<enum>I</enum><header>Establishment and funding</header> <section commented="no" display-inline="no-display-inline" id="HED2A991680C74AE89752D2EDB664ED74" section-type="subsequent-section"><enum>101.</enum><header display-inline="yes-display-inline">Modification and permanent extension of the incentives to reinvest foreign earnings in the United States</header> <subsection commented="no" display-inline="no-display-inline" id="id7A1EB119C5C94315B0D5DE9519A43319"><enum>(a)</enum><header display-inline="yes-display-inline">Repatriation subject to 5 percent tax rate</header><text>Subsection (a)(1) of section 965 of the Internal Revenue Code of 1986 is amended by striking <quote>85 percent</quote> and inserting <quote>85.7 percent</quote>.</text> </subsection><subsection commented="no" display-inline="no-display-inline" id="idFAFC75D3846C4074A5A56D6350808AC9"><enum>(b)</enum><header>Permanent extension To elect repatriation</header><text>Subsection (f) of section 965 of the Internal Revenue Code of 1986 is amended to read as follows:</text> <quoted-block display-inline="no-display-inline" id="id1BFC49BD95744E849A29CFE1C6E4B12B" style="OLC"> <subsection commented="no" display-inline="no-display-inline" id="id18697C211A0946A18BC3A7CD6F6E7B35"><enum>(f)</enum><header>Election</header><text>The taxpayer may elect to apply this section to any taxable year only if made on or before the due date (including extensions) for filing the return of tax for such taxable year.</text> </subsection><after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection id="idE30FEE6F76254BAD98A7808885C74270"><enum>(c)</enum><header>Repatriation includes current and accumulated foreign earnings</header> <paragraph id="idE7C0933C3F614DF387272CBE4E21D415"><enum>(1)</enum><header>In general</header><text>Paragraph (1) of section 965(b) of the Internal Revenue Code of 1986 is amended to read as follows:</text> <quoted-block display-inline="no-display-inline" id="id64057FF3465D42BCAF7C86DF7B875E24" style="OLC"> <paragraph id="id67982BE6AB4A49C798652F68CE621193"><enum>(1)</enum><header>In general</header><text>The amount of dividends taken into account under subsection (a) shall not exceed the sum of the current and accumulated earnings and profits described in section 959(c)(3) for the year a deduction is claimed under subsection (a), without diminution by reason of any distributions made during the election year, for all controlled foreign corporations of the United States shareholder.</text> </paragraph><after-quoted-block>.</after-quoted-block></quoted-block> </paragraph><paragraph id="idBEE6F5402A654B5A9AA143B44C1D3520"><enum>(2)</enum><header>Conforming amendments</header> <subparagraph id="id195C099319D940A7A474D878ED80E88E"><enum>(A)</enum><text>Section 965(b) of such Code is amended by striking paragraphs (2) and (4) and by redesignating paragraph (3) as paragraph (2).</text> </subparagraph><subparagraph id="id88B4D92D6ABE4D08A052D2371118CAF9"><enum>(B)</enum><text>Section 965(c) of such Code is amended by striking paragraphs (1) and (2) and by redesignating paragraphs (3), (4), and (5) as paragraphs (1), (2), and (3), respectively.</text> </subparagraph><subparagraph id="id7EE12B2135AD4768AEEE9079E2D6A322"><enum>(C)</enum><text>Paragraph (3) of section 965(c) of such Code, as redesignated by subparagraph (B), is amended to read as follows:</text> <quoted-block display-inline="no-display-inline" id="id01C6C024C3BC42678A3747BF4DC3543A" style="OLC"> <paragraph id="id46BA532E053942548DDE5F741AEF79FA"><enum>(3)</enum><header>Controlled groups</header><text>All United States shareholders which are members of an affiliated group filing a consolidated return under section 1501 shall be treated as one United States shareholder.</text> </paragraph><after-quoted-block>.