Black Lung Benefits Revenue Act of 1977

(Measure passed Senate, amended)

Black Lung Benefits Revenue Act - Amends the Internal Revenue Code of 1954 to impose a two percent manufacturers excise tax on the sale of coal by the producer. Exempts lignite from such tax.

Establishes a trust fund, to be known as the Black Lung Disability Fund. Appropriates to such fund amounts equal to the coal tax collected under this Act. Authorizes the appropriation to the fund of certain other revenues. States that amounts in the fund shall be available for making expenditures to meet the obligations acquired by the fund, including the expenses of providing medical benefits where such benefits are not paid by the appropriate mine operator. Stipulates that mine operators shall be liable to the fund for benefits actually paid by the fund for which such operator was liable.

Creates a lien in favor of the United States, if the operators refuse to reimburse the fund. Authorizes the Secretary of Labor to bring suit in any Federal district court to enforce such liens.

Establishes as trustees of the fund, the Secretary of the Treasury, the Secretary of Labor, and the Secretary of Health, Education, and Welfare; with the Secretary of the Treasury as the managing trustee.

Provides that receipts of the fund in excess of amounts needed to meet current withdrawals are to be invested only in: (1) public debt securities; (2) obligations of a State or local government; (3) time or demand deposits in a bank or an insured credit union; or (4) the fund. States that earnings from these investments are to be credited to and form a part of the fund.

Provides income tax exemption for a qualifying trust used by a coal mine operator to self- insure for liabilities under Federal and State black lung benefits laws and limited tax deductions for amounts contributed to the trust by the operator.

Imposes taxes for engaging in the acts of self-dealing, for making taxable expenditures, or for making excess contributions to black lung benefit trusts.