,,ii #aacth ,,congress #ast ,session ,s4 #iaa ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,may #i1 #bjac ,mr4 ,paul introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to establish an emergency transportation safety fund1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,emergency ,transportation ,safety ,fund ,act4 ,i ,establishment and funding #aja4 ,modification and permanent extension of the incentives to reinvest foreign earnings in the ,united ,states 7a7 ,repatriation subject to #e percent tax rate ,subsection 7a77#a7 of section #ife of the ,internal ,revenue ,code of #aihf is amended by striking #he percent and inserting #he4g percent4 7b7 ,permanent extension ,to elect repatriation ,subsection 7f7 of section #ife of the ,internal ,revenue ,code of #aihf is amended to read as follows3 7f7 ,election ,the taxpayer may elect to apply this section to any taxable year only if made on or before the due date 7including extensions7 for filing the return of tax for such taxable year4 4 7c7 ,repatriation includes current and accumulated foreign earnings 7#a7 ,in general ,paragraph 7#a7 of section #ife7;b7 of the ,internal ,revenue ,code of #aihf is amended to read as follows3 7#a7 ,in general ,the amount of dividends taken into account under subsection 7a7 shall not exceed the sum of the current and accumulated earnings and profits described in section #iei7;c77#c7 for the year a deduction is claimed under subsection 7a71 without diminution by reason of any distributions made during the election year1 for all controlled foreign corporations of the ,united ,states shareholder4 4 7#b7 ,conforming amendments 7,a7 ,section #ife7;b7 of such ,code is amended by striking paragraphs 7#b7 and 7#d7 and by redesignating paragraph 7#c7 as paragraph 7#b74 7,b7 ,section #ife7;c7 of such ,code is amended by striking paragraphs 7#a7 and 7#b7 and by redesignating paragraphs 7#c71 7#d71 and 7#e7 as paragraphs 7#a71 7#b71 and 7#c71 respectively4 7,c7 ,paragraph 7#c7 of section #ife7;c7 of such ,code1 as redesignated by subparagraph 7,b71 is amended to read as follows3 7#c7 ,controlled groups ,all ,united ,states shareholders which are members of an affiliated group filing a consolidated return under section #aeja shall be treated as one ,united ,states shareholder4 4 7d7 ,clerical amendments 7#a7 ,the heading for section #ife of the ,internal ,revenue ,code of #aihf is amended by striking ,temporary4 7#b7 ,the table of sections for subpart ,f of part ,,iii of subchapter ,n of chapter #a of such ,code is amended by striking ,temporary dividends and inserting ,dividends4 7e7 ,effective date ,the amendments made by this section shall apply to taxable years ending after the date of the enactment of this ,act4 #ajb4 ,establishment of ,emergency ,transportation ,safety ,fund 7a7 ,in general ,there is established in the ,treasury of the ,united ,states a trust fund to be known as the ,emergency ,transportation ,safety ,fund4 7b7 ,transfers to ,emergency ,transportation ,safety ,fund 7#a7 ,in general ,there are hereby appropriated to the ,emergency ,transportation ,safety ,fund amounts equivalent to #ej percent of the excess of-- 7,a7 the taxes received in the ,united ,states ,treasury which are attributable to eligible #ife dividends received by corporations which are ,united ,states shareholders1 over 7,b7 the amount of the foreign tax credit allowed under section #ija of the ,internal ,revenue ,code of #aihf which is attributable to the non-deductible portion of such eligible #ife dividends4 7#b7 ,definitions ,for purposes of this subsection-- 7,a7 ,eligible #ife dividend ,the term eligible #ife dividend means any amount received from a controlled foreign corporation for which a deduction is allowed under section #ife of the ,internal ,revenue ,code of #aihf1 as determined based on estimates made by the ,secretary of the ,treasury1 or the ,secretary's delegate4 7,b7 ,non-deductible portion ,the term non-deductible portion means the excess of the amount of any eligible #ife dividend over the deductible portion 7as defined in section #ife7;d77#c7 of the ,internal ,revenue ,code of #aihf7 of such amount4 7c7 ,emergency relief expenditures ,section #abe7;c7 of title #bc1 ,united ,states ,code1 is amended by adding at the end the following3 7#c7 ,emergency transportation safety fund ,amounts deposited into the ,emergency ,transportation ,safety ,fund established under section #ajb7;a7 of the ,emergency ,transportation ,safety ,fund ,act are authorized to be obligated to carry out1 in priority order1 the projects on the current list compiled by the ,secretary under section #bja7;b77#a7 of such ,act that meet the eligibility requirements set forth in subsection 7a74 4 ,,ii ,emergency ,transportation ,safety ,priority ,list #bja4 ,emergency transportation priorities 7a7 ,list ,the ,secretary of ,transportation1 in consultation with a representative sample of ,state and local government transportation officials1 shall compile a prioritized list of emergency transportation projects1 which will guide the allocation of funding to the ,states from the ,emergency ,transportation ,safety ,fund4 7b7 ,criteria ,in compiling the list under subsection 7a71 the ,secretary of ,transportation1 in addition to other criteria established by the ,secretary1 shall rank priorities in descending order1 beginning with-- 7#a7 whether the project is part of the interstate highway system2 7#b7 whether the project is a road or bridge that is closed for safety reasons2 7#c7 the impact of the project on interstate commerce2 7#d7 the volume of traffic affected by the project2 and 7#e7 the overall value of the project or entity4 7c7 ,report ,not later than #abj days after the date of the enactment of this ,act1 the ,secretary of ,transportation shall submit a report to ,congress that includes-- 7#a7 a prioritized list of emergency transportation projects to be funded through the ,emergency ,transportation ,safety ,fund2 and 7#b7 a description of the criteria used to establish the list referred to in paragraph 7#a74 7d7 ,quarterly updates ,not less frequently than #d times per year1 the ,secretary of ,transportation shall-- 7#a7 update the report submitted pursuant to subsection 7c72 7#b7 send a copy of the report to ,congress2 and 7#c7 make a copy of the report available to the public through the ,department of ,transportation's website4