[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 242 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 242

  To provide financial assistance for the repair, reconstruction, and 
rehabilitation of highways, bridges, transit facilities, airports, and 
                      wastewater treatment works.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 5, 1993

Mr. Lipinski introduced the following bill; which was referred jointly 
to the Committees on Public Works and Transportation and Ways and Means

                            August 23, 1993

   Additional sponsors: Mr. Clyburn, Mrs. Collins of Illinois, Miss 
           Collins of Michigan, Mr. Tucker, and Mr. Oberstar

_______________________________________________________________________

                                 A BILL


 
  To provide financial assistance for the repair, reconstruction, and 
rehabilitation of highways, bridges, transit facilities, airports, and 
                      wastewater treatment works.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Infrastructure Now For America's-
Tomorrow Act of 1993''.

                     TITLE I--INFRASTRUCTURE REPAIR

SEC. 101. HIGHWAYS AND BRIDGES.

    (a) Grants.--The Administrator of the Federal Highway 
Administration shall make grants to States and units of local 
government for--
            (1) projects for the repair, reconstruction, and 
        rehabilitation of highways and bridges; and
            (2) projects for the construction of highway lanes for high 
        occupancy vehicles.
    (b) Applications.--A State or unit of local government shall be 
eligible to receive a grant under this section only if the State or 
unit of local government submits to the Administrator an application 
which is in such form and contains such information as the 
Administrator may require.
    (c) Federal Share.--The Federal share of the cost of a project to 
be carried out by a State or unit of local government using amounts 
from grants made available under this section shall not exceed 80 
percent.
    (d) Loans To Cover Non-Federal Share.--
            (1) In general.--The Administrator may make loans to a 
        State or unit of local government receiving a grant for a 
        project under this section to assist the State or unit of local 
        government in covering the non-Federal share of the cost of the 
        project.
            (2) Terms and conditions.--A loan made under this 
        subsection shall be subject to such terms and conditions as the 
        Administrator may prescribe.
            (3) Interest rate.--A loan made under this subsection shall 
        bear interest at a rate to be determined by the Administrator. 
        Such rate shall be at or below the current average market yield 
        on outstanding marketable obligations of the United States with 
        remaining periods to maturity comparable to the term of the 
        loan.
            (4) Maximum term.--A loan made under this subsection shall 
        be repaid in full on or before (A) the date of completion of 
        the project for which the loan was made, or (B) the last day of 
        the 2-year period beginning on the date of issuance of the 
        loan, whichever occurs first.
            (5) Repayments.--Repayments on a loan made under this 
        subsection in a fiscal year shall be deposited into the 
        Infrastructure Now For America's-Tomorrow Trust Fund and shall 
        be available to the Administrator for making grants and loans 
        under this section in succeeding fiscal years.
    (e) Minimum Amount for Projects in Metropolitan Areas.--Not less 
than 20 percent of the aggregate amount made available in a fiscal year 
to carry out this section shall be used to make grants and loans for 
projects located in (or otherwise for the benefit of) the 50 largest 
metropolitan areas in population, as determined by the Administrator 
using the most recent information available from the Bureau of the 
Census.
    (f) Availability for Obligation.--Funds granted to a State or unit 
of local government under this section shall remain available for 
obligation by the State or unit of local government until the last day 
of the 2nd fiscal year beginning after the fiscal year in which the 
State or unit of local government receives such funds. Funds not 
obligated by the last day of such 2nd fiscal year shall be used by the 
Administrator to make grants and loans under this section to other 
States and units of local government in the first 60 days of the 
following fiscal year.
    (g) Maintenance of Effort.--No grant may be made to a State or unit 
of local government under this section unless the State or unit of 
local government enters into such agreements with the Administrator as 
the Administrator may require to ensure that the State or unit of local 
government will maintain its aggregate expenditures from all other 
sources for activities eligible for grants under this section at or 
above the average level of such expenditures in the 2 fiscal years 
preceding the date of the enactment of this Act.
    (h) Transportation Improvement Programs.--The Administrator may 
make grants under this section only with respect to projects which are 
consistent with transportation management programs developed by States 
and metropolitan planning organizations pursuant to sections 134 and 
135 of title 23, United States Code.
    (i) Reporting Requirement.--Each State or unit of local government 
receiving a grant under this section shall report to the Administrator 
on an annual basis concerning the use of such grant.
    (j) Authorization of Appropriations.--There is authorized to be 
appropriated out of the Infrastructure Now For America's-Tomorrow Trust 
Fund $1,000,000,000 per fiscal year for each of fiscal years 1994, 
1995, and 1996 to carry out this section.

