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.

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.