[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3321 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 3321

  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.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 29, 2015

 Mr. Boustany introduced the following bill; which was referred to the 
                      Committee on Ways and Means

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                                 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 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.
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