Infrastructure 2.0 Act
Latest action · Feb 2, 2015 Referred to the Subcommittee on Water Resources and Environment.
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.
- IntroducedJan 30, 2015
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Infrastructure 2.0 Act
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 that ends before the enactment of this Act; (2) reduce the rate of tax on such earnings and profits by allowing an exemption of 75% (equal to a tax of 8.75% of repatriated earnings and profits); 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 submit recommendations and proposed legislation for achieving long-term solvency of the Highway Trust Fund. Sets forth congressional procedures for the expedited consideration of a bill containing such legislation.
Directs the Secretary of Transportation to establish a regional infrastructure accelerator pilot program to assist public entities in developing infrastructure projects.
Establishes a deadline of 18 months after the enactment of this Act for the enactment of legislation that reforms the international tax system by eliminating the incentive to hold earnings in low-tax jurisdictions. Imposes a tax on repatriated offshore corporate earnings upon the expiration of the deadline.
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 24
Members who signed on, in the order they did. Signatures ran from Jan 30, 2015 to Nov 2, 2015, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-NY | Richard L. Hanna | Original | Jan 30, 2015 |
| D-NE | Brad Ashford | Feb 12, 2015 | |
| D-CO | Jared Polis | Feb 12, 2015 | |
| D-DE | John C. Carney, Jr. | Feb 12, 2015 | |
| R-OH | Steve Stivers | Feb 20, 2015 | |
| R-OH | David P. Joyce | Mar 3, 2015 | |
| D-NJ | Donald Norcross | Mar 3, 2015 | |
| R-NC | Mark Meadows | Mar 6, 2015 | |
| D-IL | Mike Quigley | Mar 6, 2015 | |
| D-IL | Cheri Bustos | Mar 19, 2015 | |
| R-FL | Ted S. Yoho | Mar 23, 2015 | |
| R-KY | Ed Whitfield | Mar 24, 2015 | |
| R-VA | E. Scott Rigell | Mar 26, 2015 | |
| D-VT | Peter Welch | Mar 26, 2015 | |
| R-WV | David B. McKinley | Apr 14, 2015 |
Actions 8
Everything that happened, newest first.
- Feb 2, 2015Referred to the Subcommittee on Aviation.
- Feb 2, 2015Referred to the Subcommittee on Coast Guard and Maritime Transportation.
- Feb 2, 2015Referred to the Subcommittee on Economic Development, Public Buildings and Emergency Management.
- Feb 2, 2015Referred to the Subcommittee on Highways and Transit.
- Feb 2, 2015Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
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)
- Legislative rules and procedure
- 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.
- Jan 30, 2015Introduced 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.