Gas Tax Suspension Act provides a temporary tax holiday for gasoline and diesel fuel.
The Gas Tax Suspension Act amends the Internal Revenue Code to suspend taxes on gasoline and diesel fuel for a limited period. The tax holiday applies to fuel removed, entered, or sold within 90 days of the act's enactment. The Secretary of the Treasury must transfer funds from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund to offset the tax reduction. The President has the discretion to extend the tax suspension for an additional 90 days.
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