Waterway LNG Parity Act of 2017

Bill: 115-s-505
Sponsor: full_name: Sen. Cassidy, Bill [R-LA]
Introduced: 2017-03-02
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: 2017-03-02
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2017-03-02
action_desc: Introduced in Senate
text: <p><b>Waterway LNG Parity Act of 2017 </b></p> <p>This bill amends the Internal Revenue Code to provide for an energy equivalent for a gallon of diesel, in the case of liquefied natural gas (LNG), for the purposes of the 29 cents per gallon Inland Waterways Trust Fund financing rate. (The rate is used for the excise tax on fuel used in commercial transportation on inland waterways.) The bill specifies that the energy equivalent of a gallon of diesel is 6.06 pounds of LNG.</p>

tv_txt: II 115th CONGRESS 1st Session S. 505 IN THE SENATE OF THE UNITED STATES March 2, 2017 Mr. Cassidy (for himself, Mr. Bennet , and Mr. Young ) 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 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 2017 . 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 (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 the Internal Revenue Code of 1986 is amended by adding at the end the following: (5) Energy equivalent of a gallon of diesel with respect to liquefied natural gas For purposes of paragraph (2)(A), the term energy equivalent of a gallon of diesel means 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 during any calendar quarter beginning after the date of the enactment of this Act.