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[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 426 Introduced in Senate (IS)]

110th CONGRESS
  1st Session
                                 S. 426

   To provide that all funds collected from the tariff on imports of 
  ethanol be invested in the research, development, and deployment of 
     biofuels, especially cellulosic ethanol produced from biomass 
                              feedstocks.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                            January 29, 2007

 Mr. Nelson of Nebraska introduced the following bill; which was read 
  twice and referred to the Committee on Energy and Natural Resources

_______________________________________________________________________

                                 A BILL

 
   To provide that all funds collected from the tariff on imports of 
  ethanol be invested in the research, development, and deployment of 
     biofuels, especially cellulosic ethanol produced from biomass 
                              feedstocks.

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

SECTION 1. SHORT TITLE.

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

SEC. 2. BIOFUELS INVESTMENT TRUST FUND.

    (a) Establishment.--
            (1) In general.--There is established in the Treasury of 
        the United States a trust fund, to be known as the ``Biofuels 
        Investment Trust Fund'' (referred to in this Act as the ``Trust 
        Fund''), consisting of such amounts as may be transferred to 
        the Trust Fund under paragraph (2).
            (2) Transfer.--As soon as practicable after the date of 
        enactment of this Act, the Secretary of the Treasury shall 
        transfer to the Trust Fund, from amounts in the general fund of 
        the Treasury, such amounts as the Secretary of the Treasury 
        determines to be equivalent to the amounts received in the 
        general fund as of January 1, 2007, that are attributable to 
        duties received on articles entered under heading 9901.00.50 of 
        the Harmonized Tariff Schedule of the United States.
    (b) Expenditures From Trust Fund.--
            (1) In general.--The Secretary of Energy, in consultation 
        with the Secretary of Agriculture and the Secretary of the 
        Treasury, shall use amounts in the Trust Fund to provide 
        financial assistance for research, development, and deployment 
        programs for biofuels to increase the amount and diversity of 
        biofuels produced in the United States and made available to 
        consumers, especially for cellulosic ethanol production from 
        biomass feedstocks.
            (2) Requirements.--The Secretary of Energy shall ensure 
        that amounts made available under paragraph (1) shall be used 
        only--
                    (A) to provide financial assistance to farmers, 
                producers, biorefiners, researchers, universities, and 
                other persons or entities involved in the research, 
                development, deployment, or production of biofuels, 
                especially the production of biomass feedstock for 
                cellulosic ethanol production; or
                    (B) as otherwise directed by Congress to advance 
                research, development, and deployment of biofuels, 
                especially cellulosic ethanol produced from biomass 
                feedstocks.
    (c) Investment of Amounts.--
            (1) In general.--The Secretary of the Treasury shall invest 
        such portion of the Trust Fund as is not, in the judgment of 
        the Secretary of the Treasury, required to meet current 
        withdrawals.
            (2) Interest-bearing obligations.--Investments may be made 
        only in interest-bearing obligations of the United States.
            (3) Acquisition of obligations.--For the purpose of 
        investments under paragraph (1), obligations may be acquired--
                    (A) on original issue at the issue price; or
                    (B) by purchase of outstanding obligations at the 
                market price.
            (4) Sale of obligations.--Any obligation acquired by the 
        Trust Fund may be sold by the Secretary of the Treasury at the 
        market price.
            (5) Credits to trust fund.--The interest on, and the 
        proceeds from the sale or redemption of, any obligations held 
        in the Trust Fund shall be credited to and form a part of the 
        Trust Fund.
    (d) Transfers of Amounts.--
            (1) In general.--The amounts required to be transferred to 
        the Trust Fund under subsection (a)(1) shall be transferred at 
        least quarterly from the general fund of the Treasury to the 
        Trust Fund on the basis of estimates made by the Secretary of 
        the Treasury.
            (2) Adjustments.--Proper adjustment shall be made in 
        amounts subsequently transferred to the extent prior estimates 
        were in excess of or less than the amounts required to be 
        transferred.
                                 <all>
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