To amend the Internal Revenue Code of 1986 to temporarily suspend certain fuel excise taxes for fuel separated during periods in which the national average price of gasoline exceeds $3.99 per gallon, and to prohibit certain credits or deductions for oil and gas companies during such periods.

Summary

The bill lowers the federal excise tax on fuel that is separated in any month where the national average gasoline price is above $3.99 per gallon, cutting the tax by one cent for each cent the price exceeds that level, but not below zero. It also stops oil and gas companies from claiming certain tax deductions and credits during those high‑price months. The reduced tax revenue is transferred to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share