Summary of Bill HR 484
Bill 118 hr 484, also known as the Natural Gas Tax Repeal Act, is a piece of legislation currently being considered by the US Congress. The main purpose of this bill is to repeal the excise tax on liquefied natural gas (LNG) and compressed natural gas (CNG) that was originally imposed in 2005.
The excise tax on LNG and CNG was implemented as a way to help fund the Highway Trust Fund, which supports infrastructure projects such as road and bridge maintenance. However, proponents of the Natural Gas Tax Repeal Act argue that this tax unfairly targets natural gas as a transportation fuel and puts it at a competitive disadvantage compared to other fuels.
If passed, this bill would eliminate the excise tax on LNG and CNG, making these fuels more affordable for consumers and businesses. Supporters of the bill believe that this would help promote the use of natural gas as a cleaner and more sustainable alternative to traditional gasoline and diesel fuels.
Opponents of the bill, on the other hand, argue that repealing the excise tax on LNG and CNG would result in a loss of revenue for the Highway Trust Fund, potentially impacting the funding available for infrastructure projects.
Overall, the Natural Gas Tax Repeal Act is a controversial piece of legislation that has sparked debate among lawmakers and stakeholders. Its ultimate impact on the natural gas industry and the transportation sector remains to be seen.