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: 115-hr-3431
Sponsor: full_name: Rep. Higgins, Clay [R-LA-3]
Introduced: 2017-07-26
Policy area: Taxation
Subjects: Alternative and renewable resources

Oil and gas

Sales and excise taxes
Latest action: action_date: 2017-07-26
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2017-07-26
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 115th CONGRESS 1st Session H. R. 3431 IN THE HOUSE OF REPRESENTATIVES July 26, 2017 Mr. Higgins of Louisiana (for himself, Mr. Graves of Louisiana , and Mr. Abraham ) 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.