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H.R. 4 "Truth in Budgeting Act"
FILE h4.ih
HR 4 IH
105th CONGRESS
1st Session
To provide off-budget treatment for the Highway Trust Fund, the
Airport and Airway Trust Fund, the Inland Waterways Trust Fund, and
the Harbor Maintenance Trust Fund.
IN THE HOUSE OF REPRESENTATIVES
JANUARY 7, 1997
Mr. SHUSTER (for himself and Mr. OBERSTAR) introduced the following
bill; which was referred to the Committee on Transportation and
Infrastructure, and in addition to the Committee on the Budget,
for a period to be subsequently determined by the Speaker, in
each case for consideration of such provisions as fall within
the jurisdiction of the committee concerned
A BILL
To provide off-budget treatment for the Highway Trust Fund, the
Airport and Airway Trust Fund, the Inland Waterways Trust Fund, and
the Harbor Maintenance Trust Fund.
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 `Truth in Budgeting Act'.
SEC. 2. BUDGETARY TREATMENT OF HIGHWAY TRUST FUND, AIRPORT AND
AIRWAY TRUST FUND, INLAND WATERWAYS TRUST FUND,
AND HARBOR MAINTENANCE TRUST FUND.
(a) IN GENERAL- Notwithstanding any other provision of law except
the Line Item Veto Act of 1996, the receipts and disbursements of
the Highway Trust Fund, the Airport and Airway Trust Fund, the
Inland Waterways Trust Fund, and the Harbor Maintenance Trust Fund--
(1) shall not be counted as new budget authority, outlays,
receipts, or deficit or surplus for purposes of--
(A) the budget of the United States Government as
submitted by the President,
(B) the congressional budget (including allocations of
budget authority and outlays provided therein), or
(C) the Balanced Budget and Emergency Deficit Control Act
of 1985; and
(2) shall be exempt from any general budget limitation
imposed by statute on expenditures and net lending (budget
outlays) of the United States Government.
(b) LIMITATION ON INTEREST PAID TO TRUST FUNDS-
(1) IN GENERAL- Paragraph (3) of section 9602(b) of the
Internal Revenue Code of 1986 is amended by adding at the end
the following new sentence: `The amount of interest credited to
the Airport and Airway Trust Fund, the Highway Trust Fund, the
Harbor Maintenance Trust Fund, or the Inland Waterways Trust
Fund for any fiscal year shall not exceed the amount of
interest which would be credited to such Fund if such interest
were determined at the average interest rate on 52-week
Treasury securities sold to the public during such fiscal year.'.
(2) EFFECTIVE DATE- The amendment made by paragraph (1) shall
apply to fiscal years beginning after the date of the enactment
of this Act.
SEC. 3. SAFEGUARDS AGAINST DEFICIT SPENDING OUT OF AIRPORT AND
AIRWAY TRUST FUND.
(a) IN GENERAL- Chapter 471 of title 49, United States Code, is
amended by inserting after section 47134 the following new section:
`Sec. 47135. Safeguards against deficit spending
`(a) ESTIMATES OF UNFUNDED AVIATION AUTHORIZATIONS AND NET
AVIATION RECEIPTS- Not later than March 31 of each year, the
Secretary, in consultation with the Secretary of the Treasury,
shall estimate--
`(1) the amount which would (but for this section) be the
unfunded aviation authorizations at the close of the first
fiscal year that begins after that March 31, and
`(2) the net aviation receipts at the close of such fiscal
year.
`(b) PROCEDURE IF EXCESS UNFUNDED AVIATION AUTHORIZATIONS- If the
Secretary determines for any fiscal year that the amount described
in subsection (a)(1) exceeds the amount described in subsection
(a)(2), the Secretary shall determine the amount of such excess.
