104th CONGRESS

1st Session

To amend the Internal Revenue Code of 1986 to repeal the increase in tax on commercial aviation fuel which is scheduled to take effect on October 1, 1995.

IN THE HOUSE OF REPRESENTATIVES

February 9, 1995

Ms. DANNER introduced the following bill; which was referred to the Committee on Ways and Means

A BILL To amend the Internal Revenue Code of 1986 to repeal the increase in tax on commercial aviation fuel which is scheduled to take effect on October 1, 1995.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. REPEAL OF SCHEDULED INCREASE IN TAX ON COMMERCIAL AVIATION FUEL.

(a) IN GENERAL- The first sentence of section 4092(b) of the Internal Revenue Code of 1986 (relating to exemptions) is amended by striking `is attributable to--' and all that follows and inserting `is attributable to the Leaking Underground Storage Tank Trust Fund financing rate imposed by such section.'

(b) CONFORMING AMENDMENTS-

(1) Paragraph (4) of section 6427(l) of such Code is amended by striking `is attributable to--' and all that follows and inserting `is attributable to the Leaking Underground Storage Tank Trust Fund financing rate imposed by such section.'

(2) Section 13245 of the Omnibus Budget Reconciliation Act of 1993 is hereby repealed.

(c) EFFECTIVE DATE- The amendments made by this section shall take effect on September 30, 1995.