A bill to amend the Internal Revenue Code of 1954 to impose an additional excise tax on fuels used in commercial water transportation on the inland water- ways of the United States.

Summary

Imposes, under the Internal Revenue Code, an additional excise tax upon all liquid fuels used in vessels in commercial water transportation on the inland waterways (including the Great Lakes) of the United States. Exempts fuel supplies for vessels presently exempted from manufacturers excise taxes. Exempts vessels engaged in commercial water transportation upon inland waterways from the Special Motor Fuels Tax. Prohibits refunds of gasoline taxes paid on sales of gasoline used after 1976 in commercial water transportation. Allows taxpayers to obtain a refund, in the form of an income tax credit, for excise taxes paid under this Act on fuels which were resold or were not used in commercial inland waterway transportation. Provides for the payment of refunds to persons not subject to the income tax. Makes technical and conforming amendments. Applies such provisions to fuel sales after January 1, 1977.

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1 official file

• Introduced in House

  summary · EN · 17 September 1976

  Open at official source

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