American Infrastructure Investment and Improvement Act of 2007

An original bill to amend the Internal Revenue Code of 1986 and to extend the financing for the Airport and Airway Trust Fund, and for other purposes.

11/13/2007--Reported to Senate without amendment. (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
American Infrastructure Investment and Improvement Act of 2007 - Title I: Airport And Airway Trust Fund Provisions And Related Taxes -
(Sec. 101) Amends the Internal Revenue Code to extend through FY2011 the excise taxes on aviation fuels and the transportation of persons and property by air.

(Sec. 102) Extends through FY2011 the expenditure authority for the Airport and Airway Trust Fund.

(Sec. 103) Imposes an excise tax on aviation-grade kerosene of 35.9 cents per gallon (4.3 cents per gallon for fuel used in commercial aviation).
(Sec. 104) Increases to $16.65 the excise tax imposed on tickets for air travel beginning or ending in the United States (use of international travel facilities).

(Sec. 105) Establishes within the Airport and Airway Trust Fund an Air Traffic Control System Modernization Account.

(Sec. 106) Imposes a tax of $58 on each departure of an aircraft which is part of a fractional ownership aircraft program as defined by this Act.

(Sec. 107) Repeals the exemption from air transportation excise taxes for transportation by small aircraft operating on nonestablished lines. Retains such exemption for small aircraft operating solely for sightseeing purposes.

(Sec. 108) Prohibits all transportation providers from including amounts other than charges payable to a government entity in the required disclosure of passenger taxes on tickets and in advertising.
(Sec. 109) Amends the Pension Protection Act of 2006 to impose new interest rate requirements for new accruals under air carrier pension plans. Title II: Increased Funding For Highway Trust Fund -
(Sec. 201) Appropriates $3.4 billion to the Highway Trust Fund for replenishment of emergency spending.

(Sec. 202) Suspends for six months after enactment of this Act transfers from the Highway Trust Fund for certain repayments and credits relating to nontaxable uses of fuel.

(Sec. 203) Defines "United States" for purposes of the excise tax on taxable fuels to include any foreign trade zone or bonded warehouse located in the United States.
(Sec. 204) Expands the penalty for the sale of fuel which does not meet Environmental Protection Agency (EPA) regulations to include any fuel held out for sale that does not meet the standards for distribution to the public.

(Sec. 205) Includes in the definition of "taxable fuel," for excise tax purposes, qualified alcohol and biodiesel fuel mixtures.
(Sec. 206) Excludes any denaturant added to alcohol from the volume measurements for purposes of the alcohol fuels tax credit.
(Sec. 207) Disqualifies finished gasoline from the tax exemption allowed for certain bulk transfers of taxable fuels.

(Sec. 208) Increases the rate of the Oil Spill Liability Trust Fund tax and extends such tax through 2017.
(Sec. 209) Sets for a special rule for the tax treatment of inverted corporations as domestic corporations for inversion transactions occurring after March 20, 2002, and on or before March 4, 2003.

(Sec. 210) Denies a tax deduction for punitive damages in connection with a judgment or settlement of any claim.
(Sec. 211) Makes technical corrections to provisions of:
(1) the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFETEA);
(2) the Energy Policy Act of 2005; and
(3) the American Jobs Creation Act of 2004.

(Sec. 212) Revises requirements for the Motor Fuel Tax Enforcement Advisory Commission established by SAFETEA for the review of motor revenue fuel collections. Requires such Commission to report to Congress, not later than September 30, 2009, on its findings relating to fuel collections. Provides for the termination of the Commission and the transmission of its records to the National Archives.

(Sec. 213) Makes conforming amendments to the Highway Trust Fund provisions of the Internal Revenue Code relating to the authorization of funds for emergency repairs and reconstruction of the Interstate I-35 bridge in Minnesota.
Title III: Additional Infrastructure Modifications And Revenue Provisions -
(Sec. 301) Allows a tax credit against payroll liabilities of New York Liberty Zone governmental units (i.e., New York State, the City of New York, or any agencies or instrumentalities thereof) for expenditures involving transportation infrastructure projects in or connecting with the Zone. Requires annual reports to the Secretary of the Treasury by the Governor of New York and the Mayor of New York City on project expenditures. Terminates such credit after 2024.

(Sec. 302) Allows participants in certain deferred compensation plans to treat elective deferrals as Roth individual retirement account (IRA) contributions.
(Sec. 303) Increases penalties for failure to file correct information tax returns, for failure to furnish correct payee statements, and for failure to comply with other information reporting requirements.
(Sec. 304) Exempts commercial cargo (other than bulk cargo) loaded or unloaded at U.S. ports in the Great Lakes Saint Lawrence Seaway System from the harbor maintenance tax. Defines the "Great Lakes Saint Lawrence Seaway System" as the waterway between Duluth, Minnesota and Sept. Iles, Quebec, Canada, encompassing the five Great Lakes, their connecting channels, and the Saint Lawrence River.
(Sec. 305) Allows holders of qualified rail infrastructure bonds a tax credit for 25% of the annual credit amount for such bonds as determined by the Secretary of the Treasury.

