3.0.0 1296 2023-01-11T13:31:09Z 2023-01-11T13:31:09Z Senate S 2015-05-12 114 ssfi00 Finance Committee Senate Standing Referred to 2015-05-12T16:30:12Z 2015-05-12 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2015-05-12 Introduced in Senate IntroReferral 10000 9 Library of Congress F000463 Sen. Fischer, Deb [R-NE] Deb Fischer R NE N Transportation and Public Works Executive agency funding and structure Foreign and international corporations Government corporations and government-sponsored enterprises Government lending and loan guarantees Income tax deductions Infrastructure development Interest, dividends, interest rates Roads and highways Securities State and local finance Taxation of foreign income Transportation programs funding Transportation and Public Works 00 2015-05-12 Introduced in Senate 2015-07-15T19:30:15Z Build USA Act

This bill establishes the American Infrastructure Bank as a wholly owned government corporation.

The Bank's Board of Directors has authority, among other operations, to issue public benefit bonds and provide financing to core infrastructure projects from bond proceeds.

State governments may enter into minimum three-year remittance agreements with the Bank under which:

  • a state agrees to remit to the Bank at least 60% of the total amount of federal-aid highway activities funds it receives from the federal government in each of the three years,
  • the Board will issue to the state funds from the Bank equal to 90% of the amount the state remitted to the Bank, and
  • the state will use those funds to carry out core infrastructure projects.

The Bank may grant a loan to a state or a unit of local government to implement core transportation infrastructure projects.

The deduction from gross income under the Internal Revenue Code for temporary dividends received from a controlled foreign corporation (CFC) decreases from 85% to 81.4% of the cash dividends received by a U.S. corporate shareholder from a CFC during the taxable year. Allowance of the deduction applies, if the taxpayer elects it, to the three-taxable year period beginning with:

  • the taxpayer's last taxable year which begins before the enactment of this Act, or
  • the taxpayer's first taxable year which begins during the one-year period beginning on that date of enactment.
]]> Build USA Act Display Title Build USA Act Official Title as Introduced A bill to establish the American Infrastructure Bank to offer States the option for more flexibility in financing and funding infrastructure projects. Introduced in Senate IS Short Titles as Introduced Build USA Act Introduced in Senate 2015-05-12T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s1296is/xml/BILLS-114s1296is.xml 2015-05-12 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.