</after-quoted-block></quoted-block> </subparagraph></paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="id7189708E50B5462C832EBB9D16492FF8"><enum>(d)</enum><header>Clerical amendments</header> <paragraph commented="no" display-inline="no-display-inline" id="idF2787760FFB7475D9FA58379AFD3C99F"><enum>(1)</enum><text>The heading for <external-xref legal-doc="usc" parsable-cite="usc/26/965">section 965</external-xref> of the Internal Revenue Code of 1986 is amended by striking <quote><header-in-text level="section" style="OLC">Temporary</header-in-text></quote>.</text> </paragraph><paragraph commented="no" display-inline="no-display-inline" id="idF86B081F4A85463FA4B1007AD2C5F786"><enum>(2)</enum><text>The table of sections for subpart F of part III of subchapter N of chapter 1 of such Code is amended by striking <quote>Temporary dividends</quote> and inserting <quote>Dividends</quote>.</text> </paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="id1730ACAD757A4F1D9D8B573822D2F62D"><enum>(e)</enum><header>Effective date</header><text>The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act.</text> </subsection></section><section id="id10258883B9C741038270EAF4598B78E3"><enum>102.</enum><header>Establishment of Emergency Transportation Safety Fund</header> <subsection id="id966F5072652A4CEB8AA8B2073BCD53A8"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">There is established in the Treasury of the United States a trust fund to be known as the <quote>Emergency Transportation Safety Fund</quote>.</text> </subsection><subsection id="id68B3596AB70F425D8F94AEB0BBA52DEA"><enum>(b)</enum><header>Transfers to Emergency Transportation Safety Fund</header> <paragraph id="idEE6C8D7BD18143529C48DB54D732FDC8"><enum>(1)</enum><header>In general</header><text>There are hereby appropriated to the Emergency Transportation Safety Fund amounts equivalent to 50 percent of the excess of—</text> <subparagraph id="id9F668CC30B1E4BC6820BAA1ED2DB9E14"><enum>(A)</enum><text>the taxes received in the United States Treasury which are attributable to eligible 965 dividends received by corporations which are United States shareholders, over</text> </subparagraph><subparagraph id="id7136049C98AB4D4A9C0C953560BC8B18"><enum>(B)</enum><text>the amount of the foreign tax credit allowed under section 901 of the Internal Revenue Code of 1986 which is attributable to the non-deductible portion of such eligible 965 dividends.</text> </subparagraph></paragraph><paragraph id="id8F493194A1AA4315AB8D3F05116FCF92"><enum>(2)</enum><header>Definitions</header><text>For purposes of this subsection—</text> <subparagraph id="id1C462A52C5DA4FFF9D81A631E0EEA04F"><enum>(A)</enum><header>Eligible 965 dividend</header><text>The term <term>eligible 965 dividend</term> means any amount received from a controlled foreign corporation for which a deduction is allowed under <external-xref legal-doc="usc" parsable-cite="usc/26/965">section 965</external-xref> of the Internal Revenue Code of 1986, as determined based on estimates made by the Secretary of the Treasury, or the Secretary's delegate.</text> </subparagraph><subparagraph id="id4549E9F9E9F549DA848F11F47B3BD68F"><enum>(B)</enum><header>Non-deductible portion</header><text>The term <term>non-deductible portion</term> means the excess of the amount of any eligible 965 dividend over the deductible portion (as defined in <external-xref legal-doc="usc" parsable-cite="usc/26/965">section 965(d)(3)</external-xref> of the Internal Revenue Code of 1986) of such amount.</text> </subparagraph></paragraph></subsection><subsection id="idD0B13905A6DA4FE5997078DDAFE7E0E0"><enum>(c)</enum><header>Emergency relief expenditures</header><text><external-xref legal-doc="usc" parsable-cite="usc/23/125">Section 125(c)</external-xref> of title 23, United States Code, is amended by adding at the end the following:</text> <quoted-block display-inline="no-display-inline" id="id162A03FC48684275AE716907FBCA8B19" style="OLC"> <paragraph id="id0690490D59684964BCCF4DF3122E4D20"><enum>(3)</enum><header>Emergency transportation safety fund</header><text>Amounts deposited into the Emergency Transportation Safety Fund established under section 102(a) of the <short-title>Emergency Transportation Safety Fund Act</short-title> are authorized to be obligated to carry out, in priority order, the projects on the current list compiled by the Secretary under section 201(b)(1) of such Act that meet the eligibility requirements set forth in subsection (a).</text> </paragraph><after-quoted-block>.</after-quoted-block></quoted-block> </subsection></section>

