[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 1774 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                S. 1774

  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 SENATE OF THE UNITED STATES

                             June 11, 2019

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

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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 2019''.

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 (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 
the Internal Revenue Code of 1986 is amended by adding at the end the 
following:
            ``(5) Energy equivalent of a gallon of diesel with respect 
        to liquefied natural gas.--For purposes of paragraph (2)(A), 
        the term `energy equivalent of a gallon of diesel' means 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 during any calendar quarter beginning 
after the date of the enactment of this Act.
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