`(c) Adjustment of Authorizations If Unfunded Authorizations
Exceed Receipts-
`(1) DETERMINATION OF PERCENTAGE- If the Secretary determines
that there is an excess referred to in subsection (b) for a
fiscal year, the Secretary shall determine the percentage which--
`(A) such excess, is of
`(B) the total of the amounts authorized to be
appropriated from the Airport and Airway Trust Fund for the
next fiscal year.
`(2) ADJUSTMENT OF AUTHORIZATIONS- If the Secretary
determines a percentage under paragraph (1), each amount
authorized to be appropriated from the Airport and Airway Trust
Fund for
the next fiscal year shall be reduced by such percentage.
`(d) Availability of Amounts Previously Withheld-
`(1) ADJUSTMENT OF AUTHORIZATIONS- If, after a reduction has
been made under subsection (c)(2), the Secretary determines
that the amount described in subsection (a)(1) does not exceed
the amount described in subsection (a)(2) or that the excess
referred to in subsection (b) is less than the amount
previously determined, each amount authorized to be
appropriated that was reduced under subsection (c)(2) shall be
increased, by an equal percentage, to the extent the Secretary
determines that it may be so increased without causing the
amount described in subsection (a)(1) to exceed the amount
described in subsection (a)(2) (but not by more than the amount
of the reduction).
`(2) APPORTIONMENT- The Secretary shall apportion amounts
made available for apportionment by paragraph (1).
`(3) PERIOD OF AVAILABILITY- Any funds apportioned under
paragraph (2) shall remain available for the period for which
they would be available if such apportionment took effect with
the fiscal year in which they are apportioned under paragraph
(2).
`(e) REPORTS- Any estimate under subsection (a) and any
determination under subsection (b), (c), or (d) shall be reported
by the Secretary to Congress.
`(f) DEFINITIONS- For purposes of this section, the following
definitions apply:
`(1) NET AVIATION RECEIPTS- The term `net aviation receipts'
means, with respect to any period, the excess of--
`(A) the receipts (including interest) of the Airport and
Airway Trust Fund during such period, over
`(B) the amounts to be transferred during such period
from the Airport and Airway Trust Fund under section
9502(d) of the Internal Revenue Code of 1986 (other than
paragraph (1) thereof).
`(2) UNFUNDED AVIATION AUTHORIZATIONS- The term `unfunded
aviation authorization' means, at any time, the excess (if any)
of--
`(A) the total amount authorized to be appropriated from
the Airport and Airway Trust Fund which has not been
appropriated, over
`(B) the amount available in the Airport and Airway Trust
Fund at such time to make such appropriation (after all
other unliquidated obligations at such time which are
payable from the Airport and Airway Trust Fund have been
liquidated).'.
(b) CONFORMING AMENDMENT- The analysis for chapter 471 of title
49, United States Code, is amended by inserting after the item
relating to section 47134 the following:
`47135. Safeguards against deficit spending.'.
SEC. 4. SAFEGUARDS AGAINST DEFICIT SPENDING OUT OF THE INLAND
WATERWAYS TRUST FUND AND HARBOR MAINTENANCE TRUST
FUND.
(a) ESTIMATES OF UNFUNDED INLAND WATERWAYS AUTHORIZATIONS AND NET
INLAND WATERWAYS RECEIPTS- Not later than March 31 of each year,
the Secretary of the Army, in consultation with the Secretary of
the Treasury, shall estimate--
(1) the amount which would (but for this section) be the
unfunded inland waterways authorizations and unfunded harbor
maintenance authorizations at the close of the first fiscal
year that begins after that March 31; and
(2) the net inland waterways receipts and net harbor
maintenance receipts at the close of such fiscal year.
(b) PROCEDURE IF EXCESS UNFUNDED INLAND WATERWAYS AUTHORIZATIONS-
If the Secretary of the Army determines with respect to the Inland
Waterways Trust Fund or the Harbor Maintenance Trust Fund for any
fiscal year that the amount described in subsection (a)(1) exceeds
the amount described in subsection (a)(2), the Secretary shall
determine the amount of such excess.
