American Infrastructure Investment and Improvement Act of 2007

Summary

American Infrastructure Investment and Improvement Act of 2007 - Amends the Internal Revenue Code to extend through FY2011: (1) the excise taxes on aviation fuels and transportation of persons and property by air; and (2) the expenditure authority for the Airport and Airway Trust Fund. Imposes a new excise tax rate on aviation-grade kerosene. Increases the excise tax imposed on tickets for air travel beginning and ending in the United States. Establishes within the Airport and Airway Trust Fund an Air Traffic Control System Modernization Account. Repeals the exemption from air transportation excise taxes for transportation by small aircraft operating on nonestablished lines. Increases funding for the Highway Trust Fund. Increases the rate of the Oil Spill Liability Trust Fund tax and extends such tax through 2017. Denies a tax deduction for punitive damages in connection with a judgment or settlement of any claim. Establishes a Motor Fuel Tax Enforcement Advisory Commission for the review of motor revenue fuel collections. Restructures tax incentives for investment in the New York Liberty Zone. Increases penalties for failure to file certain tax informational returns. Exempts from the harbor maintenance tax certain commercial cargo loaded or unloaded at U.S. ports in the Great Lakes Saint Lawrence Seaway System. Allows a new tax credit for investment in qualified rail infrastructure bonds. Limits the deductibility of fines and penalties paid to a government for violations of law. Sets forth additional rules for the tax treatment of high-income individuals who relinquish U.S. citizenship or residency to avoid U.S. taxation (expatriates).

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Documents

4 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 13 November 2007

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• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 13 November 2007

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• Reported to Senate without amendment

  summary · EN · 13 November 2007

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• Introduced in Senate

  summary · EN · 13 November 2007

  Open at official source

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