To amend the Tariff Act of 1930 to require that certain revenues attributable to tariffs levied on imports of textile machinery and parts thereof be applied to support research for the modernization of the American textile machinery industry.

Amends the Tariff Act of 1930 to establish in the Treasury the Textile Machinery Modernization Fund. Appropriates to such fund revenues from customs duties imposed on textile machinery and parts imported into the United States for grants to qualified organizations for research projects for the modernization of the U.S. textile machinery industry.