American Fuel Affordability Act

This bill would end the federal excise taxes on diesel fuel for fuel sold, used, removed, or entered after the law takes effect. 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 tax money those funds would no longer receive. The bill would create a tax credit equal to 35 percent of the investment in new U.S. oil refineries that start construction before January 1, 2032, and are placed in service before January 1, 2037. It would also create a production credit of 5 cents per gallon of gasoline or diesel made at those new refineries and sold to unrelated buyers. It would also make permanent a special tax deduction for property used in building new refineries.

Full text and official record on Congress.gov

Sponsors

• W. Gregory Steube Republican sponsor
• 0 cosponsors