,i #aacth ,,congress #b;d ,session ,h4 ,r4 #dhdh ,,in ,,the ,,house ,,of ,,representatives ,june #aa1 #bjad ,mr4 ,de,fazio introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to repeal the gas tax and rebuild our roads and bridges4 #a4 ,short title ,this ,act may be cited as the ,repeal and ,rebuild ,act of #bjad4 #b4 ,repeal of excise tax on gasoline 7a7 ,in general ,section #djha7;a77#b77;,a77i7 of the ,internal ,revenue ,code of #aihf is amended by striking #ah4c cents per gallon and inserting #j cents per gallon4 7b7 ,conforming amendments 7#a7 ,section #djha7;d77#a7 of the ,internal ,revenue ,code of #aihf is amended by striking clauses 7i7 and and inserting clause4 7#b7 ,section #djda7;a77#b77;,b77i7 of the ,internal ,revenue ,code of #aihf is amended by striking the rate of tax specified in section #djha7;a77#b77;,a77i7 which is in effect at the time of such sale or use1 and inserting #ah4c cents per gallon4 7c7 ,effective date ,the amendments made by this section shall apply to fuel sold or used after ,december #ca1 #bjad4 #c4 ,repeal of excise tax on tires 7a7 ,in general ,subchapter ,a of chapter #cb of subtitle ,d of the ,internal ,revenue ,code of #aihf is amended by striking part ,,ii 7relating to tires74 7b7 ,conforming amendments 7#a7 ,the table of parts for subchapter ,a of chapter #cb of subtitle ,d of the ,internal ,revenue ,code of #aihf is amended by striking the item relating to part ,,ii4 7#b7 ,section #iejc7;b77#a7 of the ,internal ,revenue ,code of #aihf is amended by striking subparagraph 7,c7 and redesignating subparagraphs 7,d7 and 7,e7 as subparagraphs 7,c7 and 7,d71 respectively4 7#c7 ,section #fdab7;a77#a7 of the ,internal ,revenue ,code of #aihf is amended-- 7,a7 in the text by striking #djga or1 and 7,b7 in the heading by striking ,tires and taxable and inserting ,taxable4 7#d7 ,section #fdaf of the ,internal ,revenue ,code of #aihf is amended by striking subparagraph 7,c7 of subsection 7b77#a74 7#e7 ,section #dbah of the ,internal ,revenue ,code of #aihf is amended-- 7,a7 in subsection 7a7 by striking 7other than a tire taxable under section #djga71 and 7,b7 by striking subsection 7b7 and redesignating subsection 7c7 as subsection 7b74 7#f7 ,section #dbba of the ,internal ,revenue ,code of #aihf is amended-- 7,a7 in subsection 7a7 by striking or #djga11 and 7,b7 in subsection 7e7 by striking paragraph 7#b74 7#g7 ,section #djea of the ,internal ,revenue ,code of #aihf is amended by striking subsection 7e74 7c7 ,effective date 7#a7 ,except as provided by paragraph 7#b71 the amendments made by this section shall apply to sales after ,december #ca1 #bjad4 7#b7 ,the amendments made by paragraphs 7#c71 7#d71 7#e71 and 7#f7 of subsection 7b7 shall apply to taxes imposed after ,december #ca1 #bjad4 7d7 ,special rule for floor stocks refunds relating to tires and taxable fuels ,in the case of an article subject to the tax imposed by section #djga or #djha before ,january #a1 #bjae1 which has been sold1 held1 and not used and is intended for sale in the manner specified by section #fdab7;a77#a7 of the ,internal ,revenue ,code of #aihf1 such section shall be applied by substituting-- 7#a7 ,january #a1 #bjae for ,october #a1 #bjaf1 7#b7 ,july #a1 #bjae for ,january #a1 #bjag1 and 7#c7 ,october #a1 #bjae for ,march #ca1 #bjag4 #d4 ,double indexation of diesel fuels tax 7a7 ,in general ,paragraph 7#b7 of section #djha7;a7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subparagraph3 7,e7 ,index for highway construction cost inflation and fuel efficiency 7i7 ,in general ,in the case of any calendar year after #bjad1 the #bd4c cents rate in subparagraph 7,a77iii7 and the #ai4g cents rate in subparagraph 7,d71 shall each be increased by an amount equal to-- 7,i7 such dollar amount1 multiplied by 7,,ii7 the double indexation for the calendar year4 ,any increase determined under subparagraph 7,a7 shall be rounded to the nearest tenth of a cent4 7ii7 ,exception for fuel used in aviation ,the adjustment under clause 7i7 shall not apply with respect to the rate of tax under subparagraph 7,a77iii7 by reason of subparagraph 7,c74 7iii7 ,double indexation ,for purposes of clause 