To amend the Internal Revenue Code of 1986 to temporarily suspend certain fuel excise taxes for fuel separated during periods in which the national average price of gasoline exceeds $3.99 per gallon, and to prohibit certain credits or deductions for oil and gas companies during such periods.

This bill would lower the federal excise tax on fuel in any month when the national average price of gasoline is above $3.99 per gallon. The tax would drop by 1 cent for each cent the average price is above $3.99, but not below zero. The Treasury would move money from the general fund into the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund to replace the lost tax revenue. During those same months, oil and gas companies could not use the deduction for intangible drilling costs, the enhanced oil recovery credit, or the marginal well production credit. The changes would apply to taxable years beginning after December 31, 2025.

Full text and official record on Congress.gov

Sponsors

• Brendan F. Boyle Democrat sponsor
• 9 cosponsors