‘‘(4) COMPARABLE
TREATMENT
UNDER
CER-
TAIN REFUND RULES.—In the case of fuel on which 
tax is imposed during a temporary rate reduction 
period, each of the comparable rates otherwise appli-
cable 
under 
sections 
6421(f)(3)(B)(ii), 
6427(b)(2)(A), and 6427(l)(3)(B)(ii) shall be re-
duced (but not below zero) by 4.3 cents per gallon. 
‘‘(5) TEMPORARY RATE REDUCTION PERIOD.— 
For purposes of this subsection— 
‘‘(A) IN GENERAL.—The term ‘temporary 
rate reduction period’ means, with respect to 
any taxable fuel, any period of months (as de-
termined by the Secretary) during which the 
motor fuel price index for such fuel is 10 per-
cent greater than such index for the base 
month. 
‘‘(B) BASE
MONTH.—The term ‘base 
month’ means, with respect to any period, the 
last month before such period. 
‘‘(C) MOTOR
FUEL
PRICE
INDEX.—The 
term ‘motor fuel price index’ means— 
‘‘(i) HIGHWAY MOTOR FUEL.—In the 
case of fuel other than aviation-grade ker-
osene, the index comprised of the motor
fuel price component of the Consumer 
Price Index (as defined in section 1(f)(5)). 
‘‘(ii) AVIATION-GRADE
KEROSENE.— 
In the case of aviation-grade kerosene, the 
index comprised of the average monthly 
price of such kerosene (for end users) as 
published by the Energy Information Ad-
ministration of the Department of Energy. 
‘‘(D) DATA.—The motor fuel price index 
for any month which is taken into account for 
purposes of this subsection shall be such index 
for the 2d preceding month. 
‘‘(6) 
TRUST
FUNDS
HELD
HARMLESS.— 
Amounts appropriated to the Highway Trust Fund 
and the Airport and Airways Trust Fund shall be 
determined as if this subsection had never been en-
acted.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall take effect on the date of the enactment 
of this Act. 
SEC. 3. FLOOR STOCKS REFUNDS. 
(a) IN GENERAL.—If— 
(1) before the first day of any temporary rate 
reduction period, tax has been imposed under section
4081 of the Internal Revenue Code of 1986 on any 
liquid, and 
(2) on such first day 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 with respect 
to any temporary rate reduction period unless— 
(1) claim therefor is filed with the Secretary of 
the Treasury before the date which is 6 months 
after the first day of such period, based on a request 
submitted to the taxpayer before the date which is 
3 months after such first day, by the dealer who 
held the liquid on such first day, and 
(2) the taxpayer has repaid or agreed to repay 
the amount so claimed to such dealer or has ob-
tained the written consent of such dealer to the al-
lowance of the credit or the making of the refund.
(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— 
(1) IN
GENERAL.—The terms ‘‘dealer’’ and 
‘‘held by a dealer’’ have the respective meanings 
given to such terms by section 6412 of such Code. 
(2) TEMPORARY RATE REDUCTION PERIOD.— 
The term ‘‘temporary rate reduction period’’ has the 
meaning given to such term by section 4081(f)(5) of 
such Code. 
(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. 4. FLOOR STOCKS TAX. 
(a) IMPOSITION OF TAX.—In the case of taxable fuel 
on which tax was imposed under section 4081 of the Inter-
nal Revenue Code of 1986 during any temporary rate re-
duction period, and which is held on the first day after 
such period by any person, there is hereby imposed a floor 
stocks tax of 4.3 cents per gallon. 
(b) LIABILITY
FOR TAX
AND METHOD
OF PAY-
MENT.—
(1) LIABILITY FOR TAX.—A person holding tax-
able fuel on the first day after a temporary rate re-
duction period to which the tax imposed by sub-
section (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 3 months after the close of the temporary 
rate reduction period to which such tax relates. 
(c) DEFINITIONS.—For purposes of this section— 
(1) TEMPORARY RATE REDUCTION PERIOD.— 
The term ‘‘temporary rate reduction period’’ has the 
meaning given to such term by section 4081(f)(5) of 
such Code. 
(2) 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). 
(3) TAXABLE FUEL.—The term ‘‘taxable fuel’’ 
has the meaning given to such term by section 4083 
of such Code. 
(4) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Treasury or his delegate.
(d) EXCEPTION FOR EXEMPT USES.—The tax im-
posed by subsection (a) shall not apply to taxable fuel held 
by any person exclusively for any use to the extent a credit 
or refund of the tax imposed by section 4081 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 fuel held in the tank of a motor vehicle or motorboat. 
(f) EXCEPTION FOR CERTAIN AMOUNTS OF FUEL.— 
(1) IN GENERAL.—No tax shall be imposed by 
subsection (a)— 
(A) on gasoline held on the first day after 
any temporary rate reduction period, 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 held on such first day 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 (d) 
or (e). 
(3) CONTROLLED
GROUPS.—For purposes of 
this section— 
(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 ‘‘more than 50 percent’’ shall be 
substituted for ‘‘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 LAWS APPLICABLE.—All provisions of 
law, including penalties, applicable with respect to the 
taxes imposed by section 4081 of such Code shall, insofar 
as applicable and not inconsistent with the provisions of 
this subsection, 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. 
Æ