H.R. 625 · 114th Congress
Infrastructure 2.0 Act
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
DelaneySponsor24 cosponsors · 15 D, 9 R
R
Hanna
BA
D
Ashford
JC
D
Carney
JP
D
Polis
SS
R
Stivers
DJ
R
Joyce
DN
D
Norcross
MM
R
Meadows
MQ
D
Quigley
CB
D
Bustos
TY
R
Yoho
EW
R
Whitfield
SR
R
Rigell
PW
D
Welch
DM
R
McKinley
RR
R
Ribble
KS
D
Sinema
TS
D
Sewell
BB
D
Boyle
JY
D
Yarmuth
AK
D
Kuster
JL
D
Langevin
BM
D
McCollum
JG
D
Garamendi1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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…
What it does: CRS summary · Introduced in House · Jan 30, 2015
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Infrastructure 2.0 Act
Latest action (Feb 2, 2015): Referred to the Subcommittee on Water Resources and Environment.
Policy area: Taxation · Origin: House · Introduced: Jan 30, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.