stocks tax. (B) Amount of tax The amount of the tax imposed by subparagraph (A) shall be the excess (if any) of— (i) the tax which would be imposed under section 4691— (I) in the case of any taxable virgin plastic resin, on such resin if the sale of such resin by the applicable entity had occurred on the tax-increase date, or (II) in the case of any imported covered item, on such item if the entry or withdrawal of such item by the importer thereof had occurred on the tax-increase date, over (ii) the prior tax (if any) imposed by this subchapter on such resin or item. (C) Tax-increase date For purposes of this paragraph, the term tax-increase date means January 1 of any calendar year. (2) Due date The taxes imposed by this subsection on January 1 of any calendar year shall be paid on or before June 30 of such year. (3) Application of other laws All other provisions of law, including penalties, applicable with respect to the taxes imposed by section 4691 shall apply to the floor stocks taxes imposed by this subsection. (h) Regulations The Secretary shall prescribe such regulations as may be necessary to carry out the provisions of this subchapter. . (b) Plastic Waste Reduction Fund Subchapter A of chapter 98 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 9512. Plastic Waste Reduction Fund (a) Establishment and funding There is hereby established in the Treasury of the United States a trust fund to be referred to as the Plastic Waste Reduction Fund , consisting of such amounts as may be appropriated or credited to such trust fund as provided for in this section and section 9602(b). (b) Transfers to the Plastic Waste Reduction Fund There are hereby appropriated to the Plastic Waste Reduction Fund amounts equivalent to the taxes received in the Treasury under section 4691. (c) Expenditures from the Plastic Waste Reduction Fund Subject to subsection (d), amounts in the Plastic Waste Reduction Fund shall be available, as provided by appropriation Acts, for making