I

103D CONGRESS

1ST SESSION H. R. 242

To provide financial assistance for the repair, reconstruction, and rehabilitation of highways, bridges, transit facilities, airports, and wastewater

treatment works.

IN THE HOUSE OF REPRESENTATIVES

JANUARY 5, 1993

Mr. LIPINSKI introduced the following bill; which was referred jointly to the

Committees on Public Works and Transportation and Ways and Means

AUGUST 23, 1993

Additional sponsors: Mr. CLYBURN, Mrs. COLLINS of Illinois, Miss COLLINS

of Michigan, Mr. TUCKER, and Mr. OBERSTAR

A BILL

To provide financial assistance for the repair, reconstruction,

and rehabilitation of highways, bridges, transit facilities,

airports, and wastewater treatment works.

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

3 SECTION 1. SHORT TITLE.

4 This Act may be cited as the ‘‘Infrastructure Now

5 For America’s-Tomorrow Act of 1993’’.
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1 TITLE I—INFRASTRUCTURE

2 REPAIR

3 SEC. 101. HIGHWAYS AND BRIDGES.

4 (a) GRANTS.—The Administrator of the Federal

5 Highway Administration shall make grants to States and

6 units of local government for—

7 (1) projects for the repair, reconstruction, and

8 rehabilitation of highways and bridges; and

9 (2) projects for the construction of highway

10 lanes for high occupancy vehicles.

11 (b) APPLICATIONS.—A State or unit of local govern12 ment shall be eligible to receive a grant under this section

13 only if the State or unit of local government submits to

14 the Administrator an application which is in such form

15 and contains such information as the Administrator may

16 require.

17 (c) FEDERAL SHARE.—The Federal share of the cost

18 of a project to be carried out by a State or unit of local

19 government using amounts from grants made available

20 under this section shall not exceed 80 percent.

21 (d) LOANS TO COVER NON-FEDERAL SHARE.—

22 (1) IN GENERAL.—The Administrator may

23 make loans to a State or unit of local government

24 receiving a grant for a project under this section to
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1 assist the State or unit of local government in cover2 ing the non-Federal share of the cost of the project.

3 (2) TERMS AND CONDITIONS.—A loan made

4 under this subsection shall be subject to such terms

5 and conditions as the Administrator may prescribe.

6 (3) INTEREST RATE.—A loan made under this

7 subsection shall bear interest at a rate to be deter8 mined by the Administrator. Such rate shall be at

9 or below the current average market yield on out10 standing marketable obligations of the United States

11 with remaining periods to maturity comparable to

12 the term of the loan.

13 (4) MAXIMUM TERM.—A loan made under this

14 subsection shall be repaid in full on or before (A)

15 the date of completion of the project for which the

16 loan was made, or (B) the last day of the 2-year pe17 riod beginning on the date of issuance of the loan,

18 whichever occurs first.

19 (5) REPAYMENTS.—Repayments on a loan

20 made under this subsection in a fiscal year shall be

21 deposited into the Infrastructure Now For Ameri22 ca’s-Tomorrow Trust Fund and shall be available to

23 the Administrator for making grants and loans

24 under this section in succeeding fiscal years.
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1 (e) MINIMUM AMOUNT FOR PROJECTS IN METRO2 POLITAN AREAS.—Not less than 20 percent of the aggre3 gate amount made available in a fiscal year to carry out

4 this section shall be used to make grants and loans for

5 projects located in (or otherwise for the benefit of) the

6 50 largest metropolitan areas in population, as determined

7 by the Administrator using the most recent information

8 available from the Bureau of the Census.

9 (f) AVAILABILITY FOR OBLIGATION.—Funds granted

10 to a State or unit of local government under this section

11 shall remain available for obligation by the State or unit

12 of local government until the last day of the 2nd fiscal

13 year beginning after the fiscal year in which the State or

14 unit of local government receives such funds. Funds not

15 obligated by the last day of such 2nd fiscal year shall be

16 used by the Administrator to make grants and loans under

17 this section to other States and units of local government

18 in the first 60 days of the following fiscal year.

19 (g) MAINTENANCE OF EFFORT.—No grant may be

20 made to a State or unit of local government under this

21 section unless the State or unit of local government enters

22 into such agreements with the Administrator as the Ad23 ministrator may require to ensure that the State or unit

24 of local government will maintain its aggregate expendi25 tures from all other sources for activities eligible for
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1 grants under this section at or above the average level of

2 such expenditures in the 2 fiscal years preceding the date

3 of the enactment of this Act.

4 (h) TRANSPORTATION IMPROVEMENT PROGRAMS.—

5 The Administrator may make grants under this section

6 only with respect to projects which are consistent with

7 transportation management programs developed by States

8 and metropolitan planning organizations pursuant to sec9 tions 134 and 135 of title 23, United States Code.

