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 under 
section 4041, 4081, or 4091 of the Internal Revenue Code 
of 1986 on such liquid had the taxable event occurred on 
the floor stocks tax date over the tax paid under such sec-
tions 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 
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 FOR 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 tax is imposed 
under section 4041, 4081, or 4091 of the Internal 
Revenue Code of 1986 on the floor stocks tax date. 
(3) GASOLINE AND DIESEL FUEL.—The terms 
‘‘gasoline’’ and ‘‘diesel fuel’’ have the respective 
meanings given such terms by section 4083 of such 
Code. 
(4) AVIATION FUEL.—The term ‘‘aviation fuel’’ 
has the meaning given such term by section 4093 of 
such Code. 
(5) FLOOR
STOCKS
TAX
DATE.—The term 
‘‘floor stocks tax date’’ means the day after the end 
of the suspension period under section 4081(f) of 
such Code (as added by section 2). 
(6) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Treasury or the Secretary’s del-
egate. 
(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 section 4041, 
4081, or 4091 of such Code is allowable 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)—
(A) on gasoline held on the floor stocks tax 
date by any person if the aggregate amount of 
gasoline held by such person on such date does 
not exceed 4,000 gallons, and 
(B) on diesel fuel, kerosene, or aviation 
fuel held on such date by any person if the ag-
gregate amount of diesel fuel, kerosene, or avia-
tion 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 (d) 
or (e).
(3) CONTROLLED
GROUPS.—For purposes of 
this subsection—
(A) CORPORATIONS.—
(i) IN GENERAL.—All persons treated 
as a controlled group shall be treated as 1 
person. 
(ii) CONTROLLED GROUP.—The term 
‘‘controlled group’’ has the meaning given 
to such term by subsection (a) of section 
1563 of such Code; except that for such 
purposes the phrase ‘‘more than 50 per-
cent’’ shall be substituted for the phrase 
‘‘at least 80 percent’’ each place it appears 
in such subsection. 
(B) NONINCORPORATED PERSONS UNDER 
COMMON
CONTROL.—Under regulations pre-
scribed by the Secretary, principles similar to 
the principles of subparagraph (A) shall apply 
to a group of persons under common control 
where 1 or more of such persons is not a cor-
poration. 
(g) OTHER LAW APPLICABLE.—All provisions of law, 
including penalties, applicable with respect to the taxes 
imposed by section 4041(a)(2) of such Code in the case 
of special fuels; by section 4081 of such Code in the case
of gasoline, diesel fuel, and kerosene; and by section 4091 
of such Code in the case of aviation fuel shall, insofar as 
applicable and not inconsistent with the provisions of this 
subsection, apply with respect to the floor stock taxes im-
posed by subsection (a) to the same extent as if such taxes 
were imposed by such section 4041, 4081, or 4091.
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