(c) Adjustment of Authorizations If Unfunded Authorizations
Exceed Receipts-
(1) DETERMINATION OF PERCENTAGE- If the Secretary of the Army
determines that there is an excess referred to in subsection
(b) for a fiscal year, the Secretary of the Army shall
determine the percentage which--
(A) such excess, is of
(B) the total of the amounts authorized to be
appropriated from the Inland Waterways Trust Fund or the
Harbor Maintenance Trust Fund, as the case may be, for the
next fiscal year.
(2) ADJUSTMENT OF AUTHORIZATIONS- If the Secretary of the
Army determines a percentage
under paragraph (1), each amount authorized to be appropriated from
the Trust Fund for the next fiscal year shall be reduced by such
percentage.
(d) AVAILABILITY OF AMOUNTS PREVIOUSLY WITHHELD- If, after an
adjustment has been made under subsection (c)(2), the Secretary of
the Army determines with respect to the Inland Waterways Trust Fund
or the Harbor Maintenance Trust Fund that the amount described in
subsection (a)(1) does not exceed the amount described in
subsection (a)(2) or that the excess referred to in subsection (b)
with respect to the Trust Fund is less than the amount previously
determined, each amount authorized to be appropriated that was
reduced under subsection (c)(2) with respect to the Trust Fund
shall be increased, by an equal percentage, to the extent the
Secretary of the Army determines that it may be so increased
without causing the amount described in subsection (a)(1) to exceed
with respect to the Trust Fund the amount described in subsection
(a)(2) (but not by more than the amount of the reduction).
(e) REPORTS- Any estimate under subsection (a) and any
determination under subsection (b), (c), or (d) shall be reported
by the Secretary of the Army to Congress.
(f) DEFINITIONS- For purposes of this Act, the following
definitions apply:
(1) AIRPORT AND AIRWAY TRUST FUND- The term `Airport and
Airway Trust Fund' means the Airport and Airway Trust Fund
established by section 9502 of the Internal Revenue Code of 1986.
(2) HARBOR MAINTENANCE TRUST FUND- The term `Harbor
Maintenance Trust Fund' means the Harbor Maintenance Trust Fund
established by section 9505 of the Internal Revenue Code of 1986.
(3) HIGHWAY TRUST FUND- The term `Highway Trust Fund' means
the Highway Trust Fund established by section 9503 of the
Internal Revenue Code of 1986.
(4) INLAND WATERWAYS TRUST FUND- The term `Inland Waterways
Trust Fund' means the Inland Waterways Trust Fund established
by section 9506 of the Internal Revenue Code of 1986.
(5) NET HARBOR MAINTENANCE RECEIPTS- The term `net harbor
maintenance receipts' means, with respect to any period, the
receipts (including interest) of the Harbor Maintenance Trust
Fund during such period.
(6) NET INLAND WATERWAYS RECEIPTS- The term `net inland
waterways receipts' means, with respect to any period, the
receipts (including interest) of the Inland Waterways Trust
Fund during such period.
(7) UNFUNDED INLAND WATERWAYS AUTHORIZATIONS- The term
`unfunded inland waterways authorizations' means, at any time,
the excess (if any) of--
(A) the total amount authorized to be appropriated from
the Inland Waterways Trust Fund which has not been
appropriated, over
(B) the amount available in the Inland Waterways Trust
Fund at such time to make such appropriations.
(8) UNFUNDED HARBOR MAINTENANCE AUTHORIZATIONS- The term
`unfunded harbor maintenance authorizations' means, at any
time, the excess (if any) of--
(A) the total amount authorized to be appropriated from
the Harbor Maintenance Trust Fund which has not been
appropriated, over
(B) the amount available in the Harbor Maintenance Trust
Fund at such time to make such appropriations.
SEC. 5. APPLICABILITY.
This Act (including the amendments made by this Act) shall apply
to fiscal years beginning after September 30, 1997.
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