CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Senate Bill No. 1384Introduced by Senators Bates and NguyenFebruary 16, 2018 An act to add and repeal Section 16342 of, and to add and repeal Part 5.4 (commencing with Section 14580) of Division 3 of Title 2 of, the Government Code, relating to infrastructure, and making an appropriation therefor. LEGISLATIVE COUNSEL'S DIGESTSB 1384, as introduced, Bates. Repatriation Infrastructure Fund.Existing law provides various sources of funding for transportation and other infrastructure purposes.This bill, until July 1, 2025, would require the Department of Finance, in consultation with the Franchise Tax Board, to estimate, on an annual basis by November 1 of each year, the amount of revenue to be received from state taxes in the next fiscal year as a consequence of enactment of a federal corporate repatriation statute pursuant to which foreign earnings of United States-based corporations that are currently invested abroad are moved to the United States.The bill, until July 1, 2025, after reservation of appropriate amounts required to be allocated by the California Constitution for Proposition 98 education funding requirements and the Budget Stabilization Account, would require the remaining repatriation revenues to be transferred to the Repatriation Infrastructure Fund in the State Treasury, which the bill would create. The bill would continuously appropriate the revenues in the Repatriation Infrastructure Fund to an unspecified entity for expenditure infrastructure projects.Digest Key Vote: 2/3 Appropriation: YES Fiscal Committee: YES Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Part 5.4 (commencing with Section 14580) is added to Division 3 of Title 2 of the Government Code, to read:PART 5.4. Repatriation Infrastructure Fund14580. The Repatriation Infrastructure Fund is hereby created in the State Treasury.14581. The moneys in the fund, notwithstanding Section 13340, are hereby continuously appropriated without regard to fiscal years to the ____ for expenditure on infrastructure projects, and shall be allocated annually as follows:14582. This part shall become inoperative on July 1, 2025, and, as of January 1, 2026, is repealed.SEC. 2. Section 16342 is added to the Government Code, to read:16342. (a) The Department of Finance, in consultation with the Franchise Tax Board, shall estimate, on an annual basis on or before November 1 of each year, the amount of revenue to be received from state taxes in the next fiscal year as a result of the enactment of HR 1s (Public Law 115-97) international tax provisions. For the 201920 fiscal year, the estimate shall be completed as soon as practicable after January 1, 2019.(b) In each fiscal year beginning with the 201920 fiscal year, after reservation of appropriate amounts from the total revenues available pursuant to subdivision (a) for purposes of Section 8 of Article XVI of the California Constitution (Proposition 98) and Section 20 of Article XVI of the California Constitution (Budget Stabilization Account), the remaining revenues, notwithstanding any other provision of law, shall be transferred to the Repatriation Infrastructure Fund in the State Treasury created pursuant to Section 14580. The amounts reserved for purposes of Proposition 98 and the Budget Stabilization Account in each fiscal year and included in each Budget Act, and the amounts transferred to the Repatriation Infrastructure Fund, shall be based on the revenue estimates made by the Department of Finance pursuant to subdivision (a), and shall be subject to adjustment in future fiscal years based on actual revenues received during the budget year.(c) This section shall become inoperative on July 1, 2025, and, as of January 1, 2026, is repealed.
CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Senate Bill No. 1384Introduced by Senators Bates and NguyenFebruary 16, 2018 An act to add and repeal Section 16342 of, and to add and repeal Part 5.4 (commencing with Section 14580) of Division 3 of Title 2 of, the Government Code, relating to infrastructure, and making an appropriation therefor. LEGISLATIVE COUNSEL'S DIGESTSB 1384, as introduced, Bates. Repatriation Infrastructure Fund.Existing law provides various sources of funding for transportation and other infrastructure purposes.This bill, until July 1, 2025, would require the Department of Finance, in consultation with the Franchise Tax Board, to estimate, on an annual basis by November 1 of each year, the amount of revenue to be received from state taxes in the next fiscal year as a consequence of enactment of a federal corporate repatriation statute pursuant to which foreign earnings of United States-based corporations that are currently invested abroad are moved to the United States.The bill, until July 1, 2025, after reservation of appropriate amounts required to be allocated by the California Constitution for Proposition 98 education funding requirements and the Budget Stabilization Account, would require the remaining repatriation revenues to be transferred to the Repatriation Infrastructure Fund in the State Treasury, which the bill would create. The bill would continuously appropriate the revenues in the Repatriation Infrastructure Fund to an unspecified entity for expenditure infrastructure projects.Digest Key Vote: 2/3 Appropriation: YES Fiscal Committee: YES Local Program: NO
CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION
Senate Bill No. 1384
Introduced by Senators Bates and NguyenFebruary 16, 2018
Introduced by Senators Bates and Nguyen
February 16, 2018
An act to add and repeal Section 16342 of, and to add and repeal Part 5.4 (commencing with Section 14580) of Division 3 of Title 2 of, the Government Code, relating to infrastructure, and making an appropriation therefor.
