US Congress House Bill 1670 (Prior Session Legislation)

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Spectrum: Moderate Partisan Bill (Democrat 19-2-1)
Status: Introduced on March 22 2017 - 25% progression, died in committee
Action: 2017-03-23 - Referred to the Subcommittee on Water Resources and Environment.
Pending: House Subcommittee on Water Resources and Environment Committee
Text: Latest bill text (Introduced) [PDF]

Infrastructure 2.0 Act This bill 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 profits subject to taxation in the last year that ends before the enactment of this bill; (2) reduce the tax rate 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 corporations to pay the tax in installments. The bill also: establishes and provides appropriations for a fund to assist various public and private entities in investing in public infrastructure projects, appropriates revenues from this bill to the Highway Trust Fund (HTF), establishes a commission to make recommendations to achieve long-term solvency of the HTF and requires Congress to consider the proposed legislation using expedited procedures, and directs the Department of Transportation to establish a regional infrastructure accelerator pilot program to assist public entities in developing infrastructure projects. The bill establishes a deadline of 18 months after the enactment of this bill for the enactment of legislation to reform the international tax system by eliminating the incentive to hold earnings in low-tax foreign jurisdictions. If the legislation is not enacted by the deadline, a specified reform proposal takes effect, which includes provisions relating to subpart F income and insurance income, the taxation of repatriated offshore corporate earnings, 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.

Infrastructure 2.0 Act

Rep. John Delaney [D-MD]	Rep. Ted Yoho [R-FL]	Rep. Pete Aguilar [D-CA]	Rep. Ami Bera [D-CA]
Rep. Cheri Bustos [D-IL]	Rep. Tulsi Gabbard [D-HI]	Rep. Colleen Hanabusa [D-HI]	Rep. Robin Kelly [D-IL]
Rep. Ann Kuster [D-NH]	Rep. James Langevin [D-RI]	Rep. Sean Maloney [D-NY]	Rep. Betty McCollum [D-MN]
Rep. David McKinley [R-WV]	Rep. Seth Moulton [D-MA]	Rep. Donald Norcross [D-NJ]	Rep. Ed Perlmutter [D-CO]
Rep. Jared Polis [D-CO]	Rep. Mike Quigley [D-IL]	Rep. C.A. Ruppersberger [D-MD]	Sen. Kyrsten Sinema [I-AZ]
Rep. Darren Soto [D-FL]	Rep. Derek Kilmer [D-WA]

Date	Chamber	Action
2017-03-23	House	Referred to the Subcommittee on Water Resources and Environment.
2017-03-23	House	Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
2017-03-23	House	Referred to the Subcommittee on Economic Development, Public Buildings and Emergency Management.
2017-03-23	House	Referred to the Subcommittee on Coast Guard and Maritime Transportation.
2017-03-23	House	Referred to the Subcommittee on Aviation.
2017-03-22	House	Referred to the Committee on Ways and Means, and in addition to the Committees on Transportation and Infrastructure, and Rules, 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.
2017-03-22	House	Referred to the Committee on Ways and Means, and in addition to the Committees on Transportation and Infrastructure, and Rules, 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.
2017-03-22	House	Referred to the Committee on Ways and Means, and in addition to the Committees on Transportation and Infrastructure, and Rules, 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.
2017-03-22	House	Referred to the Committee on Ways and Means, and in addition to the Committees on Transportation and Infrastructure, and Rules, 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.
2017-03-22	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/house-bill/1670/all-info
Text	https://www.congress.gov/115/bills/hr1670/BILLS-115hr1670ih.pdf