Highway Investment, Job Creation, and Economic Growth Act of 2012

Summary

Highway Investment, Job Creation, and Economic Growth Act of 2012 - Amends the Internal Revenue Code to: (1) extend through September 30, 2013, the expenditure authority for the Highway Trust Fund; and (2) extend through September 30, 2015, current excise tax rates on motor fuels (i.e., gasoline, diesel fuel and kerosene, and special motor fuels), excise taxes on heavy highway vehicles and highway tires, and the use tax on heavy vehicles. Extends through 2012: (1) the special exemption for small bond issuers from tax-exempt interest expense allocation rules, (2) the exemption of tax-exempt interest on private activity bonds from treatment as an item of tax preference for alternative minimum tax (AMT) purposes, and (3) the equalization of the tax exclusion for employer-provided mass transit and parking benefits. Exempts certain sewage and water facility bonds issued before January 1, 2018, from the volume cap applicable to private activity bonds. Allows a state, through a state infrastructure bank, to issue transportation and regional infrastructure project (TRIP) bonds to be used for capital improvements to transportation infrastructure projects. Transfers to the Highway Trust Fund: (1) $3 billion from the Leaking Underground Storage Tank (LUST) Trust Fund and amounts from a reduction in the LUST Trust Fund financing rate, (2) amounts received from the gas guzzler tax, and (3) tariffs on certain motor cars. Provides for the denial, revocation, or limitation of a passport for individuals with a seriously delinquent tax debt in excess of $50,000. Imposes a 100% continuous levy on payments due to Medicare providers and suppliers for delinquent tax debts. Allows the enforcement of a federal tax levy on thrift savings plan accounts. Modifies rules for required distributions from tax-exempt pension plans. Increases the recovery period for the depreciation of highway property subject to a long-term lease. Extends through 2021 the allowance of transfers of excess pension assets of a defined benefit plan to retiree health benefits accounts. Allows the transfer of such excess pension assets to retiree group term life insurance accounts.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

4 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 27 February 2012

  ViewDownloadOpen at official source

• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 27 February 2012

  ViewDownloadOpen at official source

• Reported to Senate without amendment

  summary · EN · 27 February 2012

  Open at official source

• Introduced in Senate

  summary · EN · 27 February 2012

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.