Temporarily suspends fuel excise taxes and certain credits for oil and gas companies when gasoline prices exceed $3.99 per gallon.
This bill amends the Internal Revenue Code to temporarily suspend certain fuel excise taxes for fuel separated during periods when the national average price of gasoline exceeds $3.99 per gallon. It also prohibits certain tax credits and deductions for oil and gas companies during these high-price periods. The tax reduction is calculated at 1 cent for each cent of the excess average price above $3.99 per gallon. The bill further specifies that credits for production, enhanced oil recovery, and intangible drilling costs will not apply during these periods.
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