Education Trust Fund Act

[AI summary unavailable — showing source text] TABLE OF CONTENTS: Title I: Tax and Trust Fund Title II: Educational Enhancement Education Trust Fund Act - Title I: Tax and Trust Fund - Amends the Internal Revenue Code to impose an additional five percent tax on the net payment of wagering proceeds paid during any calendar quarter. Reduces the tax imposed on the net wagering proceeds (but not below zero) by an amount credited for the dedicated State tax imposed on such proceeds. Limits the tax imposed to apply only to wagers accepted in the United States or placed by a person who is in the United States: (1) with a person who is a U.S. citizen or resident; or (2) in a wagering pool or lottery conducted by a U.S. citizen or resident. (Sec. 102) Establishes the National Education Trust Fund to consist of such amounts as may be appropriated or credited to such Fund. Authorizes appropriations to the Fund in amounts equivalent to the net revenues received in the Treasury from the taxes imposed on wagers. Requires that amounts in the Fund be made available only for the purposes of making expenditures to carry out title II of the Education Trust Fund Act. Title II: Educational Enhancement - Permits the use of funds from the Fund by loc…