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Code · BILL · 118th Congress · H.R. 10314 (Introduced in House) — To amend the Internal Revenue Code of 1986 to establish a National Resilience and Recovery Fund, and for other purposes. · Sec. 2

Sec. 2. Establishment of National Resilience and Recovery Fund

362 words·~2 min read·/bill/118/hr/10314/ih/section-2

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Subchapter A of chapter 98 of the Internal Revenue Code of 1986 (relating to establishment of trust funds) is amended by adding at the end the following new section: There is established in the Treasury of the United States a trust fund to be known as the National Resilience and Recovery Fund , consisting of such amounts as may be appropriated or credited to such Fund as provided in this section or section 9602(b). There are hereby appropriated to the National Resilience and Recovery Fund amounts equivalent to— taxes received in the Treasury under section 5901(a) (relating to the excise tax on crude oil and natural gas produced from the outer Continental Shelf in the Gulf of Mexico), taxes received in the Treasury under section 4611 (relating to environmental tax on crude oil and petroleum) to the extent attributable to the National Resilience and Recovery Fund financing rate under section 4611(c), and taxes received in the Treasury under section 5896(a) (relating to the excise tax on crude oil windfall profits).
Amounts in the Fund shall be available, as provided in appropriation Acts, to the Administrator of the Federal Emergency Management Agency to carry out the purposes of the following programs of such Agency: The Hazard Mitigation Grant Program established pursuant to section 404 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5170c ). The Building Resilient Infrastructure and Communities grant program established pursuant to section 203 of the Robert T.
Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5133 ). The Safeguarding Tomorrow Revolving Loan Fund Program established pursuant to section 205 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5135 ). The Flood Mitigation Assistance program established pursuant to section 1366 of the Excerpts from the Housing and Urban Development Act of 1968 ( 42 U.S.C. 4104c ). . The table of sections for subchapter A of chapter 98 of such Code is amended by adding after the item relating to section 9511 the following new item:
Sec. 9512. National Resilience and Recovery Fund. The amendments made by this section shall take effect on January 1, 2025.
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Sec. 2
Establishment of National Resilience and Recovery Fund
U.S.C.§ 5170c
U.S.C.§ 5133
U.S.C.§ 5135
U.S.C.§ 4104c
Cites 4Cited by 0 across 0 sources
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