H.R.8753

Gas Tax Relief Act provides a temporary tax holiday for gasoline and diesel fuel.

The Gas Tax Relief Act amends the Internal Revenue Code to suspend the tax on gasoline and diesel fuel for a period starting from the date of enactment and lasting until 90 days later. During this period, the tax rate for taxable fuels is set to zero. The bill also allows the President to determine if a phased-in reimplementation of the tax is appropriate, which could begin 90 days after the enactment of the Act. Additionally, the bill includes provisions for transferring funds to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund.