Sec. 2. Reform of spending from the Harbor Maintenance Trust Fund
298 words·~1 min read·
/bill/115/hr/3152/ih/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 9505(c) of the Internal Revenue Code of 1986 is amended to read as follows: In the case of any fiscal year beginning after September 30, 2017, so much of the amounts in the Harbor Maintenance Trust Fund as is equal to the applicable amount shall be available, without appropriation, for making expenditures— to carry out section 210 of the Water Resources Development Act of 1986, for payments of rebates of tolls or charges pursuant to section 13(b) of the Act of May 13, 1954 (as in effect on April 1, 1987), and for the payment of all expenses of administration incurred by the Department of the Treasury, the Army Corps of Engineers, and the Department of Commerce related to the administration of subchapter A of chapter 36 (relating to harbor maintenance tax).
For purposes of subparagraph (A), the applicable amount for any fiscal year is an amount equal to the sum of— the amount of taxes received in the Treasury under section 4461 for the immediately preceding fiscal year, plus any amounts credited to the Harbor Maintenance Trust Fund under section 9602(b) which is attributable to the portion of the amounts described in clause
(i)that are deposited in such Trust Fund. Of the amounts available under this paragraph for any fiscal year— $5,000,000 shall be available for purposes described in subparagraph (A)(iii), $40,000,000 shall be available for purposes described in subparagraph (A)(ii), and the remainder shall be available for purposes described in subparagraph (A)(i). The amounts in the Harbor Maintenance Trust Fund after application of paragraph
(1)shall be available, as provided in appropriations Acts, for making expenditures for purposes described in paragraph (1)(A). . The amendment made by this section shall apply to fiscal years beginning after the date of the enactment of this Act.