10 (i) REPORTING REQUIREMENT.—Each State or unit

11 of local government receiving a grant under this section

12 shall report to the Administrator on an annual basis con13 cerning the use of such grant.

14 (j) AUTHORIZATION OF APPROPRIATIONS.—There is

15 authorized to be appropriated out of the Infrastructure

16 Now For America’s-Tomorrow Trust Fund

17 $1,000,000,000 per fiscal year for each of fiscal years

18 1994, 1995, and 1996 to carry out this section.

19 SEC. 102. TRANSIT FACILITIES.

20 (a) GRANTS.—The Administrator of the Federal

21 Transit Administration shall make grants to States and

22 units of local government for projects for the repair, recon23 struction, and rehabilitation of transit facilities.

24 (b) APPLICATIONS.—A State or unit of local govern25 ment shall be eligible to receive a grant under this section
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1 only if the State or unit of local government submits to

2 the Administrator an application which is in such form

3 and contains such information as the Administrator may

4 require.

5 (c) FEDERAL SHARE.—The Federal share of the cost

6 of a project to be carried out by a State or unit of local

7 government using amounts from grants made available

8 under this section shall not exceed 80 percent.

9 (d) LOANS TO COVER NON-FEDERAL SHARE.—

10 (1) IN GENERAL.—The Administrator may

11 make loans to a State or unit of local government

12 receiving a grant for a project under this section to

13 assist the State or unit of local government in cover14 ing the non-Federal share of the cost of the project.

15 (2) TERMS AND CONDITIONS.—A loan made

16 under this subsection shall be subject to such terms

17 and conditions as the Administrator may prescribe.

18 (3) INTEREST RATE.—A loan made under this

19 subsection shall bear interest at a rate to be deter20 mined by the Administrator. Such rate shall be at

21 or below the current average market yield on out22 standing marketable obligations of the United States

23 with remaining periods to maturity comparable to

24 the term of the loan.
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1 (4) MAXIMUM TERM.—A loan made under this

2 subsection shall be repaid in full on or before (A)

3 the date of completion of the project for which the

4 loan was made, or (B) the last day of the 2-year pe5 riod beginning on the date of issuance of the loan,

6 whichever occurs first.

7 (5) REPAYMENTS.—Repayments on a loan

8 made under this subsection in a fiscal year shall be

9 deposited into the Infrastructure Now For Ameri10 ca’s-Tomorrow Trust Fund and shall be available to

11 the Administrator for making grants and loans

12 under this section in succeeding fiscal years.

13 (e) MINIMUM AMOUNT FOR PROJECTS IN METRO14 POLITAN AREAS.—Not less than 20 percent of the aggre15 gate amount made available in a fiscal year to carry out

16 this section shall be used to make grants and loans for

17 projects located in (or otherwise for the benefit of) the

18 50 largest metropolitan areas in population, as determined

19 by the Administrator using the most recent information

20 available from the Bureau of the Census.

21 (f) AVAILABILITY FOR OBLIGATION.—Funds granted

22 to a State or unit of local government under this section

23 shall remain available for obligation by the State or unit

24 of local government until the last day of the 2nd fiscal

25 year beginning after the fiscal year in which the State or
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1 unit of local government receives such funds. Funds not

2 obligated by the last day of such 2nd fiscal year shall be

3 used by the Administrator to make grants and loans under

4 this section to other States and units of local government

5 in the first 60 days of the following fiscal year.

6 (g) MAINTENANCE OF EFFORT.—No grant may be

7 made to a State or unit of local government under this

8 section unless the State or unit of local government enters

9 into such agreements with the Administrator as the Ad10 ministrator may require to ensure that the State or unit

11 of local government will maintain its aggregate expendi12 tures from all other sources for activities eligible for

13 grants under this section at or above the average level of

14 such expenditures in the State’s 2 fiscal years preceding

15 the date of the enactment of this Act.

16 (h) TRANSPORTATION IMPROVEMENT PROGRAMS.—

17 The Administrator may make grants under this section

18 only with respect to projects which are consistent with

19 transportation management programs developed by metro20 politan planning organizations pursuant to section 8 of the

21 Federal Transit Act.

22 (i) REPORTING REQUIREMENT.—Each State receiv23 ing a grant under this section shall report to the Adminis24 trator on an annual basis concerning the use of such

25 grant.
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1 (j) AUTHORIZATION OF APPROPRIATIONS.—There is

2 authorized to be appropriated out of the Infrastructure

3 Now For America’s-Tomorrow Trust Fund

4 $1,000,000,000 per fiscal year for each of fiscal years

5 1994, 1995, and 1996 to carry out this section.

