,,ii  #aad? ,,congress  #a/ ,session    
,s4 #iha  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,april #af1 #bjae ,mr4 
,paul 7= himself & ,mrs4 ,box]7         
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to provide = a    
repatriation holiday1 to increase fund+ 
to ! ,highway ,tru/ ,fund1 & = o!r      
purposes4  #a4 ,%ort title  ,?is ,act   
may be cit$ z ! ,inve/ ,9               
,transportation ,act4  #b4 ,inc5tives to
 re9ve/ =eign e>n+s 9 ,unit$ ,/ates  7a7
 ,applicability ( tempor>y divid5ds     
receiv$ d$uction  7#a7 ,9 g5]al         
,subsection 7f7 ( section #ife ( !      
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
to read z foll[s3  7f7 ,election  7#a7  
,9 g5]al ,! taxpay] may elect to apply  
?is section to ! #e-taxable-ye> p]iod   
beg9n+ )--  7,a7 ! taxpay]'s la/ taxable
 ye> :i* beg9s be=e ! date ( ! enactm5t 
( ! ,inve/ ,9 ,transportation ,act1 or  
7,b7 ! taxpay]'s fir/ taxable ye> :i*   

beg9s dur+ ! #a-ye> p]iod beg9n+ on su* 
date ( enactm5t4  7#b7 ,"t = mak+       
election ,any election made "u ?is      
section %all be made on or be=e ! due   
date 7includ+ ext5sions7 = fil+ ! return
 ( tax = ! fir/ taxable ye> 9 !         
#e-taxable-ye> p]iod describ$ 9 p>agraph
 7#a74  7#c7 ,decl>ation ( am\nt        
repatriat$ ,an election "u ?is section  
%all designate a limitation ( !         
aggregate am\nt ( divid5ds to be tak5   
into acc\nt "u subsection 7a7 dur+ !    
#e-taxable-ye> p]iod4  4  7#b7 ,con=m+  
am5dm5ts  7,a7 ,det]m9ations relat+ to  
base p]iod = det]m9+ extraord9>y        
divid5ds ,section #ife ( su* ,code is   
am5d$ by /rik+ ,june #cj1 #bjjc ea*     
place x appe>s 9 subsections 7b77#b7 &  
7c77#b7 & ins]t+ ,decemb] #ca1 #bjad4   
7,b7 ,det]m9ations relat+ to relat$ p>ty
 indebt$ness ,section #ife7;b77#c77;,b7 
( su* ,code is am5d$ by /rik+ ,octob]   
#c1 #bjjd & ins]t+ ,decemb] #ca1 #bjad4 
7b7 ,d$uction equival5t to #f4e-,p]c5t  
rate ( tax ,p>agraph 7#a7 ( section     

#ife7;a7 ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by /rik+ #he p]c5t &     
ins]t+ #ha4d p]c5t4  7c7 ,limitations   
7#a7 ,9 g5]al  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$ ! ,unit$ ,/ates        
%>ehold]'s pro rata %>e ( ! accumulat$  
e>n+s & pr(its describ$ 9 section       
#iei7;c77#c7 z ( ! end ( ! la/ taxable  
ye> end+ on or be=e ,decemb] #ca1 #bjad1
 = all controll$ =eign corporations ( ! 
,unit$ ,/ates %>ehold]4  4  7,b7 ,con=m+
 am5dm5ts  7i7 ,subsection 7c7 ( section
 #ife ( su* ,code is am5d$ by /rik+     
p>agraph 7#a74  7ii7 ,p>agraph 7#e7 (   
section #ife7;c7 ( su* ,code is am5d$ to
 read z foll[s3  7#e7 ,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  7#b7 ,additional limitation          

,subsection 7b7 ( section #ife ( su*    
,code is am5d$ by r$esignat+ p>agraph   
7#d7 z p>agraph 7#e7 & by ins]t+ aft]   
p>agraph 7#c7 ! foll[+ new p>agraph3    
7#d7 ,additional limitation  7,a7 ,9    
g5]al ,! am\nt ( divid5ds tak5 into     
acc\nt "u subsection 7a7 = ea* taxable  
ye> dur+ ! #e-taxable-ye> p]iod describ$
 9 subsection 7f77#a7 %all n exce$ !    
am\nt designat$ 9 ! election "u         
subsection 7f77#c7 r$uc$ by ! sum (--   
7i7 ! aggregate am\nt ( divid5ds tak5   
into acc\nt "u subsection 7a7 9 prior   
taxable ye>s 9 su* #e-taxable-ye> p]iod1
 &  7ii7 ! sum ( ! divid5d %ortfalls =  
ea* su* prior taxable ye>4  7,b7        
,divid5d %ortfall ,= purposes (         
subp>agraph 7,a71 ! divid5d %ortfall =  
any taxable ye> is an am\nt equal to !  
excess 7if any7 (--  7i7 #bj p]c5t ( !  
am\nt designat$ "u subsection 7f77#c71  
ov]  7ii7 ! am\nt ( divid5ds tak5 into  
acc\nt "u subsection 7a7 = su* taxable  
ye>4  4  7d7 ,divid5d re9ve/m5t plan    
requirem5ts ,p>agraph 7#e7 ( section    

