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[House Report 112-396]
[From the U.S. Government Publishing Office]

112th Congress                                            Rept. 112-396
                        HOUSE OF REPRESENTATIVES
 2d Session                                                      Part 1

======================================================================

 
     AMERICAN ENERGY AND INFRASTRUCTURE JOBS FINANCING ACT OF 2012

                                _______
                                

February 9, 2012.--Committed to the Committee of the Whole House on the 
              State of the Union and ordered to be printed

                                _______
                                

            Mr. Camp, from the Committee on Ways and Means, 
                        submitted the following

                              R E P O R T

                             together with

                            DISSENTING VIEWS

                        [To accompany H.R. 3864]

      [Including cost estimate of the Congressional Budget Office]

    The Committee on Ways and Means, to whom was referred the 
bill (H.R. 3864) to amend the Internal Revenue Code of 1986 to 
extend authorities relating to the Highway Trust Fund, to 
provide revenues for highway programs and for other purposes, 
having considered the same, report favorably thereon and 
recommend that the bill do pass.

                                CONTENTS

                                                                   Page
  I. Summary and Background...........................................2
 II. Explanation of the Bill..........................................2
    A. GExtension of Highway Trust Fund Expenditure Authority and 
      Related Taxes..............................................     2
    B. GRevenues From Certain Domestic Energy Leases Appropriated 
      to the Highway Trust Fund..................................     5
    C. GMass Transit Account Funding.............................     6
III. Votes of the Committee...........................................7
 IV. Budget Effects of the Bill.......................................9
  V. Other Matters To be Discussed Under the Rules of the House......12
 VI. Changes in Existing Law Made by the Bill, as Reported...........14
VII. Dissenting Views................................................23

                       I. Summary and Background

                         A. PURPOSE AND SUMMARY

    The bill, H.R. 3864, reported by the Committee on Ways and 
Means, reauthorizes through September 30, 2016, the expenditure 
authority for the Highway Trust Fund and extends, through 
September 30, 2018, the current Federal excise taxes that fund 
the Highway Trust Fund. To address the projected inability of 
the Highway Trust Fund to meet expenditures with current 
revenue sources, H.R. 3864 restructures the funding sources for 
the Highway Account and Mass Transit Account. Under H.R. 3864, 
all excise tax revenue that fund the Highway Trust Fund and 
certain revenues from domestic energy development are deposited 
into the Highway Account. The Mass Transit Account is renamed 
the Alternative Transportation Account and funded with an 
appropriation of $40 billion.

                 B. BACKGROUND AND NEED FOR LEGISLATION

    The provisions approved by the Committee reflect the need 
to reauthorize expiring Highway Trust Fund expenditure 
authority, extend expiring Federal excise taxes that fund the 
Highway Trust Fund and provide revenues to the Highway Trust 
Fund in order to provide stable funding for highway and mass 
transit projects, consistent with the five-year reauthorization 
bill (the ``American Energy and Infrastructure Jobs Act of 
2012'', H.R. 7) that was ordered reported by the Committee on 
Transportation and Infrastructure on February 3, 2012, as well 
as for other purposes.

                         C. LEGISLATIVE HISTORY

Background

    H.R. 3864 was introduced on February 1, 2012, and was 
referred to the Committee on Ways and Means, and in addition 
the Committee on Transportation and Infrastructure.

Committee action

    The Committee on Ways and Means marked up H.R. 3864, the 
American Energy and Infrastructure Jobs Financing Act of 2012, 
on February 3, 2012, and ordered the bill favorably reported 
without an amendment (with a quorum being present).

                      II. Explanation of the Bill

 A. EXTENSION OF HIGHWAY TRUST FUND EXPENDITURE AUTHORITY AND RELATED 
  TAXES (SECS. 2 AND 3 OF THE BILL AND SECS. 4041, 4051, 4071, 4081, 
        4221, 4481-4483, 6412, 9503, 9504, AND 9508 OF THE CODE)

Present-Law Highway Trust Fund Excise Taxes

            In general
    Six separate excise taxes are imposed to finance the 
Federal Highway Trust Fund program. Three of these taxes are 
imposed on highway motor fuels. The remaining three are a 
retail sales tax on heavy highway vehicles, a manufacturers? 
excise tax on heavy vehicle tires, and an annual use tax on 
heavy vehicles. A substantial majority of the revenues produced 
by the Highway Trust Fund excise taxes are derived from the 
taxes on motor fuels. The annual use tax on heavy vehicles 
expires October 1, 2012. Except for 4.3 cents per gallon of the 
Highway Trust Fund fuels tax rates, the remaining taxes are 
scheduled to expire after March 31, 2012. The 4.3-cents-per-
gallon portion of the fuels tax rates is permanent.\1\ The six 
taxes are summarized below.
---------------------------------------------------------------------------
    \1\This portion of the tax rates was enacted as a deficit reduction 
measure in 1993. Receipts from it were retained in the General Fund 
until 1997 legislation provided for their transfer to the Highway Trust 
Fund.
---------------------------------------------------------------------------
            Highway motor fuels taxes
    The Highway Trust Fund motor fuels tax rates are as 
follows:\2\
---------------------------------------------------------------------------
    \2\Secs. 4041(a)(2), 4041(a)(3), 4041(m), 4081(a)(2)(A)(i), and 
4081(a)(2)(A)(iii). Except where noted, all section references are to 
the Internal Revenue Code of 1986, as amended (``the Code''). Some of 
these fuels also are subject to an additional 0.1-cent-per-gallon 
excise tax to fund the Leaking Underground Storage Tank (``LUST'') 
Trust Fund (secs. 4041(d) and 4081(a)(2)(B)).
    \3\See secs. 4041(a)(2), 4041(a)(3), and 4041(m).

------------------------------------------------------------------------

------------------------------------------------------------------------
Gasoline........................  18.3 cents per gallon.
Diesel fuel and kerosene........  24.3 cents per gallon.
Special motor fuels.............  \3\18.3 cents per gallon generally.
------------------------------------------------------------------------

            Non-fuel Highway Trust Fund excise taxes
    In addition to the highway motor fuels excise tax revenues, 
the Highway Trust Fund receives revenues produced by three 
excise taxes imposed exclusively on heavy highway vehicles or 
tires. These taxes are:
          1. A 12-percent excise tax imposed on the first 
        retail sale of heavy highway vehicles, tractors, and 
        trailers (generally, trucks having a gross vehicle 
        weight in excess of 33,000 pounds and trailers having 
        such a weight in excess of 26,000 pounds);\4\
---------------------------------------------------------------------------
    \4\Sec. 4051.
---------------------------------------------------------------------------
          2. An excise tax imposed on highway tires with a 
        rated load capacity exceeding 3,500 pounds, generally 
        at a rate of 0.945 cents per pound of excess;\5\ and
---------------------------------------------------------------------------
    \5\Sec. 4071.
---------------------------------------------------------------------------
          3. An annual use tax imposed on highway vehicles 
        having a taxable gross weight of 55,000 pounds or 
        more.\6\ (The maximum rate for this tax is $550 per 
        year, imposed on vehicles having a taxable gross weight 
        over 75,000 pounds.)
---------------------------------------------------------------------------
    \6\Sec. 4481.
---------------------------------------------------------------------------
    The taxable year for the annual use tax is from July 1st 
through June 30th of the following year. For the period July 1, 
2012, through September 30, 2012, the amount of the annual use 
tax is reduced by 75 percent.

