Page:United States Statutes at Large Volume 84 Part 1.djvu/308

 250 Ante. p. 246.

PUBLIC LAW 91-258-MAY 21, 1970

[84 STAT.

section 6427 of the Internal Revenue Code of 1954 (relating to fuels not used for taxable purposes) on the basis of claims filed for fuels used before October 1, 1972. This paragraph shall not apply to amounts estimated by the Secretary of the Treasury as paid under such section 6427 with respect to fuels used in aircraft." SEC. 208. AIRPORT AND AIRWAY TRUST FUND. (a) CREATION or TRUST FUND.—There is established in the Treasury of the United States a trust fund to be known as the "Airport and Airway Trust F u n d " (hereinafter in this section referred to as the "Trust F u n d "), consisting of such amounts as may be appropriated or credited to the Trust Fund as provided in this section. (b) TRANSFER TO TRUST F U N D OF AMOUNTS EQUIVALENT TO CERTAIN

Ante, p. 237. 239"2^43^^ '

68A Stat. 483; 26 USC 4081.

75'star\'24**'

60 Stat. 170.

TAXES.—There is hereby appropriated to the Trust Fund— (1) amounts equivalent to the taxes received in the Treasury after June 30, 1970, and before July 1, 1980, under subsections ((.) and (d) of section 4041 (taxes on aviation fuel) and under sections 4261, 4271, and 4491 (taxes on transportation by air and on use of civil aircraft) of the Internal Revenue Code of 1954; (2) amounts determined by the Secretary of the Treasury to be equivalent to the taxes received in the Treasury after June 30, 1970 and bcfore July 1, 1980, under section 4081 of such Code, with respect to gasoline used m aircraft; and (3) amounts determined by the Secretary of the Treasury to be equivalent to the taxes received in the Treasury after June 30, 1970, and before July 1, 1980, under paragraphs (2) and (3) of section 4071(a) of such Code, with respect to tires and tubes of the types used on aircraft. The amounts appropriated by paragraphs (1), (2), and (3) shall be transferred at least quarterly from the general fund of the Treasury to the Trust Fund on the basis of estimates made by the Secretary of the Treasury of the amounts referred to in paragraphs (1), (2), and (3) received in the Treasury. 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. (c) TRANSFER OF TTNEXPENDED FUNDS.—At the close of June 30, 1970, there shall be transferred to the Trust F u n d all unexpended funds which have been appropriated before July 1, 1970, out of the general fund of the Treasury to meet obligations of the United States (1) described in subparagraph (B) or (C) of subsection (f)(1) of this section, or (2) incurred under the Federal Airport Act (49 U.S.C. sec. 1101 etseq.). (d) ArpROPRiATioN OF ADDITIONAL SUMS.—There are hereby authorized to be ajipropriated to the Trust Fund such additional sums as may be required to make the expenditures referred to in subsection (f) of this section. (e) MANAGEMENT OF TRUST F U N D. —

Report to

Congress.

(1) REPORT.—It shall be the duty of the Secretary of the Treasury to hold the Trust Fund, and (after consultation with the Secretary of Transportation) to report to the Congress each year on the financial condition and the results of the operations of the Trust Fund during the preceding fiscal year and on its expected condition and operations during the next five fiscal years. Such report shall be printed as a House document of the session of the Congress to which the report is made.

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