[Congressional Record Volume 161, Number 115 (Wednesday, July 22, 2015)]
[Senate]
[Pages S5469-S5471]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 2275. Mr. PAUL submitted an amendment intended to be proposed by
him to the bill H.R. 22, to amend the Internal Revenue Code of 1986 to
exempt employees with health coverage under TRICARE or the Veterans
Administration from being taken into account for purposes of
determining the employers to which the employer mandate applies under
the Patient Protection and Affordable Care Act; which
[[Page S5470]]
was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
TITLE _--INVEST IN TRANSPORTATION
SEC. __101. SHORT TITLE.
This title may be cited as the ``Invest In Transportation
Act''.
SEC. __102. INCENTIVES TO REINVEST FOREIGN EARNINGS IN UNITED
STATES.
(a) Applicability of Temporary Dividends Received
Deduction.--
(1) In general.--Subsection (f) of section 965 of the
Internal Revenue Code of 1986 is amended to read as follows:
``(f) Election.--
``(1) In general.--The taxpayer may elect to apply this
section to the 5-taxable-year period beginning with--
``(A) the taxpayer's last taxable year which begins before
the date of the enactment of the Invest In Transportation
Act, or
``(B) the taxpayer's first taxable year which begins during
the 1-year period beginning on such date of enactment.
``(2) Time for making election.--Any election made under
this section shall be made on or before the due date
(including extensions) for filing the return of tax for the
first taxable year in the 5-taxable-year period described in
paragraph (1).
``(3) Declaration of amount repatriated.--An election under
this section shall designate a limitation of the aggregate
amount of dividends to be taken into account under subsection
(a) during the 5-taxable-year period.''.
(2) Conforming amendments.--
(A) Determinations relating to base period for determining
extraordinary dividends.--Section 965 of such Code is amended
by striking ``June 30, 2003'' each place it appears in
subsections (b)(2) and (c)(2) and inserting ``December 31,
2014''.
(B) Determinations relating to related party
indebtedness.--Section 965(b)(3)(B) of such Code is amended
by striking ``October 3, 2004'' and inserting ``December 31,
2014''.
(b) Deduction Equivalent to 6.5-Percent Rate of Tax.--
Paragraph (1) of section 965(a) of the Internal Revenue Code
of 1986 is amended by striking ``85 percent'' and inserting
``81.4 percent''.
(c) Limitations.--
(1) In general.--
(A) 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 United
States shareholder's pro rata share of the accumulated
earnings and profits described in section 959(c)(3) as of the
end of the last taxable year ending on or before December 31,
2014, for all controlled foreign corporations of the United
States shareholder.''.
(B) Conforming amendments.--
(i) Subsection (c) of section 965 of such Code is amended
by striking paragraph (1).
(ii) Paragraph (5) of section 965(c) of such Code is
amended to read as follows:
``(5) 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.''.
(2) Additional limitation.--Subsection (b) of section 965
of such Code is amended by redesignating paragraph (4) as
paragraph (5) and by inserting after paragraph (3) the
following new paragraph:
``(4) Additional limitation.--
``(A) In general.--The amount of dividends taken into
account under subsection (a) for each taxable year during the
5-taxable-year period described in subsection (f)(1) shall
not exceed the amount designated in the election under
subsection (f)(3) reduced by the sum of--
``(i) the aggregate amount of dividends taken into account
under subsection (a) in prior taxable years in such 5-
taxable-year period, and
``(ii) the sum of the dividend shortfalls for each such
prior taxable year.
``(B) Dividend shortfall.--For purposes of subparagraph
(A), the dividend shortfall for any taxable year is an amount
equal to the excess (if any) of--
``(i) 20 percent of the amount designated under subsection
(f)(3), over
``(ii) the amount of dividends taken into account under
subsection (a) for such taxable year.''.