Present-Law Highway Trust Fund Expenditure Provisions

            In general
    Under present law, revenues from the highway excise taxes, 
as imposed through March 31, 2012, generally are dedicated to 
the Highway Trust Fund. Dedication of excise tax revenues to 
the Highway Trust Fund and expenditures from the Highway Trust 
Fund are governed by the Code.\7\ The Code authorizes 
expenditures (subject to appropriations) from the Highway Trust 
Fund through March 31, 2012, for the purposes provided in 
authorizing legislation, as in effect on the date of enactment 
of the Surface Transportation Extension Act of 2011, Part II.
---------------------------------------------------------------------------
    \7\Sec. 9503. The Highway Trust Fund statutory provisions were 
placed in the Internal Revenue Code in 1982.
---------------------------------------------------------------------------
            Highway Trust Fund expenditure purposes
    The Highway Trust Fund has a separate account for mass 
transit, the Mass Transit Account.\8\ The Highway Trust Fund 
and the Mass Transit Account are funding sources for specific 
programs.
---------------------------------------------------------------------------
    \8\Sec. 9503(e)(1).
---------------------------------------------------------------------------
    Highway Trust Fund expenditure purposes have been revised 
with each authorization Act enacted since establishment of the 
Highway Trust Fund in 1956. In general, expenditures authorized 
under those Acts (as the Acts were in effect on the date of 
enactment of the most recent such authorizing Act) are 
specified by the Code as Highway Trust Fund expenditure 
purposes.\9\ The Code provides that the authority to make 
expenditures from the Highway Trust Fund expires after March 
31, 2012. Thus, no Highway Trust Fund expenditures may occur 
after March 31, 2012, without an amendment to the Code.
---------------------------------------------------------------------------
    \9\The authorizing Acts that currently are referenced in the 
Highway Trust Fund provisions of the Code are: the Highway Revenue Act 
of 1956; Titles I and II of the Surface Transportation Assistance Act 
of 1982; the Surface Transportation and Uniform Relocation Act of 1987; 
the Intermodal Surface Transportation Efficiency Act of 1991; the 
Transportation Equity Act for the 21st Century; the Surface 
Transportation Extension Act of 2003; the Surface Transportation 
Extension Act of 2004; the Surface Transportation Extension Act of 
2004, Part II; the Surface Transportation Extension Act of 2004, Part 
III; the Surface Transportation Extension Act of 2004, Part IV; the 
Surface Transportation Extension Act of 2004, Part V; the Safe, 
Accountable, Flexible, Efficient Transportation Equity Act: A Legacy 
for Users; the SAFETEA-LU Technical Corrections Act of 2008; the 
Surface Transportation Extension Act of 2010; the Surface 
Transportation Extension Act of 2010, Part II; the Surface 
Transportation Extension Act of 2011; and the Surface Transportation 
Extension Act of 2011, Part II.
---------------------------------------------------------------------------

The American Energy and Infrastructure Jobs Act of 2012

    On February 3, 2012, the House Committee on Transportation 
and Infrastructure approved H.R. 7, the American Energy and 
Infrastructure Jobs Act of 2012. Among other purposes, the bill 
reauthorizes the Federal highway, public transportation, 
highway safety, and motor carrier safety programs for fiscal 
year 2012 through fiscal year 2016.

Reasons for Change

    The Safe, Accountable, Flexible, Efficient Transportation 
Equity Act: A Legacy for Users, which was the last long-term 
Highway Trust Fund reauthorization, expired September 30, 2009. 
The highway and mass transit programs since then have been 
subject to a series of temporary extensions. Most highway 
projects are multi-year projects. The Committee believes a 
five-year reauthorization provides stability for State 
transportation programs and the opportunity for longer-range 
planning. Therefore, it is appropriate to reauthorize Highway 
Trust Fund expenditures through September 30, 2016, in 
coordination with new transportation legislation (the American 
Energy and Infrastructure Jobs Act of 2012) and to extend 
current Federal taxes payable to the Highway Trust Fund through 
September 30, 2018.
    In calendar year 2011, the heavy vehicle use tax was 
scheduled to expire on September 30, 2011, with a short July 1 
to September 30 tax period. The annual use tax return is 
normally due August 31. On July 15, 2011, the IRS 
administratively delayed the due date for filing the annual 
heavy vehicle use tax return from August 31, to November 30, 
2011. This allowed sufficient time for Congress to extend the 
heavy vehicle use tax for an entire taxable year, ensuring the 
Highway Trust Fund would receive the full amount of tax rather 
than 25 percent for the taxable period.
    To ensure a full year of tax is collected, and avoid 
taxpayer and IRS inconvenience in the future, the bill 
eliminates the short taxable period, changes the heavy vehicle 
use tax taxable period from a July 1 to an October 1 annual 
period, and conforms the heavy vehicle use tax expiration to 
that of the other taxes dedicated to the Highway Trust Fund.

Explanation of Provision

    Under H.R. 3864, the expenditure authority for the Highway 
Trust Fund is extended through September 30, 2016. The Code 
provisions governing the purposes for which monies in the 
Highway Trust Fund may be spent are updated to include the 
reauthorization bill, the American Energy and Infrastructure 
Jobs Act of 2012.\10\
---------------------------------------------------------------------------
    \10\The provision also replaces cross-references to the Surface 
Transportation Extension Act of 2011, Part II, with the American Energy 
and Infrastructure Jobs Act of 2012, and replaces April 1, 2012 
references with October 1, 2016 in the Code provisions governing the 
Leaking Underground Storage Tank Trust Fund, and the Sport Fish 
Restoration and Boating Trust Fund.
---------------------------------------------------------------------------
    The provision extends the motor fuel taxes, and all three 
non-fuel excise taxes at their current rates through September 
30, 2018. Effective October 1, 2012, the provision conforms the 
annual use tax to a fiscal year, ending on September 30, rather 
than June 30.\11\
---------------------------------------------------------------------------
    \11\The LUST Trust Fund financing rate of 0.1 cent per gallon is 
also extended through September 30, 2018.
---------------------------------------------------------------------------

Effective Date

    The provision is generally effective on April 1, 2012. The 
provision changing the taxable period for the annual use tax is 
effective for periods beginning after September 30, 2012.

  B. REVENUES FROM CERTAIN DOMESTIC ENERGY LEASES APPROPRIATED TO THE 
   HIGHWAY TRUST FUND (SEC. 4 OF THE BILL AND SEC. 9503 OF THE CODE)

Present Law

    Section 9503 appropriates to the Highway Trust Fund amounts 
equivalent to the taxes received from the following: the taxes 
on diesel, gasoline, kerosene and special motor fuel, the tax 
on tires, the annual heavy vehicle use tax, and the tax on the 
retail sale of heavy trucks and trailers.\12\ Section 9601 
provides that amounts appropriated to a trust fund pursuant to 
sections 9501 through 9511, are to be transferred at least 
monthly from the General Fund of the Treasury to such trust 
fund on the basis of estimates made by the Secretary of the 
Treasury of the amounts referred to in the Code section 
appropriating the amounts to such trust fund. The Code requires 
that proper adjustments be made in amounts subsequently 
transferred to the extent prior estimates were in excess of, or 
less than, the amounts required to be transferred.
---------------------------------------------------------------------------
    \12\Sec. 9503(b)(1).
---------------------------------------------------------------------------

Reasons for Change

    Because infrastructure spending has consistently outpaced 
Highway Trust Fund revenues, the Congress has made several 
deficit-financed General Fund transfers to support Highway 
Trust Fund expenditures in recent years. Nevertheless, the 
Congressional Budget Office has estimated that the Highway 
Trust Fund will exhaust its available revenues for highway 
projects in Fiscal Year 2013. The Committee believes it is 
necessary to prevent insolvency of the Highway Trust Fund while 
providing adequate funding for these projects. Therefore, the 
Committee believes that it is appropriate to dedicate revenues 
from domestic energy resources to the Highway Trust Fund, which 
will simultaneously provide needed funding for infrastructure 
in a fiscally responsible manner, promote domestic energy 
development, and create jobs.