7i71 the double indexation for any calendar year is the sum of-- 7,i7 the highway construction cost adjustment1 and 7,,ii7 the ,,cafe fuel saved adjustment4 7iv7 ,highway construction cost adjustment ,for purposes of clause 7iii71 the highway construction cost adjustment for any calendar year is the percentage 7if any7 by which-- 7,i7 the ,national ,highway ,construction ,cost ,index for the preceding calendar year1 exceeds 7,,ii7 the ,national ,highway ,construction ,cost ,index for calendar year #bjac4 7v7 ,national ,highway ,construction ,cost ,index for any calendar year ,for purposes of clause 7iv71 the ,national ,highway ,construction ,cost ,index for any calendar year is the average of the ,national ,highway ,construction ,cost ,index as of the close of the #ab-month period ending on ,august #ca of such calendar year4 7vi7 ,national ,highway ,construction ,cost ,index ,for purposes of clause 7iv71 the term ,national ,highway ,construction ,cost ,index means the last ,national ,highway ,construction ,cost ,index published by the ,department of ,transportation4 7vii7 ,,cafe fuel saved adjustment ,for purposes of clause 7iii71 the ,,cafe fuel saved adjustment for a calendar year is the percentage 7if any7 by which annual motor fuel use is reduced by the estimated ,,cafe fuel saved for that calendar year from the annual motor fuel use for the prior calendar year4 7viii7 ,estimated ,,cafe fuel saved ,the term estimated ,,cafe fuel saved for a calendar year means the combined fuel saved estimates issued by the ,national ,highway ,traffic ,safety ,administration and the ,environmental ,protection ,agency for passenger automobiles and light trucks and published in the ,federal ,register on ,may #g1 #bjaj1 and ,october #ae1 #bjab1 as part of final rules to implement corporate average fuel economy standards1 and such successor estimates included in successor rules4 7ix7 ,annual motor fuel use ,the term annual motor fuel use means the total number of gallons of gasoline used in a calendar year in highway use1 as published by the ,federal ,highway ,administration as part of its annual motor fuel use survey4 7x7 ,notice ,not later than ,december #ae1 #bjad1 and annually thereafter1 the ,secretary shall publish the rates of tax as adjusted under this subparagraph for the succeeding calendar year4 4 7b7 ,retail fuel excise tax ,subsection 7a7 of section #djda of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new paragraph3 7#d7 ,highway inflation adjustment 7,a7 ,in general ,in the case of any calendar year after #bjad1 each dollar amount in paragraphs 7#a77;,c77iii77,i71 7#b77;,b77ii71 and 7#c77;,a7 of this subsection and in subsections 7b77#b77;,a77i71 7b77#b77;,c77i71 and 7m77#a7 shall be increased by an amount equal to-- 7i7 such dollar amount1 multiplied by 7ii7 the double indexation determined under section #djha7;a77#b77;,e7 for the calendar year4 7,b7 ,rounding ,any increase determined under subparagraph 7,a7 shall be rounded to the nearest tenth of a cent4 4 7c7 ,conforming amendment ,subparagraph 7,a7 of section #djha7;a77#b7 of the ,internal ,revenue ,code of #aihf is amended by striking ,the rate and inserting ,except as provided in subparagraph 7,c71 the rate4 7d7 ,effective date ,the amendments made by this section shall apply to periods beginning after ,december #ca1 #bjad4 #e4 ,increase in tax on petroleum2 transfer to ,highway ,trust ,fund 7a7 ,in general ,paragraph 7#a7 of section #dfaa7;c7 of the ,internal ,revenue ,code of #aihf is amended by striking and at the end of subparagraph 7,a71 by striking the period at the end of subparagraph 7,b7 and inserting 1 and1 and by inserting after subparagraph 7,b7 the following new subparagraph3 7,c7 the ,highway ,trust ,fund financing rate4 4 7b7 ,rates 7#a7 ,in general ,paragraph 7#b7 of section #dfaa7;c7 of the ,internal ,revenue ,code of #aihf is amended by striking and at the end of subparagraph 7,a71 by striking the period at the end of subparagraph 7,b7 and inserting 1 and1 and by inserting after subparagraph 7,b7 the following new subparagraph3 7,c7 the ,highway ,trust ,fund financing rate is #f4ge a barrel4 4 7#b7 ,adjustment for