S. 981 · 114th Congress
Invest In Transportation 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.
R
PaulSponsor5 cosponsors · 1 D, 4 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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%.
What it does: CRS summary · Introduced in Senate · Apr 16, 2015
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Invest In Transportation Act
Latest action (Apr 16, 2015): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Apr 16, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.