|Code Section||Effective Date||Name of Act||Name of Provision||10yr Revenue Estimate ($millions)|
|4041, 4051, 4071, 4081, 4221, 4481, 4483, 6412, 9503, 9504, and 9508||6/29/2012||Moving Ahead for Progress in the 21st Century Act||Extension of trust fund expenditure authority and extension of highway-related taxes||No revenue effect|
|9503 and 9504||*See Note Below||The Hiring Incentives to Restore Employment Act||Revenue Provisions Relating to the Highway Trust Fund||No revenue effect|
*Note on Effective Date
The provisions are generally effective on the date of enactment (March 18, 2010). The expenditure authority provisions are effective September 30, 2009. The provision terminating transfers from the Highway Trust Fund is effective for transfers relating to amounts paid and credits allowed after the date of enactment (March 18, 2010).
Extension of trust fund expenditure authority and extension of highway-related taxes
Explanation of Provision
The Act provides for expenditure authority through September 30, 2014. The Code provisions governing the purposes for which monies in the Highway Trust Fund may be spent are updated to include the reauthorization bill, MAP–21. Cross-references to the reauthorization bill in the Code provisions governing the Sport Fish Restoration and Boating Trust Fund are also updated to include the conference agreement bill. In general, the provision extends the taxes dedicated to the Highway Trust Fund at their present law rates through September 30, 2016, and for the heavy vehicle use tax, through September 30, 2017.
Revenue Provisions Relating to the Highway Trust Fund
Explanation of Provision
- Extension of expenditure authority
- Crediting of interest
- Termination of transfers from the Highway Trust Fund for certain repayments and credits
1. Extension of expenditure authority
The provision extends expenditure authority for the Highway Trust Fund through December 31, 2010. It also extends the expenditure authority for the Sport Fish Restoration and Boating Trust Fund through December 31, 2010.
2. Crediting of interest
Restoration of forgone interest
The provision transfers $19.5 billion to the Highway Trust Fund, of that amount $14.7 billion is appropriated to the Highway Account of the Highway Trust Fund and $4.8 billion is appropriated to the Mass Transit Account. The amounts appropriated pursuant to this provision remain available without fiscal year limitation.
Repeal of provision prohibiting the crediting of interest
The provision repeals the requirement that obligations held by the Highway Trust Fund not be interest-bearing. The provision permits amounts in the Trust Fund to be invested in interest-bearing obligations of the United States and have the interest be credited to, and form a part of, the Highway Trust Fund. Thus, the Highway Trust Fund will accrue interest under the provision.
3. Termination of transfers from the Highway Trust Fund for certain repayments and credits
The provision repeals section 9503(c)(2), eliminating the requirement that the Highway Trust Fund reimburse the General Fund for credits and payments related to nontaxable uses.