Sec. 7. Limitation on expenditures from the Inland Waterways Trust Fund
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Section 9506 of the Internal Revenue Code of 1986 is amended— in subsection (c)(1), by— inserting and subject to subsection (d), after Except as provided in paragraph (2), ; and inserting before the period at the end , provided that such expenditures may not exceed 50 percent of the total cost of the construction or rehabilitation ; and by inserting at the end the following: Amounts in the Inland Waterways Trust Fund shall not be available for expenditures for— construction or rehabilitation of dams, or any rehabilitation expenditure that does not equal or exceed $50,000,000.
Amounts in the Inland Waterways Trust Fund shall not be used to pay for any part of the cost to construct an authorized Federal project that exceeds the sum of— the amount equal to— the total authorized cost to construct the Federal project as specified in the Public Law that authorized construction of the project or, in the case of a rehabilitation project, in the relevant rehabilitation evaluation report, multiplied by the cost-of-living adjustment determined under section 1(f)(3) for the year in which construction or rehabilitation under the project begins (determined by substituting the year that precedes the calendar year in which such project was authorized for 1992 in subparagraph
(B)of such section), and any additional amount that is jointly agreed to by the Secretary and the Inland Waterways Users Board as appropriate to the project. .