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Sec. 9508. Leaking Underground Storage Tank Trust Fund

I.R.C. § 9508(a) Creation Of Trust Fund
There is established in the Treasury of the United States a trust fund to be known as the “Leaking Underground Storage Tank Trust Fund”, consisting of such amounts as may be appropriated or credited to such Trust Fund as provided in this section or section 9602(b).
I.R.C. § 9508(b) Transfers To Trust Fund
There are hereby appropriated to the Leaking Underground Storage Tank Trust Fund amounts equivalent to—
I.R.C. § 9508(b)(1)
taxes received in the Treasury under section 4041(d) (relating to additional taxes on motor fuels),
I.R.C. § 9508(b)(2)
taxes received in the Treasury under section 4081 (relating to tax on gasoline, diesel fuel, and kerosene 1 ) to the extent attributable to the Leaking Underground Storage Tank Trust Fund financing rate under such section,
1 Amendments: Section 13242(d)(42) of the Revenue Reconciliation Act of 1993 amended subsection (b) of section 9508 by inserting “and diesel fuel” after “gasoline” in paragraph (2), by striking “diesel fuel and” in paragraph (3), and by striking “4091” in the last sentence, as added by subtitle A, and inserting “4081”. Effective Date The amendments made by this section shall take effect on January 1, 1994. Section 13243 of the Revenue Reconciliation Act of 1993 provides: “(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.”
I.R.C. § 9508(b)(3)
taxes received in the Treasury under section 4042 (relating to tax on fuel used in commercial transportation on inland waterways) to the extent attributable to the Leaking Underground Storage Tank Trust Fund financing rate under such section, and
I.R.C. § 9508(b)(4)
amounts received in the Treasury and collected under section 9003(h)(6) of the Solid Waste Disposal Act.
For purposes of this subsection, there shall not be taken into account the taxes imposed by sections 4041 and 4081 on diesel fuel sold for use or used as fuel in a diesel-powered boat. 2
2 Amendments: Section 13163(c) of the Revenue Reconciliation Act of 1993 amended subsection (b) of section 9508 by adding at the end thereof the following new sentence: “For purposes of this subsection, there shall not be taken into account the taxes imposed by sections 4041 and 4081 on diesel fuel sold for use or used as fuel in a diesel-powered boat.” Effective Date The amendments made by this section shall take effect on January 1, 1994.
I.R.C. § 9508(c) Expenditures
I.R.C. § 9508(c)(1) In General
Except as provided in paragraphs (2), (3), and (4), amounts in the Leaking Underground Storage Tank Trust Fund shall be available, as provided in appropriation Acts, only for purposes of making expenditures to carry out sections 9003(h), 9003(i), 9003(j), 9004(f), 9005(c), 9010, 9011, 9012, and 9013 of the Solid Waste Disposal Act as in effect on the date of the enactment of Public Law 109-168.
I.R.C. § 9508(c)(2) Transfer To Highway Trust Fund
Out of amounts in the Leaking Underground Storage Tank Trust Fund there is hereby appropriated $2,400,000,000 to be transferred under section 9503(f)(3) to the Highway Account (as defined in section 9503(e)(5)(B)) in the Highway Trust Fund.
I.R.C. § 9508(c)(3) Additional Transfer To Highway Trust Fund
Out of amounts in the Leaking Underground Storage Tank Trust Fund there is hereby appropriated $1,000,000,000 to be transferred under section 9503(f)(6) to the Highway Account (as defined in section 9503(e)(5)(B)) in the Highway Trust Fund.
I.R.C. § 9508(c)(4) Additional Transfer To Highway Trust Fund
Out of amounts in the Leaking Underground Storage Tank Trust Fund there is hereby appropriated—
I.R.C. § 9508(c)(4)(A)
on the date of the enactment of the FAST Act, $100,000,000,
I.R.C. § 9508(c)(4)(B)
on October 1, 2016, $100,000,000, and
I.R.C. § 9508(c)(4)(C)
on October 1, 2017, $100,000,000,
to be transferred under section 9503(f)(9) to the Highway Account (as defined in section 9503(e)(5)(B)) in the Highway Trust Fund.
I.R.C. § 9508(d) Liability Of The United States Limited To Amount In Trust Fund
I.R.C. § 9508(d)(1) General Rule
Any claim filed against the Leaking Underground Storage Tank Trust Fund may be paid only out of such Trust Fund.
