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SECTION 1. PHASE-OUT OF TAX SUBSIDIES FOR ALCOHOL FUELS PRODUCED FROM
FEEDSTOCKS ELIGIBLE TO RECEIVE FEDERAL AGRICULTURAL
SUBSIDIES.

(a) Alcohol Fuels Credit.--Section 40 of the Internal Revenue Code
of 1986 (relating to credit for alcohol used as a fuel) is amended by
adding at the end the following new subsection:
''(g) Phase-Out of Credit for Alcohol Produced From Feedstocks
Eligible To Receive Federal Agricultural Subsidies.--
''(1) In general.--No credit shall be allowed under this
section with respect to any alcohol, or fuel containing
alcohol, which is produced from any feedstock which is a
subsidized agricultural commodity.
''(2) Phase-in of disallowance.--In the case of taxable
years beginning in 1995 and 1996, paragraph (1) shall not apply
and the credit determined under this section with respect to
alcohol or fuels described in paragraph (1) shall be equal to
67 percent (33 percent in the case of taxable years beginning
in 1996) of the credit determined without regard to this
subsection.
''(3) Subsidized agricultural commodity.--For purposes of
this subsection, the term 'subsidized agricultural commodity'
means any agricultural commodity which is supported, or is
eligible to be supported, by a price support or production
adjustment program carried out by the Secretary of
Agriculture.''.
(b) Excise Tax Reduction.--
(1) Petroleum products.--Section 4081(c) of the Internal
Revenue Code of 1986 (relating to taxable fuels mixed with
alcohol) is amended by redesignating paragraph (8) as paragraph
(9) and by adding after paragraph (7) the following new
paragraph:
''(8) Phase-out of subsidy for alcohol produced from
feedstocks eligible to receive federal agricultural
subsidies.--
''(A) In general.--This subsection shall not apply
to any qualified alcohol mixture containing alcohol
which is produced from any feedstock which is a
subsidized agricultural commodity.
''(B) Phase-in of disallowance.--In the case of
calendar years 1995 and 1996, the rate of tax under
subsection (a) with respect to any qualified alcohol
mixture described in subparagraph (A) shall be equal to
the sum of--
''(i) the rate of tax determined under this
subsection (without regard to this paragraph),
plus
''(ii) 33 percent (67 percent in the case
of 1996) of the difference between the rate of
tax under subsection (a) determined with and
without regard to this subsection.
''(C) Subsidized agricultural commodity.--For
purposes of this paragraph, the term 'subsidized
agricultural commodity' means any agricultural
commodity which is supported, or is eligible to be
supported, by a price support or production adjustment
program carried out by the Secretary of Agriculture.''.
(2) Special fuels.--Section 4041 of such Code (relating to
tax on special fuels) is amended by adding at the end the
following new subsection:
''(n) Phase-Out of Subsidy for Alcohol Produced From Feedstocks
Eligible To Receive Federal Agricultural Subsidies.--
''(1) In general.--Subsections (b)(2), (k), and (m) shall
not apply to any alcohol fuel containing alcohol which is
produced from any feedstock which is a subsidized agricultural
commodity.
''(2) Phase-in of disallowance.--In the case of calendar
years 1995 and 1996, the rate of tax determined under
subsection (b)(2), (k), or (m) with respect to any alcohol fuel
described in paragraph (1) shall be equal to the sum of--
''(A) the rate of tax determined under such
subsection (without regard to this subsection), plus
''(B) 33 percent (67 percent in the case of 1996)
of the difference between the rate of tax under this
section determined with and without regard to
subsection (b)(2), (k), or (m), whichever is
applicable.
''(3) Subsidized agricultural commodity.--For purposes of
this subsection, the term 'subsidized agricultural commodity'
means any agricultural commodity which is supported, or is
eligible to be supported, by a price support or production
adjustment program carried out by the Secretary of
Agriculture.''.
(3) Aviation fuel.--Section 4091(c) of such Code (relating
to reduced rate of tax for aviation fuel in alcohol mixture) is
amended by redesignating paragraph (5) as paragraph (6) and by
inserting after paragraph (4) the following new paragraph:
''(5) Phase-out of subsidy for alcohol produced from
feedstocks eligible to receive federal agricultural
subsidies.--
''(A) In general.--This subsection shall not apply
to any mixture of aviation fuel containing alcohol
which is produced from any feedstock which is a
subsidized agricultural commodity.
''(B) Phase-in of disallowance.--In the case of
calendar years 1995 and 1996, the rate of tax under
subsection (a) with respect to any mixture of aviation
fuel described in subparagraph (A) shall be equal to
the sum of--
''(i) the rate of tax determined under this
subsection (without regard to this paragraph),
plus
''(ii) 33 percent (67 percent in the case
of 1996) of the difference between the rate of
tax under subsection (a) determined with and
without regard to this subsection.
''(C) Subsidized agricultural commodity.--For
purposes of this paragraph, the term 'subsidized
agricultural commodity' means any agricultural
commodity which is supported, or is eligible to be
supported, by a price support or production adjustment
program carried out by the Secretary of Agriculture.''.
(c) Effective Dates.--
(1) Credit.--The amendment made by subsection (a) shall
apply to taxable years beginning after December 31, 1994.
(2) Excise taxes.--
(A) In general.--The amendments made by subsection
(b) shall take effect on January 1, 1995.
(B) Floor stock tax.--
(i) In general.--In the case of any alcohol
fuel in which tax was imposed under section
4041, 4081, or 4091 of the Internal Revenue
Code of 1986 before any tax-increase date, and
which is held on such date by any person, then
there is hereby imposed a floor stock tax on
such fuel equal to the difference between the
tax imposed under such section on such date and
the tax so imposed.
(ii) Liability for tax and method of
payment.--A person holding an alcohol fuel on
any tax-increase date shall be liable for such
tax, shall pay such tax no later than 90 days
after such date, and shall pay such tax in such
manner as the Secretary may prescribe.
(iii) Exceptions.--The tax imposed by
clause (i) shall not apply--
(I) to any fuel held in the tank of
a motor vehicle or motorboat, or
(II) to any fuel held by a person
if, on the tax-increase date, the
aggregate amount of fuel held by such
person and any related persons does not
exceed 2,000 gallons.
(iv) Tax-increase date.--For purposes of
this subparagraph, the term ''tax-increase
date'' means January 1, 1995, and January 1,
1996.
(v) Other laws applicable.--All provisions
of law, including penalties applicable with
respect to the taxes imposed by sections 4041,
4081, and 4091 of such Code shall, insofar as
applicable and not inconsistent with the
provisions of this subparagraph, apply with
respect to the floor stock taxes imposed by
clause (i).

