US SB1957 | 2013-2014 | 113th Congress
Status
Spectrum:
Status: Introduced on January 16 2014 - 25% progression, died in committee
Action: 2014-01-16 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on January 16 2014 - 25% progression, died in committee
Action: 2014-01-16 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Partnership to Build America Act of 2014 - Establishes the American Infrastructure Fund (AIF) as a wholly-owned government corporation to provide bond guarantees and make loans to state and local governments, non-profit infrastructure providers, private parties, and public-private partnerships for state or local government sponsored transportation, energy, water, communications, or educational facility infrastructure projects (Qualified Infrastructure Projects [QIPs]). Authorizes AIF also to make equity investments in QIPs . Directs the Secretary of the Treasury, acting through the AIF, to issue American Infrastructure Bonds with an aggregate face value of $50 billion. Requires proceeds from the sale of the bonds to be deposited into the AIF. Amends the Internal Revenue Code to allow U.S. corporations to exclude from gross income qualified cash dividend amounts received during a taxable year from a foreign-controlled corporation equal to the face value of qualified infrastructure bonds the corporation has purchased. Prohibits allowance of a foreign tax credit to the excluded portion of any dividend received by a U.S. corporation. Prohibits also the allowance of a deduction for expenses related to that excludable portion.
Title
Partnership to Build America Act of 2014
Sponsors
Sen. Michael Bennet [D-CO] | Sen. Kelly Ayotte [R-NH] | Sen. Mark Begich [D-AK] | Sen. Richard Blumenthal [D-CT] |
Sen. Roy Blunt [R-MO] | Sen. Daniel Coats [R-IN] | Sen. Christopher Coons [D-DE] | Sen. Lindsey Graham [R-SC] |
Sen. John Hoeven [R-ND] | Sen. Angus King [I-ME] | Sen. Mark Kirk [R-IL] | Sen. Mary Landrieu [D-LA] |
Sen. Claire McCaskill [D-MO] | Sen. Mark Warner [D-VA] | Sen. Roger Wicker [R-MS] |
History
Date | Chamber | Action |
---|---|---|
2014-01-16 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB2084 (Related) 2013-09-04 - Referred to the Subcommittee on Water Resources and Environment.
HB4550 (Related) 2014-06-13 - Referred to the Subcommittee on Higher Education and Workforce Training.
HB4550 (Related) 2014-06-13 - Referred to the Subcommittee on Higher Education and Workforce Training.
Subjects
Buy American requirements
Corporate finance and management
Foreign and international corporations
Government corporations and government-sponsored enterprises
Government lending and loan guarantees
Income tax exclusion
Infrastructure development
Interest, dividends, interest rates
Public-private cooperation
Securities
State and local finance
Taxation of foreign income
Transportation and public works
Corporate finance and management
Foreign and international corporations
Government corporations and government-sponsored enterprises
Government lending and loan guarantees
Income tax exclusion
Infrastructure development
Interest, dividends, interest rates
Public-private cooperation
Securities
State and local finance
Taxation of foreign income
Transportation and public works
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/113th-congress/senate-bill/1957/all-info |
Text | https://www.congress.gov/113/bills/s1957/BILLS-113s1957is.pdf |