To amend the Internal Revenue Code of 1986 to suspend the 4.3-cent general revenue portion of the fuel excise taxes.

Summary

Amends the Internal Revenue Code to reduce, from the date of enactment of this Act until January 1, 1997, the rates of tax on gasoline, diesel and aviation fuel, fuel used on inland waterways, special motor fuels, and certain methanol or ethanol fuels. Prohibits the imposition of tax on compressed natural gas during that period. Reduces, for taxes imposed during that period, the rates regarding: (1) certain aviation fuel; (2) gasoline used in trains and certain buses and diesel fuel used in trains; and (3) alcohol fuels in provisions defining the Highway Trust Fund financing rate. Provides for the treatment of floor stocks. Directs the Secretary of Defense to: (1) cancel budget authority in current defense procurement accounts as necessary to achieve a reduction of $2.9 billion in Department of Defense outlays; and (2) report to the Congress on the programs, projects, and activities from which cancellations are made.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 8 May 1996

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• Introduced in House (PDF)

  Introduced in House · EN · 8 May 1996

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• Introduced in House

  summary · EN · 8 May 1996

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