113 S911 IS: Emergency Transportation Safety Fund Act U.S. Senate 2013-05-09 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

Short title

This Act may be cited as the

Emergency Transportation Safety Fund Act

<enum>I</enum><header>Establishment and funding</header> <section commented="no" display-inline="no-display-inline" id="HED2A991680C74AE89752D2EDB664ED74" section-type="subsequent-section"><enum>101.</enum><header display-inline="yes-display-inline">Modification and permanent extension of the incentives to reinvest foreign earnings in the United States</header> <subsection commented="no" display-inline="no-display-inline" id="id7A1EB119C5C94315B0D5DE9519A43319"><enum>(a)</enum><header display-inline="yes-display-inline">Repatriation subject to 5 percent tax rate</header><text>Subsection (a)(1) of section 965 of the Internal Revenue Code of 1986 is amended by striking <quote>85 percent</quote> and inserting <quote>85.7 percent</quote>.</text> </subsection><subsection commented="no" display-inline="no-display-inline" id="idFAFC75D3846C4074A5A56D6350808AC9"><enum>(b)</enum><header>Permanent extension To elect repatriation</header><text>Subsection (f) of section 965 of the Internal Revenue Code of 1986 is amended to read as follows:</text> <quoted-block display-inline="no-display-inline" id="id1BFC49BD95744E849A29CFE1C6E4B12B" style="OLC"> <subsection commented="no" display-inline="no-display-inline" id="id18697C211A0946A18BC3A7CD6F6E7B35"><enum>(f)</enum><header>Election</header><text>The taxpayer may elect to apply this section to any taxable year only if made on or before the due date (including extensions) for filing the return of tax for such taxable year.</text> </subsection><after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection id="idE30FEE6F76254BAD98A7808885C74270"><enum>(c)</enum><header>Repatriation includes current and accumulated foreign earnings</header> <paragraph id="idE7C0933C3F614DF387272CBE4E21D415"><enum>(1)</enum><header>In general</header><text>Paragraph (1) of section 965(b) of the Internal Revenue Code of 1986 is amended to read as follows:</text> <quoted-block display-inline="no-display-inline" id="id64057FF3465D42BCAF7C86DF7B875E24" style="OLC"> <paragraph id="id67982BE6AB4A49C798652F68CE621193"><enum>(1)</enum><header>In general</header><text>The amount of dividends taken into account under subsection (a) shall not exceed the sum of the current and accumulated earnings and profits described in section 959(c)(3) for the year a deduction is claimed under subsection (a), without diminution by reason of any distributions made during the election year, for all controlled foreign corporations of the United States shareholder.</text> </paragraph><after-quoted-block>.</after-quoted-block></quoted-block> </paragraph><paragraph id="idBEE6F5402A654B5A9AA143B44C1D3520"><enum>(2)</enum><header>Conforming amendments</header> <subparagraph id="id195C099319D940A7A474D878ED80E88E"><enum>(A)</enum><text>Section 965(b) of such Code is amended by striking paragraphs (2) and (4) and by redesignating paragraph (3) as paragraph (2).</text> </subparagraph><subparagraph id="id88B4D92D6ABE4D08A052D2371118CAF9"><enum>(B)</enum><text>Section 965(c) of such Code is amended by striking paragraphs (1) and (2) and by redesignating paragraphs (3), (4), and (5) as paragraphs (1), (2), and (3), respectively.