HR 8921 · 94th Congress · Taxation
A bill to establish an urban ground mass transportation trust fund, to impose new Federal excise taxes to provide revenues for such fund.
Bill Progress
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Introduced2
Committee3
House Vote4
Senate5
EnactedLatest: Referred to House Committee on Ways and Means.(1975-07-25)
Plain Language Summary
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States the findings of the Congress that rapid urbanization has made the ability of all citizens to move quickly and cheaply an urgent national goal, and that new Federal assistance for urban mass transportation is imperative if efficient, safe and convenient transportation is to be achieved. Title I: Urban Mass Transportation Revenue Act of 1973 - Establishes an Urban Ground Mass Transportation Trust Fund. Requires the Secretary of the Treasury to transfer from the general fund of the Treasury to the trust fund amounts appropriated for the trust fund under this Act. Authorizes the appropriation from the general fund of the Treasury to the trust fund such repayable advances of money necessary to provide the trust fund with initial capital. Requires the Secretary to make an annual report to the Congress on the financial condition and the results of the operations of the trust fund. Requires the Secretary to invest the portion of the trust fund not required to meet current withdrawals. Authorizes expenditures from the trust fund, and sets limitations on such expenditures. Title II: Internal Revenue Amendments - Imposes the following new Federal Excise taxes to provide revenues for th…
Summarized by Claude AI · Non-partisan · For informational purposes only