Maritime Trust Fund Act

Summary: Maritime Trust Fund Act - Amends the Internal Revenue Code to increase the tax on transportation of passengers by water on a covered voyage to five percent of the amount paid by each passenger. (Currently, such tax is three dollars per passenger).  Requires such voyages to have a port of call not located in the United States or its possessions. 
Imposes an excise tax on the loading of certain containers used to import or export commercial cargo on commercial vessels. 
Establishes the Maritime Trust Fund consisting of the maritime taxes imposed by this Act.  Requires such Fund to support the maritime security fleet proposed by the Maritime Security and Competitiveness Act of 1993.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Maritime Trust Fund Act''.

SEC. 2. MODIFICATIONS IN EXCISE TAX ON TRANSPORTATION OF PASSENGERS BY 
              WATER.

    (a) Increase in Amount of Tax.--Subsection (a) of section 4471 of 
the Internal Revenue Code of 1986 is amended to read as follows:
    ``(a) In General.--There is hereby imposed a tax equal to 5 percent 
of the amount paid by each passenger for a covered voyage.''
    (b) Modification to Covered Voyages.--Clause (i) of section 
4472(1)(A) of such Code is amended by inserting before the comma ``and 
which has a port of call not located in the United States or a 
possession of the United States''.
    (c) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act.

SEC. 3. EXCISE TAX ON CONTAINERS USED TO IMPORT OR EXPORT COMMERCIAL 
              CARGO.

    (a) In General.--Chapter 36 of the Internal Revenue Code of 1986 
(relating to certain other excise taxes) is amended by inserting after 
subchapter B the following new subchapter:

       ``Subchapter C--Containers Used To Import or Export Cargo

                              ``Sec. 4476. Imposition of tax.

``SEC. 4476. IMPOSITION OF TAX.

    ``(a) General Rule.--There is hereby imposed a tax on any taxable 
container use.
    ``(b) Amount of Tax.--The amount of the tax imposed by subsection 
(a) on any taxable container use is $15 per 20-foot equivalent unit of 
the container.
    ``(c) Liability and Time of Imposition of Tax.--
            ``(1) Liability.--The tax imposed by subsection (a) shall 
        be paid by the shipper.
            ``(2) Time of imposition.--Except as otherwise provided by 
        regulations, the tax imposed by subsection (a) shall be 
        imposed--
                    ``(A) at the time of exportation in the case of a 
                use described in subsection (d)(1), and
                    ``(B) at the time of entry in the case of a use in 
                subsection (d)(2).
    ``(d) Taxable Container Use.--For purposes of this section, the 
term `taxable container use' means--
            ``(1) the loading of a container containing commercial 
        cargo on a commercial vessel at a port if--
                    ``(A) such cargo is being exported from the United 
                States, and
                    ``(B) such vessel is to provide the transport from 
                the United States, and
            ``(2) the unloading of a container containing commercial 
        cargo from a commercial vessel at a port if such cargo is being 
        entered into the United States.
    ``(e) Other Definitions.--For purposes of this section--
            ``(1) In general.--The terms `commercial cargo', 
        `commercial vessel', and `port' have the respective meanings 
        given such terms under section 4462.
            ``(2) United states.--The term `United States' includes the 
        possessions of the United States.
    ``(f) Special Rules.--Rules similar to the rules of subsections 
(d), (e), (f), (h), and (i) of section 4462 shall apply for purposes of 
this section.''
    (b) Clerical Amendment.--The table of subchapters for chapter 36 of 
such Code is amended by inserting after the item relating to subchapter 
B the following new item:

                              ``Subchapter C. Containers used to import 
                                        or export cargo.''
    (c) Effective Date.--The amendments made by this section shall take 
effect on January 1, 1996.

SEC. 4. MARITIME TRUST FUND.

    (a) In General.--Subchapter A of chapter 98 of the Internal Revenue 
Code of 1986 (relating to trust fund code) is amended by adding at the 
end thereof the following new section:

``SEC. 9512. MARITIME TRUST FUND.

    ``(a) Creation of Trust Fund.--There is established in the Treasury 
of the United States a trust fund to be known as the `Maritime Trust 
Fund', consisting of such amounts as may be appropriated or credited to 
such Trust Fund as provided in this section or section 9602(b).
    ``(b) Transfers to Trust Fund.--
            ``(1) In general.--There are hereby appropriated to the 
        Maritime Trust Fund amounts equivalent to the net revenues 
        received in the Treasury from the maritime taxes.
            ``(2) Net revenues.--For purposes of paragraph (1), the 
        term `net revenues' means the amount estimated by the Secretary 
        based on the excess of--
                    ``(A) the maritime taxes received in the Treasury, 
                over
                    ``(B) the decrease in the tax imposed by chapter 1 
                resulting from the maritime taxes.
            ``(3) Maritime taxes.--For purposes of this subsection, the 
        term `maritime taxes' means--
                    ``(A) the taxes imposed by section 4471 (relating 
                to transportation of passengers by water) to the extent 
                the taxes received in the Treasury under such section 
                exceed the amount that the Secretary estimates would 
                have been received under such section without regard to 
                the amendments made by the Maritime Trust Fund Act, and
                    ``(B) the taxes imposed by section 4476 (relating 
                to containers used to import or export commercial 
                cargo).
    ``(c) Expenditures From Trust Fund.--Amounts in the Maritime Trust 
Fund shall be available, as provided in appropriation Acts, only for 
purposes of making expenditures to carry out any law which is 
substantially similar to the title IV of the Merchant Marine Act, 1936 
(46 App. U.S.C. 1171) proposed to be added by H.R. 2151 (The Maritime 
Security and Competitiveness Act of 1993) of the 103d Congress, as 
introduced.''
    (b) Clerical Amendment.--The table of sections for such subchapter 
A is amended by adding at the end thereof the following new item:

                              ``Sec. 9512. Maritime Trust Fund.''