I 111th CONGRESS 2d Session H. R. 5893 IN THE HOUSE OF REPRESENTATIVES July 28, 2010 Mr. Levin (for himself, Mr. Rangel, Mr. Stark, Mr. McDermott, Mr. Lewis of Georgia, Mr. Becerra, Mr. Pascrell, Mr. Crowley, Ms. Berkley, Mr. Meek of Florida, Mr. Davis of Illinois, Mr. Etheridge, Mr. Higgins, Mr. Garamendi, Mrs. Dahlkemper, Mr. Kagen, Mr. Perriello, Ms. Kilroy, Mr. McMahon, Mr. Kissell, and Mr. Carney) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, 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 A BILL To amend the Internal Revenue Code of 1986 to create jobs through increased investment in infrastructure, to eliminate loopholes which encourage companies to move operations offshore, and for other purposes.

1.

Short title; amendment of 1986 Code; table of contents

(a)

Short title

This Act may be cited as the Investing in American Jobs and Closing Tax Loopholes Act of 2010. (b)

Amendment of 1986 Code

Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986. (c)

Table of contents

The table of contents for this Act is as follows: Sec. 1. Short title; amendment of 1986 Code; table of contents. Title I—Infrastructure incentives Sec. 101. Extension of Build America Bonds. Sec. 102. Exempt-facility bonds for sewage and water supply facilities. Sec. 103. Extension of exemption from alternative minimum tax treatment for certain tax-exempt bonds. Sec. 104. Extension and additional allocations of recovery zone bond authority. Sec. 105. Allowance of new markets tax credit against alternative minimum tax. Sec. 106. Extension of tax-exempt eligibility for loans guaranteed by Federal home loan banks. Sec. 107. Extension of temporary small issuer rules for allocation of tax-exempt interest expense by financial institutions. Title II—Emergency Fund for Job Creation and Assistance Sec. 201. Extension of the Emergency Fund for Job Creation and Assistance. Title III—Foreign provisions Sec. 301. Rules to prevent splitting foreign tax credits from the income to which they relate. Sec. 302. Denial of foreign tax credit with respect to foreign income not subject to United States taxation by reason of covered asset acquisitions. Sec. 303. Separate application of foreign tax credit limitation, etc., to items resourced under treaties. Sec. 304. Limitation on the amount of foreign taxes deemed paid with respect to section 956 inclusions. Sec. 305. Special rule with respect to certain redemptions by foreign subsidiaries. Sec. 306. Modification of affiliation rules for purposes of rules allocating interest expense. Sec. 307. Termination of special rules for interest and dividends received from persons meeting the 80-percent foreign business requirements. Sec. 308. Source rules for income on guarantees. Sec. 309. Limitation on extension of statute of limitations for failure to notify Secretary of certain foreign transfers. Title IV—Budgetary provisions Sec. 401. Paygo compliance. Sec. 402. Time for payment of corporate estimated taxes.