1. Short title This Act may be cited as the Water Infrastructure Trust Fund Act of 2017 . 2. Establishment and funding of Water Infrastructure Trust Fund (a) Water Infrastructure Trust Fund (1) In general Subchapter A of chapter 98 of the Internal Revenue Code of 1986 (relating to establishment of trust funds) is amended by adding at the end the following new section: 9512. Water Infrastructure Trust Fund (a) Creation of trust fund There is established in the Treasury of the United States a trust fund to be known as the Water Infrastructure Trust Fund , consisting of such amounts as may be appropriated or credited to such fund as provided in this section or section 9602(b). (b) Transfers to trust fund There are hereby appropriated to the Water Infrastructure Trust Fund amounts equivalent to the fees received in the Treasury before January 1, 2023, under section 2(b) of the Water Infrastructure Trust Fund Act of 2017 . (c) Expenditures Except as provided by subsection (d), amounts in the Water Infrastructure Trust Fund shall be available, without further appropriation, as follows: (1) 50 percent of the amounts shall be available to the Administrator of the Environmental Protection Agency for making capitalization grants under section 601 of the Federal Water Pollution Control Act ( 33 U.S.C. 1377 ). (2) 50 percent of the amounts shall be available to the Administrator for making capitalization grants under section 1452 of the Safe Drinking Water Act ( 42 U.S.C. 300j–12 ). (d) Limitation on expenditures Amounts in the Water Infrastructure Trust Fund may not be made available for a fiscal year unless the funds appropriated to the Clean Water State Revolving Fund through annual capitalization grants is not less than the average of the annual amounts provided in capitalization grants under section 601 of the Federal Water Pollution Control Act ( 33 U.S.C. 1381 ) for the 5-fiscal-year period immediately preceding such fiscal year. . (2) Clerical amendment The table of sections for subchapter A of chapter 98 of such