(d) Dividend Reinvestment Plan Requirements.--Paragraph (5)
of section 965(b) of the Internal Revenue Code of 1986, as
redesignated by subsection (c), is amended to read as
follows:
``(5) Requirement to invest in united states.--
``(A) In general.--Subsection (a) shall not apply to any
dividends received by a United States shareholder unless the
amount of the dividends is invested in the United States
pursuant to a domestic reinvestment plan which--
``(i) is approved by the taxpayer's president, chief
executive officer, or comparable official before the payment
of such dividend and subsequently approved by the taxpayer's
board of directors, management committee, executive
committee, or similar body,
``(ii) provides that not less than 25 percent of such
dividends will be used--
``(I) to increase workforce, to raise wages and benefits,
or to increase pension contributions,
``(II) to provide for energy efficiency improvements either
through investment in new property or the retrofitting of
existing property,
``(III) to provide for environmental improvements, such as
carbon offsets, water efficiency, or environmental
remediation,
``(IV) to invest in public-private partnerships and the
improvement of public infrastructure,
``(V) to make capital improvements,
``(VI) for the acquisition of other businesses, or
``(VII) for research and development, and
``(iii) provides that none of such dividends will be used
during the period covered by the domestic reinvestment plan
to compensate any employee who is the chief executive officer
(or is an individual acting in such a capacity), or who is
among the 4 highest compensated employees, in excess of the
level of compensation paid to individuals in such capacity
during the taxable year immediately preceding the taxable
year to which an election under this section applies.
For purposes of clause (iii), compensation shall be
determined under rules similar to the rules for reporting
executive officer compensation to shareholders under the
Securities Exchange Act of 1934.
``(B) Use of certain funds.--
``(i) In general.--Except as provided in clause (ii),
dividends shall be treated as meeting the requirements of
subclauses (I), (V), and (VII) of subparagraph (A)(ii) only
if such amounts supplement but do not supplant otherwise
planned funding for such purposes. Such planned funding shall
be certified by the individual and entity approving the
domestic reinvestment plan.
``(ii) Exception.--Clause (i) shall not apply if the
aggregate funding for the purposes described in subclauses
(I), (V), and (VII) of subparagraph (A)(ii) for the 5-
taxable-year period described in subsection (f)(1) exceeds
125 percent of the amount spent for such purposes during the
5-year period ending with the last day of the most recent
taxable year ending before January 1, 2015. Rules similar to
the rules of subparagraphs (B) and (C) of subsection (c)(2)
shall apply for purposes of determining the 5-year period
under the preceding sentence.
``(C) Compliance.--Under regulations established by the
Secretary, any taxpayer making an election under this section
shall submit to the Secretary--
``(i) the domestic reinvestment plan required under this
paragraph, and
``(ii) annually thereafter, such information as required by
the Secretary for purposes of determining such taxpayer's
compliance with the plan, including contemporaneous
documentation of compliance and retention requirements for a
period of time as determined by the Secretary as
appropriate.''.
(e) Special Rules for Inverted Corporations.--
(1) In general.--Subsection (b) of section 965 is amended
by adding at the end the following new paragraph:
``(6) Denial of deduction for certain companies.--No
deduction shall be allowed under subsection (a) with respect
to any expatriated entity (as defined in section
7874(a)(2)).''.
(2) Recapture.--Section 965 of the Internal Revenue Code of
1986 is amended by adding at the end the following new
subsection:
``(g) Recapture.--
``(1) In general.--In the case of a taxpayer who makes an
election under subsection (f) and who is an expatriated
entity--
``(A) the tax imposed by this chapter shall be increased
for the first taxable year in which such taxpayer becomes an
expatriated entity by an amount equal to 20 percent of the
amount designated under subsection (f)(3), and
``(B) no credits shall be allowed against the increase in
tax under subparagraph (A).
``(2) Expatriated entity.--For purposes of this subsection,
the term `expatriated entity' has the same meaning given such
term under section 7874(a)(2), except that--
``(A) `during the 10-year period beginning with the first
taxable year after 2013 to which section 965 applies' shall
be substituted for `after March 4, 2003' in subparagraph
(B)(i), and
``(B) `the first taxable year after 2013 to which section
965 applies' shall be substituted for `March 4, 2003' in the
matter following subparagraph (B)(iii).''.
(f) Effective Date.--The amendments made by this section
shall apply to taxable years ending after the date of the
enactment of this Act.
SEC. __103. TRANSFERS TO HIGHWAY TRUST FUND.
(a) In General.--Subsection (f) of section 9503 of the
Internal Revenue Code of 1986, as amended by this Act is
amended by redesignating paragraph (8) as paragraph (9) and
by inserting after paragraph (7) the following new paragraph:
``(8) Transfer of revenues from repatriation holiday.--
``(A) Initial transfer.--
``(i) In general.--Not later than 60 days after the date of
the enactment of this paragraph, the Secretary shall estimate
the amount of revenues to be received in the Treasury after
the date of the enactment of this paragraph and before
October 1, 2019, from income taxes imposed on dividends which
are taken into account under section 965.
