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MEGA Trust Act

1/16/2023, 2:47 AM

Congressional Summary of S 2678

Maximum Economic Growth for America Through the Highway Trust Fund Act (or MEGA Trust Act) - Amends the Internal Revenue Code to transfer all excise taxes imposed on alcohol fuels to the Highway Trust Fund (the "Fund").

Authorizes the transfer to the Fund from the general fund of the Treasury of the amount of money equal to the untaxed portion of gasohol containing ethanol, effective with respect to the removal or entry of any mixture after September 30, 2003.

Eliminates provision of Code stating that obligations of the Fund shall not be interest bearing, thus allowing the Fund to earn interest, effective with respect to obligations held by the Fund after September 30, 2003.

Extends various highway-related taxes, floor stock refunds, certain tax-free sales, exemption from tax for use of highway vehicles by States and local governments and for use of certain transit-type buses, deposits into and certain specified transfers from the Fund, transfers from the Fund for motorboat fuel taxes and small-engine fuel taxes, and refunds of certain specified funds from the land and water conservation fund into the general fund.

Establishes a National Surface Transportation Infrastructure Financing Commission (the "Commission"). Permits any department or agency to detail personnel to the Commission, and requires such bodies to furnish nonconfidential materials to the Commission upon request.

Read the Full Bill

Current Status of Bill S 2678

Bill S 2678 is currently in the status of Bill Introduced since June 25, 2002. Bill S 2678 was introduced during Congress 107 and was introduced to the Senate on June 25, 2002.  Bill S 2678's most recent activity was Read twice and referred to the Committee on Finance. as of June 25, 2002

Bipartisan Support of Bill S 2678

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
13
Democrat Cosponsors
7
Republican Cosponsors
6
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 2678

Primary Policy Focus

Taxation

Potential Impact Areas

- Alcohol as fuel
- Alcohol tax
- Appropriations
- Automobile tires
- Boating accidents
- Boats and boating
- Congress
- Congressional reporting requirements
- Diesel motor
- Economics and Public Finance
- Education
- Elementary and secondary education
- Energy
- Federal advisory bodies
- Federal aid highway program
- Federal aid to transportation
- Finance and Financial Sector
- Fishing
- Gasohol
- Gasoline tax
- Government Operations and Politics
- Government trust funds
- Government vehicles
- Governmental investigations
- Highway finance
- Highway use tax
- Interest
- Liquefied natural gas
- Liquefied petroleum gas
- Marine engines
- Marine safety
- Mass rapid transit
- Methanol
- Motor buses
- School buses
- Sports and Recreation
- Tax rates
- Transportation and Public Works
- Trucks

Alternate Title(s) of Bill S 2678

MEGA Trust Act
A bill to amend the Internal Revenue Code of 1986 to transfer all excise taxes imposed on alcohol fuels to the Highway Trust Fund, and for other purposes.
MEGA Trust Act
Maximum Economic Growth for America Through the Highway Trust Fund Act

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