
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 26USC9506]

 
                     TITLE 26--INTERNAL REVENUE CODE
 
                       Subtitle I--Trust Fund Code
 
                       CHAPTER 98--TRUST FUND CODE
 
               Subchapter A--Establishment of Trust Funds
 
Sec. 9506. Inland Waterways Trust Fund


(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).

(b) Transfer to Trust Fund of amounts equivalent to certain 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). The preceding sentence shall apply only to so much of 
such taxes as are attributable to the Inland Waterways Trust Fund 
financing rate under section 4042(b).

(c) Expenditures from Trust Fund

                           (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 effect on the date of the enactment of 
    this section.

                 (2) Exception for certain projects

        Not more than \1/2\ 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.

(Added Pub. L. 99-662, title XIV, Sec. 1405(a), Nov. 17, 1986, 100 Stat. 
4271; amended Pub. L. 99-499, title V, Sec. 521(b)(3), Oct. 17, 1986, 
100 Stat. 1778; Pub. L. 100-647, title I, Sec. 1018(u)(18), Nov. 10, 
1988, 102 Stat. 3591.)

                       References in Text

    Section 206 of the Inland Waterways Revenue Act of 1978, as in 
effect on the date of the enactment of this section, referred to in 
subsec. (c)(1), is classified to section 1804 of Title 33, Navigation 
and Navigable Waters. The date of the enactment of section 9506 of this 
title is the date of enactment of Pub. L. 99-662, which was approved 
Nov. 17, 1986.
    Section 102(a) of the Water Resources Development Act of 1986 (as in 
effect on the date of enactment of this section), referred to in subsec. 
(c)(2), is classified to section 2212(a) of Title 33. The date of 
enactment of section 9506 of this title is the date of enactment of Pub. 
L. 99-662, which was approved Nov. 17, 1986.


                               Amendments

    1988--Subsec. (b). Pub. L. 100-647 made technical corrections to 
directory language of Pub. L. 99-499, Sec. 521(b)(3), see 1986 Amendment 
note below.
    1986--Subsec. (b). Pub. L. 99-499, as amended by Pub. L. 100-647, 
Sec. 1018(u)(18), inserted at end ``The preceding sentence shall apply 
only to so much of such taxes as are attributable to the Inland 
Waterways Trust Fund financing rate under section 4042(b).''


                    Effective Date of 1988 Amendment

    Amendment by Pub. L. 100-647 effective, except as otherwise 
provided, as if included in the provision of the Tax Reform Act of 1986, 
Pub. L. 99-514, to which such amendment relates, see section 1019(a) of 
Pub. L. 100-647, set out as a note under section 1 of this title.


                    Effective Date of 1986 Amendment

    Amendment by Pub. L. 99-499 effective Jan. 1, 1987, see section 
521(e) of Pub. L. 99-499, set out as a note under section 4041 of this 
title.


                             Effective Date

    Section 1405(d) of Pub. L. 99-662 provided that:
    ``(1) In general.--The amendments made by this section [enacting 
this section and repealing sections 1801 and 1802 of Title 33, 
Navigation and Navigable Waters] 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 [former 33 
U.S.C. 1801]. 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.''
