,,ii #aac? ,,congress #a/ ,session ,s4 #iaa ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,may #i1 #bjac ,mr4 ,paul introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to e/abli% an em]g5cy transportation safety fund1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,em]g5cy ,transportation ,safety ,fund ,act4 ,i ,e/abli%m5t & fund+ #aja4 ,modification & p]man5t ext5sion ( ! inc5tives to re9ve/ =eign e>n+s 9 ! ,unit$ ,/ates 7a7 ,repatriation subject to #e p]c5t tax rate ,subsection 7a77#a7 ( section #ife ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ #he p]c5t & ins]t+ #he4g p]c5t4 7b7 ,p]man5t ext5sion ,to elect repatriation ,subsection 7f7 ( section #ife ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 7f7 ,election ,! taxpay] may elect to apply ?is section to any taxable ye> only if made on or be=e ! due date 7includ+ ext5sions7 = fil+ ! return ( tax = su* taxable ye>4 4 7c7 ,repatriation includes curr5t & accumulat$ =eign e>n+s 7#a7 ,9 g5]al ,p>agraph 7#a7 ( section #ife7;b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 7#a7 ,9 g5]al ,! am\nt ( divid5ds tak5 into acc\nt "u subsection 7a7 %all n exce$ ! sum ( ! curr5t & accumulat$ e>n+s & pr(its describ$ 9 section #iei7;c77#c7 = ! ye> a d$uction is claim$ "u subsection 7a71 )\t dim9ution by reason ( any di/ributions made dur+ ! election ye>1 = all controll$ =eign corporations ( ! ,unit$ ,/ates %>ehold]4 4 7#b7 ,con=m+ am5dm5ts 7,a7 ,section #ife7;b7 ( su* ,code is am5d$ by /rik+ p>agraphs 7#b7 & 7#d7 & by r$esignat+ p>agraph 7#c7 z p>agraph 7#b74 7,b7 ,section #ife7;c7 ( su* ,code is am5d$ by /rik+ p>agraphs 7#a7 & 7#b7 & by r$esignat+ p>agraphs 7#c71 7#d71 & 7#e7 z p>agraphs 7#a71 7#b71 & 7#c71 respectively4 7,c7 ,p>agraph 7#c7 ( section #ife7;c7 ( su* ,code1 z r$esignat$ by subp>agraph 7,b71 is am5d$ to read z foll[s3 7#c7 ,controll$ gr\ps ,all ,unit$ ,/ates %>ehold]s :i* are memb]s ( an affiliat$ gr\p fil+ a consolidat$ return "u section #aeja %all be treat$ z "o ,unit$ ,/ates %>ehold]4 4 7d7 ,cl]ical am5dm5ts 7#a7 ,! head+ = section #ife ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ ,tempor>y4 7#b7 ,! table ( sections = subp>t ,f ( "p ,,iii ( sub*apt] ,n ( *apt] #a ( su* ,code is am5d$ by /rik+ ,tempor>y divid5ds & ins]t+ ,divid5ds4 7e7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s end+ aft] ! date ( ! enactm5t ( ?is ,act4 #ajb4 ,e/abli%m5t ( ,em]g5cy ,transportation ,safety ,fund 7a7 ,9 g5]al ,!re is e/abli%$ 9 ! ,treasury ( ! ,unit$ ,/ates a tru/ fund to be kn[n z ! ,em]g5cy ,transportation ,safety ,fund4 7b7 ,transf]s to ,em]g5cy ,transportation ,safety ,fund 7#a7 ,9 g5]al ,!re are h]eby appropriat$ to ! ,em]g5cy ,transportation ,safety ,fund am\nts equival5t to #ej p]c5t ( ! excess (-- 7,a7 ! taxes receiv$ 9 ! ,unit$ ,/ates ,treasury :i* are attributable to eligible #ife divid5ds receiv$ by corporations :i* are ,unit$ ,/ates %>ehold]s1 ov] 7,b7 ! am\nt ( ! =eign tax cr$it all[$ "u section #ija ( ! ,int]nal ,rev5ue ,code ( #aihf :i* is attributable to ! non-d$uctible portion ( su* eligible #ife divid5ds4 7#b7 ,def9itions ,= purposes ( ?is subsection-- 7,a7 ,eligible #ife divid5d ,! t]m eligible #ife divid5d means any am\nt receiv$ f a controll$ =eign corporation = :i* a d$uction is all[$ "u section #ife ( ! ,int]nal ,rev5ue ,code ( #aihf1 z det]m9$ bas$ on e/imates made by ! ,secret>y ( ! ,treasury1 or ! ,secret>y's delegate4 7,b7 ,non-d$uctible portion ,! t]m non-d$uctible portion means ! excess ( ! am\nt ( any eligible #ife divid5d ov] ! d$uctible portion 7z def9$ 9 section #ife7;d77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf7 ( su* am\nt4 7c7 ,em]g5cy relief exp5ditures ,section #abe7;c7 ( title #bc1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 7#c7 ,em]g5cy transportation safety fund ,am\nts deposit$ into ! ,em]g5cy ,transportation ,safety ,fund e/abli%$ "u section #ajb7;a7 ( ! ,em]g5cy ,transportation ,safety ,fund ,act are au?oriz$ to be obligat$ to c>ry out1 9 priority ord]1 ! projects on ! curr5t li/ compil$ by ! ,secret>y "u section #bja7;b77#a7 ( su* ,act t meet ! eligibility requirem5ts set =? 9 subsection 7a74 4 ,,ii ,em]g5cy ,transportation ,safety ,priority ,li/ #bja4 ,em]g5cy transportation priorities 7a7 ,li/ ,! ,secret>y ( ,transportation1 9 consultation ) a repres5tative sample ( ,/ate & local gov]nm5t transportation (ficials1 %all compile a prioritiz$ li/ ( em]g5cy transportation projects1 :i* w guide ! allocation ( fund+ to ! ,/ates f ! ,em]g5cy ,transportation ,safety ,fund4 7b7 ,crit]ia ,9 compil+ ! li/ "u subsection 7a71 ! ,secret>y ( ,transportation1 9 addition to o!r crit]ia e/abli%$ by ! ,secret>y1 %all rank priorities 9 desc5d+ ord]1 beg9n+ )-- 7#a7 :e!r ! project is "p ( ! int]/ate highway sy/em2 7#b7 :e!r ! project is a road or bridge t is clos$ = safety reasons2 7#c7 ! impact ( ! project on int]/ate comm]ce2 7#d7 ! volume ( traffic affect$ by ! project2 & 7#e7 ! ov]all value ( ! project or entity4 7c7 ,report ,n lat] ?an #abj days aft] ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y ( ,transportation %all submit a report to ,congress t includes-- 7#a7 a prioritiz$ li/ ( em]g5cy transportation projects to be fund$ ?r\gh ! ,em]g5cy ,transportation ,safety ,fund2 & 7#b7 a description ( ! crit]ia us$ to e/abli% ! li/ ref]r$ to 9 p>agraph 7#a74 7d7 ,qu>t]ly updates ,n less frequ5tly ?an #d times p] ye>1 ! ,secret>y ( ,transportation %all-- 7#a7 update ! report submitt$ pursuant to subsection 7c72 7#b7 s5d a copy ( ! report to ,congress2 & 7#c7 make a copy ( ! report available to ! public ?r\gh ! ,dep>tm5t ( ,transportation's website4