LNG and LPG Excise Tax Equalization Act of 2015

Bill: 114-s-917
Sponsor: full_name: Sen. Hatch, Orrin G. [R-UT]
Introduced: 2015-04-14
Policy area: Taxation
Subjects: Debt collection

Medicare

Oil and gas

Sales and excise taxes

Tax administration and collection, taxpayers
Latest action: action_date: 2015-04-14
text: Placed on Senate Legislative Calendar under General Orders. Calendar No. 50.

Summaries:
action_date: 2015-04-14
action_desc: Introduced in Senate
text: <p><strong>LNG and LPG Excise Tax Equalization Act of 2015</strong></p> <p>This bill amends the Internal Revenue Code to equalize 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> <p>The bill also increases from 30% to 35% the rate of the continuous levy on payments made to Medicare providers and suppliers for unpaid taxes. </p>

action_date: 2015-04-14
action_desc: Reported to Senate without amendment
text: <p>(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)</p> <p><strong>LNG and LPG Excise Tax Equalization Act of 2015</strong></p> <p>(Sec. 2) This bill amends the Internal Revenue Code to equalize 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> <p>(Sec. 3) The bill also increases from 30% to 35% the rate of the continuous levy on payments made after 180 days after the enactment date of this Act to Medicare providers and suppliers for unpaid taxes. </p>

tv_txt: II Calendar No. 50 114th CONGRESS 1st Session S. 917 [Report No. 114–27] IN THE SENATE OF THE UNITED STATES April 14, 2015 Mr. Hatch , from the Committee on Finance , reported the following original bill; which was read twice and placed on the calendar A BILL To amend the Internal Revenue Code of 1986 to equalize the excise tax on liquified petroleum gas and liquified natural gas.

1. Short title This Act may be cited as the LNG and LPG Excise Tax Equalization Act of 2015 . 2. 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 fuel sold or used in calendar quarters beginning more than 60 days after the date of the enactment of this Act. 3. Increase in continuous levy (a) In general Paragraph (3) of section 6331(h) of the Internal Revenue Code of 1986 is amended by striking 30 percent and inserting 35 percent . (b) Effective date The amendment made by this section shall apply to payments made after 180 days after the date of the enactment of this Act.

April 14, 2015 Read twice and placed on the calendar