SEC. 102. TRANSIT FACILITIES.

    (a) Grants.--The Administrator of the Federal Transit 
Administration shall make grants to States and units of local 
government for projects for the repair, reconstruction, and 
rehabilitation of transit facilities.
    (b) Applications.--A State or unit of local government shall be 
eligible to receive a grant under this section only if the State or 
unit of local government submits to the Administrator an application 
which is in such form and contains such information as the 
Administrator may require.
    (c) Federal Share.--The Federal share of the cost of a project to 
be carried out by a State or unit of local government using amounts 
from grants made available under this section shall not exceed 80 
percent.
    (d) Loans To Cover Non-Federal Share.--
            (1) In general.--The Administrator may make loans to a 
        State or unit of local government receiving a grant for a 
        project under this section to assist the State or unit of local 
        government in covering the non-Federal share of the cost of the 
        project.
            (2) Terms and conditions.--A loan made under this 
        subsection shall be subject to such terms and conditions as the 
        Administrator may prescribe.
            (3) Interest rate.--A loan made under this subsection shall 
        bear interest at a rate to be determined by the Administrator. 
        Such rate shall be at or below the current average market yield 
        on outstanding marketable obligations of the United States with 
        remaining periods to maturity comparable to the term of the 
        loan.
            (4) Maximum term.--A loan made under this subsection shall 
        be repaid in full on or before (A) the date of completion of 
        the project for which the loan was made, or (B) the last day of 
        the 2-year period beginning on the date of issuance of the 
        loan, whichever occurs first.
            (5) Repayments.--Repayments on a loan made under this 
        subsection in a fiscal year shall be deposited into the 
        Infrastructure Now For America's-Tomorrow Trust Fund and shall 
        be available to the Administrator for making grants and loans 
        under this section in succeeding fiscal years.
    (e) Minimum Amount for Projects in Metropolitan Areas.--Not less 
than 20 percent of the aggregate amount made available in a fiscal year 
to carry out this section shall be used to make grants and loans for 
projects located in (or otherwise for the benefit of) the 50 largest 
metropolitan areas in population, as determined by the Administrator 
using the most recent information available from the Bureau of the 
Census.
    (f) Availability for Obligation.--Funds granted to a State or unit 
of local government under this section shall remain available for 
obligation by the State or unit of local government until the last day 
of the 2nd fiscal year beginning after the fiscal year in which the 
State or unit of local government receives such funds. Funds not 
obligated by the last day of such 2nd fiscal year shall be used by the 
Administrator to make grants and loans under this section to other 
States and units of local government in the first 60 days of the 
following fiscal year.
    (g) Maintenance of Effort.--No grant may be made to a State or unit 
of local government under this section unless the State or unit of 
local government enters into such agreements with the Administrator as 
the Administrator may require to ensure that the State or unit of local 
government will maintain its aggregate expenditures from all other 
sources for activities eligible for grants under this section at or 
above the average level of such expenditures in the State's 2 fiscal 
years preceding the date of the enactment of this Act.
    (h) Transportation Improvement Programs.--The Administrator may 
make grants under this section only with respect to projects which are 
consistent with transportation management programs developed by 
metropolitan planning organizations pursuant to section 8 of the 
Federal Transit Act.
    (i) Reporting Requirement.--Each State receiving a grant under this 
section shall report to the Administrator on an annual basis concerning 
the use of such grant.
    (j) Authorization of Appropriations.--There is authorized to be 
appropriated out of the Infrastructure Now For America's-Tomorrow Trust 
Fund $1,000,000,000 per fiscal year for each of fiscal years 1994, 
1995, and 1996 to carry out this section.

SEC. 103. AIRPORTS.

