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S. 2378 (114th): Waterway LNG Parity Act of 2015


The text of the bill below is as of Dec 9, 2015 (Introduced). The bill was not enacted into law.


II

114th CONGRESS

1st Session

S. 2378

IN THE SENATE OF THE UNITED STATES

December 9, 2015

(for himself and Mr. Bennet) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to provide for an energy equivalent of a gallon of diesel in the case of liquefied natural gas for purposes of the Inland Waterways Trust Fund financing rate.

1.

Short title

This Act may be cited as the Waterway LNG Parity Act of 2015.

2.

Liquefied natural gas equivalent for purposes of Inland Waterways Trust Fund financing rate

(a)

In general

Section 4042(b)(2)(A) of the Internal Revenue Code of 1986 is amended to read as follows:

(A)

The Inland Waterways Trust Fund financing rate is 29 cents per gallon (per energy equivalent of a gallon of diesel, in the case of liquefied natural gas).

.

(b)

Energy equivalent of a gallon of diesel

Section 4042(b) of the Internal Revenue Code of 1986 is amended by adding at the end the following:

(5)

Energy equivalent of a gallon of diesel with respect to liquefied natural gas

For purposes of paragraph (2)(A), the term energy equivalent of a gallon of diesel means 6.06 pounds of liquefied natural gas.

.

(c)

Effective date

The amendments made by this section shall apply to any sale or use of fuel after December 31, 2015.