(c) TRANSFER OF EQUIVALENT TAX LIABILITY TO 
HIGHWAY TRUST FUND.—There are hereby appropriated 
to the Highway Trust Fund amounts equivalent to the ag-
gregate net increase in tax liabilities under chapter 1 of 
the Internal Revenue Code of 1986 which is attributable 
to the repeal of section 179C of such Code by subsection 
(a). Such appropriated amounts shall be transferred from 
the general fund of the Treasury on the basis of estimates 
of such tax liabilities made by the Secretary of the Treas-
ury. Transfers shall be made pursuant to a schedule made 
by the Secretary of the Treasury that takes into account 
estimated timing of collection of such liabilities. Proper 
adjustments shall be made in amounts transferred to the 
extent prior estimates were in excess of or less than the 
amounts required to be transferred. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to property placed in service after 
the date of the enactment of this Act. 
SEC. 4. FLOOR STOCK REFUNDS. 
(a) IN GENERAL.—If— 
(1) before the date of the enactment of this 
Act, a tax referred to in section 4081(f)(2) of the 
Internal Revenue Code of 1986 has been imposed on 
any liquid, and 
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(2) on such date such liquid is held by a dealer 
and has not been used and is intended for sale, 
there shall be credited or refunded (without interest) to 
the person who paid such tax (hereafter in this section 
referred to as the ‘‘taxpayer’’) an amount equal to the ex-
cess of the tax paid by the taxpayer over the amount of 
such tax which would be imposed on such liquid had the 
taxable event occurred on such date. 
(b) TIME FOR FILING CLAIMS.—No credit or refund 
shall be allowed or made under this section unless— 
(1) claim therefor is filed with the Secretary of 
the Treasury before the date which is 6 months 
after the date of the enactment of this Act, and 
(2) in any case where liquid is held by a dealer 
(other than the taxpayer) on the date of the enact-
ment of this Act— 
(A) the dealer submits a request for refund 
or credit to the taxpayer before the date which 
is 3 months after such date, and 
(B) the taxpayer has repaid or agreed to 
repay the amount so claimed to such dealer or 
has obtained the written consent of such dealer 
to the allowance of the credit or the making of 
the refund. 
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(c) EXCEPTION
FOR
FUEL
HELD
IN
RETAIL 
STOCKS.—No credit or refund shall be allowed under this 
section with respect to any liquid in retail stocks held at 
the place where intended to be sold at retail. 
(d) DEFINITIONS.—For purposes of this section, the 
terms ‘‘dealer’’ and ‘‘held by a dealer’’ have the respective 
meanings given to such terms by section 6412 of such 
Code; except that the term ‘‘dealer’’ includes a producer. 
(e) CERTAIN RULES TO APPLY.—Rules similar to the 
rules of subsections (b) and (c) of section 6412 of such 
Code shall apply for purposes of this section. 
SEC. 5. FLOOR STOCKS TAX. 
(a) IMPOSITION OF TAX.—In the case of any taxable 
liquid which is held on the floor stocks tax date by any 
person, there is hereby imposed a floor stocks tax equal 
to the excess of the tax which would be imposed on such 
liquid under any section of the Internal Revenue Code of 
1986 referred to in section 4081(f)(2) of such Code had 
the taxable event occurred on the floor stocks tax date over 
the tax paid under any such section on such liquid. 
(b) LIABILITY
FOR TAX
AND METHOD
OF PAY-
MENT.— 
(1) LIABILITY FOR TAX.—A person holding a 
liquid on the floor stocks tax date to which the tax 
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imposed by subsection (a) applies shall be liable for 
such tax. 
(2) METHOD OF PAYMENT.—The tax imposed 
by subsection (a) shall be paid in such manner as 
the Secretary shall prescribe. 
(3) TIME OF PAYMENT.—The tax imposed by 
subsection (a) shall be paid on or before the date 
which is 6 months after the floor stocks tax date. 
(c) DEFINITIONS.—For purposes of this section— 
(1) HELD BY A PERSON.—A liquid shall be con-
sidered as ‘‘held by a person’’ if title thereto has 
passed to such person (whether or not delivery to 
the person has been made). 
(2) TAXABLE LIQUID.—The term ‘‘taxable liq-
uid’’ means any liquid on which a tax referred to in 
section 4081(a)(2) of such Code is imposed on the 
floor stocks tax date. 
(3) FLOOR STOCK TAX DATE.—The term ‘‘floor 
stocks tax date’’ means the first day after the sus-
pension period (as defined in section 4081(f)(4) of 
such Code). 
(4) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Treasury or the Secretary’s del-
egate. 
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(d) EXCEPTION FOR EXEMPT USES.—The tax im-
posed by subsection (a) shall not apply to taxable liquid 
held by any person exclusively for any use to the extent 
a credit or refund of the tax imposed by a section of the 
Code referred to in section 4081(a)(2) of such Code is al-
lowable for such use. 
(e) EXCEPTION
FOR
FUEL
HELD
IN
VEHICLE 
TANK.—No tax shall be imposed by subsection (a) on tax-
able liquid held in the tank of a motor vehicle or motor-
boat. 
(f) EXCEPTION FOR CERTAIN AMOUNTS OF FUEL.— 
(1) IN GENERAL.—No tax shall be imposed by 
subsection (a) on any liquid held on the floor stocks 
tax date by any person if the aggregate amount of 
liquid held by such person on such date does not ex-
ceed 2,000 gallons. The preceding sentence shall 
apply only if such person submits to the Secretary 
(at the time and in the manner required by the Sec-
retary) such information as the Secretary shall re-
quire for purposes of this paragraph. 
(2) EXEMPT
FUEL.—For purposes of para-
graph (1), there shall not be taken into account fuel 
held by any person which is exempt from the tax im-
posed by subsection (a) by reason of subsection (d) 
or (e). 
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