Appropriators made it clear that lawmakers should not expect the trust fund to be bailed out by spending from the general Treasury, and that it would be up to the Finance Committee to remedy the problem.
The measure the committee will consider would add about $3.4 billion to the trust fund by temporarily prohibiting money from being transferred from it to the general Treasury for non-highway uses, including some transit purposes, and suspending tax credits for certain kinds of fuels, among other initiatives.
The draft also contains some provisions designed to combat fuel fraud, including changing the location where gasoline taxes are collected and imposing an excise tax on removing certain fuels from foreign trade zones.
Losses to the general Treasury caused by these changes would be offset by increasing the penalty tax on oil spills from 5 cents per barrel to 10 cents per barrel through the end of 2017, and moving up by one year the effective date of a law (PL 108-357) that prohibits "corporate inversions," whereby companies avoid paying U.S. income taxes by setting up post office boxes in tax haven countries.
Senate long-term bill remains on hold
Continuing resolutions may become a reality
The House passed legislation that would keep the Federal Aviation Administration operating for three months, while lawmakers finish work on a four-year reauthorization bill.
Final bill expected to take more time