[Congressional Record Volume 161, Number 116 (Thursday, July 23, 2015)]
[Senate]
[Pages S5541-S5544]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 2293. Mrs. FISCHER submitted an amendment intended to be proposed
by her 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 was ordered to
lie on the table; as follows:
At the end of title I, add the following:
Subtitle D--American Infrastructure Bank
SEC. 11301. SHORT TITLE.
This subtitle may be cited as the ``Build USA Act''.
SEC. 11302. DEFINITIONS.
In this subtitle:
(1) Bank.--The term ``Bank'' means the American
Infrastructure Bank established under section 11311(a).
(2) Board.--The term ``Board'' means the Board of Directors
of the Bank.
(3) Core infrastructure project.--The term ``core
infrastructure project'' means a Federal-aid highway or
highway (as those terms are defined in section 101 of title
23, United States Code) project of a State that is eligible
for funding under chapter 1 of title 23, United States Code.
(4) State.--The term ``State'' has the meaning given the
term in section 101(a) of title 23, United States Code.
PART I--AMERICAN INFRASTRUCTURE BANK
SEC. 11311. ESTABLISHMENT OF AMERICAN INFRASTRUCTURE BANK.
(a) Establishment.--
(1) In general.--There is established as a wholly owned
Government corporation subject to chapter 91 of title 31,
United States Code (commonly known as the ``Government
Corporation Control Act'') (except as otherwise provided in
this part), a bank to be known as the ``American
Infrastructure Bank''.
(2) Responsibility of secretary.--The Secretary shall take
such action as the Secretary determines to be necessary to
assist in implementing the establishment of the Bank in
accordance with this subtitle.
(3) Conforming amendment.--Section 9101(3) of title 31,
United States Code, is amended by inserting after
subparagraph (N) the following:
``(O) the American Infrastructure Bank.''.
(b) Board of Directors.--
(1) Membership.--
(A) In general.--The Bank shall have a bipartisan Board of
Directors consisting of--
(i) 4 voting members, 1 of each who shall be appointed, by
and with the advice and consent of the Senate--
(I) by the Majority Leader of the Senate, in consultation
with the Chairperson of the Committee on Environment and
Public Works of the Senate;
(II) by the Minority Leader of the Senate, in consultation
with the Ranking Member of the Committee on Environment and
Public Works of the Senate;
(III) by the Speaker of the House of Representatives, in
consultation with the Chairperson of the Committee on
Transportation and Infrastructure of the House of
Representatives; and
(IV) by the Minority Leader of the House of
Representatives, in consultation with the Ranking Member of
the Committee on Transportation and Infrastructure of the
House of Representatives; and
(ii) 1 nonvoting member, who shall be the Secretary (or a
designee).
(B) Qualifications.--A Board member appointed under
subparagraph (A)(i) shall have relevant expertise in the
fields of public or private finance, infrastructure
financing, or transportation infrastructure policy.
(C) Term.--A member of the Board shall be appointed for a
term of 3 years.
(D) Date of initial appointments.--The initial appointments
to the Board under subparagraph (A)(i) shall be made not
later than 180 days after the date of the enactment of this
Act.
(E) Vacancies.--A vacancy on the Board--
(i) shall not affect the powers of the Board; and
(ii) shall be filled in the same manner as the original
appointment was made.
(F) Meetings.--The Board shall meet at the call of the
chairperson.
(G) Quorum.--A majority of the members of the Board shall
constitute a quorum.
(H) Chairperson and vice chairperson.--The Board shall
select a chairperson and vice chairperson from among the
members of the Board.
(I) Compensation.--
(i) In general.--Subject to clause (ii), the Secretary
shall determine compensation of members of the Board in a
manner that is consistent with similar compensation for
members of other boards in the Federal Government.
(ii) Federal employees and officials.--A member of the
Commission who is an officer or employee of the Federal
Government shall serve without compensation in addition to
the compensation received for the services of the member as
an officer or employee of the Federal Government.
