S 1474 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.
Full Text of Legislation