Sec. 2008. Equalization of Highway Trust Fund excise taxes on liquefied natural gas, liquefied petroleum gas, and compressed natural gas
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/bill/114/hr/3038/eh/section-2008·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 4041(a)(2)(B) of the Internal Revenue Code of 1986 is amended by striking and at the end of clause (i), by redesignating clause
(ii)as clause (iii), and by inserting after clause
(i)the following new clause: in the case of liquefied petroleum gas, 18.3 cents per energy equivalent of a gallon of gasoline, and . Section 4041(a)(2) of such Code is amended by adding at the end the following: For purposes of this paragraph, the term energy equivalent of a gallon of gasoline means, with respect to a liquefied petroleum gas fuel, the amount of such fuel having a Btu content of 115,400 (lower heating value). For purposes of the preceding sentence, a Btu content of 115,400 (lower heating value) is equal to 5.75 pounds of liquefied petroleum gas. . Section 4041(a)(2)(B) of such Code, as amended by subsection (a)(1), is amended by striking and at the end of clause (ii), by striking the period at the end of clause
(iii)and inserting , and and by inserting after clause
(iii)the following new clause: in the case of liquefied natural gas, 24.3 cents per energy equivalent of a gallon of diesel. . Section 4041(a)(2) of such Code, as amended by subsection (a)(2), is amended by adding at the end the following: For purposes of this paragraph, the term energy equivalent of a gallon of diesel means, with respect to a liquefied natural gas fuel, the amount of such fuel having a Btu content of 128,700 (lower heating value). For purposes of the preceding sentence, a Btu content of 128,700 (lower heating value) is equal to 6.06 pounds of liquefied natural gas. . Section 4041(a)(2)(B)(iii) of such Code, as redesignated by subsection (a)(1), is amended— by striking liquefied natural gas, , and by striking peat), and and inserting peat) and . Section 4041(a)(3) of such Code is amended by adding at the end the following: For purposes of this paragraph, the term energy equivalent of a gallon of gasoline means 5.66 pounds of compressed natural gas. . The amendments made by this section shall apply to any sale or use of fuel after December 31, 2015.