Page:United States Statutes at Large Volume 111 Part 1.djvu/30

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Ill STAT. 6 PUBLIC LAW 105-2—FEB. 28, 1997 "(D) section 4091 (relating to aviation fuel) to the extent attributable to the Airport and Airway Trust Fund financing rate, and "(2) the amounts determined by the Secretary of the Treasury to be equivalent to the amounts of civil penalties collected under section 47107(n) of title 49, United States Code.". (2) TERMINATION OF FINANCING RATE. —Paragraph (3) of section 9502(f) is amended to read as follows: "(3) TERMINATION.— Notwithstanding the preceding provisions of this subsection, the Airport and Airway Trust Fund financing rate shall be zero with respect to taxes imposed during any period that the rate of the tax imposed by section 4091(b)(1) is 4.3 cents per gallon.". 26 USC 4081 (d) FLOOR STOCKS TAXES ON AVIATION GASOLINE AND AVIATION note. FUEL. — (1) IMPOSITION OF TAX.—In the case of any aviation liquid on which tax was imposed under section 4081 or 4091 of the Internal Revenue Code of 1986 before the tax effective date and which is held on such date by any person, there is hereby imposed a floor stocks tax of— (A) 15 cents per gallon in the case of aviation gasoline, and (B) 17.5 cents per gallon in the case of aviation fuel. (2) LIABILITY FOR TAX AND METHOD OF PAYMENT.— (A) LIABILITY FOR TAX. —A person holding, on the tax effective date, any aviation liquid to which the tax imposed by paragraph (1) applies shall be liable for such tax. (B) METHOD OF PAYMENT.—The tax imposed by paragraph (1) shall be paid in such manner as the Secretary shall prescribe. (C) TIME FOR PAYMENT.—The tax imposed by paragraph (1) shall be paid on or before the first day of the 5th month beginning after the tax effective date. (3) DEFINITIONS.— For purposes of this subsection— (A) TAX EFFECTIVE DATE.— The term "tax effective date" ? means the date which is 7 days after the date of the enactment of this Act. (B) AVIATION LIQUID. —The term "aviation liquid" means aviation gasoline and aviation fuel. (C) AVIATION GASOLINE.— The term "aviation gasoline" has the meaning given such term in section 4081 of such Code. (D) AVIATION FUEL.—The term "aviation fuel" has the meaning given such term by section 4093 of such Code. (E) HELD BY A PERSON.— Aviation liquid shall be considered as "held by a person" if title thereto has passed to such person (whether or not delivery to the person has been made). (F) SECRETARY.—The term "Secretary" means the Secretary of the Treasury or the Secretary's delegate. (4) EXCEPTION FOR EXEMPT USES. —The tax imposed by paragraph (1) shall not apply to— (A) aviation liquid held by any person on the tax effective date exclusively for any use for which a credit or refund of the entire tax imposed by section 4081 or 4091 of such Code (as the case may be) is allowable for such