Joint Committee Report JCS-1-16: General Explanation of Tax Legislation Enacted in the 114th Congress
MAR. 1, 2016
JCS-1-16
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Citations: JCS-1-16
PART FOUR: HIGHWAY AND TRANSPORTATION FUNDING ACT OF 2015
(PUBLIC LAW 114-21)24
A. Extension of Highway Trust Fund Expenditure Authority (sec. 2001 of the Act and secs. 9503, 9504, and 9508 of the Code)
Present Law
Under present law, the Internal Revenue Code (sec. 9503) authorizes expenditures (subject to appropriations) to be made from the Highway Trust Fund (and Sport Fish Restoration and Boating Trust Fund and Leaking Underground Storage Tank Trust Fund) through May 31, 2015, for purposes provided in specified authorizing legislation as in effect on the date of enactment.
Explanation of Provision
This provision extends the authority to make expenditures (subject to appropriations) from the Highway Trust Fund (and Sport Fish Restoration and Boating Trust Fund and Leaking Underground Storage Tank Trust Fund) through July 31, 2015.
Effective Date
The provision is effective on date of enactment (May 29, 2015).
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