</text> </subparagraph><subparagraph id="id7EE12B2135AD4768AEEE9079E2D6A322"><enum>(C)</enum><text>Paragraph (3) of section 965(c) of such Code, as redesignated by subparagraph (B), is amended to read as follows:</text> <quoted-block display-inline="no-display-inline" id="id01C6C024C3BC42678A3747BF4DC3543A" style="OLC"> <paragraph id="id46BA532E053942548DDE5F741AEF79FA"><enum>(3)</enum><header>Controlled groups</header><text>All United States shareholders which are members of an affiliated group filing a consolidated return under section 1501 shall be treated as one United States shareholder.</text> </paragraph><after-quoted-block>.</after-quoted-block></quoted-block> </subparagraph></paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="id7189708E50B5462C832EBB9D16492FF8"><enum>(d)</enum><header>Clerical amendments</header> <paragraph commented="no" display-inline="no-display-inline" id="idF2787760FFB7475D9FA58379AFD3C99F"><enum>(1)</enum><text>The heading for <external-xref legal-doc="usc" parsable-cite="usc/26/965">section 965</external-xref> of the Internal Revenue Code of 1986 is amended by striking <quote><header-in-text level="section" style="OLC">Temporary</header-in-text></quote>.</text> </paragraph><paragraph commented="no" display-inline="no-display-inline" id="idF86B081F4A85463FA4B1007AD2C5F786"><enum>(2)</enum><text>The table of sections for subpart F of part III of subchapter N of chapter 1 of such Code is amended by striking <quote>Temporary dividends</quote> and inserting <quote>Dividends</quote>.</text> </paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="id1730ACAD757A4F1D9D8B573822D2F62D"><enum>(e)</enum><header>Effective date</header><text>The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act.</text> </subsection></section><section id="id10258883B9C741038270EAF4598B78E3"><enum>102.</enum><header>Establishment of Emergency Transportation Safety Fund</header> <subsection id="id966F5072652A4CEB8AA8B2073BCD53A8"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">There is established in the Treasury of the United States a trust fund to be known as the <quote>Emergency Transportation Safety Fund</quote>.</text> </subsection><subsection id="id68B3596AB70F425D8F94AEB0BBA52DEA"><enum>(b)</enum><header>Transfers to Emergency Transportation Safety Fund</header> <paragraph id="idEE6C8D7BD18143529C48DB54D732FDC8"><enum>(1)</enum><header>In general</header><text>There are hereby appropriated to the Emergency Transportation Safety Fund amounts equivalent to 50 percent of the excess of—</text> <subparagraph id="id9F668CC30B1E4BC6820BAA1ED2DB9E14"><enum>(A)</enum><text>the taxes received in the United States Treasury which are attributable to eligible 965 dividends received by corporations which are United States shareholders, over</text> </subparagraph><subparagraph id="id7136049C98AB4D4A9C0C953560BC8B18"><enum>(B)</enum><text>the amount of the foreign tax credit allowed under section 901 of the Internal Revenue Code of 1986 which is attributable to the non-deductible portion of such eligible 965 dividends.</text> </subparagraph></paragraph><paragraph id="id8F493194A1AA4315AB8D3F05116FCF92"><enum>(2)</enum><header>Definitions</header><text>For purposes of this subsection—</text> <subparagraph id="id1C462A52C5DA4FFF9D81A631E0EEA04F"><enum>(A)</enum><header>Eligible 965 dividend</header><text>The term <term>eligible 965 dividend</term> means any amount received from a controlled foreign corporation for which a deduction is allowed under <external-xref legal-doc="usc" parsable-cite="usc/26/965">section 965</external-xref> of the Internal Revenue Code of 1986, as determined based on estimates made by the Secretary of the Treasury, or the Secretary's delegate.</text> </subparagraph><subparagraph id="id4549E9F9E9F549DA848F11F47B3BD68F"><enum>(B)</enum><header>Non-deductible portion</header><text>The term <term>non-deductible portion</term> means the excess of the amount of any eligible 965 dividend over the deductible portion (as defined in <external-xref legal-doc="usc" parsable-cite="usc/26/965">section 965(d)(3)</external-xref> of the Internal Revenue Code of 1986) of such amount.