6 SEC. 103. AIRPORTS.

7 (a) GRANTS.—The Administrator of the Federal

8 Aviation Administration shall make grants to sponsors,

9 owners, and operators of public-use airports for projects

10 for the repair, reconstruction, and rehabilitation of such

11 airports.

12 (b) APPLICATIONS.—A sponsor, owner, or operator of

13 a public-use airport shall be eligible to receive a grant

14 under this section only if the sponsor, owner, or operator

15 submits to the Administrator an application which is in

16 such form and contains such information as the Adminis17 trator may require.

18 (c) FEDERAL SHARE.—The Federal share of the cost

19 of a project to be carried out by a sponsor, owner, or oper20 ator of a public-use airport using amounts from grants

21 made available under this section shall not exceed 80 per22 cent.

23 (d) LOANS TO COVER NON-FEDERAL SHARE.—

24 (1) IN GENERAL.—The Administrator may

25 make loans to a sponsor, owner, or operator of a
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1 public-use airport receiving a grant for a project

2 under this section to assist the sponsor, owner, or

3 operator in covering the non-Federal share of the

4 cost of the project.

5 (2) TERMS AND CONDITIONS.—A loan made

6 under this subsection shall be subject to such terms

7 and conditions as the Administrator may prescribe.

8 (3) INTEREST RATE.—A loan made under this

9 subsection shall bear interest at a rate to be deter10 mined by the Administrator. Such rate shall be at

11 or below the current average market yield on out12 standing marketable obligations of the United States

13 with remaining periods to maturity comparable to

14 the term of the loan.

15 (4) MAXIMUM TERM.—A loan made under this

16 subsection shall be repaid in full on or before (A)

17 the date of completion of the project for which the

18 loan was made, or (B) the last day of the 2-year pe19 riod beginning on the date of issuance of the loan,

20 whichever occurs first.

21 (5) REPAYMENTS.—Repayments on a loan

22 made under this subsection in a fiscal year shall be

23 deposited into the Infrastructure Now For Ameri24 ca’s-Tomorrow Trust Fund and shall be available to
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1 the Administrator for making grants and loans

2 under this section in succeeding fiscal years.

3 (e) MINIMUM AMOUNT FOR PROJECTS IN METRO4 POLITAN AREAS.—Not less than 20 percent of the aggre5 gate amount made available in a fiscal year to carry out

6 this section shall be used to make grants and loans for

7 projects located in (or otherwise for the benefit of) the

8 50 largest metropolitan areas in population, as determined

9 by the Administrator using the most recent information

10 available from the Bureau of the Census.

11 (f) AVAILABILITY FOR OBLIGATION.—Funds granted

12 to a sponsor, owner, or operator of a public-use airport

13 under this section shall remain available for obligation by

14 the sponsor, owner, or operator until the last day of the

15 2nd fiscal year beginning after the fiscal year in which

16 the sponsor, owner, or operator receives such funds.

17 Funds not obligated by the last day of such 2nd fiscal

18 year shall be used by the Administrator to make grants

19 and loans under this section to other sponsors, owners,

20 and operators in the first 60 days of the following fiscal

21 year.

22 (g) MAINTENANCE OF EFFORT.—No grant may be

23 made to a sponsor, owner, or operator of a public-use air24 port under this section unless the sponsor, owner, or oper25 ator enters into such agreements with the Administrator
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1 as the Administrator may require to ensure that the spon2 sor, owner, or operator will maintain its aggregate expend3 itures from all other sources for activities eligible for

4 grants under this section at or above the average level of

5 such expenditures in the 2 fiscal years preceding the date

6 of the enactment of this Act.

7 (h) REDUCTION IN AIP APPORTIONMENTS.—If the

8 Administrator makes a grant under this section in a fiscal

9 year for a project to be carried out at a public-use airport

10 and a passenger facility charge is being imposed at such

11 airport during such fiscal year pursuant to section 1113(e)

12 of the Federal Aviation Act of 1958, the Administrator

13 in the following fiscal year shall reduce by the amount of

14 such grant any amount which otherwise would have been

15 apportioned to the airport under section 505 of the Air16 port and Airway Improvement Act of 1982.

17 (i) REPORTING REQUIREMENT.—Each sponsor,

18 owner, or operator of a public-use airport receiving a grant

19 under this section shall report to the Administrator on an

20 annual basis concerning the use of such grant.

21 (j) PUBLIC USE AIRPORT DEFINED.—For the pur22 poses of this section, the term ‘‘public use airport’’ has

23 the meaning such term has under section 503 of the Air24 port and Airway Improvement Act of 1982.
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1 (k) AUTHORIZATION OF APPROPRIATIONS.—There is

2 authorized to be appropriated out of the Infrastructure

3 Now For America’s-Tomorrow Trust Fund

4 $1,000,000,000 per fiscal year for each of fiscal years

5 1994, 1995, and 1996 to carry out this section.

