‘‘(1) PRIMARY LEAD.—The term ‘primary lead’
means lead that has not been previously used in any
finished or unfinished product.
‘‘(2) SECONDARY LEAD.—The term ‘secondary
lead’ means lead that has been previously used in
any finished or unfinished product.
‘‘(3) TAXABLE
LEAD
PRODUCTS.—The term
‘taxable lead products’ means any product more
than 0.06 percent of the dry weight of which is at-
tributable to lead.
‘‘(4) UNITED
STATES
SMELTER.—The term
‘United States smelter’ means any facility in the
United States at which primary or secondary lead is
smelted.
‘‘(d) CREDIT OR REFUND FOR EXPORTS OF LEAD
OR TAXABLE LEAD PRODUCTS.—
‘‘(1) IN GENERAL.—If—
‘‘(A) tax was imposed by this section with
respect to any lead, and
‘‘(B)(i) such lead was exported by any per-
son, or
‘‘(ii) such lead was used as a material in
the manufacture or production of any taxable
lead product which was exported by any person,
credit or refund (without interest) shall be allowed
or made to the person who paid such tax.
‘‘(2) CONDITIONS OF ALLOWANCE.—Rules simi-
lar to the rules of section 4662(e)(2)(B) shall apply
for purposes of this subsection.
‘‘(3) REFUNDS
DIRECTLY
TO
EXPORTER.—
Rules similar to the rules of section 4662(e)(3) shall
apply for purposes of this subsection.
‘‘(e) TERMINATION.—No tax shall be imposed by this
section after the 10-year period beginning on the date of
the enactment of this section.’’.
(b) CLERICAL AMENDMENT.—The table of sub-
chapters for chapter 38 of such Code is amended by add-
ing at the end thereof the following new item:
‘‘Subchapter E. Lead or lead products’’.
SEC. 5. LEAD ABATEMENT TRUST FUND.
(a) IN GENERAL.—Subchapter A of chapter 98 of the
Internal Revenue Code of 1986 (relating to trust fund)
is amended by adding at the end thereof the following new
section:
‘‘SEC. 9512. LEAD ABATEMENT TRUST FUND.
‘‘(a) CREATION OF TRUST FUND.—There is hereby
established in the Treasury of the United States a trust
fund to be known as the ‘Lead Abatement Trust Fund’,
consisting of such amounts as may be credited to such
trust fund as provided in this section or section 9602(b).
‘‘(b) CREDITS TO TRUST FUND.—There are hereby
credited to the Lead Abatement Trust Fund amounts
equivalent to the taxes received in the Treasury under sec-
tion 4686 (relating to tax on lead and lead products) and
any amounts recovered by the Secretary pursuant to sec-
tion 1066(d)(2) of the Housing and Community Develop-
ment Act of 1992.
‘‘(c) EXPENDITURES FROM TRUST FUND.—
‘‘(1) IN
GENERAL.—Amounts in the Lead
Abatement Trust Fund shall be available for pur-
poses of making grants under sections 1061 and
1069(d) of the Housing and Community Develop-
ment Act of 1992 and for administrative cost as
provided in section 1072 of such Act, but shall not
be available for any other purpose.
‘‘(2) TRANSFERS
FOR
CREDITS
AND
RE-
FUNDS.—The Secretary shall pay from time to time
from the Lead Abatement Trust Fund amounts
equivalent to the credits allowed and refunds made
under section 4684(d).’’.
(b) CLERICAL AMENDMENT.—The table of sections
for such subchapter A is amended by adding at the end
thereof the following new item:
‘‘Sec. 9512. Lead Abatement Trust Fund.’’.
SEC. 6. EFFECTIVE DATES.
(a) FORMULA GRANTS.—The amendments made by
section 3 shall take effect October 1, 1994, or upon the
date of the enactment of this Act, whichever occurs later.
(b) IMPOSITION OF EXCISE TAX; ESTABLISHMENT
OF FUND.—The amendments made by sections 4 and 5
shall take effect upon the date of the enactment of this
Act.
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