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HR 625 114th Congress House Taxation Accounting and auditing Administrative law and regulatory procedures Advisory bodies Business expenses Capital gains tax Congressional operations and organization Congressional oversight Corporate finance and management Department of the Treasury Executive agency funding and structure Financial services and investments Foreign and international corporations Government corporations and government-sponsored enterprises Government trust funds Income tax credits Income tax deductions Income tax rates Infrastructure development Insurance industry and regulation

Infrastructure 2.0 Act

Introduced: January 30, 2015 See on congress.gov
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 Everywhere this bill has been 8 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 2, 2015
Referred to the Subcommittee on Water Resources and Environment.
Feb 2, 2015
Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
Feb 2, 2015
Referred to the Subcommittee on Economic Development, Public Buildings and Emergency Management.
Feb 2, 2015
Referred to the Subcommittee on Coast Guard and Maritime Transportation.
Feb 2, 2015
Referred to the Subcommittee on Aviation.
Feb 2, 2015
Referred to the Subcommittee on Highways and Transit.
Jan 30, 2015
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.
Jan 30, 2015
Introduced in House
 Plain-English summary Congressional Research Service

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.

What's happening now February 2, 2015

Referred to the Subcommittee on Water Resources and Environment.

 Committees of jurisdiction 9
 Cosponsors 8
All 8 Democratic 7 Republican 1