6 SEC. 104. ENVIRONMENTAL IMPROVEMENT PROJECTS.

7 (a) GRANTS.—The Administrator of the Environ8 mental Protection Agency shall make grants to States and

9 units of local government for environmental improvement

10 projects, including projects for the construction, recon11 struction, repair, and rehabilitation of wastewater treat12 ment works.

13 (b) APPLICATIONS.—A State or unit of local govern14 ment shall be eligible to receive a grant under this section

15 only if the State or unit of local government submits to

16 the Administrator an application which is in such form

17 and contains such information as the Administrator may

18 require.

19 (c) FEDERAL SHARE.—The Federal share of the cost

20 of a project to be carried out by a State or unit of local

21 government using amounts from grants made available

22 under this section shall not exceed 80 percent.

23 (d) LOANS TO COVER NON-FEDERAL SHARE.—

24 (1) IN GENERAL.—The Administrator may

25 make loans to a State or unit of local government
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1 receiving a grant for a project under this section to

2 assist the State or unit of local government in cover3 ing the non-Federal share of the cost of the project.

4 (2) TERMS AND CONDITIONS.— A loan made

5 under this subsection shall be subject to such terms

6 and conditions as the Administrator may prescribe.

7 (3) INTEREST RATE.—A loan made under this

8 subsection shall bear interest at a rate to be deter9 mined by the Administrator. Such rate shall be at

10 or below the current average market yield on out11 standing marketable obligations of the United States

12 with remaining periods to maturity comparable to

13 the term of the loan.

14 (4) MAXIMUM TERM.—A loan made under this

15 subsection shall be repaid in full on or before (A)

16 the date of completion of the project for which the

17 loan was made, or (B) the last day of the 2-year pe18 riod beginning on the date of issuance of the loan,

19 whichever occurs first.

20 (5) REPAYMENTS.—Repayments on a loan

21 made under this subsection in a fiscal year shall be

22 deposited into the Infrastructure Now For Ameri23 ca’s-Tomorrow Trust Fund and shall be available to

24 the Administrator for making grants under this sec25 tion in succeeding fiscal years.
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1 (e) MINIMUM AMOUNT FOR PROJECTS IN METRO2 POLITAN AREAS.—Not less than 20 percent of the aggre3 gate amount made available in a fiscal year to carry out

4 this section shall be used to make grants and loans for

5 projects located in (or otherwise for the benefit of) the

6 50 largest metropolitan areas in population, as determined

7 by the Administrator using the most recent information

8 available from the Bureau of the Census.

9 (f) AVAILABILITY FOR OBLIGATION.—Funds granted

10 to a State or unit of local government under this section

11 shall remain available for obligation by the State or unit

12 of local government until the last day of the 2nd fiscal

13 year beginning after the fiscal year in which the State or

14 unit of local government receives such funds. Funds not

15 obligated by the last day of such 2nd fiscal year shall be

16 used by the Administrator to make grants and loans to

17 other States and units of local government under this sec18 tion in the first 60 days of the following fiscal year.

19 (g) MAINTENANCE OF EFFORT.—No grant may be

20 made to a State or unit of local government under this

21 section unless the State or unit of local government enters

22 into such agreements with the Administrator as the Ad23 ministrator may require to ensure that the State or unit

24 of local government will maintain its aggregate expendi25 tures from all other sources for activities eligible for
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1 grants under this section at or above the average level of

2 such expenditures in the 2 fiscal years preceding the date

3 of the enactment of this Act.

4 (h) REPORTING REQUIREMENT.—Each State and

5 unit of local government receiving a grant under this sec6 tion shall report to the Administrator on an annual basis

7 concerning the use of such grant.

8 (i) WASTEWATER TREATMENT WORKS DEFINED.—

9 For the purposes of this section, the term ‘‘wastewater

10 treatment works’’ has the meaning the term ‘‘treatment

11 works’’ has under section 212 of the Federal Water Pollu12 tion Control Act.

13 (j) AUTHORIZATION OF APPROPRIATIONS.—There is

14 authorized to be appropriated out of the Infrastructure

15 Now For America’s-Tomorrow Trust Fund

16 $1,000,000,000 per fiscal year for each of fiscal years

17 1994, 1995, and 1996 to carry out this section.

18 SEC. 105. GENERAL LIMITATIONS.

19 (a) ACQUISITION OF LAND.—No part of any grant

20 made under this Act may be used for the acquisition of

21 any interest in real property.

