H.R. 3431 (Introduced in House) — To amend the Internal Revenue Code of 1986 to allow the volumetric excise tax credit for liquid fuel derived from natural gas through the Fischer-Tropsch process.

(a)

In general— Section 6426(d)(2)(E) of the Internal Revenue Code of 1986 is amended—

(1)

by inserting “or” at the end;

(2)

by striking “liquid fuel which meets” and inserting the following:

“(i) meets”

(3)

by adding at the end, as amended by the preceding provisions of this section, the following new clause:

“(ii) is derived from natural gas through such process,”

(b)

Effective date— The amendments made by this section shall apply to any sale or use for any period after the date of the enactment of this Act.

To amend the Internal Revenue Code of 1986 to allow the volumetric excise tax credit for liquid fuel derived from natural gas through the Fischer-Tropsch process.