3.0.0 1670 2023-01-11T13:35:33Z 2023-01-11T13:35:33Z House HR 2017-03-22 115 [Congressional Record Volume 163, Number 50 (Wednesday, March 22, 2017)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. DELANEY:H.R. 1670.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8.[Page H2349]]]> hspw00 Transportation and Infrastructure Committee House Standing hspw02 Water Resources and Environment Subcommittee Referred to 2017-03-23T16:18:33Z hspw14 Railroads, Pipelines, and Hazardous Materials Subcommittee Referred to 2017-03-23T16:18:08Z hspw13 Economic Development, Public Buildings, and Emergency Management Subcommittee Referred to 2017-03-23T16:14:19Z hspw07 Coast Guard and Maritime Transportation Subcommittee Referred to 2017-03-23T16:13:31Z hspw05 Aviation Subcommittee Referred to 2017-03-23T16:12:27Z Referred to 2017-03-22T14:02:10Z hsru00 Rules Committee House Standing Referred to 2017-03-22T14:02:15Z hswm00 Ways and Means Committee House Standing Referred to 2017-03-22T14:02:05Z 2017-03-23 hspw02 Water Resources and Environment Subcommittee 1 House committee actions Referred to the Subcommittee on Water Resources and Environment. Committee 2017-03-23 hspw14 Railroads, Pipelines, and Hazardous Materials Subcommittee 1 House committee actions Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials. Committee 2017-03-23 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 2017-03-23 hspw07 Coast Guard and Maritime Transportation Subcommittee 1 House committee actions Referred to the Subcommittee on Coast Guard and Maritime Transportation. Committee 2017-03-23 hspw05 Aviation Subcommittee 1 House committee actions Referred to the Subcommittee on Aviation. Committee 2017-03-22 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 2017-03-22 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 2017-03-22 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 2017-03-22 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 2017-03-22 Introduced in House IntroReferral Intro-H 9 Library of Congress 2017-03-22 Introduced in House IntroReferral 1000 9 Library of Congress D000620 Rep. Delaney, John K. [D-MD-6] John Delaney D MD K. 6 N Y000065 Rep. Yoho, Ted S. [R-FL-3] Ted Yoho R FL S. 3 2017-03-22 True A000371 Rep. Aguilar, Pete [D-CA-31] Pete Aguilar D CA 31 2017-03-22 True B001287 Rep. Bera, Ami [D-CA-7] Ami Bera D CA 7 2017-03-22 True B001286 Rep. Bustos, Cheri [D-IL-17] Cheri Bustos D IL 17 2017-03-22 True G000571 Rep. Gabbard, Tulsi [D-HI-2] Tulsi Gabbard D HI 2 2017-03-22 True H001050 Rep. Hanabusa, Colleen [D-HI-1] Colleen Hanabusa D HI 1 2017-03-22 True K000385 Rep. Kelly, Robin L. [D-IL-2] Robin Kelly D IL L. 2 2017-03-22 True K000382 Rep. Kuster, Ann M. [D-NH-2] Ann Kuster D NH M. 2 2017-03-22 True L000559 Rep. Langevin, James R. [D-RI-2] JAMES LANGEVIN D RI R. 2 2017-03-22 True M001185 Rep. Maloney, Sean Patrick [D-NY-18] Sean Maloney D NY Patrick 18 2017-03-22 True M001143 Rep. McCollum, Betty [D-MN-4] BETTY MCCOLLUM D MN 4 2017-03-22 True M001180 Rep. McKinley, David B. [R-WV-1] David McKinley R WV B. 1 2017-03-22 True M001196 Rep. Moulton, Seth [D-MA-6] Seth Moulton D MA 6 2017-03-22 True N000188 Rep. Norcross, Donald [D-NJ-1] Donald Norcross D NJ 1 2017-03-22 True P000593 Rep. Perlmutter, Ed [D-CO-7] Ed Perlmutter D CO 7 2017-03-22 True P000598 Rep. Polis, Jared [D-CO-2] Jared Polis D CO 2 2017-03-22 True Q000023 Rep. Quigley, Mike [D-IL-5] Mike Quigley D IL 5 2017-03-22 True R000576 Rep. Ruppersberger, C. A. Dutch [D-MD-2] C. A. Ruppersberger D MD Dutch 2 2017-03-22 True S001191 Rep. Sinema, Kyrsten [D-AZ-9] Kyrsten Sinema D AZ 9 2017-03-22 True S001200 Rep. Soto, Darren [D-FL-9] Darren Soto D FL 9 2017-03-22 True K000381 Rep. Kilmer, Derek [D-WA-6] Derek Kilmer D WA 6 2017-10-10 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 2017-03-22 Introduced in House 2017-06-22T13:24:43Z Infrastructure 2.0 Act

This bill 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 profits subject to taxation in the last year that ends before the enactment of this bill; (2) reduce the tax rate 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 corporations to pay the tax in installments.

The bill also:

  • establishes and provides appropriations for a fund to assist various public and private entities in investing in public infrastructure projects,
  • appropriates revenues from this bill to the Highway Trust Fund (HTF),
  • establishes a commission to make recommendations to achieve long-term solvency of the HTF and requires Congress to consider the proposed legislation using expedited procedures, and
  • directs the Department of Transportation to establish a regional infrastructure accelerator pilot program to assist public entities in developing infrastructure projects.

The bill establishes a deadline of 18 months after the enactment of this bill for the enactment of legislation to reform the international tax system by eliminating the incentive to hold earnings in low-tax foreign jurisdictions. If the legislation is not enacted by the deadline, a specified reform proposal takes effect, which includes provisions relating to subpart F income and insurance income, the taxation of repatriated offshore corporate earnings, 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 2017-03-22T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr1670ih/xml/BILLS-115hr1670ih.xml 2017-03-23 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.