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
SB 1384, as introduced, Bates. Repatriation Infrastructure Fund.
Existing law provides various sources of funding for transportation and other infrastructure purposes.This bill, until July 1, 2025, would require the Department of Finance, in consultation with the Franchise Tax Board, to estimate, on an annual basis by November 1 of each year, the amount of revenue to be received from state taxes in the next fiscal year as a consequence of enactment of a federal corporate repatriation statute pursuant to which foreign earnings of United States-based corporations that are currently invested abroad are moved to the United States.The bill, until July 1, 2025, after reservation of appropriate amounts required to be allocated by the California Constitution for Proposition 98 education funding requirements and the Budget Stabilization Account, would require the remaining repatriation revenues to be transferred to the Repatriation Infrastructure Fund in the State Treasury, which the bill would create. The bill would continuously appropriate the revenues in the Repatriation Infrastructure Fund to an unspecified entity for expenditure infrastructure projects.
Existing law provides various sources of funding for transportation and other infrastructure purposes.
This bill, until July 1, 2025, would require the Department of Finance, in consultation with the Franchise Tax Board, to estimate, on an annual basis by November 1 of each year, the amount of revenue to be received from state taxes in the next fiscal year as a consequence of enactment of a federal corporate repatriation statute pursuant to which foreign earnings of United States-based corporations that are currently invested abroad are moved to the United States.
The bill, until July 1, 2025, after reservation of appropriate amounts required to be allocated by the California Constitution for Proposition 98 education funding requirements and the Budget Stabilization Account, would require the remaining repatriation revenues to be transferred to the Repatriation Infrastructure Fund in the State Treasury, which the bill would create. The bill would continuously appropriate the revenues in the Repatriation Infrastructure Fund to an unspecified entity for expenditure infrastructure projects.
## Digest Key
## Bill Text
The people of the State of California do enact as follows:SECTION 1. Part 5.4 (commencing with Section 14580) is added to Division 3 of Title 2 of the Government Code, to read:PART 5.4. Repatriation Infrastructure Fund14580. The Repatriation Infrastructure Fund is hereby created in the State Treasury.14581. The moneys in the fund, notwithstanding Section 13340, are hereby continuously appropriated without regard to fiscal years to the ____ for expenditure on infrastructure projects, and shall be allocated annually as follows:14582. This part shall become inoperative on July 1, 2025, and, as of January 1, 2026, is repealed.SEC. 2. Section 16342 is added to the Government Code, to read:16342. (a) The Department of Finance, in consultation with the Franchise Tax Board, shall estimate, on an annual basis on or before November 1 of each year, the amount of revenue to be received from state taxes in the next fiscal year as a result of the enactment of HR 1s (Public Law 115-97) international tax provisions. For the 201920 fiscal year, the estimate shall be completed as soon as practicable after January 1, 2019.(b) In each fiscal year beginning with the 201920 fiscal year, after reservation of appropriate amounts from the total revenues available pursuant to subdivision (a) for purposes of Section 8 of Article XVI of the California Constitution (Proposition 98) and Section 20 of Article XVI of the California Constitution (Budget Stabilization Account), the remaining revenues, notwithstanding any other provision of law, shall be transferred to the Repatriation Infrastructure Fund in the State Treasury created pursuant to Section 14580. The amounts reserved for purposes of Proposition 98 and the Budget Stabilization Account in each fiscal year and included in each Budget Act, and the amounts transferred to the Repatriation Infrastructure Fund, shall be based on the revenue estimates made by the Department of Finance pursuant to subdivision (a), and shall be subject to adjustment in future fiscal years based on actual revenues received during the budget year.(c) This section shall become inoperative on July 1, 2025, and, as of January 1, 2026, is repealed.
