This bill would temporarily set certain federal excise tax rates on gasoline and diesel fuel to zero. It applies to "taxable fuel" as defined in the Internal Revenue Code when the fuel is removed, entered, or sold on or after the bill's enactment and before the "applicable date." The bill also says the Leaking Underground Storage Tank Trust Fund financing rate would not apply to fuels covered by the zero rate. The Secretary of the Treasury must transfer money from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund equal to the reduction in amounts that would otherwise have been credited to those funds.
If enacted, federal excise taxes specified in the bill would be zero for covered gasoline and diesel during the covered period. The bill changes federal tax rules in the Internal Revenue Code; it does not change state or local fuel taxes. The bill defines the covered period (the "applicable date") as 90 days after enactment, but the President may, at the President's sole discretion, extend the suspension to 215 days after enactment or allow a phased-in reimplementation beginning 90 days after enactment.
The bill requires the Secretary of the Treasury to transfer from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund amounts equal to the reduction in amounts that would have been credited to each trust fund because of the tax suspension. No publicly available information on total dollar amounts is provided in the bill text or metadata.
No publicly available information.
No publicly available information.