H. R. 2862
IN THE HOUSE OF REPRESENTATIVES
September 7, 2011
Mr. Meeks introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Transportation and Infrastructure, 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
To amend the Internal Revenue Code of 1986 to provide a temporary dividends received deduction and to create the Jobs Trust Fund to fund infrastructure projects.
This Act may be cited as the
Putting America Back to Work Act of
Temporary dividends received deduction allowed for 2011 or 2012
15 percent tax on repatriated amounts
Paragraph (1) of section 965(a) of the
Internal Revenue Code of 1986 is amended by striking
Section 965 of such Code is amended by striking
June 30, 2003 each place it occurs and inserting
of the enactment of the Putting America Back
to Work Act of 2011.
Subsection (f) of section 965 of such Code is amended to read as follows:
The taxpayer may elect to apply this section to—
the taxpayer’s last taxable year which begins before the date of the enactment of the Putting America Back to Work Act of 2011, or
the taxpayer’s first taxable year which begins during the 1-year period beginning on such date.
Indebtedness determination date
Subparagraph (B) of section 965(b)(3) of such
Code is amended by striking
October 3, 2004 and inserting
the date of the enactment of the Putting America Back to Work Act of
The amendments made by this section shall apply to taxable years ending on or after the day before the date of the enactment of this Act.
Establishment of the Jobs Trust Fund
Subchapter A of chapter 98 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section:
Jobs Trust Fund
Creation of Trust Fund
There is established in the Treasury of the United States a trust fund to be known as the Jobs Trust Fund, consisting of such amounts as may be appropriated or credited to such fund as provided in this section or section 9602(b).
Transfers to Trust Fund
There are hereby appropriated to the Jobs Trust Fund amounts equivalent to the repatriation revenue of the Federal Government.
Repatriation revenue of the Federal Government
For purposes of this
subsection, the term
repatriation revenue of the Federal
Government means the excess (as determined by the Secretary) of—
the amount of revenue to the Federal Government with respect to taxable years ending on or after the day before the date of the enactment of this section, over
the amount of revenue which would be described in subparagraph (A) if the amendments made by section 2 of the Putting America Back to Work Act of 2011 had never been enacted.
Amounts in the Jobs Trust Fund shall be available, as provided in appropriation Acts, only for the purpose of funding infrastructure projects and improvements in the United States. Such amounts shall be used to supplement, not supplant, existing funding for such projects and improvements.
Notwithstanding any other provision of law, amounts made available from the Jobs Trust Fund may be used for the acquisition of steel, iron, cement, concrete, and manufactured products only if such material or product is produced in the United States.
Subparagraph (A) shall not apply if the head of the Federal agency concerned finds—
that the application of such subparagraph would be inconsistent with the public interest, or
that the material or product is not produced in the United States in sufficient and reasonably available quantities and of a satisfactory quality.
Compliance with international agreements
Subparagraph (A) shall be applied in a manner consistent with United States obligations under international agreements.
The table of sections for subchapter A of chapter 98 of such Code is amended by adding at the end the following new item:
Sec. 9512. Jobs Trust Fund.
The amendments made by this section shall take effect on the date of the enactment of this Act.