110 HR 6173 IH: Travel Related Industries Protection U.S. House of Representatives 2008-06-03 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 2d Session H. R. 6173 IN THE HOUSE OF REPRESENTATIVES June 3, 2008 Mr. Sessions 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 suspend temporarily the excise tax on aviation fuel used in commercial aviation.

1.

Short title

This Act may be cited as the Travel Related Industries Protection Act of 2008.

2.

Suspension of excise tax on aviation fuel used in commercial aviation

(a)

In general

Section 4081 of the Internal Revenue Code of 1986 (relating to imposition of tax on motor and aviation fuels) is amended by adding at the end the following new subsection: (f)

Suspension of tax on kerosene used in commercial aviation

(1)

In general

The rate of tax under subsection (a)(2)(C)(i) on kerosene used in commercial aviation shall be zero during the suspension period. (2)

Definitions

For purposes of paragraph (1)— (A)

Suspension period

The term suspension period means any period beginning on a tax suspension date and ending on a suspension termination date. (B)

Tax suspension date

The term tax suspension date means— (i)the date which is 7 days after the date of the enactment of this subsection, and (ii)any date thereafter for which the price of a barrel of crude oil is not less than the price of a barrel of crude oil on the date of enactment of this subsection. (C)

Suspension termination date

The term suspension termination date means the earlier of— (i)the first day after any 5-day period beginning after a tax suspension date for which the price of a barrel of crude oil on each of the days of such period is 75 percent or less of such price on the date of enactment of this subsection, or (ii)the date which is 2 years after the date of the enactment of this subsection. (D)

Determination of price

For purposes of this paragraph, the price of a barrel of crude oil shall be the average price for West Texas Intermediate crude, as published by the Energy Information Administration, Department of Energy. . (b)

Suspension of tax on special fuels used in commercial aviation

Paragraph (3) of section 4041(c) of such Code (relating to rate of tax) is amended by inserting and zero with respect to any such sale or use for commercial aviation during a suspension period (as defined in section 4081(f)(2)(A) after aviation. (c)

Suspension of limitation on refunds for kerosene used in commercial aviation

Subparagraph (A) of section 6427(l)(4) of such Code (relating to refunds for kerosene used in aviation) is amended by adding at the end the following flush sentence: Clause (ii) shall not apply during a suspension period (as defined in section 4081(f)(2)(A).. (d)

Maintenance of trust fund deposits

In determining the amounts to be appropriated to the Airport and Airway Trust Fund under section 9502 of the Internal Revenue Code of 1986, an amount equal to the reduction in revenues to the Treasury by reason of the amendments made by this section shall be treated as taxes received in the Treasury under section 4081 of such Code attributable to the rate specified in section 4081(a)(2)(C) thereof. (e)

Effective date

The amendment made by subsection (a) shall take effect on the date of the enactment of this Act.