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.
Rep. Boyle Proposes Cutting Gas Taxes When Prices Top $3.99 and Ending Oil Company Tax Breaks
This bill is currently in the early stages of the legislative process and has been sent to the House Committee on Ways and Means for review. No further actions are scheduled at this time, and the bill is not moving forward. There is no companion bill for this legislation.
Legislative Progress
While gas tax cuts are popular with voters, removing corporate tax breaks usually faces strong opposition from industry groups and many lawmakers.
Key Points
Impact Analysis
Personal Impact
Homeowners who drive regularly would see lower fuel costs during months when gas prices spike above $3.99. The savings depend on how far above the threshold prices go, but the current federal gas tax of 18.4 cents per gallon on gasoline sets the maximum possible relief per gallon. For a household filling up weekly, this could mean modest but noticeable savings during price surges.
“In any month during which the national average price of gasoline exceeds $3.99 per gallon, the tax imposed by subsection (a) shall be reduced (but not below zero) by 1 cent for each cent of such excess average price.”
Milestones
Referred to the House Committee on Ways and Means.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
Related News
2 articles
As Gas Tops $4 Per Gallon, Congress Considers Lowering The Gas Tax
Rep. Brendan Boyle (D-PA) introduced the Gas Price Relief Act to suspend the federal gas tax when the national average exceeds $4 per gallon. The bill would offset the lost Highway Trust Fund revenue by redirecting $30 billion in oil and gas subsidies, including those from the OBBB Act.
As fuel prices rise, US lawmakers push to suspend the federal gas tax
US lawmakers are advocating for a suspension of the federal gasoline tax as prices approach $4 a gallon. The plan involves using general funds to replace lost revenue for the Highway Trust Fund, though critics warn it could increase the federal deficit and impact long-term infrastructure.
Source Information
Document Type
Congressional Bill
Official Title
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.
Data Sources
Sponsor
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