I.R.C. § 9508(d)(2) Coordination With Other Provisions
Nothing in the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 or the Superfund Amendments and Reauthorization Act of 1986 (or in any amendment made by either of such Acts) shall authorize the payment by the United States Government of any amount with respect to any such claim out of any source other than the Leaking Underground Storage Tank Trust Fund.
I.R.C. § 9508(d)(3) Order In Which Unpaid Claims Are To Be Paid
If at any time the Leaking Underground Storage Tank Trust Fund has insufficient funds to pay all of the claims out of such Trust Fund at such time, such claims shall, to the extent permitted under paragraph (1), be paid in full in the order in which they were finally determined.
I.R.C. § 9508(e) Limitation On Transfers To Leaking Underground Storage Tank Trust Fund
I.R.C. § 9508(e)(1) In General
Except as provided in paragraph (2), no amount may be appropriated to the Leaking Underground Storage Tank Trust Fund on and after the date of any expenditure from the Leaking Underground Storage Tank Trust Fund which is not permitted by this section. The determination of whether an expenditure is so permitted shall be made without regard to—
I.R.C. § 9508(e)(1)(A)
any provision of law which is not contained or referenced in this title or in a revenue Act, and
I.R.C. § 9508(e)(1)(B)
whether such provision of law is a subsequently enacted provision or directly or indirectly seeks to waive the application of this paragraph.
I.R.C. § 9508(e)(2) Exception For Prior Obligations
Paragraph (1) shall not apply to any expenditure to liquidate any contract entered into (or for any amount otherwise obligated) before October 1, 2026, in accordance with the provisions of this section.
(Added by Pub. L. 99-499, title V, Sec. 522(a), Oct. 17, 1986, 100 Stat. 1780, and amended Pub. L. 100-203, title X, Sec. 10502(d)(16), (17), Dec. 22, 1987, 101 Stat. 1330-445; Pub. L. 101-239, title VII, Sec. 7822(b)(7), Dec. 19, 1989, 103 Stat. 2425; Pub. L. 105-34, title X, Sec. 1032(e)(13), Aug. 5, 1997, 111 Stat 788; Pub. L. 108-357, title VIII, Sec. 853, Oct. 22, 2004; Pub. L. 109-58, title XIII, Sec. 1362, Aug. 8, 2005, 119 Stat. 594; Pub. L. 109-59, title XI, Sec. 11147(a), Aug. 10, 2005, 119 Stat. 1144; Pub. L. 109-432, div. A, title II, Sec. 210(a), Dec. 20, 2006, 120 Stat. 2922, Pub. L. 109-433, Sec. 1, Dec. 20, 2006, 120 Stat. 3196; Pub. L. 112-30, title I, Sec. 141(c), Sept. 16, 2011, 125 Stat. 342; Pub. L. 112-102, title IV, Sec. 401(c), Mar. 30, 2012, 126 Stat. 271; Pub. L. 112-140, Sec. 401(c), June 29, 2012, 126 Stat. 391; Pub. L. 112-141, Sec. 40101(c), 40201(a), July 6, 2012, 126 Stat. 405; Pub. L. 113-159, title II, Sec. 2001(c), 2002(b), Aug. 8, 2014, 128 Stat. 1839; Pub. L. 114-21, title II, Sec. 2001(c), May 29, 2015; Pub. L. 114-41, title II, Sec. 2001(c), July 31, 2015, 129 Stat. 443; Pub. L. 114-73, title II, Sec. 2001(c), Oct. 29, 2015; Pub. L. 114-87, title II, Sec. 2001(c), Nov. 20, 2015; Pub. L. 114-94, Div. C, title XXXI, Sec. 31101(c), 31203, Dec. 4, 2015; Pub. L. 115-141, Div. U, title IV, Sec. 401(a)(342), Mar. 23, 2018, 132 Stat. 348; Pub. L. 116-159, title II, Sec. 1203, Oct. 1, 2020, 134 Stat. 709; Pub. L. 117-44, title II, Sec. 201(c), Oct. 2, 2021, 135 Stat. 382; Pub. L. 117-52, Sec. 4(c), Oct. 31, 2021; Pub. L. 117-58, Div. H, title I, Sec. 80101(c), Nov. 15, 2021, 135 Stat. 429.)
