[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 630 Introduced in Senate (IS)]







105th CONGRESS
  1st Session
                                 S. 630

 To amend the Internal Revenue Code of 1986 to deposit in the Highway 
Trust Fund the receipts of the 4.3-cent increase in the fuel tax rates 
       enacted by the Omnibus Budget Reconciliation Act of 1993.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 22, 1997

   Mr. Byrd  introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to deposit in the Highway 
Trust Fund the receipts of the 4.3-cent increase in the fuel tax rates 
       enacted by the Omnibus Budget Reconciliation Act of 1993.

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

SECTION 1. RECEIPTS OF THE 4.3-CENT FUEL TAX RATE INCREASE DEPOSITED IN 
              THE HIGHWAY TRUST FUND.

    (a) In General.--Section 9503(f) of the Internal Revenue Code of 
1986 (defining Highway Trust Fund financing rate) is amended--
            (1) by striking ``11.5 cents per gallon (14 cents per 
        gallon after September 30, 1995)'' in paragraph (1)(A) and 
        inserting ``18.3 cents per gallon'', and
            (2) by striking ``17.5 cents per gallon (20 cents per 
        gallon after September 30, 1995)'' in paragraph (1)(B) and 
        inserting ``24.3 cents per gallon''.
    (b) Conforming Amendments.--
            (1) Section 9503(f)(2) of the Internal Revenue Code of 1986 
        is amended--
                    (A) by striking ``3 cents'' in subparagraph (B) and 
                inserting ``7.3 cents'',
                    (B) by striking ``zero'' in subparagraph (C) and 
                inserting ``4.3 cents per gallon'',
                    (C) by striking ``zero'' in subparagraph (D) and 
                inserting ``48.54 cents per MCF (determined at standard 
                temperature and pressure)'',
                    (D) by striking ``11.5 cents'' in subparagraph (E) 
                and inserting ``15.8 cents'', and
                    (E) by striking ``17.5 cents'' in subparagraph (E) 
                and inserting ``21.8 cents''.
            (2) Subparagraph (A) of section 9503(f)(3) of such Code is 
        amended to read as follows:
                    ``(A) In general.--If the rate of tax on any fuel 
                is determined under section 4041(b)(2)(A), 4041(k), or 
                4081(c), the Highway Trust Fund financing rate is the 
                rate so determined after September 30, 1997. In the 
                case of a rate of tax determined under section 4081(c), 
                the preceding sentence shall be applied by increasing 
                the rate specified by 0.1 cent.''.
            (3) Subparagraph (C) of section 9503(f)(3) of such Code is 
        amended to read as follows:
                    ``(C) Partially exempt methanol or ethanol fuel.--
                In the case of a rate of tax determined under section 
                4041(m), the Highway Trust Fund financing rate is the 
                rate so determined after September 30, 1995.''.
            (4) Section 9503(f)(4) of such Code is amended by striking 
        ``zero'' and inserting ``4.3 cents per gallon''.
    (c) Effective Date; Special Rules.--
            (1) Effective date.--The amendments made by this section 
        shall apply to fuel removed after September 30, 1997.
            (2) Special rules.--
                    (A) Notwithstanding any other provision of law, in 
                calculating amounts under section 157(a) of title 23, 
                United States Code, and sections 1013(c), 1015(a), and 
                1015(b) of the Intermodal Surface Transportation 
                Efficiency Act of 1991 (Public Law 102-240; 105 Stat. 
                1914), deposits in the Highway Trust Fund resulting 
                from the amendments made by this section shall not be 
                taken into account.
                    (B) Notwithstanding any other provision of law, the 
                amounts described in paragraphs (4)(C) and (5) of 
                section 9503(c) of the Internal Revenue Code of 1986 
                derived from deposits in the Highway Trust Fund 
                resulting from the amendments made by this section 
                shall not be available without further appropriation.
                                 <all>