SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Maximum Economic Growth for America 
Through the Highway Trust Fund Act'' or the ``MEGA Trust Act''.

SEC. 2. ALL ALCOHOL FUELS TAXES TRANSFERRED TO HIGHWAY TRUST FUND.

    (a) In General.--Section 9503(b)(4) of the Internal Revenue Code of 
1986 (relating to certain taxes not transferred to Highway Trust Fund) 
is amended--
            (1) by adding ``or'' at the end of subparagraph (C),
            (2) by striking the comma at the end of subparagraph 
        (D)(iii) and inserting a period, and
            (3) by striking subparagraphs (E) and (F).
    (b) Effective Date.--The amendments made by this section shall 
apply to taxes received in the Treasury after September 30, 2003.

SEC. 3. GENERAL FUND TRANSFER TO HIGHWAY TRUST FUND OF AMOUNT EQUAL TO 
              UNTAXED PORTION OF GASOHOL CONTAINING ETHANOL.

    (a) In General.--Section 9503(b) of the Internal Revenue Code of 
1986 (relating to transfer to Highway Trust Fund of amounts equivalent 
to certain taxes) is amended--
            (1) by redesignating paragraph (5) as paragraph (6),
            (2) by inserting after paragraph (4) the following new 
        paragraph:
            ``(5) General revenue transfer equal to untaxed portion of 
        gasohol containing ethanol.--There are hereby appropriated to 
        the Highway Trust Fund with respect to any qualified alcohol 
        mixture described in section 4081(c)(4)(A)(i), amounts 
        equivalent to the excess of the rate of tax which would (but 
        for section 4081(c)) be determined under section 4081(a) over 
        the alcohol mixture rate determined under section 
        4081(c)(4)(A)(i) and imposed on such mixture, as determined by 
        the Secretary, after consultation with the Secretary of 
        Transportation. Such amounts shall be appropriated and 
        transferred from the general fund in the manner in which taxes 
        determined under section 4081(a) would have been transferred by 
        the Secretary of the Treasury and such amounts shall be treated 
        as taxes received in the Treasury under such section.''.
    (b) Effective Date.--The amendments made by this section shall 
apply with respect to the removal or entry of any mixture after 
September 30, 2003.

SEC. 4. INTEREST CREDITED TO HIGHWAY TRUST FUND.

    (a) In General.--Section 9503 of the Internal Revenue Code of 1986 
(relating to Highway Trust Fund) is amended by striking subsection (f).
    (b) Effective Date.--The amendment made by this section shall apply 
with respect to obligations held by the Highway Trust Fund after 
September 30, 2003.

SEC. 5. EXTENSION OF HIGHWAY-RELATED TAXES AND TRUST FUND.

    (a) Extension of Taxes.--
            (1) In general.--The following provisions of the Internal 
        Revenue Code of 1986 are each amended by striking ``2005'' each 
        place it appears and inserting ``2011'':
                    (A) Section 4041(a)(1)(C)(iii)(I) (relating to rate 
                of tax on certain buses).
                    (B) Section 4041(a)(2)(B) (relating to rate of tax 
                on special motor fuels).
                    (C) Section 4041(m)(1)(A) (relating to certain 
                alcohol fuels).
                    (D) Section 4051(c) (relating to termination of tax 
                on heavy trucks and trailers).
                    (E) Section 4071(d) (relating to termination of tax 
                on tires).
                    (F) Section 4081(d)(1) (relating to termination of 
                tax on gasoline, diesel fuel, and kerosene).
                    (G) Section 4481(e) (relating to period tax in 
                effect).
                    (H) Section 4482(c)(4) (relating to taxable 
                period).
                    (I) Section 4482(d) (relating to special rule for 
                taxable period in which termination date occurs).
            (2) Floor stocks refunds.--Section 6412(a)(1) of such Code 
        (relating to floor stocks refunds) is amended--
                    (A) by striking ``2005'' each place it appears and 
                inserting ``2011'', and
                    (B) by striking ``2006'' each place it appears and 
                inserting ``2012''.
    (b) Extension of Certain Exemptions.--The following provisions of 
the Internal Revenue Code of 1986 are each amended by striking ``2005'' 
and inserting ``2011'':
            (1) Section 4221(a) (relating to certain tax-free sales).
            (2) Section 4483(g) (relating to termination of exemptions 
        for highway use tax).
    (c) Extension of Deposits Into, and Certain Transfers From, Trust 
Fund.--
            (1) In general.--Subsection (b), and paragraphs (2) and (3) 
        of subsection (c), of section 9503 of the Internal Revenue Code 
        of 1986 (relating to the Highway Trust Fund) are each amended--
                    (A) by striking ``2005'' each place it appears and 
                inserting ``2011'', and
                    (B) by striking ``2006'' each place it appears and 
                inserting ``2012''.
            (2) Motorboat and small-engine fuel tax transfers.--
                    (A) In general.--Paragraphs (4)(A)(i) and (5)(A) of 
                section 9503(c) of such Code are each amended by 
                striking ``2005'' and inserting ``2011''.
                    (B) Conforming amendments to land and water 
                conservation fund.--Section 201(b) of the Land and 
                Water Conservation Fund Act of 1965 (16 U.S.C. 460l-
                11(b)) is amended--
                            (i) by striking ``2003'' and inserting 
                        ``2009'', and
                            (ii) by striking ``2004'' each place it 
                        appears and inserting ``2010''.

