Temporarily suspends fuel excise taxes when gasoline prices exceed $3.99 per gallon and prohibits certain tax credits for oil and gas companies.
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 periods. The suspension applies to taxable years beginning after December 31, 2025. The bill includes provisions for transferring amounts from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund to offset the reduction in tax revenue.
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