Explanation of Provision

    H.R. 3864 provides that the net increase in Federal 
revenues from certain onshore and offshore domestic energy 
leasing and production, as generated by certain bills,\13\ be 
appropriated to the Highway Trust Fund.
---------------------------------------------------------------------------
    \13\H.R. 3407, the Alaskan Energy for American Jobs Act, is a bill 
to direct the Secretary of the Interior to establish and implement a 
competitive oil and gas leasing program for the exploration, 
development, and production of the oil and gas resources of the Coastal 
Plain of Alaska, to ensure secure energy supplies for the continental 
Pacific Coast of the United States, to lower prices, to reduce imports, 
and for other purposes. H.R. 3408, the Protecting Investment in Oil 
Shale the Next Generation of Environmental, Energy, and Resource 
Security Act (the PIONEERS Act), is a bill to set clear rules for the 
development of the United States oil shale resources, to promote shale 
technology research and development, and for other purposes. H.R. 3410, 
the Energy Security and Transportation Jobs Act, is a bill to require 
the Secretary of the Interior to conduct certain offshore oil and gas 
lease sales, to provide fair and equitable revenue sharing for all 
coastal States, to formulate future offshore energy development plans 
in areas with the most potential, to generate revenue for American 
infrastructure, and for other purposes.
---------------------------------------------------------------------------

Effective Date

    The provision is effective on the date of enactment.

 C. MASS TRANSIT ACCOUNT FUNDING (SEC. 5 OF THE BILL AND SEC. 9503 OF 
                               THE CODE)

Present Law

    The Mass Transit Account is funded by a portion of the 
motor fuel taxes as follows: 2.86 cents per gallon of the taxes 
imposed on gasoline, diesel fuel, and kerosene; 1.43 cents per 
gallon in the case of any partially exempt methanol or ethanol 
fuel; 1.86 cents per gallon in the case of liquefied natural 
gas; 2.13 cents per gallon in the case of liquefied petroleum 
gas; and 9.71 cents per MCF (thousand cubic feet) in the case 
of compressed natural gas.

Reasons for Change

    Fuel tax revenues are insufficient to meet the needs of the 
Highway Trust Fund, which has necessitated several deficit-
financed General Fund transfers to the Highway Trust Fund in 
recent years. The Congressional Budget Office projects that the 
Mass Transit Account of the Highway Trust Fund will exhaust 
available revenues for mass transit projects in Fiscal Year 
2014. In addition, mass transit generally contributes no 
revenue to the Highway Trust Fund, even though approximately 20 
percent of Highway Trust Fund revenues is spent on mass transit 
projects. To provide a more appropriate funding source for mass 
transit during the reauthorization period, the Committee 
believes that current fuel tax revenues should be devoted 
exclusively to highway projects, while mass transit projects 
should be funded with a $40 billion transfer from the General 
Fund that does not increase the deficit. The Committee notes 
that, according to the Congressional Budget office, mass 
transit projects would receive only $25 billion under current 
policy. Therefore, this transfer, which would be provided 
immediately upon enactment, provides significantly more revenue 
than mass transit would receive over the reauthorization 
period. Furthermore, the Committee believes that extending the 
ability of the Highway Trust Fund to finance mass transit 
projects will provide the Congress an opportunity during the 
reauthorization period to consider ways to fund mass transit 
that are more equitable and sustainable than current policy 
over the long-term.

Explanation of Provision

    H.R. 3864 ends the transfer of all motor fuel tax amounts 
to the Mass Transit Account, and instead funds the account with 
a one-time appropriation of $40 billion. To the extent fuel tax 
receipts for FY 2012 were credited to the Mass Transit Account, 
the provision requires such amounts to be transferred from the 
Mass Transit Account to the Highway Account of the Highway 
Trust Fund. The provision also renames the Mass Transit 
Account, the ``Alternative Transportation Account.''

Effective Date

    The provision is effective on the date of enactment.

                      III. Votes of the Committee

    In compliance with clause 3(b) of rule XIII of the Rules of 
the House of Representatives, the following statements are made 
concerning the votes of the Committee on Ways and Means in its 
consideration of H.R. 3864, the ``American Energy and 
Infrastructure Jobs Financing Act of 2012.''

                    MOTION TO REPORT RECOMMENDATIONS

    The bill, H.R. 3864, was ordered favorably reported without 
amendment by a roll call vote of 20 yeas and 17 nays (with a 
quorum being present). The vote was as follows:

----------------------------------------------------------------------------------------------------------------
         Representative             Yea       Nay     Present     Representative      Yea       Nay     Present
----------------------------------------------------------------------------------------------------------------
Mr. Camp.......................        X   ........  .........  Mr. Levin........  ........        X   .........
Mr. Herger.....................        X   ........  .........  Mr. Rangel.......  ........        X   .........
Mr. Johnson....................        X   ........  .........  Mr. Stark........  ........        X   .........
Mr. Brady......................        X   ........  .........  Mr. McDermott....  ........        X   .........
Mr. Ryan.......................        X   ........  .........  Mr. Lewis........  ........        X   .........
Mr. Nunes......................        X   ........  .........  Mr. Neal.........  ........        X   .........
Mr. Tiberi.....................        X   ........  .........  Mr. Becerra......  ........        X   .........
Mr. Davis......................        X   ........  .........  Mr. Doggett......  ........        X   .........
Mr. Reichert...................        X   ........  .........  Mr. Thompson.....  ........        X   .........
Mr. Boustany...................        X   ........  .........  Mr. Larson.......  ........        X   .........
Mr. Roskam.....................        X   ........  .........  Mr. Blumenauer...  ........        X   .........
Mr. Gerlach....................        X   ........  .........  Mr. Kind.........  ........        X   .........
Mr. Price......................        X   ........  .........  Mr. Pascrell.....  ........        X   .........
Mr. Buchanan...................        X         X   .........  Ms. Berkley......  ........        X   .........
Mr. Smith......................        X   ........  .........  Mr. Crowley......  ........        X   .........
Mr. Schock.....................        X   ........  .........  .................  ........  ........  .........
Ms. Jenkins....................        X   ........  .........  .................  ........  ........  .........
Mr. Paulsen....................        X         X   .........  .................  ........  ........  .........
Mr. Marchant...................        X   ........  .........  .................  ........  ........  .........
Mr. Berg.......................        X   ........  .........  .................  ........  ........  .........
Ms. Black......................        X   ........  .........  .................  ........  ........  .........
Mr. Reed.......................        X   ........  .........  .................  ........  ........  .........
----------------------------------------------------------------------------------------------------------------

                          VOTES ON AMENDMENTS

    An amendment offered by Mr. Blumenauer and Mr. Rangel to 
strike section 5 of the bill failed to pass by a roll call vote 
of 15 yeas to 22 nays (with a quorum being present). The vote 
was as follows:

----------------------------------------------------------------------------------------------------------------
         Representative             Yea       Nay     Present     Representative      Yea       Nay     Present
----------------------------------------------------------------------------------------------------------------
Mr. Camp.......................  ........        X   .........  Mr. Levin........        X   ........  .........
Mr. Herger.....................  ........        X   .........  Mr. Rangel.......        X   ........  .........
Mr. Johnson....................  ........        X   .........  Mr. Stark........        X   ........  .........
Mr. Brady......................  ........        X   .........  Mr. McDermott....        X   ........  .........
Mr. Ryan.......................  ........        X   .........  Mr. Lewis........        X   ........  .........
Mr. Nunes......................  ........        X   .........  Mr. Neal.........        X   ........  .........
Mr. Tiberi.....................  ........        X   .........  Mr. Becerra......        X   ........  .........
Mr. Davis......................  ........        X   .........  Mr. Doggett......        X   ........  .........
Mr. Reichert...................  ........        X   .........  Mr. Thompson.....        X   ........  .........
Mr. Boustany...................  ........        X   .........  Mr. Larson.......        X   ........  .........
Mr. Roskam.....................  ........        X   .........  Mr. Blumenauer...        X   ........  .........
Mr. Gerlach....................  ........        X   .........  Mr. Kind.........        X   ........  .........
Mr. Price......................  ........        X   .........  Mr. Pascrell.....        X   ........  .........
Mr. Buchanan...................  ........        X   .........  Ms. Berkley......        X   ........  .........
Mr. Smith......................  ........        X   .........  Mr. Crowley......        X   ........  .........
Mr. Schock.....................  ........        X   .........  .................  ........  ........  .........
Ms. Jenkins....................  ........        X   .........  .................  ........  ........  .........
Mr. Paulsen....................  ........        X   .........  .................  ........  ........  .........
Mr. Marchant...................  ........        X   .........  .................  ........  ........  .........
Mr. Berg.......................  ........        X   .........  .................  ........  ........  .........
Ms. Black......................  ........        X   .........  .................  ........  ........  .........
Mr. Reed.......................  ........        X   .........  .................  ........  ........  .........
----------------------------------------------------------------------------------------------------------------

    An amendment offered by Mr. Neal to strike section 5 of the 
bill and insert various other tax provisions failed to pass by 
a roll call vote of 15 yeas to 22 nays (with a quorum being 
present). The vote was as follows:

----------------------------------------------------------------------------------------------------------------
         Representative             Yea       Nay     Present     Representative      Yea       Nay     Present
----------------------------------------------------------------------------------------------------------------
Mr. Camp.......................  ........        X   .........  Mr. Levin........        X   ........  .........
Mr. Herger.....................  ........        X   .........  Mr. Rangel.......        X   ........  .........
Mr. Johnson....................  ........        X   .........  Mr. Stark........        X   ........  .........
Mr. Brady......................  ........        X   .........  Mr. McDermott....        X   ........  .........
Mr. Ryan.......................  ........        X   .........  Mr. Lewis........        X   ........  .........
Mr. Nunes......................  ........        X   .........  Mr. Neal.........        X   ........  .........
Mr. Tiberi.....................  ........        X   .........  Mr. Becerra......        X   ........  .........
Mr. Davis......................  ........        X   .........  Mr. Doggett......        X   ........  .........
Mr. Reichert...................  ........        X   .........  Mr. Thompson.....        X   ........  .........
Mr. Boustany...................  ........        X   .........  Mr. Larson.......        X   ........  .........
Mr. Roskam.....................  ........        X   .........  Mr. Blumenauer...        X   ........  .........
Mr. Gerlach....................  ........        X   .........  Mr. Kind.........        X   ........  .........
Mr. Price......................  ........        X   .........  Mr. Pascrell.....        X   ........  .........
Mr. Buchanan...................  ........        X   .........  Ms. Berkley......        X   ........  .........
Mr. Smith......................  ........        X   .........  Mr. Crowley......        X   ........  .........
Mr. Schock.....................  ........        X   .........  .................  ........  ........  .........
Ms. Jenkins....................  ........        X   .........  .................  ........  ........  .........
Mr. Paulsen....................  ........        X   .........  .................  ........  ........  .........
Mr. Marchant...................  ........        X   .........  .................  ........  ........  .........
Mr. Berg.......................  ........        X   .........  .................  ........  ........  .........
Ms. Black......................  ........        X   .........  .................  ........  ........  .........
Mr. Reed.......................  ........        X   .........  .................  ........  ........  .........
----------------------------------------------------------------------------------------------------------------

                     IV. Budget Effects of the Bill

               A. COMMITTEE ESTIMATE OF BUDGETARY EFFECTS

    In compliance with clause 3(d) of rule XIII of the Rules of 
the House of Representatives, the following statement is made 
concerning the effects on the budget of the revenue provisions 
of the bill, H.R. 3864, as reported.
    The bill is estimated to have the following effects on 
Federal budget receipts for fiscal years 2012-2022:

B. STATEMENT REGARDING NEW BUDGET AUTHORITY AND TAX EXPENDITURES BUDGET 
                               AUTHORITY

    In compliance with clause 3(c)(2) of rule XIII of the Rules 
of the House of Representatives, the Committee states that the 
bill involves no new or increased budget authority. The 
Committee states further that the bill involves no new or 
increased tax expenditures.

      C. COST ESTIMATE PREPARED BY THE CONGRESSIONAL BUDGET OFFICE

    In compliance with clause 3(c)(3) of rule XIII of the Rules 
of the House of Representatives, requiring a cost estimate 
prepared by the CBO, the following statement by CBO is 
provided.

                                     U.S. Congress,
                               Congressional Budget Office,
                                  Washington, DC, February 7, 2012.
Hon. Dave Camp,
Chairman, Committee on Ways and Means,
House of Representatives, Washington, DC.
    Dear Mr. Chairman: The Congressional Budget Office has 
prepared the enclosed cost estimate for H.R. 3864, the American 
Energy and Infrastructure Jobs Financing Act of 2012.
    If you wish further details on this estimate, we will be 
pleased to provide them. The staff contacts are Kalyani 
Parthasarathy and Sarah Puro.
            Sincerely,
                                      Douglas W. Elmendorf,
                                                          Director.
    Enclosure.

H.R. 3864--American Energy and Infrastructure Jobs Financing Act of 
        2012

    H.R. 3864 would extend through fiscal year 2018 the 
existing taxes that are dedicated to the Highway Trust Fund, 
and would extend through fiscal year 2016 the authority to 
expend amounts credited to that fund. Most recently, the 
Surface and Air Transportation Programs Extension Act of 2011 
(Public Law 112-30), extended the highway taxes and spending 
authority through March 31, 2012. In addition, H.R. 3864 would 
transfer amounts from the general fund into the Mass Transit 
Account of the Highway Trust Fund (which would be subsequently 
renamed the Alternative Transportation Account), and revenues 
previously credited to the Mass Transit Account would be 
transferred to the Highway Account of the Highway Trust Fund.
    Pursuant to rules in the Balanced Budget and Emergency 
Deficit Control Act for constructing the baseline, certain 
expiring provisions of law--such as those that govern excise 
taxes credited to the Highway Trust Fund--are assumed to 
continue beyond their scheduled expiration date for budget 
projection purposes. H.R. 3864 would continue highway-related 
taxes at levels that are consistent with those projected in 
CBO's baseline over the 2012-2018 period (net revenues accruing 
to the highway trust fund amount to $37 billion in 2013, and 
rise to $41 billion in 2018). In addition, the transfer of 
money from the general fund to the Highway Trust Fund and the 
transfer within accounts of that fund would not affect the 
total amount of revenue collected. As a result, CBO and the 
staff of the Joint Committee on Taxation (JCT) estimate that 
enacting the bill would not affect revenues. Further, the bill 
would not affect direct spending, CBO estimates; therefore, 
pay-as-you-go procedures do not apply.
    Although H.R. 3864 would extend the authority to expend 
amounts from the Highway Trust Fund, CBO expects that the 
contract authority (a mandatory form of budget authority) for 
programs funded through the Highway Trust Fund will continue to 
be provided in multi-year authorizations for surface 
transportation programs. Further, CBO expects that limitations 
on the obligations of those amounts will continue to be 
provided in future appropriation acts. As a result, CBO 
estimates that enacting H.R. 3864 would not affect spending 
subject to appropriation.
    JCT has reviewed the tax provisions of H.R. 3864 and 
determined that they contain no intergovernmental or private-
sector mandates as defined by the Unfunded Mandates Reform Act 
(UMRA). CBO has reviewed the nontax provisions of H.R. 3864 and 
determined that they also do not contain intergovernmental or 
private-sector mandates as defined in UMRA and would impose no 
costs on state, local, or tribal governments.
    The CBO staff contacts for this estimate are Kalyani 
Parthasarathy and Sarah Puro. The estimate was approved by 
Frank Sammartino, Assistant Director for Tax Analysis, and 
Theresa Gullo, Deputy Assistant Director for Budget Analysis.

