II 

★(Star Print)

111TH CONGRESS 

1ST SESSION S. 1474 

To amend the Internal Revenue Code of 1986 to repeal the provision prohibiting the crediting of interest to the Highway Trust Fund, to provide 

certain transfers to such Trust Fund, and to extend the expenditure 

authority for such Trust Fund, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

JULY 20, 2009 

Mr. BAUCUS (for himself, Mr. ROCKEFELLER, Mr. MENENDEZ, and Mr. 

SCHUMER) introduced the following bill; which was read twice and referred to the Committee on Finance 

A BILL 

To amend the Internal Revenue Code of 1986 to repeal 

the provision prohibiting the crediting of interest to the 

Highway Trust Fund, to provide certain transfers to 

such Trust Fund, and to extend the expenditure authority for such Trust Fund, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


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•S 1474 IS1S 

1 SECTION 1. REPEAL OF PROVISION PROHIBITING THE 

2 CREDITING OF INTEREST TO THE HIGHWAY 

3 TRUST FUND. 

4 (a) IN GENERAL.—Paragraph (1) of section 9503(f) 

5 of the Internal Revenue Code of 1986 is amended by strik6 ing subparagraph (B). 

7 (b) CONFORMING AMENDMENTS.—Such paragraph, 

8 as amended by paragraph (1), is further amended— 

9 (1) by striking ‘‘, and’’ at the end of subpara10 graph (A) and inserting a period, and 

11 (2) by striking ‘‘1998’’ in the matter preceding 

12 subparagraph (A) and all that follows through ‘‘the 

13 opening balance’’ and inserting ‘‘1998, the opening 

14 balance’’. 

15 (c) EFFECTIVE DATE.—The amendments made by 

16 this section shall take effect on the date of the enactment 

17 of this Act. 

18 SEC. 2. RESTORATION OF CERTAIN FOREGONE INTEREST 

19 TO HIGHWAY TRUST FUND. 

20 (a) IN GENERAL.—Paragraph (2) of section 9503(f) 

21 of the Internal Revenue Code of 1986 is amended to read 

22 as follows: 

23 ‘‘(2) RESTORATION OF FOREGONE INTEREST.— 

24 Out of money in the Treasury not otherwise appro25 priated, there is hereby appropriated— 


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•S 1474 IS1S 

1 ‘‘(A) $14,700,000,000 to the Highway Ac2 count (as defined in subsection (e)(5)(B)) in 

3 the Highway Trust Fund, and 

4 ‘‘(B) $4,800,000 to the Mass Transit Ac5 count in the Highway Trust Fund.’’. 

6 (b) CONFORMING AMENDMENT.—Paragraph (1) of 

7 section 9503(e) of the Internal Revenue Code of 1986 is 

8 amended by striking ‘‘this subsection’’ and inserting ‘‘this 

9 section’’. 

10 (c) EFFECTIVE DATE.—The amendments made by 

11 this section shall take effect on the date of the enactment 

12 of this Act. 

13 SEC. 3. REPLENISHMENT OF EMERGENCY SPENDING FROM 

14 HIGHWAY TRUST FUND. 

15 (a) IN GENERAL.—Section 9503(f) of the Internal 

16 Revenue Code of 1986, as amended by this Act, is amend17 ed by adding at the end the following new paragraph: 

18 ‘‘(3) REPLENISHMENT OF EMERGENCY SPEND19 ING.—Out of money in the Treasury not otherwise 

20 appropriated, there is hereby appropriated 

21 $7,300,000,000 to the Highway Trust Fund.’’. 

22 (b) EFFECTIVE DATE.—The amendment made by 

23 this section shall take effect on the date of the enactment 

24 of this Act. 


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•S 1474 IS1S 

1 SEC. 4. TREATMENT OF CERTAIN AMOUNTS APPRO2 PRIATED TO HIGHWAY TRUST FUND. 

3 (a) IN GENERAL.—Section 9503(f) of the Internal 

4 Revenue Code of 1986, as amended by this Act, is amend5 ed by adding at the end the following new paragraph: 

6 ‘‘(4) TREATMENT OF APPROPRIATED

7 AMOUNTS.—Any amount appropriated under this 

8 subsection to the Highway Trust Fund shall remain 

9 available without fiscal year limitation.’’. 

10 (b) EFFECTIVE DATE.—The amendment made by 

11 this section shall take effect on the date of the enactment 

12 of this Act. 

13 SEC. 5. EXTENSION OF AUTHORITY FOR EXPENDITURES 

14 FROM HIGHWAY TRUST FUND. 

15 (a) IN GENERAL.—Paragraph (1) of section 9503(c) 

16 of the Internal Revenue Code of 1986 is amended— 

17 (1) by striking ‘‘September 30, 2009 (October 

18 1, 2009’’ and inserting ‘‘March 31, 2011 (April 1, 

19 2011’’, and 

20 (2) by striking ‘‘under’’ and all that follows and 

21 inserting ‘‘under the Surface Transportation Exten22 sion Act of 2009 or any other provision of law which 

23 was referred to in this paragraph before the date of 

24 the enactment of such Act (as such Act and provi25 sions of law are in effect on the date of the enact26 ment of such Act).’’. 


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•S 1474 IS1S 

1 (b) MASS TRANSIT ACCOUNT.—Paragraph (3) of sec2 tion 9503(e) of the Internal Revenue Code of 1986 is 

3 amended— 

4 (1) by striking ‘‘October 1, 2009’’ and inserting 

5 ‘‘April 1, 2011’’, and 

6 (2) by striking ‘‘in accordance with’’ and all 

7 that follows and inserting ‘‘in accordance with the 

8 Surface Transportation Extension Act of 2009 or 

9 any other provision of law which was referred to in 

10 this paragraph before the date of the enactment of 

11 such Act (as such Act and provisions of law are in 

12 effect on the date of the enactment of such Act).’’. 

13 (c) EXCEPTION TO LIMITATION ON TRANSFERS.— 

14 Subparagraph (B) of section 9503(b)(6) of the Internal 

15 Revenue Code of 1986 is amended by striking ‘‘September 

16 30, 2009 (October 1, 2009’’ and inserting ‘‘March 31, 

17 2011 (April 1, 2011’’. 

18 (d) EFFECTIVE DATE.—The amendments made by 

19 this section shall take effect on the date of the enactment 

20 of this Act. 

Æ 


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