Sec. 4. Equalization of excise tax on liquefied natural gas and per energy equivalent of diesel
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Section 4041(a)(2) of the Internal Revenue Code of 1986 is amended— in subparagraph (B)— in clause (i), by striking and at the end; in clause (ii)— by striking liquefied natural gas, ; by striking peat), and and inserting peat) and ; and by striking the period at the end and inserting , and ; and by adding at the end the following new clause: in the case of liquefied natural gas, 24.3 cents per energy equivalent of a gallon of diesel. ; and 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 applying this title with respect to the taxes imposed by this subsection, references to any liquid subject to tax under this subsection shall be treated as including references to liquefied natural gas subject to tax under this paragraph. . The amendments made by this section shall apply to any sale or use of liquefied natural gas after the date that is 14 days after the date of the enactment of this Act.