Urban Mass Transportation Revenue Act

Summary

States the findings of the Congress that rapid urbanization has made the ability of all citizens to move quickly and cheaply an urgent national goal, and that new Federal assistance for urban mass transportation is imperative if efficient, safe and convenient transportation is to be achieved. Title I: Urban Mass Transportation Revenue Act of 1973 - Establishes an Urban Ground Mass Transportation Trust Fund. Requires the Secretary of the Treasury to transfer from the general fund of the Treasury to the trust fund amounts appropriated for the trust fund under the Act. Authorizes the appropriation from the general fund of the Treasury to the trust fund such repayable advances of money necessary to provide the trust fund with initial capital. Requires the Secretary of the Treasury to make an annual report to the Congress on the financial condition and the results of the operations of the trust fund. Requires the Secretary of the Treasury to invest the portion of the trust fund not required to meet current withdrawals. Authorizes expenditures from the trust fund, and sets limitations on such expenditures. Title II: Internal Revenue Amendments - Imposes the following new Federal Excise taxes to provide revenues for the trust fund: (1) a separate tax of one cent a gallon on gasoline sold by any producer or importer after June 30, 1973; (2) a separate tax of one cent a gallon on other highway fuels (e.g. diesel fuel, benzol benzene, naphtha, and liquefied petroleum gas); (3) a tax of ten percent of the price of ground mass public transportation vehicles and a tax equivalent to 8 percent of the price of parts and accessories (other than tires and inner-tubes) for ground mass public transportation vehicles sold after June 30, 1973.

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1 official file

• Introduced in House

  summary · EN · 28 March 1973

  Open at official source

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