SEC. 2. PORTION OF INCREASED REVENUES DEPOSITED INTO HARBOR MAINTENANCE
TRUST FUND.

(a) Dredging Material Account.--Section 9505 of the Internal
Revenue Code of 1986 (relating to Harbor Maintenance Trust Fund) is
amended by adding at the end the following new subsection:
''(d) Dredging Material Account.--
''(1) Creation of account.--There is established in the
Harbor Maintenance Trust Fund a separate account to be known as
the 'Dredging Material Account' consisting of such amounts as
may be appropriated or credited to the Dredging Material
Account as provided in this subsection or 9602(b).
''(2) Transfers to account.--There is hereby appropriated
to the Dredging Material Account amounts equivalent to 50
percent of the sum of--
''(A) the aggregate increase in tax liabilities
under chapter 1 which is attributable to section 40(g),
and
''(B) the aggregate increase in taxes received in
the Treasury which is attributable to sections 4041(n),
4081(c)(8), and 4091(c)(5).
''(3) Expenditures.--Amounts in the Dredging Material
Account shall be available, as provided in appropriation Acts,
for--
''(A) research and development of dredged material
decontamination technologies, and
''(B) research, development, and construction of
facilities for dredged material containment or disposal
(other than open water disposal).''
(b) No Transfers To Other Trust Funds.--
(1) Subsection (e) of section 9502 of such Code (relating
to special rules for transfers to Airport and Airway Trust
Fund) is amended by adding at the end the following new
paragraph:
''(3) Certain additional taxes to remain in general fund.--
The amount required to be appropriated by subsection (b) shall
be determined without regard to any increase in taxes by reason
of sections 4041(n), 4081(c)(8), and 4091(c)(5).''
(2) Paragraph (4) of section 9503(b) of such Code (relating
to certain additional taxes not transferred to Highway Trust
Fund) is amended by striking ''and'' at the end of subparagraph
(A), by striking the period at the end of subparagraph (B) and
inserting '', and'', and by adding at the end the following new
subparagraph:
''(C) there shall not be taken into account any
increase in taxes by reason of sections 4041(n) and
4081(c)(8).''
Amends the Internal Revenue Code to phase out the tax subsidies for alcohol fuels produced from feedstocks which are eligible to receive Federal agricultural subsidies.
Amends the Internal Revenue Code to establish the Dredging Material Account in the Harbor Maintenance Trust Fund. Transfers 50 percent of the amounts received from increased tax liabilities under this Act to such Account.