INTERNAL REVENUE CODE OF 1986 Subtitle I-Trust Fund Code SEC. 9500. SHORT TITLE. This subtitle may be cited as the Trust Fund Code of 1981. CHAPTER 98-TRUST FUND CODE Subchapter A. Establishment of Trust Funds. Subchapter A-Establishment of Trust Funds Sec. 9501. Black Lung Disability Trust Fund. SEC. 9502. AIRPORT AND AIRWAY TRUST FUND. (a) CREATION OF TRUST FUND.-There is established in the Treasury of the United States a trust fund to be known as the "Airport and Airway Trust Fund", consisting of such amounts as may be appropriated or credited to the Airport and Airway Trust Fund as provided in this section or section 9602(b). (b) TRANSFER TO AIRPORT AND AIRWAY TRUST FUND OF AMOUNTS EQUIVALENT TO CERTAIN TAXES.-There is hereby appropriated to the Airport and Airway Trust Fund— (1) amounts equivalent to the taxes received in the Treasury after August 31, 1982, and before January 1, 1996, under subsections (c) and (e) of section 4041 (taxes on aviation fuel) and under sections 4261 and 4271 (taxes on transportation by air); (2) amounts determined by the Secretary of the Treasury to be equivalent to the taxes received in the Treasury after August 31, 1982, January 1, 1996, under section 4081 (to the extent attributable to the Highway Trust Fund financing rate and the deficit reduction rate), with respect to gasoline used in aircraft; (3) amounts determined by the Secretary to be equivalent to the taxes received in the Treasury before January 1, 1996, under section 4091 (to the extent attributable to the Airport and Airway Trust Fund financing rate); and (4) amounts determined by the Secretary of the Treasury to be equivalent to the taxes received in the Treasury after August 31, 1982, January 1, 1996 under section 4071, with respect to tires of the types used on aircraft. (c) APPROPRIATION OF ADDITIONAL SUMS.-There are hereby authorized to be appropriated to the Airport and Airway Trust Fund such additional sums as may be required to make the expenditures referred to in subsection (d) of this section. (d) EXPENDITURES FROM AIRPORT AND AIRWAY TRUST FUND. (1) AIRPORT AND AIRWAY PROGRAM.-Amounts in the Airport and Airway Trust Fund shall be available, as provided by appropriation Acts, for making expenditures before October 1, 1992, to meet those obligations of the United States (A) incurred under title I of the Airport and Airway Development Act of 1970 or of the Airport and Airway Development Act Amendments of 1976 or of the Aviation Safety and Noise Abatement Act of 1979 (as such Acts were in effect on the date of enactment of the Fiscal Year 1981 Airport Development Authorization Act) or under the Fiscal Year 1981 Airport Development Authorization Act or the provisions of the Airport and Airway Improvement Act of 1982 or the Airport and Airway Safety and Capacity Expansion Act of 1987 or the Federal Aviation Administration Research, Engineering, and Development Authorization Act of 1990 or the Aviation Safety and Capacity Expansion Act of 1990 (as such Acts were in effect on the date of the enactment of the Aviation Safety and Capacity Expansion Act of 1990); (B) heretofore or hereafter incurred under the Federal Aviation Act of 1958, as amended (49 U.S.C. 1301 et seq.), which are attributable to planning, research and development, construction, or operation and maintenance of(i) air traffic control, (ii) air navigation, (iii) communications, or for the airway system; or (C) for those portions of the administrative expenses of the Department of Transportation which are attributable to activities described in subparagraph (A) or (B). (2) TRANSFERS FROM AIRPORT AND AIRWAY TRUST FUND ON ACCOUNT OF CERTAIN REFUNDS.-The Secretary of the Treasury shall pay from time to time from the Airport and Airway Trust Fund into the general fund of the Treasury amounts equivalent to the amounts paid after August 31, 1982, in respect of fuel used in aircraft, under section 6420 (relating to amounts paid in respect of gasoline used on farms), 6421 (relating to amounts paid in respect of gasoline used for certain nonhighway purposes), or 6427 (relating to fuels not used for taxable purposes). (3) TRANSFERS FROM THE AIRPORT AND AIRWAY TRUST FUND ON ACCOUNT OF CERTAIN SECTION 34 CREDITS.