    (a) Grants.--The Administrator of the Federal Aviation 
Administration shall make grants to sponsors, owners, and operators of 
public-use airports for projects for the repair, reconstruction, and 
rehabilitation of such airports.
    (b) Applications.--A sponsor, owner, or operator of a public-use 
airport shall be eligible to receive a grant under this section only if 
the sponsor, owner, or operator submits to the Administrator an 
application which is in such form and contains such information as the 
Administrator may require.
    (c) Federal Share.--The Federal share of the cost of a project to 
be carried out by a sponsor, owner, or operator of a public-use airport 
using amounts from grants made available under this section shall not 
exceed 80 percent.
    (d) Loans To Cover Non-Federal Share.--
            (1) In general.--The Administrator may make loans to a 
        sponsor, owner, or operator of a public-use airport receiving a 
        grant for a project under this section to assist the sponsor, 
        owner, or operator in covering the non-Federal share of the 
        cost of the project.
            (2) Terms and conditions.--A loan made under this 
        subsection shall be subject to such terms and conditions as the 
        Administrator may prescribe.
            (3) Interest rate.--A loan made under this subsection shall 
        bear interest at a rate to be determined by the Administrator. 
        Such rate shall be at or below the current average market yield 
        on outstanding marketable obligations of the United States with 
        remaining periods to maturity comparable to the term of the 
        loan.
            (4) Maximum term.--A loan made under this subsection shall 
        be repaid in full on or before (A) the date of completion of 
        the project for which the loan was made, or (B) the last day of 
        the 2-year period beginning on the date of issuance of the 
        loan, whichever occurs first.
            (5) Repayments.--Repayments on a loan made under this 
        subsection in a fiscal year shall be deposited into the 
        Infrastructure Now For America's-Tomorrow Trust Fund and shall 
        be available to the Administrator for making grants and loans 
        under this section in succeeding fiscal years.
    (e) Minimum Amount for Projects in Metropolitan Areas.--Not less 
than 20 percent of the aggregate amount made available in a fiscal year 
to carry out this section shall be used to make grants and loans for 
projects located in (or otherwise for the benefit of) the 50 largest 
metropolitan areas in population, as determined by the Administrator 
using the most recent information available from the Bureau of the 
Census.
    (f) Availability for Obligation.--Funds granted to a sponsor, 
owner, or operator of a public-use airport under this section shall 
remain available for obligation by the sponsor, owner, or operator 
until the last day of the 2nd fiscal year beginning after the fiscal 
year in which the sponsor, owner, or operator receives such funds. 
Funds not obligated by the last day of such 2nd fiscal year shall be 
used by the Administrator to make grants and loans under this section 
to other sponsors, owners, and operators in the first 60 days of the 
following fiscal year.
    (g) Maintenance of Effort.--No grant may be made to a sponsor, 
owner, or operator of a public-use airport under this section unless 
the sponsor, owner, or operator enters into such agreements with the 
Administrator as the Administrator may require to ensure that the 
sponsor, owner, or operator will maintain its aggregate expenditures 
from all other sources for activities eligible for grants under this 
section at or above the average level of such expenditures in the 2 
fiscal years preceding the date of the enactment of this Act.
    (h) Reduction in AIP Apportionments.--If the Administrator makes a 
grant under this section in a fiscal year for a project to be carried 
out at a public-use airport and a passenger facility charge is being 
imposed at such airport during such fiscal year pursuant to section 
1113(e) of the Federal Aviation Act of 1958, the Administrator in the 
following fiscal year shall reduce by the amount of such grant any 
amount which otherwise would have been apportioned to the airport under 
section 505 of the Airport and Airway Improvement Act of 1982.
    (i) Reporting Requirement.--Each sponsor, owner, or operator of a 
public-use airport receiving a grant under this section shall report to 
the Administrator on an annual basis concerning the use of such grant.
    (j) Public Use Airport Defined.--For the purposes of this section, 
the term ``public use airport'' has the meaning such term has under 
section 503 of the Airport and Airway Improvement Act of 1982.
    (k) Authorization of Appropriations.--There is authorized to be 
appropriated out of the Infrastructure Now For America's-Tomorrow Trust 
Fund $1,000,000,000 per fiscal year for each of fiscal years 1994, 
1995, and 1996 to carry out this section.

