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H.R. 3431 (115th): To amend the Internal Revenue Code of 1986 to allow the volumetric excise tax credit for liquid fuel derived from natural gas through the Fischer-Tropsch process.

The text of the bill below is as of Jul 26, 2017 (Introduced).


I

115th CONGRESS

1st Session

H. R. 3431

IN THE HOUSE OF REPRESENTATIVES

July 26, 2017

(for himself, Mr. Graves of Louisiana, and Mr. Abraham) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to allow the volumetric excise tax credit for liquid fuel derived from natural gas through the Fischer-Tropsch process.

1.

Volumetric excise tax credit for liquid fuel derived from natural gas through Fischer-Tropsch process

(a)

In general

Section 6426(d)(2)(E) of the Internal Revenue Code of 1986 is amended—

(1)

by inserting or at the end;

(2)

by striking liquid fuel which meets and inserting the following:

liquid fuel which—

(i)

meets

; and

(3)

by adding at the end, as amended by the preceding provisions of this section, the following new clause:

(ii)

is derived from natural gas through such process,

.

(b)

Effective date

The amendments made by this section shall apply to any sale or use for any period after the date of the enactment of this Act.