A bill to amend the Internal Revenue Code of 1986 to equalize the excise tax on liquified petroleum gas and liquified natural gas.

Bill: 114-s-344
Sponsor: full_name: Sen. Bennet, Michael F. [D-CO]
Introduced: 2015-02-03
Policy area: Taxation
Subjects: Oil and gas

Sales and excise taxes
Latest action: action_date: 2015-02-03
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2015-02-03
action_desc: Introduced in Senate
text: <p><strong></strong>This bill equalizes the excise tax&nbsp;on liquefied petroleum gas and liquefied natural gas by establishing a rate of 18.3 cents per energy equivalent of a gallon of gasoline for liquefied petroleum gas and 24.3 cents per energy equivalent of a gallon of diesel for liquefied natural gas. </p>

tv_txt: II 114th CONGRESS 1st Session S. 344 IN THE SENATE OF THE UNITED STATES February 3, 2015 Mr. Bennet (for himself and Mr. Burr ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to equalize the excise tax on liquified petroleum gas and liquified natural gas.

1. Equalization of excise tax on liquefied petroleum gas and liquefied natural gas (a) Liquefied petroleum gas (1) In general Subparagraph (B) of section 4041(a)(2) of the Internal Revenue Code of 1986 is amended by striking and at the end of clause (i), by redesignating clause (ii) as clause (iii), and by inserting after clause (i) the following new clause: (ii) in the case of liquefied petroleum gas, 18.3 cents per energy equivalent of a gallon of gasoline, and . (2) Energy equivalent of a gallon of gasoline Paragraph (2) of section 4041(a) of such Code is amended by adding at the end the following: (C) Energy equivalent of a gallon of gasoline For purposes of this paragraph, the term energy equivalent of a gallon of gasoline means, with respect to a liquefied petroleum gas fuel, the amount of such fuel having a Btu content of 115,400 (lower heating value). . (b) Liquefied natural gas (1) In general Subparagraph (B) of section 4041(a)(2) of the Internal Revenue Code of 1986, as amended by subsection (a)(1), is amended by striking and at the end of clause (ii), by striking the period at the end of clause (iii) and inserting , and and by inserting after clause (iii) the following new clause: (iv) in the case of liquefied natural gas, 24.3 cents per energy equivalent of a gallon of diesel. . (2) Energy equivalent of a gallon of diesel Paragraph (2) of section 4041(a) of such Code, as amended by subsection (a)(2), is amended by adding at the end the following: (D) Energy equivalent of a gallon of diesel For purposes of this paragraph, the term energy equivalent of a gallon of diesel means, with respect to a liquefied natural gas fuel, the amount of such fuel having a Btu content of 128,700 (lower heating value). . (3) Conforming amendments Section 4041(a)(2)(B)(iii) of the Internal Revenue Code of 1986, as redesignated by subsection (a)(1), is amended— (A) by striking liquefied natural gas,, and (B) by striking peat), and and inserting peat) and . (c) Effective Date The amendments made by this section shall apply to any sale or use of fuel after March 31, 2015.