Highway Investment, Job Creation, and Economic Growth Act of 2012

(Sec. 203) Allows a state, through a state infrastructure bank, to issue transportation and regional infrastructure project (TRIP) bonds and deposit proceeds into the TRIP bond account of the bank. Requires such proceeds to be used for capital improvements to any transportation infrastructure project of any governmental unit or other person, including roads, bridges, rail and transit systems, ports, and inland waterways.

(Sec. 205) Exempts sewage and water facility bonds issued before January 1, 2018, from the volume cap applicable to private activity bonds.

Title III: Revenue Provisions - (Sec. 301) Transfers to the Highway Trust Fund: (1) $3 billion from the Leaking Underground Storage Tank (LUST) Trust Fund, (2) one-third of the LUST Trust Fund financing rate with respect to motor fuels, (3) revenue from the gas guzzler tax, (4) additional revenue from restrictions placed on the cellulosic biofuel producer tax credit by this Act, and (5) certain tariffs on motor cars and other motor vehicles with a specified cylinder capacity.

(Sec. 303) Prohibits after February 3, 2012, claims under the cellulosic biofuel producer tax credit for fuels containing more than a 4% combination of water and sediment, an ash content of more than 1%, or an acid number greater than 25.

(Sec. 305) Requires the Secretary of the Treasury to notify the Secretary of State of the identity of any individual who has a seriously delinquent tax debt in excess of $50,000 (adjusted for inflation after 2012) for action with respect to the denial, revocation, or limitation of a passport for such individual.

(Sec. 306) Imposes the 100% continuous levy on payments due to Medicare providers and suppliers for delinquent tax debts.

(Sec. 308) Allows nonrecognition of gain for income tax purposes in a corporate reorganization for corporations that exchange property solely for stock other than nonqualified preferred stock.

(Sec. 309) Allows the enforcement of a federal tax levy on thrift savings plan accounts.

(Sec. 310) Modifies rules for required distributions from tax-exempt pension plans to an employee who dies before such employee's entire interest is distributed to require such interest to be distributed within five years after the death of such employee, subject to exceptions for eligible designated beneficiaries and surviving spouses of such employee. Defines "eligible designated beneficiary" to include a disabled or chronically-ill individual.

Modifies the rule for required distributions from tax-exempt pension plans for an employee who becomes a 5% owner of the employer establishing such plan after reaching age 70-1/2 to allow distributions to begin after the date such employee obtains such ownership interest.

(Sec. 311) Requires a 45-year recovery period for the depreciation of applicable leased highway property, using the straight line method of depreciation. Defines "applicable leased highway property" as highway property subject to a lease to a private entity from a state or locality, under which such entity receives a right-of way on public lands underlying the highway property and a grant of a franchise permitting the entity to receive funds (e.g., tolls) from the operation of such highway.

Requires that the amortization period of intangibles relating to applicable leased highway property shall not be less than the term of the applicable lease for such property.

(Sec. 312) Extends through 2021 the authority for transfers of excess pension assets of a defined benefit plan to a retiree health benefits account.

(Sec. 313) Allows the transfer of excess pension assets of a defined benefit plan to a retiree group term life insurance account.