(Sec. 306) Repeals provisions providing for a 36-month suspension of interest and penalties on tax underpayments for taxpayers who had not been notified of a tax deficiency by the IRS.

(Sec. 307) Revises the rule denying a tax deduction for fines and penalties paid to a government for the violation of any law to provide that no deduction shall be allowed for any fine or penalty paid (whether by suit, agreement, or otherwise) to, or at the direction of, a government or nongovernmental regulatory entity for a violation of law or for the investigation or inquiry into such a violation.
Allows exceptions to the general rule of nondeductibility for:
(1) certain restitution payments or payments required to come into compliance with law;
(2) court-ordered payments not involving a government or nongovernmental regulatory entity; and
(3) amounts paid or incurred as taxes due.
Requires governmental agencies involved in a settlement with a taxpayer to report to the Secretary of the Treasury and the taxpayer information about such settlement, including the amount of the settlement, the amount paid as restitution or remediation of property, and the amount paid to come into compliance with law.

(Sec. 308) Sets forth additional rules for the tax treatment of high-income individuals who relinquish U.S. citizenship or residency to avoid U.S. taxation (expatriates). Treats all property of expatriates as sold for its fair market value on the day before the expatriation date and includes gain (over $600,000) or loss from such sale in the gross income of such expatriates. Allows expatriates to elect to defer payment of any tax resulting from expatriation if adequate security for payment of such tax is given.
Requires 30% withholding of tax for certain items of deferred compensation payable to expatriates.
Imposes a separate tax on gifts and bequests from expatriates exceeding $10,000, payable by the recipient of such gift or bequest.


... morehide bill summary

Sponsor

• Sen. Max Baucus [D, MT]

Committees

• Senate Finance

Amendments

This bill has no amendments.

Amendments to S.2345

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
November 13, 2007

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All Bill Actions

• Introduced on Nov 13, 2007.
• Nov 13, 2007: Committee on Finance. Original measure reported to Senate by Senator Baucus. With written report No. 110-228. Additional views filed.
• Added to calendar on Nov 13, 2007: Placed on Senate Legislative Calendar under General Orders. Calendar No. 482..

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Related Bills:

• H.R.5270
• H.R.6327
• S.2530
• H.R.3539
• H.R.3540

Related Issue Areas:

• Infrastructure
• Air pollution
• Air traffic control
• Airline employees
• 73 more
• Airline passenger traffic
• Airports
• Alcohol as fuel
• Appropriations
• Aviation fuels
• Biomass energy
• Bonds
• Bridges
• Budgets
• Business
• Collection of accounts
• Corporation taxes
• Diesel motor
• Energy
• Environmental protection
• Excise tax
• Executive departments
• Expatriation
• Federal advisory bodies
• Federal aid to transportation
• Finance
• Fines (Penalties)
• Foreign corporations
• Free ports and zones
• Gasoline
• Gift tax
• Government information
• Government paperwork
• Government trust funds
• Great Lakes
• Harbors
• Highway finance
• Immigration
• Income tax
• Individual retirement accounts
• Interest
• Interest rates
• Labor
• Law
• Liability for environmental damages
• Marine terminals
• Minnesota
• Motor vehicle pollution control
• New York City
• New York State
• Oil pollution
• Pension funds
• Pensions
• Private aviation
• Punitive damages
• Railroad engineering
• Railroad finance
• Road construction
• St. Lawrence Seaway
• Tax administration
• Tax credits
• Tax deductions
• Tax evasion
• Tax exemption
• Tax penalties
• Tax rates
• Tax returns
• Tax-deferred compensation plans
• Taxation
• Taxation of foreign income
• Taxpayers
• Tourism
• Trade
• Transportation
• Valuation
• Water pollution
• Withholding tax
• Air traffic

Data from the Congressional Research Service

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Blog Coverage

June 21, 2008 OpenCongress - U.S. Congress - H.R.6327 Federal Aviation ...

Related Bills:. H.R.3539 · H.R.3540 · S.2345 · S.2530 · H.R.5270 · H.R.6984. Related Issue Areas:. Hawaii · User charges · Transportation engineering · Terrorism; 26 more; Taxation · Palau Isla

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May 12, 2008 Federal Aviation Administration Reauthorization: An Overview of ...

S. 2345, introduced by the Senate Finance Committee, may be considered as the revenue title of the overall bill, and modifies some aviation taxes and fees as a possible alternative to the $25 surcharge proposal. ...

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February 29, 2008 GA taxe Issue stalls Senate Funding Bill

He said the Finance Committee’s tax bill (S.2345) and the House FAA funding bill (HR2881) accomplished the goals of raising enough money for ATC modernization and more equitably distributing costs among different classes of users ...

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