Revenue Provisions
Harbor Maintenance Revenue Act of 1986 - Amends the Internal Revenue Code to impose an excise tax on the value of commercial cargo loaded onto or unloaded from commercial vessels at U.S. ports. Provides an exemption from such tax: (1) for cargo loaded in or destined for Alaska, Hawaii, or any possession of the United States; (2) where the transportation of such cargo has been subject to the excise tax for fuels used in commercial transportation on inland waterways; (3) for the Government of the United States; and (4) bonded commercial cargo entering the United States for transportation and direct exportation to a foreign country.
Establishes within the Treasury of the United States the Harbor Maintenance Trust Fund. Provides that amounts from such fund shall be available for: (1) the operation and maintenance of those portions of the Saint Lawrence Seaway operated and maintained by the Saint Lawrence Seaway Development Corporation; (2) the operation and maintenance costs of commercial waterways within the United States; and (3) the payment of certain rebates. Provides for the transfer of certain charges and tolls from the Saint Lawrence Seaway Development Corporation to the Harbor Maintenance Trust Fund.
Increases the tax on fuel used in commercial transportation on inland waterways beginning in 1987. Amends the Inland Waterways Revenue Act of 1978 to include the Tennessee-Tombigbee Waterway from the Tennessee River to the Warrior River at Demopolis, Alabama, as an inland and intracoastal waterway.
Establishes in the Treasury of the United States the Inland Waterways Trust Fund. Provides that amounts from such trust fund shall be available for construction and rehabilitation expenditures for navigation on inland and coastal waterways.
Directs the Secretary of State to initiate discussions with the Government of Canada regarding the elimination or reduction of all tolls on the international Great Lakes and the Saint Lawrence Seaway. Directs the Secretary of Transportation to report to the Congress on the progress of such discussions and its economics effect on waterborne commerce.
Directs the Secretary of the Treasury to study, and report to the Congress on, the impact of the port use charge on potential diversions of cargo from U.S. ports to ports of countries contiguous to the United States.
Read more about this topic: Water Resources Development Act Of 1986
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