-The Secretary of the Treasury shall pay from time to time from the Airport and Airway Trust Fund into the general fund of the Treasury amounts equivalent to the credits allowed under section 34 with respect to fuel used after August 31, 1982. Such amounts shall be transferred on the basis of estimates by the Secretary of the Treasury, and proper adjustments shall be made in amounts subsequently transferred to the extent prior estimates were in excess of or less than the credits allowed. (4) TRANSFERS FOR REFUNDS AND CREDITS NOT TO EXCEED TRUST FUND REVENUES ATTRIBUTABLE TO FUEL USED.-The amounts payable from the Airport and Airway Trust Fund under paragraph (2) or (3) shall not exceed the amounts required to be appropriated to such Trust Fund with respect to fuel so used. (e) SPECIAL RULES FOR TRANSFERS INTO TRUST FUND. (1) INCREASES IN TAX REVENUES BEFORE 1993 TO REMAIN IN GENERAL FUND.-In the case of taxes imposed before January 1, 1993, the amounts which would (but for this paragraph) be required to be appropriated under paragraphs (1), (2), and (3) of subsection (b) shall be 3 cents per gallon less (3.5 cents per gallon less in the case of taxes imposed by section 4041(c)(1) and 4091) than the amounts which would (but for this sentence) be appropriated under such paragraphs. (2) CERTAIN TAXES ON ALCOHOL MIXTURES TO REMAIN IN GENERAL FUND.-For purposes of this section, the amounts which would (but for this paragraph) be required to be appropriated under paragraphs (1), (2), and (3) of subsection (b) shall be reduced by (A) 0.6 cent per gallon in the case of taxes imposed on any mixture at least 10 percent of which is alcohol (as defined in section 4081(c)(3)) if any portion of such alcohol is ethanol, and (B) 0.67 cent per gallon in the case of fuel used in producing a mixture described in subparagraph (A). Subchapter B-General Provisions Sec. 9601. Transfer of amounts. Sec. 9602. Management of Trust Funds. SEC. 9601. TRANSFER OF AMOUNTS. The amounts appropriated by any section of subchapter A to any Trust Fund established by such subchapter shall be transferred at least monthly from the general fund of the Treasury to such Trust Fund on the basis of estimates made by the Secretary of the Treasury of the amounts referred to in such section. Proper adjustments shall be made in the amounts subsequently transferred to the extent prior estimates were in excess of or less than the amounts required to be transferred. SEC. 9602. MANAGEMENT OF TRUST FUNDS. (a) REPORT.-It shall be the duty of the Secretary of the Treasury to hold each Trust Fund established by subchapter A, and (after consultation with any other trustees of the Trust Fund) to report to the Congress each year on the financial condition and the results of the operations of each such Trust Fund during the preceding fiscal year and on its expected condition and operations during the next 5 fiscal years. Such report shall be printed as a House document of the session of the Congress to which the report is made. (b) INVESTMENT. (1) IN GENERAL.-It shall be the duty of the Secretary of the Treasury to invest such portion of any Trust Fund established by subchapter A as is not, in his judgment, required to meet current withdrawals. Such investments may be made only in interest-bearing obligations of the United States. For such purpose, such obligations may be acquired (A) on original issue at the issue price, or (B) by purchase of outstanding obligations at the market price. (2) SALE OF OBLIGATIONS.-Any obligation acquired by a Trust Fund established by subchapter A may be sold by the Secretary of the Treasury at the market price. (3) INTEREST ON CERTAIN PROCEEDS.-The interest on, and the proceeds from the sale or redemption of, any obligations held in a Trust Fund established by subchapter A shall be credited to and form a part of the Trust Fund. |