Sec. 311. 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 7 cents , and in clause (iii), by striking 24.3 cents and inserting 8.3 cents . Section 4081(a)(2)(D) of such Code is amended— by striking 19.7 cents and inserting 6.7 cents , and by striking 24.3 cents and inserting 8.3 cents . Section 6427(b)(2)(A) of such Code is amended by striking 7.4 cents and inserting 2.5 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 and inserting 1.5 cents per gallon (zero cents per gallon after .
Section 4041(a)(2)(B)(ii) of such Code is amended by striking 18.3 cents and inserting 7 cents . Clauses
(iii)and
(iv)of section 4041(a)(2)(B) of such Code are each amended by striking 24.3 cents and inserting 8.3 cents . Section 4041(a)(3)(A) of such Code is amended by striking 18.3 cents and inserting 7 cents . Section 4041(m)(1) of such Code is amended— in subparagraph (A)(i), by striking 9.15 cents and inserting 3.1 cents , in subparagraph (A)(ii), by striking 11.3 cents and inserting 3.9 cents , and in subparagraph (B), by striking all after 2022 and inserting , zero cents per gallon. . Section 4081(d)(1) of such Code is amended by striking 4.3 cents per gallon and inserting zero cents per gallon . If— before the applicable date, 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 the date that is 6 months after the applicable date, and in any case where liquid is held by a dealer (other than the taxpayer) on the applicable date— the dealer submits a request for refund or credit to the taxpayer before the date that is 3 months after the applicable date, 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 term applicable date means the first day of the first calendar quarter beginning after the date of the enactment of this Act. 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 paragraphs (2), the amendments made by this section shall apply to fuel removed on or after the first day of the first calendar quarter beginning after the date of the enactment of this Act. The amendments made by paragraphs (1), (2), (3), (4), and
(5)of subsection
(b)shall apply to fuel sold or used after the first day of the first calendar quarter beginning after the date of the enactment of this Act.