The American Fuel Affordability Act would repeal certain federal excise taxes on diesel fuel. It would create tax credits for qualifying refinery construction and gasoline or diesel production, and make a special tax allowance permanent for certain property used in new refinery construction. The Treasury would transfer money from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund to make up for reduced tax credits to those funds. The bill was introduced in the House and referred to the Ways and Means Committee.
If enacted, the bill would change taxes and tax credits for diesel fuel and qualifying refineries. It does not specify whether or how these changes would affect fuel prices for consumers.
The bill provides for transfers from the general fund to two trust funds and creates tax credits. No publicly available information gives an estimate of the total cost or the amounts of the transfers.
No publicly available information.
No publicly available information.