Bill > HR898

This bill, titled the Energy Production Fairness Act, aims to equalize the excise tax rates applied to liquefied petroleum gas (LPG) and liquefied natural gas (LNG) by amending the Internal Revenue Code of 1986. Specifically, it establishes a tax rate of 18.3 cents per energy equivalent of a gallon of gasoline for LPG, and a rate of 24.3 cents per energy equivalent of a gallon of diesel for LNG. The bill defines "energy equivalent of a gallon of gasoline" for LPG as the amount of fuel with a specific British Thermal Unit (Btu) content of 115,400, and "energy equivalent of a gallon of diesel" for LNG as the amount of fuel with a Btu content of 128,700. These changes are intended to create a more uniform tax structure for these alternative fuels, and the amendments are set to take effect for sales or uses of fuel after September 30, 2014.