S.Amdt. 1645

1. Adds SEC. __. INFLATION ADJUSTMENT FOR TAX ON GASOLINE AND DIESEL FUEL wherever appropriate

   Adds a section

   Inserted: SEC. __. INFLATION ADJUSTMENT FOR TAX ON GASOLINE AND DIESEL FUEL.

   Inserted: (a) Adjustment for Manufacturer Level Tax.--

   Inserted: (1) In general.--Subpart A of part III of subchapter A of chapter 32 of the Internal Revenue Code of 1986 is amended by redesignating section 4084 as section 4085 and inserting after section 4083 the following new section:

   Inserted: "SEC. 4084. INFLATION ADJUSTMENT FOR GASOLINE, KEROSENE, AND DIESEL FUEL.

   Inserted: "(a) In General.--In the case of any calendar year beginning after 2012, each of the specified amounts shall be adjusted by an amount equal to--

   Inserted: "(1) such dollar amount, multiplied by

   Inserted: "(2) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year, determined by substituting 'calendar year 2011' for 'calendar year 1992' in subparagraph (B) thereof.

   Inserted: "(b) Specified Amounts.--For purposes of subsection (a), the specified amounts are--

   Inserted: "(1) the 18.3 cent amount under section 4081(a)(2)(A)(i),

   Inserted: "(2) the 24.3 cent amount under section 4081(a)(2)(A)(iii), and

   Inserted: "(3) the 19.7 cent amount under section 4081(a)(2)(D).

   Inserted: "(c) Rounding.--If any amount as adjusted under subsection (a) is not a multiple of 0.1 cents, such amount shall be rounded to the next highest multiple of 0.1 cents.

   Show 30 more inserted paragraphsShow less

   Inserted: "(d) Floor Stocks Tax.--

   Inserted: "(1) In general.--There is hereby imposed on any applicable fuel held on an inflation adjustment date, by any person a tax equal to--

   Inserted: "(A) the tax which would have been imposed under section 4081 on the day before such inflation adjustment date on such applicable fuel had the most recent inflation adjustment under subsection (a) been in effect at all times before such inflation adjustment date, reduced by

   Inserted: "(B) the tax imposed under section 4081 on such applicable fuel before such inflation adjustment date.

   Inserted: "(2) Liability for tax and method of payment.--

   Inserted: "(A) Liability for tax.--A person holding an applicable fuel on an inflation adjustment date to which the tax imposed by paragraph (1) applies shall be liable for such tax.

   Inserted: "(B) Method of payment.--The tax imposed by paragraph (1) shall be paid in such manner as the Secretary shall prescribe.

   Inserted: "(C) Time for payment.--The tax imposed by paragraph (1) shall be paid on or before the date which is 3 months after the inflation adjustment date.

   Inserted: "(3) Definitions.--For purposes of this subsection--

   Inserted: "(A) Held by a person.--An applicable fuel shall be considered as 'held by a person' if title thereto has passed to such person (whether or not delivery to the person has been made).

   Inserted: "(B) Applicable fuel.--The term 'applicable fuel' means gasoline (other than aviation gasoline), diesel fuel, and kerosene.

   Inserted: "(C) Inflation adjustment date.--The term 'inflation adjustment date' means any date on which there is an increase in tax by reason of an adjustment under subsection (a).

   Inserted: "(4) Exception for exempt uses.--The tax imposed by paragraph (1) shall not apply to applicable fuel held by any person exclusively for any use to the extent a credit or refund of the tax imposed by section 4081 is allowable for such use.

   Inserted: "(5) Exception for fuel held in vehicle tank.--No tax shall be imposed by paragraph (1) on applicable fuel held in the tank of a vehicle.".

   Inserted: (2) Conforming amendments.--

   Inserted: (A) Section 4081(a)(2)(D) of the Internal Revenue Code of 1986 is amended by striking "for '24.3 cents' " and inserting "for the dollar applicable thereunder."

   Inserted: (B) The table of sections for subpart A of part III of subchapter A of chapter 32 of the Internal Revenue Code of 1986 is amended by redesignating the item relating to section 4084 as relating to section 4085 and by inserting after the item relating to section 4083 the following new item:

   Inserted: "Sec. 4084. Inflation adjustment for gasoline, kerosene, and diesel fuel.".

   Inserted: (b) Adjustment for Retail Tax.--Section 4041 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:

   Inserted: "(c) Inflation Adjustment for Certain Tax Rates.--

   Inserted: "(1) In general.--In the case of any calendar year beginning after 2012, each of the specified amounts shall be adjusted by an amount equal to--

   Inserted: "(A) such amount, multiplied by

   Inserted: "(B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year, determined by substituting 'calendar year 2011' for 'calendar year 1992' in subparagraph (B) thereof.

   Inserted: "(2) Specified amount.--For purposes of paragraph (1), the specified amounts are--

   Inserted: "(A) the 24.3 cent amount under subsection (a)(2)(B)(ii),

   Inserted: "(B) the 18.3 cent amount under subsection (a)(3),

   Inserted: "(C) the 9.15 cent amount under subsection (m)(1)(A)(i), and

   Inserted: "(D) the 11.3 cent amount under subsection (m)(1)(A)(ii).

   Inserted: "(3) Rounding.--If any amount as adjusted under paragraph (1) is not a multiple of 0.1 cents, such amount shall be rounded to the next highest multiple of 0.1 cents.".

   Inserted: (c) Effective Date.--The amendments made by this section shall apply to fuel removed, entered, sold, or used after December 31, 2012.

   The amendment doesn't say where this goes; the clerk decides.

   Original wording

   At the appropriate place, insert the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed