Page:United States Statutes at Large Volume 101 Part 2.djvu/1239

 PUBLIC LAW 100-203—DEC. 22, 1987

101 STAT. 1330-445

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"(A) there shall not be taken into account the taxes imposed by sections 4041(d), and "(B) there shall be taken into account the taxes imposed by sections 4081 and 4091 only to the extent attributable to the Highway Trust Fund financing rates under such i^ sections." (15) Paragraph (2) of section 9503(e) is amended— (A) by striking out "sections 4041 and 4081" and inserting

in lieu thereof "sections 4041, 4081, and 4091", and (B) by striking out "section 4041 or 4081" and inserting in ^;^ lieu thereof "section 4041, 4081, or 4091". (16) Subsection (b) of section 9508 is amended by redesignating paragraphs (3) and (4) as paragraphs (4) and (5), respectively, and by inserting after paragraph (2) the following new paragraph: "(3) taxes received in the Treasury under section 4091 (relating to tax on diesel fuel and aviation fuel) to the extent attributable to the Leaking Underground Storage Trust Fund financing rate under such section,". (17) Subparagraph (A) of section 9508(c)(2) is amended by striking out clause (ii) and all that follows and inserting in lieu thereof the following: "(ii) credits allowed under section 34, with respect to the taxes imposed by section 4041(d) or by c sections 4081 and 4091 (to the extent attributable to the j.:j Leaking Underground Storage Trust Fund financing rate under such sections)." (18) The table of subparts for part III of subchapter A of chapter 32 is amended by inserting after the item relating to subpart A the following new item:

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"Subpart B. Diesel fuel and aviation fuel."

(e) EFFECTIVE DATE.—The amendments made by this section shall apply to sales after March 31, 1988. (f) FLOOR STOCKS TAX.— (1) IMPOSITION OF TAX.—On any taxable fuel which on April 1,

26 USC 40 note. 26 USC 4091

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1988, is held by a taxable person, there is hereby imposed a floor stocks tax at the rate of tax which would be imposed if such fuel were sold on such date in a sale subject to tax under section 4091 of the Internal Revenue Code of 1986 (as added by this section). (2) OVERPAYMENT OF FLOOR STOCKS TAXES, ETC.—Sections 6416

and 6427 of such Code shall apply in respect of the floor stocks taxes imposed by this subsection so as to entitle, subject to all provisions of such sections, any person paying such floor stocks taxes to a credit or refund thereof for any reason specified in such sections. All provisions of law, including penalties, applicable with respect to the taxes imposed by section 4091 of such Code (as so added) shall apply to the floor stocks taxes imposed by this subsection. (3) DUE DATE OF TAX.—The taxes imposed by this subsection shall be paid before June 16, 1988. (4) DEFINITIONS.—For purposes of this subsection— (A) TAXABLE FUEL.—

(i) IN GENERAL.—The term "taxable fuel" means any tsixable fuel (as defined in section 4092 of such Code, as

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