Infrastructure 2.0 Act

Bill: 114-hr-625
Sponsor: Rep. Delaney, John K. [D-MD-6]
Introduced: 2015-01-30 in the House
Policy area: Taxation
Subjects: Accounting and auditing
Administrative law and regulatory procedures
Advisory bodies
Business expenses
Capital gains tax
Congressional operations and organization
Congressional oversight
Corporate finance and management
Department of the Treasury
Executive agency funding and structure
Financial services and investments
Foreign and international corporations
Government corporations and government-sponsored enterprises
Government trust funds
Income tax credits
Income tax deductions
Income tax rates
Infrastructure development
Insurance industry and regulation
Interest, dividends, interest rates
Internal Revenue Service (IRS)
Legislative rules and procedure
Roads and highways
Securities
Tax administration and collection, taxpayers
Taxation of foreign income
Transportation programs funding

Summary:
action_date: 2015-01-30
text: 

Infrastructure 2.0 Act
 
 
Amends the Internal Revenue Code, with respect to the taxation of earnings and profits of a deferred foreign income corporation, to: (1) make such earnings and profit subject to taxation in the last taxable year that ends before the enactment of this Act; (2) reduce the rate of tax on such earnings and profits by allowing an exemption of 75% (equal to a tax of 8.75% of repatriated earnings and profits); and (3) allow such corporations to elect to pay such tax in eight installments. 
 
Establishes the American Infrastructure Fund to provide assistance to states, local governments, and other public and private entities for investment in public infrastructure projects. 
 
Appropriates tax revenues from this Act to the Highway Trust Fund. 
 
Establishes the Highway Trust Fund Solvency Commission to submit recommendations and proposed legislation for achieving long-term solvency of the Highway Trust Fund. Sets forth congressional procedures for the expedited consideration of a bill containing such legislation.
 
Directs the Secretary of Transportation to establish a regional infrastructure accelerator pilot program to assist public entities in developing infrastructure projects. 
 
Establishes a deadline of 18 months after the enactment of this Act for the enactment of legislation that reforms the international tax system by eliminating the incentive to hold earnings in low-tax jurisdictions. Imposes a tax on repatriated offshore corporate earnings upon the expiration of the deadline. 
 
Sets forth provisions for the reform of the international tax system (to be effective if reform legislation is not enacted by the 18-month deadline established by this Act), including provisions relating to subpart F income and insurance income, gains and losses from the sale or exchange of stock in controlled foreign corporations, limitations on the foreign tax credit, and the tax treatment of previously deferred foreign income.


Legislative actions:
action_date: 2015-02-02
text: Referred to the Subcommittee on Water Resources and Environment.
action_date: 2015-02-02
text: Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
action_date: 2015-02-02
text: Referred to the Subcommittee on Economic Development, Public Buildings and Emergency Management.
action_date: 2015-02-02
text: Referred to the Subcommittee on Coast Guard and Maritime Transportation.
action_date: 2015-02-02
text: Referred to the Subcommittee on Aviation.
action_date: 2015-02-02
text: Referred to the Subcommittee on Highways and Transit.
action_date: 2015-01-30
text: Referred to the Committee on Ways and Means, and in addition 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.
action_date: 2015-01-30
text: Referred to the Committee on Ways and Means, and in addition 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.
action_date: 2015-01-30
text: Referred to the Committee on Ways and Means, and in addition 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.
action_date: 2015-01-30
text: Referred to the Committee on Ways and Means, and in addition 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.
action_date: 2015-01-30
text: Introduced in House
action_date: 2015-01-30
text: Introduced in House