Bill > S2489

This bill, the American Jobs for American Infrastructure Act, aims to bolster infrastructure funding and address tax policies. It proposes to ensure sufficient funding for the Highway Trust Fund by appropriating necessary amounts to maintain minimum balances in its Highway Account and Mass Transit Account for fiscal years 2014 through 2018. Additionally, it establishes a Reclamation Water Infrastructure Fund, to be administered by the Secretary of the Interior, to support rural water projects, deferred maintenance on Indian irrigation projects, and Indian reserved water rights settlements, funded by deposits from reclamation revenues and the Treasury. The bill also creates an Energy Upgrade and Retrofit Infrastructure Fund, managed by the Secretary of Energy, to provide grants and loans for innovative technologies that capture or utilize carbon dioxide and for upgrading electric transmission property, with a significant portion dedicated to commercial-scale coal technology. Furthermore, it modifies tax rules concerning foreign income by preventing deductions allocated to deferred foreign income from offsetting United States source income and by redefining "inverted corporations" to prevent companies from reincorporating abroad to avoid U.S. taxes while maintaining significant U.S. operations. Finally, it earmarks $1,000,000,000 of the revenue generated by the Act for deficit reduction.