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]

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.

Tracking Information

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Title

Partnership to Build America Act of 2014

Sponsors


History

DateChamberAction
2014-01-16SenateRead 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.

Subjects


US Congress State Sources


Bill Comments

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