Trust Fund shall be available, as provided by appro-
priation Acts, to finance qualified expenses of—
‘‘(A) the National Railroad Passenger Cor-
poration, and
‘‘(B) each eligible State, to the extent de-
termined under paragraph (3).
‘‘(2) DIRECT SPENDING AMOUNTS.—The follow-
ing amounts in the Intercity Passenger Rail Trust
Fund are hereby appropriated to finance qualified
expenses:
Amount
‘‘Fiscal year:
Available:
1997 .........................................................................................$540,000,000
1998 ......................................................................................... 751,000,000
1999 ......................................................................................... 766,000,000
2000 ......................................................................................... 781,000,000
2001 ......................................................................................... 797,000,000.
‘‘(3) MAXIMUM AMOUNT OF FUNDS TO ELIGI-
BLE
STATES.—Each eligible State shall receive
under this subsection an amount equal to the lesser
of—
‘‘(A) the State’s qualified expenses for the
fiscal year, or
‘‘(B) the product of—
‘‘(i) 1⁄12 of 1 percent of the lesser of—
‘‘(I) the aggregate amounts ap-
propriated and credited to the Inter-
city Passenger Rail Trust Fund under
subsection (a) for such fiscal year, or
‘‘(II) the aggregate amounts ap-
propriated from the Intercity Pas-
senger Rail Trust Fund under this
subsection for such fiscal year, and
‘‘(ii) the number of months such State
was an eligible State in the preceding fiscal
year.
If the amount determined under subparagraph (B)
exceeds the amount under subparagraph (A) for any
fiscal year, the amount under subparagraph (B) for
the following fiscal year shall be increased by the
amount of such excess.
‘‘(d) DEFINITIONS.—For purposes of this section—
‘‘(1) QUALIFIED EXPENSES.—The term ‘quali-
fied expenses’ means expenses incurred, with respect
to obligations made after December 31, 1996, and
before October 1, 2001, if such expense is—
‘‘(A) in the case of—
‘‘(i) the National Railroad Passenger
Corporation, for capital improvements in
intercity passenger rail service (or for am-
ortization of principal and interest on any
loan incurred such improvements), or
‘‘(ii) an eligible State, for capital im-
provements in intercity rail service (or for
amortization of principal and interest on
any loan incurred such improvements), and
‘‘(B) certified by the Secretary of Trans-
portation as meeting the requirements of sub-
paragraph (A).
‘‘(2) ELIGIBLE
STATE.—The term ‘eligible
State’ means any State which does not receive inter-
city passenger rail service from the National Rail-
road Passenger Corporation.
‘‘(e) TERMINATION.—The Secretary shall determine
and retain, not later than October 1, 2001, the amount
in the Intercity Passenger Rail Trust Fund necessary to
pay any outstanding qualified expenses, and shall transfer
any amount not so retained to the general fund of the
Treasury.’’
(b) CONFORMING AMENDMENT.—The table of sec-
tions for subchapter A of chapter 98 of such Code (relat-
ing to trust fund code) is amended by adding at the end
the following new item:
‘‘Sec. 9512. Intercity Passenger Rail Trust Fund.’’
(c) EFFECTIVE DATE.—The amendments made by
this section shall apply with respect to taxes imposed after
December 31, 1996.
SEC. 3. REMAINDER OF GENERAL REVENUE PORTION OF
HIGHWAY MOTOR FUEL EXCISE TAX REVE-
NUES TO BE DEPOSITED INTO HIGHWAY
TRUST FUND.
(a) IN GENERAL.—Paragraph (4) of section 9503(b)
of the Internal Revenue Code of 1986 (relating to certain
additional taxes not transferred to Highway Trust Fund)
is amended to read as follows:
‘‘(4) CERTAIN TAXES NOT TRANSFERRED TO
HIGHWAY
TRUST
FUND.—For purposes of para-
graphs (1) and (2), there shall not be taken into ac-
count—
‘‘(A) the taxes imposed by section 4041(d),
‘‘(B) the taxes imposed by section 4081 to
the extent attributable to the rate specified in
section 4081(a)(2)(B), and
‘‘(C) the taxes imposed by sections 4041
and 4081 to the extent that amounts equivalent
to such taxes are appropriated to the Intercity
Passenger 
Rail 
Trust 
Fund 
by 
section
9512(b).’’
(b) CONFORMING AMENDMENTS.—
(1) Subparagraph (B) of section 40(e)(1) of
such Code is amended by striking ‘‘during which the
Highway Trust Fund financing rate under section
4081(a)(2) is not in effect’’ and inserting ‘‘during
which the rates of tax specified in section
4081(a)(2)(A) are not in effect’’.
(2) The last sentence of subparagraph (A) of
section 9503(c)(2) of such Code is amended by strik-
ing ‘‘by taking into account only the Highway Trust
Fund financing rate applicable to any fuel’’ and in-
serting ‘‘by taking into account only the portion of
the taxes which are deposited into the Highway
Trust Fund’’.
(3) Subsection (f) of section 9503 of such Code
is hereby repealed.
(c) EFFECTIVE DATE.—The amendments made by
this section shall apply to taxes imposed after December
31, 1996.
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