                    D. MACROECONOMIC IMPACT ANALYSIS

    In compliance with clause 3(h)(2) of rule XIII of the Rules 
of the House of Representatives, the following statement is 
made by the Joint Committee on Taxation with respect to the 
provisions of the bill amending the Internal Revenue Code of 
1986: the effects of the bill on economic activity are so small 
as to be incalculable within the context of a model of the 
aggregate economy.

          V. Other Matters To Be Discussed Under the Rules of 
                               the House

          A. COMMITTEE OVERSIGHT FINDINGS AND RECOMMENDATIONS

    With respect to clause 3(c)(1) of rule XIII of the Rules of 
the House of Representatives (relating to oversight findings), 
the Committee advises that it was as a result of the 
Committee's review of the provisions of H.R. 3864 that the 
Committee concluded that it is appropriate to report the bill 
favorably to the House of Representatives with the 
recommendation that the bill do pass.

        B. STATEMENT OF GENERAL PERFORMANCE GOALS AND OBJECTIVES

    With respect to clause 3(c)(4) of rule XIII of the Rules of 
the House of Representatives, the Committee advises that the 
bill contains no measure that authorizes funding, so no 
statement of general performance goals and objectives for which 
any measure authorizes funding is required.

              C. INFORMATION RELATING TO UNFUNDED MANDATES

    This information is provided in accordance with section 423 
of the Unfunded Mandates Reform Act of 1995 (Pub. L. No. 104-
4).
    The Committee has determined that the reported bill does 
not contain any Federal private sector mandates within the 
meaning of Public Law No. 104-4, the Unfunded Mandates Reform 
Act of 1995. The costs required to comply with each Federal 
private sector mandate generally are no greater than the 
aggregate estimated budget effects of the provision.
    The Committee has determined that the revenue provisions of 
the bill do not impose a Federal intergovernmental mandate on 
State, local, or tribal governments.

                D. APPLICABILITY OF HOUSE RULE XXI 5(B)

    Clause 5(b) of rule XXI of the Rules of the House of 
Representatives provides, in part, that ``A bill or joint 
resolution, amendment, or conference report carrying a Federal 
income tax rate increase may not be considered as passed or 
agreed to unless so determined by a vote of not less than 
three-fifths of the Members voting, a quorum being present.'' 
The Committee has carefully reviewed the provisions of the 
bill, and states that the provisions of the bill do not involve 
any Federal income tax rate increases within the meaning of the 
rule.

                       E. TAX COMPLEXITY ANALYSIS

    Section 4022(b) of the Internal Revenue Service Reform and 
Restructuring Act of 1998 (the ``IRS Reform Act'') requires the 
Joint Committee on Taxation (in consultation with the Internal 
Revenue Service and the Department of the Treasury) to provide 
a tax complexity analysis. The complexity analysis is required 
for all legislation reported by the Senate Committee on 
Finance, the House Committee on Ways and Means, or any 
committee of conference if the legislation includes a provision 
that directly or indirectly amends the Internal Revenue Code 
and has widespread applicability to individuals or small 
businesses.
    Pursuant to clause 3(h)(1) of rule XIII of the Rules of the 
House of Representatives, the staff of the Joint Committee on 
Taxation has determined that a complexity analysis is not 
required under section 4022(b) of the IRS Reform Act because 
the bill contains no provisions that amend the Code and that 
have ``widespread applicability'' to individuals or small 
businesses within the meaning of that section.

  F. CONGRESSIONAL EARMARKS, LIMITED TAX BENEFITS, AND LIMITED TARIFF 
                                BENEFITS

    With respect to clause 9 of rule XXI of the Rules of the 
House of Representatives, the Committee has carefully reviewed 
the provisions of the bill and states that the provisions of 
the bill as reported contain no congressional earmarks, limited 
tax benefits, or limited tariff benefits within the meaning of 
that rule.

       VI. Changes In Existing Law Made By the Bill, As Reported

    In compliance with clause 3(e) of rule XIII of the Rules of 
the House of Representatives, changes in existing law made by 
the bill, as reported, are shown as follows (existing law 
proposed to be omitted is enclosed in black brackets, new 
matter is printed in italic, existing law in which no change is 
proposed is shown in roman):

INTERNAL REVENUE CODE OF 1986

           *       *       *       *       *       *       *

Subtitle D--Miscellaneous Excise Taxes

           *       *       *       *       *       *       *

CHAPTER 31--RETAIL EXCISE TAXES

           *       *       *       *       *       *       *

                      Subchapter B--Special Fuels

SEC. 4041. IMPOSITION OF TAX.

  (a) Diesel Fuel and Special Motor Fuels.--
          (1) Tax on diesel fuel and kerosene in certain 
        cases.--
                  (A) * * *

           *       *       *       *       *       *       *

                  (C) Rate of tax.--
                          (i) * * *

           *       *       *       *       *       *       *

                          (iii) Rate of tax on certain buses.--
                                  (I) In general.--Except as 
                                provided in subclause (II), in 
                                the case of fuel sold for use 
                                or used in a use described in 
                                section 6427(b)(1) (after the 
                                application of section 
                                6427(b)(3)), the rate of tax 
                                imposed by this paragraph shall 
                                be 7.3 cents per gallon (4.3 
                                cents per gallon after [March 
                                31, 2012] September 30, 2018).

           *       *       *       *       *       *       *

  (m) Certain Alcohol Fuels.--
          (1) In general.--In the case of the sale or use of 
        any partially exempt methanol or ethanol fuel the rate 
        of the tax imposed by subsection (a)(2) shall be--
                  (A) after September 30, 1997, and before 
                [April 1, 2012] October 1, 2018--
                          (i) * * *

           *       *       *       *       *       *       *

                  (B) after [March 31, 2012] September 30, 
                2018--
                          (i) * * *

           *       *       *       *       *       *       *

                Subchapter C--Heavy Trucks and Trailers

SEC. 4051. IMPOSITION OF TAX ON HEAVY TRUCKS AND TRAILERS SOLD AT 
                    RETAIL.

  (a) * * *

           *       *       *       *       *       *       *

  (c) Termination.--On and after [April 1, 2012] October 1, 
2018, the taxes imposed by this section shall not apply.

           *       *       *       *       *       *       *

CHAPTER 32--MANUFACTURERS EXCISE TAXES

           *       *       *       *       *       *       *

Subchapter A--Automotive and Related Items

           *       *       *       *       *       *       *

                             PART II--TIRES

SEC. 4071. IMPOSITION OF TAX.

