curred 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
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 a tax referred to in
section 2(b) is imposed on the floor stocks tax date.
(3) FLOOR
STOCKS
TAX
DATE.—The term
‘‘floor stocks tax date’’ means January 1, 2001.
(4) 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 a section of the
Code referred to in section 2(b) 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) 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).
(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 chapter 31 or 32 of such Code 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 chapter.
SEC. 5. MAINTENANCE OF TRUST FUND DEPOSITS.
In determining the amounts to be appropriated to
any trust fund, an amount equal to the reduction in reve-
nues to the Treasury by reason of a reduction under this
Act in any rate shall be treated as taxes received in the
Treasury under such rate.
SEC. 6. REPORTING REQUIREMENTS.
(a) CHANGES IN FUEL PRICES.—Not later than 30
days after the date of the enactment of this Act, the Sec-
retary of Treasury, in consultation with the Secretary of
Energy, shall prepare and submit to the Committee on
Ways and Means of the House of Representatives and the
Committee on Finance of the Senate a study which specifi-
cally addresses the following issues:
(1) Changes in the price of gasoline, diesel fuel,
and other transportation fuels over the previous 12
months.
(2) The impact on fuel prices posed by the re-
formulated gas mandate of the Clean Air Act.
(3) The economic feasibility and appropriate-
ness of maintaining the reformulated gas mandate.
(b) PASS THROUGH OF TAX REDUCTION.—
(1) The Comptroller General of the United
States shall conduct a study of the reduction of
taxes under this Act to determine whether there has
been a pass through to consumers of such reduction.
(2) Not later than 60 days after the date of the
enactment of this Act, the Comptroller General shall
submit to the Committee on Ways and Means of the
House of Representatives and the Committee on Fi-
nance of the Senate a report containing the results
of the study conducted under paragraph (1).
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