#ife7;b7 ( ! ,int]nal ,rev5ue ,code (   
#aihf1 z r$esignat$ by subsection 7c71  
is am5d$ to read z foll[s3  7#e7        
,requirem5t to inve/ 9 unit$ /ates  7,a7
 ,9 g5]al ,subsection 7a7 %all n apply  
to any divid5ds receiv$ by a ,unit$     
,/ates %>ehold] unless ! am\nt ( !      
divid5ds is inve/$ 9 ! ,unit$ ,/ates    
pursuant to a dome/ic re9ve/m5t plan    
:i*--  7i7 is approv$ by ! taxpay]'s    
presid5t1 *ief executive (fic]1 or      
comp>able (ficial be=e ! paym5t ( su*   
divid5d & subsequ5tly approv$ by !      
taxpay]'s bo>d ( directors1 managem5t   
committee1 executive committee1 or      
simil> body1  7ii7 provides t n less ?an
 #be p]c5t ( su* divid5ds w be us$--    
7,i7 to increase work=ce1 to raise wages
 & b5efits1 or to increase p5sion       
contributions1  7,,ii7 to provide =     
en]gy effici5cy improvem5ts ei!r ?r\gh  
inve/m5t 9 new prop]ty or ! retr(itt+ ( 
exi/+ prop]ty1  7,,iii7 to provide =    
environm5tal improvem5ts1 su* z c>bon   
(fsets1 wat] effici5cy1 or environm5tal 

rem$iation1  7,,iv7 to inve/ 9          
public-private p>tn]%ips & ! improvem5t 
( public infra/ructure1  7,v7 to make   
capital improvem5ts1  7,,vi7 = !        
acquisition ( o!r bus9esses1 or  7,,vii7
 = rese>* & developm5t1 &  7iii7        
provides t none ( su* divid5ds w be us$ 
dur+ ! p]iod cov]$ by ! dome/ic         
re9ve/m5t plan to comp5sate any employee
 :o is ! *ief executive (fic] 7or is an 
individual act+ 9 su* a capacity71 or :o
 is among ! #d highe/ comp5sat$         
employees1 9 excess ( ! level (         
comp5sation paid to individuals 9 su*   
capacity dur+ ! taxable ye> imm$iately  
prec$+ ! taxable ye> to :i* an election 
"u ?is section applies4  ,= purposes (  
clause 7iii71 comp5sation %all be       
det]m9$ "u rules simil> to ! rules =    
report+ executive (fic] comp5sation to  
%>ehold]s "u ! ,securities ,ex*ange ,act
 ( #aicd4  7,b7 ,use ( c]ta9 funds  7i7 
,9 g5]al ,except z provid$ 9 clause     
7ii71 divid5ds %all be treat$ z meet+ ! 
requirem5ts ( subclauses 7,i71 7,v71 &  

7,,vii7 ( subp>agraph 7,a77ii7 only if  
su* am\nts supplem5t b d n supplant     
o!rwise plann$ fund+ = su* purposes4    
,su* plann$ fund+ %all be c]tifi$ by !  
individual & entity approv+ ! dome/ic   
re9ve/m5t plan4  7ii7 ,exception ,clause
 7i7 %all n apply if ! aggregate fund+ =
 ! purposes describ$ 9 subclauses 7,i71 
7,v71 & 7,,vii7 ( subp>agraph 7,a77ii7 =
 ! #e-taxable-ye> p]iod describ$ 9      
subsection 7f77#a7 exce$s #abe p]c5t ( !
 am\nt sp5t = su* purposes dur+ ! #e-ye>
 p]iod end+ ) ! la/ day ( ! mo/ rec5t   
taxable ye> end+ be=e ,janu>y #a1 #bjae4
 ,rules simil> to ! rules ( subp>agraphs
 7,b7 & 7,c7 ( subsection 7c77#b7 %all  
apply = purposes ( det]m9+ ! #e-ye>     
p]iod "u ! prec$+ s5t5ce4  7,c7         
,compliance ,"u regulations e/abli%$ by 
! ,secret>y1 any taxpay] mak+ an        
election "u ?is section %all submit to !
 ,secret>y--  7i7 ! dome/ic re9ve/m5t   
plan requir$ "u ?is p>agraph1 &  7ii7   
annually !reaft]1 su* in=mation z       
requir$ by ! ,secret>y = purposes (     

