[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 1837 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                S. 1837

 To amend the Internal Revenue Code of 1986 to modify and permanently 
   extend the incentives to reinvest foreign earnings in the United 
                                States.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            November 9, 2011

 Mr. Lee (for himself, Mr. Crapo, Mr. DeMint, Mr. Paul, Mr. Risch, and 
  Mr. Blunt) introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to modify and permanently 
   extend the incentives to reinvest foreign earnings in the United 
                                States.

    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 ``Rebuilding America Act''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) United States multinational companies have an estimated 
        $2,300,000,000,000 held in foreign accounts that could be used 
        to invest in domestic economic recovery and employment growth.
            (2) Multinational companies are not investing those profits 
        domestically due to high taxes.
            (3) The United States Treasury is not receiving any revenue 
        from those foreign holdings.
            (4) Congress should encourage the investment of repatriated 
        monies in domestic interests.

SEC. 3. MODIFICATION AND PERMANENT EXTENSION OF THE INCENTIVES TO 
              REINVEST FOREIGN EARNINGS IN THE UNITED STATES.

    (a) Repatriation Subject to 5 Percent Tax Rate.--Subsection (a)(1) 
of section 965 of the Internal Revenue Code of 1986 is amended by 
striking ``85 percent'' and inserting ``85.7 percent''.
    (b) Permanent Extension To Elect Repatriation.--Subsection (f) of 
section 965 of the Internal Revenue Code of 1986 is amended to read as 
follows:
    ``(f) Election.--The taxpayer may elect to apply this section to 
any taxable year only if made on or before the due date (including 
extensions) for filing the return of tax for such taxable year.''.
    (c) Repatriation Includes Current and Accumulated Foreign 
Earnings.--
            (1) In general.--Paragraph (1) of section 965(b) of the 
        Internal Revenue Code of 1986 is amended to read as follows:
            ``(1) In general.--The amount of dividends taken into 
        account under subsection (a) shall not exceed the sum of the 
        current and accumulated earnings and profits described in 
        section 959(c)(3) for the year a deduction is claimed under 
        subsection (a), without diminution by reason of any 
        distributions made during the election year, for all controlled 
        foreign corporations of the United States shareholder.''.
            (2) Conforming amendments.--
                    (A) Section 965(b) of such Code is amended by 
                striking paragraphs (2) and (4) and by redesignating 
                paragraph (3) as paragraph (2).
                    (B) Section 965(c) of such Code is amended by 
                striking paragraphs (1) and (2) and by redesignating 
                paragraphs (3), (4), and (5) as paragraphs (1), (2), 
                and (3), respectively.
                    (C) Paragraph (3) of section 965(c) of such Code, 
                as redesignated by subparagraph (B), is amended to read 
                as follows:
            ``(3) Controlled groups.--All United States shareholders 
        which are members of an affiliated group filing a consolidated 
        return under section 1501 shall be treated as one United States 
        shareholder.''.
    (d) Clerical Amendments.--
            (1) The heading for section 965 of the Internal Revenue 
        Code of 1986 is amended by striking ``temporary''.
            (2) The table of sections for subpart F of part III of 
        subchapter N of chapter 1 of such Code is amended by striking 
        ``Temporary dividends'' and inserting ``Dividends''.
    (e) Effective Date.--The amendments made by this section shall 
apply to taxable years ending after the date of the enactment of this 
Act.
                                 <all>