TABLE 2. FEDERAL EXCISE TAX REVENUES, FISCAL YEARS 1992-1994 N. Vaccine Injury Compensation Trust Fund Tax 10 (net revenues) 11 1This revenue table generally follows the order for excise tax categories as in table 1. 2 No amounts are shown for the transfers to the Trails Trust Fund because no amounts have actually yet been obligated under section 1302 of the Intermodal Surface Transportation Efficiency Act of 1991. 3 General Fund portion of the respective motor fuels tax revenues as provided in the Omnibus Budget Reconciliation Act of 1990 ("1990 Act"), effective December 1, 1990 through September 30, 1995. *The conference agreement on the 1990 Act stated that the revenues from the increase in the air passenger ticket tax from 8% to 10% and the domestic air cargo tax from 5% to 6.25% would go into the General Fund, December 1, 1990-December 31, 1992. However, due to a technical statutory drafting omission, this was not accomplished until P.L 102-581 (H.R. 6168) was enacted on October 31, 1992. Thus, the budget document reports these revenues all as Trust Fund receipts for FY 1992. The General Fund amounts for 1993 for the air passenger and air cargo tax reflect this adjustment. 5 Actual estimated FY 1993 fuels tax liability is projected to be $157.3 million, against which a charge of $26.3 million (leaving $131 million) is taken for an over-reported fuels tax amount for FY 1992. The Oil Spill Fund tax is projected to be suspended after June 30, 1993, as the Treasury Department and the Congressional Budget Office estimate that the Oil Spill Fund will exceed the $1 billion balance limit (after which the tax is to be suspended). The harbor maintenance excise tax is classified as a Customs trust fund receipt in the budget. These amounts include the $1 million per fiscal year allocated to the Land and Water Conservation Fund. 9 Tax revenues transferred from the Highway Trust Fund to the Aquatic Resources Trust Fund (Sport Fish Restoration Account), to be available for wetlands environmental program. 10 The excise tax on vaccines expired after December 31, 1992. 11 The Vaccine Injury Compensation Trust Fund receives the "net revenues" from the vaccine tax, which is the gross vaccine tax revenue less the decrease in chapter 1 (income) tax as a result of the income tax deduction attributable to the vaccine tax (sec. 9510(b)). 12 Totals include the Harbor Maintenance Trust Fund excise tax revenues; see also footnote 7, above. Source: Congressional Budget Office, Tax Analysis Division. |