3.0.0 2132 2022-02-03T05:54:09Z 2022-02-03T05:54:09Z Senate S S 2012-02-27 112 ssfi00 Finance Committee Senate Standing Reported original measure 2012-02-27T20:43:21Z S. Rept. 112-152 MAP-21 112 14 HR 2012-03-21 Referred to the Committee on Transportation and Infrastructure, and in addition to the Committees on Ways and Means, Natural Resources, Energy and Commerce, Agriculture, Science, Space, and Technology, the Budget, Oversight and Government Reform, Financial Services, Education and the Workforce, and Foreign Affairs, 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. Related bill CRS To amend the Internal Revenue Code of 1986 to provide for the treatment of securities of a controlled corporation exchanged for assets in certain reorganizations. 112 2604 HR 2011-07-20 Referred to the House Committee on Ways and Means. Related bill CRS American Energy and Infrastructure Jobs Financing Act of 2012 112 3864 HR 2012-02-09 Placed on the Union Calendar, Calendar No. 276. Related bill CRS Extension of Section 420 and Retiree Life Insurance Act of 2012 112 4143 HR 2012-03-29 Referred to the Subcommittee on Health, Employment, Labor, and Pensions. Related bill CRS Transportation Access for All Americans Act 112 836 S 2011-04-14 Read twice and referred to the Committee on Finance. Related bill CRS MAP-21 112 1813 S 2012-04-24 See also H.R. 4348. Related bill CRS Text similarities House 2012-02-27 Senate Placed on Senate Legislative Calendar under General Orders. Calendar No. 327. Calendars 2012-02-27 ssfi00 Finance Committee Senate Committee on Finance. Original measure reported to Senate by Senator Baucus. With written report No. 112-152. Additional views filed. Committee 2012-02-27 Committee on Finance. Original measure reported to Senate by Senator Baucus. With written report No. 112-152. Additional views filed. Committee 14000 9 Library of Congress ssfi00 Finance Committee 2012-02-27 Introduced in Senate IntroReferral 10000 9 Library of Congress B000243 Sen. Baucus, Max [D-MT] MAX BAUCUS D MT SIEBEN N Taxation Alternative and renewable resources Business investment and capital Commuting Corporate finance and management Employee benefits and pensions Government employee pay, benefits, personnel management Government trust funds Health care costs and insurance Income tax credits Income tax deductions Income tax exclusion Income tax rates Infrastructure development Interest, dividends, interest rates Land use and conservation Life, casualty, property insurance Medicare Motor fuels Motor vehicles Public transit Roads and highways Sales and excise taxes Securities Solid waste and recycling State and local finance Tariffs Tax administration and collection, taxpayers Transportation programs funding Visas and passports Water use and supply Taxation 00 2012-02-27 Introduced in Senate 2012-04-19T15:39:58Z 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.

]]> 80 2012-02-27 Reported to Senate without amendment 2012-04-19T17:15:44Z (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Highway Investment, Job Creation, and Economic Growth Act of 2012 - Title I: Extension of Highway Trust Fund Expenditure Authority and Related Taxes - (Sec. 101) 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.

Title II: Other Provisions - (Sec. 201) Extends through 2012: (1) the special exemption for small bond issuers (issuers of $10 million or less of tax-exempt obligations in a calendar year) 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.

(Sec. 203) Allows a state, through a state infrastructure bank, to issue transportation and regional infrastructure project (TRIP) bonds and deposit proceeds into the TRIP bond account of the bank. Requires such proceeds to be used for capital improvements to any transportation infrastructure project of any governmental unit or other person, including roads, bridges, rail and transit systems, ports, and inland waterways.

(Sec. 205) Exempts sewage and water facility bonds issued before January 1, 2018, from the volume cap applicable to private activity bonds.

Title III: Revenue Provisions - (Sec. 301) Transfers to the Highway Trust Fund: (1) $3 billion from the Leaking Underground Storage Tank (LUST) Trust Fund, (2) one-third of the LUST Trust Fund financing rate with respect to motor fuels, (3) revenue from the gas guzzler tax, (4) additional revenue from restrictions placed on the cellulosic biofuel producer tax credit by this Act, and (5) certain tariffs on motor cars and other motor vehicles with a specified cylinder capacity.

(Sec. 303) Prohibits after February 3, 2012, claims under the cellulosic biofuel producer tax credit for fuels containing more than a 4% combination of water and sediment, an ash content of more than 1%, or an acid number greater than 25.

(Sec. 305) Requires the Secretary of the Treasury to notify the Secretary of State of the identity of any individual who has a seriously delinquent tax debt in excess of $50,000 (adjusted for inflation after 2012) for action with respect to the denial, revocation, or limitation of a passport for such individual.

(Sec. 306) Imposes the 100% continuous levy on payments due to Medicare providers and suppliers for delinquent tax debts.

(Sec. 308) Allows nonrecognition of gain for income tax purposes in a corporate reorganization for corporations that exchange property solely for stock other than nonqualified preferred stock.

(Sec. 309) Allows the enforcement of a federal tax levy on thrift savings plan accounts.

(Sec. 310) Modifies rules for required distributions from tax-exempt pension plans to an employee who dies before such employee's entire interest is distributed to require such interest to be distributed within five years after the death of such employee, subject to exceptions for eligible designated beneficiaries and surviving spouses of such employee. Defines "eligible designated beneficiary" to include a disabled or chronically-ill individual.

Modifies the rule for required distributions from tax-exempt pension plans for an employee who becomes a 5% owner of the employer establishing such plan after reaching age 70-1/2 to allow distributions to begin after the date such employee obtains such ownership interest.

(Sec. 311) Requires a 45-year recovery period for the depreciation of applicable leased highway property, using the straight line method of depreciation. Defines "applicable leased highway property" as highway property subject to a lease to a private entity from a state or locality, under which such entity receives a right-of way on public lands underlying the highway property and a grant of a franchise permitting the entity to receive funds (e.g., tolls) from the operation of such highway.

Requires that the amortization period of intangibles relating to applicable leased highway property shall not be less than the term of the applicable lease for such property.

(Sec. 312) Extends through 2021 the authority for transfers of excess pension assets of a defined benefit plan to a retiree health benefits account.

(Sec. 313) Allows the transfer of excess pension assets of a defined benefit plan to a retiree group term life insurance account.


]]> Highway Investment, Job Creation, and Economic Growth Act of 2012 Short Titles as Introduced Highway Investment, Job Creation, and Economic Growth Act of 2012 Short Titles as Reported to Senate Highway Investment, Job Creation, and Economic Growth Act of 2012 S Senate Display Title Highway Investment, Job Creation, and Economic Growth Act of 2012 Official Title as Introduced An original bill to amend the Internal Revenue Code of 1986 to provide for the extension of highway-related taxes and trust fund expenditures, to provide revenues for highway programs, and for other purposes. Placed on Calendar Senate 2012-02-27T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s2132pcs/xml/BILLS-112s2132pcs.xml 2012-02-27 Placed on Senate Legislative Calendar under General Orders. Calendar No. 327. 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.