22 (b) MAINTENANCE COSTS.—Nothing in this Act shall

23 be construed to authorize the payment of maintenance

24 costs in connection with any project constructed (in whole
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1 or in part) with Federal financial assistance under this

2 Act.

3 (c) NON-FEDERAL SHARE.—Funds from grants

4 made available under this Act may not be used to meet

5 non-Federal share requirements under any other law.

6 (d) BUY AMERICAN.—If a project carried out with

7 funds from grants made available under this Act would

8 be eligible for Federal financial assistance under provi9 sions of law other than this Act and, under such other

10 provisions of law, would be subject to title III of the Act

11 of March 3, 1933, popularly known as the Buy American

12 Act, or similar requirements, such project shall be subject

13 to such title of such Act of March 3, 1933, or such similar

14 requirements under this Act in the same manner and to

15 the same extent as such project would be subject to such

16 title of such Act of March 3, 1933, or such similar require17 ments under such other provisions of law.

18 (e) MINORITY PARTICIPATION.—If a project carried

19 out with funds from grants made available under this Act

20 would be eligible for Federal financial assistance under

21 provisions of law other than this Act and, under such

22 other provisions of law, would be subject to any minority

23 participation requirement, such project shall be subject to

24 such requirement under this Act in the same manner and
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1 to the same extent as such project would be subject to

2 such requirement under such other provisions of law.

3 TITLE II—FUNDING FOR INFRA4 STRUCTURE REPAIR AND

5 DEFICIT REDUCTION

6 SEC. 201. INCREASE IN TAXES ON MOTOR FUELS FOR

7 INFRA-TOMORROW TRUST FUND.

8 (a) GASOLINE.—

9 (1) IN GENERAL.—Subparagraph (A) of section

10 4081(a)(2) of the Internal Revenue Code of 1986

11 (relating to rate of tax) is amended—

12 (A) by striking ‘‘and’’ at the end of clause

13 (ii),

14 (B) by striking the period at the end of

15 clause (iii) and inserting ‘‘, and’’, and

16 (C) by adding at the end thereof the fol17 lowing new clause:

18 ‘‘(iv) the INFRA-Tomorrow Trust Fund fi19 nancing rate.’’.

20 (2) RATE OF TAX.—Subparagraph (B) of sec21 tion 4081(a)(2) of such Code is amended—

22 (A) by striking ‘‘and’’ at the end of clause

23 (ii),

24 (B) by striking the period at the end of

25 clause (iii) and inserting ‘‘, and’’, and
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1 (C) by adding at the end thereof the fol2 lowing new clause:

3 ‘‘(iv) the INFRA-Tomorrow Trust

4 Fund financing rate is 7.5 cents a gallon.’’

5 (3) GASOLINE USED IN NONCOMMERCIAL AVIA6 TION.—Paragraph (3) of section 4041(c) of such

7 Code is amended by striking ‘‘15 cents a gallon’’

8 and inserting ‘‘the sum of 15 cents per gallon plus

9 the INFRA-Tomorrow Trust Fund financing rate in

10 effect under section 4081’’.

11 (4) TERMINATION.—Subsection (d) of section

12 4081 of such Code is amended by adding at the end

13 thereof the following new paragraph:

14 ‘‘(4) INFRA-TOMORROW TRUST FUND FINANC15 ING RATE.—On and after October 1, 1999, the

16 INFRA-Tomorrow Trust Fund financing rate under

17 subsection (a)(2) shall not apply.’’

18 (b) DIESEL FUEL.—

19 (1) Clause (i) of section 4091(b)(1)(A) of such

20 Code is amended by striking ‘‘and the diesel fuel

21 deficit reduction rate’’ and inserting ‘‘, the diesel

22 fuel deficit reduction rate, and the INFRA-Tomor23 row Trust Fund financing rate’’.

24 (2) Subsection (b) of section 4091 of such Code

25 is amended by redesignating paragraphs (5) and (6)
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1 as paragraphs (6) and (7), respectively, and by in2 serting after paragraph (4) the following new para3 graph:

4 ‘‘(5) INFRA-TOMORROW TRUST FUND FINANC5 ING RATE.—For purposes of paragraph (1), except

6 as provided in subsection (c), the INFRA-Tomorrow

7 Trust Fund financing rate is the INFRA-Tomorrow

8 Trust Fund financing rate in effect under section

9 4081.’’

10 (3) The last sentence of section 4091(c)(1) of

11 such Code is amended by striking ‘‘and the diesel

12 fuel deficit reduction rate’’ and inserting ‘‘, the die13 sel fuel deficit reduction rate, and the INFRA-To14 morrow Trust Fund financing rate’’.

15 (4)(A) Subparagraph (B) of section 4093(c)(2)

16 of such Code is amended—

17 (i) by striking ‘‘TAX’’ in the heading and

18 inserting ‘‘AND INFRA-TOMORROW TAXES’’, and

19 (ii) by inserting ‘‘and the INFRA-Tomor20 row Trust Fund financing rate’’ after ‘‘deficit

21 reduction rate’’.

