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S. 1774 - Waterway LNG Parity Act of 2019

JUN. 11, 2019

S. 1774; Waterway LNG Parity Act of 2019

DATED JUN. 11, 2019
DOCUMENT ATTRIBUTES
  • Authors
    Cassidy, Sen. Bill
  • Institutional Authors
    U.S. Senate
  • Code Sections
  • Subject Area/Tax Topics
  • Industry Groups
    Energy
    Transportation
  • Jurisdictions
  • Tax Analysts Document Number
    2019-22764
  • Tax Analysts Electronic Citation
    2019 TNT 113-28
Citations: S. 1774; Waterway LNG Parity Act of 2019

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.

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

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.

DOCUMENT ATTRIBUTES
  • Authors
    Cassidy, Sen. Bill
  • Institutional Authors
    U.S. Senate
  • Code Sections
  • Subject Area/Tax Topics
  • Industry Groups
    Energy
    Transportation
  • Jurisdictions
  • Tax Analysts Document Number
    2019-22764
  • Tax Analysts Electronic Citation
    2019 TNT 113-28
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