  (a) * * *

           *       *       *       *       *       *       *

  (d) Termination.--On and after [April 1, 2012] October 1, 
2018, the taxes imposed by subsection (a) shall not apply.

           *       *       *       *       *       *       *

PART III--PETROLEUM PRODUCTS

           *       *       *       *       *       *       *

                  Subpart A--Motor and Aviation Fuels

SEC. 4081. IMPOSITION OF TAX.

  (a) * * *

           *       *       *       *       *       *       *

  (d) Termination.--
          (1) In general.--The rates of tax specified in 
        clauses (i) and (iii) of subsection (a)(2)(A) shall be 
        4.3 cents per gallon after [March 31, 2012] September 
        30, 2018.

           *       *       *       *       *       *       *

          (3) Leaking Underground Storage Tank Trust Fund 
        financing rate.--The Leaking Underground Storage Tank 
        Trust Fund financing rate under subsection (a)(2) shall 
        apply after September 30, 1997, and before [April 1, 
        2012] October 1, 2018.

           *       *       *       *       *       *       *

              Subchapter G--Exemptions, Registration, Etc

SEC. 4221. CERTAIN TAX-FREE SALES.

  (a) General Rule.--Under regulations prescribed by the 
Secretary, no tax shall be imposed under this chapter (other 
than under section 4121 or 4081) on the sale by the 
manufacturer (or under subchapter A or C of chapter 31 on the 
first retail sale) of an article--
          (1) * * *

           *       *       *       *       *       *       *

but only if such exportation or use is to occur before any 
other use. Paragraphs (4), (5), and (6) shall not apply to the 
tax imposed by section 4064. In the case of taxes imposed by 
section 4051, or 4071, paragraphs (4) and (5) shall not apply 
on and after [April 1, 2012] October 1, 2018. In the case of 
the tax imposed by section 4131, paragraphs (3), (4), and (5) 
shall not apply and paragraph (2) shall apply only if the use 
of the exported vaccine meets such requirements as the 
Secretary may by regulations prescribe. In the case of taxes 
imposed by subchapter A of chapter 31, paragraphs (1), (3), 
(4), and (5) shall not apply. In the case of taxes imposed by 
subchapter C or D, paragraph (6) shall not apply. In the case 
of the tax imposed by section 4191, paragraphs (3), (4), (5), 
and

           *       *       *       *       *       *       *

CHAPTER 36--CERTAIN OTHER EXCISE TAXES

           *       *       *       *       *       *       *

              Subchapter D--Tax on Use of Certain Vehicles

SEC. 4481. IMPOSITION OF TAX.

  (a) * * *

           *       *       *       *       *       *       *

  (f) Period Tax in Effect.--The tax imposed by this section 
shall apply only to use before October 1, [2012] 2018.

SEC. 4482. DEFINITIONS.

  (a) * * *

           *       *       *       *       *       *       *

  (c) Other Definitions and Special Rule.--For purposes of this 
subchapter--
          (1) * * *

           *       *       *       *       *       *       *

          (4) Taxable period.--The term ``taxable period'' 
        means [any year beginning before July 1, 2012, and the 
        period which begins on July 1, 2012, and ends at the 
        close of September 30, 2012.] each annual period 
        beginning on October 1 which begins before October 1, 
        2019.

           *       *       *       *       *       *       *

  [(d) Special Rule for Taxable Period in Which Termination 
Date Occurs.--In the case of the taxable period which ends on 
September 30, 2012, the amount of the tax imposed by section 
4481 with respect to any highway motor vehicle shall be 
determined by reducing each dollar amount in the table 
contained in section 4481(a) by 75 percent.]

           *       *       *       *       *       *       *

  (i) Termination of Exemptions.--Subsections (a) and (c) shall 
not apply on and after [April 1, 2012] October 1, 2018.

           *       *       *       *       *       *       *

Subtitle F--Procedure and Administration

           *       *       *       *       *       *       *

CHAPTER 65--ABATEMENTS, CREDITS, AND REFUNDS

           *       *       *       *       *       *       *

Subchapter B--Rules of Special Application

           *       *       *       *       *       *       *

SEC. 6412. FLOOR STOCKS REFUNDS.

  (a) In General.--
          (1) Tires and taxable fuel.--Where before [April 1, 
        2012] October 1, 2018, any article subject to the tax 
        imposed by section 4071 or 4081 has been sold by the 
        manufacturer, producer, or importer and on such date is 
        held by a dealer and has not been used and is intended 
        for sale, there shall be credited or refunded (without 
        interest) to the manufacturer, producer, or importer an 
        amount equal to the difference between the tax paid by 
        such manufacturer, producer, or importer on his sale of 
        the article and the amount of tax made applicable to 
        such article on and after [April 1, 2012] October 1, 
        2018, if claim for such credit or refund is filed with 
        the Secretary on or before [September 30, 2012] 
        September 30, 2018, based upon a request submitted to 
        the manufacturer, producer, or importer before [July 1, 
        2012] January 1, 2019, by the dealer who held the 
        article in respect of which the credit or refund is 
        claimed, and, on or before [September 30, 2012] 
        September 30, 2018, reimbursement has been made to such 
        dealer by such manufacturer, producer, or importer for 
        the tax reduction on such article or written consent 
        has been obtained from such dealer to allowance of such 
        credit or refund. No credit or refund shall be 
        allowable under this paragraph with respect to taxable 
        fuel in retail stocks held at the place where intended 
        to be sold at retail, nor with respect to taxable fuel 
        held for sale by a producer or importer of taxable 
        fuel.

           *       *       *       *       *       *       *

Subtitle I--Trust Fund Code

           *       *       *       *       *       *       *

CHAPTER 98--TRUST FUND CODE

           *       *       *       *       *       *       *

Subchapter A--Establishment of Trust Funds

           *       *       *       *       *       *       *

SEC. 9503. HIGHWAY TRUST FUND.

  (a) * * *
  (b) Transfer to Highway Trust Fund of Amounts Equivalent to 
Certain Taxes and Penalties.--
          (1) Certain taxes.--There are hereby appropriated to 
        the Highway Trust Fund amounts equivalent to the taxes 
        received in the Treasury before [April 1, 2012] October 
        1, 2018, under the following provisions--
                  (A) * * *

           *       *       *       *       *       *       *

          (2) Liabilities incurred before [april 1, 2012] 
        october 1, 2018.--There are hereby appropriated to the 
        Highway Trust Fund amounts equivalent to the taxes 
        which are received in the Treasury after [March 31, 
        2012] September 30, 2018, and before [January 1, 2013] 
        July 1, 2019, and which are attributable to liability 
        for tax incurred before [April 1, 2012] October 1, 
        2018, under the provisions described in paragraph (1).
          (3) Revenues from certain domestic energy leases.--
        There are hereby appropriated to the Highway Trust Fund 
        amounts equivalent to the net increase in Federal 
        revenues from onshore and offshore domestic energy 
        leasing and production generated by reason of the 
        enactment of the Alaskan Energy for American Jobs Act, 
        the PIONEERS Act, and the Energy Security and 
        Transportation Jobs Act.

