TITLE II—MOTORBOAT FUEL TAX PROVISIONS
TRANSFERS TO AND FROM LAND AND WATER CONSERVATION FUND
Sec. 201. (a) There shall be set aside in the land and water conservation fund in the Treasury of the United States provided for in title I of this Act the amounts specified in section 209(f)(5) of the Highway Revenue Act of 1956 (relating to special motor fuels and gasoline used in motorboats).
(b) There shall be paid from time to time from the land and water conservation fund into the general fund of the Treasury amounts estimated by the Secretary of the Treasury as equivalent to—
- (1) the amounts paid before July 1, 1973, under section 6421 of the Internal Revenue Code of 195470 Stat. 394.
26 USC 6421. (relating to amounts paid in respect of gasoline used for certain nonhighway purposes or by local transit systems) with respect to gasoline used after December 31, 1964, in motorboats, on the basis of claims filed for periods ending before October 1, 1972; and - (2) 80 percent of the floor stocks refunds made before July 1, 1973, under section 6412(a)(2) of such Code70 Stat. 393.
26 USC 6412. with respect to gasoline to be used in motorboats.
AMENDMENTS TO HIGHWAY REVENUE ACT OF 1956
Sec. 202. (a) Section 209(f) of the Highway Revenue Act of 195670 Stat. 397.
23 USC 120 note. (relating to expenditures from highway trust fund) is amended by adding at the end thereof the following new paragraph:
- “(5) Transfers from the trust fund for special motor fuels and gasoline used in motorboats.—The Secretary of the Treasury shall pay from time to time from the trust fund into the land and water conservation fund provided for in title I of the Land and Water Conservation Fund Act of 1965 amounts as determined by him in consultation with the Secretary of Commerce equivalent to the taxes received, on or after January 1, 1965, under section 4041(b) of the Internal Revenue Code of 195468A Stat. 478; 70 Stat. 387.
26 USC 4041.
70 Stat. 389.
26 USC 4081. with respect to special motor fuels used as fuel for the propulsion of motorboats and under section 4081 of such Code with respect to gasoline used as fuel in motorboats.”
(b) Section 209(f) of such Act is further amended—
- (1) by adding at the end of paragraph (3) the following new sentence: “This paragraph shall not apply to amounts estimated by the Secretary of the Treasury as paid under section 6421 of such Code with respect to gasoline used after December 31, 1964, in motorboats.”; and
- (2) by inserting after “such Code” in paragraph (4)(C) the following: “(other than gasoline to be used in motorboats, as estimated by the Secretary of the Treasury)”.