det]m9+ su* taxpay]'s compliance ) !    
plan1 includ+ contemporane\s            
docum5tation ( compliance & ret5tion    
requirem5ts = a p]iod ( "t z det]m9$ by 
! ,secret>y z appropriate4  4  7e7      
,special rules = inv]t$ corporations    
7#a7 ,9 g5]al ,subsection 7b7 ( section 
#ife is am5d$ by add+ at ! end ! foll[+ 
new p>agraph3  7#f7 ,d5ial ( d$uction = 
c]ta9 companies ,no d$uction %all be    
all[$ "u subsection 7a7 ) respect to any
 expatriat$ entity 7z def9$ 9 section   
#ghgd7;a77#b774  4  7#b7 ,recapture     
,section #ife ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$ by add+ at ! end !    
foll[+ new subsection3  7g7 ,recapture  
7#a7 ,9 g5]al ,9 ! case ( a taxpay] :o  
makes an election "u subsection 7f7 & :o
 is an expatriat$ entity--  7,a7 ! tax  
impos$ by ?is *apt] %all be increas$ = !
 fir/ taxable ye> 9 :i* su* taxpay]     
becomes an expatriat$ entity by an am\nt
 equal to #bj p]c5t ( ! am\nt designat$ 
"u subsection 7f77#c71 &  7,b7 no cr$its
 %all be all[$ aga9/ ! increase 9 tax "u

 subp>agraph 7,a74  7#b7 ,expatriat$    
entity ,= purposes ( ?is subsection1 !  
t]m expatriat$ entity has ! same mean+  
giv5 su* t]m "u section #ghgd7;a77#b71  
except t--  7,a7 dur+ ! #aj-ye> p]iod   
beg9n+ ) ! fir/ taxable ye> aft] #bjac  
to :i* section #ife applies %all be     
sub/itut$ = aft] ,m>* #d1 #bjjc 9       
subp>agraph 7,b77i71 &  7,b7 ! fir/     
taxable ye> aft] #bjac to :i* section   
#ife applies %all be sub/itut$ = ,m>*   
#d1 #bjjc 9 ! matt] foll[+ subp>agraph  
7,b77iii74  4  7f7 ,effective date ,!   
am5dm5ts made by ?is section %all apply 
to taxable ye>s end+ aft] ! date ( !    
enactm5t ( ?is ,act4  #c4 ,transf]s to  
,highway ,tru/ ,fund  7a7 ,9 g5]al      
,subsection 7f7 ( section #iejc ( !     
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by r$esignat+ p>agraph 7#g7 z p>agraph  
7#h7 & by ins]t+ aft] p>agraph 7#f7 !   
foll[+ new p>agraph3  7#g7 ,transf] (   
rev5ues f repatriation holiday  7,a7    
,initial transf]  7i7 ,9 g5]al ,n lat]  
?an #fj days aft] ! date ( ! enactm5t ( 

?is ,act1 ! ,secret>y %all e/imate !    
am\nt ( rev5ues to be receiv$ 9 !       
,treasury aft] ! date ( ! enactm5t ( ?is
 p>agraph & be=e ,octob] #a1 #bjai1 f   
income taxes impos$ on divid5ds :i* are 
tak5 into acc\nt "u section #ife4  7ii7 
,transf] ,out ( money 9 ! ,treasury n   
o!rwise appropriat$1 !re is h]eby       
appropriat$-- 7,i7 to ! ,highway ,acc\nt
 7z def9$ 9 subsection 7e77#e77;,b77 9 !
 ,highway ,tru/ ,fund an am\nt equal to 
#hj p]c5t ( ! am\nt e/imat$ "u          
subp>agraph 7,a71 &  7,,ii7 to ! ,mass  
,transit ,acc\nt 9 ! ,highway ,tru/     
,fund an am\nt equal to #bj p]c5t ( !   
am\nt s e/imat$4  7,b7 ,additional      
transf]  7i7 ,9 g5]al ,n lat] ?an       
,octob] #a1 #bjbc1 ! ,secret>y %all     
det]m9e ! am\nt ( rev5ues receiv$ 9 !   
,treasury f income taxes impos$ on      
divid5ds :i* 7 tak5 into acc\nt "u      
section #ife dur+ ! p]iod describ$ 9    
subp>agraph 7,a77i74  7ii7 ,transf] ,if 
! am\nt det]m9$ "u clause 7i7 exce$s !  
am\nt transf]r$ "u subp>agraph 7,a77ii71

