(1) LIABILITY FOR TAX.—A person holding fuel
to which the tax imposed by subsection (a) applies
on January 1, 1994, 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 FOR PAYMENT.—The tax imposed by
subsection (a) shall be paid on or before May 31,
1994.
(d) DEFINITIONS.—For purposes of this section—
(1) HELD BY A PERSON.—Fuel shall be consid-
ered as ‘‘held by a person’’ if title thereto has passed
to such person (whether or not delivery to the per-
son has been made).
(2) GASOLINE.—The term ‘‘gasoline’’ has the
meaning given such term by section 4082 of such
Code.
(3) DIESEL FUEL.—The term ‘‘diesel fuel’’ has
the meaning given such term by section 4092 of
such Code.
(4) AVIATION FUEL.—The term ‘‘aviation fuel’’
has the meaning given such term by section 4092(a)
of such Code.
(5) SECRETARY.—The term ‘‘Secretary’’ means
the Secretary of the Treasury or his delegate.
(e) EXCEPTION FOR EXEMPT USES.—The tax im-
posed by subsection (a) shall not apply to gasoline, diesel
fuel, or aviation fuel held by any person exclusively for
any use to the extent a credit or refund of the tax imposed
by section 4081 or 4091 of such Code, as the case may
be, is allowable for such use.
(f) EXCEPTION
FOR
FUEL
HELD
IN
VEHICLE
TANK.—No tax shall be imposed by subsection (a) on gas-
oline or diesel fuel held in the tank of a motor vehicle or
motorboat.
(g) EXCEPTION FOR CERTAIN AMOUNTS OF FUEL.—
(1) IN GENERAL.—No tax shall be imposed by
subsection (a)—
(A) on gasoline held on January 1, 1994,
by any person if the aggregate amount of gaso-
line held by such person on such date does not
exceed 4,000 gallons, and
(B) on diesel fuel held on a January 1,
1994, by any person if the aggregate amount of
diesel fuel held by such person on such date
does not exceed 2,000 gallons.
The preceding sentence shall apply only if such per-
son submits to the Secretary (at the time and in the
manner required by the Secretary) such information
as the Secretary shall require 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 (e)
or (f).
(3) CONTROLLED GROUPS.—
(A) CORPORATIONS.—For purposes of this
subsection, the gallon amounts specified in
paragraph (1) shall be allocated among mem-
bers of a controlled group in such manner as
the Secretary shall by regulations prescribe.
For purposes of the preceding sentence, the
term ‘‘controlled group’’ has the meaning given
such term by section 1563(a) of such Code; ex-
cept that for such purposes the phrase ‘‘more
than 50 percent’’ shall be substituted for the
phrase ‘‘at least 80 percent’’ each place it ap-
pears in such subsection.
(B) PERSONS
OTHER
THAN
CORPORA-
TIONS.—Under regulations prescribed by the
Secretary, principles similar to the principles of
subparagraph (A) shall apply to a group of per-
sons under common control where 1 or more of
such persons is not a corporation.
(h) OTHER LAWS APPLICABLE.—All provisions of
law, including penalties, applicable with respect to the
taxes imposed by section 4081 of such Code in the case
of gasoline and section 4091 of such Code in the case of
diesel fuel and aviation fuel shall, insofar as applicable and
not inconsistent with the provisions of this section, apply
with respect to the floor stock taxes imposed by subsection
(a) to the same extent as if such taxes were imposed by
such section 4081 or 4091.
(i) TRANSFER OF PORTION OF FLOOR STOCKS REV-
ENUE
TO INFRA-TOMORROW TRUST FUND.—For pur-
poses of determining the amount transferred to the
INFRA-Tomorrow Trust Fund, the tax imposed by sub-
section (a) shall be treated as imposed at a INFRA-To-
morrow Trust Fund financing rate to the extent of 7.5
cents per gallon.
Æ
HR 242 SC——2
HR 242 SC——3