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.
Repeal of provision prohibiting the crediting of interest to the Highway Trust Fund
In general
Paragraph (1) of section 9503(f) of the Internal Revenue Code of 1986 is amended by striking subparagraph (B).
Conforming amendments
Such paragraph, as amended by paragraph (1), is further amended—
by striking , and
at the end
of subparagraph (A) and inserting a period, and
by striking 1998
in the
matter preceding subparagraph (A) and all that follows through the
opening balance
and inserting 1998, the opening
balance
.
Effective date
The amendments made by this section shall take effect on the date of the enactment of this Act.
Restoration of certain foregone interest to Highway Trust Fund
In general
Paragraph (2) of section 9503(f) of the Internal Revenue Code of 1986 is amended to read as follows:
Restoration of foregone interest
Out of money in the Treasury not otherwise appropriated, there is hereby appropriated—
$14,700,000,000 to the Highway Account (as defined in subsection (e)(5)(B)) in the Highway Trust Fund, and
$4,800,000 to the Mass Transit Account in the Highway Trust Fund.
.
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
.
Effective date
The amendments made by this section shall take effect on the date of the enactment of this Act.
Replenishment of emergency spending from Highway Trust Fund
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:
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.
.
Effective date
The amendment made by this section shall take effect on the date of the enactment of this Act.
Treatment of certain amounts appropriated to Highway Trust Fund
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:
Treatment of appropriated amounts
Any amount appropriated under this subsection to the Highway Trust Fund shall remain available without fiscal year limitation.
.
Effective date
The amendment made by this section shall take effect on the date of the enactment of this Act.
Extension of authority for expenditures from Highway Trust Fund
In general
Paragraph (1) of section 9503(c) 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
, and
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).
.
Mass transit account
Paragraph (3) of section 9503(e) of the Internal Revenue Code of 1986 is amended—
by striking October 1, 2009
and inserting April 1, 2011
, and
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).
.
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
.
Effective date
The amendments made by this section shall take effect on the date of the enactment of this Act.