Summary

To amend the Internal Revenue Code of 1986 to provide for the equalization of the excise tax on liquefied natural gas and per energy equivalent of diesel. Read More

Status

This bill was introduced on Jan 25, 2012, in a previous session of Congress, but was not passed.

Date Introduced
Jan 25, 2012

Bill Text

A BILL

To amend the Internal Revenue Code of 1986 to provide for the equalization of the excise tax on liquefied natural gas and per energy equivalent of diesel.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``LNG Excise Tax Equalization Act of 2012''.

SEC. 2. FINDINGS.

The Congress finds the following: (1) Liquefied natural gas has an energy content of 84,820 Btu per gallon (higher heating value). (2) Diesel has an energy content of 137,380 Btu per gallon (higher heating value). (3) A gallon of liquefied natural gas only produces 61.74 percent of the energy produced from a gallon of diesel; however, the Federal excise taxes on liquefied natural gas and diesel are both 24.3 cents per gallon. (4) The Federal excise tax on compressed natural gas is 18.3 cents per energy equivalent of a gallon of gasoline.

SEC. 3. EQUALIZATION OF EXCISE TAX ON LIQUEFIED NATURAL GAS AND PER ENERGY EQUIVALENT OF DIESEL.

(a) In General.--Subparagraph (B) of section 4041(a)(2) of the Internal Revenue Code of 1986 is amended by striking the period at the end of clause (ii) and inserting ``, and'', and by inserting after clause (ii) the following new clause: ``(iii) in the case of liquefied natural gas, 24.3 cents per energy equivalent of a gallon of diesel.''. (b) Energy Equivalent of a Gallon of Diesel and Administrative Provision.--Paragraph (2) of section 4041(a) of such...

Read Full Text

Sentiment Map

Select:

Nation

0 Supporting
0 Opposing
0% 0%

State: CA

0 Supporting
0 Opposing
0% 0%

District: 1st

0 Supporting
0 Opposing
0% 0%

Popularity Trend

Organizations Supporting

No organizations supporting yet.

Organizations Opposing

No organizations opposing yet.

Users Supporting

No constiutents supporting yet.

Users Opposing

No constituents opposing yet.

Bill Summary

To amend the Internal Revenue Code of 1986 to provide for the equalization of the excise tax on liquefied natural gas and per energy equivalent of diesel.

H.R. 3831 Medicare Hospice Care Access Act of 2012 H.R. 3833 DRIVES Act of 2012
184.73.110.237