BACKGROUND NOTES
AMENDMENTS
2021 - Subsec. (e)(2). Pub. L. 117-58, Sec. 80101(c), amended par. (2) by substituting “October 1, 2026” for “October 1, 2021”.
Subsec. (e)(2). Pub. L. 117-52, Sec. 4(c), amended par. (2) by substituting “December 4, 2021” for “November 1, 2021”.
Subsec. (e)(2). Pub. L. 117-44, Sec. 201(c), amended par. (2) by substituting “November 1, 2021” for “October 1, 2021”.
2020 - Subsec. (e)(2). Pub. L. 116-159, Sec. 1203, amended par. (2) by substituting “October 1, 2021” for “October 1, 2020”.
2018 - Subsec. (c)(1). Pub. L. 115-141, Div. U, Sec. 401(a)(342), amended par. (1) by substituting “Public” for “the Public”.
2015 - Subsec. (c)(1). Pub. L. 114-94, Sec. 31203(b), amended par. (1) by substituting “paragraphs (2), (3), and (4)” for paragraphs (2) and (3)”.
Subsec. (c)(4). Pub. L. 114-94, Sec. 31203(a), added par. (4).
Subsec. (e)(2). Pub. L. 114-94, Sec. 31101(c), amended par. (2) by substituting “October 1, 2020” for “December 5, 2015”.
Subsec. (e)(2). Pub. L. 114-87, Sec. 2001(c), amended par. (2) by substituting “December 5, 2015” for “November 21, 2015”.
Subsec. (e)(2). Pub. L. 114-73, Sec. 2001(c), amended par. (2) by substituting “November 21, 2015” for “October 30, 2015”.
Subsec. (e)(2). Pub. L. 114-41, Sec. 2001(c), amended par. (2) by substituting “October 30, 2015” for “August 1, 2015”.
Subsec. (e)(2). Pub. L. 114-21, Sec. 2001(c), amended par. (2) by substituting “August 1, 2015” for “June 1, 2015”.
2014 - Subsec. (c)(1). Pub. L. 113-159, Sec. 2002(b)(2), amended par. (1) by substituting “paragraphs (2) and (3)” for “paragraph (2)”.
Subsec. (c)(3). Pub. L. 113-159, Sec. 2002(b)(1), amended subsec. (c) by adding par. (3).
Subsec. (e)(2). Pub. L. 113-159, Sec. 2001(c), amended par. (2) by substituting “June 1, 2015” for “October 1, 2014”.
2012 - Subsec. (c). Pub. L. 112-141, Sec. 40201(a), amended subsec. (c) by substituting “(1) IN GENERAL.—Except as provided in paragraph (2), amounts” for “Amounts” and by adding par. (2). Before being amended, it read as follows:
“(c) Expenditures.—Amounts in the Leaking Underground Storage Tank Trust Fund shall be available, as provided in appropriation Acts, only for purposes of making expenditures to carry out sections 9003(h), 9003(i), 9003(j), 9004(f), 9005(c), 9010, 9011, 9012, and 9013 of the Solid Waste Disposal Act as in effect on the date of the enactment of the Public Law 109-168.”
Subsec. (e)(2). Pub. L. 112-141, Sec. 40101(c), amended par. (2) by substituting “October 1, 2014” for “July 1, 2012”.
Subsec. (e)(2). Pub. L. 112-140, Sec. 401(c), amended par. (2) by substituting “July 7, 2012” for “July 1, 2012”. Note that Pub. L. 112-140 was enacted as a temporary extension of Federal-aid highway, highway safety, motor carrier safety, transit, and other programs funded out of the Highway Trust Fund pending enactment of a multiyear law reauthorizing such programs [Pub. L. 112-141]. See Special Rule for Execution of Amendments in MAP-21, below, for further explanation.
Subsec. (e)(2). Pub. L. 112-102, Sec. 401(c), amended par. (2) by substituting “July 1, 2012” for “April 1, 2012”.
2011 - Subsec. (e)(2). Pub. L. 112-30, Sec. 141(c), amended par. (2) by substituting “April 1, 2012” for “October 1, 2011”.
