Detailed Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Q: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Travel Related Industries Protection
Act of 2003''.

SEC. 2. SUSPENSION OF EXCISE TAX ON AVIATION FUEL USED IN COMMERCIAL
AVIATION.

(a) In General.--Tax imposed under section 4091 of the Internal
Revenue Code of 1986 by reason of section 4092(b)(2) of such Code shall
be zero during the suspension period.
(b) Definitions.--For purposes of this Act--
(1) Suspension period.--The term 'suspension period' means
the period beginning on the tax suspension date and ending on
the suspension termination date.
(2) Tax suspension date.--The term 'tax suspension date'
means the date of the enactment of this Act.
(3) Suspension termination date.--The term 'suspension
termination date' means the date which is two years after the
date of the enactment of this Act.

SEC. 3. FLOOR STOCK REFUNDS.

(a) In General.--If--
(1) before the tax suspension date, tax has been imposed
under section 4091 of the Internal Revenue Code of 1986 by
reason of section 4092(b)(2) of such Code on any liquid, and
(2) on such date such liquid is held by a dealer and has
not been used and is intended for sale,
there shall be credited or refunded (without interest) to the person
who paid such tax (hereafter in this section referred to as the
''taxpayer'') an amount equal to the tax paid by the taxpayer.
(b) Time For Filing Claims.--No credit or refund shall be allowed
or made under this section unless--
(1) claim therefor is filed with the Secretary of the
Treasury before the date which is 6 months after the tax
suspension date, and
(2) in any case where liquid is held by a dealer (other
than the taxpayer) on the tax suspension date--
(A) the dealer submits a request for refund or
credit to the taxpayer before the date which is 3
months after the tax suspension date, and
(B) the taxpayer files with the Secretary--
(i) a certification that the taxpayer has
given, subsequent to receipt of the request for
refund or credit from such dealer under
subparagraph (A), a credit to such dealer with
respect to such liquid against a purchase by
the dealer of liquid from the taxpayer, and
(ii) a certification by such dealer that
such dealer has given, subsequent to the tax
suspension date, a credit to a succeeding
dealer (if any) with respect to such liquid
against a purchase by the succeeding dealer of
liquid from such dealer.
(c) Reasonableness of Claims Certified.--Any certification made
under subsection (b)(2)(B) shall include an additional certification
that the claim for credit was reasonably based on the taxpayer's or
dealer's past business relationship with the succeeding dealer.
(d) Definitions.--For purposes of this section--
(1) the terms ''dealer'' and ''held by a dealer'' have the
respective meanings given to such terms by section 6412 of such
Code; except that the term ''dealer'' includes a producer, and
(2) the term ''tax suspension date'' means the date which
is the 7th day after the date of the enactment of this Act.
(e) Certain Rules To Apply.--Rules similar to the rules of
subsections (b) and (c) of section 6412 of such Code shall apply for
purposes of this section.

SEC. 4. FLOOR STOCKS TAX.

(a) Imposition of Tax.--In the case of any liquid subject to tax
under section 4091 of the Internal Revenue Code of 1986 by reason of
section 4092(b)(2) of such Code and on which such tax would have been
imposed but for section 2, and which is held on the suspension
termination date, by any person, there is hereby imposed a floor stocks
tax equal to the excess of the tax which would be imposed on such
liquid had the taxable event occurred on such date over the tax
previously paid (if any) on such liquid.
(b) Liability for Tax and Method of Payment.--
(1) Liability for tax.--A person holding a liquid on the
suspension termination date, to which the tax imposed by
subsection (a) applies shall be liable for such tax.
(2) Method of payment.--The tax imposed by subsection (a)
shall be paid in such manner as the Secretary shall prescribe.
(3) Time for payment.--The tax imposed by paragraph (1)
shall be paid on or before 45 days after the suspension
termination date.
(c) Definitions.--For purposes of this section--
(1) Held by a person.--A liquid shall be considered as
''held by a person'' if title thereto has passed to such person
(whether or not delivery to the person has been made).
(2) Secretary.--The term ''Secretary'' means the Secretary
of the Treasury or the Secretary's delegate.
(d) Other Law Applicable.--All provisions of law, including
penalties, applicable with respect to the taxes imposed by sections
4091 and 4092 of such Code shall, insofar as applicable and not
inconsistent with the provisions of this section, apply with respect to
the floor stock taxes imposed by subsection (a) to the same extent as
if such taxes were imposed by such sections.
A:
Travel Related Industries Protection Act of 2003 - Amends the Internal Revenue Code to suspend, for two years, the excise tax aviation fuel.