text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Emergency Transportation Safety Fund 
  Act''.
  
                     TITLE I--ESTABLISHMENT AND FUNDING
  
  SEC. 101. MODIFICATION AND PERMANENT EXTENSION OF THE INCENTIVES TO 
                REINVEST FOREIGN EARNINGS IN THE UNITED STATES.
  
      (a) Repatriation Subject to 5 Percent Tax Rate.--Subsection (a)(1) 
  of section 965 of the Internal Revenue Code of 1986 is amended by 
  striking ``85 percent'' and inserting ``85.7 percent''.
      (b) Permanent Extension To Elect Repatriation.--Subsection (f) of 
  section 965 of the Internal Revenue Code of 1986 is amended to read as 
  follows:
      ``(f) Election.--The taxpayer may elect to apply this section to 
  any taxable year only if made on or before the due date (including 
  extensions) for filing the return of tax for such taxable year.''.
      (c) Repatriation Includes Current and Accumulated Foreign 
  Earnings.--
              (1) In general.--Paragraph (1) of section 965(b) of the 
          Internal Revenue Code of 1986 is amended to read as follows:
              ``(1) In general.--The amount of dividends taken into 
          account under subsection (a) shall not exceed the sum of the 
          current and accumulated earnings and profits described in 
          section 959(c)(3) for the year a deduction is claimed under 
          subsection (a), without diminution by reason of any 
          distributions made during the election year, for all controlled 
          foreign corporations of the United States shareholder.''.
              (2) Conforming amendments.--
                      (A) Section 965(b) of such Code is amended by 
                  striking paragraphs (2) and (4) and by redesignating 
                  paragraph (3) as paragraph (2).
                      (B) Section 965(c) of such Code is amended by 
                  striking paragraphs (1) and (2) and by redesignating 
                  paragraphs (3), (4), and (5) as paragraphs (1), (2), 
                  and (3), respectively.
                      (C) Paragraph (3) of section 965(c) of such Code, 
                  as redesignated by subparagraph (B), is amended to read 
                  as follows:
              ``(3) Controlled groups.--All United States shareholders 
          which are members of an affiliated group filing a consolidated 
          return under section 1501 shall be treated as one United States 
          shareholder.''.
      (d) Clerical Amendments.--
              (1) The heading for section 965 of the Internal Revenue 
          Code of 1986 is amended by striking ``temporary''.
              (2) The table of sections for subpart F of part III of 
          subchapter N of chapter 1 of such Code is amended by striking 
          ``Temporary dividends'' and inserting ``Dividends''.
      (e) Effective Date.--The amendments made by this section shall 
  apply to taxable years ending after the date of the enactment of this 
  Act.
  
  SEC. 102. ESTABLISHMENT OF EMERGENCY TRANSPORTATION SAFETY FUND.
  
      (a) In General.--There is established in the Treasury of the United 
  States a trust fund to be known as the ``Emergency Transportation 
  Safety Fund''.
      (b) Transfers to Emergency Transportation Safety Fund.--
              (1) In general.--There are hereby appropriated to the 
          Emergency Transportation Safety Fund amounts equivalent to 50 
          percent of the excess of--
                      (A) the taxes received in the United States 
                  Treasury which are attributable to eligible 965 
                  dividends received by corporations which are United 
                  States shareholders, over
                      (B) the amount of the foreign tax credit allowed 
                  under section 901 of the Internal Revenue Code of 1986 
                  which is attributable to the non-deductible portion of 
                  such eligible 965 dividends.
              (2) Definitions.--For purposes of this subsection--
                      (A) Eligible 965 dividend.--The term ``eligible 965 
                  dividend'' means any amount received from a controlled 
                  foreign corporation for which a deduction is allowed 
                  under section 965 of the Internal Revenue Code of 1986, 
                  as determined based on estimates made by the Secretary 
                  of the Treasury, or the Secretary's delegate.
                      (B) Non-deductible portion.--The term ``non-
                  deductible portion'' means the excess of the amount of 
                  any eligible 965 dividend over the deductible portion 
                  (as defined in section 965(d)(3) of the Internal 
                  Revenue Code of 1986) of such amount.
      (c) Emergency Relief Expenditures.--Section 125(c) of title 23, 
  United States Code, is amended by adding at the end the following:
              ``(3) Emergency transportation safety fund.--Amounts 
          deposited into the Emergency Transportation Safety Fund 
          established under section 102(a) of the Emergency 
          Transportation Safety Fund Act are authorized to be obligated 
          to carry out, in priority order, the projects on the current 
          list compiled by the Secretary under section 201(b)(1) of such 
          Act that meet the eligibility requirements set forth in 
          subsection (a).''.
  
          TITLE II--EMERGENCY TRANSPORTATION SAFETY PRIORITY LIST
  
  SEC. 201. EMERGENCY TRANSPORTATION PRIORITIES.
  
      (a) List.--The Secretary of Transportation, in consultation with a 
  representative sample of State and local government transportation 
  officials, shall compile a prioritized list of emergency transportation 
  projects, which will guide the allocation of funding to the States from 
  the Emergency Transportation Safety Fund.
      (b) Criteria.--In compiling the list under subsection (a), the 
  Secretary of Transportation, in addition to other criteria established 
  by the Secretary, shall rank priorities in descending order, beginning 
  with--
              (1) whether the project is part of the interstate highway 
          system;
              (2) whether the project is a road or bridge that is closed 
          for safety reasons;
              (3) the impact of the project on interstate commerce;
              (4) the volume of traffic affected by the project; and
              (5) the overall value of the project or entity.
      (c) Report.--Not later than 120 days after the date of the 
  enactment of this Act, the Secretary of Transportation shall submit a 
  report to Congress that includes--
              (1) a prioritized list of emergency transportation projects 
          to be funded through the Emergency Transportation Safety Fund; 
          and
              (2) a description of the criteria used to establish the 
          list referred to in paragraph (1).
      (d) Quarterly Updates.--Not less frequently than 4 times per year, 
  the Secretary of Transportation shall--
              (1) update the report submitted pursuant to subsection (c);
              (2) send a copy of the report to Congress; and
              (3) make a copy of the report available to the public 
          through the Department of Transportation's website.
target: Emergency Transportation Safety Fund Act - Amends the Internal Revenue Code to reduce the tax rate on current and accumulated foreign earnings of U.S. corporations reinvested in the United States and make such lower rate permanent. Establishes the Emergency Transportation Safety Fund and makes appropriations to it. Directs the Secretary of Transportation (DOT) to compile a prioritized list of emergency transportation projects, which will guide the allocation of Fund amounts to the states.
feat_title: Emergency Transportation Safety Fund Act