</text> </subparagraph></paragraph></subsection><subsection id="idD0B13905A6DA4FE5997078DDAFE7E0E0"><enum>(c)</enum><header>Emergency relief expenditures</header><text><external-xref legal-doc="usc" parsable-cite="usc/23/125">Section 125(c)</external-xref> of title 23, United States Code, is amended by adding at the end the following:</text> <quoted-block display-inline="no-display-inline" id="id162A03FC48684275AE716907FBCA8B19" style="OLC"> <paragraph id="id0690490D59684964BCCF4DF3122E4D20"><enum>(3)</enum><header>Emergency transportation safety fund</header><text>Amounts deposited into the Emergency Transportation Safety Fund established under section 102(a) of the <short-title>Emergency Transportation Safety Fund Act</short-title> are authorized to be obligated to carry out, in priority order, the projects on the current list compiled by the Secretary under section 201(b)(1) of such Act that meet the eligibility requirements set forth in subsection (a).</text> </paragraph><after-quoted-block>.</after-quoted-block></quoted-block> </subsection></section><enum>II</enum><header>Emergency Transportation Safety Priority List</header> <section id="id5293862C00054DFC80FCC2F4609E5424"><enum>201.</enum><header>Emergency transportation priorities</header> <subsection id="id66790AFB29384FFCA78D94B393D52E87"><enum>(a)</enum><header>List</header><text>The Secretary of Transportation, in consultation with a representative sample of State and local government transportation officials, shall compile a prioritized list of emergency transportation projects, which will guide the allocation of funding to the States from the Emergency Transportation Safety Fund.</text> </subsection><subsection id="id866A5253F3C7484495FB907C6D0968AB"><enum>(b)</enum><header>Criteria</header><text>In compiling the list under subsection (a), the Secretary of Transportation, in addition to other criteria established by the Secretary, shall rank priorities in descending order, beginning with—</text> <paragraph id="id9A05369FEB5C44FFA368E1299AFAE9CF"><enum>(1)</enum><text>whether the project is part of the interstate highway system;</text> </paragraph><paragraph id="id56C95AFA8EE54BE3B42702BD67A96450"><enum>(2)</enum><text>whether the project is a road or bridge that is closed for safety reasons;</text> </paragraph><paragraph id="id93BE653CD74F4C008D1759992C480618"><enum>(3)</enum><text>the impact of the project on interstate commerce;</text> </paragraph><paragraph id="id0E9F6A84CB924726B94FDF8482762F90"><enum>(4)</enum><text>the volume of traffic affected by the project; and</text> </paragraph><paragraph id="idCAB721BDEC924E1B8B20C38941DAC79B"><enum>(5)</enum><text>the overall value of the project or entity.</text> </paragraph></subsection><subsection id="idD9C0E691C9F840E0A9E2B236AEBEE48E"><enum>(c)</enum><header>Report</header><text>Not later than 120 days after the date of the enactment of this Act, the Secretary of Transportation shall submit a report to Congress that includes—</text> <paragraph id="idE4A977BEF8654C6287D7E5AC9B88D656"><enum>(1)</enum><text>a prioritized list of emergency transportation projects to be funded through the Emergency Transportation Safety Fund; and</text> </paragraph><paragraph id="id2A9CDCD113BC4538A01D88E9C9B63030"><enum>(2)</enum><text>a description of the criteria used to establish the list referred to in paragraph (1).</text> </paragraph></subsection><subsection id="id19B0DC3EED6B471EA24E658C9091D907"><enum>(d)</enum><header>Quarterly updates</header><text>Not less frequently than 4 times per year, the Secretary of Transportation shall—</text> <paragraph id="id7B58E163013B4756A576970E63504602"><enum>(1)</enum><text>update the report submitted pursuant to subsection (c);</text> </paragraph><paragraph id="idBCF57589FC52478BA72AA36E771A35A7"><enum>(2)</enum><text>send a copy of the report to Congress; and</text> </paragraph><paragraph commented="no" display-inline="no-display-inline" id="id6F74A0964D064913920FAA9249B9A51E"><enum>(3)</enum><text>make a copy of the report available to the public through the Department of Transportation's website.</text> </paragraph></subsection></section>