Summary: H.R.4192 — 100th Congress (1987-1988)All Information (Except Text)

There is one summary for H.R.4192. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (03/17/1988)

Amends the Internal Revenue Code with respect to the excise tax on diesel and aviation fuels. Prohibits imposition of the tax on the sale of these fuels by a producer or importer for use by the purchaser in a nontaxable use (defined to include, among other uses, any off-highway business use, use as supplies for vessels or aircraft, State or local governmental use, and use by a nonprofit educational organization). Permits the exemption only if both the seller and purchaser have registered with the Secretary of the Treasury.

Requires producers, importers, and purchasers taking part in reduced-tax sales to file with the Secretary information returns containing specified data. Requires producers and importers, in addition, to furnish corresponding statements to their purchasers.

Establishes penalties for failure to file required returns.