The bill would set certain federal taxes on taxable motor and aviation fuels to zero from the date it becomes law until October 1, 2027. It would direct the Treasury to transfer money from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund to replace the reduced tax receipts. The bill also says fuel producers, airlines, and dealers should pass the tax reduction on to consumers, and directs federal agencies to use their existing authorities to enforce this and monitor markets. The bill was introduced in the House and referred to committees for consideration.
If enacted, the tax change would apply to covered fuel during the stated period. The bill calls for consumers to receive the resulting savings through lower fuel prices, but does not specify how much prices would change.
The Treasury would transfer amounts equal to the reductions in receipts to the two trust funds. No publicly available information gives the amounts involved.
The bill states that consumers should receive the benefit of the tax reduction promptly and that agencies should prevent price gouging and market manipulation.
No publicly available information.