3.0.0 625 2023-01-11T13:28:58Z 2023-01-11T13:28:58Z House HR 2015-01-30 114 [Congressional Record Volume 161, Number 16 (Friday, January 30, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. DELANEY:H.R. 625.Congress has the power to enact this legislation pursuantto the following:Article I Section 8 of the United States constitution.[Page H667]]]> hspw00 Transportation and Infrastructure Committee House Standing hspw02 Water Resources and Environment Subcommittee Referred to 2015-02-02T15:21:56Z hspw14 Railroads, Pipelines, and Hazardous Materials Subcommittee Referred to 2015-02-02T15:21:40Z hspw13 Economic Development, Public Buildings, and Emergency Management Subcommittee Referred to 2015-02-02T15:21:20Z hspw07 Coast Guard and Maritime Transportation Subcommittee Referred to 2015-02-02T15:21:08Z hspw05 Aviation Subcommittee Referred to 2015-02-02T15:20:57Z hspw12 Highways and Transit Subcommittee Referred to 2015-02-02T14:02:34Z Referred to 2015-01-30T19:00:35Z hsru00 Rules Committee House Standing Referred to 2015-01-30T19:00:40Z hswm00 Ways and Means Committee House Standing Referred to 2015-01-30T19:00:30Z 2015-02-02 hspw02 Water Resources and Environment Subcommittee 1 House committee actions Referred to the Subcommittee on Water Resources and Environment. Committee 2015-02-02 hspw14 Railroads, Pipelines, and Hazardous Materials Subcommittee 1 House committee actions Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials. Committee 2015-02-02 hspw13 Economic Development, Public Buildings, and Emergency Management Subcommittee 1 House committee actions Referred to the Subcommittee on Economic Development, Public Buildings and Emergency Management. Committee 2015-02-02 hspw07 Coast Guard and Maritime Transportation Subcommittee 1 House committee actions Referred to the Subcommittee on Coast Guard and Maritime Transportation. Committee 2015-02-02 hspw05 Aviation Subcommittee 1 House committee actions Referred to the Subcommittee on Aviation. Committee 2015-02-02 hspw12 Highways and Transit Subcommittee 1 House committee actions Referred to the Subcommittee on Highways and Transit. Committee 2015-01-30 Referred to the Committee on Ways and Means, and in addition to the Committees on Transportation and Infrastructure, and Rules, 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 hsru00 Rules Committee 2015-01-30 Referred to the Committee on Ways and Means, and in addition to the Committees on Transportation and Infrastructure, and Rules, 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 2015-01-30 Referred to the Committee on Ways and Means, and in addition to the Committees on Transportation and Infrastructure, and Rules, 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-A 9 Library of Congress 2015-01-30 Referred to the Committee on Ways and Means, and in addition to the Committees on Transportation and Infrastructure, and Rules, 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 2015-01-30 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-01-30 Introduced in House IntroReferral 1000 9 Library of Congress D000620 Rep. Delaney, John K. [D-MD-6] John Delaney D MD K. 6 N H001051 Rep. Hanna, Richard L. [R-NY-22] Richard Hanna R NY L. 22 2015-01-30 True P000598 Rep. Polis, Jared [D-CO-2] Jared Polis D CO 2 2015-02-12 False C001083 Rep. Carney, John C., Jr. [D-DE-At Large] John Carney D DE C. 0 2015-02-12 False A000373 Rep. Ashford, Brad [D-NE-2] Brad Ashford D NE 2 2015-02-12 False S001187 Rep. Stivers, Steve [R-OH-15] Steve Stivers R OH 15 2015-02-20 False J000295 Rep. Joyce, David P. [R-OH-14] David Joyce R OH P. 14 2015-03-03 False N000188 Rep. Norcross, Donald [D-NJ-1] Donald Norcross D NJ 1 2015-03-03 False M001187 Rep. Meadows, Mark [R-NC-11] Mark Meadows R NC 11 2015-03-06 False Q000023 Rep. Quigley, Mike [D-IL-5] Mike Quigley D IL 5 2015-03-06 False B001286 Rep. Bustos, Cheri [D-IL-17] Cheri Bustos D IL 17 2015-03-19 False Y000065 Rep. Yoho, Ted S. [R-FL-3] Ted Yoho R FL S. 3 2015-03-23 False W000413 Rep. Whitfield, Ed [R-KY-1] EDWARD WHITFIELD R KY 1 2015-03-24 False R000589 Rep. Rigell, E. Scott [R-VA-2] E. Rigell R VA Scott 2 2015-03-26 False W000800 Rep. Welch, Peter [D-VT-At Large] Peter Welch D VT 0 2015-03-26 False M001180 Rep. McKinley, David B. [R-WV-1] David McKinley R WV B. 1 2015-04-14 False R000587 Rep. Ribble, Reid J. [R-WI-8] Reid Ribble R WI J. 8 2015-04-15 False S001191 Rep. Sinema, Kyrsten [D-AZ-9] Kyrsten Sinema D AZ 9 2015-04-20 False S001185 Rep. Sewell, Terri A. [D-AL-7] Terri Sewell D AL A. 7 2015-04-30 False B001296 Rep. Boyle, Brendan F. [D-PA-13] Brendan Boyle D PA F. 13 2015-06-09 False Y000062 Rep. Yarmuth, John A. [D-KY-3] John Yarmuth D KY A. 3 2015-06-09 False K000382 Rep. Kuster, Ann M. [D-NH-2] Ann Kuster D NH M. 2 2015-07-08 False L000559 Rep. Langevin, James R. [D-RI-2] JAMES LANGEVIN D RI R. 2 2015-07-29 False M001143 Rep. McCollum, Betty [D-MN-4] BETTY MCCOLLUM D MN 4 2015-08-04 False G000559 Rep. Garamendi, John [D-CA-3] John Garamendi D CA 3 2015-11-02 False 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) Legislative rules and procedure Roads and highways Securities Tax administration and collection, taxpayers Taxation of foreign income Transportation programs funding Taxation 00 2015-01-30 Introduced in House 2015-04-01T19:08:15Z Infrastructure 2.0 Act

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 that ends before the enactment of this Act; (2) reduce the rate of tax on such earnings and profits by allowing an exemption of 75% (equal to a tax of 8.75% of repatriated earnings and profits); 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 submit recommendations and proposed legislation for achieving long-term solvency of the Highway Trust Fund. Sets forth congressional procedures for the expedited consideration of a bill containing such legislation.

Directs the Secretary of Transportation to establish a regional infrastructure accelerator pilot program to assist public entities in developing infrastructure projects.

Establishes a deadline of 18 months after the enactment of this Act for the enactment of legislation that reforms the international tax system by eliminating the incentive to hold earnings in low-tax jurisdictions. Imposes a tax on repatriated offshore corporate earnings upon the expiration of the deadline.

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 2.0 Act Display Title Infrastructure 2.0 Act 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 2.0 Act Introduced in House 2015-01-30T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr625ih/xml/BILLS-114hr625ih.xml 2015-02-02 Referred to the Subcommittee on Water Resources and Environment. 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.