Page:United States Statutes at Large Volume 100 Part 5.djvu/797

 PUBLIC LAW 99-662—NOV. 17, 1986

100 STAT. 4271

"(27) Tennessee-Tombigbee Waterway: From its confluence with the Tennessee River to the Warrior River at Demopolis, Alabama." (c) EFFECTIVE DATE.—The amendments made by this section shall 26 USC 4042 take effect on January 1, 1987. note. SEC. 1405. INLAND WATERWAYS TRUST FUND.

(a) IN GENERAL.—Subchapter A of chapter 98 of the Internal Revenue Code of 1954 (relating to establishment of trust funds) is amended by adding after section 9505 the following new section: Ante, p. 4269. "SEC. 9506. INLAND WATERWAYS TRUST FUND. •

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"(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). 26 USC 9602. "(b) TRANSFER TO TRUST FUND OF AMOUNTS EQUIVALENT TO CER- 26 USC 9506. TAIN 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). "(c) EXPENDITURES FROM TRUST FUND.—

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"(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 33 USC 1804. effect on the date of the enactment of this section. "(2) EXCEPTION FOR CERTAIN PROJECTS.—Not more than V2 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." (b) CONFORMING AMENDMENTS.—Sections 203

and

204

of

the

Inland Waterways Revenue Act of 1978 (relating to Inland Waterways Trust Fund) are hereby repealed. 38 USC 1801, (c) CLERICAL AMENDMENT.—The table of sections for subchapter A 1^02. of chapter 98 of the Internal Revenue Code of 1954 is amended by adding at the end thereof the following new item: "Sec. 9506. Inland Waterways Trust Fund." (d) EFFECTIVE D A T E. —

(1) IN GENERAL.—The amendments made by this section 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. 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.

26 USC 9506

note.

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