inflation ,section #dfaa7;c7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following3 7#c7 ,highway ,trust ,fund financing rate inflation adjustment 7,a7 ,in general ,in the case of any calendar year after #bjad1 the dollar amount in paragraph 7#b77;,c7 shall be increased by an amount equal to-- 7i7 such dollar amount1 multiplied by 7ii7 the double indexation determined under section #djha7;a77#b77;,e7 for the calendar year4 7,b7 ,rounding ,any increase determined under subparagraph 7,a7 shall be rounded to the nearest tenth of a cent4 4 7#c7 ,credit for manufacturers tax ,section #dfaa of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following3 7g7 ,credit for manufacturers tax 7#a7 ,in general ,under regulations prescribed by the ,secretary1 there shall be allowed to the person liable for the tax under subsection 7d7 a credit against so much of the tax imposed by subsection 7a7 as relates to the ,highway ,trust ,fund financing rate for each gallon of fuel-- 7,a7 produced1 removed 7within the meaning of section #djhc7;c771 or sold 7as the case may be7 with respect to the barrel of crude oil or petroleum on which tax is imposed under subsection 7a71 and 7,b7 on which tax is imposed under section #djha7;a74 7#b7 ,not applicable to gasoline ,paragraph 7#a7 shall not apply to gasoline 7as defined in section #djhc7;a77#b774 7#c7 ,amount of credit ,the amount of the credit allowable under paragraph 7#a7 with respect to a gallon of a type of fuel produced from a barrel shall be the product of-- 7,a7 the ,highway ,trust ,fund financing rate 7as defined in section #dfaa7;c77#b77 multiplied by #a_/db1 7,b7 the sum of-- 7i7 #a1 plus 7ii7 the absolute value of the processing gain from the refinery yield 7expressed as a decimal number7 for the second calendar year preceding the year in which payment under paragraph 7#a7 is made1 as determined by the ,energy ,information ,administration of the ,department of ,energy1 and 7,c7 the refinery yield for a product 7expressed as a decimal number7 for the second calendar year preceding the year in which payment under paragraph 7#a7 is made1 as determined by the ,energy ,information ,administration of the ,department of ,energy4 4 7#d7 ,leaking underground storage tank trust fund tax ,section #dfaa of the ,internal ,revenue ,code of #aihf1 as amended by paragraph 7#c71 is amended by adding at the end the following3 7h7 ,leaking underground storage tank trust fund tax ,the rate of tax specified in subsection 7c77#a77;,c7 shall be increased by #j4a cent per gallon equivalent4 ,for purposes of the preceding sentence1 the per gallon equivalent shall be determined in accordance with section #dfaa7;g77#c7 by inserting #j4a cent per gallon for the ,highway ,trust ,fund financing rate in subparagraph 7,a7 thereof4 ,the increase in tax under this subsection shall in this title be added to and treated as part of the ,leaking ,underground ,storage ,tank ,trust ,fund financing rate under section #djha7;a77#b77;,b74 4 7c7 ,credit for alcohol fuel1 biodiesel1 and alternative fuel mixtures ,section #fdbf7;a7 of the ,internal ,revenue ,code of #aihf is amended by striking and at the end of paragraph 7#a71 by striking the period at the end of paragraph 7#b7 and inserting 1 and1 and by inserting after paragraph 7#b7 the following3 7#c7 against so much of the tax imposed by section #dfaa as is attributable to subsection 7c77#a77;,c7 an amount equal to the sum of the credits described in subsections 7b71 7c71 and 7e71 determined on the same fraction of the amount of such tax as the gallon of taxable fuel is of the whole barrel4 4 7d7 ,conforming amendment ,section #cd7;a7 of the ,internal ,revenue ,code of #aihf is amended by striking and at the end of paragraph 7#b71 by striking the period at the end of paragraph 7#c71 and by inserting after paragraph 7#c7 the following new paragraph3 7#d7 under section #dfaa7;g77#c74 4 7e7 ,effective date ,the amendments made by this section shall take effect on ,january #a1 #bjae4 #f4 ,transportation bonds 7a7 ,issuance ,the ,secretary of the ,treasury shall1 pursuant to subchapter ,i of chapter #ca of title #ca1 ,united ,states ,code1 issue bonds