S.Amdt. 2541

1. Adds SEC. ___. PERMANENT REPATRIATION OF FOREIGN EARNINGS TO THE UNITED STATES at the end of the bill

   Adds a section

   In S. 2237 · Placed on Calendar Senate

   (ii) multiplying the limitation under subparagraph (B)(ii) of such paragraph (as so in effect) by a fraction the numerator of which is the number of days in the taxable year after December 31, 2011, and the denominator of which is the number of days in the taxable year.

   Inserted: SEC. ___. PERMANENT REPATRIATION OF FOREIGN EARNINGS TO THE UNITED STATES.

   Inserted: (a) Repatriation Subject to 5 Percent Tax Rate.--Subsection (a)(1) of section 965 of the Internal Revenue Code of 1986 is amended by striking "85 percent" and inserting "85.7 percent".

   Inserted: (b) Permanent Extension to Elect Repatriation.--Subsection (f) of section 965 of the Internal Revenue Code of 1986 is amended to read as follows:

   Inserted: "(f) Election.--The taxpayer may elect to apply this section to any taxable year only if made on or before the due date (including extensions) for filing the return of tax for such taxable year.".

   Inserted: (c) Repatriation Includes Current and Accumulated Foreign Earnings.--

   Inserted: (1) In general.--Paragraph (1) of section 965(b) of the Internal Revenue Code of 1986 is amended to read as follows:

   Inserted: "(1) In general.--The amount of dividends taken into account under subsection (a) shall not exceed the sum of the current and accumulated earnings and profits described in section 959(c)(3) for the year a deduction is claimed under subsection (a), without diminution by reason of any distributions made during the election year, for all controlled foreign corporations of the United States shareholder.".

   Inserted: (2) Conforming amendments.--

   Inserted: (A) Section 965(b) of such Code is amended by striking paragraphs (2) and (4) and by redesignating paragraph (3) as paragraph (2).

   Inserted: (B) Section 965(c) of such Code is amended by striking paragraphs (1) and (2) and by redesignating paragraphs (3), (4), and (5) as paragraphs (1), (2), and (3), respectively.

   Inserted: (C) Paragraph (3) of section 965(c) of such Code, as redesignated by subparagraph (B), is amended to read as follows:

   Inserted: "(3) Controlled groups.--All United States shareholders which are members of an affiliated group filing a consolidated return under section 1501 shall be treated as one United States shareholder.".

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   Inserted: (d) Clerical Amendments.--

   Inserted: (1) The heading for section 965 of the Internal Revenue Code of 1986 is amended by striking "TEMPORARY".

   Inserted: (2) The table of sections for subpart F of part III of subchapter N of chapter 1 of such Code is amended by striking "Temporary dividends" and inserting "Dividends".

   Inserted: (e) Effective Date.--The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act.

   Inserted: (f) Emergency Relief.--Section 125 of title 23, United States Code, as in effect on October 1, 2012, is amended by adding at the end the following:

   Inserted: "(h) Emergency Transportation Safety Fund.--

   Inserted: "(1) In general.--There is established in the Treasury of the United States a fund to be known as the 'Emergency Transportation Safety Fund' (referred to in this section as the 'Fund'), to be administered by the Secretary and to remain available without fiscal year limitation, for use in accordance with paragraph (3).

   Inserted: "(2) Transfers to fund.--The Fund shall consist of amounts equal to 50 percent of the total revenues received in the Treasury resulting from the amendments made to section 965 of the Internal Revenue Code of 1986 by the Small Business Jobs and Tax Relief Act.

   Inserted: "(3) Use of fund.--

   Inserted: "(A) In general.--Subject to subparagraph (E), the Secretary, in consultation with a representative sample of State and local government transportation officials, shall create a prioritized list of emergency transportation projects, which the Secretary shall use to provide funding to States to carry out those projects using amounts from the Fund.

   Inserted: "(B) Criteria.--In creating the list under subparagraph (A), the Secretary, in addition to any other criteria established by the Secretary, shall rank priorities in descending order, beginning with--

   Inserted: "(i) whether the project is part of the interstate highway system;

   Inserted: "(ii) whether the project is a road or bridge that is closed for safety reasons;

   Inserted: "(iii) the impact of the project on interstate commerce;

   Inserted: "(iv) the volume of traffic affected by the project; and

   Inserted: "(v) the overall value of the project or entity.

   Inserted: "(C) Report.--Not later than 120 days after October 1, 2012, the Secretary shall submit to Congress a report that includes--

   Inserted: "(i) a prioritized list of emergency transportation projects to be funded through the Fund; and

   Inserted: "(ii) a description of the criteria used to establish the list under this subsection.

   Inserted: "(D) Quarterly updates.--Not less frequently than 4 times per year, the Secretary shall--

   Inserted: "(i) update the report submitted under subparagraph (C);

   Inserted: "(ii) send a copy of the updated report to Congress; and

   Inserted: "(iii) make a copy of the updated report available to the public on the website of the Department of Transportation.

   Inserted: "(E) Use of amounts.--At the end of each fiscal year, the Secretary shall make available all unobligated amounts remaining in the Fund in excess of $500,000,000 to carry out the national highway performance program under section 119.

   Inserted: "(4) Annual reports on fund.--

   Inserted: "(A) In general.--Not later than 60 days after the end of each fiscal year beginning with fiscal year 2013, the Secretary shall submit to Congress a report on the operation of the Fund during the fiscal year.

   Inserted: "(B) Contents.--Each report shall include, for the fiscal year covered by the report, the following:

   Inserted: "(i) A statement of the amounts deposited into the Fund.

   Inserted: "(ii) A description of the expenditures made from the Fund for the fiscal year, including the purpose of the expenditures.

   Inserted: "(iii) Recommendations for additional authorities to fulfill the purpose of the Fund.

   Inserted: "(iv) A statement of the balance remaining in the Fund at the end of the fiscal year.".

   Original wording

   At the end, add the following:

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