(J) Administrative costs.--
(i) In general.--For the first 3 years beginning on the
date of the enactment of this Act, not more than \1/2\ of 1
percent of the funds made available under section 11322 shall
be used for--
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(I) compensation for members of the Board under
subparagraph (I);
(II) compensation for employees of the Board;
(III) administrative expenses; and
(IV) any other expenses incurred by the Bank.
(ii) 3 years after the date of enactment.--For any year
beginning after the date that is 3 years after the date of
the enactment of this Act, funds from interest received by
the Bank shall be used to provide funds for the expenses
described in clause (i).
(2) Duties.--The Board shall--
(A) not later than 18 months after the date of the
enactment of this Act, commence operation of the Bank,
including by establishing all operational and administrative
parameters of the Bank; and
(B) monitor and exercise oversight of core infrastructure
projects as necessary to achieve the purposes of the Bank.
(3) Powers.--The Board shall have the authority--
(A) in accordance with such terms as the Board determines
to be appropriate, to make senior and subordinated loans,
purchase senior and subordinated debt securities, and enter
into a binding commitment to make any such loan or purchase
any such security, the proceeds of which are used to assist
in the financing or refinancing of the development of 1 or
more core infrastructure projects;
(B) to issue and sell debt securities of the Bank on such
terms as the Board determines to be appropriate;
(C) to issue public benefit bonds and provide financing to
core infrastructure projects from amounts made available from
the issuance of those bonds;
(D) to make loan guarantees;
(E) to enter into agreements or contracts with any
individual or entity in support of the business of the Bank;
(F) to purchase in the open market any outstanding
obligation of the Bank at any time and at any price;
(G) to acquire, lease, pledge, exchange, and dispose of
real and personal property and otherwise exercise all the
usual incidents of ownership of property to the extent the
exercise of those powers are appropriate to, and consistent
with, the purposes of the Bank;
(H) to sue and be sued in a corporate capacity in any court
of competent jurisdiction, except that no attachment,
injunction, or similar process, may be issued against the
property of the Bank or against the Bank with respect to that
property;
(I) to indemnify the members of the Board for liabilities
arising out of the actions of the Board, in accordance with,
and subject to the limitations contained in, this subtitle;
and
(J) to exercise all other lawful powers that are necessary
or appropriate to carry out, and are consistent with, the
purposes of the Bank.
(4) Limitations.--
(A) Issuance of debt security.--The Board may not issue any
debt security without the consent of the Secretary.
(B) Issuance of voting security.--The Board may not issue
any voting security in the Bank.
(c) Audits; Reports.--
(1) Accounting.--The book of accounts of the Bank shall
be--
(A) maintained in accordance with generally accepted
accounting principles; and
(B) subject to an annual audit by an independent public
accountant that is--
(i) appointed by the Board; and
(ii) of nationally recognized standing.
(2) Reports.--Not later than 90 days after the last day of
each fiscal year during which the Bank is in operation, the
Board shall submit to the President and the appropriate
committees of Congress a report that describes, with respect
to the preceding fiscal year--
(A) the operations of the Bank;
(B) a schedule of the obligations and outstanding capital
securities of the Bank, together with a statement of the
amounts issued and redeemed or paid during that fiscal year;
and
(C) the status of core infrastructure projects receiving
funding or other assistance pursuant to this subtitle,
including disclosure of all entities with a development,
ownership, or operational interest in those core
infrastructure projects.
(3) Books and records.--
(A) In general.--The Bank shall maintain adequate books and
records to support the financial transactions of the Bank,
including a description, to be maintained on a publically
accessible database, of--
(i) each financial transaction of the Bank and each core
infrastructure project that receives funding from the Bank;
and
(ii) the amount of funding for each core infrastructure
project.
(B) Audits.--The books and records of the Bank shall be--
(i) maintained in accordance with recommended accounting
practices; and
(ii) open to inspection by the Comptroller General of the
United States.
