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S. 917 (114th): LNG and LPG Excise Tax Equalization Act of 2015

The text of the bill below is as of Apr 14, 2015 (Placed on Calendar in the Senate).


II

Calendar No. 50

114th CONGRESS

1st Session

S. 917

[Report No. 114–27]

IN THE SENATE OF THE UNITED STATES

April 14, 2015

, from the Committee on Finance, reported the following original bill; which was read twice and placed on the calendar

A BILL

To amend the Internal Revenue Code of 1986 to equalize the excise tax on liquified petroleum gas and liquified natural gas.

1.

Short title

This Act may be cited as the LNG and LPG Excise Tax Equalization Act of 2015.

2.

Equalization of excise tax on liquefied petroleum gas and liquefied natural gas

(a)

Liquefied petroleum gas

(1)

In general

Subparagraph (B) of section 4041(a)(2) 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:

(ii)

in the case of liquefied petroleum gas, 18.3 cents per energy equivalent of a gallon of gasoline, and

.

(2)

Energy equivalent of a gallon of gasoline

Paragraph (2) of section 4041(a) of such Code is amended by adding at the end the following:

(C)

Energy equivalent of a gallon of gasoline

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).

.

(b)

Liquefied natural gas

(1)

In general

Subparagraph (B) of section 4041(a)(2) of the Internal Revenue Code of 1986, 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:

(iv)

in the case of liquefied natural gas, 24.3 cents per energy equivalent of a gallon of diesel.

.

(2)

Energy equivalent of a gallon of diesel

Paragraph (2) of section 4041(a) of such Code, as amended by subsection (a)(2), is amended by adding at the end the following:

(D)

Energy equivalent of a gallon of diesel

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).

.

(3)

Conforming amendments

Section 4041(a)(2)(B)(iii) of the Internal Revenue Code of 1986, as redesignated by subsection (a)(1), is amended—

(A)

by striking liquefied natural gas,, and

(B)

by striking peat), and and inserting peat) and.

(c)

Effective Date

The amendments made by this section shall apply to fuel sold or used in calendar quarters beginning more than 60 days after the date of the enactment of this Act.

3.

Increase in continuous levy

(a)

In general

Paragraph (3) of section 6331(h) of the Internal Revenue Code of 1986 is amended by striking 30 percent and inserting 35 percent.

(b)

Effective date

The amendment made by this section shall apply to payments made after 180 days after the date of the enactment of this Act.

April 14, 2015

Read twice and placed on the calendar