To amend the Internal Revenue Code of 1986 to allow the volumetric excise tax credit for liquid fuel derived from natural gas through the Fischer-Tropsch process.

Bill: 114-hr-3321
Sponsor: full_name: Rep. Boustany, Charles W., Jr. [R-LA-3]
Introduced: 2015-07-29
Policy area: Taxation
Subjects: Alternative and renewable resources

Oil and gas

Sales and excise taxes
Latest action: action_date: 2015-07-29
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2015-07-29
action_desc: Introduced in House
text: <p>This bill amends the Internal Revenue Code to allow an alternative fuel excise tax credit for liquid fuel derived from natural gas through the Fischer-Tropsch process. The Fischer-Tropsch process is a collection of chemical reactions that converts a mixture of carbon monoxide and hydrogen into liquid hydrocarbons. </p>

tv_txt: I 114th CONGRESS 1st Session H. R. 3321 IN THE HOUSE OF REPRESENTATIVES July 29, 2015 Mr. Boustany introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to allow the volumetric excise tax credit for liquid fuel derived from natural gas through the Fischer-Tropsch process.

1. Volumetric excise tax credit for liquid fuel derived from natural gas through Fischer-Tropsch process (a) In general Section 6426(d)(2)(E) of the Internal Revenue Code of 1986 is amended— (1) by inserting or at the end, (2) by striking liquid fuel which meets and inserting the following: liquid fuel which— (i) meets , and (3) by adding at the end, as amended by the preceding provisions of this section, the following new clause: (ii) is derived from natural gas through such process, . (b) Effective date The amendments made by this section shall apply to any sale or use for any period after the date of the enactment of this Act.