Section 1 Short title
This Act may be cited as the “Waterway LNG Parity Act of 2015”.
Waterway LNG Parity Act of 2015
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.
Sec. 2 Liquefied natural gas equivalent for purposes of Inland Waterways Trust Fund financing rate
In general— Section 4042(b)(2)(A) of the Internal Revenue Code of 1986 is amended to read as follows:
“(A) The Inland Waterways Trust Fund financing rate is 29 cents per gallon or the per energy equivalent of a gallon of diesel in the case of liquefied natural gas.”
Energy equivalent of a gallon of diesel— Section 4042(b) of such Code is amended by adding at the end the following:
“(5) Energy equivalent of a gallon of diesel—For purposes of this paragraph, the term ‘energy equivalent of a gallon of diesel’ means, with respect to liquefied natural gas fuel, the amount of such fuel having a Btu content of 128,700 (lower heating value). For purposes of the preceding sentence, a Btu content of 128,700 (lower heating value) is equal to 6.06 pounds of liquefied natural gas.’’.”
Effective date— The amendments made by this section shall apply to any sale or use of fuel after December 31, 2015.