Page:United States Statutes at Large Volume 70.djvu/456

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[70 Stat. 400]
PUBLIC LAW 000—MMMM. DD, 1956
[70 Stat. 400]

400 39 Stat. 35 5. 23 USC 48 and note; 16 USC 503.

PUBLIC LAW 627-JUNE 29, 1956

[70 ST A T.

11, 1916, as amended and supplemented, which are attributable to Federal-aid highways (including those portions of general administrative expenses of the Bureau of Public Roads payable from such appropriations). (2) REPAYMENT OF ADVANCES FROM GENERAL FUND.—Advances

made pursuant to subsection (d) shall be repaid, and interest on such advances shall be paid, to the general fund of the Treasury when the Secretary of the Treasury determines that moneys are available in the Trust Fund for such purposes. Such interest shall be at rates computed in the same manner as provided in subsection (e)(2) for special obligations and shall be compounded annually. (3) TRANSFERS FROM TRUST FUND FOR GASOLINE USED ON FARMS

Ante, p. 87. Ante, p. 394.

AND FOR CERTAIN OTHER PURPOSES.—The Secretary of the Treasury shall pay from time to time from the Trust Fund into the general fund of the Treasury amounts equivalent to the amounts paid before July 1, 1973, under sections 6420 (relating to amounts paid in resfvect of gasoline used on farms) and 6421 (relating to amounts paid in respect of gasoline used for certain nonhighway purposes or by local transit systems) of the Internal Revenue Code of 1954 on the basis of claims filed for periods beginning after June 30, 1956, and ending before July 1, 1972. (4) FLOOR STOCKS REFUNDS.—The Secretary of the Treasury

Ante, p. 393. Ante, p. 3 8 8.

Ante, p. 3 8 9.

Ante, p. 389.

shall pay from time to time from the Trust Fund into the general fund of the Treasury amounts equivalent to the following percentages of the floor stocks refunds made before July 1, 1973, under section 6412(a)(2) of the Internal Revenue Code of 1954— (A) 40 percent of the refunds in respect of articles subject to the tax imposed by section 4061(a)(1) of such Code (trucks, buses, etc.); (B) 100 percent of.the refunds in respect of articles subject to tax under section 4071(a)(1) or (4) of such Code (tires of the type used on highway vehicles and tread rubber); and (C) 66% percent of the refunds in respect of gasoline subject to tax under section 4081 of such Code. (g) ADJUSTMENTS OF APPORTIONMENTS.—The Secretary

of

the

Treasury shall from time to time, after consultation with the Secretary of Commerce, estimate the amounts which will be available in the Highway Trust Fund (excluding repayable advances) to defray the expenditures which will be required to be made from such fund. In any case in which the Secretary of the Treasury determines that, after all other expenditures required to be made from the Highway Trust Fund have been defrayed, the amounts which will be available in such fund (excluding repayable advances) will be insufficient to defray the expenditures which will be required as a result of the apportionment to the States of the amounts authorized to be appropriated for any fiscal year for the construction, reconstruction, or improvement of the Interstate System, he shall so advise the Secretary of Commerce and shall further advise the Secretary of Commerce as to the amount which, after all other expenditures required to be made from such fund have been defrayed, will be available in such fund (excluding repayable advances) to defray the expenditures required as a result of apportionment to the States of Federal-aid higliway funds for the Interstate System for such fiscal year. The Secretary of Commerce shall determine the percentage which such amount is of the amount authorized to be appropriated for such fiscal year for the construction, reconstruction, or improvement of the Interstate System and, notwithstanding any other provision of law, shall there-