The people of the State of California do enact as follows:
## The people of the State of California do enact as follows:
SECTION 1. Part 5.4 (commencing with Section 14580) is added to Division 3 of Title 2 of the Government Code, to read:PART 5.4. Repatriation Infrastructure Fund14580. The Repatriation Infrastructure Fund is hereby created in the State Treasury.14581. The moneys in the fund, notwithstanding Section 13340, are hereby continuously appropriated without regard to fiscal years to the ____ for expenditure on infrastructure projects, and shall be allocated annually as follows:14582. This part shall become inoperative on July 1, 2025, and, as of January 1, 2026, is repealed.
SECTION 1. Part 5.4 (commencing with Section 14580) is added to Division 3 of Title 2 of the Government Code, to read:
### SECTION 1.
PART 5.4. Repatriation Infrastructure Fund14580. The Repatriation Infrastructure Fund is hereby created in the State Treasury.14581. The moneys in the fund, notwithstanding Section 13340, are hereby continuously appropriated without regard to fiscal years to the ____ for expenditure on infrastructure projects, and shall be allocated annually as follows:14582. This part shall become inoperative on July 1, 2025, and, as of January 1, 2026, is repealed.
PART 5.4. Repatriation Infrastructure Fund14580. The Repatriation Infrastructure Fund is hereby created in the State Treasury.14581. The moneys in the fund, notwithstanding Section 13340, are hereby continuously appropriated without regard to fiscal years to the ____ for expenditure on infrastructure projects, and shall be allocated annually as follows:14582. This part shall become inoperative on July 1, 2025, and, as of January 1, 2026, is repealed.
PART 5.4. Repatriation Infrastructure Fund
PART 5.4. Repatriation Infrastructure Fund
14580. The Repatriation Infrastructure Fund is hereby created in the State Treasury.
14580. The Repatriation Infrastructure Fund is hereby created in the State Treasury.
14581. The moneys in the fund, notwithstanding Section 13340, are hereby continuously appropriated without regard to fiscal years to the ____ for expenditure on infrastructure projects, and shall be allocated annually as follows:
14581. The moneys in the fund, notwithstanding Section 13340, are hereby continuously appropriated without regard to fiscal years to the ____ for expenditure on infrastructure projects, and shall be allocated annually as follows:
14582. This part shall become inoperative on July 1, 2025, and, as of January 1, 2026, is repealed.
14582. This part shall become inoperative on July 1, 2025, and, as of January 1, 2026, is repealed.
SEC. 2. Section 16342 is added to the Government Code, to read:16342. (a) The Department of Finance, in consultation with the Franchise Tax Board, shall estimate, on an annual basis on or before November 1 of each year, the amount of revenue to be received from state taxes in the next fiscal year as a result of the enactment of HR 1s (Public Law 115-97) international tax provisions. For the 201920 fiscal year, the estimate shall be completed as soon as practicable after January 1, 2019.(b) In each fiscal year beginning with the 201920 fiscal year, after reservation of appropriate amounts from the total revenues available pursuant to subdivision (a) for purposes of Section 8 of Article XVI of the California Constitution (Proposition 98) and Section 20 of Article XVI of the California Constitution (Budget Stabilization Account), the remaining revenues, notwithstanding any other provision of law, shall be transferred to the Repatriation Infrastructure Fund in the State Treasury created pursuant to Section 14580. The amounts reserved for purposes of Proposition 98 and the Budget Stabilization Account in each fiscal year and included in each Budget Act, and the amounts transferred to the Repatriation Infrastructure Fund, shall be based on the revenue estimates made by the Department of Finance pursuant to subdivision (a), and shall be subject to adjustment in future fiscal years based on actual revenues received during the budget year.(c) This section shall become inoperative on July 1, 2025, and, as of January 1, 2026, is repealed.
SEC. 2. Section 16342 is added to the Government Code, to read:
### SEC. 2.
16342. (a) The Department of Finance, in consultation with the Franchise Tax Board, shall estimate, on an annual basis on or before November 1 of each year, the amount of revenue to be received from state taxes in the next fiscal year as a result of the enactment of HR 1s (Public Law 115-97) international tax provisions. For the 201920 fiscal year, the estimate shall be completed as soon as practicable after January 1, 2019.(b) In each fiscal year beginning with the 201920 fiscal year, after reservation of appropriate amounts from the total revenues available pursuant to subdivision (a) for purposes of Section 8 of Article XVI of the California Constitution (Proposition 98) and Section 20 of Article XVI of the California Constitution (Budget Stabilization Account), the remaining revenues, notwithstanding any other provision of law, shall be transferred to the Repatriation Infrastructure Fund in the State Treasury created pursuant to Section 14580. The amounts reserved for purposes of Proposition 98 and the Budget Stabilization Account in each fiscal year and included in each Budget Act, and the amounts transferred to the Repatriation Infrastructure Fund, shall be based on the revenue estimates made by the Department of Finance pursuant to subdivision (a), and shall be subject to adjustment in future fiscal years based on actual revenues received during the budget year.(c) This section shall become inoperative on July 1, 2025, and, as of January 1, 2026, is repealed.
