A bill to amend the Internal Revenue Code of 1986 to deposit in the Highway Trust Fund the receipts of the 4.3-cent increase in the fuel tax rates enacted by the Omnibus Budget Reconciliation Act of 1993, and for other purposes.

Summary

Amends the Internal Revenue Code to increase the Highway Trust Fund financing rate for gasoline, special motor fuels, and diesel fuel. Establishes in the Highway Trust Fund the Intercity Passenger Rail Account. Transfers to the Account certain portions of the amounts attributable to taxes imposed between specified dates under provisions relating to gasoline, diesel fuel, special motor fuels, compressed natural gas, methanol and ethanol fuel, and nongasoline noncommercial aviation fuels. Makes amounts in the Account available to finance qualified expenses of the National Railroad Passenger Corporation and each non-Amtrak State. Excludes Account payments from the gross income of payment recipients, disallows a deduction to the recipient, and reduces the basis of any property by the portion attributable to the payment.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 23 April 1997

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 23 April 1997

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• Introduced in Senate

  summary · EN · 23 April 1997

  Open at official source

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