S.Amdt. 1741

1. Adds SEC. 192. EMERGENCY TRANSPORTATION SAFETY FUND on page 74, between lines 8 and 9

   Adds a sectionPrinted page

   Inserted: SEC. 192. EMERGENCY TRANSPORTATION SAFETY FUND.

   Inserted: (a) Short Title.--This section may be cited as the "Emergency Transportation Safety Fund Act".

   Inserted: (b) Establishment and Funding.--

   Inserted: (1) Modification and permanent extension of the incentives to reinvest foreign earnings in 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: (2) Repatriation includes current and accumulated foreign earnings.--

   Inserted: (A) 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: (B) Conforming amendments.--

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

   Show 33 more inserted paragraphsShow less

   Inserted: (ii) 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: (iii) 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.".

   Inserted: (3) Clerical amendments.--

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

   Inserted: (B) 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: (4) Effective date.--The amendments made by this subsection shall apply to taxable years ending after the date of the enactment of this Act.

   Inserted: (c) Establishment of Emergency Transportation Safety Fund.--

   Inserted: (1) In general.--There is established in the Treasury of the United States a trust fund, which shall be known as the "Emergency Transportation Safety Fund".

   Inserted: (2) Transfers to emergency transportation safety fund.--

   Inserted: (A) In general.--There are hereby appropriated to the Emergency Transportation Safety Fund amounts equivalent to 50 percent of the excess of--

   Inserted: (i) the taxes received in the United States Treasury which are attributable to eligible 965 dividends received by corporations which are United States shareholders, over

   Inserted: (ii) the amount of the foreign tax credit allowed under section 901 of the Internal Revenue Code of 1986 which is attributable to the non-deductible portion of such eligible 965 dividends.

   Inserted: (B) Definitions.--For purposes of this paragraph--

   Inserted: (i) Eligible 965 dividend.--The term "eligible 965 dividend" means any amount received from a controlled foreign corporation for which a deduction is allowed under section 965 of the Internal Revenue Code of 1986, as determined based on estimates made by the Secretary of the Treasury, or the Secretary's delegate.

   Inserted: (ii) Non-deductible portion.--The term "non-deductible portion" means the excess of the amount of any eligible 965 dividend over the deductible portion (as defined in section 965(d)(3) of the Internal Revenue Code of 1986) of such amount.

   Inserted: (3) Emergency relief expenditures.--Section 125(c) of title 23, United States Code, is amended by adding at the end the following:

   Inserted: "(3) Emergency transportation safety fund.--Amounts deposited into the Emergency Transportation Safety Fund established under section 192(c)(1) of the Emergency Transportation Safety Fund Act are authorized to be obligated to carry out, in priority order, the projects on the current list compiled by the Secretary under section 192(d)(1) of such Act that meet the eligibility requirements set forth in subsection (a).".

   Inserted: (d) Emergency Transportation Priorities.--

   Inserted: (1) List.--The Secretary of Transportation, in consultation with a representative sample of State and local government transportation officials, shall compile a prioritized list of emergency transportation projects, which will guide the allocation of funding to the States from the Emergency Transportation Safety Fund.

   Inserted: (2) Criteria.--In compiling the list under paragraph (1), the Secretary of Transportation, in addition to other criteria established by the Secretary, shall rank priorities in descending order, beginning with--

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

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

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

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

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

   Inserted: (3) Report.--Not later than 120 days after the date of the enactment of this Act, the Secretary of Transportation shall submit a report to Congress that includes--

   Inserted: (A) a prioritized list of emergency transportation projects to be funded through the Emergency Transportation Safety Fund; and

   Inserted: (B) a description of the criteria used to establish the list referred to in subparagraph (A).

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

   Inserted: (A) update the report submitted pursuant to paragraph (3);

   Inserted: (B) send a copy of the report to Congress; and

   Inserted: (C) make a copy of the report available to the public through the Department of Transportation's website.

   Original wording

   On page 74, between lines 8 and 9, insert the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed