A bill to amend the Internal Revenue Code of 1954 to impose an additional 10-cent tax on any liquid sold for use or used as a fuel in a highway vehicle and to provide that the revenues from such tax shall be available to State and local governments for maintenance of public roads and for other traffic-related purposes.

Summary

Amends the Internal Revenue Code to impose an additional 10-cent excise tax on any liquid sold for use as a fuel in a highway vehicle. Requires an annual inflation adjustment for such excise tax. Establishes in the Treasury a trust fund to be known as the "Revenue-Sharing Highway Trust Fund" (trust fund). Appropriates to such trust fund amounts raised by such excise tax. Sets forth rules for the administration of such trust fund. Provides that amounts from such trust fund shall be made available to State and local governments for the construction and maintenance of public roads. Requires that at least 50 percent of amounts provided must be used for public safety on public roads.

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1 official file

• Introduced in House

  summary · EN · 29 November 1982

  Open at official source

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