US Congress Senate Bill 981 (Prior Session Legislation)

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Spectrum: Moderate Partisan Bill (Republican 5-1)
Status: Introduced on April 16 2015 - 25% progression, died in committee
Action: 2015-04-16 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Invest In Transportation Act This bill amends the Internal Revenue Code to allow a domestic corporation to elect to repatriate its overseas income earned prior to 2015 at an effective tax rate of 6.5%. The corporation must complete the repatriation of such income during a specified five-year period and establish a domestic reinvestment plan under which not less than 25% of such income is used for investment in the United States, including for increased hiring, wages, pension contributions, energy efficiency, environmental and capital improvements, and research and development. No funds may be spent on increases in executive compensation. Additionally, a corporation which enters into a stock inversion to avoid U.S. taxation within 10 years after repatriating overseas income at a preferential tax rate must recapture a portion of the income taxed at the preferential rate. The bill requires the Department of the Treasury to make an initial estimate of the amount of tax revenue from repatriated income to be received by Treasury prior to October 1, 2019, and another estimate not later than October 1, 2023, and transfer such estimated amounts to the Highway and Mass Transit Accounts of the Highway Trust Fund. The bill authorizes appropriations from the Highway Trust Fund for the repair, replacement, or rehabilitation of deficient bridges.

Invest In Transportation Act

Sen. Rand Paul [R-KY]	Sen. Barbara Boxer [D-CA]	Sen. Kelly Ayotte [R-NH]	Sen. Steve Daines [R-MT]
Sen. Cory Gardner [R-CO]	Sen. Roger Wicker [R-MS]

Date	Chamber	Action
2015-04-16	Senate	Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/senate-bill/981/all-info
Text	https://www.congress.gov/114/bills/s981/BILLS-114s981is.pdf