Infrastructure 2.0 Act

Summary

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.

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

Timeline

1. 30 January 2015

   Introduced

   Introduced in House

   Source: IntroReferral

2. 30 January 2015

   Introduced

   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.

   Source: IntroReferral

3. 30 January 2015

   Introduced

   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.

   Source: IntroReferral

4. 30 January 2015

   Introduced

   Introduced in House

   Source: IntroReferral

5. 2 February 2015

   Referred

   Referred to the Subcommittee on Highways and Transit.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 30 January 2015 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 30 January 2015

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 30 January 2015

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 30 January 2015

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  Leesvertaling

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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

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Sponsors

• Rep. Delaney, John K. [D-MD-6] · D · Sponsor
• Rep. Hanna, Richard L. [R-NY-22] · R · Sponsor
• Rep. Polis, Jared [D-CO-2] · D · Cosponsor
• Rep. Carney, John C., Jr. [D-DE-At Large] · D · Cosponsor
• Rep. Ashford, Brad [D-NE-2] · D · Cosponsor
• Rep. Stivers, Steve [R-OH-15] · R · Cosponsor
• Rep. Joyce, David P. [R-OH-14] · R · Cosponsor
• Rep. Norcross, Donald [D-NJ-1] · D · Cosponsor
• Rep. Meadows, Mark [R-NC-11] · R · Cosponsor
• Rep. Quigley, Mike [D-IL-5] · D · Cosponsor
• Rep. Bustos, Cheri [D-IL-17] · D · Cosponsor
• Rep. Yoho, Ted S. [R-FL-3] · R · Cosponsor
• Rep. Whitfield, Ed [R-KY-1] · R · Cosponsor
• Rep. Rigell, E. Scott [R-VA-2] · R · Cosponsor
• Sen. Welch, Peter [D-VT] · D · Cosponsor
• Rep. McKinley, David B. [R-WV-1] · R · Cosponsor
• Rep. Ribble, Reid J. [R-WI-8] · R · Cosponsor
• Sen. Sinema, Kyrsten [I-AZ] · D · Cosponsor
• Rep. Sewell, Terri A. [D-AL-7] · D · Cosponsor
• Rep. Boyle, Brendan F. [D-PA-2] · D · Cosponsor
• Rep. Yarmuth, John A. [D-KY-3] · D · Cosponsor
• Rep. Kuster, Ann M. [D-NH-2] · D · Cosponsor
• Rep. Langevin, James R. [D-RI-2] · D · Cosponsor
• Rep. McCollum, Betty [D-MN-4] · D · Cosponsor
• Rep. Garamendi, John [D-CA-8] · D · Cosponsor
• · hspw00 · Standing
• · hsru00 · Standing
• · hswm00 · Standing

Related records

• related to → Infrastructure 2.0 Act