I 112th CONGRESS 1st Session H. R. 2862 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.

1.

Short title

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

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.

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:

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.