PUBLIC LAW 95-502—OCT. 21, 1978
92 STAT. 1697
States' means any inland or intracoastal waterway of the United States which is described in section 206 of the I n l and W a t e r w a y s Revenue Act of 1978. Ante, p. 1696. " (3) PERSON.—The term 'person' includes the United States, a State, a political subdivision of a State, or any agency or instrumentality of any of the foregoing. " (e) D A T E FOR F I L I N G R E T U R N. — The date for filing the r e t u r n of
the tax imposed by this section for any calendar quarter shall bo the last day of the first month following such quarter.". (b) TECHNICAL AMENDMENT.—Section 4293 of such Code (relating 26 USC 4293. to exemption for United States and possessions) is amended by striking out "chapters 31 and 32" and inserting in lieu thereof "section 4041, chapter 32". 26 USC 4041. (c) CLERICAL AMENDMENT. — The table of sections for chapter 31 of
such Code is amended by adding at the end thereof the following new item: "Sec. 4042. Tax on fuel used in commercial transportation on inland waterways.". (d) EFFECTIVE D A T E. — The amendments made by this section shall 26 USC 4042 take effect on October 1, 1980. note. SEC. 203. ESTABLISHMENT OF INLAND WATERWAYS TRUST FUND. 33 USC 1801. (a) CREATION OF T R U S T F U N D. — The r e is established in the Treasury
of the United States a t r u s t fund to be known as the " I n l and Waterways T r u s t F u n d " (hereinafter i n this title referred to as the " T r u s t F u n d "), consisting of such amounts as may be appropriated or credited to the T r u s t F u n d as provided in this section. (b) TRANSFER TO T R U S T F U N D OF A M O U N T S EQUIVALENT TO CERTAIN TAXES.—
(1) IN GENERAL.—There are hereby appropriated to the T r u s t F u n d amounts determined by the Secretary of the Treasury (hereinafter in this section referred to as the "Secretary") to be equivalent to the amounts of the taxes received in the Treasury under section 4042 of the I n t e r n a l Revenue Code of 1954 (relating to tax on fuel used in commercial transportation on inland waterways).
Ante, p. 1696.
(2) METHOD OF TRANSFER.—The a m o u n t s a p p r o p r i a t e d by p a r a -
g r a p h (1) shall be transferred a t least quarterly from the general fund of the Treasury to the T r u s t F u n d on the basis of estimates made by the Secretary of the amounts referred to in paragraph (1) received in the Treasury. P r o p e r 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) MANAGEMENT OF T R U S T F U N D. —
(1) REPORT.—It shall be the duty of the Secretary to hold the T r u s t F u n d, and to report to the Congress each year ending on or after September 30, 1981, on the financial condition and the results of the operations of the T r u s t F u n d during the preceding fiscal year and on its expected condition and operations during the fiscal year and the next 5 fiscal years after the fiscal year. Such report shall be printed as a House document of the session of the Congress to which the report is made. (2) INVESTMENT. —
(A) IN GENERAL.—It shall be the duty of the Secretary to invest such portion of the T r u s t F u n d as is not, i n his judgment, required to meet current withdrawals. Such investments may be made only in interest-bearing obligations of the
39-194 O—80—pt. 2
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Report to Congress,
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