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HR 1669 115th Congress House 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 2017

Introduced: March 22, 2017 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
Mar 23, 2017
Referred to the Subcommittee on Water Resources and Environment.
Mar 23, 2017
Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
Mar 23, 2017
Referred to the Subcommittee on Highways and Transit.
Mar 23, 2017
Referred to the Subcommittee on Economic Development, Public Buildings and Emergency Management.
Mar 23, 2017
Referred to the Subcommittee on Coast Guard and Maritime Transportation.
Mar 23, 2017
Referred to the Subcommittee on Aviation.
Mar 22, 2017
Referred to the Committee on Transportation and Infrastructure, and in addition to the Committee on Ways and Means, 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.
Mar 22, 2017
Introduced in House
 Plain-English summary Congressional Research Service

Partnership to Build America Act of 2017

This bill 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]). The AIF may also to make equity investments in QIPs.

The Department of the Treasury, acting through the AIF, shall issue American Infrastructure Bonds with an aggregate face value of $50 billion. The proceeds from the sale of the bonds shall be deposited into the AIF.

The bill 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.

The bill prohibits allowance of:

  • a foreign tax credit for the excluded portion of any dividend received by a U.S. corporation, and
  • a deduction for expenses directly allocable to that excludable portion.
What's happening now March 23, 2017

Referred to the Subcommittee on Water Resources and Environment.

 Committees of jurisdiction 8
 Cosponsors 13
All 13 Democratic 11 Republican 2