which meet the terms and conditions of subsection 7b71 and the bond revenue 7other than capitalized interest described in subsection 7b77#b77 shall be transferred to the ,highway ,trust ,fund and allocated between the ,highway ,account and the ,mass ,transit ,account using the same ratio as provided under section #iejc7;e77#b7 of the ,internal ,revenue ,code of #aihf4 7b7 ,terms and conditions ,the terms and conditions of bonds referred to in this subsection are the following3 7#a7 ,term ,bonds issued under subsection 7a7 shall have a term of #aj years4 7#b7 ,interest ,interest shall be paid from the ,temporary ,transportation ,bond ,repayment ,account4 7#c7 ,capitalized interest ,the ,secretary of the ,treasury may include capitalized interest in the principal amount of bonds issued under subsection 7a7 to pay the interest that the issuer estimates will become due and payable on the bonds prior to the receipt of sufficient transfers under section #iejc7;g77#b7 of the ,internal ,revenue ,code of #aihf to the ,temporary ,transportation ,bond ,repayment ,account4 ,capitalized interest shall be deposited into the ,transportation ,bond ,repayment ,account and applied to interest on such bonds4 7#d7 ,amount outstanding ,the total face amount of bonds issued under this section may not exceed the amount the ,secretary of the ,treasury determines can be redeemed1 taking into account this section and section #iejc7;g7 of the ,internal ,revenue ,code of #aihf4 7c7 ,transfers of transportation bond proceeds ,section #iejc7;b7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new paragraph3 7#g7 ,transfers of transportation bond proceeds ,there are hereby appropriated to the ,highway ,trust ,fund amounts equivalent to the proceeds received in the ,treasury before ,october #a1 #bjaf1 under section #f7;a7 of the ,repeal and ,rebuild ,act of #bjad4 4 7d7 ,temporary ,transportation ,bond ,repayment account ,section #iejc of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subsection3 7g7 ,establishment of ,temporary ,transportation ,bond ,repayment account 7#a7 ,creation of account ,there is established in the ,highway ,trust ,fund a separate account to be known as the ,temporary ,transportation ,bond ,repayment ,account consisting of such amounts as may be transferred or credited to the ,temporary ,transportation ,bond ,repayment ,account as provided in this section4 7#b7 ,transfers to ,temporary ,transportation ,bond ,repayment ,account ,the ,secretary of the ,treasury shall transfer to the ,temporary ,transportation ,bond ,repayment ,account the excess of-- 7,a7 the portion of the amounts appropriated to the ,highway ,trust ,fund under subsection 7b7 which are attributable to the increase in taxes under-- 7i7 section #djda by reason of section #djda7;a77#d71 7ii7 section #djha by reason of section #djha7;a77#b77;,e71 and 7iii7 section #ddfa by reason of section #dfaa7;c77#b77;,c7 and after the application of section #ddfa7;g71 over 7,b7 the amount estimated by the ,secretary which would have been collected under section #djha7;a77#b77;,a77i7 and part ,,ii of subchapter ,a of chapter #cb if such provisions had not been repealed4 7#c7 ,expenditures from ,account ,amounts in the ,temporary ,transportation ,bond ,repayment ,account shall be available for redeeming bonds issued under section #f of the ,repeal and ,rebuild ,act of #bjad4 7#d7 ,termination ,the ,temporary ,transportation ,bond ,repayment ,account shall close after all bonds issued under section #f of the ,repeal and ,rebuild ,act of #bjad have been redeemed and all amounts in the account and all future revenue that would have transferred to the account shall be transferred to the ,highway ,trust ,fund and allocated between the ,highway ,account and the ,mass ,transit ,account in the same ratio as provided under subsection 7e77#b74 4 7e7 ,conforming amendment ,section #iejc7;e77#e77;,b7 of the ,internal ,revenue ,code of #aihf is amended by inserting or the ,temporary ,transportation ,bond ,repayment ,account before the period at the end4 7f7 ,effective date ,the amendments made by this section shall apply to periods after ,december #ca1 #bjad4