U.S. Representative John Delaney recently introduced legislation that would reform the country’s tax system to generate revenue for transportation infrastructure. As reported by the Hagerstown Herald-Mail,
The Infrastructure and Global Tax Competitiveness Act, according to Delaney’s office, would strengthen America’s economy “by rebuilding the nation’s infrastructure and reforming the broken corporate tax code.”
“The bill deals with overseas earnings … we create a path for all of it to come back,” Delaney said.
The bill offers to use repatriated revenue to increase infrastructure investment “by imposing a mandatory deemed repatriation tax on corporate earnings currently held overseas,” according to a news release. The repatriation tax rate for U.S. corporations would be a reduced rate of 8.75 percent if those corporations buy bonds to benefit transportation projects in the U.S.
Under the plan, tax revenue would be used to make the Highway Trust Fund, which pays for road construction and projects, solvent for six years, and it would allow for the creation of the American Infrastructure Fund, a $50 billion dollar fund that would be leveraged to finance $750 billion of transportation, water, energy and education projects.
Since Congress has adjourned for the year, the legislation will need to be reintroduced when Congress reconvenes in January.
To learn more about this effort and others to make infrastructure a funding priority, attend the 2015 MACo winter conference session “Making Public Infrastructure the People’s Priority.”
- The Honorable John Delaney, United States House of Representatives
- The Honorable Bryan Desloge, Second Vice President, National Association of Counties and Commissioner, Leon County, Florida
- Dr. Memo Diriker, Director, Business, economic, and Community Outreach Network (BEACON), Perdue School of Business, Salisbury University
Moderator: Honorable Isiah (Ike) Leggett, County Executive, Montgomery County
Date & Time: Thursday, January 8, 2015; 9:00 am – 10:15 am
Learn more about MACo’s Winter Conference:
- Registration Brochure (with session descriptions)
- Online Attendee Registration
- Sponsorship Brochure
- Hotel Reservation Link
Hyatt is SOLD OUT, call the Holiday Inn Express at 410-221-9900 for the Maryland Association of Counties rate of $89 per night
- Exhibitor Brochure
The Exhibit Hall is SOLD OUT, contact Leslie Velasco to be put on a waitlist for exhibit space
- Registration Forms:
(contact firstname.lastname@example.org for help with registration)
Questions? Contact Meetings & Events Director Virginia White.