[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 344 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                 S. 344

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


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                   IN THE SENATE OF THE UNITED STATES

                            February 3, 2015

 Mr. Bennet (for himself and Mr. Burr) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


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

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

SECTION 1. 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 any sale or use of fuel after March 31, 2015.
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