16342. (a) The Department of Finance, in consultation with the Franchise Tax Board, shall estimate, on an annual basis on or before November 1 of each year, the amount of revenue to be received from state taxes in the next fiscal year as a result of the enactment of HR 1s (Public Law 115-97) international tax provisions. For the 201920 fiscal year, the estimate shall be completed as soon as practicable after January 1, 2019.(b) In each fiscal year beginning with the 201920 fiscal year, after reservation of appropriate amounts from the total revenues available pursuant to subdivision (a) for purposes of Section 8 of Article XVI of the California Constitution (Proposition 98) and Section 20 of Article XVI of the California Constitution (Budget Stabilization Account), the remaining revenues, notwithstanding any other provision of law, shall be transferred to the Repatriation Infrastructure Fund in the State Treasury created pursuant to Section 14580. The amounts reserved for purposes of Proposition 98 and the Budget Stabilization Account in each fiscal year and included in each Budget Act, and the amounts transferred to the Repatriation Infrastructure Fund, shall be based on the revenue estimates made by the Department of Finance pursuant to subdivision (a), and shall be subject to adjustment in future fiscal years based on actual revenues received during the budget year.(c) This section shall become inoperative on July 1, 2025, and, as of January 1, 2026, is repealed.
16342. (a) The Department of Finance, in consultation with the Franchise Tax Board, shall estimate, on an annual basis on or before November 1 of each year, the amount of revenue to be received from state taxes in the next fiscal year as a result of the enactment of HR 1s (Public Law 115-97) international tax provisions. For the 201920 fiscal year, the estimate shall be completed as soon as practicable after January 1, 2019.(b) In each fiscal year beginning with the 201920 fiscal year, after reservation of appropriate amounts from the total revenues available pursuant to subdivision (a) for purposes of Section 8 of Article XVI of the California Constitution (Proposition 98) and Section 20 of Article XVI of the California Constitution (Budget Stabilization Account), the remaining revenues, notwithstanding any other provision of law, shall be transferred to the Repatriation Infrastructure Fund in the State Treasury created pursuant to Section 14580. The amounts reserved for purposes of Proposition 98 and the Budget Stabilization Account in each fiscal year and included in each Budget Act, and the amounts transferred to the Repatriation Infrastructure Fund, shall be based on the revenue estimates made by the Department of Finance pursuant to subdivision (a), and shall be subject to adjustment in future fiscal years based on actual revenues received during the budget year.(c) This section shall become inoperative on July 1, 2025, and, as of January 1, 2026, is repealed.
16342. (a) The Department of Finance, in consultation with the Franchise Tax Board, shall estimate, on an annual basis on or before November 1 of each year, the amount of revenue to be received from state taxes in the next fiscal year as a result of the enactment of HR 1s (Public Law 115-97) international tax provisions. For the 201920 fiscal year, the estimate shall be completed as soon as practicable after January 1, 2019.
(b) In each fiscal year beginning with the 201920 fiscal year, after reservation of appropriate amounts from the total revenues available pursuant to subdivision (a) for purposes of Section 8 of Article XVI of the California Constitution (Proposition 98) and Section 20 of Article XVI of the California Constitution (Budget Stabilization Account), the remaining revenues, notwithstanding any other provision of law, shall be transferred to the Repatriation Infrastructure Fund in the State Treasury created pursuant to Section 14580. The amounts reserved for purposes of Proposition 98 and the Budget Stabilization Account in each fiscal year and included in each Budget Act, and the amounts transferred to the Repatriation Infrastructure Fund, shall be based on the revenue estimates made by the Department of Finance pursuant to subdivision (a), and shall be subject to adjustment in future fiscal years based on actual revenues received during the budget year.
(c) This section shall become inoperative on July 1, 2025, and, as of January 1, 2026, is repealed.