[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 1474 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                S. 1474

  To amend the Internal Revenue Code of 1986 to repeal the provision 
 prohibiting the crediting of interest to the Highway Trust Fund, and 
                          for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 20, 2009

Mr. Baucus (for himself, Mr. Rockefeller, and Mr. Menendez) 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 repeal the provision 
 prohibiting the crediting of interest to the Highway Trust Fund, and 
                          for other purposes.

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

SECTION 1. REPEAL OF PROVISION PROHIBITING THE CREDITING OF INTEREST TO 
              THE HIGHWAY TRUST FUND.

    (a) In General.--Paragraph (1) of section 9503(f) of the Internal 
Revenue Code of 1986 is amended by striking subparagraph (B).
    (b) Conforming Amendments.--Such paragraph, as amended by paragraph 
(1), is further amended--
            (1) by striking ``, and'' at the end of subparagraph (A) 
        and inserting a period, and
            (2) by striking ``1998'' in the matter preceding 
        subparagraph (A) and all that follows through ``the opening 
        balance'' and inserting ``1998, the opening balance''.
    (c) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act.

SEC. 2. RESTORATION OF CERTAIN FOREGONE INTEREST TO HIGHWAY TRUST FUND.

    (a) In General.--Paragraph (2) of section 9503(f) of the Internal 
Revenue Code of 1986 is amended to read as follows:
            ``(2) Restoration of foregone interest.--Out of money in 
        the Treasury not otherwise appropriated, there is hereby 
        appropriated to--
                    ``(A) the Highway Account (as defined in subsection 
                (e)(5)(B)) $14,700,000,000, and
                    ``(B) the Mass Transit Account $4,800,000,000.''.
    (b) Effective Date.--The amendment made by this section shall take 
effect on the date of the enactment of this Act.

SEC. 3. REPLENISHMENT OF EMERGENCY SPENDING FROM HIGHWAY TRUST FUND.

    (a) In General.--Section 9503(f) of the Internal Revenue Code of 
1986, as amended by this Act, is amended by adding at the end the 
following new paragraph:
            ``(3) Replenishment of emergency spending.--Out of money in 
        the Treasury not otherwise appropriated, there is hereby 
        appropriated to the Highway Trust Fund $7,300,000,000.''.
    (b) Effective Date.--The amendment made by this section shall take 
effect on the date of the enactment of this Act.
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