Amends the Internal Revenue Code to reduce, from the date of enactment of this Act until January 1, 1997, the rates of tax on gasoline, diesel and aviation fuel, fuel used on inland waterways, special motor fuels, and certain methanol or ethanol fuels. Prohibits the imposition of tax on compressed natural gas during that period. Reduces, for taxes imposed during that period, the rates regarding: (1) certain aviation fuel; (2) gasoline used in trains and certain buses and diesel fuel used in trains; and (3) alcohol fuels in provisions defining the Highway Trust Fund financing rate. Provides for the treatment of floor stocks. Provides for the reimposition of the tax if the reduction is not passed on to the consumer.
Directs the Secretary of Defense to: (1) cancel budget authority in current defense procurement accounts as necessary to achieve a reduction of $2.9 billion in Department of Defense outlays; and (2) report to the Congress on the programs, projects, and activities from which cancellations are made.
Introduced in House
Introduced in House
Referred to the Committee on Ways and Means, and in addition to the Committee on National Security, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committee on National Security, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committee on National Security, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Executive Comment Requested from DOD.
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