H R 3415 in Congressional Session 104

Bill Number : H R 3415

Title : To amend the Internal Revenue Code of 1986 to repeal the 4.3-cent increase in the transportation motor fuels excise tax rates enacted by the Omnibus Budget Reconciliation Act of 1993 and dedicated to the general fund of the Treasury.

SUMMARY AS OF:
5/21/1996--Passed House amended.    (There is 1 other summary) Amends the Internal Revenue Code to reduce by 4.3 cents the excise tax rate on various transportation motor fuels. Prohibits the taxation on any sale or use of compressed natural gas beginning six days after enactment of this Act until January 1, 1997.

(Sec. 3)

Sets forth the procedure for filing a claim for a credit or refund for any such tax imposed on any liquid prior to the seventh day after enactment of this Act.

(Sec. 4)

Imposes a floor stocks tax of 4.3 cents per gallon on any liquid on which such fuel tax was imposed before January 1, 1997, and which is held on such date by any person. Sets forth provisions on method of payment and exceptions to such tax.

(Sec. 5)

Expresses the sense of the Congress that consumers receive the benefit of such excise tax reduction and that transportation motor fuels producers and dealers take necessary action to reduce fuel prices to reflect such tax reduction. Directs the Comptroller General to study and report to the Congress on whether there has been a passthrough to consumers because of such fuel tax reduction.

(Sec. 6)

Authorizes appropriations for FY 1997 through 2002 for salaries and expenses of the Department of Energy in carrying out this Act.

(Sec. 7)

Requires the Federal Communications Commission to complete all actions necessary to permit the assignment by March 31, 1998, by competitive bidding pursuant to the Communications Act of 1934 of licenses for the use of specified radio bands of frequencies. Sets forth the criteria for making such assignments.

Rep Riggs, Frank [CA-1] - 5/8/1996

Rep Royce, Edward R. [CA-39] - 5/8/1996

Rep Zimmer, Dick [NJ-12] - 5/8/1996