Tax (and Code section) Tax rates 2. Taxes for Leaking Underground Storage Tank Trust Fund (sec. 9508): 31 31 These taxes are scheduled to expire after December 31, 1995. (See also C.1., 5 and 6., for highway and rail taxes on motor fuels; D.4., for airport and airway taxes on noncommercial aviation fuel; I., for tax on fuels used on inland waterways; and J., for tax on motorboat fuels.) Sec. 9508 refers to the Trust Fund statute. 32 Alcohol fuels the content of which is at least 85 percent methanol, ethanol, or other alcohol. 33 This tax is effective for the period, January 1, 1990-December 31, 1994. However, if the unobligated balance of the Oil Spill Liability Trust Fund ("Oil Spill Fund") exceeds $1 billion at the end of a quarter, the tax rate will be zero (not apply) for the following quarter(s). If the unobligated balance of the Oil Spill Fund subsequently is less than $1 billion at the end of a quarter, the tax rate will be reimposed at 5 cents per barrel beginning the quarter commencing 90 days after the date of the close of the quarter for which the calculation was made. Sec. 9509 refers to the Trust Fund statute. Note: The Congressional Budget Office and the Treasury Department currently project that the oil spill tax will expire on July 1, 1993. (l.e., it is projected the Oil Spill Fund balance will exceed $1 billion on June 30, 1993, and that the tax will not be reimposed before the scheduled expiration.) 34 For chemicals used as medical sterilants, the tax imposed is $1.67 per pound for 1993. For chemicals used as propellants in metered-dose inhallers, the tax imposed is $1.67 per pound for 1993 and thereafter. 35 Recycled ozone-depleting chemicals and certain exported chemicals are exempt from tax. 36 Prior law (before 1993) distinguished a separate base tax amount for "initially listed chemicals" (those taxed under OBRA 1989, effective January 1, 1990) and "newly listed chemicals" (those added under OBRA 1990, effective January 1, 1991. In 1992, the base tax amount was $1.67 per pound for initially listed chemicals and $1.37 per pound for newly listed chemicals. 37 For years after 1995, the base tax amount is increased by $.45 per pound per year. H. Harbor Maintenance Trust Fund Excise Tax (sec. 9505) 0.125 percent of value of commercial cargo loaded or unloaded at U.S. ports; exceptions for cargo donated for overseas use and for cargo (other than cargo destined for a foreign country) shipped between U.S. mainland and Alaska (except for crude oil), Hawaii, and/or U.S. possessions, as well as cargo shipped between Alaska, Hawaii, and/or U.S. possessions. * See also E.2 of this table, "Taxes for Leaking Underground Storage Tank Trust Fund," for additional tax of 0.1 cent per gallon (0.05 cent per gallon for qualified methanol and ethanol fuels) on such fuel, through 1995. 39 The tax rate increased from 15 cents per gallon to 17 cents per gallon on January 1, 1993. Tax (and Code section) J. Aquatic Resources Trust Fund Excise Taxes (sec. 9504) Gasoline and special fuels used Tax rates 11.5 cents per gallon (the Highway Trust Fund rate) through Sept. 30, 1997; transfer of motorboat fuel tax receipts to the Account is limited to $70 million per fiscal year, subject to a maximum $70 million Account balance (sec. 9503 (c)(4)(A)).40 2. Sport Fish Restoration Account taxes: 40a Gasoline used in small-engine Sport fishing equipment (sec. 11.5 cents per gallon (the Highway Trust Fund rate) through Sept. 30, 1997; any amounts from motorboat fuel tax receipts in excess of the amounts indicated in J.1., above, and footnote 40 (sec. 9503(c)(4)(C)). 11.5 cents per gallon (the Highway Trust Fund rate) through Sept. 30, 1997.41 10 percent of manufacturer's price; except 3 percent for electric outboard motors and certain fish finders (tax on fish finders limited to $30 per item). *See also E.2 of this table, "Taxes for Leaking Underground Storage Tank Trust Fund," for additional tax of 0.1 cent per gallon (0.05 cent per gallon for qualified methanol and ethanol fuels) on such fuel, through 1995. 40 Also, $1 million per fiscal year of motorboat fuel tax revenues goes to the Land and Water Conservation Fund (sec. 9503(c)(4)(B)). 40. In addition to the tax revenue sources listed, the Sport Fish Restoration Account receives revenues from import duties on fishing tackle and on yachts and pleasure craft. 41 Such revenues are dedicated to carry out purposes of the Coastal Wetlands Planning, Protection and Restoration Act (as in effect on November 29, 1990) (sec. 9504(b)(2)(B)). |