This bill sets the federal excise tax on diesel fuel (not kerosene) to zero for diesel removed, entered, or sold after the bill becomes law and before January 1, 2027. It also suspends the Leaking Underground Storage Tank financing rate that would apply to that diesel. 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 tax amounts lost because of the change. The bill says Congress's policy is that consumers should immediately receive the tax reduction and that fuel producers and dealers should lower prices. The Treasury may use its authorities to try to ensure consumers get the benefit.
If the reduction is passed on by sellers, diesel buyers could pay less for diesel during the covered period. The change applies only to diesel sold or removed between the law's enactment and January 1, 2027. Kerosene is not included. The bill requires the Treasury to replace the trust funds' lost receipts from the general fund.
The bill requires transfers from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund equal to the reduced tax amounts. No publicly available information on dollar amounts, projected revenue losses, or official budget estimates is included in the bill text.
The bill directs that consumers should immediately receive the benefit of the tax reduction and that fuel producers and dealers should reduce prices to reflect the tax cut. It gives the Treasury authority to try to ensure the reduction reaches consumers.
No publicly available information on opponents' views is included in the provided bill text or metadata.