22 (B) Paragraph (4) of section 6427(l) of such

23 Code is amended—

24 (i) by striking ‘‘TAX’’ in the heading and

25 inserting ‘‘AND INFRA-TOMORROW TAXES’’, and
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1 (ii) by inserting ‘‘and the INFRA-Tomor2 row Trust Fund financing rate’’ after ‘‘deficit

3 reduction rate’’.

4 (c) AVIATION FUEL.—Clause (ii) of section

5 4091(b)(1)(A) of such Code is amended by inserting ‘‘and

6 the INFRA-Tomorrow Trust Fund financing rate’’ after

7 ‘‘financing rate’’.

8 (d) SPECIAL MOTOR FUELS.—The last sentence of

9 paragraph (2) of section 4041(a) of such Code is amended

10 by striking ‘‘and the deficit reduction rate’’ and inserting

11 ‘‘, the deficit reduction rate, and the INFRA-Tomorrow

12 Trust Fund financing rate’’.

13 (e) EFFECTIVE DATE.—The amendments made by

14 this section shall take effect on January 1, 1994.

15 SEC. 202. INCREASE IN, AND EXTENSION OF, TAXES ON

16 MOTOR FUELS FOR DEFICIT REDUCTION.

17 (a) GASOLINE.—

18 (1) INCREASE.—Clause (iii) of section

19 4081(a)(2)(B) of the Internal Revenue Code of 1986

20 is amended by striking ‘‘2.5 cents a gallon’’ and in21 serting ‘‘5.5 cents a gallon’’.

22 (2) EXTENSION.—Paragraph (3) of section

23 4081(d) of such Code is amended by striking

24 ‘‘1995’’ and inserting ‘‘1999’’.

25 (b) DIESEL FUEL.—
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1 (1) INCREASE.—Paragraph (4) of section

2 4091(b) is amended by striking ‘‘2.5 cents per gal3 lon’’ and inserting ‘‘5.5 cents per gallon’’.

4 (2) EXTENSION.—Subparagraph (D) of section

5 4091(b)(7) of such Code, as redesignated by the pre6 ceding section, is amended by striking ‘‘1995’’ and

7 inserting ‘‘1999’’.

8 (c) AVIATION FUEL.—

9 (1) IN GENERAL.—Clause (ii) of section

10 4091(b)(1)(A) of such Code is amended by striking

11 ‘‘financing rate and’’ and inserting ‘‘financing rate,

12 the aviation fuel deficit reduction financing rate,

13 and’’.

14 (2) AVIATION FUEL DEFICIT REDUCTION

15 RATE.—

16 (A) IN GENERAL.—Subsection (b) of sec17 tion 4091 is amended by redesignating para18 graphs (5), (6), and (7) as paragraphs (6), (7),

19 and (8), respectively, and by inserting after

20 paragraph (4) the following new paragraph:

21 ‘‘(5) AVIATION FUEL DEFICIT REDUCTION

22 RATE.—For purposes of paragraph (1), except as

23 provided in subsection (d), the aviation fuel deficit

24 reduction rate is 3 cents per gallon.’’
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1 (B) TERMINATION.—Paragraph (8) of sec2 tion 4091(b) of such Code, as redesignated by

3 subparagraph (A), is amended by adding at the

4 end thereof the following new subparagraph:

5 ‘‘(E) The aviation fuel deficit reduction

6 rate shall not apply on and after October 1,

7 1999.’’

8 (C) The last sentence of section

9 4091(d)(1) of such Code is amended to read as

10 follows:

11 ‘‘In the case of a sale described in subparagraph

12 (B), the Leaking Underground Storage Tank Trust

13 Fund financing rate and the aviation fuel deficit reduction rate be shall 10 14 ⁄9th of the otherwise applica15 ble such rates.’’

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

17 this section shall take effect on January 1, 1994.

18 SEC. 203. INFRASTRUCTURE NOW FOR AMERICA’S-TOMOR19 ROW TRUST FUND.

20 (a) IN GENERAL.—Subchapter A of chapter 98 of the

21 Internal Revenue Code of 1986 (relating to trust fund

22 code) is amended by adding at the end thereof the follow23 ing new section:
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1 ‘‘SEC. 9512. INFRASTRUCTURE NOW FOR AMERICA’S-TO2 MORROW TRUST FUND.

3 ‘‘(a) CREATION OF TRUST FUND.—There is estab4 lished in the Treasury of the United States a trust fund

5 to be known as the ‘Infrastructure Now For America’s6 Tomorrow Trust Fund’ (hereinafter in this section re7 ferred to as the ‘INFRA-Tomorrow Trust Fund’).

8 ‘‘(b) TRANSFERS TO TRUST FUND.—There are here9 by appropriated to the INFRA-Tomorrow Trust Fund

10 amounts equivalent to the net revenues received in the

11 Treasury from the INFRA-Tomorrow Trust Fund taxes.

12 ‘‘(c) EXPENDITURES FROM TRUST FUND.—Amounts

13 in the INFRA-Tomorrow Trust Fund shall be available,

14 as provided in appropriation Acts, for making expendi15 tures to carry out title I of the Infrastructure Now For

16 America’s-Tomorrow Act of 1993.

17 ‘‘(d) AUTHORITY TO BORROW.—

18 ‘‘(1) IN GENERAL.—There are authorized to be

19 appropriated to the INFRA-Tomorrow Trust Fund

20 as repayable advances such sums as may be nec21 essary to carry out the purposes of such Trust

22 Fund.

23 ‘‘(2) LIMITATION ON AMOUNT OUTSTANDING.—

24 The maximum aggregate amount of repayable ad25 vances to the INFRA-Tomorrow Trust Fund which

26 is outstanding at any one time shall not exceed an
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1 amount equal to the amount which the Secretary es2 timates will be equal to the sum of the amounts ap3 propriated to such Trust Fund under subsection (b)

4 during the following 24 months.

5 ‘‘(3) REPAYMENT OF ADVANCES.—

6 ‘‘(A) IN GENERAL.—Advances made to the

7 INFRA-Tomorrow Trust Fund shall be repaid,

8 and interest on such advances shall be paid, to

9 the general fund of the Treasury when the Sec10 retary determines that moneys are available for

11 such purposes in such Fund.

12 ‘‘(B) FINAL PAYMENT.—No advance shall

13 be made to such Trust Fund after September

14 30, 1999, and all advances to such Trust Fund

15 shall be repaid on or before such date.

16 ‘‘(C) RATE OF INTEREST.—Interest on ad17 vances made pursuant to this subsection shall

18 be at a rate determined by the Secretary of the

19 Treasury (as of the close of the calendar month

20 preceding the month in which the advance is

21 made) to be equal to the current average mar22 ket yield on outstanding marketable obligations

23 of the United States with remaining periods to

24 maturity comparable to the anticipated period
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1 during which the advance will be outstanding

2 and shall be compounded annually.

3 ‘‘(e) NET REVENUES.—For purposes of this sec4 tion—

5 ‘‘(1) IN GENERAL.—The term ‘net revenues’

6 means the amount estimated by the Secretary based

7 on the excess of—

8 ‘‘(A) the INFRA-Tomorrow Trust Fund

9 taxes received in the Treasury, over

10 ‘‘(B) the decrease in the tax imposed by

11 chapter 1 resulting from the INFRA-Tomorrow

12 Trust Fund taxes.

13 ‘‘(2) INFRA-TOMORROW TRUST FUND

14 TAXES.—The term ‘INFRA-Tomorrow Trust Fund

15 taxes’ means the taxes imposed by sections 4041,

16 4081, and 4091 to the extent attributable to the

17 INFRA-Tomorrow Trust Fund financing rates

18 under such sections.

19 ‘‘(f) TRANSFERS FROM TRUST FUND FOR CERTAIN

20 REPAYMENTS AND CREDITS.—

21 ‘‘(1) IN GENERAL.—The Secretary shall pay

22 from time to time from the INFRA-Tomorrow Trust

23 Fund into the general fund of the Treasury amounts

24 equivalent to—
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1 ‘‘(A) the payments under sections 6420,

2 6421, and 6427, and

3 ‘‘(B) the credits allowed under section 34,

4 to the extent such payments and credits are attrib5 utable to the INFRA-Tomorrow Trust Fund taxes.

6 ‘‘(2) TRANSFERS BASED ON ESTIMATES.—

7 Transfers under paragraph (1) shall be made on the

8 basis of estimates by the Secretary, and proper ad9 justments shall be made in amounts subsequently

10 transferred to the extent prior estimates were in ex11 cess of or less than the amounts required to be

12 transferred.’’

13 (b) CLERICAL AMENDMENT.—The table of sections

14 for such subchapter A is amended by adding at the end

15 thereof the following new item:

‘‘Sec. 9512. INFRA-Tomorrow Trust Fund.’’

16 SEC. 204. FLOOR STOCKS TAXES.

17 (a) IMPOSITION OF TAX.—There is hereby imposed

18 a floor stocks tax on gasoline, diesel fuel, and aviation fuel

19 on which tax was imposed under section 4081 or 4091

20 of the Internal Revenue Code of 1986 before January 1,

21 1994, and which is held on such date by any person.

