Waterway LNG Parity Act of 2017

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  GAI17135 S.L.C. 115 TH CONGRESS 1 ST S ESSION   S.  ll To amend the Internal Revenue Code of 1986 to provide for an energy equivalent of a gallon of diesel in the case of liquefied natural gas for purposes of the Inland Waterways Trust Fund financing rate. IN THE SENATE OF THE UNITED STATES  llllllllll Mr. C  ASSIDY  introduced the following bill; which was read twice and referred to the Committee on  llllllllll A BILL To amend the Internal Revenue Code of 1986 to provide for an energy equivalent of a gallon of diesel in the case of liquefied natural gas for purposes of the Inland  Waterways Trust Fund financing rate.  Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Waterway LNG Parity 4  Act of 2017’’. 5  2 GAI17135 S.L.C. SEC. 2. LIQUEFIED NATURAL GAS EQUIVALENT FOR PUR- 1 POSES OF INLAND WATERWAYS TRUST FUND 2 FINANCING RATE. 3 (a) I N G ENERAL .—Section 4042(b)(2)(A) of the In- 4 ternal Revenue Code of 1986 is amended to read as fol- 5 lows: 6 ‘‘(A) The Inland Waterways Trust Fund 7 financing rate is 29 cents per gallon (per en- 8 ergy equivalent of a gallon of diesel, in the case 9 of liquefied natural gas).’’. 10 (b) E NERGY  E QUIVALENT OF A  G  ALLON OF D IE - 11 SEL .—Section 4042(b) of the Internal Revenue Code of 12 1986 is amended by adding at the end the following: 13 ‘‘(5) E NERGY EQUIVALENT OF A GALLON OF   14 DIESEL WITH RESPECT TO LIQUEFIED NATURAL   15 GAS .—For purposes of paragraph (2)(A), the term 16 ‘energy equivalent of a gallon of diesel’ means 6.06 17 pounds of liquefied natural gas.’’. 18 (c) E FFECTIVE D  ATE .—The amendments made by 19 this section shall apply to any sale or use of fuel during 20 any calendar quarter beginning after the date of the enact- 21 ment of this Act. 22
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