Internal Revenue Code:Sec. 9506. Inland Waterways Trust Fund

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Location in Internal Revenue Code

     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle I - Trust Fund Code
       CHAPTER 98 - TRUST FUND CODE
        Subchapter A - Establishment of Trust Funds
      

Statute

    Sec. 9506. Inland Waterways Trust Fund
 
    (a) Creation of Trust Fund
      There is hereby established in the Treasury of the United States
    a trust fund to be known as the ''Inland Waterways Trust Fund'',
    consisting of such amounts as may be appropriated or credited to
    such Trust Fund as provided in this section or section 9602(b).
    (b) Transfer to Trust Fund of amounts equivalent to certain taxes
      There are hereby appropriated to the Inland Waterways Trust Fund
    amounts equivalent to the taxes received in the Treasury under
    section 4042 (relating to tax on fuel used in commercial
    transportation on inland waterways).  The preceding sentence shall
    apply only to so much of such taxes as are attributable to the
    Inland Waterways Trust Fund financing rate under section 4042(b).
    (c) Expenditures from Trust Fund
      (1) In general
        Except as provided in paragraph (2), amounts in the Inland
      Waterways Trust Fund shall be available, as provided by
      appropriation Acts, for making construction and rehabilitation
      expenditures for navigation on the inland and coastal waterways
      of the United States described in section 206 of the Inland
      Waterways Revenue Act of 1978, as in effect on the date of the
      enactment of this section.
      (2) Exception for certain projects
        Not more than 1/2 of the cost of any construction to which
      section 102(a) of the Water Resources Development Act of 1986
      applies (as in effect on the date of the enactment of this
      section) may be paid from the Inland Waterways Trust Fund.
 

Sources

    (Added Pub. L. 99-662, title XIV, Sec. 1405(a), Nov. 17, 1986, 100
    Stat. 4271; amended Pub. L. 99-499, title V, Sec. 521(b)(3), Oct.
    17, 1986, 100 Stat. 1778; Pub. L. 100-647, title I, Sec.
    1018(u)(18), Nov. 10, 1988, 102 Stat. 3591.)
 

References in Text

                             REFERENCES IN TEXT
      Section 206 of the Inland Waterways Revenue Act of 1978, as in
    effect on the date of the enactment of this section, referred to in
    subsec. (c)(1), is classified to section 1804 of Title 33,
    Navigation and Navigable Waters. The date of the enactment of
    section 9506 of this title is the date of enactment of Pub. L.
    99-662, which was approved Nov. 17, 1986.
      Section 102(a) of the Water Resources Development Act of 1986 (as
    in effect on the date of enactment of this section), referred to in
    subsec. (c)(2), is classified to section 2212(a) of Title 33. The
    date of enactment of section 9506 of this title is the date of
    enactment of Pub. L. 99-662, which was approved Nov. 17, 1986.
 

Miscellaneous

                                 AMENDMENTS
      1988 - Subsec. (b). Pub. L. 100-647 made technical corrections to
    directory language of Pub. L. 99-499, Sec. 521(b)(3), see 1986
    Amendment note below.
      1986 - Subsec. (b). Pub. L. 99-499, as amended by Pub. L.
    100-647, Sec. 1018(u)(18), inserted at end ''The preceding sentence
    shall apply only to so much of such taxes as are attributable to
    the Inland Waterways Trust Fund financing rate under section
    4042(b).''
                      EFFECTIVE DATE OF 1988 AMENDMENT
      Amendment by Pub. L. 100-647 effective, except as otherwise
    provided, as if included in the provision of the Tax Reform Act of
    1986, Pub. L. 99-514, to which such amendment relates, see section
    1019(a) of Pub. L. 100-647, set out as a note under section 1 of
    this title.
                      EFFECTIVE DATE OF 1986 AMENDMENT
      Amendment by Pub. L. 99-499 effective Jan. 1, 1987, see section
    521(e) of Pub. L. 99-499, set out as a note under section 4041 of
    this title.
                               EFFECTIVE DATE
      Section 1405(d) of Pub. L. 99-662 provided that:
      ''(1) In general. - The amendments made by this section (enacting
    this section and repealing sections 1801 and 1802 of Title 33,
    Navigation and Navigable Waters) shall take effect on January 1,
    1987.
      ''(2) Inland waterways trust fund treated as continuation of old
    trust fund. - The Inland Waterways Trust Fund established by the
    amendments made by this section shall be treated for all purposes
    of law as a continuation of the Inland Waterways Trust Fund
    established by section 203 of the Inland Waterways Revenue Act of
    1978 (former 33 U.S.C. 1801). Any reference in any law to the
    Inland Waterways Trust Fund established by such section 203 shall
    be deemed to include (wherever appropriate) a reference to the
    Inland Waterways Trust Fund established by this section.''