Authorizes the President to suspend the gas tax for up to 60 days during national emergencies.

This bill amends the Internal Revenue Code to allow the President to temporarily suspend the gas tax during national emergencies. The suspension can last up to 60 days, starting from the date specified in the Presidential declaration. The President may extend the suspension for an additional 60 days if warranted. The bill also mandates transfers from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund to offset the lost tax revenue.

Authorizes the President to suspend the gas tax for up to 60 days during national emergencies.

This bill amends the Internal Revenue Code to allow the President to temporarily suspend the gas tax during national emergencies. The suspension can last up to 60 days, starting from the date specified in the Presidential declaration. The President may extend the suspension for an additional 60 days if warranted. The bill also mandates transfers from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund to offset the lost tax revenue.