Page:United States Statutes at Large Volume 100 Part 2.djvu/673

 PUBLIC LAW 99-499—OCT. 17, 1986

100 STAT. 1775

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"(B) the Leaking Underground Storage Tank Trust Fund financing rate. "(2) RATES.—For purposes of paragraph (1)— f? "(A) the Highway Trust Fund financing rate is 9 cents a gallon, and "(B) the Leaking Underground Storage Tank Trust Fund u; financing rate is 0.1 cents a gallon." (ii) TERMINATION.—Section 4081 of such Code, as so in i 1 effect, is amended by adding at the end thereof the following new subsection:

Ante, p. 1774.

"(d) TERMINATION.— "(1) HIGHWAY TRUST FUND FINANCING RATE.—On and after

October 1, 1988, the Highway Trust Fund financing rate under subsection (b)(2)(A) shall not apply. "(2)

LEAKING

UNDERGROUND

STORAGE TANK

TRUST

FUND

FINANCING R A T E. —

"(A) IN GENERAL.—The Leaking Underground Storage Tank Trust Fund financing rate under subsection (b)(2)(B) shall not apply after the earlier of— "(i) December 31, 1991, or "(ii) the last day of the termination month. "(B) TERMINATION MONTH.—For purposes of subpara-



graph (A), the termination month is the 1st month as of the close of which the Secretary estimates that the net revenues from the taxes imposed by this section (to the extent attributable to the Leaking Underground Storage Tank Trust Fund financing rate under subsection (b)(2)(B)), section 4041(d), and section 4042 (to the extent attributable to Post, p. 1776. the Leaking Underground Storage Tank Trust Fund financing rate under section 4042(b)) are at least $500,000,000. Post, p. 1777. "(C) NET REVENUES.—For purposes of subparagraph (B), the term 'net revenues' means the excess of gross revenues over amounts payable by reason of section 9508(c)(2) (relating to transfer from Leaking Underground Storage Tank Trust Fund for certain repayments and credits)." (iii) TECHNICAL AMENDMENTS.—Subsection (c) of section 4081 of such Code, as so in effect, is amended— (I) by striking out "subsection (a)" in paragraph (1) and inserting in lieu thereof "subsection (b)", and (II) by striking out "a rate" in paragraph (2) and inserting in lieu thereof "a Highway Trust Fund financing rate". (B) GASOLINE TAX AS AMENDED BY TAX REFORM ACT OF 1986.—

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(i) IN GENERAL.—Subsections (a) and (b) of section 4081 of the Internal Revenue Code of 1986 (relating to imposition of tax on gasoline), as amended by the Tax Reform Act of 1986, are each amended by striking out "of 9 cents a gallon" and inserting in lieu thereof "at the rate specified in subsection (d)". (ii) INCREASE IN TAX.—Section 4081 of such Code, as amended by the Tax Reform Act of 1986, is amended by striking out subsection (d) and inserting in lieu thereof the following new subsections:

"(d) RATE OF TAX.—

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