           *       *       *       *       *       *       *

          (6) Limitation on transfers to highway trust fund.--
                  (A) * * *
                  (B) Exception for prior obligations.--
                Subparagraph (A) shall not apply to any 
                expenditure to liquidate any contract entered 
                into (or for any amount otherwise obligated) 
                before [April 1, 2012] October 1, 2016, in 
                accordance with the provisions of this section.
  (c) Expenditures from Highway Trust Fund.--
          (1) Federal-aid highway program.--Except as provided 
        in subsection (e), amounts in the Highway Trust Fund 
        shall be available, as provided by appropriation Acts, 
        for making expenditures before [April 1, 2012] October 
        1, 2016, to meet those obligations of the United States 
        heretofore or hereafter incurred which are authorized 
        to be paid out of the Highway Trust Fund under the 
        [Surface Transportation Extension Act of 2011, Part II] 
        American Energy and Infrastructure Jobs Act of 2012 or 
        any other provision of law which was referred to in 
        this paragraph before the date of the enactment of such 
        Act (as such Act and provisions of law are in effect on 
        the date of the enactment of such Act).
          (2) Floor stocks refunds.--The Secretary shall pay 
        from time to time from the Highway Trust Fund into the 
        general fund of the Treasury amounts equivalent to the 
        floor stocks refunds made before [January 1, 2013] July 
        1, 2019, under section 6412(a). The amounts payable 
        from the Highway Trust Fund under the preceding 
        sentence shall be determined by taking into account 
        only the portion of the taxes which are deposited into 
        the Highway Trust Fund.
          (3) Transfers from the trust fund for motorboat fuel 
        taxes.--
                  (A) Transfer to land and water conservation 
                fund.--
                          (i) In general.--The Secretary shall 
                        pay from time to time from the Highway 
                        Trust Fund into the land and water 
                        conservation fund provided for in title 
                        I of the Land and Water Conservation 
                        Fund Act of 1965 amounts (as determined 
                        by the Secretary) equivalent to the 
                        motorboat fuel taxes received on or 
                        after October 1, 2005, and before 
                        [April 1, 2012] October 1, 2018.

           *       *       *       *       *       *       *

          (4) Transfers from the trust fund for small-engine 
        fuel taxes.--
                  (A) In general.--The Secretary shall pay from 
                time to time from the Highway Trust Fund into 
                the Sport Fish Restoration and Boating Trust 
                Fund amounts (as determined by him) equivalent 
                to the small-engine fuel taxes received on or 
                after December 1, 1990, and before [April 1, 
                2012] October 1, 2018.

           *       *       *       *       *       *       *

  (e) Establishment of [Mass Transit Account]  Alternative 
Transportation Account.--
          (1) Creation of account.--There is established in the 
        Highway Trust Fund a separate account to be known as 
        the ``[Mass Transit Account] Alternative Transportation 
        Account'' consisting of such amounts as may be 
        transferred or credited to the [Mass Transit Account] 
        Alternative Transportation Account as provided in this 
        section or section 9602(b).
          [(2) Transfers to mass transit account.--The 
        Secretary of the Treasury shall transfer to the Mass 
        Transit Account the mass transit portion of the amounts 
        appropriated to the Highway Trust Fund under subsection 
        (b) which are attributable to taxes under sections 4041 
        and 4081 imposed after March 31, 1983. For purposes of 
        the preceding sentence, the term ``mass transit 
        portion'' means, for any fuel with respect to which tax 
        was imposed under section 4041 or 4081 and otherwise 
        deposited into the Highway Trust Fund, the amount 
        determined at the rate of--
                  [(A) except as otherwise provided in this 
                sentence, 2.86 cents per gallon,
                  [(B) 1.43 cents per gallon in the case of any 
                partially exempt methanol or ethanol fuel (as 
                defined in section 4041(m)) none of the alcohol 
                in which consists of ethanol,
                  [(C) 1.86 cents per gallon in the case of 
                liquefied natural gas,
                  [(D) 2.13 cents per gallon in the case of 
                liquefied petroleum gas, and
                  [(E) 9.71 cents per MCF (determined at 
                standard temperature and pressure) in the case 
                of compressed natural gas.]
          (2) Appropriation.--
                  (A) In general.--Out of money in the Treasury 
                not otherwise appropriated, there is hereby 
                appropriated $40,000,000,000 to the Alternative 
                Transportation Account. Any amount appropriated 
                under this paragraph shall remain available 
                without fiscal year limitation.
                  (B) Transfer to highway account of 2012 
                appropriated amounts based on fuels tax 
                receipts.--Amounts transferred on or before the 
                date of the enactment of this paragraph to the 
                Mass Transit Account in the Highway Trust Fund 
                for fiscal year 2012 are hereby transferred to 
                the Highway Account of the Highway Trust Fund 
                (as defined in paragraph (5)(B)).
          (3) Expenditures from account.--Amounts in the [Mass 
        Transit Account] Alternative Transportation Account 
        shall be available, as provided by appropriation Acts, 
        for making capital or capital related expenditures 
        (including capital expenditures for new projects) 
        before [April 1, 2012] October 1, 2016, in accordance 
        with the [Surface Transportation Extension Act of 2011, 
        Part II] American Energy and Infrastructure Jobs Act of 
        2012 or any other provision of law which was referred 
        to in this paragraph before the date of the enactment 
        of such Act (as such Act and provisions of law are in 
        effect on the date of the enactment of such Act).
          (4) Limitation.--Rules similar to the rules of 
        subsection (d) shall apply to the [Mass Transit 
        Account] Alternative Transportation Account.
          (5) Portion of certain transfers to be made from 
        account.--
                  (A) In general.--Transfers under paragraphs 
                (2) and (3) of subsection (c) shall be borne by 
                the Highway Account and the [Mass Transit 
                Account] Alternative Transportation Account in 
                proportion to the respective revenues 
                transferred under this section to the Highway 
                Account (after the application of paragraph 
                (2)) and the [Mass Transit Account] Alternative 
                Transportation Account.
                  (B) Highway account.--For purposes of 
                subparagraph (A), the term ``Highway Account'' 
                means the portion of the Highway Trust Fund 
                which is not the [Mass Transit Account] 
                Alternative Transportation Account.

           *       *       *       *       *       *       *

SEC. 9504. SPORT FISH RESTORATION AND BOATING TRUST FUND.

  (a) * * *
  (b) Sport Fish Restoration and Boating Trust Fund.--
          (1) * * *
          (2) Expenditures from trust fund.--Amounts in the 
        Sport Fish Restoration and Boating Trust Fund shall be 
        available, as provided by appropriation Acts, for 
        making expenditures--
                  (A) to carry out the purposes of the Dingell-
                Johnson Sport Fish Restoration Act (as in 
                effect on the date of the enactment of the 
                [Surface Transportation Extension Act of 2011, 
                Part II] American Energy and Infrastructure 
                Jobs Act of 2012),
                  (B) to carry out the purposes of section 
                7404(d) of the Transportation Equity Act for 
                the 21st Century (as in effect on the date of 
                the enactment of the [Surface Transportation 
                Extension Act of 2011, Part II] American Energy 
                and Infrastructure Jobs Act of 2012), and
                  (C) to carry out the purposes of the Coastal 
                Wetlands Planning, Protection and Restoration 
                Act (as in effect on the date of the enactment 
                of the [Surface Transportation Extension Act of 
                2011, Part II] American Energy and 
                Infrastructure Jobs Act of 2012).
        Amounts transferred to such account under section 
        9503(c)(4) may be used only for making expenditures 
        described in subparagraph (C) of this paragraph.

           *       *       *       *       *       *       *

  (d) Limitation on Transfers to Trust Fund.--
          (1) * * *
          (2) Exception for prior obligations.--Paragraph (1) 
        shall not apply to any expenditure to liquidate any 
        contract entered into (or for any amount otherwise 
        obligated) before [April 1, 2012] October 1, 2016, in 
        accordance with the provisions of this section.