2006 - Subsec. (c). Pub. L. 109-432, Sec. 210(a), amended subsec. (c) by substituting “sections 9003(h), 9003(i), 9003(j), 9004(f), 9005(c), 9010, 9011, 9012, and 9013” for “section 9003(h)" and by substituting “Public Law 109-168“ for “Superfund Amendments and Reauthorization Act of 1986”. Note that Pub. L. 109-433, Sec. 1(a), instructed that the same amendments made by Pub. L. 109-432, Sec. 210(a), should be made to subsec. (c), but that Pub. L. 110-172, Sec. 11(a)(46) provided that: “The Internal Revenue Code of 1986 shall be applied and administered as if the amendments made by section 1(a) of Public Law 109-433 had never been enacted”.
2005 - Subsec. (e). Pub. L. 109-59, Sec. 11147(a), added subsec. (e).
Subsec. (c). Pub. L. 109-58, Sec. 1362(c), amended subsec. (c). Before amendment, it read as follows:
“(c) Expenditures
“(1) In general
“Except as provided in paragraph (2), amounts in the Leaking Underground Storage Tank Trust Fund shall be available, as provided in appropriation Acts, only for purposes of making expenditures to carry out section 9003(h) of the Solid Waste Disposal Act as in effect on the date of the enactment of the Superfund Amendments and Reauthorization Act of 1986.
“(2) Transfers from Trust Fund for certain repayments and credits
“(A) In general
“The Secretary shall pay from time to time from the Leaking Underground Storage Tank Trust Fund into the general fund of the Treasury amounts equivalent to--
“(i) amounts paid under--
“(I) section 6420 (relating to amounts paid in respect of gasoline used on farms),
“(II) section 6421 (relating to amounts paid in respect of gasoline used for certain nonhighway purposes or by local transit systems), and
“(III) section 6427 (relating to fuels not used for taxable purposes), and
“(ii) credits allowed under section 34, with respect to the taxes imposed by section 4041(d) or by section 4081 (to the extent attributable to the Leaking Underground Storage Tank Trust Fund financing rate under such sections).
“(B) Transfers based on estimates
“Transfers under subparagraph (A) shall be made on the basis of estimates by the Secretary, and proper adjustments shall be made in amounts subsequently transferred to the extent prior estimates were in excess of or less than the amounts required to be transferred.”
2004 - Subsec. (b)(2)-(5). Pub. L. 108-357, Sec. 853(d)(2), amended subsec. (b) by striking par. (3) and redesignating par. (4)-(5) as par. (3)-(4).
Subsec. (c)(2)(A). Pub. L. 108-357, Sec. 853(d)(2), amended subpar. (A) by substituting “section 4081” for “sections 4081 and 4091”.
1997 - Subsec. (b)(2). Pub. L. 105-34, Sec. 1032(e)(13), substituted “, diesel fuel, and kerosene” for “and diesel fuel”.
1989 - Subsecs. (b)(3), (c)(2)(A). Pub. L. 101-239 substituted “Storage Tank Trust Fund financing” for “Storage Trust Fund financing”.
1987 - Subsec. (b)(3) to (5). Pub. L. 100-203, Sec. 10502(d)(16), added par. (3) and redesignated former pars. (3) and (4) as (4) and (5), respectively.
Subsec. (c)(2)(A). Pub. L. 100-203, Sec. 10502(d)(17), added cl.
(ii) and closing provisions, and struck out former cl. (ii) which read as follows: “credits allowed under section 34, with respect to the taxes imposed by sections 4041(d) and 4081 (to the extent attributable to the Leaking Underground Storage Tank Trust Fund financing rate under section 4081).”
EFFECTIVE DATE OF 2021 AMENDMENTS
Amendment by Sec. 80101 of Pub. L. 117-58 effective on the date of enactment of this Act [Enacted: Nov. 15, 2021].
Amendment by Sec. 4 of Pub. L. 117-52 effective on the date of enactment of this Act [Enacted: Oct. 31, 2021].
