Infrastructure and Global Tax Competitiveness Act of 2014

Summary

Infrastructure and Global Tax Competitiveness Act of 2014 - 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 prior to January 1, 2015, (2) reduce the rate of tax on such earnings and profits by allowing an exemption of 75%, 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 propose recommendations and legislation for achieving long-term solvency of the Highway Trust Fund. Establishes an 18-month deadline for the enactment of legislation that reforms the international tax system by eliminating the incentive to hold earnings in low-tax jurisdictions. 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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 11 December 2014

   Introduced

   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.

   Source: IntroReferral

2. 11 December 2014

   Introduced

   Introduced in House

   Source: IntroReferral

3. 11 December 2014

   Introduced

   Introduced in House

   Source: IntroReferral

4. 12 December 2014

   Referred

   Referred to the Subcommittee on Highways and Transit.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 11 December 2014 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 11 December 2014

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 11 December 2014

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 11 December 2014

  Open at official source

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  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Delaney, John K. [D-MD-6] · D · Sponsor
• · hspw00 · Standing
• · hswm00 · Standing

Related records

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