           *       *       *       *       *       *       *

SEC. 9508. LEAKING UNDERGROUND STORAGE TANK TRUST FUND.

  (a) * * *

           *       *       *       *       *       *       *

  (e) Limitation on Transfers to Leaking Underground Storage 
Tank Trust Fund.--
          (1) * * *
          (2) Exception for prior obligations.--Paragraph (1) 
        shall not apply to any expenditure to liquidate any 
        contract entered into (or for any amount otherwise 
        obligated) before [April 1, 2012] October 1, 2016, in 
        accordance with the provisions of this section.

           *       *       *       *       *       *       *

                              ----------                              

LAND AND WATER CONSERVATION FUND ACT OF 1965

           *       *       *       *       *       *       *

                TITLE II--MOTORBOAT FUEL TAX PROVISIONS

         TRANSFERS TO AND FROM LAND AND WATER CONSERVATION FUND

  Sec. 201. (a) * * *
  (b) There shall be paid from time to time from the land and 
water conservation fund into the general fund of the Treasury 
amounts estimated by the Secretary of the Treasury as 
equivalent to--
          (1) the amounts paid before [April 1, 2013] October 
        1, 2019, under section 6421 of the Internal Revenue 
        Code of 1954 (relating to amounts paid in respect of 
        gasoline used for certain nonhighway purposes or by 
        local transit systems) with respect to gasoline used 
        after December 31, 1964, in motorboats, on the basis of 
        claims filed for periods ending before [April 1, 2012] 
        October 1, 2018; and
          (2) 80 percent of the floor stocks refunds made 
        before [April 1, 2013] October 1, 2019, under section 
        6412 of such Code with respect to gasoline to be used 
        in motorboats.

                         VII. Dissenting Views

                              ----------                              

 DISSENTING VIEWS ON H.R. 3864, THE AMERICAN ENERGY AND INFRASTRUCTURE 
                       JOBS FINANCING ACT OF 2012

    We, the undersigned Members of the Ways and Means Committee 
strongly oppose H.R. 3864, the ``American Energy and 
Infrastructure Jobs Financing Act of 2012.'' The bill would 
inflict extraordinary harm on the future of mass transit in our 
country, and eliminate dedicated funding for our nation's mass 
transit needs--a commitment that has been in place for 30 
years.
    Under current law, 2.86 cents per-gallon of the 18.3 cents 
per-gallon gas tax is automatically directed to the Mass 
Transit Account within the Highway Trust Fund. Funds in this 
account are used for a variety of vital programs, including:

       Lrecapitalization of existing mass transit 
systems,
       Lsupport for urban areas,
       Lsupport for buses and bus facilities,
       Lsupport for rural areas,
       Lcoordinated mobility and access programs for 
underserved populations, including the elderly and the 
disabled, and
       Lmajor capital improvements, including new 
transit investments both small and large (i.e., light rail, 
trolleys, etc.).

    As of December 31, 2011, the Mass Transit Account had a 
balance of approximately $7.3 billion. The Department of 
Transportation estimates that over $8 billion is spent annually 
on important transit and transit-support projects. The bill 
would irresponsibly terminate the direct funding stream of 
revenue for the Mass Transit Account, and instead, fund the 
account through a one-time general fund transfer of $40 
billion. This is despite the fact that Republicans have 
previously referred to such transfers as ``bailouts.'' The bill 
would also rename the account the ``Alternative Transportation 
Account.''
    During the Committee markup, Members of the Republican 
Majority asserted that their proposed change to the funding of 
the Mass Transit Account would in fact put the account in a 
better position under current law over the next five years. 
They claimed that their proposed onetime $40 billion general 
fund transfer would exceed the $25 billion that the 
Congressional Budget Office projects would flow to the account 
from gas tax receipts over the next five years. The Republican 
Majority conveniently ignores two results of their policy in 
making this assertion. First, the Republican Majority ignores 
the ten-year effect of their policy, which would leave mass 
transit projects searching for certain funding after the 
duration of this highway bill. In fact, CBO projections would 
show that, under the current law funding system, the mass 
transit account would, over ten years, in fact exceed the one-
time transfer of $40 billion. In the second five years, the 
Republican bill would not provide a single dollar of mass 
transit funding. Additionally, the Republican Majority relied 
on the word of the Budget Committee Chairman to ensure that the 
$40 billion hole in the General Fund from the one-time transfer 
would in fact be made whole--hardly a reliable solution.
    The bill also moves certain costly programs from the 
Highway Account in the Highway Trust Fund to the new 
Alternative Transportation Account, requiring programs 
currently eligible for funding under the Mass Transit Account 
to compete with a greater pool of expenditures while 
simultaneously limiting the amount in the account. This appears 
to be another step in the direction of woefully underfunding 
mass transit programs. The Transportation authorization bill 
has set a ceiling of $8.4 billion of expenditures on currently 
eligible mass transit programs and $2.7 billion new programs 
annually. Simple math will show that the one-time $40 billion 
transfer from the General Fund to the new Alternative 
Transportation Account will not support these expenditures. 
Additionally, the Chairman's legislation would drain existing 
FY 2012 receipts from the fund, further complicating long-term 
mass transit programs. As a result of the changes made in the 
bill, it is estimated that mass transit project funding could 
be reduced by as much as 25 percent.
    At the markup, Ways and Means Committee Democrats were 
joined by two Ways and Means Committee Republicans in 
bipartisan opposition to the Chairman's bill. The 17 Committee 
Members voting against the Chairman's bill were supported by 
over 600 organizations in their opposition, including groups as 
varied as the U.S. Chamber of Congress, the Club for Growth, 
and the American Association of Retired Persons. The Committee 
had two opportunities at the markup to strike the provisions 
dealing with eliminating the egregious termination of mass 
transit funding; both times Members of the Republican Majority 
voted against the proposed amendments. The Republican Majority 
also voted against extensions of the critical job-creating 
Build America Bonds program (which funded over $181 billion in 
infrastructure improvements) and a bipartisan provision to 
enhance the funding of water and sewage facility improvements. 
Additionally, the Republican bill did not address other 
transportation funding issues, including the Harbor Maintenance 
Tax and Harbor Maintenance Trust Fund, both within the Ways and 
Means Committee's jurisdiction.
    At the markup, it was suggested by one Ways and Means 
Committee Democratic Member that the Republican Majority ought 
to take the opportunity to scrap this bill and start from 
scratch on the Ways and Means Committee portion of the highway 
bill--a new bill that would promote the Democratic priority of 
job creation. Our committee is charged with raising the revenue 
to adequately fund our nations needed investments in 
infrastructure, and transportation is the key to job creation 
nationwide. H.R. 3864 fundamentally fails in those goals, 
discards the decades-long policy of raising revenue for the 
Highway Trust Fund through transportation related levies, and 
does not create meaningful jobs. Worse, it does so without 
having been examined in a single hearing before the Ways & 
Means Committee. We urge the Republican Majority to reexamine 
options with respect to that suggestion and make necessary 
changes to the underlying bill to ensure that mass transit 
priorities are not jeopardized.
                                   Sander Levin.
                                   Charles B. Rangel.
                                   Fortney Pete Stark.
                                   Jim McDermott.
                                   John B. Lewis.
                                   Richard Neal.
                                    Xavier Becerra.
                                   Lloyd Doggett.
                                   Mike Thompson.
                                   John B. Larson.
                                   Earl Blumenauer.
                                   Ron Kind.
                                   Bill Pascrell, Jr.
                                   Shelley Berkley.
                                   Joe Crowley.

                                  
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