Sec. 4(d) of Pub. L. 117-52 provided the following special rule:
“(d) SPECIAL RULE FOR AMENDMENTS.—On the date of enactment of H.R. 3684 (117th Congress) [Enacted: Nov. 15, 2021]—
“(1) subsections (a), (b), and (c) of this section, the amendments made by such subsections, section 201 of the Surface Transportation Extension Act of 2021 (Public Law 117–44), and the amendments made by such section shall cease to be effective;
“(2) the text of the laws amended by subsections (a), (b), and (c) of this section and section 201 of the Surface Transportation Extension Act of 2021 (Public Law 117–44) shall revert back so as to read as the text read on September 30, 2021; and
“(3) the amendments made by H.R. 3684 (117th Congress) shall be executed as if this section and section 201 of the Surface Transportation Extension Act had not been enacted.”
Amendment by Sec. 201 of Pub. L. 117-44 effective on the date of enactment of this Act [Enacted: Oct. 2, 2021].
Sec. 201(d) of Pub. L. 117-44, which was struck by Pub. L. 117-52, Sec. 4(e), provided the following special rule:
“(d) SPECIAL RULE FOR EXECUTION OF AMENDMENTS.—On the date of enactment of H.R. 3684 (117th Congress)—
“(1) this section and the amendments made by this section shall cease to be effective;
“(2) the text of the laws amended by this section shall revert back so as to read as the text read on the day before the date of enactment of this section; and
“(3) the amendments made by H.R. 3684 (117th Congress) shall be executed as if this section had not been enacted.”
EFFECTIVE DATE OF 2020 AMENDMENT
Amendment by Pub. L. 116-159, Sec. 1203, effective Oct. 1, 2020.
EFFECTIVE DATE OF 2018 AMENDMENT
Amendment by Pub. L. 115-141, Div. U, Sec. 401(a)(342), effective March 23, 2018.
EFFECTIVE DATE OF 2015 AMENDMENTS
Amendment by Sec. 31101(c) and Sec. 31203 of Pub. L. 114-94 effective on the date of the enactment of this Act [Enacted: Dec. 4, 2015].
Amendment by Sec. 2001(c) of Pub. L. 114-87 effective on the date of the enactment of this Act [Enacted: Nov. 20, 2015].
Amendment by Sec. 2001(c) of Pub. L. 114-73 effective on the date of the enactment of this Act [Enacted: Oct. 29, 2015].
Amendment by Sec. 2001(c) of Pub. L. 114-41 effective on the date of the enactment of this Act [Enacted: July 31, 2015].
Amendments by Sec. 2001(c) of Pub. L. 114-21 effective on the date of the enactment of this Act [Enacted: May 29, 2015].
EFFECTIVE DATE OF 2014 AMENDMENTS
Amendments by Sec. 2001(c) and 2002(b) of Pub. L. 113-159 effective on the date of the enactment of this Act [Enacted: Aug. 8, 2014].
EFFECTIVE DATE OF 2012 AMENDMENTS
Amendments by Sec. 40101(c) and 40201(a) of Pub. L. 112-141 effective on July 1, 2012.
Amendment by Sec. 401(c) of Pub. L. 112-140 effective on July 1, 2012.
Amendment by Sec. 401(c) of Pub. L. 112-102 effective on April 1, 2012.
EFFECTIVE DATE OF 2011 AMENDMENT
Amendment by Sec. 141(c) of Pub. L. 112-30 effective on October 1, 2011.
EFFECTIVE DATE OF 2006 AMENDMENTS
Amendments by Sec. 210(a) of Pub. L. 109-432 and Sec. 1(a) of Pub. L. 109-433 effective on the date of the enactment of this Act [Enacted: Dec. 20, 2006].
EFFECTIVE DATE OF 2005 AMENDMENT
Amendment by Sec. 11147(a) of Pub. L. 109-59 effective on the date of the enactment of this Act [Enacted: Aug. 10, 2005].
Amendment by Sec. 1362(c) of Pub. L. 109-58 effective on October 1, 2005.
EFFECTIVE DATE OF 2004 AMENDMENTS
Amendments by Sec. 853(d)(2) of Pub. L. 108-357 effective for aviation-grade kerosene removed, entered, or sold after December 31, 2004.
EFFECTIVE DATE OF 1997 AMENDMENTS
Amendment by Sec. 1032(e)(13) of Pub. L. 105-34 effective on July 1, 1998. Sec. 1032(g) of Pub. L. 105-34 provided special rules with respect to floor stock taxes which are set out in section 9503 of this title.
