Federal Gas Tax Suspension and Oil Windfall Profits Fee.
This act aims to lower fuel prices for citizens by temporarily suspending the federal gas tax until the end of 2023. To offset the loss of revenue for highway funds, it introduces a temporary fee on the excess profits of large oil companies. The tax reduction is expected to be immediately passed on to consumers.
Key points
Suspension of the federal gasoline tax until December 31, 2023, which should lower fuel prices at the pump.
Imposition of a temporary 50% fee on the excess profits of large oil companies to compensate for highway fund shortfalls.
Provisions for fuel dealers to receive tax refunds, ensuring price reductions reach consumers.
Maintenance of funding for the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund, despite the tax suspension.
Status:
Expired
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