S.Amdt. 2302

1. Adds SEC. __. ADJUSTMENT OF EQUITY BONUS PROGRAM TO REFLECT TAX PAYMENTS RELATING TO ETHANOL wherever appropriate

   Adds a section

   Inserted: SEC. __. ADJUSTMENT OF EQUITY BONUS PROGRAM TO REFLECT TAX PAYMENTS RELATING TO ETHANOL.

   Inserted: (a) In General.--Subsection (d) of section 105 of title 23, United States Code, (as amended by section 1104) is amended to read as follows:

   Inserted: "(d) Limitation on Adjustments.--

   Inserted: "(1) In general.--Except as provided in paragraphs (2) and (3) of subsection (c), no State shall receive, for any fiscal year, additional amounts under subsection (a)(1) if--

   Inserted: "(A) the total apportionments of the State for the fiscal year for the programs specified in subsection (a)(2); exceeds

   Inserted: "(B) the sum of--

   Inserted: "(i) the percentage of the average, for the period of fiscal years 1998 through 2003, of the annual apportionments of the State for all programs specified in subsection (b)(2), as specified in paragraph (2); and

   Inserted: "(ii) an amount which is equivalent to--

   Inserted: "(I) the amount equal to the number of gallons of gasohol sold within the State during fiscal years 1996 through 2001 multiplied by the excess of the tax rate applicable for a gallon of gasoline over the tax rate applicable for a gallon of gasohol for such years; plus

   Inserted: "(II) an amount equal to the number of gallons of gasohol sold within the State during fiscal years 1996 through 2001 multiplied by the amount of the tax rate applicable to a gallon of gasohol which is not deposited into the Highway Trust Fund with respect to each such year.

   Inserted: "(2) Percentages.--The percentages referred to in paragraph (1)(B)(i) are--

   Inserted: "(A) for fiscal year 2004, 120 percent;

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   Inserted: "(B) for fiscal year 2005, 130 percent;

   Inserted: "(C) for fiscal year 2006, 134 percent;

   Inserted: "(D) for fiscal year 2007, 137 percent;

   Inserted: "(E) for fiscal year 2008, 145 percent; and

   Inserted: "(F) for fiscal year 2009, 250 percent.".

   Inserted: (b) Effective Date.--The amendment made by this section shall apply as if made by section 1104 of this Act.

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   Original wording

   At the appropriate place, insert the following:

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As printed