[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2862 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 2862

   To amend the Internal Revenue Code of 1986 to provide a temporary 
dividends received deduction and to create the Jobs Trust Fund to fund 
                        infrastructure projects.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 7, 2011

  Mr. Meeks introduced the following bill; which was referred to the 
   Committee on Ways and Means, and in addition to the Committee on 
  Transportation and Infrastructure, 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 provide a temporary 
dividends received deduction and to create the Jobs Trust Fund to fund 
                        infrastructure projects.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Putting America Back to Work Act of 
2011''.

SEC. 2. TEMPORARY DIVIDENDS RECEIVED DEDUCTION ALLOWED FOR 2011 OR 
              2012.

    (a) 15 Percent Tax on Repatriated Amounts.--Paragraph (1) of 
section 965(a) of the Internal Revenue Code of 1986 is amended by 
striking ``85 percent'' and inserting ``57 percent''.
    (b) Base Period.--Section 965 of such Code is amended by striking 
``June 30, 2003'' each place it occurs and inserting ``the date of the 
enactment of the Putting America Back to Work Act of 2011''.
    (c) Election.--Subsection (f) of section 965 of such Code is 
amended to read as follows:
    ``(f) Election.--The taxpayer may elect to apply this section to--
            ``(1) the taxpayer's last taxable year which begins before 
        the date of the enactment of the Putting America Back to Work 
        Act of 2011, or
            ``(2) the taxpayer's first taxable year which begins during 
        the 1-year period beginning on such date.
Such election may be made for a taxable year only if made on or before 
the due date (including extensions) for filing the return of tax for 
such taxable year.''.
    (d) Indebtedness Determination Date.--Subparagraph (B) of section 
965(b)(3) of such Code is amended by striking ``October 3, 2004'' and 
inserting ``the date of the enactment of the Putting America Back to 
Work Act of 2011''.
    (e) Effective Date.--The amendments made by this section shall 
apply to taxable years ending on or after the day before the date of 
the enactment of this Act.

SEC. 3. ESTABLISHMENT OF THE JOBS TRUST FUND.

    (a) In General.--Subchapter A of chapter 98 of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new section:

``SEC. 9512. JOBS TRUST FUND.

    ``(a) Creation of Trust Fund.--There is established in the Treasury 
of the United States a trust fund to be known as the `Jobs Trust Fund', 
consisting of such amounts as may be appropriated or credited to such 
fund as provided in this section or section 9602(b).
    ``(b) Transfers to Trust Fund.--
            ``(1) In general.--There are hereby appropriated to the 
        Jobs Trust Fund amounts equivalent to the repatriation revenue 
        of the Federal Government.
            ``(2) Repatriation revenue of the federal government.--For 
        purposes of this subsection, the term `repatriation revenue of 
        the Federal Government' means the excess (as determined by the 
        Secretary) of--
                    ``(A) the amount of revenue to the Federal 
                Government with respect to taxable years ending on or 
                after the day before the date of the enactment of this 
                section, over
                    ``(B) the amount of revenue which would be 
                described in subparagraph (A) if the amendments made by 
                section 2 of the Putting America Back to Work Act of 
                2011 had never been enacted.
    ``(c) Expenditures.--
            ``(1) In general.--Amounts in the Jobs Trust Fund shall be 
        available, as provided in appropriation Acts, only for the 
        purpose of funding infrastructure projects and improvements in 
        the United States. Such amounts shall be used to supplement, 
        not supplant, existing funding for such projects and 
        improvements.
            ``(2) Buy america.--
                    ``(A) In general.--Notwithstanding any other 
                provision of law, amounts made available from the Jobs 
                Trust Fund may be used for the acquisition of steel, 
                iron, cement, concrete, and manufactured products only 
                if such material or product is produced in the United 
                States.
                    ``(B) Exceptions.--Subparagraph (A) shall not apply 
                if the head of the Federal agency concerned finds--
                            ``(i) that the application of such 
                        subparagraph would be inconsistent with the 
                        public interest, or
                            ``(ii) that the material or product is not 
                        produced in the United States in sufficient and 
                        reasonably available quantities and of a 
                        satisfactory quality.
                    ``(C) Compliance with international agreements.--
                Subparagraph (A) shall be applied in a manner 
                consistent with United States obligations under 
                international agreements.''.
    (b) Clerical Amendment.--The table of sections for subchapter A of 
chapter 98 of such Code is amended by adding at the end the following 
new item:

``Sec. 9512. Jobs Trust Fund.''.
    (c) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act.
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