CREATION OF TRUST FUND; APPROPRIATIONS.

SEC. 105. CREATION OF TRUST FUND; APPROPRIATIONS. (a) Trust Fund.— (1) In general.— There is hereby established on the books of the Treasury of the United States a trust fund to be known as the “State and Local Government Fiscal Assistance Trust Fund” (referred to in this subtitle as the “Trust Fund”). The Trust Fund shall remain available without fiscal year limitation and shall consist of such amounts as may be appropriated to it and deposited in it as provided in subsection (b). Except as provided in this title,86 Stat. 921 amounts in the Trust Fund may be used only for the payments to State and local governments provided by this subtitle. (2) Trustee.— The Secretary of the Treasury shall be the trustee of the Trust Fund and shall report to the Congress not later than March 1 of each year on the operation and status of the Trust Fund during the preceding fiscal year. (b) Appropriations.— (1) In general.— There is appropriated to the Trust Fund, out of amounts in the general fund of the Treasury attributable to the collections of the Federal individual income taxes not otherwise appropriated— (A) for the period beginning January 1, 1972, and ending June 30, 1972, $2,650,000,000; (B) for the period beginning July 1, 1972, and ending December 31, 1972, $2 650,000,000; (C) for the period beginning January 1, 1973, and ending June 30, 1973, $2,987,500,000; (D) for the fiscal year beginning July 1, 1973, $6,050,000,000; (E) for the fiscal year beginning July 1, 1974, $6,200,000,000; (F) for the fiscal year beginning July 1, 1975, $6,350,000,000; and (G) for the period beginning July 1, 1976, and ending December 31, 1976, $3,325,000,000. (2) Noncontiguous States adjustment amounts.— There is appropriated to the Trust Fund, out of amounts in the general fund of the Treasury attributable to the collections of the Federal individual income taxes not otherwise appropriated— (A) for the period beginning January 1, 1972, and ending June 30, 1972, $2,390,000; (B) for the period beginning July 1, 1972, and ending December 31, 1972; $2,390,000; (C) for the period beginning January 1, 1973, and ending June 30, 1973, $2,390,000; (D) for each of the fiscal years beginning July 1, 1973, July 1, 1974, and July 1, 1975, $4,780,000; and (E) for the period beginning July 1, 1976, and ending December 31, 1976, $2,390,000. (3) Deposits.— Amounts appropriated by paragraph (1) or (2) for any fiscal year or other period shall be deposited in the Trust Fund on the later of (A) the first day of such year or period, or (B) the day after the date of enactment of this Act. (c) Transfers From Trust Fund to General Fund.— The Secretary shall from time to time transfer from the Trust Fund to the general fund of the Treasury any moneys in the Trust Fund which he determines will not be needed to make payments to State governments and units of local government under this subtitle.