To provide off-budget treatment for the Inland Waterways Trust Fund and the Harbor Maintenance Trust Fund.

Summary: Truth in Water Transportation Budgeting Act - Prohibits the receipts and disbursements of the Inland Waterways Trust Fund and the Harbor Maintenance Trust Fund from being counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of the Federal budget as submitted by the President, the congressional budget, or the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act). Exempts such trust funds from any general statutory budget outlays limitation.Requires the Secretary of the Army to estimate annually: (1) what, but for this Act, would be at the close of the next fiscal year the amount of unfunded inland waterways and harbor maintenance authorizations; and (2) the net inland waterways and harbor maintenance receipts at the close of such year.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Truth in Water Transportation 
Budgeting Act''.

SEC. 2. BUDGETARY TREATMENT OF INLAND WATERWAYS TRUST FUND AND HARBOR 
              MAINTENANCE TRUST FUND.

    Notwithstanding any other provision of law, the receipts and 
disbursements of the Inland Waterways Trust Fund and the Harbor 
Maintenance Trust Fund--
            (1) shall not be counted as new budget authority, outlays, 
        receipts, or deficit or surplus for purposes of--
                    (A) the budget of the United States Government as 
                submitted by the President,
                    (B) the congressional budget (including allocations 
                of budget authority and outlays provided therein), or
                    (C) the Balanced Budget and Emergency Deficit 
                Control Act of 1985; and
            (2) shall be exempt from any general budget limitation 
        imposed by statute on expenditures and net lending (budget 
        outlays) of the United States Government.

SEC. 3. SAFEGUARDS AGAINST DEFICIT SPENDING OUT OF THE INLAND WATERWAYS 
              TRUST FUND AND HARBOR MAINTENANCE TRUST FUND.

    (a) Estimates of Unfunded Inland Waterways Authorizations and Net 
Inland Waterways Receipts.--Not later than March 31 of each year, the 
Secretary of the Army, in consultation with the Secretary of the 
Treasury, shall estimate--
            (1) the amount which would (but for this section) be the 
        unfunded inland waterways authorizations and unfunded harbor 
        maintenance authorizations at the close of the first fiscal 
        year that begins after that March 31; and
            (2) the net inland waterways receipts and net harbor 
        maintenance receipts at the close of such fiscal year.
    (b) Procedure if Excess Unfunded Inland Waterways Authorizations.--
If the Secretary of the Army determines with respect to the Inland 
Waterways Trust Fund or the Harbor Maintenance Trust Fund for any 
fiscal year that the amount described in subsection (a)(1) exceeds the 
amount described in subsection (a)(2), the Secretary shall determine 
the amount of such excess.
    (c) Adjustment of Authorizations if Unfunded Authorizations Exceed 
Receipts.--
            (1) Determination of percentage.--If the Secretary of the 
        Army determines that there is an excess referred to in 
        subsection (b) for a fiscal year, the Secretary of the Army 
        shall determine the percentage which--
                    (A) such excess, is of
                    (B) the total of the amounts authorized to be 
                appropriated from the Inland Waterways Trust Fund or 
                the Harbor Maintenance Trust Fund, as the case may be, 
                for the next fiscal year.
            (2) Adjustment of authorizations.--If the Secretary of the 
        Army determines a percentage under paragraph (1), each amount 
authorized to be appropriated from the Trust Fund for the next fiscal 
year shall be reduced by such percentage.
    (d) Availability of Amounts Previously Withheld.--If, after an 
adjustment has been made under subsection (c)(2), the Secretary of the 
Army determines with respect to the Inland Waterways Trust Fund or the 
Harbor Maintenance Trust Fund that the amount described in subsection 
(a)(1) does not exceed the amount described in subsection (a)(2) or 
that the excess referred to in subsection (b) with respect to the Trust 
Fund is less than the amount previously determined, each amount 
authorized to be appropriated that was reduced under subsection (c)(2) 
with respect to the Trust Fund shall be increased, by an equal 
percentage, to the extent the Secretary of the Army determines that it 
may be so increased without causing the amount described in subsection 
(a)(1) to exceed with respect to the Trust Fund the amount described in 
subsection (a)(2) (but not by more than the amount of the reduction).
    (e) Reports.--Any estimate under subsection (a) and any 
determination under subsection (b), (c), or (d) shall be reported by 
the Secretary of the Army to Congress.

SEC. 4. DEFINITIONS.

    For purposes of this Act, the following definitions apply:
            (1) Harbor maintenance trust fund.--The term ``Harbor 
        Maintenance Trust Fund'' means the Harbor Maintenance Trust 
        Fund established by section 9505 of the Internal Revenue Code 
        of 1986.
            (2) Inland waterways trust fund.--The term ``Inland 
        Waterways Trust Fund'' means the Inland Waterways Trust Fund 
        established by section 9506 of the Internal Revenue Code of 
        1986.
            (3) Net harbor maintenance receipts.--The term ``net harbor 
        maintenance receipts'' means, with respect to any period, the 
        receipts (including interest) of the Harbor Maintenance Trust 
        Fund during such period.
            (4) Net inland waterways receipts.--The term ``net inland 
        waterways receipts'' means, with respect to any period, the 
        receipts (including interest) of the Inland Waterways Trust 
        Fund during such period.
            (5) Unfunded inland waterways authorizations.--The term 
        ``unfunded inland waterways authorizations'' means, at any 
        time, the excess (if any) of--
                    (A) the total amount authorized to be appropriated 
                from the Inland Waterways Trust Fund which has not been 
                appropriated, over
                    (B) the amount available in the Inland Waterways 
                Trust Fund at such time to make such appropriations.
            (6) Unfunded harbor maintenance authorizations.--The term 
        ``unfunded harbor maintenance authorizations'' means, at any 
        time, the excess (if any) of--
                    (A) the total amount authorized to be appropriated 
                from the Harbor Maintenance Trust Fund which has not 
                been appropriated, over
                    (B) the amount available in the Harbor Maintenance 
                Trust Fund at such time to make such appropriations.

SEC. 5. APPLICABILITY.

    This Act shall apply to fiscal years beginning after September 30, 
2001.