22 (b) RATE OF TAX.—The rate of the tax imposed by

23 subsection (a) shall be 10.5 cents per gallon.

24 (c) LIABILITY FOR TAX AND METHOD OF PAY25 MENT.—
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1 (1) LIABILITY FOR TAX.—A person holding fuel

2 to which the tax imposed by subsection (a) applies

3 on January 1, 1994, shall be liable for such tax.

4 (2) METHOD OF PAYMENT.—The tax imposed

5 by subsection (a) shall be paid in such manner as

6 the Secretary shall prescribe.

7 (3) TIME FOR PAYMENT.—The tax imposed by

8 subsection (a) shall be paid on or before May 31,

9 1994.

10 (d) DEFINITIONS.—For purposes of this section—

11 (1) HELD BY A PERSON.—Fuel shall be consid12 ered as ‘‘held by a person’’ if title thereto has passed

13 to such person (whether or not delivery to the per14 son has been made).

15 (2) GASOLINE.—The term ‘‘gasoline’’ has the

16 meaning given such term by section 4082 of such

17 Code.

18 (3) DIESEL FUEL.—The term ‘‘diesel fuel’’ has

19 the meaning given such term by section 4092 of

20 such Code.

21 (4) AVIATION FUEL.—The term ‘‘aviation fuel’’

22 has the meaning given such term by section 4092(a)

23 of such Code.

24 (5) SECRETARY.—The term ‘‘Secretary’’ means

25 the Secretary of the Treasury or his delegate.
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1 (e) EXCEPTION FOR EXEMPT USES.—The tax im2 posed by subsection (a) shall not apply to gasoline, diesel

3 fuel, or aviation fuel held by any person exclusively for

4 any use to the extent a credit or refund of the tax imposed

5 by section 4081 or 4091 of such Code, as the case may

6 be, is allowable for such use.

7 (f) EXCEPTION FOR FUEL HELD IN VEHICLE

8 TANK.—No tax shall be imposed by subsection (a) on gas9 oline or diesel fuel held in the tank of a motor vehicle or

10 motorboat.

11 (g) EXCEPTION FOR CERTAIN AMOUNTS OF FUEL.—

12 (1) IN GENERAL.—No tax shall be imposed by

13 subsection (a)—

14 (A) on gasoline held on January 1, 1994,

15 by any person if the aggregate amount of gaso16 line held by such person on such date does not

17 exceed 4,000 gallons, and

18 (B) on diesel fuel held on a January 1,

19 1994, by any person if the aggregate amount of

20 diesel fuel held by such person on such date

21 does not exceed 2,000 gallons.

22 The preceding sentence shall apply only if such per23 son submits to the Secretary (at the time and in the

24 manner required by the Secretary) such information
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1 as the Secretary shall require for purposes of this

2 paragraph.

3 (2) EXEMPT FUEL.—For purposes of para4 graph (1), there shall not be taken into account fuel

5 held by any person which is exempt from the tax im6 posed by subsection (a) by reason of subsection (e)

7 or (f).

8 (3) CONTROLLED GROUPS.—

9 (A) CORPORATIONS.—For purposes of this

10 subsection, the gallon amounts specified in

11 paragraph (1) shall be allocated among mem12 bers of a controlled group in such manner as

13 the Secretary shall by regulations prescribe.

14 For purposes of the preceding sentence, the

15 term ‘‘controlled group’’ has the meaning given

16 such term by section 1563(a) of such Code; ex17 cept that for such purposes the phrase ‘‘more

18 than 50 percent’’ shall be substituted for the

19 phrase ‘‘at least 80 percent’’ each place it ap20 pears in such subsection.

21 (B) PERSONS OTHER THAN CORPORA22 TIONS.—Under regulations prescribed by the

23 Secretary, principles similar to the principles of

24 subparagraph (A) shall apply to a group of per-
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1 sons under common control where 1 or more of

2 such persons is not a corporation.

3 (h) OTHER LAWS APPLICABLE.—All provisions of

4 law, including penalties, applicable with respect to the

5 taxes imposed by section 4081 of such Code in the case

6 of gasoline and section 4091 of such Code in the case of

7 diesel fuel and aviation fuel shall, insofar as applicable and

8 not inconsistent with the provisions of this section, apply

9 with respect to the floor stock taxes imposed by subsection

10 (a) to the same extent as if such taxes were imposed by

11 such section 4081 or 4091.

12 (i) TRANSFER OF PORTION OF FLOOR STOCKS REV13 ENUE TO INFRA-TOMORROW TRUST FUND.—For pur14 poses of determining the amount transferred to the

15 INFRA-Tomorrow Trust Fund, the tax imposed by sub16 section (a) shall be treated as imposed at a INFRA-To17 morrow Trust Fund financing rate to the extent of 7.5

18 cents per gallon.

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