SEC. 11312. STATE REMITTANCE AGREEMENTS WITH BANK.
(a) In General.--A State may enter into an agreement of not
less than 3 years with the Bank, under which--
(1) the State agrees to remit not less than 60 percent of
the total amount of funds received by the State in each year
of the 3-year period from the Federal Government for Federal-
aid highway activities under sections 119(d) and 133(b) of
title 23, United States Code;
(2) the Board will issue to the State funds from the Bank
received under section 11322 in an amount equal to 90 percent
of the amount the State remitted to the Bank under paragraph
(1); and
(3) the State will use the funds received from the Bank
under paragraph (2) to carry out core infrastructure projects
in accordance with subsection (b).
(b) State Determination of Compliance.--Notwithstanding any
other provision of law, in carrying out a project under
subsection (a)(3), a State shall--
(1) have the authority to determine whether the State is in
compliance with all Federal requirements of--
(A) environmental approvals relating to the project;
(B) environmental permits relating to the project;
(C) section 313 of title 23, United States Code;
(D) the development and construction of the project,
including--
(i) preliminary design;
(ii) right-of-way acquisition;
(iii) construction engineering; and
(iv) final acceptance of the project;
(E) preapproval for preventative maintenance projects and
procedures;
(F) project agreements and modifications to project
agreements; and
(G) consultant procurement services relating to the
project;
(2) assume responsibility of and oversight duties over
compliance with the requirements described in paragraph (1);
and
(3) to the maximum extent practicable, attempt to carry out
the project in compliance with all Federal requirements.
(c) Use of State-Remitted Funds.--The Bank shall use an
amount equal to 10 percent of the funds remitted to the Bank
by States under subsection (a)(1) to carry out section 11313.
SEC. 11313. LOANS TO STATES AND UNITS OF LOCAL GOVERNMENT FOR
TRANSPORTATION PROJECTS.
(a) In General.--The Bank may grant a loan to a State or a
unit of local government to carry out a core infrastructure
project in compliance with all applicable Federal laws and
requirements.
(b) Submission of Applications.--In order to be eligible to
receive a loan under subsection (a), a State or unit of local
government shall submit to the Board an application at such
time, in such manner, and containing such information as the
Board may reasonably require.
(c) Interest Rates for Loans.--The Board shall--
(1) set the interest rate for a loan provided under
subsection (a); and
(2) ensure that the interest rate remains at a level that
is more favorable than that of similar infrastructure loans
available on the private market.
PART II--CAPITALIZATION OF BANK
SEC. 11321. ALLOWANCE OF TEMPORARY DIVIDENDS RECEIVED
DEDUCTION FOR DIVIDENDS RECEIVED FROM A
CONTROLLED FOREIGN CORPORATION.
(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 3-taxable year period beginning with--
``(A) the taxpayer's last taxable year which begins before
the date of the enactment of the Build USA 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 3-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 3-taxable year period.''.
(2) Conforming amendments.--
(A) Extraordinary dividends.--Section 965(b)(2) of such
Code is amended by striking ``June 30, 2003'' and inserting
``December 31, 2014'', and
(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''.
(C) Determinations relating to base period.--Section
965(c)(2) of such Code is amended by striking ``June 30,
2003'' and inserting ``December 31, 2014''.
(b) Amount of Deduction.--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) Effective Date.--The amendments made by this section
shall apply to taxable years ending after the date of the
enactment of this Act.
SEC. 11322. APPROPRIATIONS TO BANK.
(a) Estimation of Revenues From Repatriation.--Not later
than 60 days after the date of the enactment of this Act, the
Secretary of the Treasury (or the Secretary's designee) shall
estimate the increase in the amount of revenues to be
received in the Treasury after the date of the enactment of
this Act and before October 1, 2019, attributable to the
amendments made by this part.
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(b) Appropriation.--Out of any money in the Treasury not
otherwise appropriated, there is hereby appropriated to the
Bank an amount equal to the amount described in subsection
(a), to remain available until expended.
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