Infrastructure and Global Tax Competitiveness Act of 2014
Latest action · Dec 12, 2014 Referred to the Subcommittee on Highways and Transit.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedDec 11, 2014
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Infrastructure and Global Tax Competitiveness Act of 2014 - Amends the Internal Revenue Code, with respect to the taxation of earnings and profits of a deferred foreign income corporation, to: (1) make such earnings and profit subject to taxation in the last taxable year prior to January 1, 2015, (2) reduce the rate of tax on such earnings and profits by allowing an exemption of 75%, and (3) allow such corporations to elect to pay such tax in eight installments.
Establishes the American Infrastructure Fund to provide assistance to states, local governments, and other public and private entities for investment in public infrastructure projects.
Appropriates tax revenues from this Act to the Highway Trust Fund.
Establishes the Highway Trust Fund Solvency Commission to propose recommendations and legislation for achieving long-term solvency of the Highway Trust Fund.
Establishes an 18-month deadline for the enactment of legislation that reforms the international tax system by eliminating the incentive to hold earnings in low-tax jurisdictions.
Sets forth provisions for the reform of the international tax system (to be effective if reform legislation is not enacted by the 18-month deadline established by this Act), including provisions relating to subpart F income and insurance income, gains and losses from the sale or exchange of stock in controlled foreign corporations, limitations on the foreign tax credit, and the tax treatment of previously deferred foreign income.
Cosponsors
Members who signed on, in the order they did.
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Dec 11, 2014 |
| House | Transportation and Infrastructure Committee | Referred Dec 11, 2014 |
| Highways and Transit Subcommittee | Referred Dec 12, 2014 |
Actions 3
Everything that happened, newest first.
- Dec 12, 2014Referred to the Subcommittee on Highways and Transit.
- Dec 11, 2014Introduced in House
- Dec 11, 2014Referred 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.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the page H9304.
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To eliminate the incentive for corporations to continue to hold accumulated earnings offshore, to invest in domestic infrastructure, to provide for international tax reform, and for other purposes.
- Short Titles as Introduced
- Infrastructure and Global Tax Competitiveness Act of 2014
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Accounting and auditing
- Administrative law and regulatory procedures
- Advisory bodies
- Business expenses
- Capital gains tax
- Congressional operations and organization
- Congressional oversight
- Corporate finance and management
- Department of the Treasury
- Executive agency funding and structure
- Financial services and investments
- Foreign and international corporations
- Government corporations and government-sponsored enterprises
- Government trust funds
- Income tax credits
- Income tax deductions
- Income tax rates
- Infrastructure development
- Insurance industry and regulation
- Interest, dividends, interest rates
- Internal Revenue Service (IRS)
- Roads and highways
- Securities
- Tax administration and collection, taxpayers
- Taxation
- Taxation of foreign income
- Transportation programs funding
Text 1
Each version as it was printed, newest first.
- Dec 11, 2014Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
