3.0.0 2489 2023-01-11T13:26:07Z 2023-01-11T13:26:07Z Senate S S 2014-06-18 113 ssfi00 Finance Committee Senate Standing Referred to 2014-06-18T19:40:08Z Stop Corporate Inversions Act of 2014 113 4679 HR 2014-05-20 Referred to the House Committee on Ways and Means. Related bill CRS Stop Corporate Expatriation and Invest in America's Infrastructure Act of 2014 113 4985 HR 2014-06-26 Referred to the House Committee on Ways and Means. Related bill CRS Stop Corporate Inversions Act of 2014 113 2360 S 2014-05-20 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3188-31889) Related bill CRS 2014-06-18 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2014-06-18 Introduced in Senate IntroReferral 10000 9 Library of Congress W000818 Sen. Walsh, John E. [D-MT] John Walsh D MT E. N Economics and Public Finance Administrative law and regulatory procedures Budget deficits and national debt Budget process Climate change and greenhouse gases Coal Congressional oversight Corporate finance and management Department of Energy Department of the Interior Department of the Treasury Electric power generation and transmission Environmental technology Executive agency funding and structure Foreign and international corporations Government trust funds Income tax rates Indian lands and resources rights Inflation and prices Infrastructure development Public transit Roads and highways Rural conditions and development Taxation of foreign income Transportation programs funding Water resources funding Water use and supply Economics and Public Finance 00 2014-06-18 Introduced in Senate 2014-07-01T20:11:01Z American Jobs for American Infrastructure Act - Amends the Internal Revenue Code to appropriate to the Highway Account and Mass Transit Account of the Highway Trust Fund for FY2014-FY2018 amounts necessary to ensure that the balance of each Account for any quarter is not less than specified levels.

Declares the sense of Congress that Congress should provide annual inflation increases for the Federal Lands Access Program, the Federal Lands Transportation Program, and the Tribal Transportation Program in the next Surface Transportation reauthorization.

Establishes in the Treasury a Reclamation Water Infrastructure Fund, to be administered by the Secretary of the Interior and used for: (1) rural water projects; (2) deferred maintenance of certain Indian irrigation projects; and (3) construction, planning, and design of projects to settle Indian reserved water rights.

Establishes in the Treasury an Energy Upgrade and Retrofit Infrastructure Fund, to be administered by the Secretary of Energy (DOE) and used to: (1) support novel and innovative technologies to capture or prevent carbon dioxide emissions, as well as enable the beneficial use and long-term storage of carbon dioxide; and (2) fund certain commercial-scale, coal-fired electric generation units.

Amends the Internal Revenue Code of 1986 to make a special rule to prohibit income deductions allocated to deferred foreign income from offsetting U.S. source income.

Requires foreign-related deductions to be allocated to currently-taxed foreign income in the same proportion which currently-taxed foreign income bears to the sum of currently-taxed foreign income and deferred foreign income.

Revises rules related to inverted domestic corporations (which used to be incorporated in the United States, or used to be a partnership in the United States, but now are incorporated in a foreign country, or are subsidiaries whose parent corporations are incorporated in a foreign country).

Treats as an inverted domestic corporation, for income tax purposes, any foreign corporation (entity) which after May 8, 2014, completes the direct or indirect acquisition of substantially all of the properties or assets of a domestic corporation, and after the acquisition either: (1) more than 50% (currently, in different specified circumstances, 60% or 80%) of the entity's stock is held by former shareholders of the domestic corporation by reason of holding stock in that domestic corporation; or (2) the management and control of the expanded affiliated group which includes the entity occurs, directly or indirectly, primarily within the United States, and the expanded affiliated group has significant domestic business activities. Applies similar rules to an entity's acquisition of a domestic partnership.

Dedicates to deficit reduction $1 billion of any increase in revenue to the Treasury by reason of this Act.

]]> American Jobs for American Infrastructure Act Display Title American Jobs for American Infrastructure Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to ensure that sufficient funding is made available for the Highway Trust Fund, and for other purposes. Introduced in Senate IS Short Titles as Introduced American Jobs for American Infrastructure Act Introduced in Senate 2014-06-18T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113s2489is/xml/BILLS-113s2489is.xml 2014-06-18 Read twice and referred to the Committee on Finance. 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.