Highway Trust Fund Recovery Act of 2001

Highway Trust Fund Recovery Act of 2001 - Amends the Internal Revenue Code to transfer all excise taxes imposed on alcohol fuels to the Highway Trust Fund.

[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 1306 Introduced in Senate (IS)]







107th CONGRESS
  1st Session
                                S. 1306

To amend the Internal Revenue Code of 1986 to transfer all excise taxes 
   imposed on alcohol fuels to the Highway Trust Fund, and for other 
                               purposes.


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                   IN THE SENATE OF THE UNITED STATES

                             August 2, 2001

   Mr. Baucus (for himself, Mr. Harkin, Mr. Lott, Mr. Jeffords, Mr. 
    Warner, Mrs. Lincoln, Mr. Smith of New Hampshire, Mr. Reid, Mr. 
Voinovich, Mr. Crapo, Mr. Burns, Mr. Thomas, Mr. Bond, Mr. DeWine, Mr. 
   Gramm, Mr. Hutchinson, Mr. Lieberman, Ms. Landrieu, and Mr. Enzi) 
introduced the following bill; which was read twice and referred to the 
                          Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to transfer all excise taxes 
   imposed on alcohol fuels to the Highway Trust Fund, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Highway Trust Fund Recovery Act of 
2001''.

SEC. 2. ALL ALCOHOL FUELS TAXES TRANSFERRED TO HIGHWAY TRUST FUND.

    (a) In General.--Section 9503(b)(4) of the Internal Revenue Code of 
1986 (relating to certain taxes not transferred to Highway Trust Fund) 
is amended--
            (1) by adding ``or'' at the end of subparagraph (C),
            (2) by striking the comma at the end of subparagraph 
        (D)(iii) and inserting a period, and
            (3) by striking subparagraphs (E) and (F).
    (b) Effective Date.--The amendments made by this section shall 
apply to taxes received in the Treasury after September 30, 2003.
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