SEC. 104. ENVIRONMENTAL IMPROVEMENT PROJECTS.

    (a) Grants.--The Administrator of the Environmental Protection 
Agency shall make grants to States and units of local government for 
environmental improvement projects, including projects for the 
construction, reconstruction, repair, and rehabilitation of wastewater 
treatment works.
    (b) Applications.--A State or unit of local government shall be 
eligible to receive a grant under this section only if the State or 
unit of local government submits to the Administrator an application 
which is in such form and contains such information as the 
Administrator may require.
    (c) Federal Share.--The Federal share of the cost of a project to 
be carried out by a State or unit of local government using amounts 
from grants made available under this section shall not exceed 80 
percent.
    (d) Loans To Cover Non-Federal Share.--
            (1) In general.--The Administrator may make loans to a 
        State or unit of local government receiving a grant for a 
        project under this section to assist the State or unit of local 
        government in covering the non-Federal share of the cost of the 
        project.
            (2) Terms and conditions.-- A loan made under this 
        subsection shall be subject to such terms and conditions as the 
        Administrator may prescribe.
            (3) Interest rate.--A loan made under this subsection shall 
        bear interest at a rate to be determined by the Administrator. 
        Such rate shall be at or below the current average market yield 
        on outstanding marketable obligations of the United States with 
        remaining periods to maturity comparable to the term of the 
        loan.
            (4) Maximum term.--A loan made under this subsection shall 
        be repaid in full on or before (A) the date of completion of 
        the project for which the loan was made, or (B) the last day of 
        the 2-year period beginning on the date of issuance of the 
        loan, whichever occurs first.
            (5) Repayments.--Repayments on a loan made under this 
        subsection in a fiscal year shall be deposited into the 
        Infrastructure Now For America's-Tomorrow Trust Fund and shall 
        be available to the Administrator for making grants under this 
        section in succeeding fiscal years.
    (e) Minimum Amount for Projects in Metropolitan Areas.--Not less 
than 20 percent of the aggregate amount made available in a fiscal year 
to carry out this section shall be used to make grants and loans for 
projects located in (or otherwise for the benefit of) the 50 largest 
metropolitan areas in population, as determined by the Administrator 
using the most recent information available from the Bureau of the 
Census.
    (f) Availability for Obligation.--Funds granted to a State or unit 
of local government under this section shall remain available for 
obligation by the State or unit of local government until the last day 
of the 2nd fiscal year beginning after the fiscal year in which the 
State or unit of local government receives such funds. Funds not 
obligated by the last day of such 2nd fiscal year shall be used by the 
Administrator to make grants and loans to other States and units of 
local government under this section in the first 60 days of the 
following fiscal year.
    (g) Maintenance of Effort.--No grant may be made to a State or unit 
of local government under this section unless the State or unit of 
local government enters into such agreements with the Administrator as 
the Administrator may require to ensure that the State or unit of local 
government will maintain its aggregate expenditures from all other 
sources for activities eligible for grants under this section at or 
above the average level of such expenditures in the 2 fiscal years 
preceding the date of the enactment of this Act.
    (h) Reporting Requirement.--Each State and unit of local government 
receiving a grant under this section shall report to the Administrator 
on an annual basis concerning the use of such grant.
    (i) Wastewater Treatment Works Defined.--For the purposes of this 
section, the term ``wastewater treatment works'' has the meaning the 
term ``treatment works'' has under section 212 of the Federal Water 
Pollution Control Act.
    (j) Authorization of Appropriations.--There is authorized to be 
appropriated out of the Infrastructure Now For America's-Tomorrow Trust 
Fund $1,000,000,000 per fiscal year for each of fiscal years 1994, 
1995, and 1996 to carry out this section.

SEC. 105. GENERAL LIMITATIONS.

