Sec. 2. Water Affordability, Transparency, Equity, and Reliability Trust Fund
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Subchapter A of chapter 98 of the Internal Revenue Code of 1986 is amended by adding at the end the following: There is established in the Treasury of the United States a trust fund to be known as the Water Affordability, Transparency, Equity, and Reliability Trust Fund (referred to in this section as the Trust Fund ), consisting of such amounts as may be appropriated or credited to such Trust Fund as provided in this section or section 9602(b). There are hereby appropriated to the Trust Fund such amounts as the Secretary from time to time estimates are equal to the increase in Federal revenues attributable to the application of section 952(e).
The sum of the amounts appropriated under paragraph
(1)during any fiscal year shall not exceed $34,850,000,000. Amounts in the Trust Fund are available, without further appropriation and without fiscal year limitation, for the purposes described in section 2(c) of the Water Affordability, Transparency, Equity, and Reliability Act of 2016. . The table of parts for subchapter A of chapter 98 of such Code is amended by inserting after the item relating to section 9511 the following new item: Sec. 9512. Water Affordability, Transparency, Equity, and Reliability Trust Fund. . Section 952 of the Internal Revenue Code of 1986 is amended by adding at the end the following: Notwithstanding any other provision of this subpart, the term subpart F income means, in the case of any controlled foreign corporation, the income of such corporation derived from any foreign country. Rules similar to the rules under the last sentence of subsection
(a)and subsection
(d)shall apply to this subsection. . The amendment made by this subsection shall apply to taxable years of foreign corporations beginning after the date of the enactment of this Act, and to taxable years of United States shareholders with or within which such taxable years of foreign corporations end. The Administrator of the Environmental Protection Agency shall allocate, for a fiscal year, the funds available, at the beginning of such fiscal year, in the Water Affordability, Transparency, Equity, and Reliability Trust Fund, established by section 9512 of the Internal Revenue Code of 1986, as follows: Of such amount, the Administrator shall make available— 0.5 percent for making grants under section 104(b)(8) of the Federal Water Pollution Control Act; 1.5 percent for making grants under section 106 of such Act ( 33 U.S.C. 1256 ); 2.5 percent for making grants under section 222 of such Act; 2.5 percent for making grants under section 319 of such Act ( 33 U.S.C. 1329 ); and 45 percent for making capitalization grants under section 601 of such Act ( 33 U.S.C. 1381 ). Of such amount, the Administrator shall make available— 0.5 percent for providing technical assistance under section 1442(e) of the Safe Drinking Water Act ( 42 U.S.C. 300j–1(e) ); 44.5 percent for making capitalization grants under section 1452 of such Act ( 42 U.S.C. 300j–12 ); and 3 percent for making grants under section 1465 of such Act.
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- 42 USC 300j–1(e)
- 42 USC 300j–12
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Sec. 2
Water Affordability, Transparency, Equity, and Reliability Trust Fund
Cite42 USC 300j–1(e)
Cite42 USC 300j–12
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