SEC. 6. NATIONAL SURFACE TRANSPORTATION INFRASTRUCTURE FINANCING 
              COMMISSION.

    (a) Establishment.--There is established a National Surface 
Transportation Infrastructure Financing Commission (in this section 
referred to as the ``Commission''). The Commission shall hold its first 
meeting within 90 days of the appointment of the eighth individual to 
be named to the Commission.
    (b) Function.--
            (1) In general.--The Commission shall--
                    (A) make a thorough investigation and study of 
                revenues flowing into the Highway Trust Fund under 
                current law, including the individual components of the 
                overall flow of such revenues;
                    (B) consider whether the amount of such revenues is 
                likely to increase, decline, or remain unchanged, 
                absent changes in the law, particularly by taking into 
                account the impact of possible changes in public 
                vehicular choice, fuel use, or travel alternatives that 
                could be expected to reduce or increase revenues into 
                the Highway Trust Fund;
                    (C) consider alternative approaches to generating 
                revenues for the Highway Trust Fund, and the level of 
                revenues that such alternatives would yield;
                    (D) consider highway and transit needs and whether 
                additional revenues into the Highway Trust Fund, or 
                other Federal revenues dedicated to highway and transit 
                infrastructure, would be required in order to meet such 
                needs; and
                    (E) study such other matters closely related to the 
                subjects described in the preceding subparagraphs as it 
                may deem appropriate.
            (2) Time frame of investigation and study.--The time frame 
        to be considered by the Commission shall extend through the 
        year 2015, to the extent data is reasonably available.
            (3) Preparation of report.--Based on such investigation and 
        study, the Commission shall develop a final report, with 
        recommendations and the bases for those recommendations, 
        indicating policies that should be adopted, or not adopted, to 
        achieve various levels of annual revenue for the Highway Trust 
        Fund and to enable the Highway Trust Fund to receive revenues 
        sufficient to meet highway and transit needs. Such 
        recommendations shall address, among other matters as the 
        Commission may deem appropriate--
                    (A) what levels of revenue are required by the 
                Federal Highway Trust Fund in order for it to meet 
                needs to--
                            (i) maintain, and
                            (ii) improve the condition and performance 
                        of the Nation's highway and transit systems;
                    (B) what levels of revenue are required by the 
                Federal Highway Trust Fund in order to ensure that 
                Federal levels of investment in highways and transit do 
                not decline in real terms; and
                    (C) the extent, if any, to which the Highway Trust 
                Fund should be augmented by other mechanisms or funds 
                as a Federal means of financing highway and transit 
                infrastructure investments.
    (c) Membership.--
            (1) Appointment.--The Commission shall be composed of 15 
        members, appointed as follows:
                    (A) 7 members appointed by the Secretary of 
                Transportation, in consultation with the Secretary of 
                the Treasury.
                    (B) 2 members appointed by the Chairman of the 
                Committee on Ways and Means of the House of 
                Representatives.
                    (C) 2 members appointed by the Ranking Minority 
                Member of the Committee on Ways and Means of the House 
                of Representatives.
                    (D) 2 members appointed by the Chairman of the 
                Committee on Finance of the Senate.
                    (E) 2 members appointed by the Ranking Minority 
                Member of the Committee on Finance of the Senate.
            (2) Qualifications.--Members appointed pursuant to 
        paragraph (1) shall be appointed from among individuals 
        knowledgeable in the fields of public transportation finance or 
        highway and transit programs, policy, and needs, and may 
