3.0.0 5857 2023-01-11T13:25:10Z 2023-01-11T13:25:10Z House H HR 2014-12-11 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. DeLANEY:H.R. 5857.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8 of the United States Constitution[Page H9304]]]> hspw00 Transportation and Infrastructure Committee House Standing hspw12 Highways and Transit Subcommittee Referred to 2014-12-12T14:39:16Z Referred to 2014-12-11T14:02:20Z hswm00 Ways and Means Committee House Standing Referred to 2014-12-11T14:02:15Z 2014-12-12 hspw12 Highways and Transit Subcommittee 1 House committee actions Referred to the Subcommittee on Highways and Transit. Committee 2014-12-11 Referred to the Committee on Ways and Means, and in addition to the Committee on Transportation and Infrastructure, 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. IntroReferral H11100 2 House floor actions hspw00 Transportation and Infrastructure Committee 2014-12-11 Referred to the Committee on Ways and Means, and in addition to the Committee on Transportation and Infrastructure, 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. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2014-12-11 Introduced in House IntroReferral Intro-H 9 Library of Congress 2014-12-11 Introduced in House IntroReferral 1000 9 Library of Congress D000620 Rep. Delaney, John K. [D-MD-6] John Delaney D MD K. 6 N Taxation Accounting and auditing Administrative law and regulatory procedures Advisory bodies Business expenses Capital gains tax Congressional operations and organization Congressional oversight Corporate finance and management Department of the Treasury Executive agency funding and structure Financial services and investments Foreign and international corporations Government corporations and government-sponsored enterprises Government trust funds Income tax credits Income tax deductions Income tax rates Infrastructure development Insurance industry and regulation Interest, dividends, interest rates Internal Revenue Service (IRS) Roads and highways Securities Tax administration and collection, taxpayers Taxation of foreign income Transportation programs funding Taxation 00 2014-12-11 Introduced in House 2015-01-27T20:41:00Z Infrastructure and Global Tax Competitiveness Act of 2014 - 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 prior to January 1, 2015, (2) reduce the rate of tax on such earnings and profits by allowing an exemption of 75%, 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 propose recommendations and legislation for achieving long-term solvency of the Highway Trust Fund.

Establishes an 18-month deadline for the enactment of legislation that reforms the international tax system by eliminating the incentive to hold earnings in low-tax jurisdictions.

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.

]]> Infrastructure and Global Tax Competitiveness Act of 2014 Display Title Infrastructure and Global Tax Competitiveness Act of 2014 Official Title as Introduced To eliminate the incentive for corporations to continue to hold accumulated earnings offshore, to invest in domestic infrastructure, to provide for international tax reform, and for other purposes. Introduced in House IH Short Titles as Introduced Infrastructure and Global Tax Competitiveness Act of 2014 Introduced in House 2014-12-11T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr5857ih/xml/BILLS-113hr5857ih.xml 2014-12-12 Referred to the Subcommittee on Highways and Transit. 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.