EFFECTIVE DATE OF 1989 AMENDMENT
Amendment by Pub. L. 101-239 effective as if included in the provision of the Revenue Act of 1987, Pub. L. 100-203, title X, to which such amendment relates, see section 7823 of Pub. L. 101-239, set out as a note under section 26 of this title.
EFFECTIVE DATE OF 1987 AMENDMENT
Amendment by section 10502(d)(16) of Pub. L. 100-203 applicable to sales after Mar. 31, 1988, see section 10502(e) of Pub. L. 100-203, set out as a note under section 40 of this title.
Amendment by section 10502(d)(17) of Pub. L. 100-203 treated as if included in the amendments made by section 521 of the Superfund Revenue Act of 1986 (Pub. L. 99-499, title V, see Effective Date of 1986 Amendment note set out under section 4041 of this title), except that reference to section 4091 of this title in subsec. (c)(2)(A) of this section not applicable to sales before Apr. 1, 1988, see section 2001(d)(1)(A) of Pub. L. 100-647, set out as a note under section 4041 of this title.
EFFECTIVE DATE
Section 522(c) of Pub. L. 99-499 provided that: “The amendments made by this section (enacting this section) shall take effect on January 1, 1987.”
SPECIAL RULE FOR EXECUTION OF AMENDMENTS IN MAP-21 [Pub. L. 112-141]
Sec. 1(c) of Pub. L. 112-140 provided the following rule:
“(c) SPECIAL RULE FOR EXECUTION OF AMENDMENTS IN MAP-21.—On the date of enactment of the MAP-21 [Pub. L. 112–141, enacted July 6, 2012]—
“(1) this Act and the amendments made by this Act shall cease to be effective;
“(2) the text of the laws amended by this Act shall revert back so as to read as the text read on the day before the date of enactment of this Act; and
“(3) the amendments made by the MAP-21 shall be executed as if this Act had not been enacted.”
FLOOR STOCKS TAX
Pub. L. 108-357, Sec. 853(f) provided the following rule:
“(1) IN GENERAL- There is hereby imposed on aviation-grade kerosene held on January 1, 2005, by any person a tax equal to--
“(A) the tax which would have been imposed before such date on such kerosene had the amendments made by this section been in effect at all times before such date, reduced by
“(B) the sum of--
“(i) the tax imposed before such date on such kerosene under section 4091 of the Internal Revenue Code of 1986, as in effect on such date, and
“(ii) in the case of kerosene held exclusively for such person's own use, the amount which such person would (but for this clause) reasonably expect (as of such date) to be paid as a refund under section 6427(l) of such Code with respect to such kerosene.
“(2) EXCEPTION FOR FUEL HELD IN AIRCRAFT FUEL TANK- Paragraph (1) shall not apply to kerosene held in the fuel tank of an aircraft on January 1, 2005.
“(3) LIABILITY FOR TAX AND METHOD OF PAYMENT-
“(A) LIABILITY FOR TAX- The person holding the kerosene on January 1, 2005, to which the tax imposed by paragraph (1) applies shall be liable for such tax.
“(B) METHOD AND TIME FOR PAYMENT- The tax imposed by paragraph (1) shall be paid at such time and in such manner as the Secretary of the Treasury (or the Secretary's delegate) shall prescribe, including the nonapplication of such tax on de minimis amounts of kerosene.
“(4) TRANSFER OF FLOOR STOCK TAX REVENUES TO TRUST FUNDS- For purposes of determining the amount transferred to any trust fund, the tax imposed by this subsection shall be treated as imposed by section 4081 of the Internal Revenue Code of 1986--
“(A) in any case in which tax was not imposed by section 4091 of such Code, at the Leaking Underground Storage Tank Trust Fund financing rate under such section to the extent of 0.1 cents per gallon, and
“(B) at the rate under section 4081(a)(2)(A)(iv) of such Code to the extent of the remainder.
“(5) HELD BY A PERSON- For purposes of this subsection, kerosene shall be considered as held by a person if title thereto has passed to such person (whether or not delivery to the person has been made).
“(6) OTHER LAWS APPLICABLE- All provisions of law, including penalties, applicable with respect to the tax imposed by section 4081 of such Code shall, insofar as applicable and not inconsistent with the provisions of this subsection, apply with respect to the floor stock tax imposed by paragraph (1) to the same extent as if such tax were imposed by such section.”