S 1957 113th Congress Senate Transportation and Public Works Buy American requirements Corporate finance and management Foreign and international corporations Government corporations and government-sponsored enterprises Government lending and loan guarantees Income tax exclusion Infrastructure development Interest, dividends, interest rates Public-private cooperation Securities State and local finance Taxation of foreign income

Partnership to Build America Act of 2014

Introduced: January 16, 2014 Introduced by: Bennet, Michael F. Democratic · Colorado See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jan 16, 2014

Read twice and referred to the Committee on Finance.

Jan 16, 2014

Introduced in Senate

Plain-English summary Congressional Research Service

Partnership to Build America Act of 2014 - Establishes the American Infrastructure Fund (AIF) as a wholly-owned government corporation to provide bond guarantees and make loans to state and local governments, non-profit infrastructure providers, private parties, and public-private partnerships for state or local government sponsored transportation, energy, water, communications, or educational facility infrastructure projects (Qualified Infrastructure Projects [QIPs]). Authorizes AIF also to make equity investments in QIPs .

Directs the Secretary of the Treasury, acting through the AIF, to issue American Infrastructure Bonds with an aggregate face value of $50 billion. Requires proceeds from the sale of the bonds to be deposited into the AIF.

Amends the Internal Revenue Code to allow U.S. corporations to exclude from gross income qualified cash dividend amounts received during a taxable year from a foreign-controlled corporation equal to the face value of qualified infrastructure bonds the corporation has purchased.

Prohibits allowance of a foreign tax credit to the excluded portion of any dividend received by a U.S. corporation. Prohibits also the allowance of a deduction for expenses related to that excludable portion.

What's happening now January 16, 2014

Read twice and referred to the Committee on Finance.

Committees of jurisdiction 1