[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1138 Introduced in House (IH)]







104th CONGRESS
  1st Session
                                H. R. 1138

    To amend the Internal Revenue Code of 1986 to reduce the harbor 
  maintenance tax if the Harbor Maintenance Trust Fund is overfunded.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 6, 1995

Mr. McDermott introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
    To amend the Internal Revenue Code of 1986 to reduce the harbor 
  maintenance tax if the Harbor Maintenance Trust Fund is overfunded.

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

SECTION 1. REDUCTION IN HARBOR MAINTENANCE TAX IF TRUST FUND IS 
              OVERFUNDED.

    (a) In General.--Subsection (b) of section 4461 of the Internal 
Revenue Code of 1986 (relating to harbor maintenance tax) is amended to 
read as follows:
    ``(b) Amount of Tax.--
            ``(1) In general.--The amount of the tax imposed by 
        subsection (a) on any port use shall be an amount equal to the 
        applicable percentage of the value of the commercial cargo 
        involved.
            ``(2) Applicable percentage.--For purposes of paragraph 
        (1)--
                    ``(A) Calendar years before 1999.--In the case of 
                calendar years 1996, 1997, and 1998, the applicable 
                percentage is the percentage determined under the 
                following table:

                  ``In the case of
                                                         The applicable
                    calendar year:
                                                         percentage is:
                          1996.......................          0.105   
                          1997.......................          0.085   
                          1998.......................         0.065.   
                    ``(B) Calendar years after 1998.--
                            ``(i) In general.--The applicable 
                        percentage for any calendar year after 1998 
                        shall be 0.01 percentage point less than such 
                        percentage for the preceding calendar year if, 
                        as of the close of fiscal year ending in such 
                        preceding calendar year, the balance in the 
                        Harbor Maintenance Trust Fund exceeds 
                        $100,000,000.
                            ``(ii) Potential restoration of rate of 
                        tax.--If--
                                    ``(I) as of the close of any fiscal 
                                year, the balance in the Harbor 
                                Maintenance Trust Fund does not exceed 
                                $100,000,000, and
                                    ``(II) the applicable percentage 
                                for the calendar year in which such 
                                fiscal year ends is less than 0.125 
                                percent,
                        then the applicable percentage for the 
                        following calendar year shall be 0.01 
                        percentage point greater than such percentage 
                        for the calendar year referred to in subclause 
                        (II).''
    (b) Effective Date.--The amendment made by this section shall apply 
to calendar years after 1995.
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