[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3431 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 3431

  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.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 29, 2015

Mr. Young of Indiana 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 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.

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

SECTION 1. SHORT TITLE.

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

SEC. 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 or the 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 
such Code is amended by adding at the end the following:
            ``(5) 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 liquefied natural gas 
        fuel, the amount of such fuel having a Btu content of 128,700 
        (lower heating value). For purposes of the preceding sentence, 
        a Btu content of 128,700 (lower heating value) is equal to 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.
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