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HR 161 105th Congress House Taxation Alcohol Alcohol as fuel Alcohol tax Aviation fuels Boats and boating Business income tax Commerce Economics and Public Finance Energy Energy tax credits Excise tax Federal aid highway program Gasoline tax Government trust funds Income tax Methanol Motor vehicles Natural gas Sports and Recreation

To amend the Internal Revenue Code of 1986 to terminate the tax subsidies for large producers of ethanol used as a fuel.

Introduced: January 7, 1997 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 7, 1997
Referred to the House Committee on Ways and Means.
Jan 7, 1997
Introduced in House
 Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to terminate the credit for large producers of ethanol used as a fuel after 1998. Disallows the credit for alcohol used to produce any ether. Exempts from tax liquids sold for use or used in an off-highway business use. Repeals the reduced rate on ethanol fuel produced from natural gas. Provides for the tax treatment of fuel alcohol in the same manner as other motor fuels. Repeals the reduced rates on alcohol fuels. Exempts partially, in the case of methanol or ethanol, the rate of tax determined under the Highway Trust Fund financing rate.

Imposes a floor stock tax on fuel alcohol held by any individual on a specified date and makes such individual liable for such tax. Exempts fuel alcohol held by any individual for any use to the extent a credit or refund of the tax imposed under current law is allowed. Prohibits the imposition of tax on fuel alcohol held in the tank of a motor vehicle or motorboat and for certain amounts of fuel.

What's happening now January 7, 1997

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1