    (a) Acquisition of Land.--No part of any grant made under this Act 
may be used for the acquisition of any interest in real property.
    (b) Maintenance Costs.--Nothing in this Act shall be construed to 
authorize the payment of maintenance costs in connection with any 
project constructed (in whole or in part) with Federal financial 
assistance under this Act.
    (c) Non-Federal Share.--Funds from grants made available under this 
Act may not be used to meet non-Federal share requirements under any 
other law.
    (d) Buy American.--If a project carried out with funds from grants 
made available under this Act would be eligible for Federal financial 
assistance under provisions of law other than this Act and, under such 
other provisions of law, would be subject to title III of the Act of 
March 3, 1933, popularly known as the Buy American Act, or similar 
requirements, such project shall be subject to such title of such Act 
of March 3, 1933, or such similar requirements under this Act in the 
same manner and to the same extent as such project would be subject to 
such title of such Act of March 3, 1933, or such similar requirements 
under such other provisions of law.
    (e) Minority Participation.--If a project carried out with funds 
from grants made available under this Act would be eligible for Federal 
financial assistance under provisions of law other than this Act and, 
under such other provisions of law, would be subject to any minority 
participation requirement, such project shall be subject to such 
requirement under this Act in the same manner and to the same extent as 
such project would be subject to such requirement under such other 
provisions of law.

   TITLE II--FUNDING FOR INFRASTRUCTURE REPAIR AND DEFICIT REDUCTION

SEC. 201. INCREASE IN TAXES ON MOTOR FUELS FOR INFRA-TOMORROW TRUST 
              FUND.

    (a) Gasoline.--
            (1) In general.--Subparagraph (A) of section 4081(a)(2) of 
        the Internal Revenue Code of 1986 (relating to rate of tax) is 
        amended--
                    (A) by striking ``and'' at the end of clause (ii),
                    (B) by striking the period at the end of clause 
                (iii) and inserting ``, and'', and
                    (C) by adding at the end thereof the following new 
                clause:
                    ``(iv) the INFRA-Tomorrow Trust Fund financing 
                rate.''.
            (2) Rate of tax.--Subparagraph (B) of section 4081(a)(2) of 
        such Code is amended--
                    (A) by striking ``and'' at the end of clause (ii),
                    (B) by striking the period at the end of clause 
                (iii) and inserting ``, and'', and
                    (C) by adding at the end thereof the following new 
                clause:
                            ``(iv) the INFRA-Tomorrow Trust Fund 
                        financing rate is 7.5 cents a gallon.''
            (3) Gasoline used in noncommercial aviation.--Paragraph (3) 
        of section 4041(c) of such Code is amended by striking ``15 
        cents a gallon'' and inserting ``the sum of 15 cents per gallon 
        plus the INFRA-Tomorrow Trust Fund financing rate in effect 
        under section 4081''.
            (4) Termination.--Subsection (d) of section 4081 of such 
        Code is amended by adding at the end thereof the following new 
        paragraph:
            ``(4) INFRA-tomorrow trust fund financing rate.--On and 
        after October 1, 1999, the INFRA-Tomorrow Trust Fund financing 
        rate under subsection (a)(2) shall not apply.''
    (b) Diesel Fuel.--
            (1) Clause (i) of section 4091(b)(1)(A) of such Code is 
        amended by striking ``and the diesel fuel deficit reduction 
        rate'' and inserting ``, the diesel fuel deficit reduction 
        rate, and the INFRA-Tomorrow Trust Fund financing rate''.
            (2) Subsection (b) of section 4091 of such Code is amended 
        by redesignating paragraphs (5) and (6) as paragraphs (6) and 
        (7), respectively, and by inserting after paragraph (4) the 
        following new paragraph:
            ``(5) INFRA-Tomorrow trust fund financing rate.--For 
        purposes of paragraph (1), except as provided in subsection 
        (c), the INFRA-Tomorrow Trust Fund financing rate is the INFRA-
        Tomorrow Trust Fund financing rate in effect under section 
        4081.''
            (3) The last sentence of section 4091(c)(1) of such Code is 
        amended by striking ``and the diesel fuel deficit reduction 
        rate'' and inserting ``, the diesel fuel deficit reduction 
        rate, and the INFRA-Tomorrow Trust Fund financing rate''.
            (4)(A) Subparagraph (B) of section 4093(c)(2) of such Code 
        is amended--
                    (i) by striking ``tax'' in the heading and 
                inserting ``and infra-tomorrow taxes'', and
                    (ii) by inserting ``and the INFRA-Tomorrow Trust 
                Fund financing rate'' after ``deficit reduction rate''.
            (B) Paragraph (4) of section 6427(l) of such Code is 
        amended--
                    (i) by striking ``tax'' in the heading and 
                inserting ``and infra-tomorrow taxes'', and
                    (ii) by inserting ``and the INFRA-Tomorrow Trust 
                Fund financing rate'' after ``deficit reduction rate''.
    (c) Aviation Fuel.--Clause (ii) of section 4091(b)(1)(A) of such 
Code is amended by inserting ``and the INFRA-Tomorrow Trust Fund 
financing rate'' after ``financing rate''.
    (d) Special Motor Fuels.--The last sentence of paragraph (2) of 
section 4041(a) of such Code is amended by striking ``and the deficit 
reduction rate'' and inserting ``, the deficit reduction rate, and the 
INFRA-Tomorrow Trust Fund financing rate''.
    (e) Effective Date.--The amendments made by this section shall take 
effect on January 1, 1994.

