S. 2132 (112th): Highway Investment, Job Creation, and Economic Growth Act of 2012

Introduced:
Feb 27, 2012 (112th Congress, 2011–2013)
Sponsor:
Sen. Max Baucus [D-MT]
Status:
Died (Reported by Committee)

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on February 27, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Feb 27, 2012
Reported by Committee Feb 27, 2012
Cosponsors
none
Committees

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

Full Title

An original bill to amend the Internal Revenue Code of 1986 to provide for the extension of highway-related taxes and trust fund expenditures, to provide revenues for highway programs, and for other purposes.

Summary

No summaries available.

Text

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Last updated Feb 27, 2012.
54 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

2/27/2012--Reported to Senate without amendment. (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Highway Investment, Job Creation, and Economic Growth Act of 2012 -
Title I - Extension of Highway Trust Fund Expenditure Authority and Related Taxes
Section 101 -
Amends the Internal Revenue Code to: (1) extend through September 30, 2013, the expenditure authority for the Highway Trust Fund; and (2) extend through September 30, 2015, current excise tax rates on motor fuels (i.e., gasoline, diesel fuel and kerosene, and special motor fuels), excise taxes on heavy highway vehicles and highway tires, and the use tax on heavy vehicles.
Title II - Other Provisions
Section 201 -
Extends through 2012: (1) the special exemption for small bond issuers (issuers of $10 million or less of tax-exempt obligations in a calendar year) from tax-exempt interest expense allocation rules, (2) the exemption of tax-exempt interest on private activity bonds from treatment as an item of tax preference for alternative minimum tax (AMT) purposes, and (3) the equalization of the tax exclusion for employer-provided mass transit and parking benefits.
Section 203 -
Allows a state, through a state infrastructure bank, to issue transportation and regional infrastructure project (TRIP) bonds and deposit proceeds into the TRIP bond account of the bank. Requires such proceeds to be used for capital improvements to any transportation infrastructure project of any governmental unit or other person, including roads, bridges, rail and transit systems, ports, and inland waterways.
Section 205 -
Exempts sewage and water facility bonds issued before January 1, 2018, from the volume cap applicable to private activity bonds.
Title III - Revenue Provisions
Section 301 -
Transfers to the Highway Trust Fund: (1) $3 billion from the Leaking Underground Storage Tank (LUST) Trust Fund, (2) one-third of the LUST Trust Fund financing rate with respect to motor fuels, (3) revenue from the gas guzzler tax, (4) additional revenue from restrictions placed on the cellulosic biofuel producer tax credit by this Act, and (5) certain tariffs on motor cars and other motor vehicles with a specified cylinder capacity.
Section 303 -
Prohibits after February 3, 2012, claims under the cellulosic biofuel producer tax credit for fuels containing more than a 4% combination of water and sediment, an ash content of more than 1%, or an acid number greater than 25.
Section 305 -
Requires the Secretary of the Treasury to notify the Secretary of State of the identity of any individual who has a seriously delinquent tax debt in excess of $50,000 (adjusted for inflation after 2012) for action with respect to the denial, revocation, or limitation of a passport for such individual.
Section 306 -
Imposes the 100% continuous levy on payments due to Medicare providers and suppliers for delinquent tax debts.
Section 308 -
Allows nonrecognition of gain for income tax purposes in a corporate reorganization for corporations that exchange property solely for stock other than nonqualified preferred stock.
Section 309 -
Allows the enforcement of a federal tax levy on thrift savings plan accounts.
Section 310 -
Modifies rules for required distributions from tax-exempt pension plans to an employee who dies before such employee's entire interest is distributed to require such interest to be distributed within five years after the death of such employee, subject to exceptions for eligible designated beneficiaries and surviving spouses of such employee.
Defines "eligible designated beneficiary" to include a disabled or chronically-ill individual.
Modifies the rule for required distributions from tax-exempt pension plans for an employee who becomes a 5% owner of the employer establishing such plan after reaching age 70-1/2 to allow distributions to begin after the date such employee obtains such ownership interest.
Section 311 -
Requires a 45-year recovery period for the depreciation of applicable leased highway property, using the straight line method of depreciation.
Defines "applicable leased highway property" as highway property subject to a lease to a private entity from a state or locality, under which such entity receives a right-of way on public lands underlying the highway property and a grant of a franchise permitting the entity to receive funds (e.g., tolls) from the operation of such highway.
Requires that the amortization period of intangibles relating to applicable leased highway property shall not be less than the term of the applicable lease for such property.
Section 312 -
Extends through 2021 the authority for transfers of excess pension assets of a defined benefit plan to a retiree health benefits account.
Section 313 -
Allows the transfer of excess pension assets of a defined benefit plan to a retiree group term life insurance account.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)