H.R. 6447 (110th): To amend the Internal Revenue Code of 1986 to restore the Highway Trust Fund balance.

110th Congress, 2007–2009. Text as of Jul 09, 2008 (Introduced).

Status & Summary | PDF | Source: GPO

I

110th CONGRESS

2d Session

H. R. 6447

IN THE HOUSE OF REPRESENTATIVES

July 9, 2008

(for herself and Mr. Moran of Kansas) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to restore the Highway Trust Fund balance.

1.

Restoration of Highway Trust Fund balance

(a)

In general

Subsection (f) of section 9503 of the Internal Revenue Code of 1986 (relating to determination of trust fund balances after September 30, 1998) is amended—

(1)

by redesignating paragraphs (1) and (2) as subparagraphs (A) and (B), respectively, and by moving such subparagraphs 2 ems to the right,

(2)

by striking For purposes and inserting the following:

(1)

In general

For purposes

,

(3)

by moving the flush sentence at the end of paragraph (1), as so amended, 2 ems to the right, and

(4)

by adding at the end the following new paragraph:

(2)

Restoration of fund balance

Out of money in the Treasury not otherwise appropriated, there is hereby appropriated to the Highway Trust Fund $8,000,000,000.

.

(b)

Conforming amendment

The last sentence of section 9503(f)(1) of the Internal Revenue Code of 1986, as amended by subsection (a), is amended by striking subsection and inserting paragraph.

(c)

Effective date

The amendments made by this section shall take effect on October 1, 2008.