SEC. 202. INCREASE IN, AND EXTENSION OF, TAXES ON MOTOR FUELS FOR 
              DEFICIT REDUCTION.

    (a) Gasoline.--
            (1) Increase.--Clause (iii) of section 4081(a)(2)(B) of the 
        Internal Revenue Code of 1986 is amended by striking ``2.5 
        cents a gallon'' and inserting ``5.5 cents a gallon''.
            (2) Extension.--Paragraph (3) of section 4081(d) of such 
        Code is amended by striking ``1995'' and inserting ``1999''.
    (b) Diesel Fuel.--
            (1) Increase.--Paragraph (4) of section 4091(b) is amended 
        by striking ``2.5 cents per gallon'' and inserting ``5.5 cents 
        per gallon''.
            (2) Extension.--Subparagraph (D) of section 4091(b)(7) of 
        such Code, as redesignated by the preceding section, is amended 
        by striking ``1995'' and inserting ``1999''.
    (c) Aviation Fuel.--
            (1) In general.--Clause (ii) of section 4091(b)(1)(A) of 
        such Code is amended by striking ``financing rate and'' and 
        inserting ``financing rate, the aviation fuel deficit reduction 
        financing rate, and''.
            (2) Aviation fuel deficit reduction rate.--
                    (A) In general.--Subsection (b) of section 4091 is 
                amended by redesignating paragraphs (5), (6), and (7) 
                as paragraphs (6), (7), and (8), respectively, and by 
                inserting after paragraph (4) the following new 
                paragraph:
            ``(5) Aviation fuel deficit reduction rate.--For purposes 
        of paragraph (1), except as provided in subsection (d), the 
        aviation fuel deficit reduction rate is 3 cents per gallon.''
                    (B) Termination.--Paragraph (8) of section 4091(b) 
                of such Code, as redesignated by subparagraph (A), is 
                amended by adding at the end thereof the following new 
                subparagraph:
                    ``(E) The aviation fuel deficit reduction rate 
                shall not apply on and after October 1, 1999.''
                    (C) The last sentence of section 4091(d)(1) of such 
                Code is amended to read as follows:
        ``In the case of a sale described in subparagraph (B), the 
        Leaking Underground Storage Tank Trust Fund financing rate and 
        the aviation fuel deficit reduction rate be shall \10/9\th of 
        the otherwise applicable such rates.''
    (d) Effective Date.--The amendments made by this section shall take 
effect on January 1, 1994.

SEC. 203. INFRASTRUCTURE NOW FOR AMERICA'S-TOMORROW TRUST FUND.

    (a) In General.--Subchapter A of chapter 98 of the Internal Revenue 
Code of 1986 (relating to trust fund code) is amended by adding at the 
end thereof the following new section:

``SEC. 9512. INFRASTRUCTURE NOW FOR AMERICA'S-TOMORROW TRUST FUND.

