“A bill to amend the Internal Revenue Code of 1986 to provide a tax holiday for gasoline and diesel fuel.”
No CRS summary available for this bill.
This section suspends the federal excise tax on taxable fuels (as defined in section 4083(a)(1) of the Internal Revenue Code) removed, entered, or sold after the date of enactment and before the applicable date by setting the rates under clauses (i) and (iii) of section 4081(a)(2)(A) to zero and suspending the Leaking Underground Storage Tank Trust Fund financing rate under section 4081(a)(2)(B). The applicable date is 90 days after enactment, or 180 days after enactment if the President determines that economic conditions merit the extension. The Secretary of the Treasury must transfer from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund amounts equal to the resulting revenue reductions, with transferred amounts treated as taxes received under section 4081 for purposes of the trust fund allocation rules.