To establish a scrap tire trust fund to provide financial assistance to States to eliminate current scrap tire piles and to manage the future disposal of scrap tires.

Summary: Establishes the Scrap Tire Trust Fund in the Treasury.  Provides that the Fund shall consist of a Scrap Tire Reduction Account and a Scrap Tire Recycling Account.  Appropriates amounts equivalent to fees collected under this Act to the Accounts.  Makes amounts in the Accounts available for:  (1) financial assistance to States for conducting surveys of scrap tire piles, developing State tire management plans, reducing and eliminating scrap tire piles, and carrying out tire disposal under such plans and (2) administration of such assistance. 
Imposes fees on new tires sold by manufacturers or importers from January 1, 1993, through December 31, 2004.

SECTION 1. SCRAP TIRE TRUST FUND.

    (a) Establishment.--
            (1) In general.--There is established in the Treasury of 
        the United States a trust fund to be known as the ``Scrap Tire 
        Trust Fund'' (hereinafter in this section referred to as the 
        ``Trust Fund'').
            (2) Accounts in trust fund.--The Trust Fund shall consist 
        of--
                    (A) a Scrap Tire Reduction Account; and
                    (B) a Scrap Tire Recycling Account.
        Each such Account shall consist of such amounts as may be 
        appropriated to it as provided in this section.
    (b) Scrap Tire Reduction Account.--
            (1) Appropriation to account.--There are hereby 
        appropriated, out of any money in the Treasury not otherwise 
        appropriated, to the Scrap Tire Reduction Account amounts 
        equivalent to the following amounts:
                    (A) 87 percent of amounts received during 1993 
                through 1997 from the fees imposed by subsection (d).
                    (B) 77 percent of amounts received during 1998 
                through 2001 from such fees.
                    (C) 67 percent of amounts received during 2002 
                through 2004 from such fees.
            (2) Expenditures from account.--Amounts in the Scrap Tire 
        Reduction Account shall be available, as provided by 
        appropriation Acts--
                    (A) for making expenditures to provide financial 
                assistance to States for purposes of conducting surveys 
                of current scrap tire piles, developing State tire 
                management plans, and carrying out the portion of such 
                State tire plans relating to reduction and elimination 
                of existing scrap tire piles, including recycling, 
                recovering, and reusing scrap tires; and
                    (B) for payment of expenses for administration of 
                such financial assistance (but not in excess of 5 
                percent of the Account may be used for such purpose).
    (c) Scrap Tire Recycling Account.--
            (1) Appropriation to account.--There are hereby 
        appropriated, out of any money in the Treasury not otherwise 
        appropriated, to the Scrap Tire Recycling Account amounts 
        equivalent to the following amounts:
                    (A) 13 percent of amounts received during 1993 
                through 1997 from the fees imposed by subsection (d).
                    (B) 23 percent of amounts received during 1998 
                through 2001 from such fees.
                    (C) 33 percent of amounts received during 2002 
                through 2004 from such fees.
            (2) Expenditures from account.--Amounts in the Scrap Tire 
        Recycling Account shall be available, as provided by 
        appropriation Acts--
                    (A) for making expenditures to provide financial 
                assistance to States to carry out the portion of State 
                tire management plans relating to the current and 
                future disposal of scrap tires, including recycling, 
                recovering, and reusing new scrap tires; and
                    (B) for payment of expenses for administration of 
                such financial assistance (but not in excess of 5 
                percent of the Account may be used for such purpose).
    (d) Imposition and Rate of Fee.--
            (1) In general.--The Administrator shall impose and collect 
        a fee of $.85 on each new tire sold by the manufacturer or 
        importer, regardless of intended use, during the period 
        beginning on January 1, 1993, and ending on December 31, 2004. 
        The fee shall be due and payable by the manufacturer or 
        importer sixty days after sale of the tire. The Administrator 
        shall deposit amounts received from such fees into the General 
        Fund of the Treasury.
            (2) Tires on imported articles.--For purposes of paragraph 
        (1), if an article imported in the United States is equipped 
        with tires--
                    (A) the importer of the article shall be treated as 
                the importer of the tires with which such article is 
                equipped; and
                    (B) the sale of the article by the importer thereof 
                shall be treated as the sale of the tires with which 
                such article is equipped.
        This paragraph shall not apply with respect to the sale of an 
        automobile bus chassis or an automobile bus body.
    (e) Transfers to Trust Fund.--The amounts appropriated by 
subsections (b)(1) and (c)(1) shall be transferred at least monthly 
from the General Fund of the Treasury to the Trust Fund on the basis of 
estimates made by the Secretary of the Treasury of the amounts referred 
to in such subsections. Adjustments shall be made in the amount 
subsequently transferred to the extent prior estimates were in excess 
of or less than the amounts required to be transferred.
    (f) Investment.--(1) The Secretary of the Treasury shall invest 
such portion of the Trust Fund as is not, in his judgment, required to 
meet current withdrawals. Such investments may be made only in 
interest-bearing obligations of the United States and may be acquired--
            (A) on original issue at the issue price; or
            (B) by purchase of outstanding obligations at the market 
        price.
    (2) Any obligation acquired by the Trust Fund may be sold by the 
Secretary at the market price.
    (3) The interest on, and the proceeds from the sale or redemption 
of, any obligations held in the Trust Fund shall be credited to and 
form a part of the Trust Fund.