    ``(a) Creation of Trust Fund.--There is established in the Treasury 
of the United States a trust fund to be known as the `Infrastructure 
Now For America's-Tomorrow Trust Fund' (hereinafter in this section 
referred to as the `INFRA-Tomorrow Trust Fund').
    ``(b) Transfers To Trust Fund.--There are hereby appropriated to 
the INFRA-Tomorrow Trust Fund amounts equivalent to the net revenues 
received in the Treasury from the INFRA-Tomorrow Trust Fund taxes.
    ``(c) Expenditures From Trust Fund.--Amounts in the INFRA-Tomorrow 
Trust Fund shall be available, as provided in appropriation Acts, for 
making expenditures to carry out title I of the Infrastructure Now For 
America's-Tomorrow Act of 1993.
    ``(d) Authority To Borrow.--
            ``(1) In general.--There are authorized to be appropriated 
        to the INFRA-Tomorrow Trust Fund as repayable advances such 
        sums as may be necessary to carry out the purposes of such 
        Trust Fund.
            ``(2) Limitation on amount outstanding.--The maximum 
        aggregate amount of repayable advances to the INFRA-Tomorrow 
        Trust Fund which is outstanding at any one time shall not 
        exceed an amount equal to the amount which the Secretary 
        estimates will be equal to the sum of the amounts appropriated 
        to such Trust Fund under subsection (b) during the following 24 
        months.
            ``(3) Repayment of advances.--
                    ``(A) In general.--Advances made to the INFRA-
                Tomorrow Trust Fund shall be repaid, and interest on 
                such advances shall be paid, to the general fund of the 
                Treasury when the Secretary determines that moneys are 
                available for such purposes in such Fund.
                    ``(B) Final payment.--No advance shall be made to 
                such Trust Fund after September 30, 1999, and all 
                advances to such Trust Fund shall be repaid on or 
                before such date.
                    ``(C) Rate of interest.--Interest on advances made 
                pursuant to this subsection shall be at a rate 
                determined by the Secretary of the Treasury (as of the 
                close of the calendar month preceding the month in 
                which the advance is made) to be equal to the current 
                average market yield on outstanding marketable 
                obligations of the United States with remaining periods 
                to maturity comparable to the anticipated period during 
                which the advance will be outstanding and shall be 
                compounded annually.
    ``(e) Net Revenues.--For purposes of this section--
            ``(1) In general.--The term `net revenues' means the amount 
        estimated by the Secretary based on the excess of--
                    ``(A) the INFRA-Tomorrow Trust Fund taxes received 
                in the Treasury, over
                    ``(B) the decrease in the tax imposed by chapter 1 
                resulting from the INFRA-Tomorrow Trust Fund taxes.
            ``(2) INFRA-tomorrow trust fund taxes.--The term `INFRA-
        Tomorrow Trust Fund taxes' means the taxes imposed by sections 
        4041, 4081, and 4091 to the extent attributable to the INFRA-
        Tomorrow Trust Fund financing rates under such sections.
    ``(f) Transfers From Trust Fund for Certain Repayments and 
Credits.--
            ``(1) In general.--The Secretary shall pay from time to 
        time from the INFRA-Tomorrow Trust Fund into the general fund 
        of the Treasury amounts equivalent to--
                    ``(A) the payments under sections 6420, 6421, and 
                6427, and
                    ``(B) the credits allowed under section 34,
        to the extent such payments and credits are attributable to the 
        INFRA-Tomorrow Trust Fund taxes.
            ``(2) Transfers based on estimates.--Transfers under 
        paragraph (1) shall be made on the basis of estimates by the 
        Secretary, and proper adjustments shall be made in amounts 
        subsequently transferred to the extent prior estimates were in 
        excess of or less than the amounts required to be 
        transferred.''
    (b) Clerical Amendment.--The table of sections for such subchapter 
A is amended by adding at the end thereof the following new item:

                              ``Sec. 9512. INFRA-Tomorrow Trust Fund.''

SEC. 204. FLOOR STOCKS TAXES.

