Waterway LNG Parity Act of 2015

Bill: 114-hr-3431
Sponsor: full_name: Rep. Young, Todd [R-IN-9]
Introduced: 2015-07-29
Policy area: Taxation
Subjects: Government trust funds

Marine and inland water transportation

Motor fuels

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><strong>Waterway LNG Parity Act of 2015 </strong></p> <p>This bill amends the Internal Revenue Code to modify the excise tax rate for the Inland Waterways Trust Fund to equal 29 cents per gallon or the per energy equivalent of a gallon of diesel in the case of liquefied natural gas, as defined by this Act. </p>

tv_txt: I 114th CONGRESS 1st Session H. R. 3431 IN THE HOUSE OF REPRESENTATIVES July 29, 2015 Mr. Young of Indiana 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 provide for an energy equivalent of a gallon of diesel in the case of liquefied natural gas for purposes of the Inland Waterways Trust Fund financing rate.

1. Short title This Act may be cited as the Waterway LNG Parity Act of 2015 . 2. Liquefied natural gas equivalent for purposes of Inland Waterways Trust Fund financing rate (a) In general Section 4042(b)(2)(A) of the Internal Revenue Code of 1986 is amended to read as follows: (A) The Inland Waterways Trust Fund financing rate is 29 cents per gallon or the per energy equivalent of a gallon of diesel in the case of liquefied natural gas. . (b) Energy equivalent of a gallon of diesel Section 4042(b) of such Code is amended by adding at the end the following: (5) 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 liquefied natural gas fuel, the amount of such fuel having a Btu content of 128,700 (lower heating value). For purposes of the preceding sentence, a Btu content of 128,700 (lower heating value) is equal to 6.06 pounds of liquefied natural gas.’’. . (c) Effective date The amendments made by this section shall apply to any sale or use of fuel after December 31, 2015.