``(ii) Transfer.--Out of money in the Treasury not
otherwise appropriated, there is hereby appropriated--
[[Page S5471]]
``(I) to the Highway Account (as defined in subsection
(e)(5)(B)) in the Highway Trust Fund an amount equal to 80
percent of the amount estimated under subparagraph (A), and
``(II) to the Mass Transit Account in the Highway Trust
Fund an amount equal to 20 percent of the amount so
estimated.
``(B) Additional transfer.--
``(i) In general.--Not later than October 1, 2023, the
Secretary shall determine the amount of revenues received in
the Treasury from income taxes imposed on dividends which
were taken into account under section 965 during the period
described in subparagraph (A)(i).
``(ii) Transfer.--If the amount determined under clause (i)
exceeds the amount transferred under subparagraph (A)(ii),
out of money in the Treasury not otherwise appropriated,
there is hereby appropriated--
``(I) to the Highway Account (as defined in subsection
(e)(5)(B)) in the Highway Trust Fund an amount equal to the
applicable percentage of such excess, and
``(II) to the Mass Transit Account in the Highway Trust
Fund an amount equal to 20 percent of so much of such excess
as does not exceed the applicable amount.
``(iii) Applicable percentages.--For purposes of clause
(ii), the applicable percentage is--
``(I) 80 percent with respect to so much of excess under
subparagraph (B)(ii) as does not exceed the applicable
amount, and
``(II) 100 percent with respect the amount of such excess
to which subclause (I) does not apply.
``(iv) Applicable amount.--For purposes of this
subparagraph, the applicable amount is the amount (not less
than zero) equal to the excess of--
``(I) $62,000,000,000, over
``(II) the amount transferred under subparagraph
(A)(ii).''.
(b) Return of Excess Transfers.--
(1) In general.--Subsection (c) of section 9503 of such
Code is amended by adding at the end the following new
paragraph:
``(6) Return of excess transfers.--If the amount of
transfers under subparagraph (A)(ii) of subsection (f)(8)
exceeds the amount determined under subparagraph (B)(i) of
such subsection, the Secretary shall pay to the general fund
of the Treasury from the Highway Trust Fund not later than
October 1, 2023, an amount equal to such excess.''.
(2) Portion from mass transit account.--Paragraph (5) of
section 9503 of such Code is amended by adding at the end the
following new subparagraph:
``(C) Amounts related to certain excess transfers.--20
percent of any transfer under paragraph (6) of subsection (c)
shall be borne by the Mass Transit Account.''.
SEC. __104. REPAIR, REPLACEMENT, AND REHABILITATION OF
DEFICIENT BRIDGES.
(a) Deficient Bridge Amount.--For purposes of this section,
the deficient bridge amount is so much of the amount
transferred to the Highway Account (as defined in section
9503(e)(5)(B) of the Internal Revenue Code of 1986) in the
Highway Trust Fund under section 9503(f)(8)(B) of such Code
as exceeds the applicable amount (as defined in section
9503(f)(8)(B)(iv) of such Code).
(b) Authorization of Appropriations.--
(1) In general.--There is authorized to be appropriated out
of the Highway Trust Fund (other than the Mass Transit
Account) an amount equal to the deficient bridge amount to be
used for the repair, replacement, or rehabilitation of
deficient bridges eligible for assistance under chapter 1 of
title 23, United States Code.
(2) Calculation of state amounts.--
(A) State apportionments.--The Secretary of Transportation
shall apportion the amount authorized to be appropriated
under this subsection among the States in accordance with
subparagraph (B).
(B) State shares.--The amount for each State shall be
determined by multiplying the total amount available under
this subsection by the share for each State, which shall be
equal to the proportion that--
(i) the amount of apportionments that the State received
under title 23, United States Code, for fiscal year 2019;
bears to
(ii) the amount of those apportionments received by all
States for that fiscal year.
(3) Contract authority.--Funds authorized to be
appropriated by this subsection shall--
(A) be available for obligation in the same manner as if
the funds were apportioned under chapter 1 of title 23,
United States Code; and
(B) remain available until expended and not be
transferrable.
______