Sec. 7. Reduction in taxes on gasoline, diesel fuel, kerosene, and special fuels funding Highway Trust Fund
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Section 4081(a)(2)(A) of the Internal Revenue Code of 1986 is amended— in clause (i), by striking 18.3 cents and inserting 3.7 cents ; and in clause (iii), by striking 24.3 cents and inserting 5.0 cents . Section 4081(a)(2)(D) of such Code is amended— by striking 19.7 cents and inserting 4.1 cents , and by striking 24.3 cents and inserting 5.0 cents . Section 6427(b)(2)(A) of such Code is amended by striking 7.4 cents and inserting 1.5 cents . Section 4041(a)(1)(C)(iii)(I) of the Internal Revenue Code of 1986 is amended by striking 7.3 cents per gallon (4.3 cents per gallon after September 30, 2016) and inserting 1.4 cents per gallon (zero after September 30, 2021) .
Section 4041(a)(2)(B)(ii) of such Code is amended by striking 24.3 cents and inserting 5.0 cents . Section 4041(a)(3)(A) of such Code is amended by striking 18.3 cents and inserting 3.7 cents . Section 4041(m)(1) of such Code is amended— in subparagraph (A), by striking 2016 and inserting 2021, ; in subparagraph (A)(i), by striking 9.15 cents and inserting 1.8 cents ; in subparagraph (A)(ii), by striking 11.3 cents and inserting 2.3 cents ; and by striking subparagraph
(B)and inserting the following: zero after September 30, 2021. . Section 4081(d)(1) of such Code is amended by striking 4.3 cents per gallon after September 30, 2016 and inserting zero after September 30, 2021 . Section 9503(b) of such Code is amended— in paragraphs
(1)and (2), by striking October 1, 2016 both places it appears and inserting October 1, 2021 ; in the heading of paragraph (2), by striking and inserting October 1, 2016 ; October 1, 2021 in paragraph (2), by striking after September 30, 2016, and before July 1, 2017 and inserting after September 30, 2021, and before July 1, 2022 ; and in paragraph (6)(B), by striking October 1, 2014 and inserting October 1, 2019 . If— before October 1, 2019, tax has been imposed under section 4081 of the Internal Revenue Code of 1986 on any liquid; and 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 (in this subsection referred to as the taxpayer ) an amount equal to the excess of the tax paid by the taxpayer over the amount of such tax which would be imposed on such liquid had the taxable event occurred on such date. No credit or refund shall be allowed or made under this subsection unless— claim therefor is filed with the Secretary of the Treasury before April 1, 2020; and in any case where liquid is held by a dealer (other than the taxpayer) on October 1, 2019— the dealer submits a request for refund or credit to the taxpayer before January 1, 2020; and the taxpayer has repaid or agreed to repay the amount so claimed to such dealer or has obtained the written consent of such dealer to the allowance of the credit or the making of the refund. No credit or refund shall be allowed under this subsection with respect to any liquid in retail stocks held at the place where intended to be sold at retail. For purposes of this subsection, 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. Rules similar to the rules of subsections
(b)and
(c)of section 6412 and sections 6206 and 6675 of such Code shall apply for purposes of this subsection. Except as provided in paragraph (2), the amendments made by this section shall apply to fuel removed after September 30, 2019. The amendments made by subsections (b)(4) and (b)(6) shall apply to fuel removed after September 30, 2016.