US Congress House Bill 625 (Prior Session Legislation)

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Sponsorship: Bipartisan Bill
Status: Introduced on January 30 2015 - 25% progression, died in committee
Action: 2015-02-02 - 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 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.

Infrastructure 2.0 Act

Rep. John Delaney [D-MD]	Rep. Richard Hanna [R-NY]	Rep. Jared Polis [D-CO]	Rep. John Carney [D-DE]
Rep. Brad Ashford [D-NE]	Rep. Steve Stivers [R-OH]	Rep. David Joyce [R-OH]	Rep. Donald Norcross [D-NJ]
Rep. Mark Meadows [R-NC]	Rep. Mike Quigley [D-IL]	Rep. Cheri Bustos [D-IL]	Rep. Ted Yoho [R-FL]
Rep. Ed Whitfield [R-KY]	Rep. Scott Rigell [R-VA]	Sen. Peter Welch [D-VT]	Rep. David McKinley [R-WV]
Rep. Reid Ribble [R-WI]	Sen. Kyrsten Sinema [I-AZ]	Rep. Terri Sewell [D-AL]	Rep. Brendan Boyle [D-PA]
Rep. John Yarmuth [D-KY]	Rep. Ann Kuster [D-NH]	Rep. James Langevin [D-RI]	Rep. Betty McCollum [D-MN]
Rep. John Garamendi [D-CA]

Date	Chamber	Action
2015-02-02	House	Referred to the Subcommittee on Water Resources and Environment.
2015-02-02	House	Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
2015-02-02	House	Referred to the Subcommittee on Economic Development, Public Buildings and Emergency Management.
2015-02-02	House	Referred to the Subcommittee on Coast Guard and Maritime Transportation.
2015-02-02	House	Referred to the Subcommittee on Aviation.
2015-02-02	House	Referred to the Subcommittee on Highways and Transit.
2015-01-30	House	Referred to House Rules
2015-01-30	House	Referred to House Transportation and Infrastructure
2015-01-30	House	Referred to House Ways and Means
2015-01-30	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.
2015-01-30	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/625/all-info
Text	https://www.congress.gov/114/bills/hr625/BILLS-114hr625ih.pdf