110th CONGRESS
1st Session
S. 426
To provide that all funds collected from the tariff on imports
of ethanol be invested in the research, development, and deployment of biofuels,
especially cellulosic ethanol produced from biomass feedstocks.
IN THE SENATE OF THE UNITED STATES
January 29, 2007
Mr. NELSON of Nebraska introduced the following bill; which was read twice
and referred to the Committee on Energy and Natural Resources
A BILL
To provide that all funds collected from the tariff on imports
of ethanol be invested in the research, development, and deployment of biofuels,
especially cellulosic ethanol produced from biomass feedstocks.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Biofuels Investment Trust Fund Act'.
SEC. 2. BIOFUELS INVESTMENT TRUST FUND.
(1) IN GENERAL- There is established in the Treasury of the United States
a trust fund, to be known as the `Biofuels Investment Trust Fund' (referred
to in this Act as the `Trust Fund'), consisting of such amounts as may
be transferred to the Trust Fund under paragraph (2).
(2) TRANSFER- As soon as practicable after the date of enactment of this
Act, the Secretary of the Treasury shall transfer to the Trust Fund, from
amounts in the general fund of the Treasury, such amounts as the Secretary
of the Treasury determines to be equivalent to the amounts received in
the general fund as of January 1, 2007, that are attributable to duties
received on articles entered under heading 9901.00.50 of the Harmonized
Tariff Schedule of the United States.
(b) Expenditures From Trust Fund-
(1) IN GENERAL- The Secretary of Energy, in consultation with the Secretary
of Agriculture and the Secretary of the Treasury, shall use amounts in
the Trust Fund to provide financial assistance for research, development,
and deployment programs for biofuels to increase the amount and diversity
of biofuels produced in the United States and made available to consumers,
especially for cellulosic ethanol production from biomass feedstocks.
(2) REQUIREMENTS- The Secretary of Energy shall ensure that amounts made
available under paragraph (1) shall be used only--
(A) to provide financial assistance to farmers, producers, biorefiners,
researchers, universities, and other persons or entities involved in
the research, development, deployment, or production of biofuels, especially
the production of biomass feedstock for cellulosic ethanol production;
or
(B) as otherwise directed by Congress to advance research, development,
and deployment of biofuels, especially cellulosic ethanol produced from
biomass feedstocks.
(c) Investment of Amounts-
(1) IN GENERAL- The Secretary of the Treasury shall invest such portion
of the Trust Fund as is not, in the judgment of the Secretary of the Treasury,
required to meet current withdrawals.
(2) INTEREST-BEARING OBLIGATIONS- Investments may be made only in interest-bearing
obligations of the United States.
(3) ACQUISITION OF OBLIGATIONS- For the purpose of investments under paragraph
(1), obligations may be acquired--
(A) on original issue at the issue price; or
(B) by purchase of outstanding obligations at the market price.
(4) SALE OF OBLIGATIONS- Any obligation acquired by the Trust Fund may
be sold by the Secretary of the Treasury at the market price.
(5) CREDITS TO TRUST FUND- The interest on, and the proceeds from the
sale or redemption of, any obligations held in the Trust Fund shall be
credited to and form a part of the Trust Fund.
(d) Transfers of Amounts-
(1) IN GENERAL- The amounts required to be transferred to the Trust Fund
under subsection (a)(1) shall be transferred at least quarterly from the
general fund of the Treasury to the Trust Fund on the basis of estimates
made by the Secretary of the Treasury.
(2) ADJUSTMENTS- Proper adjustment shall be made in amounts subsequently
transferred to the extent prior estimates were in excess of or less than
the amounts required to be transferred.
END
