Bill > S344

This bill amends the Internal Revenue Code of 1986 to establish new excise tax rates for liquefied petroleum gas (LPG) and liquefied natural gas (LNG), which are fuels derived from petroleum and natural gas, respectively. Specifically, it sets the tax for LPG at 18.3 cents per energy equivalent of a gallon of gasoline, defining this equivalent based on a specific British Thermal Unit (Btu) content. For LNG, the bill sets the tax at 24.3 cents per energy equivalent of a gallon of diesel, also defining this equivalent by its Btu content. These changes aim to equalize the excise tax burden on these alternative fuels, with the new rates taking effect for sales or uses after March 31, 2015.