 out ( money 9 ! ,treasury n o!rwise    
appropriat$1 !re is h]eby appropriat$-- 
7,i7 to ! ,highway ,acc\nt 7z def9$ 9   
subsection 7e77#e77;,b77 9 ! ,highway   
,tru/ ,fund an am\nt equal to !         
applicable p]c5tage ( su* excess1 &     
7,,ii7 to ! ,mass ,transit ,acc\nt 9 !  
,highway ,tru/ ,fund an am\nt equal to  
#bj p]c5t ( s mu* ( su* excess z does n 
exce$ ! applicable am\nt4  7iii7        
,applicable p]c5tages ,= purposes (     
clause 7ii71 ! applicable p]c5tage is-- 
7,i7 #hj p]c5t ) respect to s mu* (     
excess "u subp>agraph 7,b77ii7 z does n 
exce$ ! applicable am\nt1 &  7,,ii7 #ajj
 p]c5t ) respect ! am\nt ( su* excess to
 :i* subclause 7,i7 does n apply4  7iv7 
,applicable am\nt ,= purposes ( ?is     
subp>agraph1 ! applicable am\nt is !    
am\nt 7n less ?an z]o7 equal to ! excess
 (--  7,i7 #fb1jjj1jjj1jjj1 ov]  7,,ii7 
! am\nt transf]r$ "u subp>agraph        
7,a77ii74  4  7b7 ,return ( excess      
transf]s  7#a7 ,9 g5]al ,subsection 7c7 
( section #iejc ( su* ,code is am5d$ by 

add+ at ! end ! foll[+ new p>agraph3    
7#f7 ,return ( excess transf]s ,if !    
am\nt ( transf]s "u subp>agraph 7,a77ii7
 ( subsection 7f77#g7 exce$s ! am\nt    
det]m9$ "u subp>agraph 7,b77i7 ( su*    
subsection1 ! ,secret>y %all pay to !   
g5]al fund ( ! ,treasury f ! ,highway   
,tru/ ,fund n lat] ?an ,octob] #a1      
#bjbc1 an am\nt equal to su* excess4  4 
7#b7 ,portion f mass transit acc\nt     
,p>agraph 7#e7 ( section #iejc ( su*    
,code is am5d$ by add+ at ! end ! foll[+
 new subp>agraph3  7,c7 ,am\nts relat$  
to c]ta9 excess transf]s #bj p]c5t ( any
 transf] "u p>agraph 7#f7 ( subsection  
7c7 %all be borne by ! ,mass ,transit   
,acc\nt4  4  #d4 ,repair1 replacem5t1 & 
rehabilitation ( defici5t bridges  7a7  
,defici5t bridge am\nt ,= purposes ( ?is
 section1 ! defici5t bridge am\nt is s  
mu* ( ! am\nt transf]r$ to ! ,highway   
,acc\nt 7z def9$ 9 section              
#iejc7;e77#e77;,b7 ( ! ,int]nal ,rev5ue 
,code ( #aihf7 9 ! ,highway ,tru/ ,fund 
"u section #iejc7;f77#g77;,b7 ( su*     

,code z exce$s ! applicable am\nt 7z    
def9$ 9 section #iejg7;f77#g77;,b77iv7 (
 su* ,code74  7b7 ,au?orization (       
appropriations  7#a7 ,9 g5]al ,!re is   
au?oriz$ to be appropriat$ out ( !      
,highway ,tru/ ,fund 7o!r ?an ! ,mass   
,transit ,acc\nt7 an am\nt equal to !   
defici5t bridge am\nt to be us$ = !     
repair1 replacem5t1 or rehabilitation ( 
defici5t bridges eligible = assi/ance "u
 *apt] #a ( title #bc1 ,unit$ ,/ates    
,code4  7#b7 ,calculation ( ,/ate am\nts
  7,a7 ,/ate apportionm5ts ,! ,secret>y 
( ,transportation %all apportion ! am\nt
 au?oriz$ to be appropriat$ "u ?is      
subsection among ! ,/ates 9 accordance )
 subp>agraph 7,b74  7,b7 ,/ate %>es ,!  
am\nt = ea* ,/ate %all be det]m9$ by    
multiply+ ! total am\nt available "u ?is
 subsection by ! %>e = ea* ,/ate1 :i*   
%all be equal to ! proportion t--  7i7 !
 am\nt ( apportionm5ts t ! ,/ate receiv$
 "u title #bc1 ,unit$ ,/ates ,code1 =   
fiscal ye> #bjai2 be>s to  7ii7 ! am\nt 
( ^? apportionm5ts receiv$ by all ,/ates

 = t fiscal ye>4  7#c7 ,contract        
au?ority ,funds au?oriz$ to be          
appropriat$ by ?is subsection %all--    
7,a7 be available = obligation 9 ! same 
mann] z if ! funds 7 apportion$ "u *apt]
 #a ( title #bc1 ,unit$ ,/ates ,code2 & 
7,b7 rema9 available until exp5d$ & n be
 transf]rable4