FLOOR STOCKS TAX.

SEC. 13243. FLOOR STOCKS TAX. (a) In General.— There is hereby imposed a floor stocks tax on diesel fuel held by any person on January 1, 1994, if— (1) no tax was imposed on such fuel under section 4041(a) or 4091 of the Internal Revenue Code of 1986 as in effect on December 31, 1993, and (2) tax would have been imposed by section 4081 of such Code, as amended by this Act, on any prior removal, entry, or sale of such fuel had such section 4081 applied to such fuel for periods before January 1, 1994. (b) Rate of Tax.— The rate of the tax imposed by subsection (a) shall be the amount of tax which would be imposed under section 4081 of the Internal Revenue Code of 1986 if there were a taxable sale of such fuel on such date. (c) Liability and Payment of Tax.— (1) Liability for tax.— A person holding the diesel fuel on January 1, 1994, to which the tax imposed by this section applies shall be liable for such tax. (2) Method of payment.— The tax imposed by this section shall be paid in such manner as the Secretary shall prescribe. (3) Time for payment.— The tax imposed by this section shall be paid on or before July 31, 1994. (d) Definitions.— For purposes of this section— (1) Diesel fuel.— The term “diesel fuel” has the meaning given such term by section 4083(a) of such Code. (2) Secretary.— The term “Secretary” means the Secretary of the Treasury or his delegate. (e) Exceptions.— (1) Persons entitled to credit or refund.— The tax imposed by this section shall not apply to fuel held by any person exclusively for any use to the extent a credit or refund of the tax imposed by section 4081 is allowable for such use. (2) Compliance with dyeing required.— Paragraph (1) shall not apply to the holder of any fuel if the holder of such fuel fails to comply with any requirement imposed by the Secretary with respect to dyeing and marking such fuel. (f) Other Laws Applicable.— All provisions of law, including penalties, applicable with respect to the taxes imposed by section 4081 of such Code shall, insofar as applicable and not inconsistent with the provisions of this section, apply with respect to the floor stock taxes imposed by this section to the same extent as if such taxes were imposed by such section 4081.