Bill > S917

This bill, titled the LNG and LPG Excise Tax Equalization Act of 2015, aims to make the federal excise tax rates the same for liquefied petroleum gas (LPG) and liquefied natural gas (LNG) by amending the Internal Revenue Code of 1986. Specifically, it adjusts the tax on LPG to 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, it sets the tax at 24.3 cents per energy equivalent of a gallon of diesel, also defining this equivalent by its Btu content. The bill also includes a provision to increase the percentage of a continuous levy (a type of tax collection) from 30% to 35% of payments, which would take effect after 180 days of enactment. These changes are intended to create a more uniform tax structure for these two types of fuels.