To amend the Internal Revenue Code of 1986 to provide a temporary suspension of 4.3 cents per gallon in the rates of tax on gasoline and diesel fuel.

Summary

Amends the Internal Revenue Code to reduce, from the date of enactment of this Act until January 1, 1997, the rate of tax on gasoline, diesel fuel, special motor fuels, certain alcohol fuels, and compressed natural gas. Modifies, for taxes paid during that period: (1) refund rates for gasoline used in trains and certain buses and diesel fuel used in trains; and (2) rates regarding alcohol fuels in provisions defining the Highway Trust Fund financing rate. Provides for the treatment of gasoline or diesel fuel floor stocks. Repeals provisions allowing a credit for alcohol fuels. Removes provisions relating to: (1) taxable fuels mixed with alcohol; (2) a reduced rate of tax for aviation fuel mixed with alcohol; and (3) fuels containing alcohol and certain alcohol fuels.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 7 May 1996

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• Introduced in House (PDF)

  Introduced in House · EN · 7 May 1996

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• Introduced in House

  summary · EN · 7 May 1996

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