II 111th CONGRESS 1st Session S. 1474 IN THE SENATE OF THE UNITED STATES July 20, 2009 Mr. Baucus (for himself, Mr. Rockefeller, Mr. Menendez, and Mr. Schumer) 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, to provide certain transfers to such Trust Fund, and to extend the expenditure authority for such Trust Fund, and for other purposes.

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.

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— (A)$14,700,000,000 to the Highway Account (as defined in subsection (e)(5)(B)) in the Highway Trust Fund, and (B)$4,800,000 to the Mass Transit Account in the Highway Trust Fund. . (b)

Conforming amendment

Paragraph (1) of section 9503(e) of the Internal Revenue Code of 1986 is amended by striking this subsection and inserting this section. (c)

Effective date

The amendments made by this section shall take effect on the date of the enactment of this Act.

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 $7,300,000,000 to the Highway Trust Fund. . (b)

Effective date

The amendment made by this section shall take effect on the date of the enactment of this Act.

4.

Treatment of certain amounts appropriated to 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: (4)

Treatment of appropriated amounts

Any amount appropriated under this subsection to the Highway Trust Fund shall remain available without fiscal year limitation. . (b)

Effective date

The amendment made by this section shall take effect on the date of the enactment of this Act.

5.

Extension of authority for expenditures from Highway Trust Fund

(a)

In general

Paragraph (1) of section 9503(c) of the Internal Revenue Code of 1986 is amended— (1)by striking September 30, 2009 (October 1, 2009 and inserting March 31, 2011 (April 1, 2011, and (2)by striking under and all that follows and inserting under the Surface Transportation Extension Act of 2009 or any other provision of law which was referred to in this paragraph before the date of the enactment of such Act (as such Act and provisions of law are in effect on the date of the enactment of such Act).. (b)

Mass transit account

Paragraph (3) of section 9503(e) of the Internal Revenue Code of 1986 is amended— (1)by striking October 1, 2009 and inserting April 1, 2011, and (2)by striking in accordance with and all that follows and inserting in accordance with the Surface Transportation Extension Act of 2009 or any other provision of law which was referred to in this paragraph before the date of the enactment of such Act (as such Act and provisions of law are in effect on the date of the enactment of such Act).. (c)

Exception to limitation on transfers

Subparagraph (B) of section 9503(b)(6) of the Internal Revenue Code of 1986 is amended by striking September 30, 2009 (October 1, 2009 and inserting March 31, 2011 (April 1, 2011. (d)

Effective date

The amendments made by this section shall take effect on the date of the enactment of this Act.