S. 426Senate110th Congress (2007-2009)In Committee

Biofuels Investment Trust Fund Act

Sponsored by Ben NelsonSen. Ben Nelson (D-NE)
Introduced January 29, 2007

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Energy and Natural Resources. (text of measure as introduced: CR S1293)

January 29, 2007

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SenateIntro Referral

Introduced in Senate

January 29, 2007

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S1292-1293)

January 29, 2007

SenateIntro Referral

Read twice and referred to the Committee on Energy and Natural Resources. (text of measure as introduced: CR S1293)

January 29, 2007

Floor Debate

5 members

What members said about S. 426 on the floor

2 Republicans3 Democrats
Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Jan 29, 2007

Mr. President, I offer today a private immigration relief bill to provide lawful permanent residence status to Denes and Gyorgyi Fulop, Hungarian nationals who have lived in California for more than…

Ben Nelson
Sen. Ben NelsonD-NE · Jan 29, 2007

Mr. President, today I rise to introduce the ``Biofuels Investment Trust Fund Act'' because I believe it is legislation that can help America progress towards a more secure energy future; I believe…

Ben Nelson
Sen. Ben NelsonD-NE · Jan 29, 2007

Mr. President, today I rise to introduce the ``Biofuels Investment Trust Fund Act'' because I believe it is legislation that can help America progress towards a more secure energy future; I believe…

Daniel K. Akaka
Sen. Daniel K. AkakaD-HI · Jan 29, 2007

Mr. President, today, as chairman of the Senate Committee on Veterans' Affairs, I introduce the Veterans Compensation Cost-of- Living Adjustment Act of 2007. This measure would direct the Secretary…

John Cornyn
Sen. John CornynR-TX · Jan 29, 2007

Mr. President. I rise today to introduce the Secure Border Crossing Card Entry Act of 2007. This bill allows certain travelers who seek to enter the U.S. temporarily and have already undergone…

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Gordon H. Smith
Sen. Gordon H. SmithR-OR · Jan 29, 2007

Mr. President, I rise to introduce a bill that will further our Nation's energy independence, and provide for sustainable electricity generation. This bill, which is cosponsored by my colleague from…

Bill Text

Latest available legislative text

Reading Mode
Latest
Introduced in SenateIssued January 29, 2007

II

110th CONGRESS

1st Session

S. 426

IN THE SENATE OF THE UNITED STATES

January 29, 2007

Mr. Nelson of Nebraska introduced the following bill; which was read twice and referred to the Committee on Energy and Natural Resources

A BILL

To provide that all funds collected from the tariff on imports of ethanol be invested in the research, development, and deployment of biofuels, especially cellulosic ethanol produced from biomass feedstocks.

1.

Short title

This Act may be cited as the Biofuels Investment Trust Fund Act.

2.

Biofuels Investment Trust Fund

(a)

Establishment

(1)

In general

There is established in the Treasury of the United States a trust fund, to be known as the Biofuels Investment Trust Fund (referred to in this Act as the Trust Fund), consisting of such amounts as may be transferred to the Trust Fund under paragraph (2).

(2)

Transfer

As soon as practicable after the date of enactment of this Act, the Secretary of the Treasury shall transfer to the Trust Fund, from amounts in the general fund of the Treasury, such amounts as the Secretary of the Treasury determines to be equivalent to the amounts received in the general fund as of January 1, 2007, that are attributable to duties received on articles entered under heading 9901.00.50 of the Harmonized Tariff Schedule of the United States.

(b)

Expenditures from Trust Fund

(1)

In general

The Secretary of Energy, in consultation with the Secretary of Agriculture and the Secretary of the Treasury, shall use amounts in the Trust Fund to provide financial assistance for research, development, and deployment programs for biofuels to increase the amount and diversity of biofuels produced in the United States and made available to consumers, especially for cellulosic ethanol production from biomass feedstocks.

(2)

Requirements

The Secretary of Energy shall ensure that amounts made available under paragraph (1) shall be used only—

(A)

to provide financial assistance to farmers, producers, biorefiners, researchers, universities, and other persons or entities involved in the research, development, deployment, or production of biofuels, especially the production of biomass feedstock for cellulosic ethanol production; or

(B)

as otherwise directed by Congress to advance research, development, and deployment of biofuels, especially cellulosic ethanol produced from biomass feedstocks.

(c)

Investment of amounts

(1)

In general

The Secretary of the Treasury shall invest such portion of the Trust Fund as is not, in the judgment of the Secretary of the Treasury, required to meet current withdrawals.

(2)

Interest-bearing obligations

Investments may be made only in interest-bearing obligations of the United States.

(3)

Acquisition of obligations

For the purpose of investments under paragraph (1), obligations may be acquired—

(A)

on original issue at the issue price; or

(B)

by purchase of outstanding obligations at the market price.

(4)

Sale of obligations

Any obligation acquired by the Trust Fund may be sold by the Secretary of the Treasury at the market price.

(5)

Credits to Trust Fund

The interest on, and the proceeds from the sale or redemption of, any obligations held in the Trust Fund shall be credited to and form a part of the Trust Fund.

(d)

Transfers of amounts

(1)

In general

The amounts required to be transferred to the Trust Fund under subsection (a)(1) shall be transferred at least quarterly from the general fund of the Treasury to the Trust Fund on the basis of estimates made by the Secretary of the Treasury.

(2)

Adjustments

Proper adjustment shall be made in amounts subsequently transferred to the extent prior estimates were in excess of or less than the amounts required to be transferred.