        include representatives of interested parties, such as State 
        and local governments or other public transportation 
        authorities or agencies, representatives of the transportation 
        construction industry (including suppliers of technology, 
        machinery and materials), transportation labor (including 
        construction and providers), transportation providers, the 
        financial community, and users of highway and transit systems.
            (3) Terms.--Members shall be appointed for the life of the 
        Commission.
            (4) Vacancies.--A vacancy in the Commission shall be filled 
        in the manner in which the original appointment was made.
            (5) Travel expenses.--Members shall serve without pay but 
        shall receive travel expenses, including per diem in lieu of 
        subsistence, in accordance with sections 5702 and 5703 of title 
        5, United States Code.
            (6) Chairman.--The Chairman of the Commission shall be 
        elected by the members.
    (d) Staff.--The Commission may appoint and fix the pay of such 
personnel as it considers appropriate.
    (e) Funding.--Funding for the Commission shall be provided by the 
Secretary of the Treasury and by the Secretary of Transportation, out 
of funds available to those agencies for administrative and policy 
functions.
    (f) Staff of Federal Agencies.--Upon request of the Commission, the 
head of any department or agency of the United States may detail any of 
the personnel of that department or agency to the Commission to assist 
in carrying out its duties under this section.
    (g) Obtaining Data.--The Commission may secure directly from any 
department or agency of the United States, information (other than 
information required by any law to be kept confidential by such 
department or agency) necessary for the Commission to carry out its 
duties under this section. Upon request of the Commission, the head of 
that department or agency shall furnish such nonconfidential 
information to the Commission. The Commission shall also gather 
evidence through such means as it may deem appropriate, including 
through holding hearings and soliciting comments by means of Federal 
Register notices.
    (h) Report.--Not later than 2 years after the date of its first 
meeting, the Commission shall transmit its final report, including 
recommendations, to the Secretary of Transportation, the Secretary of 
the Treasury, and the Committee on Ways and Means of the House of 
Representatives, the Committee on Finance of the Senate, the Committee 
on Transportation and Infrastructure of the House of Representatives, 
the Committee on Environment and Public Works of the Senate, and the 
Committee on Banking, Housing, and Urban Affairs of the Senate.
    (i) Termination.--The Commission shall terminate on the 180th day 
following the date of transmittal of the report under subsection (h). 
All records and papers of the Commission shall thereupon be delivered 
to the Administrator of General Services for deposit in the National 
Archives.
Maximum Economic Growth for America Through the Highway Trust Fund Act (or MEGA Trust Act) - Amends the Internal Revenue Code to transfer all excise taxes imposed on alcohol fuels to the Highway Trust Fund (the "Fund").Authorizes the transfer to the Fund from the general fund of the Treasury of the amount of money equal to the untaxed portion of gasohol containing ethanol, effective with respect to the removal or entry of any mixture after September 30, 2003.Eliminates provision of Code stating that obligations of the Fund shall not be interest bearing, thus allowing the Fund to earn interest, effective with respect to obligations held by the Fund after September 30, 2003.Extends various highway-related taxes, floor stock refunds, certain tax-free sales, exemption from tax for use of highway vehicles by States and local governments and for use of certain transit-type buses, deposits into and certain specified transfers from the Fund, transfers from the Fund for motorboat fuel taxes and small-engine fuel taxes, and refunds of certain specified funds from the land and water conservation fund into the general fund.Establishes a National Surface Transportation Infrastructure Financing Commission (the "Commission"). Permits any department or agency to detail personnel to the Commission, and requires such bodies to furnish nonconfidential materials to the Commission upon request.
A bill to amend the Internal Revenue Code of 1986 to transfer all excise taxes imposed on alcohol fuels to the Highway Trust Fund, and for other purposes.