The bill would set certain federal taxes on taxable motor and aviation fuels to zero from the date it becomes law through September 30, 2027. It would also stop the related Leaking Underground Storage Tank Trust Fund financing tax from applying to those fuels during that period. The Treasury would transfer money from the general fund to replace the amounts those trust funds otherwise would have received. The bill calls for fuel price reductions to reflect the tax cut and directs Treasury, the FTC, and the CFTC to use their authorities to help ensure consumers receive the benefit and to monitor markets. It provides for monetary penalties for dealers that do not pass on the reduction.
If enacted, the bill would remove the specified federal fuel taxes during the covered period. It says consumers should receive the tax reduction through lower prices, but it does not state how much prices would change. The bill was introduced in the Senate and referred to the Finance Committee.
The bill gives no dollar estimate. It directs the Treasury to transfer money from the general fund to the Airport and Airway, Highway, and Leaking Underground Storage Tank trust funds to replace reduced tax receipts.
No publicly available information.
No publicly available information.