    (a) Imposition of Tax.--There is hereby imposed a floor stocks tax 
on gasoline, diesel fuel, and aviation fuel on which tax was imposed 
under section 4081 or 4091 of the Internal Revenue Code of 1986 before 
January 1, 1994, and which is held on such date by any person.
    (b) Rate of tax.--The rate of the tax imposed by subsection (a) 
shall be 10.5 cents per gallon.
    (c) Liability for Tax and Method of Payment.--
            (1) Liability for tax.--A person holding fuel to which the 
        tax imposed by subsection (a) applies on January 1, 1994, shall 
        be liable for such tax.
            (2) Method of payment.--The tax imposed by subsection (a) 
        shall be paid in such manner as the Secretary shall prescribe.
            (3) Time for payment.--The tax imposed by subsection (a) 
        shall be paid on or before May 31, 1994.
    (d) Definitions.--For purposes of this section--
            (1) Held by a person.--Fuel shall be considered as ``held 
        by a person'' if title thereto has passed to such person 
        (whether or not delivery to the person has been made).
            (2) Gasoline.--The term ``gasoline'' has the meaning given 
        such term by section 4082 of such Code.
            (3) Diesel fuel.--The term ``diesel fuel'' has the meaning 
        given such term by section 4092 of such Code.
            (4) Aviation fuel.--The term ``aviation fuel'' has the 
        meaning given such term by section 4092(a) of such Code.
            (5) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury or his delegate.
    (e) Exception for Exempt Uses.--The tax imposed by subsection (a) 
shall not apply to gasoline, diesel fuel, or aviation fuel held by any 
person exclusively for any use to the extent a credit or refund of the 
tax imposed by section 4081 or 4091 of such Code, as the case may be, 
is allowable for such use.
    (f) Exception for Fuel Held in Vehicle Tank.--No tax shall be 
imposed by subsection (a) on gasoline or diesel fuel held in the tank 
of a motor vehicle or motorboat.
    (g) Exception for Certain Amounts of Fuel.--
            (1) In general.--No tax shall be imposed by subsection 
        (a)--
                    (A) on gasoline held on January 1, 1994, by any 
                person if the aggregate amount of gasoline held by such 
                person on such date does not exceed 4,000 gallons, and
                    (B) on diesel fuel held on a January 1, 1994, by 
                any person if the aggregate amount of diesel fuel held 
                by such person on such date does not exceed 2,000 
                gallons.
        The preceding sentence shall apply only if such person submits 
        to the Secretary (at the time and in the manner required by the 
        Secretary) such information as the Secretary shall require for 
        purposes of this paragraph.
            (2) Exempt fuel.--For purposes of paragraph (1), there 
        shall not be taken into account fuel held by any person which 
        is exempt from the tax imposed by subsection (a) by reason of 
        subsection (e) or (f).
            (3) Controlled groups.--
                    (A) Corporations.--For purposes of this subsection, 
                the gallon amounts specified in paragraph (1) shall be 
                allocated among members of a controlled group in such 
                manner as the Secretary shall by regulations prescribe. 
                For purposes of the preceding sentence, the term 
                ``controlled group'' has the meaning given such term by 
                section 1563(a) of such Code; except that for such 
                purposes the phrase ``more than 50 percent'' shall be 
                substituted for the phrase ``at least 80 percent'' each 
                place it appears in such subsection.
                    (B) Persons other than corporations.--Under 
                regulations prescribed by the Secretary, principles 
                similar to the principles of subparagraph (A) shall 
                apply to a group of persons under common control where 
                1 or more of such persons is not a corporation.
    (h) Other Laws Applicable.--All provisions of law, including 
penalties, applicable with respect to the taxes imposed by section 4081 
of such Code in the case of gasoline and section 4091 of such Code in 
the case of diesel fuel and aviation fuel shall, insofar as applicable 
and not inconsistent with the provisions of this section, apply with 
respect to the floor stock taxes imposed by subsection (a) to the same 
extent as if such taxes were imposed by such section 4081 or 4091.
    (i) Transfer of Portion of Floor Stocks Revenue to Infra-Tomorrow 
Trust Fund.--For purposes of determining the amount transferred to the 
INFRA-Tomorrow Trust Fund, the tax imposed by subsection (a) shall be 
treated as imposed at a INFRA-Tomorrow Trust Fund financing rate to the 
extent of 7.5 cents per gallon.

                                 <all>

HR 242 SC----2
HR 242 SC----3