’’ and 
inserting ‘‘57 percent’’. 
(b) BASE PERIOD.—Section 965 of such Code is 
amended by striking ‘‘June 30, 2003’’ each place it occurs 
and inserting ‘‘the date of the enactment of the Putting 
America Back to Work Act of 2011’’. 
(c) ELECTION.—Subsection (f) of section 965 of such 
Code is amended to read as follows: 
‘‘(f) ELECTION.—The taxpayer may elect to apply 
this section to— 
‘‘(1) the taxpayer’s last taxable year which be-
gins before the date of the enactment of the Putting 
America Back to Work Act of 2011, or 
‘‘(2) the taxpayer’s first taxable year which be-
gins during the 1-year period beginning on such 
date. 
Such election may be made for a taxable year only if made 
on or before the due date (including extensions) for filing 
the return of tax for such taxable year.’’. 
(d) INDEBTEDNESS DETERMINATION DATE.—Sub-
paragraph (B) of section 965(b)(3) of such Code is 
amended by striking ‘‘October 3, 2004’’ and inserting ‘‘the 
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date of the enactment of the Putting America Back to 
Work Act of 2011’’. 
(e) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years ending on or after 
the day before the date of the enactment of this Act. 
SEC. 3. ESTABLISHMENT OF THE 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. JOBS TRUST FUND. 
‘‘(a) CREATION OF TRUST FUND.—There is estab-
lished in the Treasury of the United States a trust fund 
to be known as the ‘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.— 
‘‘(1) IN GENERAL.—There are hereby appro-
priated to the Jobs Trust Fund amounts equivalent 
to the repatriation revenue of the Federal Govern-
ment. 
‘‘(2) REPATRIATION
REVENUE
OF
THE
FED-
ERAL
GOVERNMENT.—For purposes of this sub-
section, the term ‘repatriation revenue of the Fed-
eral Government’ means the excess (as determined 
by the Secretary) of— 
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‘‘(A) the amount of revenue to the Federal 
Government with respect to taxable years end-
ing on or after the day before the date of the 
enactment of this section, over 
‘‘(B) the amount of revenue which would 
be described in subparagraph (A) if the amend-
ments made by section 2 of the Putting Amer-
ica Back to Work Act of 2011 had never been 
enacted. 
‘‘(c) EXPENDITURES.— 
‘‘(1) IN GENERAL.—Amounts in the Jobs Trust 
Fund shall be available, as provided in appropriation 
Acts, only for the purpose of funding infrastructure 
projects and improvements in the United States. 
Such amounts shall be used to supplement, not sup-
plant, existing funding for such projects and im-
provements. 
‘‘(2) BUY AMERICA.— 
‘‘(A) IN GENERAL.—Notwithstanding any 
other provision of law, amounts made available 
from the Jobs Trust Fund may be used for the 
acquisition of steel, iron, cement, concrete, and 
manufactured products only if such material or 
product is produced in the United States. 
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‘‘(B) 
EXCEPTIONS.—Subparagraph 
(A) 
shall not apply if the head of the Federal agen-
cy concerned finds— 
‘‘(i) that the application of such sub-
paragraph would be inconsistent with the 
public interest, or 
‘‘(ii) that the material or product is 
not produced in the United States in suffi-
cient and reasonably available quantities 
and of a satisfactory quality. 
‘‘(C) COMPLIANCE WITH INTERNATIONAL 
AGREEMENTS.—Subparagraph (A) shall be ap-
plied in a manner consistent with United States 
obligations under international agreements.’’. 
(b) CLERICAL AMENDMENT.—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. Jobs Trust Fund.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall take effect on the date of the enactment 
of this Act. 
Æ 
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